Novartis AG (NVS) Key Metrics
NVS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $286.29B
- Enterprise value
- $313.60B
- P/E (TTM)
- 22.8 10-yr median 18.9
- Forward P/E
- 14.7
- PEG ratio
- 3.34
- Price / sales
- 5.0 10-yr median 4.4
- Price / book
- 6.5 10-yr median 3.6
- EV / EBITDA
- 14.0 10-yr median 12.5
- Dividend yield
- 3.15% $4.74 a year
- Beta
- 0.47
NVS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNVS valuation Price multiples at each fiscal year-end price.
NVS returns How much profit the business earns on the capital it uses.
NVS per-share figures Results divided by the shares outstanding at year-end.
NVS financial health Debt, liquidity and how easily interest is covered.
NVS efficiency & capital use Working capital cycle and where the cash goes.
NVS valuation history
NVS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NVS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NVS cash returned to shareholders
NVS price vs earnings per share
NVS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $269.54B | $198.03B | $211.23B | $199.31B | $197.68B | $216.81B | $219.59B | $180.23B | $178.38B | $156.65B |
| Enterprise value | $294.98B | $215.93B | $223.62B | $208.61B | $200.59B | $243.10B | $237.29B | $196.36B | $197.32B | $172.67B |
| P/E ratio | 19.2 | 16.6 | 14.2 | 28.7 | 8.2 | 26.9 | 18.7 | 14.3 | 23.2 | 23.3 |
| Price / sales | 4.9 | 3.8 | 4.5 | 4.6 | 4.5 | 4.3 | 4.5 | 3.9 | 4.1 | 3.2 |
| Price / book | 5.8 | 4.5 | 4.5 | 3.4 | 2.9 | 3.8 | 4.0 | 2.3 | 2.4 | 2.1 |
| Price / free cash flow | 15.2 | 14.3 | 18.0 | 17.2 | 16.3 | 19.6 | 19.3 | 16.5 | 18.1 | 18.2 |
| Price / operating cash flow | 14.0 | 11.2 | 14.6 | 14.0 | 13.1 | 15.9 | 16.1 | 12.6 | 14.1 | 13.7 |
| EV / sales | 5.4 | 4.2 | 4.8 | 4.8 | 4.6 | 4.9 | 4.9 | 4.3 | 4.5 | 3.5 |
| EV / EBITDA | 12.8 | 10.4 | 12.2 | 14.2 | 6.5 | 14.1 | 15.2 | 9.7 | 13.5 | 11.9 |
| EV / free cash flow | 16.7 | 15.6 | 19.1 | 18.0 | 16.6 | 22.0 | 20.9 | 18.0 | 20.0 | 20.1 |
| Earnings yield | 5.2% | 6.0% | 7.0% | 3.5% | 12.2% | 3.7% | 5.3% | 7.0% | 4.3% | 4.3% |
| Free cash flow yield | 6.6% | 7.0% | 5.5% | 5.8% | 6.1% | 5.1% | 5.2% | 6.1% | 5.5% | 5.5% |
| Dividend yield | 2.9% | 3.9% | 3.4% | 3.8% | 3.7% | 3.2% | 3.0% | 3.9% | 3.6% | 4.1% |
| Shareholder yield (dividends + buybacks) | 6.4% | 8.1% | 7.6% | 9.1% | 5.3% | 4.5% | 5.5% | 5.0% | 6.7% | 4.8% |
| Share price at fiscal year-end | $137.87 | $97.31 | $100.97 | $90.72 | $87.47 | $94.43 | $94.69 | $76.89 | $75.23 | $65.27 |
| Per share | ||||||||||
| Revenue per share | $28.04 | $25.42 | $22.30 | $19.78 | $19.46 | $21.73 | $20.99 | $19.67 | $18.31 | $20.60 |
| Earnings per share | $7.19 | $5.87 | $7.10 | $3.17 | $10.63 | $3.52 | $5.06 | $5.38 | $3.25 | $2.80 |
