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
Novo Nordisk A/S (NONOF) - Net Assets
Latest net assets as of December 2025: $193.61 Billion USD
Based on the latest financial reports, Novo Nordisk A/S (NONOF) has net assets worth $193.61 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 ($541.67 Billion) and total liabilities ($348.06 Billion). 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.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $193.61 Billion |
| % of Total Assets | 35.74% |
| Annual Growth Rate | 9.62% |
| 5-Year Change | 173.67% |
| 10-Year Change | 327.68% |
| Growth Volatility | 11.43 |
Novo Nordisk A/S - Net Assets Trend (1985–2025)
This chart illustrates how Novo Nordisk A/S's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
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.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $193.61 Billion | +34.93% |
| 2024-12-31 | $143.49 Billion | +34.65% |
| 2023-12-31 | $106.56 Billion | +27.64% |
| 2022-12-31 | $83.49 Billion | +18.01% |
| 2021-12-31 | $70.75 Billion | +11.72% |
| 2020-12-31 | $63.33 Billion | +9.95% |
| 2019-12-31 | $57.59 Billion | +11.10% |
| 2018-12-31 | $51.84 Billion | +4.06% |
| 2017-12-31 | $49.81 Billion | +10.04% |
| 2016-12-31 | $45.27 Billion | -3.62% |
| 2015-12-31 | $46.97 Billion | +16.57% |
| 2014-12-31 | $40.29 Billion | -5.34% |
| 2013-12-31 | $42.57 Billion | +4.77% |
| 2012-12-31 | $40.63 Billion | +8.50% |
| 2011-12-31 | $37.45 Billion | +1.31% |
| 2010-12-31 | $36.97 Billion | +3.44% |
| 2009-12-31 | $35.73 Billion | +8.09% |
| 2008-12-31 | $33.06 Billion | +2.59% |
| 2007-12-31 | $32.22 Billion | +6.95% |
| 2006-12-31 | $30.13 Billion | +9.19% |
| 2005-12-31 | $27.59 Billion | +3.39% |
| 2004-12-31 | $26.69 Billion | +5.51% |
| 2003-12-31 | $25.29 Billion | +10.47% |
| 2002-12-31 | $22.90 Billion | +14.01% |
| 2001-12-31 | $20.08 Billion | +27.55% |
| 2000-12-31 | $15.75 Billion | -15.48% |
| 1999-12-31 | $18.63 Billion | +3.30% |
| 1998-12-31 | $18.04 Billion | -0.76% |
| 1997-12-31 | $18.17 Billion | +13.42% |
| 1996-12-31 | $16.02 Billion | +11.12% |
| 1995-12-31 | $14.42 Billion | +9.80% |
| 1994-12-31 | $13.13 Billion | +9.86% |
| 1993-12-31 | $11.95 Billion | +13.25% |
| 1992-12-31 | $10.56 Billion | +11.09% |
| 1991-12-31 | $9.50 Billion | +35.18% |
| 1990-12-31 | $7.03 Billion | +12.29% |
| 1989-12-31 | $6.26 Billion | +13.27% |
| 1988-12-31 | $5.53 Billion | +6.98% |
| 1987-12-31 | $5.17 Billion | +26.78% |
| 1986-12-31 | $4.07 Billion | -17.12% |
| 1985-12-31 | $4.92 Billion | -- |
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 6690.9% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $194.86 Billion | 100.64% |
| Common Stock | $444.99 Million | 0.23% |
| Other Comprehensive Income | $-1.69 Billion | -0.87% |
| Total Equity | $193.61 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 |
|---|---|
|
0QZO
LSE:0QZO
|
$175.06 Billion |
|
TJX Cos.
LSE:0LCE
|
$175.29 Billion |
|
Texas Instruments Incorporated
NASDAQ:TXN
|
$175.72 Billion |
|
Thermo Fisher Scientific Inc
NYSE:TMO
|
$176.18 Billion |
|
Walt Disney Company
NYSE:DIS
|
$174.52 Billion |
|
HSBC Holdings PLC
PINK:HBCYF
|
$173.52 Billion |
|
The TJX Companies Inc
NYSE:TJX
|
$171.90 Billion |
|
Intuitive Surgical Inc
NASDAQ:ISRG
|
$170.64 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 193,607,473,000, a change of 50,121,473,000 (34.9%).
- Net income of 102,201,981,000 contributed positively to equity growth.
