Start with its own history
At 18.99×, NVS is 6.0% 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 · NVSDrug Manufacturers - GeneralUpdated Nov 4, 2026
Novartis AG P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
18.99×
6.0% belowthe 10-year annual average
Share price164.98
÷Earnings per share8.69
Price and EPS in quote currency. Calculation details
Investors are paying 18.99 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 20.20×
3-year average16.33×3 positive annual observations
5-year average17.11×5 positive annual observations
10-year average20.20×10 positive annual observations
Peer median · TTM26.52×7 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 18.29× | +10.8% |
| Dec 31, 2024 | 16.50× | +16.2% |
| Dec 31, 2023 | 14.20× | -49.9% |
| Dec 31, 2022 | 28.34× | +244.9% |
| Dec 31, 2021 | 8.22× | -69.1% |
| Dec 31, 2020 | 26.62× | -12.5% |
| Dec 31, 2019 | 30.41× | +118.7% |
| Dec 31, 2018 | 13.90× | -38.9% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 22.76× | -0.1% |
| Dec 31, 2016 | 22.79× | +120.4% |
| Dec 31, 2015 | 10.34× | -47.0% |
| Dec 31, 2014 | 19.50× | +4.1% |
| Dec 31, 2013 | 18.73× | +32.7% |
| Dec 31, 2012 | 14.12× | +4.8% |
| Dec 31, 2011 | 13.48× | +11.1% |
| Dec 31, 2010 | 12.12× | -2.6% |
| Dec 31, 2009 | 12.44× | +9.2% |
| Dec 31, 2008 | 11.40× | +28.0% |
| Dec 31, 2007 | 8.90× | -46.5% |
| Dec 31, 2006 | 16.64× | -5.8% |
| Dec 31, 2005 | 17.67× | -4.3% |
| Dec 31, 2004 | 18.46× | -3.4% |
| Dec 31, 2003 | 19.12× | +17.5% |
| Dec 31, 2002 | 16.27× | -19.8% |
| Dec 31, 2001 | 20.29× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How NVS compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 NVS This stockNovartis AG | 18.99× |
 AZNAstraZeneca PLC | 26.52× |
 MRKMerck & Co., Inc. | 153.41× |
 GILDGilead Sciences, Inc. | N/M |
 NVONovo Nordisk A/S | 10.88× |
 JNJJohnson & Johnson | 41.89× |
 SNYSanofi | 25.72× |
 GSKGSK plc | 17.50× |
 PFEPfizer Inc. | 43.56× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does NVS’s P/E tell you?
Compare like with like
The median of the 7 positive peer ratios above is 26.52×. 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 NVS 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("NVS", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 164.98 ÷ EPS 8.69 = 18.99×. 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.
NVS P/E ratio: common questions
The essentials behind the numbers.
Novartis AG's current P/E is 18.99× 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.