Also trades as: NOVN.SW (SIX) · $vol 435M · NVSEF (OTC) · $vol 3M · NVS.TO (TSX) · $vol 0M

$156.86

+3.05 (+1.98%)

After Hours: $154.97 (-1.89, -1.20%)

Weekly Expected Move ±3.4%

$141 $146 $151 $156 $162

NYSE · Healthcare · Drug Manufacturers - General · Tech Score Buy · Power 62 · $292.3B mcap · 1.83B float · 0.111% daily turnover · Short 46% of daily vol

Credit Risk of going bust: lower than 80% of companies Debt: 14.4% of company value Bonds: none of note held by US funds details ▾

If the stock fell to about $1.81 (down 99%), Novartis AG would be worth roughly what it owes.
Total debt $49.01B against a stock market value of $292.35B.
Distance to default 9.62 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $28.61B (short-term plus half of long-term), stock volatility 27.6%; Altman Z'' 2.30. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.

Overview Chart Smart Money Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ESG Institutions ETF Exposure Dark Pool Short Interest

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

$140

Low

$146

Avg Target

$156

High

Based on 6 analyst ratings (12 mo)

Analyst Recommendations

Strong Buy: 0Buy: 6Hold: 17Sell: 2Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$146.00

Analysts2

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-10-06	Morgan Stanley	Thibault Boutherin	$170	$156	-14	+10.8%	$140.85
2026-09-10	HSBC	—	$112	$136	+24	-1.1%	$137.48
2026-03-26	Morgan Stanley	Thibault Boutherin	$143	$170	+27	+13.6%	$149.70
2025-12-10	HSBC	—	Initiated	$112	—	-14.5%	$131.01
2025-12-03	Morgan Stanley	—	Initiated	$143	—	+8.1%	$132.28
2025-10-29	CFRA	Wan Nurhayati	$108	$126	+18	+2.2%	$123.33
2024-10-30	BMO Capital	Etzer Darout	$118	$120	+2	+9.2%	$109.91
2024-09-05	Goldman Sachs	James Quigley	Initiated	$121	—	+1.4%	$119.38
2024-07-19	BMO Capital	Etzer Darout	Initiated	$118	—	+11.2%	$106.13
2024-04-23	CFRA	Wan Nurhayati	Initiated	$108	—	+11.0%	$97.27

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

B+

Oct 27, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. NVS receives an overall rating of B+. Strongest factors: DCF (4/5), ROE (5/5), ROA (5/5). Areas of concern: D/E (1/5), P/E (2/5), P/B (1/5).

Rating Change History

Date	From	To
2026-04-24	A-	B+
2026-04-01	B+	A-
2026-02-24	A-	B+
2026-02-18	B+	A-
2026-02-05	A-	B+
2026-01-03	B+	A-

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 65 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. NVS scores highest in Safety (90/100) and lowest in Growth (37/100). An overall grade of A places NVS among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

3.57

Safe Zone

Piotroski F-Score

5/9

✓ ✓ ✗ ✓ ✗ ✓ ✓ ✗ ✗

Beneish M-Score

-2.53

Unlikely Manipulator

Ohlson O-Score

-8.26

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

AA-

Score: 82.4/100

Trend: Deteriorating

Earnings Quality

100/100

OCF/NI: 1.44x

Accruals: -5.0%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. NVS scores 3.57, placing it in the Safe Zone (safe > 2.99, distress < 1.81). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. NVS scores 5/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. NVS's score of -2.53 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. NVS's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. NVS receives an estimated rating of AA- (score: 82.4/100), with a deteriorating trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). NVS's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

23.59x

PEG

-5.25x

P/S

5.39x

P/B

7.11x

P/FCF

18.96x

P/OCF

16.31x

EV/EBITDA

15.33x

EV/Revenue

6.13x

EV/EBIT

20.18x

EV/FCF

21.57x

Earnings Yield

4.25%

FCF Yield

5.27%

Shareholder Yield

5.29%

Graham Number

$57.06

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 23.6x earnings, NVS commands a growth premium. Graham's intrinsic value formula yields $57.06 per share, 170% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.822

NI / EBT

Interest Burden

0.918

EBT / EBIT

EBIT Margin

0.304

EBIT / Rev

Asset Turnover

0.491

Rev / Assets

Equity Multiplier

2.711

Assets / Equity

ROE

30.6%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. NVS's ROE of 30.6% is driven by Asset Turnover (0.491), indicating efficient use of assets to generate revenue.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