- Dividend payments of 51,645,754,000 reduced retained earnings.
- Share repurchases of 1,384,856,000 reduced equity.
- Other comprehensive income decreased equity by 285,161,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $102.20 Billion | +52.79% |
| Dividends Paid | $51.65 Billion | -26.68% |
| Share Repurchases | $1.38 Billion | -0.72% |
| Other Comprehensive Income | $-285.16 Million | -0.15% |
| Other Changes | $1.24 Billion | +0.64% |
| Total Change | $- | 34.93% |
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: 1.43x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 63.50x to 1.43x 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 | $0.98 | $62.16 | x |
| 1986-12-31 | $0.80 | $62.16 | x |
| 1987-12-31 | $1.02 | $62.16 | x |
| 1988-12-31 | $1.07 | $62.16 | x |
| 1989-12-31 | $1.55 | $62.16 | x |
| 1990-12-31 | $2.24 | $62.16 | x |
| 1991-12-31 | $3.01 | $62.16 | x |
| 1992-12-31 | $2.81 | $62.16 | x |
| 1993-12-31 | $3.18 | $62.16 | x |
| 1994-12-31 | $3.51 | $62.16 | x |
| 1995-12-31 | $3.83 | $62.16 | x |
| 1996-12-31 | $4.29 | $62.16 | x |
| 1997-12-31 | $4.81 | $62.16 | x |
| 1998-12-31 | $4.73 | $62.16 | x |
| 1999-12-31 | $4.88 | $62.16 | x |
| 2000-12-31 | $4.54 | $62.16 | x |
| 2001-12-31 | $5.79 | $62.16 | x |
| 2002-12-31 | $6.56 | $62.16 | x |
| 2003-12-31 | $7.35 | $62.16 | x |
| 2004-12-31 | $7.86 | $62.16 | x |
| 2005-12-31 | $8.37 | $62.16 | x |
| 2006-12-31 | $9.33 | $62.16 | x |
| 2007-12-31 | $10.14 | $62.16 | x |
| 2008-12-31 | $10.62 | $62.16 | x |
| 2009-12-31 | $5.91 | $62.16 | x |
| 2010-12-31 | $6.31 | $62.16 | x |
| 2011-12-31 | $6.57 | $62.16 | x |
| 2012-12-31 | $7.37 | $62.16 | x |
| 2013-12-31 | $7.90 | $62.16 | x |
| 2014-12-31 | $7.66 | $62.16 | x |
| 2015-12-31 | $9.11 | $62.16 | x |
| 2016-12-31 | $8.93 | $62.16 | x |
| 2017-12-31 | $10.05 | $62.16 | x |
| 2018-12-31 | $10.69 | $62.16 | x |
| 2019-12-31 | $12.11 | $62.16 | x |
| 2020-12-31 | $13.53 | $62.16 | x |
| 2021-12-31 | $15.36 | $62.16 | x |
| 2022-12-31 | $18.37 | $62.16 | x |
| 2023-12-31 | $23.71 | $62.16 | x |
| 2024-12-31 | $32.17 | $62.16 | x |
| 2025-12-31 | $43.53 | $62.16 | 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 | $116.17 Million |
| 1986 | 12.80% | 12.45% | 0.51x | 2.00x | $113.88 Million |
| 1987 | 9.30% | 9.55% | 0.61x | 1.60x | $-36.15 Million |
| 1988 | 11.54% | 11.33% | 0.61x | 1.67x | $85.31 Million |
| 1989 | 11.92% | 9.79% | 0.65x | 1.86x | $120.06 Million |
| 1990 | 10.82% | 9.12% | 0.67x | 1.78x | $57.30 Million |
| 1991 | 9.79% | 9.46% | 0.64x | 1.61x | $-19.93 Million |
| 1992 | 12.06% | 11.93% | 0.64x | 1.59x | $217.15 Million |
| 1993 | 11.97% | 10.88% | 0.68x | 1.61x | $234.97 Million |
| 1994 | 10.90% | 10.59% | 0.64x | 1.61x | $118.27 Million |
| 1995 | 10.84% | 11.39% | 0.68x | 1.40x | $120.82 Million |
| 1996 | 11.26% | 12.09% | 0.71x | 1.31x | $201.04 Million |
| 1997 | 12.25% | 13.07% | 0.66x | 1.42x | $407.26 Million |
