# Novo Nordisk Cash flow

NYSE: NVO · Reporting currency: DKK

[Interactive page](https://beanvest.com/stock/nvo/cash-flow) · [JSON with these options](https://beanvest.com/stock/nvo/cash-flow.json?range=5Y&deductSbc=false&limit=200&offset=0&frequency=yearly&wacc=7.9) · [Raw filing inputs](https://beanvest.com/api/v2/financials/nvo)

Frequency: yearly. Newest first. Retrieved: 2026-10-23T06:30:09.955Z.
Coverage: 2017-12-31 to 2025-12-31. Rows 1–9 of 9.
Snapshot checked: 2026-10-19T21:59:30.430Z. Last validated: 2026-10-23T07:45:10.817Z.
SBC deduction: disabled.

## Definitions

- **Operating cash flow** (`ocf`, DKK_millions): Reported net cash provided by or used in operating activities.
- **Capital expenditures** (`capex`, DKK_millions): Reported cash capital investment. Uses purchases of property, plant and equipment where disclosed; otherwise purchases of productive assets, which can also include software and intangibles. Excludes acquisitions and noncash lease additions.
- **Free cash flow** (`fcf`, DKK_millions): Operating cash flow − reported cash capital investment. PPE purchases are preferred; the productive-assets fallback also includes software and intangibles. Reflects the SBC option and can differ from issuer-defined FCF.
- **Stock-based compensation** (`sbc`, DKK_millions): Reported share-based compensation addback in the cash-flow statement. Missing disclosure is not treated as zero.
- **SBC / free cash flow** (`sbc_fcf`, percent): Reported share-based compensation / (operating cash flow − cash capital investment) × 100, for the same fiscal period. Always uses FCF before SBC deduction. Zero or negative FCF is undefined; values above 100% are retained.
- **SBC / operating cash flow** (`sbc_ocf`, percent): Reported share-based compensation / reported operating cash flow × 100, for the same fiscal period. Zero or negative operating cash flow is undefined. Unaffected by the SBC deduction scenario.
- **Software & intangible investment** (`software_capex`, DKK_millions): Separately tagged payments for capitalized software under US GAAP, or purchases of intangible assets under IFRS. This optional disclosure is not inferred from total capex or deducted a second time from FCF.
- **Diluted EPS** (`eps`, DKK_per_share): Reported diluted earnings per share, normalized for recorded subsequent stock splits. Quarterly EPS is never subtracted from annual or YTD EPS.

## Values

| Period | End date | Operating cash flow (DKK_millions) | Capital expenditures (DKK_millions) | Free cash flow (DKK_millions) | Stock-based compensation (DKK_millions) | SBC / free cash flow (percent) | SBC / operating cash flow (percent) | Software & intangible investment (DKK_millions) | Diluted EPS (DKK_per_share) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2025-12-31 | 119102 | 60140 | 58962 | 1435 | 2.433770903293647 | 1.2048496246914409 | Unavailable | 23.03 |
| 2024 | 2024-12-31 | 120968 | 47164 | 73804 | 2289 | 3.1014579155601325 | 1.8922359632299453 | Unavailable | 22.63 |
| 2023 | 2023-12-31 | 108908 | 25806 | 83102 | 2149 | 2.585978676806816 | 1.9732251074301246 | Unavailable | 18.62 |
| 2022 | 2022-12-31 | 78887 | 12146 | 66741 | 1539 | 2.3059288892884435 | 1.950891781915905 | Unavailable | 12.22 |
| 2021 | 2021-12-31 | 55000 | 6335 | 48665 | 1040 | 2.137059488338642 | 1.890909090909091 | Unavailable | 10.37 |
| 2020 | 2020-12-31 | 51951 | 5825 | 46126 | 823 | 1.7842431600398907 | 1.5841850974957172 | Unavailable | 9.005 |
| 2019 | 2019-12-31 | 46782 | 8932 | 37850 | 363 | 0.9590488771466313 | 0.7759394638963704 | Unavailable | 8.19 |
| 2018 | 2018-12-31 | 44616 | 9636 | 34980 | 414 | 1.183533447684391 | 0.9279182356105433 | Unavailable | 7.965 |
| 2017 | 2017-12-31 | 41168 | 7626 | 33542 | 292 | 0.8705503547790829 | 0.7092887679751263 | Unavailable | 7.695 |

