NVS

Novartis AG

NYSE· Healthcare· Drug Manufacturers - General· CUSIP 66987V109

$156.27+1.52%Price as of Oct 23, 00:42 UTC · updated once a day, after the close

At a glance

Novartis AG (NVS) is listed on NYSE and classified in Drug Manufacturers - General, part of the Healthcare sector. It is headquartered in Basel, Switzerland and has 75,267 employees. The company is worth $297.02B and trades at 23.6x its earnings of the last twelve months; the median for its sector is 24.3x. Revenue was $56.67B in fiscal 2025, up 9.6% from the year before. Net income was $13.98B. The share price is 8.3% below its 52-week high of $170.46. It pays a dividend yielding 3.03%. 7 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Renaissance Technologies, at $123.5M. In that quarter, 4 of them opened or added to the position and 3 reduced it. No open-market insider trades in it were filed over the last 30 days.

Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.

Key metrics

Market cap: $297.02B
P/E: 23.6x
Forward P/E: 15.9x
P/B: 7.1x
Dividend yield: 3.03%
Payout: 71.60%
EPS: $6.62
ROE: 30.35%
Profit margin: 22.50%
Revenue growth: +0.80%
Beta: 0.47
52-week high: $170.46
52-week low: $121.57

History

Year by year, from the annual reports; dividends from the payments themselves.

Equity, revenue and profitEquityRevenueNet income

Bars are year-end balances; lines are what happened during the year.

Revenue4 years

Net debtDebt minus cash — below zero means more cash than debt

Dividend per sharepaid in 26 of 27 years

Dividend growthComplete years only.

Investors holding this

Major managers that reported this stock in their latest 13F.

Price over time

▲ +89.0% over 5Y.

If you had invested$ago,

today you would have $2,194.60▲ +119.5%

Dividends reinvested, splits accounted for. Past prices say what happened, not what will.

Indicators, year by year

The last 4 closed years, each at that year’s closing price and reported numbers.

Indicator	Median	2025	2024	2023	2022
Year-end price		$137.87	$97.31	$100.97	$90.72
P/E	17.9x	19.3x	16.6x	14.2x	28.6x
P/S	4.4x	4.6x	3.7x	4.4x	4.4x
P/B	4.4x	5.7x	4.4x	4.4x	3.2x
EPS		$7.15	$5.87	$7.10	$3.17
Dividend yield	3.57%	2.90%	3.84%	3.44%	3.70%
Payout	59.79%	55.86%	63.71%	48.86%	105.90%
Profit margin	23.88%	24.67%	23.09%	31.83%	16.00%
ROE	28.71%	30.31%	27.11%	31.82%	11.72%

Median of the years shown; P/E years above 200x are left out.

Fair price, seven ways

Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.

Graham

Earnings

$57.06

Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.

Lynch (PEGY)

Earnings

$185.58

Earnings growing 25.0% a year plus a 3.0% dividend yield. Growth capped at 25%.

Sector multiples

Earnings

$160.77

Median P/E of 24.3 among peers in the sector.

Its own history

Earnings

$118.70

Median P/E of 17.9 across this company’s own years on record.

Discounted cash flow

Cash flow

$260.60

Cash flow growing 15.0% a year for 10 years, discounted at 10%, then 2.5% forever.

EV/EBITDA

Operating

$155.66

Sector median of 14.1x operating profit, less net debt. Banks have no EBITDA.

Gordon (dividends)

Dividends

$280.91

Dividend growing 5.5% a year against a 7.0% required return, from the stock’s beta.

How the average is calculated

The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.

Earnings $130.53 (avg. of 4)+Cash flow $260.60+Operating $155.66+Dividends $280.91÷ 4 =$206.92

Average

$206.92

7 methods answered, across 4 families.

With a 25% margin of safety

$155.19

Room for errors in the reported numbers.

Trading at

$156.27

+32.4% from the average.

Models, not forecasts, and not investment advice. How each formula works →

Others in the same sector

Companies of similar size in Healthcare, for comparison. The columns are the same ones above, in the same order.

Stock	Price	P/E	P/B	Dividend yield	ROE	Market cap
AZNAstrazeneca PLC	$172.57	25.8x	5.3x	1.85%	21.96%	$267.64B
TMOThermo Fisher Scientific Inc	$676.54	35.7x	4.6x	0.28%	13.38%	$250.15B
MRKMerck & Co., Inc.	$147.24	116.9x	8.7x	2.31%	6.96%	$363.27B
AMGNAmgen Inc	$447.28	27.2x	20.7x	2.25%	91.47%	$241.81B
UNHUnitedhealth Group Inc	$424.98	26.8x	3.7x	2.18%	15.77%	$381.46B
GILDGilead Sciences Inc	$157.19	—	16.5x	2.09%	-20.68%	$194.91B

About the company

Employees: 75,267
Headquarters: Basel, Switzerland
Website: novartis.com