As of Q4'25, NVO's P/B Ratio stands at 7.28, marking a significant decline from previous quarters. This latest data point reflects a continued downward trend from its recent peak of 39.301 in Q1'24. Over the period from Q1'23 to Q4'25, the P/B Ratio initially showed moderate growth, peaking sharply in Q1'24 before entering a pronounced decline. After reaching 39.301, the ratio dropped steadily each quarter, falling to 14.347 by Q1'25 and further to 7.28 by Q4'25, indicating a substantial contraction in valuation relative to book value over the last two years.