Novo Nordisk A/S (NVO) Balance Sheet: Assets & Liabilities

Novo Nordisk A/S (NVO) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), Novo Nordisk A/S reported total assets of DKK 542.90B and total liabilities of DKK 348.86B. Shareholders' equity was DKK 194.05B, up 35.2% from DKK 143.49B a year earlier. Total debt stood at DKK 122.39B against DKK 26.96B in cash and short-term investments, a net debt position of DKK 95.42B. That puts debt-to-equity at 0.63, compared with 0.67 a year earlier.

Novo Nordisk A/S Balance Sheet Analysis

Values in billions DKK

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for Novo Nordisk A/S (NVO) - Annual data in billions DKK
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Current Assets
Cash and Cash Equivalents	26.46	15.66	14.39	12.65	10.72	2.10	2.32	15.64	18.85
Short-Term Investments	0.50	10.65	15.84	10.92	6.77	0.00	0.00	0.00	0.00
Cash & Short-Term Investments	26.96	26.31	30.23	23.57	17.49	2.10	2.32	15.64	18.85
Accounts Receivable	70.86	71.95	64.77	50.56	46.80	4.61	3.86	26.89	23.55
Inventory	49.62	40.85	31.81	24.39	19.62	3.05	2.65	16.34	15.37
Other Current Assets	20.17	6.33	2.34	8.73	1.69	1.07	0.54	0.20	2.30
Total Current Assets	172.45	161.79	139.65	108.19	85.60	10.82	9.38	59.07	60.08
Non-Current Assets
Property, Plant & Equipment (Net)	208.38	161.68	90.96	66.67	55.36	8.26	7.59	41.89	35.25
Long-Term Investments	0.37	0.40	0.41	0.33	1.44	0.27	0.27	1.77	1.76
Goodwill	19.85	20.02	4.46	4.62	4.35	0.00	0.00	0.00	0.00
Intangible Assets	110.21	90.80	55.94	46.32	38.83	3.40	0.88	5.15	3.33
Other Non-Current Assets	29.51	4.02	1.43	15.13	0.27	0.11	0.13	0.00	0.00
Total Non-Current Assets	370.45	303.84	174.84	133.06	108.91	13.00	9.49	51.70	42.28
Total Assets	542.90	465.63	314.49	241.26	194.51	23.82	18.87	110.77	102.36
Current Liabilities
Accounts Payable	153.11	151.59	25.61	15.59	8.87	0.94	0.96	6.76	5.61
Short-Term Debt	10.68	11.78	5.30	0.48	13.68	1.23	0.22	0.52	1.69
Current Portion of Long-Term Debt	12.02	13.11	6.48	1.47	13.68	-	-	-	-
Accrued Liabilities	0.92	0.96	0.60	0.88	-	-	-	-	-
Deferred Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	44.87	39.44
Other Current Liabilities	41.75	42.90	29.98	26.51	73.30	5.47	3.47	41.85	34.33
Total Current Liabilities	215.66	217.61	169.66	120.94	99.52	11.55	8.86	54.16	47.06
Non-Current Liabilities
Long-Term Debt	111.71	84.25	15.98	20.78	12.96	0.48	0.45	0.00	0.00
Deferred Tax Liabilities	6.61	5.52	10.16	7.06	5.27	0.41	0.01	0.12	0.85
Other Non-Current Liabilities	7.64	0.02	0.19	0.10	6.01	0.97	0.89	4.65	4.64
Total Non-Current Liabilities	133.19	104.53	38.27	36.83	24.25	1.86	1.36	4.77	5.48
Total Liabilities	348.86	322.14	207.93	157.77	123.76	13.41	10.22	58.93	52.54
Stockholders' Equity
Common Stock	0.45	0.45	0.45	0.46	0.46	0.08	0.07	0.49	0.50
Retained Earnings	195.30	144.45	104.84	80.59	72.00	10.48	8.69	53.41	48.98
Accumulated Other Comprehensive Income	-1.70	-1.41	1.28	2.45	-1.71	-0.15	-0.10	-2.05	0.35
Treasury Stock	0.00	0.00	0.01	0.01	-	-	-	-	-
Additional Paid-in Capital	0.00	0.00	0.00	-0.01	-0.01	0.00	0.00	-0.01	-0.01
Shares Outstanding	4.44	4.44	4.46	4.50	-	-	-	-	-
Total Stockholders' Equity	194.05	143.49	106.56	83.49	70.75	10.41	8.65	51.84	49.82
Total Liabilities & Equity	542.90	465.63	314.49	241.26	194.51	23.82	18.87	110.77	102.36

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Novo Nordisk A/S Balance Sheet

How much debt does Novo Nordisk A/S have?

Novo Nordisk A/S had total debt of DKK 122.39B as of Dec 31, 2025, against DKK 26.96B in cash and short-term investments. Its debt-to-equity ratio was 0.63. Total debt was DKK 96.02B a year earlier.

What are Novo Nordisk A/S's total assets?

Novo Nordisk A/S reported total assets of DKK 542.90B as of Dec 31, 2025, up 16.6% from DKK 465.63B a year earlier. Total liabilities were DKK 348.86B.

What is Novo Nordisk A/S's shareholders' equity?

Novo Nordisk A/S's shareholders' equity was DKK 194.05B as of Dec 31, 2025, or about DKK 43.67 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition