AZN vs NVS: AstraZeneca and Novartis AG ADR compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Novartis AG ADR is the larger company, worth $275.6B, close to AstraZeneca's $238.8B.
- On earnings, Novartis AG ADR is the cheaper stock (20.1x vs 24.3x).
- AstraZeneca's price assumes faster free cash flow growth: about 9% a year, against 4% for Novartis AG ADR (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AZN | NVS |
|---|---|---|
| Market cap | $238.8B | $275.6B |
| Share price | $159.20 | $143.75 |
| Revenue (last fiscal year) | $58.7B | — |
| Free cash flow (last fiscal year) | $8.7B | $15.2B |
| Revenue growth, last year | +8.6% | — |
| Revenue growth per year, last 5 fiscal years | +11.9% | — |
| Operating margin | 23.4% | — |
| Net margin | 17.4% | — |
| Return on equity | 22.9% | 33.3% |
| P/E (trailing) | 24.3x | 20.1x |
| Price / free cash flow | 20.3x | 15.6x |
| EV / EBITDA | 15.2x | 14.2x |
| FCF growth the price implies | 9.2% | 3.7% |
| Dividend yield | 2.0% | 3.3% |
| Debt / equity | 1.51x | 1.48x |
| Fundamental grade | C | B |
| Superinvestors holding it | 9 | 12 |
| Insider purchases, last 12 months | 1 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
AstraZeneca
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $37.4B | $3.8B | 2.8% |
| 2022 | $44.4B | $7.2B | 8.5% |
| 2023 | $45.8B | $6.6B | 17.9% |
| 2024 | $54.1B | $7.3B | 18.5% |
| 2025 | $58.7B | $8.7B | 23.4% |
Novartis AG ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | — | $12.5B | — |
| 2022 | — | $12.0B | — |
| 2023 | — | $11.7B | — |
| 2024 | — | $13.8B | — |
| 2025 | — | $15.2B | — |
Where the revenue comes from
AstraZeneca · by products, 2021
Tagrisso$5.0B14%
Vaxzevria$3.9B11%
Farxiga$3.0B8%
Symbicort$2.7B7%
Imfinzi$2.4B7%
Lynparza$2.3B6%
Novartis AG ADR
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AZN in InvestinglyQuestions
Which is bigger, AstraZeneca or Novartis AG ADR?
Novartis AG ADR (NVS), at $275.6B against $238.8B.
Is AZN or NVS cheaper?
By trailing P/E, Novartis AG ADR (20.1x) is cheaper than AstraZeneca (24.3x). A lower multiple can also mean the market expects less growth.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.