Novo Nordisk A/S Net Assets
Novo Nordisk A/S net assets. Based on the latest financial reports, Novo Nordisk A/S (NOVO-B) has net assets worth Dkr194.05 Billion DKK (≈ $30.36 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Dkr542.90 Billion ≈ $84.94 Billion USD) and total liabilities (Dkr348.86 Billion ≈ $54.58 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Also explore Novo Nordisk A/S equity growth rate to track the company's year-over-year net asset growth rate.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | Dkr194.05 Billion |
| % of Total Assets | 35.74% |
| Annual Growth Rate | 9.62% |
| 5-Year Change | 174.29% |
| 10-Year Change | 328.65% |
| Growth Volatility | 11.44 |
Net Assets of Novo Nordisk A/S (1985–2025)
Net assets of Novo Nordisk A/S from 1985 to 2025. This chart illustrates how Novo Nordisk A/S's net assets have evolved over time, based on quarterly financial data. See NOVO-B equity to assets ratio to measure how much of total assets are equity-financed.
Annual Net Assets for Novo Nordisk A/S (1985–2025)
The table below shows the annual net assets of Novo Nordisk A/S from 1985 to 2025. For live market cap and overall valuation, see NOVO-B market cap.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | Dkr194.05 Billion ≈ $30.36 Billion |
+35.24% |
| 2024-12-31 | Dkr143.49 Billion ≈ $22.45 Billion |
+34.65% |
| 2023-12-31 | Dkr106.56 Billion ≈ $16.67 Billion |
+27.64% |
| 2022-12-31 | Dkr83.49 Billion ≈ $13.06 Billion |
+18.01% |
| 2021-12-31 | Dkr70.75 Billion ≈ $11.07 Billion |
+11.72% |
| 2020-12-31 | Dkr63.33 Billion ≈ $9.91 Billion |
+9.95% |
| 2019-12-31 | Dkr57.59 Billion ≈ $9.01 Billion |
+11.10% |
| 2018-12-31 | Dkr51.84 Billion ≈ $8.11 Billion |
+4.06% |
| 2017-12-31 | Dkr49.81 Billion ≈ $7.79 Billion |
+10.04% |
| 2016-12-31 | Dkr45.27 Billion ≈ $7.08 Billion |
-3.62% |
| 2015-12-31 | Dkr46.97 Billion ≈ $7.35 Billion |
+16.57% |
| 2014-12-31 | Dkr40.29 Billion ≈ $6.30 Billion |
-5.34% |
| 2013-12-31 | Dkr42.57 Billion ≈ $6.66 Billion |
+4.77% |
| 2012-12-31 | Dkr40.63 Billion ≈ $6.36 Billion |
+8.50% |
| 2011-12-31 | Dkr37.45 Billion ≈ $5.86 Billion |
+1.31% |
| 2010-12-31 | Dkr36.97 Billion ≈ $5.78 Billion |
+3.44% |
| 2009-12-31 | Dkr35.73 Billion ≈ $5.59 Billion |
+8.09% |
| 2008-12-31 | Dkr33.06 Billion ≈ $5.17 Billion |
+2.59% |
| 2007-12-31 | Dkr32.22 Billion ≈ $5.04 Billion |
+6.95% |
| 2006-12-31 | Dkr30.13 Billion ≈ $4.71 Billion |
+9.19% |
| 2005-12-31 | Dkr27.59 Billion ≈ $4.32 Billion |
+3.39% |
| 2004-12-31 | Dkr26.69 Billion ≈ $4.18 Billion |
+5.51% |
| 2003-12-31 | Dkr25.29 Billion ≈ $3.96 Billion |
