Novo Nordisk A/S (NOVO-B) — Tangible Net Worth Ratio
Novo Nordisk A/S (NOVO-B) has a Tangible Net Worth Ratio of 33.0% as of December 2025. This metric is calculated by deducting intangible assets (Dkr130.05 Billion) from net assets (Dkr194.05 Billion) and expressing it as a percentage of total net assets. A higher ratio means that more of the company's equity is backed by tangible, balance-sheet-verifiable assets rather than goodwill, patents, or brand value. Also explore net asset momentum of Novo Nordisk A/S to track the company's year-over-year net asset growth rate.
Tangible NW Ratio
Net Assets (Equity)
Intangible Assets
Total Assets
Novo Nordisk A/S Tangible Net Worth Ratio (1985–2025)
This chart shows how Novo Nordisk A/S's Tangible Net Worth Ratio has changed across 41 annual periods from 1985 to 2025. As of December 2025, the ratio stands at 33.0%, reflecting net assets of Dkr194.05 Billion with intangible assets of Dkr130.05 Billion DKK. For live market cap and overall valuation, see Novo Nordisk A/S (NOVO-B) total market value.
Annual Tangible Net Worth Ratio for Novo Nordisk A/S (1985–2025)
The table below presents the year-by-year Tangible Net Worth Ratio for Novo Nordisk A/S from 1985 to 2025, covering 41 annual filings. Each row shows net assets, intangible assets, total assets, the tangible net worth ratio, and the change in percentage points versus the prior year. Explore capital reinvestment ratio of Novo Nordisk A/S to see what proportion of operating cash flow is directed to capital expenditures.
| Year | Tangible NW Ratio | Net Assets (DKK) | Intangible Assets | Total Assets | Change (pp) |
|---|---|---|---|---|---|
| 2025 | 33.0% | Dkr194.05 Billion | Dkr130.05 Billion | Dkr542.90 Billion | ▼ -3.6 pp |
| 2024 | 36.6% | Dkr143.49 Billion | Dkr91.03 Billion | Dkr465.80 Billion | ▼ -10.9 pp |
| 2023 | 47.5% | Dkr106.56 Billion | Dkr55.94 Billion | Dkr314.49 Billion | ▲ +3.0 pp |
| 2022 | 44.5% | Dkr83.49 Billion | Dkr46.32 Billion | Dkr241.26 Billion | ▼ -0.6 pp |
| 2021 | 45.1% | Dkr70.75 Billion | Dkr38.83 Billion | Dkr194.51 Billion | ▼ -22.3 pp |
| 2020 | 67.4% | Dkr63.33 Billion | Dkr20.66 Billion | Dkr144.92 Billion | ▼ -22.5 pp |
| 2019 | 89.9% | Dkr57.59 Billion | Dkr5.83 Billion | Dkr125.61 Billion | ▼ -0.2 pp |
| 2018 | 90.1% | Dkr51.84 Billion | Dkr5.14 Billion | Dkr110.77 Billion | ▼ -3.3 pp |
| 2017 | 93.3% | Dkr49.81 Billion | Dkr3.33 Billion | Dkr102.36 Billion | ▼ -0.7 pp |
| 2016 | 94.0% | Dkr45.27 Billion | Dkr2.71 Billion | Dkr97.54 Billion | ▼ -1.4 pp |
| 2015 | 95.4% | Dkr46.97 Billion | Dkr2.16 Billion | Dkr91.80 Billion | ▼ -1.2 pp |
