Novo Nordisk A/S

Name: Novo Nordisk A/S financial statements and ratios
Creator: Annalist

NVO · NYSE · Health care, pharmaceuticals · Denmark · IFRS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, released 4 February 2026. Snapshot FY2025_e7e4de91.

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Overview

Revenue, fiscal year

+6.4% year on year

Operating profit, fiscal year

−0.5% year on year

Net income, fiscal year

n/a

Diluted EPS, fiscal year

+1.8% year on year

Operating margin, fiscal year

−2.9pp year on year

Return on invested capital, fiscal year

−17.8pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was DKK309.1 billion, 6.4% higher than in the previous fiscal year.
Weakenedin FY2025 · stated since FY20236.4% from 25.0% in FY2024
Rule: Revenue against the previous fiscal year · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 WeakenedRevenue for the fiscal year ended 31 December 2025 was DKK309.1 billion, 6.4% higher than in the previous fiscal year.Recorded from FY2025_e7e4de91 · data update
2. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was DKK290.4 billion, 25.0% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was DKK232.3 billion, 31.3% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 41.3%, 2.9 percentage points lower than a year earlier.
Newin FY2025 · first stated
Rule: Operating margin against a year earlier · Sources 20-F 2025-12
History of this finding, 5 records
1. FY2025 NewThe operating margin for fiscal 2025 was 41.3%, 2.9 percentage points lower than a year earlier.Recorded from FY2025_e7e4de91 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_e7e4de91 · data update
3. FY2024 NewThe operating margin for fiscal 2024 was 44.2%, unchanged from a year earlier.Reconstructed · data update
4. FY2024 RetiredThe finding changed to unchanged from a year earlier.Reconstructed · data update
5. FY2023 NewThe operating margin for fiscal 2023 was 44.2%, 1.9 percentage points higher than a year earlier.Reconstructed · initial
Return on invested capital for fiscal 2025 was 34.2%, against 51.9% a year earlier.
Strengthenedin FY2025 · stated since FY2024
Rule: Return on invested capital against a year earlier · Sources 20-F 2025-12, 20-F 2024-12
History of this finding, 4 records
1. FY2025 StrengthenedReturn on invested capital for fiscal 2025 was 34.2%, against 51.9% a year earlier.Recorded from FY2025_e7e4de91 · data update
2. FY2024 NewReturn on invested capital for fiscal 2024 was 51.9%, against 64.8% a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. FY2023 NewReturn on invested capital for fiscal 2023 was 64.8%, against 55.9% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2025 was DKK59.0 billion.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Weakenedin FY2025 · stated since FY2023
Rule: Free cash flow · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 WeakenedFree cash flow for fiscal 2025 was DKK59.0 billion.Recorded from FY2025_e7e4de91 · data update
2. FY2024 WeakenedFree cash flow for fiscal 2024 was DKK73.8 billion.Reconstructed · data update
3. FY2023 NewFree cash flow for fiscal 2023 was DKK83.1 billion.Reconstructed · initial
Net debt was DKK113.1 billion at 31 December 2025, 0.8 times EBITDA for fiscal 2025.
Strengthenedin FY2025 · stated since FY2023
Rule: Net debt or net cash · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedNet debt was DKK113.1 billion at 31 December 2025, 0.8 times EBITDA for fiscal 2025.Recorded from FY2025_e7e4de91 · data update
2. FY2024 StrengthenedNet debt was DKK93.9 billion at 31 December 2024, 0.7 times EBITDA for fiscal 2024.Reconstructed · data update
3. FY2023 NewNet debt was DKK18.3 billion at 31 December 2023, 0.2 times EBITDA for fiscal 2023.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest 20-F for the year to 31 December 2025List

DownloadsExcel workbook · JSON · Brief for AI

SnapshotFY2025_e7e4de91

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, Danish kroner

Operating Profit

By fiscal year, Danish kroner

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, Danish kroner

Net Debt

Total debt less cash and short-term investments, at fiscal year end, Danish kroner

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

20-F for the year to 31 December 2025, filed 4 February 2026. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA 0.92x, FFO to debt 82.9% · FY2025

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 0.9 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 82.9% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the minimal band is number 1 of 6, and a higher number means more debt against earnings.
Confirmedin FY2025 · stated since FY20230.92x from 0.73x in FY2024
Rule: Debt against the S&P benchmark bands · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedLease-adjusted debt was 0.9 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 82.9% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Recorded from FY2025_e7e4de91 · data update
2. FY2024 ConfirmedLease-adjusted debt was 0.7 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 109.1% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Reconstructed · data update
3. FY2023 NewLease-adjusted debt was 0.3 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 268.1% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2025

