As of Q4'25, NVO's P/E Ratio stands at 13.988, marking a slight increase from the previous quarter's 13.467. This latest figure represents a significant reduction compared to the peak levels observed in 2024. From Q1'23 to Q2'24, the P/E Ratio exhibited a generally upward trend, reaching a high of 43.543 in Q1'24 before beginning a sharp decline. The ratio dropped rapidly throughout the remainder of 2024 and into 2025, hitting a low of 11.694 in Q2'25 before stabilizing in the subsequent quarters. This pattern suggests a period of valuation contraction following an extended phase of elevated multiples, possibly reflecting shifts in investor sentiment or changes in earnings expectations over the covered period.