Novo Nordisk A S annual debt-to-equity ratio
2019
2020
2021
2022
2023
2024
2025
Novo Nordisk A S Debt-to-Equity Ratio Growth & History (NVO)
Novo Nordisk A S's debt-to-equity ratio was 0.72 for fiscal 2025.
View full Novo Nordisk A S company overviewNovo Nordisk A S annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 0.72 | −0.04 | −5.82% |
| 2024 | 2024-12-31 | 0.76 | 0.46 | +148.57% |
| 2023 | 2023-12-31 | 0.31 | −0.06 | −15.40% |
| 2022 | 2022-12-31 | 0.36 | −0.07 | −16.53% |
| 2021 | 2021-12-31 | 0.43 | 0.21 | +96.36% |
| 2020 | 2020-12-31 | 0.22 | 0.08 | +53.58% |
| 2019 | 2019-12-31 | 0.14 | — | — |
Novo Nordisk A S quarterly debt-to-equity ratio
Q4.21
Q4.22
Q4.23
Q4.24
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 0.63 | 0.04 | +7.22% |
| Q1 2026 | 2026-03-31 | 0.72 | — | — |
| Q4 2025 | 2025-12-31 | 0.72 | −0.04 | −5.82% |
| Q3 2025 | 2025-09-30 | 0.60 | — | — |
| Q2 2025 | 2025-06-30 | 0.59 | — | — |
| Q4 2024 | 2024-12-31 | 0.76 | 0.46 | +148.57% |
| Q4 2023 | 2023-12-31 | 0.31 | −0.06 | −15.40% |
| Q4 2022 | 2022-12-31 | 0.36 | −0.07 | −16.53% |
| Q4 2021 | 2021-12-31 | 0.43 | — | — |
Novo Nordisk A S debt-to-equity ratio trends
Over the last five fiscal years, Novo Nordisk A S's debt-to-equity ratio increased from 0.22 to 0.72, a change of 0.50. The latest reported quarter, Q2 2026, shows 0.63.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Novo Nordisk A S source filings ↗Community posts
Novo Nordisk reports positive STEP Young results in children aged 6 to under 12
Novo Nordisk announced first STEP Young Phase 3 results on 7 September 2026. Trial design and outcome The randomised, double-blind study involved 165 children aged 6 to under 12, comparing weekly semaglutide with placebo. Both groups receiv ...