Novo Nordisk ASWBO:NNO2 +1.76%71 Cash-to-Debt is 0.15 as of Mar. 2026, which is 92% below its 10-year median of 1.89. GuruFocus rates WBO:NNO2 with a GF Score™ of 71/100 and a GF Value™ of €120.11 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 987 Drug Manufacturers companies, Novo Nordisk AS ranks worse than 81.76% on this metric.
Cash to Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. Novo Nordisk AS's cash to debt ratio for the quarter that ended in Mar. 2026 was 0.15.
If Cash to Debt ratio is less than 1, the company cannot pay off its debt using the cash in hand. Here we can see, Novo Nordisk AScouldn't pay off its debt using the cash in hand for the quarter that ended in Mar. 2026.
The historical rank and industry rank for Novo Nordisk AS's Cash-to-Debt or its related term are showing as below:
WBO:NNO2'
s Cash-to-Debt Range Over the Past 10 Years
Min: 0.15 Med: 1.89 Max: 90.39
Current: 0.15
During the past 13 years, Novo Nordisk AS's highest Cash to Debt Ratio was 90.39. The lowest was 0.15. And the median was 1.89.
WBO:NNO2's Cash-to-Debt is ranked worse than 81.76% of 987
companies
in the Drug Manufacturers industry
Industry Median: 1
vs WBO:NNO2: 0.15
Novo Nordisk AS (WBO:NNO2) Cash-to-Debt Explanation
If Cash to Debt ratio is greater than 1, the company can pay off its debt using the cash in hand. If it is smaller than 1, it means the company has more debt than the cash in hands. In this case, it is important to look the the company's Interest Coverage. Ben Graham requires that a company must have an Interest Coverage of at least 5.
Novo Nordisk AS Cash-to-Debt Related Terms
Novo Nordisk AS Cash-to-Debt Historical Data
* Premium members only.
The historical data trend for Novo Nordisk AS's Cash-to-Debt 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.
Note: An indication of "No Debt" does not necessarily mean that the company has no debt obligations; it could be due to missing data in the quarterly or annual report. Use caution when interpreting this information.
WBO:NNO2 vs LLY, JNJ, ABBV: Cash-to-Debt Comparison
For the Drug Manufacturers - General subindustry, Novo Nordisk AS's Cash-to-Debt, along with its competitors' market caps and Cash-to-Debt 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 Cash-to-Debt vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's Cash-to-Debt distribution charts can be found below:
* The bar in red indicates where Novo Nordisk AS's Cash-to-Debt 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.
Novo Nordisk AS (WBO:NNO2) has a Cash-to-Debt of 0.15 as of Mar. 2026. This is 92% below median its historical median of 1.89. Over the past decade, Novo Nordisk AS's Cash-to-Debt has ranged from 0.15 to 90.39. According to the industry distribution chart, Novo Nordisk AS ranks #807 out of 987 companies in the Drug Manufacturers industry, placing it in the top 81.8%.
Is Novo Nordisk AS's Cash-to-Debt too high?
Novo Nordisk AS's current Cash-to-Debt of 0.15 is 92% below median its 10-year median of 1.89. Over the past 10 years, this metric has ranged from a low of 0.15 to a high of 90.39. The Drug Manufacturers industry median Cash-to-Debt is 1.00. Novo Nordisk AS's value of 0.15 is 85% below this industry median. Based on the distribution chart, Novo Nordisk AS ranks #807 out of 987 companies in the Drug Manufacturers industry, which is in the bottom quartile relative to peers. 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 Cash-to-Debt compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #807 out of 987 companies for Cash-to-Debt. This places Novo Nordisk AS in the lower half of its industry. The industry median Cash-to-Debt is 1.00. Novo Nordisk AS's value of 0.15 is 85% below this benchmark. Historically, Novo Nordisk AS's own Cash-to-Debt has ranged from 0.15 to 90.39 over the past decade. While the company's 10-year median is 1.89 vs. the industry median of 1.00, 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 Cash-to-Debt for a Drug Manufacturers company?
The median Cash-to-Debt among Drug Manufacturers companies is 1.00, based on 987 companies in the industry. Companies in the top quartile (top 25%) have a Cash-to-Debt significantly above this median, while those in the bottom quartile fall well below. However, Cash-to-Debt should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Novo Nordisk AS's current Cash-to-Debt of 0.15 is 85% 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 Cash-to-Debt mean?
A high Cash-to-Debt can signal that a stock is expensive relative to its fundamentals. For the Drug Manufacturers industry, the median Cash-to-Debt is 1.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Novo Nordisk AS's current Cash-to-Debt is 0.15, which is 92% below median its own 10-year median of 1.89. 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 €120.11, compared to a current price of €43.59 — trading 63.7% below its estimated fair value. The current Cash-to-Debt is 0.15, which is 92% below median its 10-year median of 1.89 and 85% below the Drug Manufacturers industry median of 1.00. 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 Cash-to-Debt calculated?
Cash-to-Debt is calculated from a company's financial statements. For Novo Nordisk AS (WBO:NNO2), the current Cash-to-Debt is 0.15 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 €43.59 is trading 63.7% below its estimated GF Value™ of €120.11.
GuruFocus considers Novo Nordisk AS to be Significantly Undervalued.
Key valuation signals for WBO:NNO2:
Cash-to-Debt: 0.15 (92% below median its 10-year median of 1.89)
GF Value™: €120.11 vs. price of €43.59 (63.7% below fair value)
Industry Position: 85% below the Drug Manufacturers median (#807 of 987)
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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