Novo Nordisk A/S

NONOFOTCHealthcare● Active

$41.25

$-2.11(-4.87%)

Market Cap$183.3B

P/E Ratio—

52W High$82.5

52W Low$34

Avg Volume185K

Open$42.84

Beta0.35

Free Cash Flow Financials Revenue

Novo Nordisk A/S (NONOF) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NONOF · free cash flow · updated Jun 8, 2026

Core FCF metrics

NONOF · FCF · TTM · margin & CAGR

Free cash flow was $58.83B for FY2025 (fiscal year ending 2025-12-31), down 15.5% year-over-year The FCF margin was 19.1%. Five-year CAGR stands at +14.5%.

FY2025 Free Cash Flow$58.83B▼ -15.5% YoY

Trailing 12M (TTM)$58.25Btrailing 4 quarters sum

FCF Margin19.1%$58.83B ÷ revenue

3-Year CAGR-2.8%FY2022 → FY2025

5-Year CAGR+14.5%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NONOF · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$118.83B(60.00B)$58.83B▼ 15.5%19.1%

FY2024$120.97B(51.31B)$69.66B▼ 0.5%24.0%

FY2023$108.91B(38.90B)$70.01B▲ +9.2%30.1%

FY2022$78.89B(14.75B)$64.13B▲ +34.7%36.2%

FY2021$55.00B(7.38B)$47.62B▲ +59.4%33.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NONOF · P/FCF · FCF yield · FCF per share

Novo Nordisk A/S (NONOF) trades at a FCF yield of 2.57% and a price-to-free-cash-flow ratio of 3.1x. FCF per share stands at $13.11, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

2.57%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$13.11

TTM FCF ÷ Shares Outstanding

Price / FCF

x3.1

Share Price ÷ FCF per Share

EV / FCF (TTM)

x43.0

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

NONOF · cash flow statement · operating / investing / financing

For FY2025, Novo Nordisk A/S generated $118.83B in operating cash flow and spent 60.00B in capital expenditures, yielding $58.83B in free cash flow.

Operating Activities

+$118.83B

Cash from core business operations

2025-12-31

Investing Activities

−$78.98B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$28.34B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($118.83B) − |CapEx| (60.00B) = FCF ($58.83B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

NONOF vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Novo Nordisk A/SYOU

NONOF

$58.83B-15.5%19.1%

100%

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

27%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

15%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Novo Nordisk A/S (NONOF) reported free cash flow of $58.83B for FY2025 (fiscal year ending 2025-12-31), down 15.5% year-over-year. The FCF margin was 19.1%.

Based on available data, Novo Nordisk A/S has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $70.01B in FY2023. The 5-year CAGR stands at +14.5%.

Novo Nordisk A/S's FCF yield is 2.57% and price-to-FCF ratio is 3.1x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NONOF free cash flow · 8 questions

Novo Nordisk A/S free cash flow was $58.83B for FY2025, down 15.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $58.25B.

NONOF free cash flowNONOF FCFNONOF FCF 2025NONOF free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Novo Nordisk A/S · Novo Nordisk A/S SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026