Novo Nordisk A/S (NVO): operating margin, 10 filed years
Operating margin at Novo Nordisk A/S was 41.3% in FY2025, the newest filed year. Across the 10 computed years from FY2016 it ranged from 41.3% (FY2025) to 44.2% (FY2024), with a median of 42.8%.
Tonight's figure on the company page: 41.3%, recomputed 2026-10-15. The table is each filed year on its own terms, with the formula below; the current figure may use trailing twelve months or, where the explainer says so, a different denominator.
Year by year
| Fiscal year | Operating margin | Read from |
|---|---|---|
| FY2016 | 43.3% | period ended 2016-12-31 |
| FY2017 | 43.8% | period ended 2017-12-31 |
| FY2018 | 42.3% | period ended 2018-12-31 |
| FY2019 | 43.0% | 20-F, filed 2022-02-02 |
| FY2020 | 42.6% | 20-F, filed 2022-02-02 |
| FY2021 | 41.6% | 20-F, filed 2022-02-02 |
| FY2022 | 42.3% | 20-F, filed 2023-02-01 |
| FY2023 | 44.2% | 20-F, filed 2024-01-31 |
| FY2024 | 44.2% | 20-F, filed 2025-02-05 |
| FY2025 | 41.3% | 20-F, filed 2026-02-04 |
How each year is computed
Operating income / revenue x 100
Each year is a ratio of lines in that year's filed annual report, with the nightly recompute's own rules for what counts as a filed line. Nothing is estimated, smoothed or filled in: a year that cannot be computed says why.
Read further
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.