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Novo Nordisk ASWBO:NNO2 +0.79%80 Price-to-Tangible-Book is 13.36 as of Aug. 24, 2026, which is 42% below its 10-year median of 23.04. GuruFocus rates WBO:NNO2 with a GF Score™ of 80/100 and a GF Value™ of €94.89 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 837 Drug Manufacturers companies, Novo Nordisk AS ranks worse than 92.83% on this metric.
The historical rank and industry rank for Novo Nordisk AS's Price-to-Tangible-Book or its related term are showing as below:
WBO:NNO2'
s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 13.4 Med: 23.04 Max: 100.14
Current: 13.4
During the past 13 years, Novo Nordisk AS's highest Price to Tangible Book Ratio was 100.14. The lowest was 13.40. And the median was 23.04.
WBO:NNO2's Price-to-Tangible-Book is ranked worse than 92.83% of 837
companies
in the Drug Manufacturers industry
Industry Median: 2.22
vs WBO:NNO2: 13.40
Some businesses have very light assets, such as software companies or insurance agencies. The Price-to-Book Ratio does not work well for these companies. Some companies even have negative equity, so the Price-to-Book Ratio cannot be applied to them.
Novo Nordisk AS Price-to-Tangible-Book Related Terms
Novo Nordisk AS Price-to-Tangible-Book Historical Data
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The historical data trend for Novo Nordisk AS's Price-to-Tangible-Book 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: Price-to-Tangible-Book Comparison
For the Drug Manufacturers - General subindustry, Novo Nordisk AS's Price-to-Tangible-Book, along with its competitors' market caps and Price-to-Tangible-Book 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-Tangible-Book vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's Price-to-Tangible-Book distribution charts can be found below:
* The bar in red indicates where Novo Nordisk AS's Price-to-Tangible-Book 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called PB Ratio. The difference between Price-to-Tangible-Book Ratio and PB Ratio is that book value other than intangibles are used in the calculation.
Novo Nordisk AS (WBO:NNO2) has a Price-to-Tangible-Book of 13.36 as of Aug. 24, 2026. Price-to-tangible-book ratio is the ratio of share price to a company's tangible book value per share. View historical data on Novo Nordisk AS and its competitors. This is 42% below median its historical median of 23.04. Over the past decade, Novo Nordisk AS's Price-to-Tangible-Book has ranged from 13.40 to 100.14. According to the industry distribution chart, Novo Nordisk AS ranks #777 out of 837 companies in the Drug Manufacturers industry, placing it in the top 92.8%.
Is Novo Nordisk AS's Price-to-Tangible-Book too high?
Novo Nordisk AS's current Price-to-Tangible-Book of 13.36 is 42% below median its 10-year median of 23.04. Over the past 10 years, this metric has ranged from a low of 13.40 to a high of 100.14. The Drug Manufacturers industry median Price-to-Tangible-Book is 2.22. Novo Nordisk AS's value of 13.36 is 501.8% above this industry median. Based on the distribution chart, Novo Nordisk AS ranks #777 out of 837 companies in the Drug Manufacturers industry, which is in the bottom quartile relative to peers. Overall, Novo Nordisk AS has a GF Score™ of 80/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Novo Nordisk AS's Price-to-Tangible-Book compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #777 out of 837 companies for Price-to-Tangible-Book. This places Novo Nordisk AS in the lower half of its industry. The industry median Price-to-Tangible-Book is 2.22. Novo Nordisk AS's value of 13.36 is 501.8% above this benchmark. Historically, Novo Nordisk AS's own Price-to-Tangible-Book has ranged from 13.40 to 100.14 over the past decade. While the company's 10-year median is 23.04 vs. the industry median of 2.22, Novo Nordisk AS has consistently been above 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-Tangible-Book for a Drug Manufacturers company?
The median Price-to-Tangible-Book among Drug Manufacturers companies is 2.22, based on 837 companies in the industry. Companies in the top quartile (top 25%) have a Price-to-Tangible-Book significantly above this median, while those in the bottom quartile fall well below. However, Price-to-Tangible-Book should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Novo Nordisk AS's current Price-to-Tangible-Book of 13.36 is 501.8% above 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-Tangible-Book mean?
A high Price-to-Tangible-Book can signal that a stock is expensive relative to its fundamentals. Price-to-tangible-book ratio is the ratio of share price to a company's tangible book value per share. View historical data on Novo Nordisk AS and its competitors. For the Drug Manufacturers industry, the median Price-to-Tangible-Book is 2.22 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Novo Nordisk AS's current Price-to-Tangible-Book is 13.36, which is 42% below median its own 10-year median of 23.04. 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 €94.89, compared to a current price of €40.08 — trading 57.8% below its estimated fair value. The current Price-to-Tangible-Book is 13.36, which is 42% below median its 10-year median of 23.04 and 501.8% above the Drug Manufacturers industry median of 2.22. Novo Nordisk AS's overall GF Score™ is 80/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Price-to-Tangible-Book calculated?
Price-to-Tangible-Book is calculated from a company's financial statements. For Novo Nordisk AS (WBO:NNO2), the current Price-to-Tangible-Book is 13.36 as of Aug. 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 (WBO:NNO2) Overvalued in 2026?
Based on GuruFocus' analysis, Novo Nordisk AS stock appears to be undervalued.
The current stock price of €40.08 is trading 57.8% below its estimated GF Value™ of €94.89.
GuruFocus considers Novo Nordisk AS to be Significantly Undervalued.
Key valuation signals for WBO:NNO2:
Price-to-Tangible-Book: 13.36 (42% below median its 10-year median of 23.04)
GF Value™: €94.89 vs. price of €40.08 (57.8% below fair value)
Industry Position: 501.8% above the Drug Manufacturers median (#777 of 837)
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.
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