BMY vs NVO: Bristol-Myers Squibb and Novo Nordisk A/S compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Novo Nordisk A/S is the larger company, worth $161.1B, about 1.3 times Bristol-Myers Squibb.
- Novo Nordisk A/S grew revenue faster over the last year (+6.4% vs +5.7%).
- Novo Nordisk A/S keeps more of each dollar of revenue as operating profit (41.3% vs 24.2%).
- On earnings, Novo Nordisk A/S is the cheaper stock (8.5x vs 16.7x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BMY | NVO |
|---|---|---|
| Market cap | $122.0B | $161.1B |
| Share price | $59.12 | $38.64 |
| Revenue (last fiscal year) | $48.2B | $309.1B |
| Free cash flow (last fiscal year) | $12.8B | $29.0B |
| Revenue growth, last year | +5.7% | +6.4% |
| Revenue growth per year, last 5 fiscal years | +1.0% | +21.7% |
| Operating margin | 24.2% | 41.3% |
| Net margin | 18.9% | 33.1% |
| Return on equity | 41.6% | 52.8% |
| P/E (trailing) | 16.7x | 8.53x |
| Price / free cash flow | 9.50x | 5.56x |
| EV / EBITDA | 9.29x | 7.80x |
| FCF growth the price implies | -4.9% | — |
| Dividend yield | 4.2% | 5.0% |
| Debt / equity | 2.93x | 1.80x |
| Fundamental grade | B | B |
| Superinvestors holding it | 13 | 9 |
| Insider purchases, last 12 months | 10 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Bristol-Myers Squibb
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $46.4B | $15.2B | 17.5% |
| 2022 | $46.2B | $11.9B | 16.7% |
| 2023 | $45.0B | $12.7B | 18.8% |
| 2024 | $48.3B | $13.9B | -17.3% |
| 2025 | $48.2B | $12.8B | 19.4% |
Novo Nordisk A/S
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $140.8B | $47.6B | 41.7% |
| 2022 | $177.0B | $64.1B | 42.3% |
| 2023 | $232.3B | $70.0B | 44.2% |
| 2024 | $290.4B | $69.7B | 44.2% |
| 2025 | $309.1B | $29.0B | 41.3% |
Where the revenue comes from
Bristol-Myers Squibb · by products, 2025
Eliquis$14.4B30%
Opdivo$10.0B21%
Orencia$3.7B8%
Revlimid$3.0B6%
Yervoy$2.9B6%
Pomalyst/Imnovid$2.7B6%
Novo Nordisk A/S · by segments, 2025
Obesity and Diabetes care$289.5B94%
Rare disease$19.6B6%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BMY in InvestinglyQuestions
Which is bigger, Bristol-Myers Squibb or Novo Nordisk A/S?
Novo Nordisk A/S (NVO), at $161.1B against $122.0B.
Is BMY or NVO cheaper?
By trailing P/E, Novo Nordisk A/S (8.53x) is cheaper than Bristol-Myers Squibb (16.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, BMY or NVO?
Novo Nordisk A/S: revenue grew +6.4% over the last year, against +5.7%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.