+10.47% |
| 2002-12-31 | Dkr22.90 Billion ≈ $3.58 Billion |
+14.01% |
| 2001-12-31 | Dkr20.08 Billion ≈ $3.14 Billion |
+27.55% |
| 2000-12-31 | Dkr15.75 Billion ≈ $2.46 Billion |
-15.48% |
| 1999-12-31 | Dkr18.63 Billion ≈ $2.91 Billion |
+3.30% |
| 1998-12-31 | Dkr18.04 Billion ≈ $2.82 Billion |
-0.76% |
| 1997-12-31 | Dkr18.17 Billion ≈ $2.84 Billion |
+13.42% |
| 1996-12-31 | Dkr16.02 Billion ≈ $2.51 Billion |
+11.12% |
| 1995-12-31 | Dkr14.42 Billion ≈ $2.26 Billion |
+9.80% |
| 1994-12-31 | Dkr13.13 Billion ≈ $2.05 Billion |
+9.86% |
| 1993-12-31 | Dkr11.95 Billion ≈ $1.87 Billion |
+13.25% |
| 1992-12-31 | Dkr10.56 Billion ≈ $1.65 Billion |
+11.09% |
| 1991-12-31 | Dkr9.50 Billion ≈ $1.49 Billion |
+35.18% |
| 1990-12-31 | Dkr7.03 Billion ≈ $1.10 Billion |
+12.29% |
| 1989-12-31 | Dkr6.26 Billion ≈ $979.31 Million |
+13.27% |
| 1988-12-31 | Dkr5.53 Billion ≈ $864.58 Million |
+6.98% |
| 1987-12-31 | Dkr5.17 Billion ≈ $808.19 Million |
+26.78% |
| 1986-12-31 | Dkr4.07 Billion ≈ $637.46 Million |
-17.12% |
| 1985-12-31 | Dkr4.92 Billion ≈ $769.12 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Novo Nordisk A/S's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 6706.3% over the analyzed period, indicating profitable operations and earnings retention.
Novo Nordisk A/S Net Assets Breakdown (December 2025)
Novo Nordisk A/S net assets breakdown by equity component as of December 2025.
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | Dkr195.30 Billion | 100.64% |
| Common Stock | Dkr446.00 Million | 0.23% |
| Other Comprehensive Income | Dkr-1.70 Billion | -0.87% |
| Total Equity | Dkr194.05 Billion | 100.00% |
Novo Nordisk A/S Competitors by Market Cap
The table below lists competitors of Novo Nordisk A/S ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Salesforce.com Inc
NYSE:CRM
|
$143.61 Billion |
|
Welltower Inc
NYSE:WELL
|
$145.96 Billion |
|
Hermes International SCA
PA:RMS
|
$146.59 Billion |
|
Pfizer Inc
SA:PFIZ34
|
$147.67 Billion |
|
ALLIANZ SE UNSP.ADR 1/10
F:ALVE
|
$141.45 Billion |
|
Uber Technologies Inc
NYSE:UBER
|
$141.17 Billion |
|
Allianz SE VNA O.N.
XETRA:ALV
|
$140.11 Billion |
|
Sumitomo Mitsui Financial Group Inc
F:XMFA
|
$139.77 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Novo Nordisk A/S's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 143,486,000,000 to 194,047,000,000, a change of 50,561,000,000 (35.2%).
- Net income of 102,434,000,000 contributed positively to equity growth.
- Dividend payments of 51,763,000,000 reduced retained earnings.
- Share repurchases of 1,388,000,000 reduced equity.