| 2014 | 96.6% | Dkr40.29 Billion | Dkr1.38 Billion | Dkr77.06 Billion | ▲ +0.4 pp |
| 2013 | 96.2% | Dkr42.57 Billion | Dkr1.61 Billion | Dkr70.34 Billion | ▼ -0.1 pp |
| 2012 | 96.3% | Dkr40.63 Billion | Dkr1.50 Billion | Dkr65.67 Billion | ▲ +0.3 pp |
| 2011 | 96.0% | Dkr37.45 Billion | Dkr1.49 Billion | Dkr64.70 Billion | ▼ 0.0 pp |
| 2010 | 96.1% | Dkr36.97 Billion | Dkr1.46 Billion | Dkr61.40 Billion | ▼ -1.0 pp |
| 2009 | 97.1% | Dkr35.73 Billion | Dkr1.04 Billion | Dkr54.74 Billion | ▼ -0.5 pp |
| 2008 | 97.6% | Dkr33.06 Billion | Dkr791.68 Million | Dkr50.73 Billion | ▼ -0.5 pp |
| 2007 | 98.1% | Dkr32.22 Billion | Dkr603.45 Million | Dkr47.80 Billion | ▲ +0.2 pp |
| 2006 | 97.9% | Dkr30.13 Billion | Dkr621.57 Million | Dkr44.70 Billion | ▼ -0.3 pp |
| 2005 | 98.2% | Dkr27.59 Billion | Dkr485.41 Million | Dkr41.90 Billion | ▼ -0.6 pp |
| 2004 | 98.8% | Dkr26.69 Billion | Dkr318.29 Million | Dkr37.70 Billion | ▼ -0.3 pp |
| 2003 | 99.1% | Dkr25.29 Billion | Dkr218.77 Million | Dkr34.49 Billion | ▲ +0.2 pp |
| 2002 | 98.9% | Dkr22.90 Billion | Dkr240.64 Million | Dkr31.45 Billion | ▼ -1.0 pp |
| 2001 | 99.9% | Dkr20.08 Billion | Dkr16.71 Million | Dkr28.83 Billion | ▲ +0.1 pp |
| 2000 | 99.8% | Dkr15.75 Billion | Dkr32.08 Million | Dkr24.60 Billion | ▲ +0.7 pp |
| 1999 | 99.0% | Dkr18.63 Billion | Dkr177.43 Million | Dkr31.04 Billion | ▲ +0.4 pp |
| 1998 | 98.7% | Dkr18.04 Billion | Dkr236.93 Million | Dkr27.34 Billion | ▲ +0.1 pp |
| 1997 | 98.6% | Dkr18.17 Billion | Dkr256.76 Million | Dkr25.69 Billion | ▼ 0.0 pp |
| 1996 | 98.6% | Dkr16.02 Billion | Dkr220.40 Million | Dkr21.05 Billion | ▼ -0.3 pp |
| 1995 | 98.9% | Dkr14.42 Billion | Dkr154.62 Million | Dkr20.15 Billion | ▲ +0.4 pp |
| 1994 | 98.6% | Dkr13.13 Billion | Dkr189.12 Million | Dkr21.13 Billion | ▲ +0.1 pp |
| 1993 | 98.4% | Dkr11.95 Billion | Dkr188.90 Million | Dkr19.24 Billion | ▼ -0.1 pp |
| 1992 | 98.5% | Dkr10.56 Billion | Dkr158.69 Million | Dkr16.78 Billion | ▲ +0.1 pp |
| 1991 | 98.4% | Dkr9.50 Billion | Dkr150.20 Million | Dkr15.27 Billion | ▼ -0.4 pp |
| 1990 | 98.9% | Dkr7.03 Billion | Dkr79.71 Million | Dkr12.50 Billion | ▼ -0.2 pp |
| 1989 | 99.1% | Dkr6.26 Billion | Dkr55.50 Million | Dkr11.66 Billion | ▼ -0.4 pp |
| 1988 | 99.5% | Dkr5.53 Billion | Dkr26.81 Million | Dkr9.23 Billion | ▼ -0.2 pp |
| 1987 | 99.7% | Dkr5.17 Billion | Dkr14.63 Million | Dkr8.27 Billion | ▲ +0.0 pp |
| 1986 | 99.7% | Dkr4.07 Billion | Dkr13.22 Million | Dkr8.15 Billion | ▲ +0.4 pp |
| 1985 | 99.3% | Dkr4.92 Billion | Dkr34.06 Million | Dkr7.36 Billion | — |