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 0.9 years of adjusted EBITDA; a year of funds from operations equals 82.9% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	0.92xbelow 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	82.9%60% and above	45% to 60%	30% to 45%	20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	minimal	minimal	minimal	minimal	minimal
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	minimal	minimal	minimal	minimal	minimal
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	DKK26.6bn	DKK25.8bn	DKK27.0bn	DKK103bn	DKK131bn
Lease liabilities	DKK4.1bn	DKK4.5bn	DKK5.7bn	DKK6.8bn	DKK8.6bn
Borrowings and lease liabilities presented as one line	DKK0	DKK0	DKK0	DKK0	DKK0
Lease-adjusted debt	DKK30.8bn	DKK30.3bn	DKK32.7bn	DKK110bn	DKK140bn
EBIT	DKK58.6bn	DKK74.8bn	DKK103bn	DKK128bn	DKK128bn
Depreciation and amortisation, with the impairment reported with them	DKK6.0bn	DKK7.4bn	DKK9.4bn	DKK19.1bn	DKK22.0bn
Share-based payments	DKK1.0bn	DKK1.5bn	DKK2.1bn	DKK2.3bn	DKK1.4bn
Adjusted EBITDA	DKK65.7bn	DKK83.7bn	DKK114bn	DKK150bn	DKK151bn
Cash interest	−DKK261m	−DKK272m	−DKK491m	−DKK612m	−DKK3.4bn
Cash taxes	−DKK14.4bn	−DKK14.5bn	−DKK25.9bn	−DKK29.6bn	−DKK32.0bn
Funds from operations	DKK51.0bn	DKK68.9bn	DKK87.7bn	DKK119bn	DKK116bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 1.16x, Debt due within 12 months DKK13.4bn · FY2025

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow for fiscal 2025 equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Weakenedin FY2025 · stated since FY20231.16x from 1.29x in FY2024
Rule: Liquidity cover · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 WeakenedCash, short-term investments and operating cash flow for fiscal 2025 equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_e7e4de91 · data update
2. FY2024 WeakenedCash, short-term investments and operating cash flow for fiscal 2024 equalled 1.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. FY2023 NewCash, short-term investments and operating cash flow for fiscal 2023 equalled 1.9 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2025

Sources	Amount
Cash and short-term investments	DKK26.5bn
Operating cash flow	DKK119bn
Sources	DKK146bn

Uses	Amount
Debt due within 12 months	DKK13.4bn
Capital expenditure	DKK60.1bn
Dividends paid	DKK51.8bn
Uses	DKK125bn

Liquidity cover 1.16x

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityAccruals and the cash backing of reported earnings.

Accruals and the cash backing of reported earnings.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)	n/a
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)	n/a

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 2.81 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 2.81, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Newin FY2025 · first stated
Rule: Altman Z'' zone · Sources 20-F 2025-12
History of this finding, 5 records
1. FY2025 NewThe Altman Z'' score for fiscal 2025 was 2.81, above the safe threshold of 2.60.Recorded from FY2025_e7e4de91 · data update
2. FY2025 RetiredThe finding changed to the safe zone.Recorded from FY2025_e7e4de91 · data update
3. FY2024 NewThe Altman Z'' score for fiscal 2024 was 2.54, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
4. FY2024 RetiredThe finding changed to the grey zone.Reconstructed · data update
5. FY2023 NewThe Altman Z'' score for fiscal 2023 was 3.19, above the safe threshold of 2.60.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	safe zone	safe zone	safe zone	grey zone	safe zone

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

2.81Safe zone, above 2.60

The score of 2.81 is in the safe zone of the model, above 2.60. The largest part is operating profit, at 1.58; working capital below zero lowers the score by 0.52.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	−0.080	6.560	−0.522
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.360	3.260	1.173
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.235	6.720	1.580
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.556	1.050	0.584
Score			2.815

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
20-F for the year to 31 December 2025	4 Feb 2026	20-F:0000353278-26-000012
20-F for the year to 31 December 2024	5 Feb 2025	20-F:0001628280-25-003920
20-F for the year to 31 December 2023	31 Jan 2024	20-F:0001628280-24-002635
20-F for the year to 31 December 2022	1 Feb 2023	20-F:0001628280-23-001868
20-F for the year to 31 December 2021	2 Feb 2022	20-F:0001628280-22-001639

Checks

211210 of 211 checks passed, 1 warning

Annual reports read0 of 1 passedEvery annual report on Form 20-F used is that of the company and gives its fiscal year in the accounting basis of the company record. A report that cannot be read is not used. Checked at warning level.

A figure

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit6 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Agreement between annual reports185 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	264
Confirmed by other figures	73.9%, 195 values
Confirmed by a second document	70.1%, 185 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	20
Changes compared on one basis	1
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Novo Nordisk A/S, snapshot novo-nordisk/FY2025_e7e4de91 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_e7e4de91 · dataset SHA-256 e7e4de911203c07ac59a779573353f8c277b6e1d8c4cbdd07aed6b8fa06cc162 · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json