Start with its own history
At 10.49×, NVO is 59.3% below its 10-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NYSE · NVODrug Manufacturers - GeneralUpdated Nov 4, 2026
Novo Nordisk A/S P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
10.49×
59.3% belowthe 10-year annual average
Share price42.18
÷Earnings per share4.02
Price and EPS in quote currency. Calculation details
Investors are paying 10.49 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 25.75×
3-year average26.34×3 positive annual observations
5-year average30.52×5 positive annual observations
10-year average25.75×10 positive annual observations
Peer median · TTM42.73×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 14.10× | -48.8% |
| Dec 31, 2024 | 27.53× | -26.4% |
| Dec 31, 2023 | 37.39× | -2.3% |
| Dec 31, 2022 | 38.25× | +8.3% |
| Dec 31, 2021 | 35.34× | +49.6% |
| Dec 31, 2020 | 23.62× | +0.3% |
| Dec 31, 2019 | 23.55× | +23.5% |
| Dec 31, 2018 | 19.07× | -12.1% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 21.69× | +27.8% |
| Dec 31, 2016 | 16.98× | -42.4% |
| Dec 31, 2015 | 29.49× | +14.4% |
| Dec 31, 2014 | 25.77× | +21.9% |
| Dec 31, 2013 | 21.15× | -11.4% |
| Dec 31, 2012 | 23.87× | +9.2% |
| Dec 31, 2011 | 21.85× | -13.8% |
| Dec 31, 2010 | 25.36× | +37.5% |
| Dec 31, 2009 | 18.44× | +6.2% |
| Dec 31, 2008 | 17.37× | -27.8% |
| Dec 31, 2007 | 24.07× | +2.3% |
| Dec 31, 2006 | 23.53× | +18.1% |
| Dec 31, 2005 | 19.92× | -0.1% |
| Dec 31, 2004 | 19.93× | +17.6% |
| Dec 31, 2003 | 16.94× | -2.3% |
| Dec 31, 2002 | 17.34× | -43.2% |
| Dec 31, 2001 | 30.50× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How NVO compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 NVO This stockNovo Nordisk A/S | 10.49× |
 LLYEli Lilly and Company | 45.90× |
 SNYSanofi | 25.72× |
 AZNAstraZeneca PLC | 26.54× |
 MRKMerck & Co., Inc. | 153.41× |
 JNJJohnson & Johnson | 41.89× |
 ABBVAbbVie Inc. | 50.57× |
 PFEPfizer Inc. | 43.56× |
 GSKGSK plc | 17.50× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does NVO’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 42.73×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take NVO into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("NVO", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 42.18 ÷ EPS 4.02 = 10.49×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 4, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
NVO P/E ratio: common questions
The essentials behind the numbers.
Novo Nordisk A/S's current P/E is 10.49× based on the quote data last updated Nov 4, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.