## Capital allocation

Each reported nonnegative cash use / sum of available tracked nonnegative cash uses × 100. Missing categories are omitted, never set to zero. This is the composition of tracked uses, not a complete cash-flow reconciliation or a percentage of OCF. SBC is noncash and excluded. Negative amounts are excluded as reversals or net receipts; they are not converted to spending.
Amounts: DKK_millions. Shares: %. Uses the same fiscal periods, date filter and pagination as the values above.

- **Capex**: Reported cash capital investment, preferring PPE purchases. Productive-assets disclosures can also include software and intangibles.
- **Acquisitions**: Cash paid to acquire businesses, net of cash acquired. Excludes purchases of financial investments.
- **Buybacks**: Reported cash payments to repurchase common stock. Separately disclosed employee-tax settlements are not added.
- **Dividends**: Reported cash dividend payments, preferring the aggregate over the common-stock alternative. Includes dividend equivalents when part of that reported concept.
- **Debt repayments**: Reported gross debt repayments, preferring an aggregate over long-term or convertible-debt components. These alternatives are never added. The selected concept defines the scope; net debt proceeds and lease payments are excluded.

| Period | Tracked uses (DKK_millions) | Capex (amount; %) | Acquisitions (amount; %) | Buybacks (amount; %) | Dividends (amount; %) | Debt repayments (amount; %) | Omitted categories |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 60140 | 60140; 100 | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | acquisitions, buybacks, dividends, debt_repayments |
| 2024 | 47164 | 47164; 100 | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | acquisitions, buybacks, dividends, debt_repayments |
| 2023 | 25806 | 25806; 100 | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | acquisitions, buybacks, dividends, debt_repayments |
| 2022 | 12146 | 12146; 100 | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | acquisitions, buybacks, dividends, debt_repayments |
| 2021 | 6335 | 6335; 100 | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | acquisitions, buybacks, dividends, debt_repayments |
| 2020 | 5825 | 5825; 100 | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | acquisitions, buybacks, dividends, debt_repayments |
| 2019 | 8932 | 8932; 100 | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | acquisitions, buybacks, dividends, debt_repayments |
| 2018 | 9636 | 9636; 100 | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | acquisitions, buybacks, dividends, debt_repayments |
| 2017 | 7626 | 7626; 100 | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | Unavailable; Unavailable | acquisitions, buybacks, dividends, debt_repayments |

## Unavailable values

- software_capex: Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.

