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Novartis AG NOVN.SW

CH · SIX Swiss Exchange · XSWX · stock · Healthcare · website

Novartis AG statistics & valuation

Market cap$235.2B
P / E16.8×
P / S4.1×
P / B5.1×
P / FCF15.4×
Dividend yield3.32%
Net margin24.7%
Return on equity30.3%
FCF margin26.9%
Net debt$23.9B
Enterprise value$313.1B
Earnings yield EBIT/EV6.8%
Return on capital21.1%
Graham number -49.5%$62.49

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($62.49); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
16.00% 31.80% 23.10% 24.70% 2022202320242025
Gross margin (%)
73.40% 73.30% 75.20% 75.80% 2022202320242025
Operating margin (%)
18.30% 20.90% 28.10% 31.10% 2022202320242025
Return on equity (%)
11.70% 31.80% 27.10% 30.30% 2022202320242025
Shares outstanding
1.90B 1.90B 1.90B 1.90B 2022202320242025
Net debt ($)
$20.39B $12.96B $19.80B $23.94B 2022202320242025
Share buybacks ($)
$10.65B $8.72B $8.33B $9.21B 2022202320242025
Return on assets (%)
5.90% 14.90% 11.70% 12.60% 2022202320242025
Free cash flow margin (%)
27.60% 25.10% 26.70% 26.90% 2022202320242025
Debt / equity (×)
0.47× 0.56× 0.71× 0.77× 2022202320242025
EPS ($)
$3.17 $7.10 $5.87 $7.15 2022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Novartis AG trades at about 17.3× earnings — near its 10-year norm (10-year range 12.6×–29.6×, median 16.3×).

12.6× 29.6×

Shaded band = 10-year range (12.6×–29.6×); dot = today's 17.3×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022
Gross margin75.8%75.2%73.3%73.4%
Operating margin31.1%28.1%20.9%18.3%
Net margin24.7%23.1%31.8%16.0%
FCF margin26.9%26.7%25.1%27.6%
Return on assets12.6%11.7%14.9%5.9%
Return on equity30.3%27.1%31.8%11.7%
Debt / equity0.61×0.49×0.40×0.34×
Current ratio1.121.041.161.29

Computed from company filings · CH · as of 2025-12-31. Figures in USD. Facts plus Stocktoria's own computed scores — not investment advice.