NVO vs PFE: Novo Nordisk A/S and Pfizer 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, close to Pfizer's $159.3B.
- Novo Nordisk A/S grew revenue faster over the last year (+6.4% vs +2.6%).
- On earnings, Novo Nordisk A/S is the cheaper stock (8.5x vs 21.3x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NVO | PFE |
|---|---|---|
| Market cap | $161.1B | $159.3B |
| Share price | $38.64 | $28.28 |
| Revenue (last fiscal year) | $309.1B | $62.6B |
| Free cash flow (last fiscal year) | $29.0B | $9.1B |
| Revenue growth, last year | +6.4% | +2.6% |
| Revenue growth per year, last 5 fiscal years | +21.7% | -4.0% |
| Operating margin | 41.3% | — |
| Net margin | 33.1% | 6.8% |
| Return on equity | 52.8% | 5.1% |
| P/E (trailing) | 8.53x | 21.3x |
| Price / free cash flow | 5.56x | 17.5x |
| EV / EBITDA | 7.80x | 15.4x |
| FCF growth the price implies | — | 3.3% |
| Dividend yield | 5.0% | 6.2% |
| Debt / equity | 1.80x | 1.36x |
| Fundamental grade | B | C |
| Superinvestors holding it | 9 | 14 |
| Insider purchases, last 12 months | 0 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Pfizer
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $73.6B | $29.9B | — |
| 2022 | $91.8B | $26.0B | — |
| 2023 | $50.9B | $4.8B | — |
| 2024 | $63.6B | $9.8B | — |
| 2025 | $62.6B | $9.1B | — |
Where the revenue comes from
Novo Nordisk A/S · by segments, 2025
Obesity and Diabetes care$289.5B94%
Rare disease$19.6B6%
Pfizer · by segments, 2023
Biopharma$57.2B98%
Business Innovation Segment$1.3B2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NVO in InvestinglyQuestions
Which is bigger, Novo Nordisk A/S or Pfizer?
Novo Nordisk A/S (NVO), at $161.1B against $159.3B.
Is NVO or PFE cheaper?
By trailing P/E, Novo Nordisk A/S (8.53x) is cheaper than Pfizer (21.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, NVO or PFE?
Novo Nordisk A/S: revenue grew +6.4% over the last year, against +2.6%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.