As of Q4'25, NVO's latest Price-to-Sales (P/S) ratio stands at 4.864, marking a modest increase from the previous quarter's 4.428. This value represents a significant decline from the peak observed in Q1'24, when the P/S ratio reached 15.916. Over the period from Q1'23 to Q4'25, the P/S ratio exhibited a pronounced upward trend through 2023 and early 2024, peaking in Q1'24. However, starting from Q2'24, the ratio experienced a sharp and sustained decline, falling to less than one-third of its peak by Q4'25. The recent quarters suggest a stabilization, with the ratio hovering in the mid-4 range, indicating a potential bottoming out after a period of rapid contraction.