15.00%

Fair P/E

38.50x

Intrinsic Value

$256.65

Price/Value

0.61x

Margin of Safety

38.94%

Premium

-38.94%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with NVS's realized 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. NVS actually compounded EPS at 22.2% over three years; the model uses 15%, the highest rate it will extrapolate — of 4,457 company-quarters that grew faster than 200%, none sustained it over the following seven years. NVS trades at a -39% premium to its adjusted intrinsic value of $256.65, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 38.5x compares to the current market P/E of 23.6x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$156.81

Median 1Y

$171.13

5th Pctile

$120.91

95th Pctile

$242.12

Ann. Volatility

21.3%

Analyst Target

$146.00

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

75,267

-0.8% YoY

Revenue / Employee

$728,224

Rev: $54,811,252,000

Profit / Employee

$186,743

NI: $14,055,610,000

SGA / Employee

$176,781

Avg labor cost proxy

R&D / Employee

$142,715

Innovation spend

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
ROE	17.6%	38.7%	43.2%	39.3%	37.1%	11.0%	12.4%	13.3%	15.8%	28.0%	33.2%	34.6%	43.2%	26.3%	33.0%	32.6%	32.8%	31.0%	35.2%	30.6%	30.55%
ROA	7.8%	18.2%	19.6%	18.6%	18.2%	5.6%	5.9%	6.5%	6.8%	13.7%	14.8%	15.5%	16.3%	11.8%	13.2%	13.5%	13.7%	12.8%	12.4%	11.3%	11.27%
ROIC	11.9%	15.2%	15.0%	13.5%	12.5%	10.8%	10.5%	11.3%	15.7%	15.5%	17.2%	17.4%	20.4%	20.5%	21.9%	21.6%	23.1%	20.9%	18.7%	16.8%	16.84%
ROCE	13.7%	26.5%	28.5%	27.0%	26.6%	10.0%	10.7%	11.8%	14.5%	13.6%	16.3%	16.9%	18.1%	19.9%	23.4%	23.0%	23.3%	19.8%	19.5%	18.7%	18.74%
Gross Margin	70.5%	70.6%	69.9%	71.3%	73.3%	68.9%	72.9%	71.5%	74.2%	74.3%	74.5%	75.3%	75.4%	75.5%	76.3%	77.6%	75.4%	73.4%	74.4%	74.5%	74.47%
Operating Margin	24.2%	18.9%	22.3%	17.0%	16.9%	14.9%	23.7%	23.9%	14.6%	21.9%	27.8%	31.2%	27.5%	26.0%	34.2%	32.8%	31.3%	26.4%	31.3%	32.8%	32.84%
Net Margin	20.6%	1.2%	17.3%	12.9%	14.6%	11.2%	20.8%	19.7%	14.6%	72.0%	22.2%	25.2%	24.2%	20.8%	26.5%	27.2%	27.4%	18.1%	23.3%	22.7%	22.65%
EBITDA Margin	36.5%	1.4%	33.4%	30.9%	34.4%	29.9%	41.5%	39.1%	40.4%	35.5%	38.5%	40.8%	42.6%	38.3%	42.8%	41.0%	40.7%	38.0%	40.0%	41.2%	41.17%
FCF Margin	23.2%	22.9%	21.9%	21.3%	22.1%	23.5%	27.9%	27.6%	29.0%	26.9%	23.4%	25.9%	25.8%	26.7%	27.9%	30.5%	30.3%	27.9%	29.2%	28.4%	28.43%
OCF Margin	29.0%	28.5%	27.5%	26.9%	27.9%	28.6%	32.4%	32.9%	33.4%	31.0%	28.8%	30.8%	32.0%	34.1%	35.7%	37.7%	37.4%	34.1%	34.2%	33.1%	33.05%
ROE 3Y Avg	snapshot only																				34.00%
ROE 5Y Avg	snapshot only																				30.65%
ROA 3Y Avg	snapshot only																				13.37%
ROIC 3Y Avg	snapshot only																				17.53%
ROIC Economic	snapshot only																				15.60%
Cash ROA	snapshot only																				15.07%
Cash ROIC	snapshot only																				22.19%
CROIC	snapshot only																				19.09%
NOPAT Margin	snapshot only																				25.08%
Pretax Margin	snapshot only																				27.90%
R&D / Revenue	snapshot only																				20.27%
SGA / Revenue	snapshot only																				23.59%
SBC / Revenue	snapshot only																				1.03%