- Other comprehensive income decreased equity by 289,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | Dkr102.43 Billion | +52.79% |
| Dividends Paid | Dkr51.76 Billion | -26.68% |
| Share Repurchases | Dkr1.39 Billion | -0.72% |
| Other Comprehensive Income | Dkr-289.00 Million | -0.15% |
| Other Changes | Dkr1.57 Billion | +0.81% |
| Total Change | Dkr- | 35.24% |
Book Value vs Market Value Analysis
This analysis compares Novo Nordisk A/S's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 6.18x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 275.28x to 6.18x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1985-12-31 | Dkr0.98 | Dkr269.45 | x |
| 1986-12-31 | Dkr0.80 | Dkr269.45 | x |
| 1987-12-31 | Dkr1.02 | Dkr269.45 | x |
| 1988-12-31 | Dkr1.07 | Dkr269.45 | x |
| 1989-12-31 | Dkr3.88 | Dkr269.45 | x |
| 1990-12-31 | Dkr5.61 | Dkr269.45 | x |
| 1991-12-31 | Dkr1.63 | Dkr269.45 | x |
| 1992-12-31 | Dkr7.02 | Dkr269.45 | x |
| 1993-12-31 | Dkr7.95 | Dkr269.45 | x |
| 1994-12-31 | Dkr8.79 | Dkr269.45 | x |
| 1995-12-31 | Dkr9.59 | Dkr269.45 | x |
| 1996-12-31 | Dkr10.72 | Dkr269.45 | x |
| 1997-12-31 | Dkr12.02 | Dkr269.45 | x |
| 1998-12-31 | Dkr13.32 | Dkr269.45 | x |
| 1999-12-31 | Dkr12.23 | Dkr269.45 | x |
| 2000-12-31 | Dkr11.34 | Dkr269.45 | x |
| 2001-12-31 | Dkr14.48 | Dkr269.45 | x |
| 2002-12-31 | Dkr16.40 | Dkr269.45 | x |
| 2003-12-31 | Dkr18.38 | Dkr269.45 | x |
| 2004-12-31 | Dkr19.65 | Dkr269.45 | x |
| 2005-12-31 | Dkr20.94 | Dkr269.45 | x |
| 2006-12-31 | Dkr23.32 | Dkr269.45 | x |
| 2007-12-31 | Dkr25.34 | Dkr269.45 | x |
| 2008-12-31 | Dkr26.55 | Dkr269.45 | x |
| 2009-12-31 | Dkr29.57 | Dkr269.45 | x |
| 2010-12-31 | Dkr6.31 | Dkr269.45 | x |
| 2011-12-31 | Dkr6.57 | Dkr269.45 | x |
| 2012-12-31 | Dkr7.37 | Dkr269.45 | x |
| 2013-12-31 | Dkr7.90 | Dkr269.45 | x |
| 2014-12-31 | Dkr7.66 | Dkr269.45 | x |
| 2015-12-31 | Dkr9.11 | Dkr269.45 | x |
| 2016-12-31 | Dkr8.93 | Dkr269.45 | x |
| 2017-12-31 | Dkr10.05 | Dkr269.45 | x |
| 2018-12-31 | Dkr10.69 | Dkr269.45 | x |
| 2019-12-31 | Dkr12.11 | Dkr269.45 | x |
| 2020-12-31 | Dkr13.53 | Dkr269.45 | x |
| 2021-12-31 | Dkr15.36 | Dkr269.45 | x |
| 2022-12-31 | Dkr18.37 | Dkr269.45 | x |
| 2023-12-31 | Dkr23.90 | Dkr269.45 | x |
| 2024-12-31 | Dkr32.15 | Dkr269.45 | x |
| 2025-12-31 | Dkr43.63 | Dkr269.45 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Novo Nordisk A/S utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 52.79%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 33.14%
- • Asset Turnover: 0.57x
- • Equity Multiplier: 2.80x
- Recent ROE (52.79%) is above the historical average (35.09%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1985 | 12.36% | 14.62% | 0.56x | 1.50x | Dkr116.17 Million |
| 1986 | 12.80% | 12.45% | 0.51x | 2.00x | Dkr113.88 Million |
| 1987 | 9.30% | 9.55% | 0.61x | 1.60x | Dkr-36.15 Million |
