Novo Nordisk A S key statistics and ratios

In fiscal 2025, Novo Nordisk A S had return on equity of 61.6%, an operating margin of 41.3%, debt equal to 136.1% of equity and a current ratio of 0.80. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Novo Nordisk A S: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	83.5%	83.5%	83.2%	83.9%	84.6%	84.7%	81.0%
Operating margin	43.0%	42.6%	41.7%	42.3%	44.2%	44.2%	41.3%
Net margin	31.9%	33.2%	33.9%	31.4%	36.0%	34.8%	33.1%
Free-cash-flow margin	31.0%	36.3%	34.6%	37.7%	35.8%	25.4%	19.1%
Return on equity	67.5%	67.7%	71.8%	69.0%	87.3%	82.0%	61.6%
Return on assets	—	27.1%	28.4%	24.4%	29.9%	26.3%	20.7%
Asset turnover	—	0.82	0.84	0.78	0.83	0.76	0.62
Current ratio	—	0.94	0.86	0.89	0.82	0.74	0.80
Debt to equity	7.8%	28.1%	70.7%	57.5%	51.0%	116.0%	136.1%
Interest cover (operating income ÷ interest)	—	138.8x	—	197.9x	189.3x	78.3x	30.3x
Effective tax rate	19.8%	20.7%	19.2%	19.6%	20.1%	20.6%	21.5%
R&D as % of revenue	11.7%	12.2%	12.6%	13.6%	14.0%	16.6%	16.8%
Capital spending as % of revenue	7.3%	4.6%	4.5%	6.9%	11.1%	16.2%	19.5%
Free cash flow ÷ net income	97.2%	109.5%	101.9%	120.2%	99.3%	73.1%	57.6%
Dividends ÷ net income	49.8%	47.8%	45.1%	45.6%	38.0%	43.7%	50.5%
Dividends and buybacks ÷ free cash flow	91.8%	80.2%	84.2%	74.0%	74.2%	87.2%	90.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · December 31, 2025

What it owns · $85.3bn

Short-term assets $27.1bnLonger-term assets $58.2bn

What it owes, and who funded it · $85.3bn

Short-term liabilities $33.9bnLonger-term liabilities $20.9bnShareholders' equity $30.5bn

Short-term assets cover short-term liabilities $27.1bn of assets due within a year against $33.9bn of liabilities due within a year.
Short-term assets cover long-term liabilities $27.1bn short-term assets against $20.9bn of longer-dated liabilities.
More cash than debt $4.2bn of cash against $41.5bn of debt.
Debt below 40% of shareholders' equity Debt is 136% of equity.
Debt burden no higher than five years ago Debt to equity moved from 5% to 136% over five years.
A year's operating cash flow covers at least 20% of debt $18.0bn of operating cash flow against $41.5bn of debt.
Operating profit covers interest at least five times over Operating income of $19.3bn against $637m of interest.

From Novo Nordisk A S's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Novo Nordisk A S's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Novo Nordisk A S.