| Operating cash flow per share | $9.84 | $8.66 | $6.91 | $6.48 | $6.67 | $5.95 | $5.88 | $6.09 | $5.32 | $4.78 |
| Free cash flow per share | $9.05 | $6.78 | $5.60 | $5.26 | $5.35 | $4.82 | $4.90 | $4.66 | $4.16 | $3.58 |
| Cash per share | $5.93 | $6.56 | $6.67 | $8.47 | $12.44 | $5.04 | $4.94 | $6.81 | $4.00 | $3.24 |
| Book value per share | $23.60 | $21.64 | $22.31 | $27.01 | $29.94 | $24.65 | $23.92 | $33.54 | $31.28 | $31.18 |
| Tangible book value per share | −$4.53 | −$3.75 | −$1.70 | −$0.73 | $1.72 | −$4.45 | $0.07 | $1.96 | $5.24 | $5.21 |
| Dividends per share | $4.02 | $3.75 | $3.47 | $3.42 | $3.26 | $3.04 | $2.87 | $2.97 | $2.74 | $2.70 |
| Capex per share | $0.80 | $1.87 | $1.32 | $1.22 | $1.31 | $1.13 | $0.97 | $1.43 | $1.16 | $1.20 |
| Debt per share | $18.94 | $15.36 | $12.59 | $12.70 | $13.73 | $16.49 | $12.57 | $13.69 | $11.99 | $9.92 |
| Shares outstanding | 1.96B | 2.04B | 2.09B | 2.20B | 2.26B | 2.30B | 2.32B | 2.34B | 2.37B | 2.40B |
| Change in shares outstanding | −3.9% | −2.7% | −4.8% | −2.8% | −1.6% | −1.0% | −1.1% | −1.1% | −1.2% | −1.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 31.2% | 26.3% | 28.0% | 11.0% | 38.7% | 14.4% | 17.5% | 16.5% | 10.3% | 8.8% |
| Return on invested capital (ROIC) | 21.8% | 21.0% | 14.4% | 9.6% | 12.2% | 10.6% | 8.7% | 8.1% | 7.8% | 7.7% |
| Return on assets (ROA) | 12.9% | 11.8% | 13.7% | 5.6% | 18.2% | 6.4% | 8.9% | 9.1% | 5.9% | 5.1% |
| Return on tangible assets | 23.2% | 23.6% | 29.9% | 12.3% | 35.3% | 12.3% | 18.6% | 17.6% | 10.8% | 9.9% |
| Free cash flow margin | 32.3% | 26.7% | 25.1% | 26.6% | 27.5% | 22.2% | 23.4% | 23.7% | 22.8% | 17.4% |
| Income quality (OCF / net income) | 1.37 | 1.48 | 0.97 | 2.05 | 0.63 | 1.69 | 1.16 | 1.13 | 1.64 | 1.71 |
| Financial health | ||||||||||
| Total debt | $37.03B | $31.26B | $26.35B | $27.91B | $31.02B | $37.85B | $29.15B | $32.09B | $28.43B | $23.80B |
| Cash & short-term investments | $11.59B | $13.35B | $13.96B | $18.61B | $28.11B | $11.56B | $11.45B | $15.96B | $9.48B | $7.78B |
| Net debt | $25.44B | $17.91B | $12.39B | $9.29B | $2.91B | $26.29B | $17.70B | $16.13B | $18.94B | $16.02B |
| Debt / equity | 0.80 | 0.71 | 0.56 | 0.47 | 0.46 | 0.67 | 0.53 | 0.41 | 0.38 | 0.32 |
| Debt / assets | 0.32 | 0.31 | 0.26 | 0.24 | 0.24 | 0.29 | 0.25 | 0.22 | 0.21 | 0.18 |
| Net debt / EBITDA | 1.11 | 0.86 | 0.68 | 0.63 | 0.09 | 1.53 | 1.13 | 0.80 | 1.30 | 1.10 |
| Current ratio | 1.12 | 1.04 | 1.16 | 1.29 | 1.51 | 0.90 | 1.04 | 1.20 | 1.21 | 1.12 |
| Quick ratio | 0.89 | 0.84 | 0.93 | 1.04 | 1.29 | 0.68 | 0.83 | 0.97 | 0.91 | 0.84 |
| Interest coverage | 14.4 | 14.0 | 11.2 | 9.5 | 11.1 | 11.0 | 10.1 | 8.6 | 10.9 | 11.3 |
| Working capital | $3.18B | $1.01B | $4.09B | $8.25B | $15.51B | −$3.39B | $1.24B | $5.96B | $4.80B | $2.72B |
