Novo Nordisk ASWBO:NNO2 +1.76%71 ROC (Joel Greenblatt) % is 122.60% as of Mar. 2026, which is 8% above its 10-year median of 113.11. 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 978 Drug Manufacturers companies, Novo Nordisk AS ranks better than 91.72% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Novo Nordisk AS's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 122.60%.
The historical rank and industry rank for Novo Nordisk AS's ROC (Joel Greenblatt) % or its related term are showing as below:
WBO:NNO2'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 72.82 Med: 113.11 Max: 171.79
Current: 82
During the past 13 years, Novo Nordisk AS's highest ROC (Joel Greenblatt) % was 171.79%. The lowest was 72.82%. And the median was 113.11%.
WBO:NNO2's ROC (Joel Greenblatt) % is ranked better than 91.72% of 978
companies
in the Drug Manufacturers industry
Industry Median: 11.45
vs WBO:NNO2: 82.00
Novo Nordisk AS's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -5.60% per year.
Novo Nordisk AS (WBO:NNO2) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Novo Nordisk AS ROC (Joel Greenblatt) % Related Terms
Novo Nordisk AS ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Novo Nordisk AS's ROC (Joel Greenblatt) % 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: ROC (Joel Greenblatt) % Comparison
For the Drug Manufacturers - General subindustry, Novo Nordisk AS's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Novo Nordisk AS's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Novo Nordisk AS's ROC (Joel Greenblatt) % falls into.
Novo Nordisk AS ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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 ROC (Joel Greenblatt) % of 122.60% mean?
Novo Nordisk AS (WBO:NNO2) has a ROC (Joel Greenblatt) % of 122.60% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Novo Nordisk AS and its competitors. This is near median its historical median of 113.11. Over the past decade, Novo Nordisk AS's ROC (Joel Greenblatt) % has ranged from 72.82 to 171.79. According to the industry distribution chart, Novo Nordisk AS ranks #81 out of 978 companies in the Drug Manufacturers industry, placing it in the top 8.3%.
Is Novo Nordisk AS's ROC (Joel Greenblatt) % too high?
Novo Nordisk AS's current ROC (Joel Greenblatt) % of 122.60% is near median its 10-year median of 113.11. Over the past 10 years, this metric has ranged from a low of 72.82 to a high of 171.79. The Drug Manufacturers industry median ROC (Joel Greenblatt) % is 11.45. Novo Nordisk AS's value of 122.60% is 970.7% above this industry median. Based on the distribution chart, Novo Nordisk AS ranks #81 out of 978 companies in the Drug Manufacturers industry, which is in the top quartile — a strong position relative to peers. 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 ROC (Joel Greenblatt) % compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Novo Nordisk AS ranks #81 out of 978 companies for ROC (Joel Greenblatt) %. This places Novo Nordisk AS in the top 8% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 11.45. Novo Nordisk AS's value of 122.60% is 970.7% above this benchmark. Historically, Novo Nordisk AS's own ROC (Joel Greenblatt) % has ranged from 72.82 to 171.79 over the past decade. While the company's 10-year median is 113.11 vs. the industry median of 11.45, 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 ROC (Joel Greenblatt) % for a Drug Manufacturers company?
The median ROC (Joel Greenblatt) % among Drug Manufacturers companies is 11.45, based on 978 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Novo Nordisk AS's current ROC (Joel Greenblatt) % of 122.60% is 970.7% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Novo Nordisk AS and its competitors. For the Drug Manufacturers industry, the median ROC (Joel Greenblatt) % is 11.45 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Novo Nordisk AS's current ROC (Joel Greenblatt) % is 122.60%, which is near median its own 10-year median of 113.11. 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 ROC (Joel Greenblatt) % is 122.60%, which is near median its 10-year median of 113.11 and 970.7% above the Drug Manufacturers industry median of 11.45. 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 ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Novo Nordisk AS (WBO:NNO2), the current ROC (Joel Greenblatt) % is 122.60% as of Mar. 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:
ROC (Joel Greenblatt) %: 122.60% (near median its 10-year median of 113.11)
GF Value™: €120.11 vs. price of €43.59 (63.7% below fair value)
Industry Position: 970.7% above the Drug Manufacturers median (#81 of 978)
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
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