Novartis AG ADR (NVS)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $269.9B, Novartis AG ADR's free cash flow of $15.2B (fiscal 2025) would need to grow about 3% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Novartis AG ADR's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from NVS's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Novartis AG ADR's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net income | $24.0B | $7.0B | $14.8B | $11.9B | $14.0B |
| Free cash flow | $12.5B | $12.0B | $11.7B | $13.8B | $15.2B |
| EPS (diluted) | $10.63 | $3.17 | $7.10 | $5.87 | $7.15 |
| Operating margin | — | — | — | — | — |
Superinvestors who own NVS
From each investor's latest 13F filing (what a 13F shows). 12 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $1.0B | 0.61% | Q2 2026 |
| Dodge & Cox Dodge & Cox |
Trimmed | $119M | 0.06% | Q2 2026 |
| Tom Steyer Farallon Capital Management LLC |
New position | $57M | 0.26% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $44M | 0.02% | Q2 2026 |
| Charles Brandes Brandes Investment Partners, LP |
Added | $31M | 0.22% | Q2 2026 |
| Larry Robbins Glenview Capital Management |
New position | $14M | 0.25% | Q2 2026 |
| Lee Ainslie Maverick Capital |
Added | $4M | 0.04% | Q2 2026 |
| Ric Dillon Diamond Hill Capital Management |
Held | $4M | 0.03% | Q2 2026 |
| Thomas Kahn Kahn Brothers Group |
Trimmed | $2M | 0.33% | Q2 2026 |
| Murray Stahl Horizon Kinetics LLC |
Trimmed | $2M | 0.02% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Held | $420,480 | 0.00% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Added | $300,432 | 0.0% | Q2 2026 |
Insider buying
Open-market purchases by Novartis AG ADR's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
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In the full deep dive
Questions
What growth does Novartis AG ADR's stock price imply?
At a market value of $269.9B, Novartis AG ADR would need its free cash flow to grow about 3% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 7% a year.
Are Novartis AG ADR insiders buying the stock?
No open-market insider purchases of NVS in the last 12 months, according to SEC Form 4 filings.
Which superinvestors own Novartis AG ADR?
12 of the superinvestors Investingly tracks hold NVS in their latest 13F, including PRIMECAP Management, Dodge & Cox, Tom Steyer.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.