Novo Nordisk ASWBO:NNO2 +1.76%71 Equity-to-Asset is 0.36 as of Mar. 2026, which is 12% below its 10-year median of 0.41. 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 1,007 Drug Manufacturers companies, Novo Nordisk AS ranks worse than 79.05% on this metric.
Equity to Asset ratio is calculated as total stockholders equity divided by total asset. Novo Nordisk AS's Total Stockholders Equity for the quarter that ended in Mar. 2026 was €27,168 Mil. Novo Nordisk AS's Total Assets for the quarter that ended in Mar. 2026 was €74,819 Mil.
Therefore, Novo Nordisk AS's Equity to Asset Ratio for the quarter that ended in Mar. 2026 was 0.36.
The historical rank and industry rank for Novo Nordisk AS's Equity-to-Asset or its related term are showing as below:
WBO:NNO2'
s Equity-to-Asset Range Over the Past 10 Years
Min: 0.28 Med: 0.41 Max: 0.5
Current: 0.36
During the past 13 years, the highest Equity to Asset Ratio of Novo Nordisk AS was 0.50. The lowest was 0.28. And the median was 0.41.
WBO:NNO2's Equity-to-Asset is ranked worse than 79.05% of 1007
companies
in the Drug Manufacturers industry
Industry Median: 0.61
vs WBO:NNO2: 0.36
Novo Nordisk AS (WBO:NNO2) Equity-to-Asset Explanation
Equity to Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity to Asset ratio (more leveraged) may have higher ROE % because of the leverage.
For banks, the required minimum Equity to Asset ratio by regulation is 5%. Some stronger banks may have Equity to Asset Ratio of more than 10%.
Novo Nordisk AS Equity-to-Asset Related Terms
Novo Nordisk AS Equity-to-Asset Historical Data
* Premium members only.
The historical data trend for Novo Nordisk AS's Equity-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.
WBO:NNO2 vs LLY, JNJ, ABBV: Equity-to-Asset Comparison
For the Drug Manufacturers - General subindustry, Novo Nordisk AS's Equity-to-Asset, along with its competitors' market caps and Equity-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 Equity-to-Asset vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's Equity-to-Asset distribution charts can be found below:
* The bar in red indicates where Novo Nordisk AS's Equity-to-Asset falls into.
Equity to Asset ratio measures the ratios of the portion of the asset owned by shareholders out of the total asset. It indicates the leverage of the company, and the amount of debt the company uses in its operation.
Equity to Asset ratio is calculated by dividing total stockholders equity by total asset.
Novo Nordisk AS's Equity to Asset Ratio for the fiscal year that ended in Dec. 2025 is calculated as
* 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 Equity-to-Asset of 0.36 as of Mar. 2026. Equity-to-asset ratio equals total company equity divided by total assets. It measures financial leverage. View historical data on Novo Nordisk AS and its competitors. This is 12% below median its historical median of 0.41. Over the past decade, Novo Nordisk AS's Equity-to-Asset has ranged from 0.28 to 0.50. According to the industry distribution chart, Novo Nordisk AS ranks #796 out of 1007 companies in the Drug Manufacturers industry, placing it in the top 79%.
Is Novo Nordisk AS's Equity-to-Asset too high?
Novo Nordisk AS's current Equity-to-Asset of 0.36 is 12% below median its 10-year median of 0.41. Over the past 10 years, this metric has ranged from a low of 0.28 to a high of 0.50. The Drug Manufacturers industry median Equity-to-Asset is 0.61. Novo Nordisk AS's value of 0.36 is 41% below this industry median. Based on the distribution chart, Novo Nordisk AS ranks #796 out of 1007 companies in the Drug Manufacturers industry, which is in the bottom quartile relative to peers. 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 Equity-to-Asset compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #796 out of 1007 companies for Equity-to-Asset. This places Novo Nordisk AS in the lower half of its industry. The industry median Equity-to-Asset is 0.61. Novo Nordisk AS's value of 0.36 is 41% below this benchmark. Historically, Novo Nordisk AS's own Equity-to-Asset has ranged from 0.28 to 0.50 over the past decade. While the company's 10-year median is 0.41 vs. the industry median of 0.61, 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 Equity-to-Asset for a Drug Manufacturers company?
The median Equity-to-Asset among Drug Manufacturers companies is 0.61, based on 1,007 companies in the industry. Companies in the top quartile (top 25%) have a Equity-to-Asset significantly above this median, while those in the bottom quartile fall well below. However, Equity-to-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Novo Nordisk AS's current Equity-to-Asset of 0.36 is 41% 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 Equity-to-Asset mean?
A high Equity-to-Asset can signal that a stock is expensive relative to its fundamentals. Equity-to-asset ratio equals total company equity divided by total assets. It measures financial leverage. View historical data on Novo Nordisk AS and its competitors. For the Drug Manufacturers industry, the median Equity-to-Asset is 0.61 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Novo Nordisk AS's current Equity-to-Asset is 0.36, which is 12% below median its own 10-year median of 0.41. 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 Equity-to-Asset is 0.36, which is 12% below median its 10-year median of 0.41 and 41% below the Drug Manufacturers industry median of 0.61. 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 Equity-to-Asset calculated?
Equity-to-Asset is calculated from a company's financial statements. For Novo Nordisk AS (WBO:NNO2), the current Equity-to-Asset is 0.36 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:
Equity-to-Asset: 0.36 (12% below median its 10-year median of 0.41)
GF Value™: €120.11 vs. price of €43.59 (63.7% below fair value)
Industry Position: 41% below the Drug Manufacturers median (#796 of 1007)
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
Get the complete analysis for WBO:NNO2
Equity-to-Asset is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
WBO:NNO2 has been successfully added to your 
