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Novo Nordisk ASWBO:NNO2 +2.25%80 Cyclically Adjusted Price-to-FCF is 25.47 as of Sep. 03, 2026, which is 32% below its 10-year median of 37.25. GuruFocus rates WBO:NNO2 with a GF Score™ of 80/100 and a GF Value™ of €94.66 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 331 Drug Manufacturers companies, Novo Nordisk AS ranks better than 53.78% on this metric.
The historical rank and industry rank for Novo Nordisk AS's Cyclically Adjusted Price-to-FCF or its related term are showing as below:
WBO:NNO2'
s Cyclically Adjusted Price-to-FCF Range Over the Past 10 Years
Min: 21.34 Med: 37.25 Max: 104.1
Current: 25.26
During the past years, Novo Nordisk AS's highest Cyclically Adjusted Price-to-FCF was 104.10. The lowest was 21.34. And the median was 37.25.
WBO:NNO2's Cyclically Adjusted Price-to-FCF is ranked better than 53.78% of 331
companies
in the Drug Manufacturers industry
Industry Median: 28.33
vs WBO:NNO2: 25.26
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 Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.
Novo Nordisk AS's adjusted free cash flow per share data for the three months ended in Jun. 2026 was €1.278. Add all the adjusted free cash flow per share for the past 10 years together and divide 10 will get our Cyclically Adjusted FCF per Share, which is €1.58 for the trailing ten years ended in Jun. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Novo Nordisk AS (WBO:NNO2) Cyclically Adjusted Price-to-FCF Explanation
Compared with the regular Price-to-Free-Cash-Flow, which works poorly for cyclical businesses, the Cyclically Adjusted Price-to-FCF smoothed out the fluctuations of free cash flow 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 Price-to-FCF should give similar results to regular Price-to-Free-Cash-Flow.
Novo Nordisk AS Cyclically Adjusted Price-to-FCF Related Terms
Novo Nordisk AS Cyclically Adjusted Price-to-FCF Historical Data
* Premium members only.
The historical data trend for Novo Nordisk AS's Cyclically Adjusted Price-to-FCF 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 Price-to-FCF Chart
WBO:NNO2 vs LLY, JNJ, ABBV: Cyclically Adjusted Price-to-FCF Comparison
For the Drug Manufacturers - General subindustry, Novo Nordisk AS's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF 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 Price-to-FCF vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's Cyclically Adjusted Price-to-FCF distribution charts can be found below:
* The bar in red indicates where Novo Nordisk AS's Cyclically Adjusted Price-to-FCF falls into.
Novo Nordisk AS Cyclically Adjusted Price-to-FCF Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted Price-to-FCF takes the Free Cash Flow per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/FCF calculation. Because it considers this 10-year average, it's often referred to as the CAPFCF 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 Price-to-FCF.
Novo Nordisk AS's Cyclically Adjusted Price-to-FCF 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 Price-to-FCF of 25.47 mean?
Novo Nordisk AS (WBO:NNO2) has a Cyclically Adjusted Price-to-FCF of 25.47 as of Sep. 03, 2026. Cyclically Adjusted Price-to-FCF Ratio is the ratio of share price to a company's inflation-adjusted FCF per share over a 10-year period. View historical data on Novo Nordisk AS and its competitors. This is 32% below median its historical median of 37.25. Over the past decade, Novo Nordisk AS's Cyclically Adjusted Price-to-FCF has ranged from 21.34 to 104.10. According to the industry distribution chart, Novo Nordisk AS ranks #153 out of 331 companies in the Drug Manufacturers industry, placing it in the top 46.2%.
Is Novo Nordisk AS's Cyclically Adjusted Price-to-FCF too high?
Novo Nordisk AS's current Cyclically Adjusted Price-to-FCF of 25.47 is 32% below median its 10-year median of 37.25. Over the past 10 years, this metric has ranged from a low of 21.34 to a high of 104.10. The Drug Manufacturers industry median Cyclically Adjusted Price-to-FCF is 28.33. Novo Nordisk AS's value of 25.47 is 10.1% below this industry median. Based on the distribution chart, Novo Nordisk AS ranks #153 out of 331 companies in the Drug Manufacturers industry, which is above the industry midpoint. Overall, Novo Nordisk AS has a GF Score™ of 80/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Novo Nordisk AS's Cyclically Adjusted Price-to-FCF compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #153 out of 331 companies for Cyclically Adjusted Price-to-FCF. This puts Novo Nordisk AS in the upper half of its industry. The industry median Cyclically Adjusted Price-to-FCF is 28.33. Novo Nordisk AS's value of 25.47 is 10.1% below this benchmark. Historically, Novo Nordisk AS's own Cyclically Adjusted Price-to-FCF has ranged from 21.34 to 104.10 over the past decade. While the company's 10-year median is 37.25 vs. the industry median of 28.33, 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 Cyclically Adjusted Price-to-FCF for a Drug Manufacturers company?
The median Cyclically Adjusted Price-to-FCF among Drug Manufacturers companies is 28.33, based on 331 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted Price-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted Price-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Novo Nordisk AS's current Cyclically Adjusted Price-to-FCF of 25.47 is 10.1% 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 Cyclically Adjusted Price-to-FCF mean?
A high Cyclically Adjusted Price-to-FCF can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted Price-to-FCF Ratio is the ratio of share price to a company's inflation-adjusted FCF 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 Price-to-FCF is 28.33 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Novo Nordisk AS's current Cyclically Adjusted Price-to-FCF is 25.47, which is 32% below median its own 10-year median of 37.25. 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 €94.66, compared to a current price of €40.24 — trading 57.5% below its estimated fair value. The current Cyclically Adjusted Price-to-FCF is 25.47, which is 32% below median its 10-year median of 37.25 and 10.1% below the Drug Manufacturers industry median of 28.33. Novo Nordisk AS's overall GF Score™ is 80/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted Price-to-FCF calculated?
Cyclically Adjusted Price-to-FCF is calculated from a company's financial statements. For Novo Nordisk AS (WBO:NNO2), the current Cyclically Adjusted Price-to-FCF is 25.47 as of Sep. 03, 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 €40.24 is trading 57.5% below its estimated GF Value™ of €94.66.
GuruFocus considers Novo Nordisk AS to be Significantly Undervalued.
Key valuation signals for WBO:NNO2:
Cyclically Adjusted Price-to-FCF: 25.47 (32% below median its 10-year median of 37.25)
GF Value™: €94.66 vs. price of €40.24 (57.5% below fair value)
Industry Position: 10.1% below the Drug Manufacturers median (#153 of 331)
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.
80GF Score
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Cyclically Adjusted Price-to-FCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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