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Novo Nordisk ASHAM:NOVA +0.84%84 EV-to-OCF is 10.81 as of Aug. 17, 2026, which is 42% below its 10-year median of 18.63. GuruFocus rates HAM:NOVA with a GF Score™ of 84/100 and a GF Value™ of €96.72 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 1,005 Drug Manufacturers companies, Novo Nordisk AS ranks better than 50.95% on this metric.
EV-to-OCF is calculated as enterprise value divided by its cash flow from operations. As of today, Novo Nordisk AS's Enterprise Value is €190,781 Mil.
Novo Nordisk AS's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 was €17,651 Mil. Therefore, Novo Nordisk AS's EV-to-OCF for today is 10.81.
The historical rank and industry rank for Novo Nordisk AS's EV-to-OCF or its related term are showing as below:
HAM:NOVA'
s EV-to-OCF Range Over the Past 10 Years
Min: 9.41 Med: 18.63 Max: 48.32
Current: 10.51
During the past 13 years, the highest EV-to-OCF of Novo Nordisk AS was 48.32. The lowest was 9.41. And the median was 18.63.
HAM:NOVA's EV-to-OCF is ranked better than 50.95% of 1005
companies
in the Drug Manufacturers industry
Industry Median: 11.01
vs HAM:NOVA: 10.51
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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.
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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 €40.64.
Novo Nordisk AS's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €3.506.
* 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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Cash Flow from Operations is an important financial metric because it represents the cash generated from operating activities at a company's disposal. Companies with a low EV-to-OCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Novo Nordisk AS EV-to-OCF Related Terms
Novo Nordisk AS EV-to-OCF Historical Data
* Premium members only.
The historical data trend for Novo Nordisk AS's EV-to-OCF 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.
For the Drug Manufacturers - General subindustry, Novo Nordisk AS's EV-to-OCF, along with its competitors' market caps and EV-to-OCF 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-OCF vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's EV-to-OCF distribution charts can be found below:
* The bar in red indicates where Novo Nordisk AS's EV-to-OCF falls into.
Novo Nordisk AS's current Enterprise Value is €190,781 Mil.
Novo Nordisk AS's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €17,651 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 (HAM:NOVA) has a EV-to-OCF of 10.81 as of Aug. 17, 2026. This is 42% below median its historical median of 18.63. Over the past decade, Novo Nordisk AS's EV-to-OCF has ranged from 9.41 to 48.32. According to the industry distribution chart, Novo Nordisk AS ranks #493 out of 1005 companies in the Drug Manufacturers industry, placing it in the top 49.1%.
Is Novo Nordisk AS's EV-to-OCF too high?
Novo Nordisk AS's current EV-to-OCF of 10.81 is 42% below median its 10-year median of 18.63. Over the past 10 years, this metric has ranged from a low of 9.41 to a high of 48.32. The Drug Manufacturers industry median EV-to-OCF is 11.01. Novo Nordisk AS's value of 10.81 is 1.8% below this industry median. Based on the distribution chart, Novo Nordisk AS ranks #493 out of 1005 companies in the Drug Manufacturers industry, which is above the industry midpoint. Overall, Novo Nordisk AS has a GF Score™ of 84/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Novo Nordisk AS's EV-to-OCF compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #493 out of 1005 companies for EV-to-OCF. This puts Novo Nordisk AS in the upper half of its industry. The industry median EV-to-OCF is 11.01. Novo Nordisk AS's value of 10.81 is 1.8% below this benchmark. Historically, Novo Nordisk AS's own EV-to-OCF has ranged from 9.41 to 48.32 over the past decade. While the company's 10-year median is 18.63 vs. the industry median of 11.01, 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-OCF for a Drug Manufacturers company?
The median EV-to-OCF among Drug Manufacturers companies is 11.01, based on 1,005 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-OCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-OCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Novo Nordisk AS's current EV-to-OCF of 10.81 is 1.8% 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-OCF mean?
A high EV-to-OCF can signal that a stock is expensive relative to its fundamentals. For the Drug Manufacturers industry, the median EV-to-OCF is 11.01 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Novo Nordisk AS's current EV-to-OCF is 10.81, which is 42% below median its own 10-year median of 18.63. 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 €96.72, compared to a current price of €40.64 — trading 58% below its estimated fair value. The current EV-to-OCF is 10.81, which is 42% below median its 10-year median of 18.63 and 1.8% below the Drug Manufacturers industry median of 11.01. Novo Nordisk AS's overall GF Score™ is 84/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-OCF calculated?
EV-to-OCF is calculated from a company's financial statements. For Novo Nordisk AS (HAM:NOVA), the current EV-to-OCF is 10.81 as of Aug. 17, 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 €40.64 is trading 58% below its estimated GF Value™ of €96.72.
GuruFocus considers Novo Nordisk AS to be Significantly Undervalued.
Key valuation signals for HAM:NOVA:
EV-to-OCF: 10.81 (42% below median its 10-year median of 18.63)
GF Value™: €96.72 vs. price of €40.64 (58% below fair value)
Industry Position: 1.8% below the Drug Manufacturers median (#493 of 1005)
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.
84GF Score
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