Novo Nordisk A/S (NOVO-B) — Capital Reinvestment Ratio
Novo Nordisk A/S (NOVO-B) has a Capital Reinvestment Ratio of 2.42x as of December 2025, meaning it reinvests 2% of its operating cash flow (Dkr7.62 Billion) in capital expenditures (Dkr18.43 Billion). Check NOVO-B intangible-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
Novo Nordisk A/S Capital Reinvestment Ratio (1990–2025)
This chart tracks Novo Nordisk A/S's Capital Reinvestment Ratio across 36 annual periods. For the full cash flow conversion analysis, see NOVO-B cash flow conversion.
Annual Capital Reinvestment Ratio for Novo Nordisk A/S (1990–2025)
Year-by-year Capital Reinvestment Ratio for Novo Nordisk A/S from 1990 to 2025. See NOVO-B cash flow after capex ratio to measure how efficiently the company converts operating cash flow to free cash.
| Year | Reinvestment Ratio | Operating CF (DKK) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2025 | 0.50x | Dkr119.10 Billion | Dkr60.14 Billion | ▲ +19.0% |
| 2024 | 0.42x | Dkr120.97 Billion | Dkr51.31 Billion | ▲ +18.8% |
| 2023 | 0.36x | Dkr108.91 Billion | Dkr38.90 Billion | ▲ +91.0% |
| 2022 | 0.19x | Dkr78.89 Billion | Dkr14.75 Billion | ▲ +39.3% |
| 2021 | 0.13x | Dkr55.00 Billion | Dkr7.38 Billion | ▼ -68.4% |
| 2020 | 0.43x | Dkr51.95 Billion | Dkr22.08 Billion | ▲ +77.0% |
| 2019 | 0.24x | Dkr46.78 Billion | Dkr11.23 Billion | ▼ -13.7% |
| 2018 | 0.28x | Dkr44.62 Billion | Dkr12.41 Billion | ▲ +32.4% |
| 2017 | 0.21x | Dkr41.17 Billion | Dkr8.65 Billion | ▲ +22.8% |
| 2016 | 0.17x | Dkr48.31 Billion | Dkr8.27 Billion | ▲ +2.3% |
| 2015 | 0.17x | Dkr38.29 Billion | Dkr6.41 Billion | ▲ +22.3% |
| 2014 | 0.14x | Dkr31.69 Billion | Dkr4.33 Billion | ▼ -2.6% |
| 2013 | 0.14x | Dkr25.94 Billion | Dkr3.64 Billion | ▼ -13.9% |
| 2012 | 0.16x | Dkr22.21 Billion | Dkr3.62 Billion | ▲ +4.6% |
| 2011 | 0.16x | Dkr21.37 Billion | Dkr3.33 Billion | ▼ -21.3% |
| 2010 | 0.20x | Dkr19.68 Billion | Dkr3.90 Billion | ▼ -0.6% |
| 2009 | 0.20x | Dkr15.38 Billion | Dkr3.06 Billion | ▲ +25.8% |
| 2008 | 0.16x | Dkr12.90 Billion | Dkr2.04 Billion | ▼ -34.8% |
| 2007 | 0.24x | Dkr10.00 Billion | Dkr2.43 Billion | ▼ -43.3% |
| 2006 | 0.43x | Dkr7.74 Billion | Dkr3.32 Billion | ▼ -4.3% |
| 2005 | 0.45x | Dkr8.70 Billion | Dkr3.90 Billion | ▲ +8.3% |
| 2004 | 0.41x | Dkr7.64 Billion | Dkr3.16 Billion | ▲ +1.7% |
| 2003 | 0.41x | Dkr6.18 Billion | Dkr2.51 Billion | ▼ -49.8% |
| 2002 | 0.81x | Dkr4.88 Billion | Dkr3.95 Billion | ▼ -11.3% |
| 2001 | 0.91x | Dkr4.31 Billion | Dkr3.93 Billion | ▲ +103.0% |
| 2000 | 0.45x | Dkr5.26 Billion | Dkr2.37 Billion | ▼ -15.4% |
| 1999 | 0.53x | Dkr3.63 Billion | Dkr1.93 Billion | ▼ -13.6% |
| 1998 | 0.62x | Dkr3.48 Billion | Dkr2.14 Billion | ▼ -28.5% |
| 1997 | 0.86x | Dkr3.03 Billion | Dkr2.61 Billion | ▼ -19.2% |
| 1996 | 1.07x | Dkr1.92 Billion | Dkr2.05 Billion | ▲ +80.1% |
| 1995 | 0.59x | Dkr2.53 Billion | Dkr1.50 Billion | ▼ -9.3% |
| 1994 | 0.65x | Dkr2.66 Billion | Dkr1.74 Billion | ▼ -48.0% |
| 1993 | 1.25x | Dkr1.91 Billion | Dkr2.40 Billion | ▼ -14.6% |
| 1992 | 1.47x | Dkr1.33 Billion | Dkr1.95 Billion | ▲ +29.2% |
| 1991 | 1.14x | Dkr1.19 Billion | Dkr1.35 Billion | ▲ +46.1% |
| 1990 | 0.78x | Dkr1.50 Billion | Dkr1.17 Billion | — |