Valuation

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	15.85	6.92	7.03	7.04	6.58	24.27	24.70	24.60	24.00	13.20	12.66	13.07	12.85	15.85	17.16	17.37	16.73	19.02	21.63	23.51	23.590
P/S Ratio	2.97	3.14	3.21	3.06	2.86	3.39	3.62	4.03	3.92	4.20	4.04	4.33	4.53	3.66	4.15	4.30	4.27	4.74	5.22	5.39	5.394
P/B Ratio	2.74	2.46	2.76	2.57	2.36	2.84	3.33	3.63	4.93	4.20	4.86	5.07	5.22	4.30	5.75	5.65	5.43	5.77	7.60	7.22	7.110
P/FCF	12.76	13.73	14.62	14.37	12.90	14.46	12.98	14.61	13.54	15.60	17.25	16.70	17.56	13.71	14.86	14.11	14.11	17.00	17.89	18.96	18.962
P/OCF	10.23	11.03	11.64	11.38	10.24	11.86	11.16	12.24	11.74	13.56	14.02	14.03	14.17	10.74	11.61	11.41	11.42	13.90	15.27	16.31	16.312
EV/EBITDA	9.68	5.11	5.53	5.43	4.98	11.18	11.72	12.22	11.15	11.42	11.49	12.22	12.40	10.00	11.18	11.57	11.47	12.77	14.85	15.33	15.332
EV/Revenue	3.47	3.20	3.44	3.28	3.04	3.58	3.97	4.40	4.18	4.47	4.41	4.75	4.89	4.01	4.60	4.76	4.67	5.19	5.94	6.13	6.134
EV/EBIT	14.47	6.27	6.72	6.73	6.35	20.09	21.85	21.92	21.46	20.89	19.85	19.65	17.87	14.15	15.32	15.73	15.00	16.66	19.57	20.18	20.175
EV/FCF	14.91	13.97	15.70	15.38	13.75	15.26	14.25	15.94	14.44	16.58	18.82	18.32	18.97	15.01	16.48	15.64	15.42	18.63	20.34	21.57	21.575
Earnings Yield	6.3%	14.5%	14.2%	14.2%	15.2%	4.1%	4.0%	4.1%	4.2%	7.6%	7.9%	7.7%	7.8%	6.3%	5.8%	5.8%	6.0%	5.3%	4.6%	4.3%	4.25%
FCF Yield	7.8%	7.3%	6.8%	7.0%	7.8%	6.9%	7.7%	6.8%	7.4%	6.4%	5.8%	6.0%	5.7%	7.3%	6.7%	7.1%	7.1%	5.9%	5.6%	5.3%	5.27%
EV/OCF	snapshot only																				18.560
EV/Gross Profit	snapshot only																				8.241
Acquirers Multiple	snapshot only																				20.085
Shareholder Yield	snapshot only																				5.29%
Graham Number	snapshot only																				$57.06

Leverage & Solvency

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Current Ratio	0.88	1.51	1.25	1.38	1.31	1.29	1.05	1.05	0.94	1.16	0.90	0.93	1.11	1.04	0.79	0.82	0.88	1.12	0.85	0.86	0.862
Quick Ratio	0.65	1.29	1.01	1.13	1.07	1.04	0.79	0.79	0.83	0.93	0.71	0.72	0.90	0.84	0.61	0.62	0.68	0.89	0.65	0.67	0.666
Debt/Equity	0.60	0.46	0.51	0.49	0.47	0.47	0.56	0.55	0.66	0.56	0.69	0.69	0.74	0.71	0.81	0.78	0.72	0.80	1.22	1.18	1.180
Net Debt/Equity	0.46	0.04	0.20	0.18	0.16	0.16	0.33	0.33	0.33	0.27	0.44	0.49	0.42	0.41	0.63	0.61	0.50	0.55	1.04	0.99	0.995
Debt/Assets	0.28	0.24	0.25	0.25	0.24	0.24	0.26	0.26	0.22	0.26	0.29	0.30	0.31	0.31	0.31	0.31	0.30	0.32	0.40	0.40	0.402
Debt/EBITDA	1.83	0.94	0.95	0.98	0.93	1.75	1.80	1.69	1.40	1.44	1.49	1.53	1.63	1.51	1.43	1.44	1.40	1.62	2.10	2.20	2.202
Net Debt/EBITDA	1.39	0.09	0.38	0.36	0.31	0.58	1.04	1.02	0.69	0.68	0.96	1.08	0.92	0.86	1.10	1.13	0.97	1.11	1.79	1.86	1.856
Interest Coverage	15.57	33.23	33.54	31.69	29.53	10.43	10.26	10.84	10.62	11.38	11.83	12.75	14.09	14.57	15.13	15.14	15.68	15.23	13.92	12.17	12.167
Equity Multiplier	2.14	1.95	2.03	1.95	1.95	1.98	2.16	2.14	2.95	2.14	2.38	2.34	2.39	2.32	2.60	2.49	2.42	2.51	3.08	2.94	2.938
Cash Ratio	snapshot only																				0.242
Debt Service Coverage	snapshot only																				16.011
Cash to Debt	snapshot only																				0.157
FCF to Debt	snapshot only																				0.323
Defensive Interval	snapshot only																				262.2 days

