Novartis AG

NVSNYSEHealthcare● Active

$149.16

+$0.76(+0.51%)

Market Cap$284.6B

P/E Ratio—

52W High$170.46

52W Low$112.34

Avg Volume1.7M

Open$147.65

Beta0.49

Overview

Novartis AG (NVS) Free Cash Flow & Analysis

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

NVS · free cash flow · updated Jun 8, 2026

Core FCF metrics

NVS · FCF · TTM · margin & CAGR

Free cash flow was $17.69B for FY2025 (fiscal year ending 2025-12-31), up 28.1% year-over-year The FCF margin was 32.3%. Five-year CAGR stands at +9.8%.

FY2025 Free Cash Flow$17.69B▲ +28.1% YoY

Trailing 12M (TTM)$16.36Btrailing 4 quarters sum

FCF Margin32.3%$17.69B ÷ revenue

3-Year CAGR+13.8%FY2022 → FY2025

5-Year CAGR+9.8%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

NVS · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$19.24B(1.56B)$17.69B▲ +28.1%32.3%

FY2024$17.62B(3.81B)$13.80B▲ +17.9%26.7%

FY2023$14.46B(2.75B)$11.71B▼ 2.4%25.1%

FY2022$14.24B(2.24B)$12.00B▼ 4.1%27.6%

FY2021$15.07B(2.56B)$12.52B▲ +13.1%28.5%

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

FCF valuation metrics

NVS · P/FCF · FCF yield · FCF per share

Novartis AG (NVS) trades at a FCF yield of 5.88% and a price-to-free-cash-flow ratio of 17.7x. FCF per share stands at $8.44, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

5.88%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$8.44

TTM FCF ÷ Shares Outstanding

Price / FCF

x17.7

Share Price ÷ FCF per Share

EV / FCF (TTM)

x19.4

Enterprise Value basis

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

Cash flow statement summary

NVS · cash flow statement · operating / investing / financing

For FY2025, Novartis AG generated $19.24B in operating cash flow and spent 1.56B in capital expenditures, yielding $17.69B in free cash flow.

Operating Activities

+$19.24B

Cash from core business operations

2025-12-31

Investing Activities

−$4.90B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$14.94B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($19.24B) − |CapEx| (1.56B) = FCF ($17.69B)

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

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

NVS vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Novartis AGYOU

NVS

$17.69B+28.1%32.3%

90%

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

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

About Free Cash Flow & Methodology

Novartis AG (NVS) reported free cash flow of $17.69B for FY2025 (fiscal year ending 2025-12-31), up 28.1% year-over-year. The FCF margin was 32.3%.

Based on available data, Novartis AG has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $17.69B in FY2025. The 5-year CAGR stands at +9.8%.

Novartis AG's FCF yield is 5.88% and price-to-FCF ratio is 17.7x 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

NVS free cash flow · 8 questions

Novartis AG free cash flow was $17.69B for FY2025, up 28.1% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $16.36B.

NVS free cash flowNVS FCFNVS FCF 2025NVS free cash flow TTM

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