Novo Nordisk ASWBO:NNO2 +1.76%71 EV-to-EBITDA is 8.64 as of Jul. 08, 2026, which is 49% below its 10-year median of 16.80. 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 740 Drug Manufacturers companies, Novo Nordisk AS ranks better than 69.32% on this metric.
EV-to-EBITDA is calculated as enterprise value divided by its EBITDA. As of today, Novo Nordisk AS's enterprise value is €210,014 Mil.
Novo Nordisk AS's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 was €24,309 Mil. Therefore, Novo Nordisk AS's EV-to-EBITDA for today is 8.64.
The historical rank and industry rank for Novo Nordisk AS's EV-to-EBITDA or its related term are showing as below:
WBO:NNO2'
s EV-to-EBITDA Range Over the Past 10 Years
Min: 6.49 Med: 16.8 Max: 36.14
Current: 8.67
During the past 13 years, the highest EV-to-EBITDA of Novo Nordisk AS was 36.14. The lowest was 6.49. And the median was 16.80.
WBO:NNO2's EV-to-EBITDA is ranked better than 69.32% of 740
companies
in the Drug Manufacturers industry
Industry Median: 12.955
vs WBO:NNO2: 8.67
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio to determine the fair market value of a company.
The "classic" EV-to-EBITDA is much better in capturing debt and net cash than the PE Ratio (TTM).
Novo Nordisk AS (WBO:NNO2) EV-to-EBITDA Explanation
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Novo Nordisk AS's PE Ratio (TTM) for today is calculated as:
Novo Nordisk AS's share price for today is €43.59.
Novo Nordisk AS's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €3.671.
* 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.
Study has found that the companies with the lowest EV-to-EBITDA outperforms companies measured as cheap by other ratios such as PE Ratio (TTM).
The historical data trend for Novo Nordisk AS's EV-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: EV-to-EBITDA Comparison
For the Drug Manufacturers - General subindustry, Novo Nordisk AS's EV-to-EBITDA, along with its competitors' market caps and EV-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 EV-to-EBITDA vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's EV-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Novo Nordisk AS's EV-to-EBITDA falls into.
Novo Nordisk AS's current Enterprise Value is €210,014 Mil.
Novo Nordisk AS's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €24,309 Mil.
* 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 (WBO:NNO2) has a EV-to-EBITDA of 8.64 as of Jul. 08, 2026. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Novo Nordisk AS. This is 49% below median its historical median of 16.80. Over the past decade, Novo Nordisk AS's EV-to-EBITDA has ranged from 6.49 to 36.14. According to the industry distribution chart, Novo Nordisk AS ranks #227 out of 740 companies in the Drug Manufacturers industry, placing it in the top 30.7%.
Is Novo Nordisk AS's EV-to-EBITDA too high?
Novo Nordisk AS's current EV-to-EBITDA of 8.64 is 49% below median its 10-year median of 16.80. Over the past 10 years, this metric has ranged from a low of 6.49 to a high of 36.14. The Drug Manufacturers industry median EV-to-EBITDA is 12.96. Novo Nordisk AS's value of 8.64 is 33.3% below this industry median. Based on the distribution chart, Novo Nordisk AS ranks #227 out of 740 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 EV-to-EBITDA compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #227 out of 740 companies for EV-to-EBITDA. This puts Novo Nordisk AS in the upper half of its industry. The industry median EV-to-EBITDA is 12.96. Novo Nordisk AS's value of 8.64 is 33.3% below this benchmark. Historically, Novo Nordisk AS's own EV-to-EBITDA has ranged from 6.49 to 36.14 over the past decade. While the company's 10-year median is 16.80 vs. the industry median of 12.96, 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 EV-to-EBITDA for a Drug Manufacturers company?
The median EV-to-EBITDA among Drug Manufacturers companies is 12.96, based on 740 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, EV-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Novo Nordisk AS's current EV-to-EBITDA of 8.64 is 33.3% 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 EV-to-EBITDA mean?
A high EV-to-EBITDA can signal that a stock is expensive relative to its fundamentals. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Novo Nordisk AS. For the Drug Manufacturers industry, the median EV-to-EBITDA is 12.96 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Novo Nordisk AS's current EV-to-EBITDA is 8.64, which is 49% below median its own 10-year median of 16.80. 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 EV-to-EBITDA is 8.64, which is 49% below median its 10-year median of 16.80 and 33.3% below the Drug Manufacturers industry median of 12.96. 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 EV-to-EBITDA calculated?
EV-to-EBITDA is calculated from a company's financial statements. For Novo Nordisk AS (WBO:NNO2), the current EV-to-EBITDA is 8.64 as of Jul. 08, 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:
EV-to-EBITDA: 8.64 (49% below median its 10-year median of 16.80)
GF Value™: €120.11 vs. price of €43.59 (63.7% below fair value)
Industry Position: 33.3% below the Drug Manufacturers median (#227 of 740)
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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