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Novo Nordisk ASHAM:NOVA +2.35%85 Debt-to-Equity is 0.63 as of Jun. 2026, which is 200% above its 10-year median of 0.21. GuruFocus rates HAM:NOVA with a GF Score™ of 85/100 and a GF Value™ of €93.85 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 814 Drug Manufacturers companies, Novo Nordisk AS ranks worse than 76.78% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Novo Nordisk AS's Debt-to-Equity or its related term are showing as below:
HAM:NOVA'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.01 Med: 0.21 Max: 0.86
Current: 0.63
During the past 13 years, the highest Debt-to-Equity Ratio of Novo Nordisk AS was 0.86. The lowest was 0.01. And the median was 0.21.
HAM:NOVA's Debt-to-Equity is ranked worse than 76.78% of 814
companies
in the Drug Manufacturers industry
Industry Median: 0.275
vs HAM:NOVA: 0.63
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Novo Nordisk AS Debt-to-Equity Related Terms
Novo Nordisk AS Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Novo Nordisk AS's Debt-to-Equity 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.
HAM:NOVA vs LLY, JNJ, ABBV: Debt-to-Equity Comparison
For the Drug Manufacturers - General subindustry, Novo Nordisk AS's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity 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-Equity vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Novo Nordisk AS's Debt-to-Equity 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.
Novo Nordisk AS (HAM:NOVA) has a Debt-to-Equity of 0.63 as of Jun. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Novo Nordisk AS and its competitors. This is 200% above median its historical median of 0.21. Over the past decade, Novo Nordisk AS's Debt-to-Equity has ranged from 0.01 to 0.86. According to the industry distribution chart, Novo Nordisk AS ranks #625 out of 814 companies in the Drug Manufacturers industry, placing it in the top 76.8%.
Is Novo Nordisk AS's Debt-to-Equity too high?
Novo Nordisk AS's current Debt-to-Equity of 0.63 is 200% above median its 10-year median of 0.21. Over the past 10 years, this metric has ranged from a low of 0.01 to a high of 0.86. The Drug Manufacturers industry median Debt-to-Equity is 0.28. Novo Nordisk AS's value of 0.63 is 129.1% above this industry median. Based on the distribution chart, Novo Nordisk AS ranks #625 out of 814 companies in the Drug Manufacturers industry, which is in the bottom quartile relative to peers. Overall, Novo Nordisk AS has a GF Score™ of 85/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Novo Nordisk AS's Debt-to-Equity compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #625 out of 814 companies for Debt-to-Equity. This places Novo Nordisk AS in the lower half of its industry. The industry median Debt-to-Equity is 0.28. Novo Nordisk AS's value of 0.63 is 129.1% above this benchmark. Historically, Novo Nordisk AS's own Debt-to-Equity has ranged from 0.01 to 0.86 over the past decade. While the company's 10-year median is 0.21 vs. the industry median of 0.28, 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 Debt-to-Equity for a Drug Manufacturers company?
The median Debt-to-Equity among Drug Manufacturers companies is 0.28, based on 814 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Novo Nordisk AS's current Debt-to-Equity of 0.63 is 129.1% 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 Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Novo Nordisk AS and its competitors. For the Drug Manufacturers industry, the median Debt-to-Equity is 0.28 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Novo Nordisk AS's current Debt-to-Equity is 0.63, which is 200% 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 (HAM:NOVA) is currently considered Significantly Undervalued. The stock's GF Value™ is €93.85, compared to a current price of €39.12 — trading 58.3% below its estimated fair value. The current Debt-to-Equity is 0.63, which is 200% above median its 10-year median of 0.21 and 129.1% above the Drug Manufacturers industry median of 0.28. Novo Nordisk AS's overall GF Score™ is 85/100 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-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Novo Nordisk AS (HAM:NOVA), the current Debt-to-Equity is 0.63 as of Jun. 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 (HAM:NOVA) Overvalued in 2026?
Based on GuruFocus' analysis, Novo Nordisk AS stock appears to be undervalued.
The current stock price of €39.12 is trading 58.3% below its estimated GF Value™ of €93.85.
GuruFocus considers Novo Nordisk AS to be Significantly Undervalued.
Key valuation signals for HAM:NOVA:
Debt-to-Equity: 0.63 (200% above median its 10-year median of 0.21)
GF Value™: €93.85 vs. price of €39.12 (58.3% below fair value)
Industry Position: 129.1% above the Drug Manufacturers median (#625 of 814)
No single metric tells the full story. See the HAM:NOVA 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.
85GF Score
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