Novo Nordisk A/S (NOVO-B) — Free Cash Flow Generation Index
Novo Nordisk A/S (NOVO-B) has a Free Cash Flow Generation Index of -1.42x as of December 2025. Free cash flow of Dkr-10.81 Billion represents -1% of operating cash flow (Dkr7.62 Billion). Explore NOVO-B capex to operating cash flow ratio to see what proportion of operating cash flow is directed to capital expenditures.
FCF Generation Index
Free Cash Flow
Operating Cash Flow
Capital Expenditures
Novo Nordisk A/S Free Cash Flow Generation Index (1990–2025)
Historical FCF Generation Index trend for Novo Nordisk A/S across 36 annual periods. For the full cash flow conversion analysis, see cash flow conversion of Novo Nordisk A/S.
Annual Free Cash Flow Generation for Novo Nordisk A/S (1990–2025)
Year-by-year Free Cash Flow Generation Index for Novo Nordisk A/S. Check how aggressively does Novo Nordisk A/S reinvest cash to assess the company's total reinvestment commitment from operating cash flow.
| Year | FCG Index | Free Cash Flow (DKK) | Operating CF | Capital Expenditures | YoY Change |
|---|---|---|---|---|---|
| 2025 | 0.50x | Dkr58.96 Billion | Dkr119.10 Billion | Dkr60.14 Billion | ▼ -14.0% |
| 2024 | 0.58x | Dkr69.66 Billion | Dkr120.97 Billion | Dkr51.31 Billion | ▼ -10.4% |
| 2023 | 0.64x | Dkr70.01 Billion | Dkr108.91 Billion | Dkr38.90 Billion | ▼ -20.9% |
| 2022 | 0.81x | Dkr64.13 Billion | Dkr78.89 Billion | Dkr14.75 Billion | ▼ -6.1% |
| 2021 | 0.87x | Dkr47.62 Billion | Dkr55.00 Billion | Dkr7.38 Billion | ▲ +50.6% |
| 2020 | 0.57x | Dkr29.87 Billion | Dkr51.95 Billion | Dkr22.08 Billion | ▼ -24.3% |
| 2019 | 0.76x | Dkr35.55 Billion | Dkr46.78 Billion | Dkr11.23 Billion | ▲ +5.3% |
| 2018 | 0.72x | Dkr32.21 Billion | Dkr44.62 Billion | Dkr12.41 Billion | ▼ -8.6% |
| 2017 | 0.79x | Dkr32.52 Billion | Dkr41.17 Billion | Dkr8.65 Billion | ▼ -4.7% |
| 2016 | 0.83x | Dkr40.05 Billion | Dkr48.31 Billion | Dkr8.27 Billion | ▼ -0.5% |
| 2015 | 0.83x | Dkr31.88 Billion | Dkr38.29 Billion | Dkr6.41 Billion | ▼ -3.5% |
| 2014 | 0.86x | Dkr27.36 Billion | Dkr31.69 Billion | Dkr4.33 Billion | ▲ +0.4% |
| 2013 | 0.86x | Dkr22.30 Billion | Dkr25.94 Billion | Dkr3.64 Billion | ▲ +2.7% |
| 2012 | 0.84x | Dkr18.59 Billion | Dkr22.21 Billion | Dkr3.62 Billion | ▼ -0.8% |
| 2011 | 0.84x | Dkr18.04 Billion | Dkr21.37 Billion | Dkr3.33 Billion | ▲ +5.3% |
| 2010 | 0.80x | Dkr15.78 Billion | Dkr19.68 Billion | Dkr3.90 Billion | ▲ +0.2% |
| 2009 | 0.80x | Dkr12.31 Billion | Dkr15.38 Billion | Dkr3.06 Billion | ▼ -4.9% |
| 2008 | 0.84x | Dkr10.85 Billion | Dkr12.90 Billion | Dkr2.04 Billion | ▲ +11.2% |
| 2007 | 0.76x | Dkr7.57 Billion | Dkr10.00 Billion | Dkr2.43 Billion | ▲ +32.5% |
| 2006 | 0.57x | Dkr4.42 Billion | Dkr7.74 Billion | Dkr3.32 Billion | ▲ +3.5% |
| 2005 | 0.55x | Dkr4.80 Billion | Dkr8.70 Billion | Dkr3.90 Billion | ▼ -5.9% |
| 2004 | 0.59x | Dkr4.48 Billion | Dkr7.64 Billion | Dkr3.16 Billion | ▼ -1.1% |
| 2003 | 0.59x | Dkr3.67 Billion | Dkr6.18 Billion | Dkr2.51 Billion | ▲ +212.0% |
| 2002 | 0.19x | Dkr927.18 Million | Dkr4.88 Billion | Dkr3.95 Billion | ▲ +118.0% |
| 2001 | 0.09x | Dkr375.93 Million | Dkr4.31 Billion | Dkr3.93 Billion | ▼ -84.2% |
| 2000 | 0.55x | Dkr2.90 Billion | Dkr5.26 Billion | Dkr2.37 Billion | ▲ +17.5% |
| 1999 | 0.47x | Dkr1.70 Billion | Dkr3.63 Billion | Dkr1.93 Billion | ▲ +21.8% |
| 1998 | 0.38x | Dkr1.34 Billion | Dkr3.48 Billion | Dkr2.14 Billion | ▲ +176.5% |
| 1997 | 0.14x | Dkr421.78 Million | Dkr3.03 Billion | Dkr2.61 Billion | ▲ +311.7% |
| 1996 | -0.07x | Dkr-126.28 Million | Dkr1.92 Billion | Dkr2.05 Billion | ▼ -116.1% |
| 1995 | 0.41x | Dkr1.03 Billion | Dkr2.53 Billion | Dkr1.50 Billion | ▲ +17.4% |
| 1994 | 0.35x | Dkr925.51 Million | Dkr2.66 Billion | Dkr1.74 Billion | ▲ +236.4% |
| 1993 | -0.25x | Dkr-487.20 Million | Dkr1.91 Billion | Dkr2.40 Billion | ▲ +45.8% |
| 1992 | -0.47x | Dkr-624.11 Million | Dkr1.33 Billion | Dkr1.95 Billion | ▼ -240.4% |
| 1991 | -0.14x | Dkr-163.80 Million | Dkr1.19 Billion | Dkr1.35 Billion | ▼ -162.4% |
| 1990 | 0.22x | Dkr332.70 Million | Dkr1.50 Billion | Dkr1.17 Billion | — |