| Invested capital | $71.57B | $61.95B | $59.05B | $68.64B | $70.57B | $82.89B | $73.18B | $94.74B | $93.11B | $90.86B |
| Tangible asset value | −$8.43B | −$7.54B | −$3.47B | −$1.52B | $4.04B | −$10.14B | $240.0M | $4.68B | $12.48B | $12.57B |
| Net current asset value | −$38.56B | −$28.42B | −$22.71B | −$21.12B | −$18.25B | −$45.85B | −$33.36B | −$31.31B | −$30.64B | −$30.30B |
| Graham number | $61.78 | $53.46 | $59.69 | $43.86 | $84.61 | $44.16 | $52.18 | $63.72 | $47.82 | $44.29 |
| Graham net-net per share | −$23.58 | −$17.57 | −$13.98 | −$12.93 | −$11.20 | −$23.34 | −$17.92 | −$17.14 | −$16.19 | −$15.28 |
| Capital allocation | ||||||||||
| Dividends paid | $7.86B | $7.62B | $7.25B | $7.51B | $7.37B | $6.99B | $6.64B | $6.97B | $6.50B | $6.47B |
| Share buybacks (net) | $9.26B | $8.33B | $8.72B | $10.65B | $3.06B | $2.84B | $5.53B | $2.04B | $5.49B | $1.11B |
| Dividend payout ratio | 55.9% | 63.8% | 48.9% | 107.9% | 30.7% | 86.6% | 56.6% | 55.2% | 84.3% | 96.5% |
| Dividends + buybacks / free cash flow | 96.8% | 115.6% | 136.5% | 157.0% | 86.2% | 88.8% | 107.1% | 82.5% | 121.4% | 88.2% |
| Capex / revenue | 2.8% | 7.4% | 5.9% | 6.1% | 6.8% | 5.2% | 4.6% | 7.3% | 6.3% | 5.8% |
| Capex / operating cash flow | 8.1% | 21.6% | 19.0% | 18.8% | 19.7% | 18.9% | 16.6% | 23.5% | 21.8% | 25.1% |
| Capex / depreciation | 0.29 | 0.63 | 0.33 | 0.37 | 0.49 | 0.40 | 0.39 | 0.64 | 0.58 | 0.48 |
| Stock-based compensation / revenue | 2.0% | 2.0% | 1.9% | 1.9% | 1.7% | 1.5% | 1.6% | 1.6% | 1.6% | 1.4% |
| R&D / revenue | 19.6% | 19.4% | 24.4% | 21.1% | 19.7% | 18.0% | 19.3% | 18.4% | 19.3% | 18.3% |
| SG&A / revenue | 24.2% | 24.3% | 30.7% | 32.8% | 33.7% | 28.5% | 29.5% | 35.7% | 4.9% | 28.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 63.7 | 62.1 | 75.4 | 81.9 | 77.6 | 66.7 | 70.7 | 78.2 | 85.2 | 76.6 |
| Days of inventory on hand | 159.9 | 165.6 | 191.5 | 218.1 | 214.6 | 158.3 | 163.7 | 173.9 | 175.7 | 130.0 |
| Days payables outstanding | 120.4 | 135.1 | 147.4 | 168.6 | 170.4 | 130.7 | 138.9 | 134.9 | 134.4 | 109.8 |
| Cash conversion cycle (days) | 103.3 | 92.5 | 119.5 | 131.5 | 121.8 | 94.3 | 95.4 | 117.1 | 126.5 | 96.8 |
| Receivables turnover | 5.73 | 5.88 | 4.84 | 4.45 | 4.70 | 5.47 | 5.17 | 4.67 | 4.28 | 4.76 |
| Payables turnover | 3.03 | 2.70 | 2.48 | 2.17 | 2.14 | 2.79 | 2.63 | 2.71 | 2.72 | 3.32 |
| Inventory turnover | 2.28 | 2.20 | 1.91 | 1.67 | 1.70 | 2.31 | 2.23 | 2.10 | 2.08 | 2.81 |
| Asset turnover | 0.50 | 0.51 | 0.43 | 0.35 | 0.33 | 0.40 | 0.37 | 0.33 | 0.33 | 0.38 |
| Average receivables | $9.57B | $8.79B | $9.63B | $9.76B | $9.35B | $9.12B | $9.42B | $9.87B | $10.14B | $10.38B |