| 1988 | 11.54% | 11.33% | 0.61x | 1.67x | Dkr85.31 Million |
| 1989 | 11.92% | 9.79% | 0.65x | 1.86x | Dkr120.06 Million |
| 1990 | 10.82% | 9.12% | 0.67x | 1.78x | Dkr57.30 Million |
| 1991 | 9.79% | 9.46% | 0.64x | 1.61x | Dkr-19.93 Million |
| 1992 | 12.06% | 11.93% | 0.64x | 1.59x | Dkr217.15 Million |
| 1993 | 11.97% | 10.88% | 0.68x | 1.61x | Dkr234.97 Million |
| 1994 | 10.90% | 10.59% | 0.64x | 1.61x | Dkr118.27 Million |
| 1995 | 10.84% | 11.39% | 0.68x | 1.40x | Dkr120.82 Million |
| 1996 | 11.26% | 12.09% | 0.71x | 1.31x | Dkr201.04 Million |
| 1997 | 12.25% | 13.07% | 0.66x | 1.42x | Dkr407.26 Million |
| 1998 | 13.40% | 13.45% | 0.66x | 1.52x | Dkr611.68 Million |
| 1999 | 12.99% | 11.51% | 0.67x | 1.67x | Dkr554.48 Million |
| 2000 | 19.61% | 14.84% | 0.85x | 1.56x | Dkr1.51 Billion |
| 2001 | 19.18% | 16.24% | 0.82x | 1.44x | Dkr1.84 Billion |
| 2002 | 17.87% | 16.26% | 0.80x | 1.37x | Dkr1.80 Billion |
| 2003 | 19.26% | 18.31% | 0.77x | 1.36x | Dkr2.34 Billion |
| 2004 | 18.92% | 17.27% | 0.78x | 1.41x | Dkr2.38 Billion |
| 2005 | 21.22% | 17.37% | 0.80x | 1.52x | Dkr3.10 Billion |
| 2006 | 21.42% | 16.65% | 0.87x | 1.48x | Dkr3.44 Billion |
| 2007 | 26.49% | 20.38% | 0.88x | 1.48x | Dkr5.31 Billion |
| 2008 | 29.24% | 21.17% | 0.90x | 1.53x | Dkr6.36 Billion |
| 2009 | 30.13% | 21.08% | 0.93x | 1.53x | Dkr7.19 Billion |
| 2010 | 38.96% | 23.70% | 0.99x | 1.66x | Dkr10.71 Billion |
| 2011 | 45.66% | 25.77% | 1.03x | 1.73x | Dkr13.35 Billion |
| 2012 | 52.75% | 27.47% | 1.19x | 1.62x | Dkr17.37 Billion |
| 2013 | 59.16% | 30.13% | 1.19x | 1.65x | Dkr20.93 Billion |
| 2014 | 65.72% | 29.82% | 1.15x | 1.91x | Dkr22.45 Billion |
| 2015 | 74.22% | 32.30% | 1.18x | 1.95x | Dkr30.16 Billion |
| 2016 | 83.78% | 33.93% | 1.15x | 2.15x | Dkr33.40 Billion |
| 2017 | 76.54% | 34.14% | 1.09x | 2.05x | Dkr33.15 Billion |
| 2018 | 74.52% | 34.54% | 1.01x | 2.14x | Dkr33.44 Billion |
| 2019 | 67.63% | 31.92% | 0.97x | 2.18x | Dkr33.19 Billion |
| 2020 | 66.54% | 33.19% | 0.88x | 2.29x | Dkr35.81 Billion |
| 2021 | 67.50% | 33.92% | 0.72x | 2.75x | Dkr40.68 Billion |
| 2022 | 66.51% | 31.38% | 0.73x | 2.89x | Dkr47.18 Billion |
| 2023 | 78.53% | 36.03% | 0.74x | 2.95x | Dkr73.03 Billion |
| 2024 | 70.38% | 34.78% | 0.62x | 3.25x | Dkr86.64 Billion |
| 2025 | 52.79% | 33.14% | 0.57x | 2.80x | Dkr83.03 Billion |
Industry Comparison
This section compares Novo Nordisk A/S's net assets metrics with peer companies in the Drug Manufacturers - General industry.
No peer company data available for comparison.
About Novo Nordisk A/S
Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products. It operates through two segments, Obesity and Diabetes Care, and Rare Disease. The Obesity and Diabetes care segment provides products for diabetes, obesity, cardiovascular, and other emerging therapy areas. The Rare Disease segment offers products i… Read more