| 1998 | 13.40% | 13.45% | 0.66x | 1.52x | $611.68 Million |
| 1999 | 12.99% | 11.51% | 0.67x | 1.67x | $554.48 Million |
| 2000 | 19.61% | 14.84% | 0.85x | 1.56x | $1.51 Billion |
| 2001 | 19.18% | 16.24% | 0.82x | 1.44x | $1.84 Billion |
| 2002 | 17.87% | 16.26% | 0.80x | 1.37x | $1.80 Billion |
| 2003 | 19.26% | 18.31% | 0.77x | 1.36x | $2.34 Billion |
| 2004 | 18.92% | 17.27% | 0.78x | 1.41x | $2.38 Billion |
| 2005 | 21.22% | 17.37% | 0.80x | 1.52x | $3.10 Billion |
| 2006 | 21.42% | 16.65% | 0.87x | 1.48x | $3.44 Billion |
| 2007 | 26.49% | 20.38% | 0.88x | 1.48x | $5.31 Billion |
| 2008 | 29.24% | 21.17% | 0.90x | 1.53x | $6.36 Billion |
| 2009 | 30.13% | 21.08% | 0.93x | 1.53x | $7.19 Billion |
| 2010 | 38.96% | 23.70% | 0.99x | 1.66x | $10.71 Billion |
| 2011 | 45.66% | 25.77% | 1.03x | 1.73x | $13.35 Billion |
| 2012 | 52.75% | 27.47% | 1.19x | 1.62x | $17.37 Billion |
| 2013 | 59.16% | 30.13% | 1.19x | 1.65x | $20.93 Billion |
| 2014 | 65.72% | 29.82% | 1.15x | 1.91x | $22.45 Billion |
| 2015 | 74.22% | 32.30% | 1.18x | 1.95x | $30.16 Billion |
| 2016 | 83.78% | 33.93% | 1.15x | 2.15x | $33.40 Billion |
| 2017 | 76.54% | 34.14% | 1.09x | 2.05x | $33.15 Billion |
| 2018 | 74.52% | 34.54% | 1.01x | 2.14x | $33.44 Billion |
| 2019 | 67.63% | 31.92% | 0.97x | 2.18x | $33.19 Billion |
| 2020 | 66.54% | 33.19% | 0.88x | 2.29x | $35.81 Billion |
| 2021 | 67.50% | 33.92% | 0.72x | 2.75x | $40.68 Billion |
| 2022 | 66.51% | 31.38% | 0.73x | 2.89x | $47.18 Billion |
| 2023 | 78.53% | 36.03% | 0.74x | 2.95x | $73.03 Billion |
| 2024 | 70.38% | 34.78% | 0.62x | 3.25x | $86.64 Billion |
| 2025 | 52.79% | 33.14% | 0.57x | 2.80x | $82.84 Billion |
Industry Comparison
This section compares Novo Nordisk A/S's net assets metrics with peer companies in the Drug Manufacturers - General industry.
Industry Context
- Industry: Drug Manufacturers - General
- Average net assets among peers: $308,328,125,500
- Average return on equity (ROE) among peers: 18.93%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Novo Nordisk A/S (NONOF) | $193.61 Billion | 12.36% | 1.80x | $175.04 Billion |
| AbbVie Inc (ABBV) | $13.10 Billion | 35.24% | 10.50x | $390.88 Billion |
| Astellas Pharma Inc (ALPMF) | $1.06 Trillion | 7.80% | 0.36x | $16.93 Billion |
| Amgen Inc (AMGN) | $20.39 Billion | 20.58% | 0.79x | $196.91 Billion |
| Amarin Corporation PLC (AMRN) | $28.90 Million | 14.19% | 0.23x | $303.32 Million |
| AstraZeneca PLC (AZN) | $48.72 Billion | 21.05% | 1.34x | $296.35 Billion |
| Bayer AG (BAYZF) | $31.90 Billion | 14.21% | 1.58x | $21.61 Billion |
| Biogen Inc (BIIB) | $325.20 Million | 9.96% | 0.10x | $26.81 Billion |
| Bristol-Myers Squibb Company (BMY) | $5.08 Billion | 14.69% | 0.67x | $121.36 Billion |
| Chugai Pharmaceutical Co. Ltd (CHGCF) | $1.90 Trillion | 20.37% | 0.16x | $28.30 Billion |
| Cosmo Pharmaceuticals N.V (CMOPF) | $220.16 Million | 31.22% | 0.10x | $529.97 Million |