Novo Nordisk A/S (NOVO-B) — Cash Flow Quality Index
Novo Nordisk A/S (NOVO-B) has a Cash Flow Quality Index of 0.28x as of December 2025. Operating cash flow of Dkr7.62 Billion is below net income of Dkr26.89 Billion, suggesting accrual-heavy earnings not yet converted to cash. Explore Novo Nordisk A/S long-term investment allocation to see how much of total assets are deployed in long-term investments.
Cash Flow Quality Index
Operating Cash Flow
Net Income
Data as of
Novo Nordisk A/S Cash Flow Quality Index (1990–2025)
Historical Cash Flow Quality Index for Novo Nordisk A/S across 36 annual periods. Values consistently above 1.0x indicate high-quality earnings. Check Novo Nordisk A/S tangible equity quality to evaluate the tangible quality of the company's equity base.
Annual Cash Flow Quality Index for Novo Nordisk A/S (1990–2025)
Year-by-year earnings quality comparison for Novo Nordisk A/S. For live market cap and the full company financial profile, see NOVO-B market cap overview.
| Year | Quality Index | Operating CF (DKK) | Net Income | YoY Change |
|---|---|---|---|---|
| 2025 | 1.16x | Dkr119.10 Billion | Dkr102.43 Billion | ▼ -2.9% |
| 2024 | 1.20x | Dkr120.97 Billion | Dkr100.99 Billion | ▼ -8.0% |
| 2023 | 1.30x | Dkr108.91 Billion | Dkr83.68 Billion | ▼ -8.4% |
| 2022 | 1.42x | Dkr78.89 Billion | Dkr55.52 Billion | ▲ +23.4% |
| 2021 | 1.15x | Dkr55.00 Billion | Dkr47.76 Billion | ▼ -6.6% |
| 2020 | 1.23x | Dkr51.95 Billion | Dkr42.14 Billion | ▲ +2.7% |
| 2019 | 1.20x | Dkr46.78 Billion | Dkr38.95 Billion | ▲ +4.0% |
| 2018 | 1.16x | Dkr44.62 Billion | Dkr38.63 Billion | ▲ +7.0% |
| 2017 | 1.08x | Dkr41.17 Billion | Dkr38.13 Billion | ▼ -15.2% |
| 2016 | 1.27x | Dkr48.31 Billion | Dkr37.92 Billion | ▲ +16.0% |
| 2015 | 1.10x | Dkr38.29 Billion | Dkr34.86 Billion | ▼ -8.2% |
| 2014 | 1.20x | Dkr31.69 Billion | Dkr26.48 Billion | ▲ +16.2% |
| 2013 | 1.03x | Dkr25.94 Billion | Dkr25.18 Billion | ▼ -0.6% |
| 2012 | 1.04x | Dkr22.21 Billion | Dkr21.43 Billion | ▼ -17.1% |
| 2011 | 1.25x | Dkr21.37 Billion | Dkr17.10 Billion | ▼ -8.5% |
| 2010 | 1.37x | Dkr19.68 Billion | Dkr14.40 Billion | ▼ -4.3% |
| 2009 | 1.43x | Dkr15.38 Billion | Dkr10.77 Billion | ▲ +7.0% |
| 2008 | 1.33x | Dkr12.90 Billion | Dkr9.67 Billion | ▲ +13.9% |
| 2007 | 1.17x | Dkr10.00 Billion | Dkr8.54 Billion | ▼ -2.4% |
| 2006 | 1.20x | Dkr7.74 Billion | Dkr6.45 Billion | ▼ -19.2% |
| 2005 | 1.49x | Dkr8.70 Billion | Dkr5.86 Billion | ▼ -1.9% |
| 2004 | 1.51x | Dkr7.64 Billion | Dkr5.05 Billion | ▲ +19.4% |
| 2003 | 1.27x | Dkr6.18 Billion | Dkr4.87 Billion | ▲ +6.4% |
| 2002 | 1.19x | Dkr4.88 Billion | Dkr4.09 Billion | ▲ +6.5% |
| 2001 | 1.12x | Dkr4.31 Billion | Dkr3.85 Billion | ▼ -34.3% |
| 2000 | 1.70x | Dkr5.26 Billion | Dkr3.09 Billion | ▲ +13.5% |
| 1999 | 1.50x | Dkr3.63 Billion | Dkr2.42 Billion | ▲ +4.3% |
| 1998 | 1.44x | Dkr3.48 Billion | Dkr2.41 Billion | ▲ +5.4% |
| 1997 | 1.37x | Dkr3.03 Billion | Dkr2.22 Billion | ▲ +28.2% |
| 1996 | 1.07x | Dkr1.92 Billion | Dkr1.80 Billion | ▼ -34.2% |
| 1995 | 1.62x | Dkr2.53 Billion | Dkr1.56 Billion | ▼ -12.9% |
| 1994 | 1.86x | Dkr2.66 Billion | Dkr1.43 Billion | ▲ +39.2% |
| 1993 | 1.34x | Dkr1.91 Billion | Dkr1.43 Billion | ▲ +28.1% |
| 1992 | 1.04x | Dkr1.33 Billion | Dkr1.27 Billion | ▼ -18.2% |
| 1991 | 1.28x | Dkr1.19 Billion | Dkr930.19 Million | ▼ -35.6% |
| 1990 | 1.98x | Dkr1.50 Billion | Dkr760.12 Million | — |