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Novo Nordisk ASWBO:NNO2 -1.44%70 Price-to-Operating-Cash-Flow is 12.44 as of Jul. 19, 2026, which is 35% below its 10-year median of 19.04. GuruFocus rates WBO:NNO2 with a GF Score™ of 70/100 and a GF Value™ of €120.95 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 705 Drug Manufacturers companies, Novo Nordisk AS ranks better than 60.57% on this metric.
As of today (2026-07-19), Novo Nordisk AS's share price is €44.36.
Novo Nordisk AS's Cash Flow from Operations per share for the trailing twelve months (TTM) ended in Mar. 2026 was €3.57. Hence, Novo Nordisk AS's Price-to-Operating-Cash-Flow Ratio for today is 12.44.
The historical rank and industry rank for Novo Nordisk AS's Price-to-Operating-Cash-Flow or its related term are showing as below:
WBO:NNO2'
s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 8.53 Med: 19.04 Max: 48.32
Current: 12.39
During the past 13 years, Novo Nordisk AS's highest Price-to-Operating-Cash-Flow Ratio was 48.32. The lowest was 8.53. And the median was 19.04.
WBO:NNO2's Price-to-Operating-Cash-Flow is ranked better than 60.57% of 705
companies
in the Drug Manufacturers industry
Industry Median: 16.12
vs WBO:NNO2: 12.39
Novo Nordisk AS's Cash Flow from Operations per share for the
three
months ended in Mar. 2026 was €0.72.
Its Cash Flow from Operations per share for the trailing twelve months (TTM) ended in Mar. 2026 was €3.57.
During the past 12 months, the average Operating Cash Flow per Share Growth Rate of Novo Nordisk AS was -9.60% per year.
During the past 3 years, the average Operating Cash Flow per Share Growth Rate was 15.50% per year.
During the past 5 years, the average Operating Cash Flow per Share Growth Rate was 22.80% per year.
During the past 10 years, the average Operating Cash Flow per Share Growth Rate was 14.90% per year.
During the past 13 years, Novo Nordisk AS's highest 3-Year average Operating Cash Flow per Share Growth Rate was 136.20% per year. The lowest was -46.40% per year. And the median was 16.50% per year.
Novo Nordisk AS Price-to-Operating-Cash-Flow Related Terms
Novo Nordisk AS Price-to-Operating-Cash-Flow Historical Data
* Premium members only.
The historical data trend for Novo Nordisk AS's Price-to-Operating-Cash-Flow 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 Price-to-Operating-Cash-Flow Chart
WBO:NNO2 vs LLY, JNJ, ABBV: Price-to-Operating-Cash-Flow Comparison
For the Drug Manufacturers - General subindustry, Novo Nordisk AS's Price-to-Operating-Cash-Flow, along with its competitors' market caps and Price-to-Operating-Cash-Flow 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-Operating-Cash-Flow vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's Price-to-Operating-Cash-Flow distribution charts can be found below:
* The bar in red indicates where Novo Nordisk AS's Price-to-Operating-Cash-Flow falls into.
Novo Nordisk AS Price-to-Operating-Cash-Flow Calculation
Novo Nordisk AS's Price-to-Operating-Cash-Flow ratio for today is calculated as
Price-to-Operating-Cash-Flow Ratio
=
Share Price
/
Cash Flow from Operations per share (TTM)
=
44.36
/
3.567
=
12.44
Novo Nordisk AS's Share Price of today is €44.36. Novo Nordisk AS's Cash Flow from Operations per share for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €3.57.
* 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 Price-to-Operating-Cash-Flow of 12.44 mean?
Novo Nordisk AS (WBO:NNO2) has a Price-to-Operating-Cash-Flow of 12.44 as of Jul. 19, 2026. Price-to-operating-cash-flow ratio is the ratio of share price to a company's per-share cash from operations. View historical data on Novo Nordisk AS and its competitors. This is 35% below median its historical median of 19.04. Over the past decade, Novo Nordisk AS's Price-to-Operating-Cash-Flow has ranged from 8.53 to 48.32. According to the industry distribution chart, Novo Nordisk AS ranks #278 out of 705 companies in the Drug Manufacturers industry, placing it in the top 39.4%.
Is Novo Nordisk AS's Price-to-Operating-Cash-Flow too high?
Novo Nordisk AS's current Price-to-Operating-Cash-Flow of 12.44 is 35% below median its 10-year median of 19.04. Over the past 10 years, this metric has ranged from a low of 8.53 to a high of 48.32. The Drug Manufacturers industry median Price-to-Operating-Cash-Flow is 16.12. Novo Nordisk AS's value of 12.44 is 22.8% below this industry median. Based on the distribution chart, Novo Nordisk AS ranks #278 out of 705 companies in the Drug Manufacturers industry, which is above the industry midpoint. Overall, Novo Nordisk AS has a GF Score™ of 70/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Novo Nordisk AS's Price-to-Operating-Cash-Flow compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #278 out of 705 companies for Price-to-Operating-Cash-Flow. This puts Novo Nordisk AS in the upper half of its industry. The industry median Price-to-Operating-Cash-Flow is 16.12. Novo Nordisk AS's value of 12.44 is 22.8% below this benchmark. Historically, Novo Nordisk AS's own Price-to-Operating-Cash-Flow has ranged from 8.53 to 48.32 over the past decade. While the company's 10-year median is 19.04 vs. the industry median of 16.12, 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 Price-to-Operating-Cash-Flow for a Drug Manufacturers company?
The median Price-to-Operating-Cash-Flow among Drug Manufacturers companies is 16.12, based on 705 companies in the industry. Companies in the top quartile (top 25%) have a Price-to-Operating-Cash-Flow significantly above this median, while those in the bottom quartile fall well below. However, Price-to-Operating-Cash-Flow should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Novo Nordisk AS's current Price-to-Operating-Cash-Flow of 12.44 is 22.8% 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 Price-to-Operating-Cash-Flow mean?
A high Price-to-Operating-Cash-Flow can signal that a stock is expensive relative to its fundamentals. Price-to-operating-cash-flow ratio is the ratio of share price to a company's per-share cash from operations. View historical data on Novo Nordisk AS and its competitors. For the Drug Manufacturers industry, the median Price-to-Operating-Cash-Flow is 16.12 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Novo Nordisk AS's current Price-to-Operating-Cash-Flow is 12.44, which is 35% below median its own 10-year median of 19.04. 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 €120.95, compared to a current price of €44.36 — trading 63.3% below its estimated fair value. The current Price-to-Operating-Cash-Flow is 12.44, which is 35% below median its 10-year median of 19.04 and 22.8% below the Drug Manufacturers industry median of 16.12. Novo Nordisk AS's overall GF Score™ is 70/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Price-to-Operating-Cash-Flow calculated?
Price-to-Operating-Cash-Flow is calculated from a company's financial statements. For Novo Nordisk AS (WBO:NNO2), the current Price-to-Operating-Cash-Flow is 12.44 as of Jul. 19, 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 €44.36 is trading 63.3% below its estimated GF Value™ of €120.95.
GuruFocus considers Novo Nordisk AS to be Significantly Undervalued.
Key valuation signals for WBO:NNO2:
Price-to-Operating-Cash-Flow: 12.44 (35% below median its 10-year median of 19.04)
GF Value™: €120.95 vs. price of €44.36 (63.3% below fair value)
Industry Position: 22.8% below the Drug Manufacturers median (#278 of 705)
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.
70GF Score
Get the complete analysis for WBO:NNO2
Price-to-Operating-Cash-Flow is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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