Efficiency & Turnover

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.42	0.40	0.43	0.43	0.42	0.40	0.40	0.40	0.42	0.43	0.46	0.47	0.46	0.51	0.55	0.55	0.53	0.52	0.51	0.49	0.491
Inventory Turnover	2.30	2.30	2.24	2.22	2.12	2.10	1.84	1.76	2.18	1.91	1.85	1.78	2.17	2.20	2.24	2.17	2.17	2.27	2.29	2.27	2.270
Receivables Turnover	6.37	6.52	6.36	6.19	5.98	6.19	5.54	5.23	6.29	6.15	5.70	5.61	6.76	7.12	6.48	6.39	6.71	6.86	6.23	5.95	5.953
Payables Turnover	3.44	2.90	3.10	3.17	3.09	2.72	2.61	2.57	3.16	2.48	2.65	2.61	3.15	2.70	3.11	3.03	3.10	3.02	3.23	3.25	3.245
DSO	57	56	57	59	61	59	66	70	58	59	64	65	54	51	56	57	54	53	59	61	61.3 days
DIO	159	159	163	165	172	174	198	208	167	192	198	206	168	166	163	168	168	161	160	161	160.8 days
DPO	106	126	118	115	118	134	140	142	116	147	138	140	116	135	117	120	118	121	113	112	112.5 days
Cash Conversion Cycle	110	89	102	108	115	98	124	136	110	103	124	131	106	82	102	105	105	93	105	110	109.6 days
Fixed Asset Turnover	snapshot only																				4.535
Operating Cycle	snapshot only																				222.1 days
Cash Velocity	snapshot only																				7.235
Capital Intensity	snapshot only																				2.193

Growth (YoY)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue	5.6%	6.0%	6.2%	2.4%	-4.2%	-5.9%	-9.4%	-11.6%	-4.4%	-6.2%	-0.6%	4.7%	4.1%	10.8%	11.5%	12.9%	12.9%	8.6%	5.3%	0.8%	0.81%
Net Income	38.1%	2.0%	2.0%	1.6%	1.2%	-71.0%	-70.9%	-66.7%	-64.1%	1.1%	1.2%	1.1%	1.2%	-19.6%	-15.7%	-15.6%	-18.2%	17.1%	5.2%	-6.6%	-6.55%
EPS	41.0%	2.0%	2.1%	1.6%	1.3%	-69.7%	-69.3%	-64.9%	-62.2%	1.2%	1.2%	1.2%	1.3%	-17.1%	-12.4%	-11.9%	-14.6%	21.7%	8.7%	-4.3%	-4.31%
FCF	10.8%	9.3%	12.9%	9.1%	-8.7%	-3.5%	15.1%	14.4%	24.9%	7.6%	-16.3%	-1.7%	-7.2%	9.8%	32.7%	32.8%	32.4%	13.3%	10.2%	-5.9%	-5.87%
EBITDA	12.1%	92.1%	90.8%	74.9%	63.7%	-51.8%	-50.7%	-47.3%	-41.4%	14.5%	12.8%	12.9%	9.6%	13.5%	19.4%	19.6%	16.4%	10.2%	2.4%	-2.0%	-1.98%
Op. Income	26.1%	15.1%	23.4%	-0.7%	-19.6%	-24.2%	-28.9%	-15.4%	-3.5%	10.3%	22.1%	27.5%	48.8%	48.9%	50.5%	42.2%	29.1%	20.7%	8.1%	1.8%	1.85%
OCF Growth	snapshot only																				-11.54%
Asset Growth	snapshot only																				16.90%
Equity Growth	snapshot only																				-1.05%
Debt Growth	snapshot only																				50.18%
Shares Change	snapshot only																				-2.35%
Dividend Growth	snapshot only																				18.19%

