Novo Nordisk ASWBO:NNO2 +1.76%71 Intrinsic Value: Projected FCF is €27.80 as of Jul. 08, 2026, which is 100% below its 10-year median of 2.20. 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 633 Drug Manufacturers companies, Novo Nordisk AS ranks better than 50.55% on this metric.
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company. The details of how we calculate the intrinsic value of stocks are described in detail here.
As of today (2026-07-08), Novo Nordisk AS's Intrinsic Value: Projected FCF is €27.80. The stock price of Novo Nordisk AS is €43.59. Therefore, Novo Nordisk AS's Price-to-Intrinsic-Value-Projected-FCF of today is 1.6.
The historical rank and industry rank for Novo Nordisk AS's Intrinsic Value: Projected FCF or its related term are showing as below:
WBO:NNO2'
s Price-to-Projected-FCF Range Over the Past 10 Years
Min: 1.11 Med: 2.2 Max: 5.35
Current: 1.57
During the past 13 years, the highest Price-to-Intrinsic-Value-Projected-FCF of Novo Nordisk AS was 5.35. The lowest was 1.11. And the median was 2.20.
WBO:NNO2's Price-to-Projected-FCF is ranked better than 50.55% of 633
companies
in the Drug Manufacturers industry
Industry Median: 1.58
vs WBO:NNO2: 1.57
Novo Nordisk AS (WBO:NNO2) Intrinsic Value: Projected FCF Explanation
The growth multiple is capped between 8.35 and 17.74.
Total Stockholders Equity weighting is more art than science and it should always be revisited in more detail when researching a company. Weightings from 0% to 100% to more than 100% are possible. 80% was chosen as a happy median after taking the above ideas into consideration.
Novo Nordisk AS's Price-to-Intrinsic-Value-Projected-FCF for today is calculated as
Price-to-Intrinsic-Value-Projected-FCF
=
Share Price
/
Intrinsic Value: Projected FCF
=
43.59
/
28.011504292916
=
1.56
* 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 Intrinsic Value: Projected FCF Related Terms
Novo Nordisk AS Intrinsic Value: Projected FCF Historical Data
* Premium members only.
The historical data trend for Novo Nordisk AS's Intrinsic Value: Projected FCF 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.
Novo Nordisk AS Intrinsic Value: Projected FCF Chart
WBO:NNO2 vs LLY, JNJ, ABBV: Intrinsic Value: Projected FCF Comparison
For the Drug Manufacturers - General subindustry, Novo Nordisk AS's Price-to-Projected-FCF, along with its competitors' market caps and Price-to-Projected-FCF 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 Price-to-Projected-FCF vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's Price-to-Projected-FCF distribution charts can be found below:
* The bar in red indicates where Novo Nordisk AS's Price-to-Projected-FCF falls into.
Novo Nordisk AS Intrinsic Value: Projected FCF Calculation
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company.
The details of how we calculate the intrinsic value of stocks are described in detail here.
This method smooths out the free cash flow over the past 6-7 years, multiplies the results by a growth multiple, and adds a portion of Total Stockholders Equity.
* 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.
What does a Intrinsic Value: Projected FCF of €27.80 mean?
Novo Nordisk AS (WBO:NNO2) has a Intrinsic Value: Projected FCF of €27.80 as of Jul. 08, 2026. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on Novo Nordisk AS and its competitors. This is 1164% above median its historical median of 2.20. Over the past decade, Novo Nordisk AS's Intrinsic Value: Projected FCF has ranged from 1.11 to 5.35. According to the industry distribution chart, Novo Nordisk AS ranks #313 out of 633 companies in the Drug Manufacturers industry, placing it in the top 49.4%.
Is Novo Nordisk AS's Intrinsic Value: Projected FCF too high?
Novo Nordisk AS's current Intrinsic Value: Projected FCF of €27.80 is 1164% above median its 10-year median of 2.20. Over the past 10 years, this metric has ranged from a low of 1.11 to a high of 5.35. Based on the distribution chart, Novo Nordisk AS ranks #313 out of 633 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 Intrinsic Value: Projected FCF compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #313 out of 633 companies for Intrinsic Value: Projected FCF. This puts Novo Nordisk AS in the upper half of its industry. The industry median Intrinsic Value: Projected FCF is 1.58. Historically, Novo Nordisk AS's own Intrinsic Value: Projected FCF has ranged from 1.11 to 5.35 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Intrinsic Value: Projected FCF for a Drug Manufacturers company?
The median Intrinsic Value: Projected FCF among Drug Manufacturers companies is 1.58, based on 633 companies in the industry. Companies in the top quartile (top 25%) have a Intrinsic Value: Projected FCF significantly above this median, while those in the bottom quartile fall well below. However, Intrinsic Value: Projected FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Intrinsic Value: Projected FCF mean?
A high Intrinsic Value: Projected FCF can signal that a stock is expensive relative to its fundamentals. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on Novo Nordisk AS and its competitors. For the Drug Manufacturers industry, the median Intrinsic Value: Projected FCF is 1.58 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Novo Nordisk AS's current Intrinsic Value: Projected FCF is €27.80, which is 1164% above median its own 10-year median of 2.20. 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 Intrinsic Value: Projected FCF is €27.80, which is 1164% above median its 10-year median of 2.20. 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 Intrinsic Value: Projected FCF calculated?
Intrinsic Value: Projected FCF is calculated from a company's financial statements. For Novo Nordisk AS (WBO:NNO2), the current Intrinsic Value: Projected FCF is €27.80 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:
Intrinsic Value: Projected FCF: €27.80 (1164% above median its 10-year median of 2.20)
GF Value™: €120.11 vs. price of €43.59 (63.7% below fair value)
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
Intrinsic Value: Projected FCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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