Novo Nordisk A/S (NOVO-B) — Working Capital to Net Assets Ratio
Novo Nordisk A/S (NOVO-B) has a Working Capital to Net Assets ratio of -22.3% as of December 2025. Working capital of Dkr-43.21 Billion (current assets of Dkr172.45 Billion minus current liabilities of Dkr215.66 Billion) is measured against net assets of Dkr194.05 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See Novo Nordisk A/S balance sheet quality to measure how much of total assets are equity-financed.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Novo Nordisk A/S Working Capital to Net Assets (1985–2025)
This chart shows how Novo Nordisk A/S's Working Capital to Net Assets ratio has evolved across 41 annual periods from 1985 to 2025. As of December 2025, the ratio stands at -22.3%, reflecting working capital of Dkr-43.21 Billion against net assets of Dkr194.05 Billion DKK. Check Novo Nordisk A/S (NOVO-B) tangible equity ratio to evaluate the tangible quality of the company's equity base.
Annual Working Capital to Net Assets for Novo Nordisk A/S (1985–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Novo Nordisk A/S from 1985 to 2025, covering 41 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see Novo Nordisk A/S market capitalisation.
| Year | WC/NA Ratio | Working Capital (DKK) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | -22.3% | Dkr-43.21 Billion | Dkr194.05 Billion | Dkr172.45 Billion | Dkr215.66 Billion | ▲ +17.2 pp |
| 2024 | -39.5% | Dkr-56.63 Billion | Dkr143.49 Billion | Dkr160.90 Billion | Dkr217.53 Billion | ▼ -11.3 pp |
| 2023 | -28.2% | Dkr-30.01 Billion | Dkr106.56 Billion | Dkr139.65 Billion | Dkr169.66 Billion | ▼ -12.9 pp |
| 2022 | -15.3% | Dkr-12.75 Billion | Dkr83.49 Billion | Dkr108.19 Billion | Dkr120.94 Billion | ▲ +4.4 pp |
| 2021 | -19.7% | Dkr-13.92 Billion | Dkr70.75 Billion | Dkr85.59 Billion | Dkr99.52 Billion | ▼ -12.6 pp |
| 2020 | -7.0% | Dkr-4.46 Billion | Dkr63.33 Billion | Dkr65.81 Billion | Dkr70.27 Billion | ▼ -13.1 pp |
| 2019 | 6.0% | Dkr3.47 Billion | Dkr57.59 Billion | Dkr62.46 Billion | Dkr58.98 Billion | ▼ -3.4 pp |
| 2018 | 9.5% | Dkr4.90 Billion | Dkr51.84 Billion | Dkr59.07 Billion | Dkr54.16 Billion | ▼ -16.7 pp |
| 2017 | 26.1% | Dkr13.02 Billion | Dkr49.81 Billion | Dkr60.08 Billion | Dkr47.06 Billion | ▼ -1.1 pp |
| 2016 | 27.2% | Dkr12.33 Billion | Dkr45.27 Billion | Dkr59.77 Billion | Dkr47.44 Billion | ▼ -3.1 pp |
| 2015 | 30.4% | Dkr14.27 Billion | Dkr46.97 Billion | Dkr55.14 Billion | Dkr40.87 Billion | ▼ -0.9 pp |
| 2014 | 31.3% | Dkr12.60 Billion | Dkr40.29 Billion | Dkr46.29 Billion | Dkr33.69 Billion | ▼ -10.6 pp |
| 2013 | 41.9% | Dkr17.83 Billion | Dkr42.57 Billion | Dkr42.06 Billion | Dkr24.23 Billion | ▼ -3.7 pp |
| 2012 | 45.6% | Dkr18.52 Billion | Dkr40.63 Billion | Dkr40.16 Billion | Dkr21.64 Billion | ▼ -4.6 pp |
