What is Novartis's earnings per share (EPS)?

Novartis (NVS) reported diluted earnings per share of $7.15 for fiscal year 2025. This represents a 21.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Novartis Financials

NVS

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Novartis (NVS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 32/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Novartis's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Novartis carries a low D/E ratio of 0.04, meaning only $0.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Novartis's current ratio of 1.12 is below the typical benchmark, resulting in a score of 17/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Returns

Novartis earns a strong 30.0% return on equity (ROE), meaning it generates $30 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 77/100. This is up from 27.1% the prior year.

Piotroski F-Score Strong

7/9

Novartis passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

1.37x

For every $1 of reported earnings, Novartis generates $1.37 in operating cash flow ($19.1B OCF vs $14.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$14.0B

YoY+17.0%

5Y CAGR+11.6%

10Y CAGR-2.4%

Novartis reported $14.0B in net income in fiscal year 2025. This represents an increase of 17.0% from the prior year.

EPS (Diluted)

$7.15

YoY+21.8%

5Y CAGR+15.2%

10Y CAGR+9.5%

Novartis earned $7.15 per diluted share (EPS) in fiscal year 2025. This represents an increase of 21.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$17.6B

YoY+8.3%

5Y CAGR+7.3%

10Y CAGR+6.3%

Novartis generated $17.6B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 8.3% from the prior year.

Cash & Debt

$11.4B

YoY-0.2%

5Y CAGR+3.4%

10Y CAGR+9.4%

Novartis held $11.4B in cash against $1.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

1.91B

YoY-3.4%

5Y CAGR-3.3%

Novartis had 1.91B shares outstanding in fiscal year 2025. This represents a decrease of 3.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

30.0%

YoY+2.9pp

5Y CAGR+15.8pp

10Y CAGR+6.9pp

Novartis's ROE was 30.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$9.1B

YoY+8.0%

5Y CAGR+24.4%

10Y CAGR+4.1%

Novartis spent $9.1B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 8.0% from the prior year.

Capital Expenditures

$1.5B

YoY+13.3%

5Y CAGR+4.0%

10Y CAGR-4.2%

Novartis invested $1.5B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 13.3% from the prior year.

NVS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$76.0M+5.6%	$72.0M+16.1%	$62.0M+8.8%	$57.0M-3.4%	$59.0M-11.9%	$67.0M
Income Tax	$2.4B+40.2%	$1.7B+208.7%	$551.0M-51.2%	$1.1B-30.6%	$1.6B-10.1%	$1.8B
Net Income	$14.0B+17.0%	$11.9B-19.6%	$14.9B+113.6%	$7.0B-71.0%	$24.0B+197.6%	$8.1B
EPS (Diluted)	$7.15+21.8%	$5.87+43.2%	$4.10+48.6%	$2.76-72.8%	$10.14+188.1%	$3.52

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$507.0M	N/A	$595.0M	N/A	$403.0M	N/A	$347.0M
Net Income	N/A	$4.0B	N/A	$3.2B	N/A	$2.3B	N/A	$1.7B
EPS (Diluted)	N/A	N/A	N/A	$1.59	N/A	$1.09	N/A	N/A

NVS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$110.9B+8.5%	$102.2B+2.3%	$99.9B-14.9%	$117.5B-10.9%	$131.8B+3.1%	$127.8B
Current Assets	$30.5B+2.5%	$29.7B-2.5%	$30.5B-17.4%	$36.9B-19.3%	$45.7B+54.1%	$29.7B
Cash & Equivalents	$11.4B-0.2%	$11.5B-14.4%	$13.4B+78.2%	$7.5B-39.4%	$12.4B+28.5%	$9.7B
Inventory	$6.3B+9.5%	$5.7B-3.2%	$5.9B-17.6%	$7.2B+7.6%	$6.7B-6.5%	$7.1B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$25.6B+3.3%	$24.8B+6.1%	$23.3B-20.3%	$29.3B-1.0%	$29.6B-1.3%	$30.0B
Total Liabilities	$64.4B+10.8%	$58.1B+9.3%	$53.2B-8.3%	$58.0B-9.3%	$64.0B-10.0%	$71.1B
Current Liabilities	$27.3B-4.9%	$28.7B+8.7%	$26.4B-7.9%	$28.7B-5.1%	$30.2B-8.6%	$33.1B
Long-Term Debt	$1.7B+5.7%	$1.6B-1.9%	$1.6B+3.9%	$1.5B-5.1%	$1.6B-5.7%	$1.7B
Total Equity	$46.5B+5.5%	$44.1B-5.6%	$46.8B-21.3%	$59.4B-12.4%	$67.8B+19.7%	$56.7B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$110.9B+6.3%	$104.4B+2.1%	$102.2B+4.9%	$97.5B-2.4%	$99.9B-9.9%	$111.0B-5.5%	$117.5B-4.4%	$122.9B
Current Assets	$30.5B+17.4%	$25.9B-12.7%	$29.7B+15.6%	$25.7B-15.7%	$30.5B-9.0%	$33.5B-9.3%	$36.9B-3.2%	$38.1B
Cash & Equivalents	$11.4B+71.8%	$6.7B-41.9%	$11.5B+45.0%	$7.9B-41.0%	$13.4B+23.0%	$10.9B+44.8%	$7.5B+107.4%	$3.6B
Inventory	$6.3B-0.6%	$6.3B+10.2%	$5.7B-0.4%	$5.7B-2.8%	$5.9B-28.1%	$8.2B+14.7%	$7.2B+4.3%	$6.9B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$25.6B+0.1%	$25.6B+3.2%	$24.8B-1.9%	$25.2B+8.1%	$23.3B-20.9%	$29.5B+0.8%	$29.3B+0.6%	$29.1B
Total Liabilities	$64.4B+3.3%	$62.3B+7.3%	$58.1B+4.5%	$55.6B+4.5%	$53.2B-9.9%	$59.0B+1.8%	$58.0B-3.1%	$59.9B
Current Liabilities	$27.3B-14.0%	$31.7B+10.5%	$28.7B+3.9%	$27.6B+4.6%	$26.4B-17.3%	$31.9B+11.4%	$28.7B+3.7%	$27.6B
Long-Term Debt	$1.7B+4.0%	$1.6B+1.7%	$1.6B+0.5%	$1.6B-2.4%	$1.6B+3.4%	$1.5B+0.5%	$1.5B-0.9%	$1.6B
Total Equity	$46.5B+10.7%	$42.1B-4.7%	$44.1B+5.3%	$41.9B-10.4%	$46.8B-10.0%	$51.9B-12.6%	$59.4B-5.7%	$63.0B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NVS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$19.1B+8.7%	$17.6B+21.9%	$14.5B+1.6%	$14.2B-5.5%	$15.1B+10.4%	$13.7B
Capital Expenditures	$1.5B+13.3%	$1.4B+28.9%	$1.1B+15.7%	$916.0M-14.1%	$1.1B-16.4%	$1.3B
Free Cash Flow	$17.6B+8.3%	$16.3B+21.3%	$13.4B+0.6%	$13.3B-4.9%	$14.0B+13.2%	$12.4B
Investing Cash Flow	-$4.9B+35.1%	-$7.5B-234.3%	$5.6B+281.2%	$1.5B-65.1%	$4.2B+131.9%	-$13.2B
Financing Cash Flow	-$14.9B-26.6%	-$11.7B+17.8%	-$14.3B+30.6%	-$20.6B-26.4%	-$16.3B-636.6%	-$2.2B
Dividends Paid	$7.8B+2.5%	$7.6B+5.1%	$7.3B-3.3%	$7.5B+1.9%	$7.4B+5.5%	$7.0B
Share Buybacks	$9.1B+8.0%	$8.4B-0.8%	$8.5B-21.9%	$10.9B+273.6%	$2.9B-4.5%	$3.1B