## Sources

- [sec-0000353278-8f0c1f318ccb](https://data.sec.gov/api/xbrl/companyfacts/CIK0000353278.json) · Retrieved 2026-09-28T07:37:41.538Z · SHA-256 8f0c1f318ccb9d225ba52d29297717f70e56f39658411d711fe34f9209d5f23b
- [filing-83d82cdb38584dff](https://www.sec.gov/Archives/edgar/data/353278/000162828023015425/caq12023.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 83d82cdb38584dff697ccff33f66978385427d33a22a4a8962c37d0d6c5e1bbc
- [filing-b2247230659bfc13](https://www.sec.gov/Archives/edgar/data/353278/000162828023028728/caq22023.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 b2247230659bfc13e2607dd698779590514b43f18a85a273a1f79dd2b797f013
- [filing-fe3cd71affe2ad01](https://www.sec.gov/Archives/edgar/data/353278/000162828023036198/caq32023.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 fe3cd71affe2ad01cf3d4f3c507d750200f9c905df1c99cf7f3de0530acb9f14
- [filing-7d36f5dc7568f9af](https://www.sec.gov/Archives/edgar/data/353278/000162828024002639/caq42023.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 7d36f5dc7568f9afaeef67c5882cf211d89e6ebeae22b7ae315b7a179e873515
- [filing-77e45c79a6daf070](https://www.sec.gov/Archives/edgar/data/353278/000162828024019781/caq12024.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 77e45c79a6daf0701852a4d1e35350336c45150491db1b455c4b169f739df95d
- [filing-4fd08284a443102d](https://www.sec.gov/Archives/edgar/data/353278/000162828024035364/caq22024.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 4fd08284a443102d5a8e992642f5c9ec4e961de55ce140739672755291eed26c
- [filing-aa2e50e83b4e051b](https://www.sec.gov/Archives/edgar/data/353278/000162828024045439/caq32024.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 aa2e50e83b4e051b4c945f65aa2e1be09a56d9199954ec7130792c4ca48a6181
- [filing-266016bfcfc82f37](https://www.sec.gov/Archives/edgar/data/353278/000162828025003924/caq42024.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 266016bfcfc82f3760d6e83439627e49f361e878249ab21770362d8048bdfd8a
- [filing-08a146efd64e2d3d](https://www.sec.gov/Archives/edgar/data/353278/000162828025022877/caq12025.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 08a146efd64e2d3d432c9e6238bcd66440e2d05746d5cdd7d3710ccee6589668
- [filing-f1eb19e0ab6e5b06](https://www.sec.gov/Archives/edgar/data/353278/000162828025038087/caq22025.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 f1eb19e0ab6e5b06be047897c273588b07d3330dd42031a1e61c4edfdb8fbbe7
- [filing-48166aa68d4354e8](https://www.sec.gov/Archives/edgar/data/353278/000035327825000005/caq32025.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 48166aa68d4354e80a7661bef05e7cd8dd067292929c758101e75e5ce97f6896
- [filing-d75d6d0fabefdf2a](https://www.sec.gov/Archives/edgar/data/353278/000035327826000006/caq42025.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 d75d6d0fabefdf2a9dbde6639bb6212e4c3fd3657c6827d3920b2d1842dff614
- [filing-2195a9acadd12cc6](https://www.sec.gov/Archives/edgar/data/353278/000035327826000018/caq12026.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 2195a9acadd12cc6f8d65a2daece30a31b3cd406741344de2fcdc10309d82c88
- [filing-c4b72013267d8dbe](https://www.sec.gov/Archives/edgar/data/353278/000035327826000023/caq22026.htm) · Retrieved 2026-10-21T06:17:09.363Z · SHA-256 c4b72013267d8dbedd0b59e12aa5c97823b9cd409c84877d53f4822ca85b1eaf

## Data conventions

- Null means an unavailable input or undefined calculation, never zero. Values are unrounded; money and shares are in millions unless a column states otherwise.
- Fiscal periods use actual reporting start/end dates. Annual reported values are not constructed by adding quarterly EPS or weighted share counts. Partial years are labelled.
- FCF uses operating cash flow minus reported cash capital investment, preferring PPE purchases. The productive-assets fallback can also include software and intangibles. Acquisitions and noncash leases are excluded. Deduct SBC is an optional economic-cost scenario; missing SBC remains unavailable.
- SBC / FCF and SBC / OCF compare amounts from the same fiscal period. SBC / FCF always uses FCF before SBC deduction; nonpositive denominators are undefined and values above 100% remain valid.
- Capital allocation percentages describe available tracked cash uses, not all company spending or a fraction of OCF. Missing categories remain null, negative payments are excluded and SBC is noncash. Annual shares use reported annual amounts.
- Valuation uses completed, split-adjusted closes without dividend adjustment and a complete trailing year. Financial bases become eligible after publication; selected facts can contain later restatements. This is not a vintage-filings backtest.
- Mean and median use all valid observations in the selected date range before pagination. Historical pricing labels compare the latest positive value with its own median and do not estimate intrinsic fair value.
- Reporting currencies are retained without conversion. USD market capitalization, where available, is a separate dated Nasdaq snapshot.
- WACC is an editable US industry scenario across history, not a historical company cost of capital. Industry exclusions, missing inputs and pending filings remain explicit.