Novo Nordisk AS (MEX:NOVOBN) Beneish M-Score: -2.23 (As of Jun. 24, 2026)


MEX:NOVOBN Novo Nordisk AS MEX:NOVOBN
79 GF Score
Price MXN810.00
GF Value MXN2,387.36
Valuation Significantly Undervalued
! 4 Warning Signs
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What is Novo Nordisk AS Beneish M-Score?

Novo Nordisk AS MEX:NOVOBN +3.85% 79 Beneish M-Score is -2.23 as of Jun. 24, 2026. 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 911 Drug Manufacturers companies, Novo Nordisk AS ranks worse than 68.61% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Novo Nordisk AS's Beneish M-Score or its related term are showing as below:

MEX:NOVOBN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.35   Med: -2.56   Max: -2.16
Current: -2.23

During the past 13 years, the highest Beneish M-Score of Novo Nordisk AS was -2.16. The lowest was -3.35. And the median was -2.56.

Novo Nordisk AS Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Novo Nordisk AS's Beneish M-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.

Novo Nordisk AS Beneish M-Score Chart

Novo Nordisk AS Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.16 -2.74 -2.58 -2.48 -2.56

Novo Nordisk AS Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.56 -2.23 -2.34 -2.56 -2.23

MEX:NOVOBN vs LLY, JNJ, ABBV: Beneish M-Score Comparison

For the Drug Manufacturers - General subindustry, Novo Nordisk AS's Beneish M-Score, along with its competitors' market caps and Beneish M-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 Beneish M-Score vs Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Novo Nordisk AS's Beneish M-Score falls into.


MEX:NOVOBN
79GF Score
Novo Nordisk AS MEX:NOVOBN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Novo Nordisk AS Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Novo Nordisk AS for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0192+0.528 * 1.0305+0.404 * 0.9948+0.892 * 1.0714+0.115 * 1.08
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9062+4.679 * 0.003972-0.327 * 0.906
=-2.31

* 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:
Total Receivables was MXN279,663 Mil.
Revenue was 270053.998 + 223417.02 + 216287.897 + 223740.851 = MXN933,500 Mil.
Gross Profit was 232127.118 + 180655.459 + 164639.123 + 186344.453 = MXN763,766 Mil.
Total Current Assets was MXN494,564 Mil.
Total Assets was MXN1,559,752 Mil.
Property, Plant and Equipment(Net PPE) was MXN613,541 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN62,010 Mil.
Selling, General, & Admin. Expense(SGA) was MXN192,542 Mil.
Total Current Liabilities was MXN628,000 Mil.
Long-Term Debt & Capital Lease Obligation was MXN332,389 Mil.
Net Income was 135432.82 + 75911.087 + 57712.544 + 77153.724 = MXN346,210 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = MXN0 Mil.
Cash Flow from Operations was 67173.92 + 21507.812 + 133007.71 + 118325.86 = MXN340,015 Mil.
 Total Receivables was MXN256,097 Mil.
Revenue was 231548.05 + 250906.185 + 209010.864 + 179829.556 = MXN871,295 Mil.
Gross Profit was 193325.883 + 212767.906 + 175867.382 + 152683.378 = MXN734,645 Mil.
Total Current Assets was MXN517,126 Mil.
Total Assets was MXN1,450,491 Mil.
Property, Plant and Equipment(Net PPE) was MXN511,139 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN56,250 Mil.
Selling, General, & Admin. Expense(SGA) was MXN198,312 Mil.
Total Current Liabilities was MXN700,148 Mil.
Long-Term Debt & Capital Lease Obligation was MXN285,584 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(279662.624 / 933499.766) / (256097.416 / 871294.655)
=0.299585 / 0.293927
=1.0192

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(734644.549 / 871294.655) / (763766.153 / 933499.766)
=0.843164 / 0.818175
=1.0305

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (494563.944 + 613540.771) / 1559751.988) / (1 - (517126.055 + 511139.2) / 1450491.213)
=0.289564 / 0.291092
=0.9948

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=933499.766 / 871294.655
=1.0714

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(56250.322 / (56250.322 + 511139.2)) / (62010.106 / (62010.106 + 613540.771))
=0.099139 / 0.091792
=1.08

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(192541.719 / 933499.766) / (198311.973 / 871294.655)
=0.206258 / 0.227606
=0.9062

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((332388.741 + 627999.732) / 1559751.988) / ((285583.935 + 700147.669) / 1450491.213)
=0.615732 / 0.679585
=0.906

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(346210.175 - 0 - 340015.302) / 1559751.988
=0.003972

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Novo Nordisk AS has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.23 mean?
Novo Nordisk AS (MEX:NOVOBN) has a Beneish M-Score of -2.23 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Novo Nordisk AS and its competitors. According to the industry distribution chart, Novo Nordisk AS ranks #625 out of 911 companies in the Drug Manufacturers industry, placing it in the top 68.6%.
Is Novo Nordisk AS's Beneish M-Score too high?
Novo Nordisk AS's current Beneish M-Score is -2.23. Based on the distribution chart, Novo Nordisk AS ranks #625 out of 911 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 Beneish M-Score compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #625 out of 911 companies for Beneish M-Score. This places Novo Nordisk AS in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Drug Manufacturers company?
A good Beneish M-Score depends on the Drug Manufacturers industry context. However, Beneish M-Score 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 Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Novo Nordisk AS and its competitors. Novo Nordisk AS's current Beneish M-Score is -2.23. 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 Beneish M-Score is -2.23. 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 Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Novo Nordisk AS (MEX:NOVOBN), the current Beneish M-Score is -2.23 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:

  • Beneish M-Score: -2.23
  • GF Value™: MXN2,387.36 vs. price of MXN810.00 (66.1% below fair value)
  • GF Score™: 79/100 with 4 warning signs

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.

Novo Nordisk AS Business Description

Address Novo Alle 1, Bagsvaerd, DNK, 2880
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

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MXN810.00
Price
MXN2,387.36
GF Value