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Novo Nordisk ASBSP:N1VO34 -1.04%78 Cyclically Adjusted PB Ratio is 14.72 as of Aug. 31, 2026, which is 41% below its 10-year median of 25.14. GuruFocus rates BSP:N1VO34 with a GF Score™ of 78/100 and a GF Value™ of R$67.90 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 639 Drug Manufacturers companies, Novo Nordisk AS ranks worse than 96.09% on this metric.
The historical rank and industry rank for Novo Nordisk AS's Cyclically Adjusted PB Ratio or its related term are showing as below:
BSP:N1VO34'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 12.4 Med: 25.14 Max: 74.88
Current: 14.55
During the past years, Novo Nordisk AS's highest Cyclically Adjusted PB Ratio was 74.88. The lowest was 12.40. And the median was 25.14.
BSP:N1VO34's Cyclically Adjusted PB Ratio is ranked worse than 96.09% of 639
companies
in the Drug Manufacturers industry
Industry Median: 1.73
vs BSP:N1VO34: 14.55
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
Novo Nordisk AS's adjusted book value per share data for the three months ended in Jun. 2026 was R$4.935. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is R$2.01 for the trailing ten years ended in Jun. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Novo Nordisk AS (BSP:N1VO34) Cyclically Adjusted PB Ratio Explanation
Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.
Novo Nordisk AS Cyclically Adjusted PB Ratio Related Terms
Novo Nordisk AS Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for Novo Nordisk AS's Cyclically Adjusted PB Ratio 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 Cyclically Adjusted PB Ratio Chart
BSP:N1VO34 vs LLY, JNJ, ABBV: Cyclically Adjusted PB Ratio Comparison
For the Drug Manufacturers - General subindustry, Novo Nordisk AS's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio 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 Cyclically Adjusted PB Ratio vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Novo Nordisk AS's Cyclically Adjusted PB Ratio falls into.
Novo Nordisk AS Cyclically Adjusted PB Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.
Novo Nordisk AS's Cyclically Adjusted PB Ratio for today is calculated as
* 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.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PB Ratio of 14.72 mean?
Novo Nordisk AS (BSP:N1VO34) has a Cyclically Adjusted PB Ratio of 14.72 as of Aug. 31, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Novo Nordisk AS and its competitors. This is 41% below median its historical median of 25.14. Over the past decade, Novo Nordisk AS's Cyclically Adjusted PB Ratio has ranged from 12.40 to 74.88. According to the industry distribution chart, Novo Nordisk AS ranks #614 out of 639 companies in the Drug Manufacturers industry, placing it in the top 96.1%.
Is Novo Nordisk AS's Cyclically Adjusted PB Ratio too high?
Novo Nordisk AS's current Cyclically Adjusted PB Ratio of 14.72 is 41% below median its 10-year median of 25.14. Over the past 10 years, this metric has ranged from a low of 12.40 to a high of 74.88. The Drug Manufacturers industry median Cyclically Adjusted PB Ratio is 1.73. Novo Nordisk AS's value of 14.72 is 750.9% above this industry median. Based on the distribution chart, Novo Nordisk AS ranks #614 out of 639 companies in the Drug Manufacturers industry, which is in the bottom quartile relative to peers. Overall, Novo Nordisk AS has a GF Score™ of 78/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Novo Nordisk AS's Cyclically Adjusted PB Ratio compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #614 out of 639 companies for Cyclically Adjusted PB Ratio. This places Novo Nordisk AS in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.73. Novo Nordisk AS's value of 14.72 is 750.9% above this benchmark. Historically, Novo Nordisk AS's own Cyclically Adjusted PB Ratio has ranged from 12.40 to 74.88 over the past decade. While the company's 10-year median is 25.14 vs. the industry median of 1.73, 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 Cyclically Adjusted PB Ratio for a Drug Manufacturers company?
The median Cyclically Adjusted PB Ratio among Drug Manufacturers companies is 1.73, based on 639 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Novo Nordisk AS's current Cyclically Adjusted PB Ratio of 14.72 is 750.9% 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 Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Novo Nordisk AS and its competitors. For the Drug Manufacturers industry, the median Cyclically Adjusted PB Ratio is 1.73 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Novo Nordisk AS's current Cyclically Adjusted PB Ratio is 14.72, which is 41% below median its own 10-year median of 25.14. 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 (BSP:N1VO34) is currently considered Significantly Undervalued. The stock's GF Value™ is R$67.90, compared to a current price of R$29.58 — trading 56.4% below its estimated fair value. The current Cyclically Adjusted PB Ratio is 14.72, which is 41% below median its 10-year median of 25.14 and 750.9% above the Drug Manufacturers industry median of 1.73. Novo Nordisk AS's overall GF Score™ is 78/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Novo Nordisk AS (BSP:N1VO34), the current Cyclically Adjusted PB Ratio is 14.72 as of Aug. 31, 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 (BSP:N1VO34) Overvalued in 2026?
Based on GuruFocus' analysis, Novo Nordisk AS stock appears to be undervalued.
The current stock price of R$29.58 is trading 56.4% below its estimated GF Value™ of R$67.90.
GuruFocus considers Novo Nordisk AS to be Significantly Undervalued.
Key valuation signals for BSP:N1VO34:
Cyclically Adjusted PB Ratio: 14.72 (41% below median its 10-year median of 25.14)
GF Value™: R$67.90 vs. price of R$29.58 (56.4% below fair value)
Industry Position: 750.9% above the Drug Manufacturers median (#614 of 639)
No single metric tells the full story. See the BSP:N1VO34 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.
78GF Score
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