Growth (CAGR)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	3.4%	3.4%	3.2%	2.8%	0.4%	0.7%	-1.3%	-2.0%	-1.1%	-2.2%	-1.5%	-1.8%	-1.6%	-0.7%	0.1%	1.5%	3.9%	4.1%	5.3%	6.0%	6.04%
Revenue 5Y	1.1%	1.4%	1.4%	1.4%	0.3%	-0.1%	-0.6%	-0.8%	0.3%	-0.5%	-0.2%	0.1%	0.1%	1.2%	1.3%	2.2%	2.6%	2.4%	2.4%	1.5%	1.53%
EPS 3Y	-8.8%	25.5%	27.0%	28.7%	24.8%	-14.2%	-14.5%	5.3%	7.0%	26.7%	28.3%	25.7%	25.9%	-17.6%	-15.6%	-12.5%	-9.5%	30.9%	28.7%	22.2%	22.23%
EPS 5Y	8.9%	30.6%	32.3%	30.4%	28.7%	-0.3%	-0.7%	-9.2%	-8.0%	5.9%	7.0%	10.1%	11.1%	3.1%	4.2%	17.4%	19.2%	15.4%	15.0%	10.9%	10.87%
Net Income 3Y	-9.9%	24.0%	25.1%	26.4%	22.7%	-16.0%	-16.7%	2.0%	3.3%	22.5%	24.2%	21.7%	21.5%	-20.8%	-19.0%	-15.9%	-12.9%	26.2%	24.4%	18.6%	18.60%
Net Income 5Y	7.6%	29.0%	30.6%	28.6%	26.7%	-2.0%	-2.7%	-11.2%	-10.2%	3.3%	4.3%	7.3%	8.3%	0.4%	1.2%	13.6%	15.2%	11.6%	11.2%	7.3%	7.27%
EBITDA 3Y	-3.7%	17.3%	16.7%	28.5%	26.4%	0.7%	0.4%	0.8%	2.4%	2.0%	2.0%	1.4%	1.7%	-14.4%	-12.8%	-10.7%	-9.3%	12.7%	11.3%	9.8%	9.83%
EBITDA 5Y	5.7%	17.8%	20.9%	22.5%	21.3%	4.6%	2.8%	-4.6%	-3.1%	-2.3%	-2.4%	4.8%	5.3%	5.8%	6.4%	6.7%	6.5%	5.8%	5.3%	4.1%	4.08%
Gross Profit 3Y	3.8%	4.5%	4.2%	3.6%	1.4%	0.9%	-0.7%	-1.2%	-0.2%	-0.6%	0.7%	0.8%	1.0%	1.7%	2.6%	4.1%	6.3%	6.5%	7.1%	7.5%	7.45%
Gross Profit 5Y	2.5%	3.0%	3.1%	3.1%	2.0%	1.3%	0.8%	0.3%	1.2%	1.0%	1.3%	1.7%	1.8%	2.6%	2.8%	4.0%	4.4%	4.1%	4.1%	3.1%	3.05%
Op. Income 3Y	8.9%	11.9%	13.9%	8.8%	3.4%	-0.9%	-3.5%	-0.3%	-0.7%	-1.3%	2.3%	2.3%	4.9%	7.6%	9.3%	15.3%	22.9%	25.6%	25.7%	22.7%	22.69%
Op. Income 5Y	6.8%	7.2%	9.4%	6.5%	3.4%	0.5%	-1.0%	-0.1%	0.1%	3.2%	5.1%	6.8%	9.7%	9.9%	10.6%	12.5%	13.5%	11.6%	11.8%	9.2%	9.19%
FCF 3Y	4.4%	2.9%	1.3%	2.2%	-0.6%	0.9%	4.8%	1.1%	8.1%	4.3%	2.8%	7.1%	1.9%	4.5%	8.5%	14.3%	15.3%	10.2%	6.9%	7.1%	7.10%
FCF 5Y	7.8%	8.1%	6.0%	4.0%	2.4%	3.9%	5.9%	4.4%	5.4%	2.5%	0.0%	3.8%	2.6%	4.0%	5.0%	6.2%	9.2%	7.2%	9.7%	8.9%	8.92%
OCF 3Y	3.0%	1.8%	1.0%	2.1%	0.4%	1.5%	4.2%	1.7%	6.7%	1.9%	1.3%	3.9%	1.7%	5.3%	9.2%	13.5%	14.6%	10.4%	7.2%	6.2%	6.17%
OCF 5Y	4.8%	5.6%	4.0%	2.7%	1.8%	2.4%	3.5%	2.7%	2.9%	0.3%	-0.6%	2.5%	2.9%	5.3%	6.7%	7.3%	9.8%	7.0%	7.7%	6.5%	6.50%
Assets 3Y	-5.4%	-3.3%	-3.2%	1.9%	0.7%	-0.3%	-3.0%	-3.6%	-4.6%	-8.9%	-8.2%	-7.7%	-5.1%	-8.1%	-7.2%	-5.3%	-3.2%	-0.5%	1.8%	3.2%	3.22%
Assets 5Y	-2.0%	0.3%	-1.0%	-1.7%	-2.6%	-2.5%	-3.7%	-4.8%	-4.7%	-7.2%	-7.3%	-3.5%	-2.2%	-2.9%	-4.1%	-3.3%	-3.7%	-2.7%	-0.5%	-0.3%	-0.32%
Equity 3Y	-10.0%	-4.9%	9.2%	7.0%	5.0%	2.3%	0.8%	-1.2%	-11.2%	-6.2%	-7.7%	-8.3%	-8.6%	-13.3%	-14.6%	-12.6%	-10.0%	-8.1%	-9.6%	-7.1%	-7.12%
Book Value 3Y	-8.9%	-3.7%	10.9%	8.9%	6.9%	4.5%	3.4%	1.9%	-8.1%	-3.1%	-4.7%	-5.2%	-5.3%	-9.9%	-11.0%	-9.0%	-6.4%	-4.7%	-6.5%	-4.3%	-4.28%
Dividend 3Y	3.0%	3.0%	2.1%	2.4%	2.4%	2.8%	1.5%	2.1%	2.4%	2.2%	-7.5%	5.1%	5.3%	5.7%	18.9%	5.0%	4.7%	4.4%	7.3%	8.1%	8.10%

