Novo Nordisk ASWBO:NNO2 +1.76%71 Debt-to-EBITDA is 0.53 as of Mar. 2026, which is 152% above its 10-year median of 0.21. 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 687 Drug Manufacturers companies, Novo Nordisk AS ranks better than 66.52% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Novo Nordisk AS's Debt-to-EBITDA or its related term are showing as below:
WBO:NNO2'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0 Med: 0.21 Max: 0.84
Current: 0.81
During the past 13 years, the highest Debt-to-EBITDA Ratio of Novo Nordisk AS was 0.84. The lowest was 0.00. And the median was 0.21.
WBO:NNO2's Debt-to-EBITDA is ranked better than 66.52% of 687
companies
in the Drug Manufacturers industry
Industry Median: 1.66
vs WBO:NNO2: 0.81
Novo Nordisk AS (WBO:NNO2) Debt-to-EBITDA Explanation
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Novo Nordisk AS Debt-to-EBITDA Related Terms
Novo Nordisk AS Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Novo Nordisk AS's Debt-to-EBITDA 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.
WBO:NNO2 vs LLY, JNJ, ABBV: Debt-to-EBITDA Comparison
For the Drug Manufacturers - General subindustry, Novo Nordisk AS's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA 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-EBITDA vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Novo Nordisk AS's Debt-to-EBITDA 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.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
Novo Nordisk AS (WBO:NNO2) has a Debt-to-EBITDA of 0.53 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Novo Nordisk AS. This is 152% above median its historical median of 0.21. According to the industry distribution chart, Novo Nordisk AS ranks #230 out of 687 companies in the Drug Manufacturers industry, placing it in the top 33.5%.
Is Novo Nordisk AS's Debt-to-EBITDA too high?
Novo Nordisk AS's current Debt-to-EBITDA of 0.53 is 152% above median its 10-year median of 0.21. The Drug Manufacturers industry median Debt-to-EBITDA is 1.66. Novo Nordisk AS's value of 0.53 is 68.1% below this industry median. Based on the distribution chart, Novo Nordisk AS ranks #230 out of 687 companies in the Drug Manufacturers industry, which is above the industry midpoint. 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-EBITDA compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #230 out of 687 companies for Debt-to-EBITDA. This puts Novo Nordisk AS in the upper half of its industry. The industry median Debt-to-EBITDA is 1.66. Novo Nordisk AS's value of 0.53 is 68.1% below this benchmark. While the company's 10-year median is 0.21 vs. the industry median of 1.66, 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 Debt-to-EBITDA for a Drug Manufacturers company?
The median Debt-to-EBITDA among Drug Manufacturers companies is 1.66, based on 687 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Novo Nordisk AS's current Debt-to-EBITDA of 0.53 is 68.1% 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 Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Novo Nordisk AS. For the Drug Manufacturers industry, the median Debt-to-EBITDA is 1.66 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Novo Nordisk AS's current Debt-to-EBITDA is 0.53, which is 152% above median its own 10-year median of 0.21. 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 Debt-to-EBITDA is 0.53, which is 152% above median its 10-year median of 0.21 and 68.1% below the Drug Manufacturers industry median of 1.66. 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-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Novo Nordisk AS (WBO:NNO2), the current Debt-to-EBITDA is 0.53 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:
Debt-to-EBITDA: 0.53 (152% above median its 10-year median of 0.21)
GF Value™: €120.11 vs. price of €43.59 (63.7% below fair value)
Industry Position: 68.1% below the Drug Manufacturers median (#230 of 687)
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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Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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