Novo Nordisk AS (WBO:NNO2) Debt-to-Asset : 0.26 (As of Mar. 2026)

What is Novo Nordisk AS Debt-to-Asset?

Novo Nordisk AS WBO:NNO2 -1.23% 71 Debt-to-Asset is 0.26 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 Short-Term Debt & Capital Lease Obligation for the quarter that ended in Mar. 2026 was €3,640 Mil. Novo Nordisk AS's Long-Term Debt & Capital Lease Obligation for the quarter that ended in Mar. 2026 was €15,944 Mil. Novo Nordisk AS's Long-Term Debt & Capital Lease ObligationTotal Assets for the quarter that ended in Mar. 2026 was €74,819 Mil. Novo Nordisk AS's debt to asset for the quarter that ended in Mar. 2026 was 0.26.

Novo Nordisk AS (WBO:NNO2) Debt-to-Asset Explanation

In the calculation of Debt-to-Asset, we use the total of Short-Term Debt & Capital Lease Obligation and Long-Term Debt & Capital Lease Obligation divided by Total Assets.

Novo Nordisk AS Debt-to-Asset Related Terms

Novo Nordisk AS Debt-to-Asset Historical Data

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The historical data trend for Novo Nordisk AS's Debt-to-Asset 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 Debt-to-Asset Chart

Novo Nordisk AS Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Debt-to-Asset

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0.14

0.11

0.09

0.22

0.24

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
Debt-to-Asset	Get a 7-Day Free Trial															0.24	0.21	0.20	0.24	0.26

WBO:NNO2 vs LLY, JNJ, ABBV: Debt-to-Asset Comparison

For the Drug Manufacturers - General subindustry, Novo Nordisk AS's Debt-to-Asset, along with its competitors' market caps and Debt-to-Asset 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 Debt-to-Asset vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's Debt-to-Asset distribution charts can be found below:

* The bar in red indicates where Novo Nordisk AS's Debt-to-Asset falls into.

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71GF Score

Novo Nordisk AS WBO:NNO2

Debt-to-Asset is just one metric. See GF Score™, valuation, warning signs, and more.

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Novo Nordisk AS Debt-to-Asset Calculation

Debt to Asset measures the financial leverage a company has.

Novo Nordisk AS's Debt-to-Asset for the fiscal year that ended in Dec. 2025 is calculated as

Debt-to-Asset	=	Total Debt			/	Total Assets
	=	(Short-Term Debt & Capital Lease Obligation	+	Long-Term Debt & Capital Lease Obligation)	/	Total Assets
	=	(1608.949	+	15924.936)	/	72688.81
	=	0.24

Novo Nordisk AS's Debt-to-Asset for the quarter that ended in Mar. 2026 is calculated as

Debt-to-Asset	=	Total Debt			/	Total Assets
	=	(Short-Term Debt & Capital Lease Obligation	+	Long-Term Debt & Capital Lease Obligation)	/	Total Assets
	=	(3640.458	+	15944.16)	/	74818.827
	=	0.26

Frequently Asked Questions Learn more about Debt-to-Asset →

What does a Debt-to-Asset of 0.26 mean?

Novo Nordisk AS (WBO:NNO2) has a Debt-to-Asset of 0.26 as of Mar. 2026. Debt-to-asset ratio represents the ratio of total debt to total assets. View historical data on Novo Nordisk AS and its competitors.

Is Novo Nordisk AS's Debt-to-Asset too high?

Novo Nordisk AS's current Debt-to-Asset is 0.26. 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 Debt-to-Asset compare to LLY and JNJ?

Novo Nordisk AS's Debt-to-Asset of 0.26 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 Debt-to-Asset for a Drug Manufacturers company?

A good Debt-to-Asset depends on the Drug Manufacturers industry context. However, Debt-to-Asset 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 Debt-to-Asset mean?

A high Debt-to-Asset can signal that a stock is expensive relative to its fundamentals. Debt-to-asset ratio represents the ratio of total debt to total assets. View historical data on Novo Nordisk AS and its competitors. Novo Nordisk AS's current Debt-to-Asset is 0.26. 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 €43.06 — trading 64.2% below its estimated fair value. The current Debt-to-Asset is 0.26. 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 Debt-to-Asset calculated?

Debt-to-Asset is calculated from a company's financial statements. For Novo Nordisk AS (WBO:NNO2), the current Debt-to-Asset is 0.26 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 €43.06 is trading 64.2% below its estimated GF Value™ of €120.11. GuruFocus considers Novo Nordisk AS to be Significantly Undervalued.

Key valuation signals for WBO:NNO2:

Debt-to-Asset: 0.26
GF Value™: €120.11 vs. price of €43.06 (64.2% 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

Industry Healthcare Drug Manufacturers

Comparable Companies OCSE:HLUN A OCSE:STENO LLY JNJ ABBV XSWX:ROP MRK XSWX:NOVN LSE:AZN AMGN GILD PFE BMY LSE:GSK XPAR:SAN TSE:4519 XTER:BAYN TSE:4578 BIIB TSE:4568

Other Exchanges NONOF:USA NVO:USA NVO:Poland NOVOBN:Mexico NVON:Mexico 0TDD:UK NOVOBc:UK 0QIU:UK NOVO B:Denmark NOV:Germany NOVO:Canada NVON:Canada N1VO34:Brazil NOV:Bulgaria

Address Novo Alle 1, Bagsvaerd, DNK, 2880

Website https://www.novonordisk.com

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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€43.06

Price

€120.11

GF Value

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