Novo Nordisk ASWBO:NNO2 +0.72%71 Capex-to-Operating-Cash-Flow is 0.50 as of Mar. 2026, which is 92% above its 10-year median of 0.26. GuruFocus rates WBO:NNO2 with a GF Score™ of 71/100 and a GF Value™ of €121.19 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 553 Drug Manufacturers companies, Novo Nordisk AS ranks worse than 71.07% on this metric.
Capex-to-Operating-Cash-Flow assesses how much of a company’s cash flow from operations is being devoted to capital expenditure. It’s also useful to distinguish whether the company is capital intensive or not.
Hence, Novo Nordisk AS's Capex-to-Operating-Cash-Flow for the
three
months ended in Mar. 2026 was 0.50.
Novo Nordisk AS (WBO:NNO2) Capex-to-Operating-Cash-Flow Explanation
Capex-to-Operating-Cash-Flow ratio assesses how much of a company’s Cash Flow from Operations is being devoted to Capital Expenditure. It is a good indicator in terms of how much the company is focused on growth. In general, a high Capex-to-Operating-Cash-Flow ratio indicates that the company is investing more in physical assets and is focused on growth and expansion. Conversely, lower ratio could indicate that a company has reached maturity and is no longer pursuing aggressive growth.
Moreover, the ratio is also useful to distinguish whether the company is capital intensive or not. If the ratio is large, then the company tends to be capital intensive. Lower ratio suggests that it’s a capital-light business. The ratio can be combined with ROIC % to identify whether the company is an asset-light business that has a high return on invested capital. This is one question investors commonly ask to see if a company qualifies as a good company.
Novo Nordisk AS Capex-to-Operating-Cash-Flow Related Terms
Novo Nordisk AS Capex-to-Operating-Cash-Flow Historical Data
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The historical data trend for Novo Nordisk AS's Capex-to-Operating-Cash-Flow can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Novo Nordisk AS Capex-to-Operating-Cash-Flow Chart
WBO:NNO2 vs LLY, JNJ, ABBV: Capex-to-Operating-Cash-Flow Comparison
For the Drug Manufacturers - General subindustry, Novo Nordisk AS's Capex-to-Operating-Cash-Flow, along with its competitors' market caps and Capex-to-Operating-Cash-Flow data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Novo Nordisk AS Capex-to-Operating-Cash-Flow vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's Capex-to-Operating-Cash-Flow distribution charts can be found below:
* The bar in red indicates where Novo Nordisk AS's Capex-to-Operating-Cash-Flow falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Capex-to-Operating-Cash-Flow of 0.50 mean?
Novo Nordisk AS (WBO:NNO2) has a Capex-to-Operating-Cash-Flow of 0.50 as of Mar. 2026. Capex to Operating Cash Flow ratio assesses how much of a company’s cash flow from operations is being devoted to capital expenditure. View historical data on Novo Nordisk AS and its competitors. This is 92% above median its historical median of 0.26. Over the past decade, Novo Nordisk AS's Capex-to-Operating-Cash-Flow has ranged from 0.13 to 0.76. According to the industry distribution chart, Novo Nordisk AS ranks #393 out of 553 companies in the Drug Manufacturers industry, placing it in the top 71.1%.
Is Novo Nordisk AS's Capex-to-Operating-Cash-Flow too high?
Novo Nordisk AS's current Capex-to-Operating-Cash-Flow of 0.50 is 92% above median its 10-year median of 0.26. Over the past 10 years, this metric has ranged from a low of 0.13 to a high of 0.76. The Drug Manufacturers industry median Capex-to-Operating-Cash-Flow is 0.38. Novo Nordisk AS's value of 0.50 is 31.6% above this industry median. Based on the distribution chart, Novo Nordisk AS ranks #393 out of 553 companies in the Drug Manufacturers industry, which is below the industry midpoint. Overall, Novo Nordisk AS has a GF Score™ of 71/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Novo Nordisk AS's Capex-to-Operating-Cash-Flow compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #393 out of 553 companies for Capex-to-Operating-Cash-Flow. This places Novo Nordisk AS in the lower half of its industry. The industry median Capex-to-Operating-Cash-Flow is 0.38. Novo Nordisk AS's value of 0.50 is 31.6% above this benchmark. Historically, Novo Nordisk AS's own Capex-to-Operating-Cash-Flow has ranged from 0.13 to 0.76 over the past decade. While the company's 10-year median is 0.26 vs. the industry median of 0.38, Novo Nordisk AS has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Capex-to-Operating-Cash-Flow for a Drug Manufacturers company?
The median Capex-to-Operating-Cash-Flow among Drug Manufacturers companies is 0.38, based on 553 companies in the industry. Companies in the top quartile (top 25%) have a Capex-to-Operating-Cash-Flow significantly above this median, while those in the bottom quartile fall well below. However, Capex-to-Operating-Cash-Flow should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Novo Nordisk AS's current Capex-to-Operating-Cash-Flow of 0.50 is 31.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Capex-to-Operating-Cash-Flow mean?
A high Capex-to-Operating-Cash-Flow can signal that a stock is expensive relative to its fundamentals. Capex to Operating Cash Flow ratio assesses how much of a company’s cash flow from operations is being devoted to capital expenditure. View historical data on Novo Nordisk AS and its competitors. For the Drug Manufacturers industry, the median Capex-to-Operating-Cash-Flow is 0.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Novo Nordisk AS's current Capex-to-Operating-Cash-Flow is 0.50, which is 92% above median its own 10-year median of 0.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Novo Nordisk AS stock overvalued right now?
Based on GuruFocus' analysis, Novo Nordisk AS (WBO:NNO2) is currently considered Significantly Undervalued. The stock's GF Value™ is €121.19, compared to a current price of €43.21 — trading 64.3% below its estimated fair value. The current Capex-to-Operating-Cash-Flow is 0.50, which is 92% above median its 10-year median of 0.26 and 31.6% above the Drug Manufacturers industry median of 0.38. Novo Nordisk AS's overall GF Score™ is 71/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Capex-to-Operating-Cash-Flow calculated?
Capex-to-Operating-Cash-Flow is calculated from a company's financial statements. For Novo Nordisk AS (WBO:NNO2), the current Capex-to-Operating-Cash-Flow is 0.50 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Novo Nordisk AS (WBO:NNO2) Overvalued in 2026?
Based on GuruFocus' analysis, Novo Nordisk AS stock appears to be undervalued.
The current stock price of €43.21 is trading 64.3% below its estimated GF Value™ of €121.19.
GuruFocus considers Novo Nordisk AS to be Significantly Undervalued.
Key valuation signals for WBO:NNO2:
Capex-to-Operating-Cash-Flow: 0.50 (92% above median its 10-year median of 0.26)
GF Value™: €121.19 vs. price of €43.21 (64.3% below fair value)
Industry Position: 31.6% above the Drug Manufacturers median (#393 of 553)
No single metric tells the full story. See the WBO:NNO2 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
With roughly one-third of the global branded diabetes treatment market, Novo Nordisk is the leading provider of diabetes care products in the world. Based in Denmark, the company manufactures and markets a variety of human and modern insulins, injectable diabetes treatments such as GLP-1 therapy, oral antidiabetic agents, and obesity treatments. Novo also has a biopharmaceutical segment (contributing less than 10% of revenue) that specializes in protein therapies for hemophilia and other disorders.
71GF Score
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