Novo Nordisk ASMEX:NOVOBN +3.85%79 Piotroski F-Score is 4 as of Jun. 24, 2026, which is 33% below its 10-year median of 6.00. GuruFocus rates MEX:NOVOBN with a GF Score™ of 79/100 and a GF Value™ of MXN2,387.36 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 981 Drug Manufacturers companies, Novo Nordisk AS ranks worse than 60.86% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Novo Nordisk AS has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Novo Nordisk AS's Piotroski F-Score or its related term are showing as below:
MEX:NOVOBN'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 6 Max: 8
Current: 4
During the past 13 years, the highest Piotroski F-Score of Novo Nordisk AS was 8. The lowest was 4. And the median was 6.
Novo Nordisk AS (MEX:NOVOBN) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Novo Nordisk AS Piotroski F-Score Related Terms
Novo Nordisk AS Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Novo Nordisk AS's Piotroski F-Score 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.
MEX:NOVOBN vs LLY, JNJ, ABBV: Piotroski F-Score Comparison
For the Drug Manufacturers - General subindustry, Novo Nordisk AS's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 Piotroski F-Score vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Novo Nordisk AS's Piotroski F-Score 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.
This Year (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 77153.724 + 57712.544 + 75911.087 + 135432.82 = MXN346,210 Mil. Cash Flow from Operations was 118325.86 + 133007.71 + 21507.812 + 67173.92 = MXN340,015 Mil. Revenue was 223740.851 + 216287.897 + 223417.02 + 270053.998 = MXN933,500 Mil. Gross Profit was 186344.453 + 164639.123 + 180655.459 + 232127.118 = MXN763,766 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(1450491.213 + 1403610.895 + 1477828.83 + 1532567.813 + 1559751.988) / 5 = MXN1484850.1478 Mil. Total Assets at the begining of this year (Mar25) was MXN1,450,491 Mil. Long-Term Debt & Capital Lease Obligation was MXN332,389 Mil. Total Current Assets was MXN494,564 Mil. Total Current Liabilities was MXN628,000 Mil.
Net Income was 52976.53 + 80018.589 + 82666.125 + 86093.282 = MXN301,755 Mil.
Revenue was 179829.556 + 209010.864 + 250906.185 + 231548.05 = MXN871,295 Mil. Gross Profit was 152683.378 + 175867.382 + 212767.906 + 193325.883 = MXN734,645 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(723194.429 + 975991.492 + 1164890.224 + 1363507.897 + 1450491.213) / 5 = MXN1135615.051 Mil. Total Assets at the begining of last year (Mar24) was MXN723,194 Mil. Long-Term Debt & Capital Lease Obligation was MXN285,584 Mil. Total Current Assets was MXN517,126 Mil. Total Current Liabilities was MXN700,148 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Novo Nordisk AS's current Net Income (TTM) was 346,210.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Novo Nordisk AS's return on assets of this year was 0.23868478. Novo Nordisk AS's return on assets of last year was 0.41725228.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Novo Nordisk AS's gearing of this year was 0.22385339. Novo Nordisk AS's gearing of last year was 0.25147953.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Novo Nordisk AS's current ratio of this year was 0.78752254. Novo Nordisk AS's current ratio of last year was 0.7385957.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Novo Nordisk AS's number of shares in issue this year was 4448.7. Novo Nordisk AS's number of shares in issue last year was 4446.4.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Novo Nordisk AS's gross margin of this year was 0.81817498. Novo Nordisk AS's gross margin of last year was 0.8431643.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Novo Nordisk AS's asset turnover of this year was 0.64357492. Novo Nordisk AS's asset turnover of last year was 1.20478618.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Novo Nordisk AS has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Novo Nordisk AS (MEX:NOVOBN) has a Piotroski F-Score of 4 as of Jun. 24, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Novo Nordisk AS and its competitors. This is 33% below median its historical median of 6.00. Over the past decade, Novo Nordisk AS's Piotroski F-Score has ranged from 4.00 to 8.00. According to the industry distribution chart, Novo Nordisk AS ranks #597 out of 981 companies in the Drug Manufacturers industry, placing it in the top 60.9%.
Is Novo Nordisk AS's Piotroski F-Score too high?
Novo Nordisk AS's current Piotroski F-Score of 4 is 33% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 8.00. The Drug Manufacturers industry median Piotroski F-Score is 5.00. Novo Nordisk AS's value of 4 is 20% below this industry median. Based on the distribution chart, Novo Nordisk AS ranks #597 out of 981 companies in the Drug Manufacturers industry, which is below the industry midpoint. Overall, Novo Nordisk AS has a GF Score™ of 79/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Novo Nordisk AS's Piotroski F-Score compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #597 out of 981 companies for Piotroski F-Score. This places Novo Nordisk AS in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Novo Nordisk AS's value of 4 is 20% below this benchmark. Historically, Novo Nordisk AS's own Piotroski F-Score has ranged from 4.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, 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 Piotroski F-Score for a Drug Manufacturers company?
The median Piotroski F-Score among Drug Manufacturers companies is 5.00, based on 981 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Novo Nordisk AS's current Piotroski F-Score of 4 is 20% 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 Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Novo Nordisk AS and its competitors. For the Drug Manufacturers industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Novo Nordisk AS's current Piotroski F-Score is 4, which is 33% below median its own 10-year median of 6.00. 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 (MEX:NOVOBN) is currently considered Significantly Undervalued. The stock's GF Value™ is MXN2,387.36, compared to a current price of MXN810.00 — trading 66.1% below its estimated fair value. The current Piotroski F-Score is 4, which is 33% below median its 10-year median of 6.00 and 20% below the Drug Manufacturers industry median of 5.00. Novo Nordisk AS's overall GF Score™ is 79/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Novo Nordisk AS (MEX:NOVOBN), the current Piotroski F-Score is 4 as of Jun. 24, 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 (MEX:NOVOBN) Overvalued in 2026?
Based on GuruFocus' analysis, Novo Nordisk AS stock appears to be undervalued.
The current stock price of MXN810.00 is trading 66.1% below its estimated GF Value™ of MXN2,387.36.
GuruFocus considers Novo Nordisk AS to be Significantly Undervalued.
Key valuation signals for MEX:NOVOBN:
Piotroski F-Score: 4 (33% below median its 10-year median of 6.00)
GF Value™: MXN2,387.36 vs. price of MXN810.00 (66.1% below fair value)
Industry Position: 20% below the Drug Manufacturers median (#597 of 981)
No single metric tells the full story. See the MEX:NOVOBN 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.
79GF Score
Get the complete analysis for MEX:NOVOBN
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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