| 2011 | 50.2% | Dkr18.81 Billion | Dkr37.45 Billion | Dkr39.59 Billion | Dkr20.78 Billion | ▼ -0.7 pp |
| 2010 | 50.9% | Dkr18.82 Billion | Dkr36.97 Billion | Dkr37.29 Billion | Dkr18.48 Billion | ▼ -3.0 pp |
| 2009 | 53.9% | Dkr19.25 Billion | Dkr35.73 Billion | Dkr32.67 Billion | Dkr13.41 Billion | ▲ +5.0 pp |
| 2008 | 48.9% | Dkr16.15 Billion | Dkr33.06 Billion | Dkr29.14 Billion | Dkr12.99 Billion | ▲ +6.4 pp |
| 2007 | 42.4% | Dkr13.67 Billion | Dkr32.22 Billion | Dkr24.33 Billion | Dkr10.66 Billion | ▲ +7.0 pp |
| 2006 | 35.4% | Dkr10.68 Billion | Dkr30.13 Billion | Dkr20.84 Billion | Dkr10.16 Billion | ▲ +3.0 pp |
| 2005 | 32.5% | Dkr8.96 Billion | Dkr27.59 Billion | Dkr19.53 Billion | Dkr10.57 Billion | ▼ -7.0 pp |
| 2004 | 39.5% | Dkr10.54 Billion | Dkr26.69 Billion | Dkr17.87 Billion | Dkr7.33 Billion | ▲ +1.3 pp |
| 2003 | 38.2% | Dkr9.66 Billion | Dkr25.29 Billion | Dkr16.30 Billion | Dkr6.65 Billion | ▲ +4.1 pp |
| 2002 | 34.0% | Dkr7.79 Billion | Dkr22.90 Billion | Dkr13.75 Billion | Dkr5.96 Billion | ▼ -5.0 pp |
| 2001 | 39.0% | Dkr7.84 Billion | Dkr20.08 Billion | Dkr13.83 Billion | Dkr5.99 Billion | ▲ +0.2 pp |
| 2000 | 38.8% | Dkr6.11 Billion | Dkr15.75 Billion | Dkr12.53 Billion | Dkr6.42 Billion | ▼ -11.5 pp |
| 1999 | 50.3% | Dkr9.37 Billion | Dkr18.63 Billion | Dkr15.93 Billion | Dkr6.56 Billion | ▲ +8.3 pp |
| 1998 | 42.0% | Dkr7.58 Billion | Dkr18.04 Billion | Dkr13.06 Billion | Dkr5.49 Billion | ▲ +0.6 pp |
| 1997 | 41.4% | Dkr7.53 Billion | Dkr18.17 Billion | Dkr12.84 Billion | Dkr5.31 Billion | ▲ +3.5 pp |
| 1996 | 37.9% | Dkr6.08 Billion | Dkr16.02 Billion | Dkr9.75 Billion | Dkr3.67 Billion | ▼ -1.6 pp |
| 1995 | 39.5% | Dkr5.70 Billion | Dkr14.42 Billion | Dkr9.63 Billion | Dkr3.94 Billion | ▼ -26.2 pp |
| 1994 | 65.7% | Dkr8.63 Billion | Dkr13.13 Billion | Dkr13.20 Billion | Dkr4.58 Billion | ▲ +19.6 pp |
| 1993 | 46.1% | Dkr5.51 Billion | Dkr11.95 Billion | Dkr9.20 Billion | Dkr3.69 Billion | ▼ -21.7 pp |
| 1992 | 67.8% | Dkr7.16 Billion | Dkr10.56 Billion | Dkr10.58 Billion | Dkr3.42 Billion | ▲ +19.0 pp |
| 1991 | 48.7% | Dkr4.63 Billion | Dkr9.50 Billion | Dkr8.49 Billion | Dkr3.86 Billion | ▲ +13.6 pp |
| 1990 | 35.1% | Dkr2.47 Billion | Dkr7.03 Billion | Dkr6.64 Billion | Dkr4.17 Billion | ▼ -8.7 pp |
| 1989 | 43.9% | Dkr2.75 Billion | Dkr6.26 Billion | Dkr6.39 Billion | Dkr3.65 Billion | ▲ +4.7 pp |
| 1988 | 39.2% | Dkr2.16 Billion | Dkr5.53 Billion | Dkr4.89 Billion | Dkr2.73 Billion | ▼ -1.0 pp |
| 1987 | 40.2% | Dkr2.07 Billion | Dkr5.17 Billion | Dkr4.19 Billion | Dkr2.12 Billion | ▼ -12.7 pp |
| 1986 | 52.8% | Dkr2.15 Billion | Dkr4.07 Billion | Dkr4.35 Billion | Dkr2.20 Billion | ▼ -1.8 pp |
| 1985 | 54.6% | Dkr2.69 Billion | Dkr4.92 Billion | Dkr4.29 Billion | Dkr1.60 Billion | — |