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Novo Nordisk ASWBO:NNO2 -1.44%70 Capex-to-Operating-Income is 0.20 as of Mar. 2026, which is 17% below its 10-year median of 0.24. GuruFocus rates WBO:NNO2 with a GF Score™ of 70/100 and a GF Value™ of €120.95 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 507 Drug Manufacturers companies, Novo Nordisk AS ranks worse than 61.14% on this metric.
Capex-to-Operating-Income measures a company's investments in physical assets such as property, industrial buildings or equipment to its operating income.
Hence, Novo Nordisk AS's Capex-to-Operating-Income for the
three
months ended in Mar. 2026 was 0.20.
Novo Nordisk AS (WBO:NNO2) Capex-to-Operating-Income Explanation
Capex-to-Operating-Income assesses how much emphasis a company is placing upon investing in capital-intensive projects. The ratio is generally a good gauge to quantify how much focus on growth a company has. Typically, smaller companies that are still growing and expanding will have a higher Capex to Operating Income Ratio, since such businesses are likely investing more in physical assets. Lower ratios could indicate that a company has reached maturity and it is no longer pursuing aggressive growth.
Novo Nordisk AS Capex-to-Operating-Income Related Terms
Novo Nordisk AS Capex-to-Operating-Income Historical Data
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The historical data trend for Novo Nordisk AS's Capex-to-Operating-Income 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.
WBO:NNO2 vs LLY, JNJ, ABBV: Capex-to-Operating-Income Comparison
For the Drug Manufacturers - General subindustry, Novo Nordisk AS's Capex-to-Operating-Income, along with its competitors' market caps and Capex-to-Operating-Income 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-Income vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's Capex-to-Operating-Income distribution charts can be found below:
* The bar in red indicates where Novo Nordisk AS's Capex-to-Operating-Income 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-Income of 0.20 mean?
Novo Nordisk AS (WBO:NNO2) has a Capex-to-Operating-Income of 0.20 as of Mar. 2026. Capex to Operating Income ratio measures a company's investments in physical assets to its operating income. View historical data on Novo Nordisk AS and its competitors. This is 17% below median its historical median of 0.24. Over the past decade, Novo Nordisk AS's Capex-to-Operating-Income has ranged from 0.13 to 0.71. According to the industry distribution chart, Novo Nordisk AS ranks #310 out of 507 companies in the Drug Manufacturers industry, placing it in the top 61.1%.
Is Novo Nordisk AS's Capex-to-Operating-Income too high?
Novo Nordisk AS's current Capex-to-Operating-Income of 0.20 is 17% below median its 10-year median of 0.24. Over the past 10 years, this metric has ranged from a low of 0.13 to a high of 0.71. The Drug Manufacturers industry median Capex-to-Operating-Income is 0.39. Novo Nordisk AS's value of 0.20 is 48.7% below this industry median. Based on the distribution chart, Novo Nordisk AS ranks #310 out of 507 companies in the Drug Manufacturers industry, which is below the industry midpoint. Overall, Novo Nordisk AS has a GF Score™ of 70/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Novo Nordisk AS's Capex-to-Operating-Income compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #310 out of 507 companies for Capex-to-Operating-Income. This places Novo Nordisk AS in the lower half of its industry. The industry median Capex-to-Operating-Income is 0.39. Novo Nordisk AS's value of 0.20 is 48.7% below this benchmark. Historically, Novo Nordisk AS's own Capex-to-Operating-Income has ranged from 0.13 to 0.71 over the past decade. While the company's 10-year median is 0.24 vs. the industry median of 0.39, Novo Nordisk AS has consistently been below 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-Income for a Drug Manufacturers company?
The median Capex-to-Operating-Income among Drug Manufacturers companies is 0.39, based on 507 companies in the industry. Companies in the top quartile (top 25%) have a Capex-to-Operating-Income significantly above this median, while those in the bottom quartile fall well below. However, Capex-to-Operating-Income 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-Income of 0.20 is 48.7% below 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-Income mean?
A high Capex-to-Operating-Income can signal that a stock is expensive relative to its fundamentals. Capex to Operating Income ratio measures a company's investments in physical assets to its operating income. View historical data on Novo Nordisk AS and its competitors. For the Drug Manufacturers industry, the median Capex-to-Operating-Income is 0.39 — 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-Income is 0.20, which is 17% below median its own 10-year median of 0.24. 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 €120.95, compared to a current price of €44.36 — trading 63.3% below its estimated fair value. The current Capex-to-Operating-Income is 0.20, which is 17% below median its 10-year median of 0.24 and 48.7% below the Drug Manufacturers industry median of 0.39. Novo Nordisk AS's overall GF Score™ is 70/100 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-Income calculated?
Capex-to-Operating-Income is calculated from a company's financial statements. For Novo Nordisk AS (WBO:NNO2), the current Capex-to-Operating-Income is 0.20 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 €44.36 is trading 63.3% below its estimated GF Value™ of €120.95.
GuruFocus considers Novo Nordisk AS to be Significantly Undervalued.
Key valuation signals for WBO:NNO2:
Capex-to-Operating-Income: 0.20 (17% below median its 10-year median of 0.24)
GF Value™: €120.95 vs. price of €44.36 (63.3% below fair value)
Industry Position: 48.7% below the Drug Manufacturers median (#310 of 507)
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.
70GF Score
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