Growth Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	0.32	0.39	0.49	0.68	0.26	0.09	0.00	0.00	0.07	0.00	0.01	0.03	0.08	0.00	0.01	0.11	0.34	0.33	0.46	0.31	0.309
Earnings Stability	0.07	0.52	0.53	0.31	0.33	0.05	0.05	0.00	0.00	0.01	0.02	0.12	0.16	0.00	0.01	0.11	0.17	0.00	0.00	0.00	0.000
Margin Stability	0.97	0.96	0.97	0.97	0.97	0.97	0.97	0.98	0.98	0.97	0.97	0.97	0.97	0.97	0.97	0.96	0.96	0.96	0.96	0.96	0.961
Rev. Growth Consistency	0.50	1.00	0.50	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	0.50	0.50	0.50	1.00	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	0.00	0.00	0.00	0.00	0.50	0.50	0.00	0.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.85	0.50	0.50	0.50	0.50	0.50	0.50	0.50	0.50	0.50	0.50	0.50	0.50	0.92	0.94	0.94	0.93	0.93	0.98	0.97	0.974
Earnings Smoothness	0.68	0.01	0.00	0.12	0.24	0.00	0.00	0.00	0.06	0.28	0.26	0.28	0.23	0.78	0.83	0.83	0.80	0.84	0.95	0.93	0.932
ROE Trend	-0.00	0.18	0.19	0.22	0.21	-0.13	-0.14	-0.12	-0.06	0.08	0.12	0.13	0.12	0.05	0.08	0.06	0.02	0.01	-0.01	-0.05	-0.049
Gross Margin Trend	-0.00	-0.00	0.01	0.01	0.02	0.01	0.02	0.02	0.02	0.03	0.03	0.04	0.03	0.03	0.03	0.03	0.03	0.01	0.01	-0.01	-0.010
FCF Margin Trend	0.01	0.00	-0.00	-0.01	-0.01	0.01	0.07	0.07	0.06	0.04	-0.01	0.01	0.00	0.01	0.02	0.04	0.03	0.01	0.04	0.00	0.003
Sustainable Growth Rate	4.4%	26.8%	29.8%	26.5%	24.3%	-0.9%	-0.4%	0.7%	1.2%	14.3%	21.9%	18.3%	24.5%	9.5%	13.1%	13.9%	15.1%	13.8%	12.7%	8.9%	8.95%
Internal Growth Rate	2.0%	14.4%	15.6%	14.3%	13.5%	—	—	0.3%	0.5%	7.5%	10.8%	8.9%	10.2%	4.5%	5.6%	6.1%	6.7%	6.0%	4.7%	3.4%	3.41%