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Operating Cash Flow	N/A	$6.7B	N/A	$4.9B	N/A	$3.6B	N/A	$3.8B
Capital Expenditures	N/A	$331.0M	N/A	$260.0M	N/A	$225.0M	N/A	$257.0M
Free Cash Flow	N/A	$6.3B	N/A	$4.6B	N/A	$3.4B	N/A	$3.5B
Investing Cash Flow	N/A	-$2.2B	N/A	-$3.2B	N/A	-$1.1B	N/A	-$11.6B
Financing Cash Flow	N/A	-$5.2B	N/A	-$3.2B	N/A	-$3.6B	N/A	-$2.3B
Dividends Paid	N/A	$2.5B	N/A	$2.4B	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$2.7B	N/A	$1.7B	N/A	$3.0B	N/A	$2.7B

NVS Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	30.0%+2.9pp	27.1%-4.7pp	31.8%+20.1pp	11.7%-23.7pp	35.4%+21.2pp	14.2%
Return on Assets	12.6%+0.9pp	11.7%-3.2pp	14.9%+8.9pp	5.9%-12.3pp	18.2%+11.9pp	6.3%
Current Ratio	1.12+0.1	1.04-0.1	1.16-0.1	1.29-0.2	1.51+0.6	0.90
Debt-to-Equity	0.040.0	0.040.0	0.030.0	0.030.0	0.020.0	0.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	9.6%	N/A	7.8%	N/A	4.5%	N/A	2.7%
Return on Assets	N/A	3.9%	N/A	3.3%	N/A	2.1%	N/A	1.4%
Current Ratio	1.12+0.3	0.82-0.2	1.04+0.1	0.93-0.2	1.16+0.1	1.05-0.2	1.29-0.1	1.38
Debt-to-Equity	0.040.0	0.040.0	0.040.0	0.040.0	0.030.0	0.030.0	0.030.0	0.02
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Novartis profitable?

Yes, Novartis (NVS) reported a net income of $14.0B in fiscal year 2025.

How much debt does Novartis have?

As of fiscal year 2025, Novartis (NVS) had $11.4B in cash and equivalents against $1.7B in long-term debt.

What is Novartis's return on equity (ROE)?

Novartis (NVS) has a return on equity of 30.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Novartis's free cash flow?

Novartis (NVS) generated $17.6B in free cash flow during fiscal year 2025. This represents a 8.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Novartis's operating cash flow?

Novartis (NVS) generated $19.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Novartis's total assets?

Novartis (NVS) had $110.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Novartis's capital expenditures?

Novartis (NVS) invested $1.5B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Novartis buy back shares?

Yes, Novartis (NVS) spent $9.1B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Novartis have outstanding?

Novartis (NVS) had 1.91B shares outstanding as of fiscal year 2025.

What is Novartis's current ratio?

Novartis (NVS) had a current ratio of 1.12 as of fiscal year 2025, which is considered adequate.

What is Novartis's debt-to-equity ratio?

Novartis (NVS) had a debt-to-equity ratio of 0.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Novartis's return on assets (ROA)?

Novartis (NVS) had a return on assets of 12.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Novartis's Piotroski F-Score?

Novartis (NVS) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Novartis's earnings high quality?

Novartis (NVS) has an earnings quality ratio of 1.37x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Novartis?

Novartis (NVS) scores 32 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.