As of Q4'25, Novo Nordisk (NVO) reported Cash & Short-term Investments of USD 26.96B and Debt of USD 130.96B. This marks a significant gap between cash reserves and debt levels at the latest data point, with debt reaching its highest value in the period covered. From Q1'23 to Q4'25, the chart reveals considerable volatility in both cash and debt positions. Cash & Short-term Investments peaked at USD 74.88B in Q3'24 before declining sharply, while debt saw a substantial increase starting in Q2'24, accelerating from USD 27.06B in Q4'23 to USD 130.96B by Q4'25. The overall trend indicates rising leverage, with debt growth far outpacing cash accumulation, especially from 2024 onwards.