Cash Flow Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	1.55	0.63	0.60	0.62	0.64	2.05	2.21	2.01	2.04	0.97	0.90	0.93	0.91	1.48	1.48	1.52	1.46	1.37	1.42	1.44	1.441
FCF/OCF	0.80	0.80	0.80	0.79	0.79	0.82	0.86	0.84	0.87	0.87	0.81	0.84	0.81	0.78	0.78	0.81	0.81	0.82	0.85	0.86	0.860
FCF/Net Income	snapshot only																				1.240
OCF/EBITDA	snapshot only																				0.826
CapEx/Revenue	5.8%	5.6%	5.6%	5.6%	5.8%	5.1%	4.5%	5.3%	4.4%	4.1%	5.4%	4.9%	6.2%	7.4%	7.8%	7.2%	7.1%	6.2%	5.0%	4.6%	4.62%
CapEx/Depreciation	snapshot only																				0.481
Accruals Ratio	-0.04	0.07	0.08	0.07	0.06	-0.06	-0.07	-0.07	-0.07	0.00	0.01	0.01	0.02	-0.06	-0.06	-0.07	-0.06	-0.05	-0.05	-0.05	-0.050
Sloan Accruals	snapshot only																				-0.035
Cash Flow Adequacy	snapshot only																				1.586
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	4.7%	4.4%	4.4%	4.6%	5.2%	4.4%	4.2%	3.9%	3.9%	3.7%	2.7%	3.6%	3.4%	4.0%	3.5%	3.3%	3.2%	2.9%	3.0%	3.0%	2.87%
Dividend/Share	$3.27	$3.27	$3.36	$3.39	$3.44	$3.49	$3.42	$3.46	$3.50	$3.51	$2.53	$3.73	$3.76	$3.80	$3.92	$3.99	$4.01	$4.03	$4.51	$4.71	$4.47
Payout Ratio	75.1%	30.7%	31.0%	32.7%	34.4%	1.1%	1.0%	94.9%	92.6%	48.9%	34.2%	47.1%	43.3%	63.8%	60.3%	57.3%	54.1%	55.6%	63.9%	70.7%	70.72%
FCF Payout Ratio	60.5%	60.9%	64.6%	66.7%	67.5%	64.3%	54.3%	56.3%	52.2%	57.7%	46.5%	60.2%	59.2%	55.2%	52.2%	46.5%	45.7%	49.7%	52.8%	57.0%	57.04%
Total Payout Ratio	1.2%	43.4%	46.2%	57.4%	71.7%	2.6%	2.6%	2.4%	2.2%	1.1%	79.6%	81.7%	82.1%	1.3%	1.4%	1.4%	1.3%	1.2%	1.3%	1.2%	1.24%
Div. Increase Streak	1	1	1	1	1	1	0	0	0	0	0	0	0	0	0	1	1	1	1	1	1
Chowder Number	0.10	0.10	0.06	0.07	0.07	0.06	0.01	0.01	0.01	0.00	-0.26	0.09	0.08	0.09	0.52	0.06	0.05	0.05	0.14	0.18	0.184
Buyback Yield	3.0%	1.8%	2.2%	3.5%	5.7%	6.3%	6.3%	6.0%	5.4%	4.4%	3.6%	2.6%	3.0%	4.4%	4.5%	4.7%	4.4%	3.5%	2.9%	2.3%	2.28%
Net Buyback Yield	3.0%	1.8%	2.2%	3.5%	5.7%	6.3%	6.3%	6.0%	5.4%	4.4%	3.6%	2.6%	3.0%	4.4%	4.5%	4.7%	4.4%	3.5%	2.9%	2.3%	2.28%
Total Shareholder Return	7.8%	6.3%	6.6%	8.2%	10.9%	10.8%	10.5%	9.8%	9.3%	8.1%	6.3%	6.2%	6.4%	8.4%	8.0%	8.0%	7.6%	6.4%	5.8%	5.3%	5.29%

DuPont Factors

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.83	0.92	0.92	0.92	0.94	0.87	0.89	0.90	0.92	1.63	1.57	1.48	1.38	0.88	0.86	0.87	0.88	0.86	0.86	0.82	0.822
Interest Burden (EBT/EBIT)	0.94	0.97	0.97	0.97	0.97	0.91	0.91	0.91	0.91	0.91	0.92	0.92	0.93	0.93	0.93	0.93	0.94	0.93	0.93	0.92	0.918
EBIT Margin	0.24	0.51	0.51	0.49	0.48	0.18	0.18	0.20	0.19	0.21	0.22	0.24	0.27	0.28	0.30	0.30	0.31	0.31	0.30	0.30	0.304
Asset Turnover	0.42	0.40	0.43	0.43	0.42	0.40	0.40	0.40	0.42	0.43	0.46	0.47	0.46	0.51	0.55	0.55	0.53	0.52	0.51	0.49	0.491
Equity Multiplier	2.26	2.12	2.20	2.11	2.04	1.96	2.09	2.04	2.34	2.05	2.25	2.23	2.65	2.23	2.49	2.41	2.41	2.42	2.84	2.71	2.711

