Novo Nordisk AS (WBO:NNO2) Change In Working Capital: €-1,882 Mil (TTM As of Mar. 2026)


WBO:NNO2 Novo Nordisk AS WBO:NNO2
71 GF Score
Price €43.59
GF Value €120.11
Valuation Significantly Undervalued
! 4 Warning Signs
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What is Novo Nordisk AS Change In Working Capital?

Novo Nordisk AS WBO:NNO2 +1.76% 71 Change In Working Capital is €-1,882 Mil as of Mar. 2026. 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.

Novo Nordisk AS's change in working capital for the quarter that ended in Mar. 2026 was €-4,446 Mil.

Novo Nordisk AS's change in working capital for the fiscal year that ended in Dec. 2025 was €500 Mil.

It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement. Not by calculating the number changes in each periods' working capital (Total Current Assets minus Total Current Liabilities).

Novo Nordisk AS Change In Working Capital Related Terms

Novo Nordisk AS Change In Working Capital Historical Data

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The historical data trend for Novo Nordisk AS's Change In Working Capital 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 Change In Working Capital Chart

Novo Nordisk AS Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Change In Working Capital
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1,218.78 -744.00 2,644.82 347.16 500.35

Novo Nordisk AS Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Change In Working Capital Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2,066.58 501.46 -664.56 2,727.33 -4,446.01
WBO:NNO2
71GF Score
Novo Nordisk AS WBO:NNO2
Change In Working Capital is just one metric. See GF Score™, valuation, warning signs, and more.
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Novo Nordisk AS Change In Working Capital Calculation

Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €-1,882 Mil.

Working Capital is a measure of a company's short term liquidity or its ability to cover short term liabilities. It is defined as the difference between a company's current assets and current liabilities.

Changes in Working Capital is reported in the cash flow statement since it is one of the major ways in which net income can differ from operating cash flow. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement.

Use Wal-Mart Stores Inc (Jan 2014, Annual Data) as an example: Source: Wal-Mart Stores Inc 2014-01-31 10-K from SEC

Consolidated Statements of Cash Flows Fiscal Years EndedJanuary 31,(Amounts in millions)
Cash flows from operating activities: 2014 2013 2012
Changes in certain assets and liabilities, net of effects of acquisitions:
Receivables, net (566) (614) (796)
Inventories (1,667) (2,759) (3,727)
Accounts payable 531 1,061 2,687
Accrued liabilities 103 271 (935)
Accrued income taxes (1,224) 981 994

For 2014-01-31, add all the items under 2014 collum together, Change in Working Capital was (566) + (1,667) + 531 + 103 + (1,224) = $ (2,823) Mil.

* 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 Change In Working Capital of €-1,882 Mil mean?
Novo Nordisk AS (WBO:NNO2) has a Change In Working Capital of €-1,882 Mil as of Mar. 2026. Change in Working Capital is the difference between current assets less current liabilities between the current period and the past period. View historical data for Novo Nordisk AS.
Is Novo Nordisk AS's Change In Working Capital too high?
Novo Nordisk AS's current Change In Working Capital is €-1,882 Mil. 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 Change In Working Capital compare to LLY and JNJ?
Novo Nordisk AS's Change In Working Capital of €-1,882 Mil can be compared against companies in the Drug Manufacturers industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Change In Working Capital for a Drug Manufacturers company?
A good Change In Working Capital depends on the Drug Manufacturers industry context. However, Change In Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Change In Working Capital mean?
A high Change In Working Capital can signal that a stock is expensive relative to its fundamentals. Change in Working Capital is the difference between current assets less current liabilities between the current period and the past period. View historical data for Novo Nordisk AS. Novo Nordisk AS's current Change In Working Capital is €-1,882 Mil. 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 Change In Working Capital is €-1,882 Mil. 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 Change In Working Capital calculated?
Change In Working Capital is calculated from a company's financial statements. For Novo Nordisk AS (WBO:NNO2), the current Change In Working Capital is €-1,882 Mil 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:

  • Change In Working Capital: €-1,882 Mil
  • GF Value™: €120.11 vs. price of €43.59 (63.7% below fair value)
  • GF Score™: 71/100 with 4 warning signs

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.

Novo Nordisk AS Business Description

Address Novo Alle 1, Bagsvaerd, DNK, 2880
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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Change In Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€43.59
Price
€120.11
GF Value