| Average payables | $4.51B | $4.75B | $5.04B | $5.35B | $5.48B | $5.41B | $5.49B | $5.36B | $5.02B | $5.27B |
| Average inventory | $6.00B | $5.82B | $6.54B | $6.92B | $6.90B | $6.56B | $6.47B | $6.91B | $6.56B | $6.24B |
| Intangibles / total assets | 47.6% | 50.5% | 50.2% | 51.9% | 48.4% | 50.5% | 46.7% | 50.8% | 46.4% | 47.9% |
Computed from NVS's annual financial statements (latest annual report filed February 4, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NVS valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Novartis traded at 19.2 times earnings, against a 10-year median of 18.9. Based on the latest twelve months, the trailing P/E is 22.8 and the forward P/E is 14.7. Novartis earned a return on equity of 31.2% and a return on invested capital of 21.8% in fiscal 2025. It ended the year with $37.0 billion of debt and $11.6 billion in cash and short-term investments, net debt of $25.4 billion. It returned $17.1 billion to shareholders: $7.9 billion in dividends and $9.3 billion in share buybacks, 97% of free cash flow. The share count fell 18.5% from 2.40B to 1.96B over 9 years.
See the NVS income statement, the NVS chart for price history, or the NVS stock overview for the latest quote and news.
NVS key metrics FAQ
What is Novartis's P/E ratio?
Novartis's trailing P/E ratio is 22.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 14.7. At the end of fiscal 2025 it was 19.2, compared with a 10-year median of 18.9.
What is Novartis's EV/EBITDA?
Novartis's enterprise value was 12.8 times EBITDA at the end of fiscal 2025 (enterprise value $295.0 billion, EBITDA $23.0 billion); the current EV/EBITDA is 14.0.
What is Novartis's return on equity?
Novartis's return on equity (ROE) was 31.2% in fiscal 2025: net income of $14.1 billion on average shareholders' equity of $45.1 billion.
What is Novartis's ROIC?
Novartis's return on invested capital was 21.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Novartis have?
Novartis had total debt of $37.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.80 and $25.4 billion of net debt (1.11 times EBITDA).
What is Novartis's dividend yield?
Novartis's forward dividend yield is 3.15%. Novartis paid $7.9 billion in dividends in fiscal 2025 ($4.02 per share), a payout ratio of 55.9%.
Does Novartis buy back its shares?
Yes. Novartis spent $9.3 billion on net share repurchases in fiscal 2025 Shares outstanding changed −3.9% over the year, to 1.96B..
What is Novartis's free cash flow yield?
Novartis generated $17.7 billion of free cash flow in fiscal 2025, a free cash flow yield of 6.6% on its market value at year-end ($269.5 billion).
What is Novartis's current ratio?
Novartis's current ratio was 1.12 at the end of fiscal 2025: current assets were 1.12 times current liabilities.