Per Share

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$4.35	$10.66	$10.81	$10.39	$10.00	$3.23	$3.31	$3.65	$3.78	$7.19	$7.41	$7.91	$8.68	$5.96	$6.50	$6.97	$7.42	$7.25	$7.06	$6.67	$6.67
Book Value/Share	$25.19	$30.03	$27.51	$28.46	$27.90	$27.60	$24.56	$24.75	$18.39	$22.60	$19.30	$20.40	$21.37	$21.98	$19.39	$21.42	$22.85	$23.91	$20.10	$21.70	$22.08
Tangible Book/Share	$-3.00	$1.72	$-1.32	$0.20	$0.12	$-0.75	$-3.71	$-2.71	$-5.62	$-1.72	$-4.70	$-5.51	$-4.69	$-3.80	$-7.11	$-6.53	$-5.29	$-4.59	$-14.88	$-14.26	$-14.26
Revenue/Share	$23.24	$23.47	$23.69	$23.88	$23.03	$23.15	$22.64	$22.27	$23.12	$22.60	$23.22	$23.88	$24.64	$25.81	$26.89	$28.16	$29.06	$29.11	$29.26	$29.07	$28.76
FCF/Share	$5.40	$5.37	$5.19	$5.09	$5.10	$5.43	$6.31	$6.15	$6.69	$6.09	$5.44	$6.19	$6.36	$6.89	$7.50	$8.57	$8.79	$8.11	$8.54	$8.26	$8.38
OCF/Share	$6.74	$6.69	$6.52	$6.43	$6.43	$6.62	$7.33	$7.33	$7.72	$7.00	$6.70	$7.36	$7.88	$8.79	$9.60	$10.61	$10.86	$9.92	$10.00	$9.61	$9.49
Cash/Share	$3.62	$12.48	$8.41	$8.94	$8.76	$8.66	$5.78	$5.33	$6.12	$6.76	$4.71	$4.12	$6.92	$6.66	$3.64	$3.57	$5.03	$6.01	$3.64	$4.02	$4.05
EBITDA/Share	$8.32	$14.67	$14.75	$14.42	$14.08	$7.41	$7.67	$8.02	$8.67	$8.84	$8.91	$9.28	$9.72	$10.34	$11.06	$11.59	$11.82	$11.83	$11.69	$11.63	$11.63
Debt/Share	$15.23	$13.77	$14.01	$14.06	$13.09	$12.98	$13.78	$13.53	$12.14	$12.76	$13.27	$14.17	$15.87	$15.60	$15.80	$16.65	$16.51	$19.20	$24.53	$25.61	$25.61
Net Debt/Share	$11.61	$1.29	$5.60	$5.12	$4.33	$4.32	$7.99	$8.19	$6.02	$6.00	$8.56	$10.04	$8.95	$8.94	$12.16	$13.08	$11.48	$13.19	$20.89	$21.59	$21.59

Academic Models

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3.572
Altman Z-Prime	snapshot only																				5.687
Piotroski F-Score	8	8	8	8	7	4	5	5	6	6	6	6	7	6	6	6	6	7	5	5	5
Beneish M-Score	-2.68	-2.20	-2.16	-2.18	-2.20	-2.74	-2.80	-2.75	-3.03	-2.60	-2.54	-2.54	-2.23	-2.79	-2.68	-2.70	-2.64	-2.31	-2.53	-2.53	-2.526
Ohlson O-Score	snapshot only																				-8.263
Net-Net WC	snapshot only																				$-27.55
EVA	snapshot only																				$5667374836.25

Credit

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only																				AA-
Credit Score	79.75	90.30	90.00	90.00	87.00	83.00	83.00	83.00	82.25	86.00	86.00	86.00	86.00	86.00	87.85	91.00	91.00	87.25	83.00	82.40	82.400
Credit Grade	snapshot only																				4
Credit Trend	snapshot only																				-8.600
Implied Spread (bps)	snapshot only																				100.000

NVS NYSE

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Workforce & Productivity

Scaling Efficiency

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