NVS's free cash flow for Q3 2025 was $0.00. For the 2025 fiscal year, NVS's free cash flow was decreased by $ and operating cash flow was $0.14. See a summary of the company’s cash flow.

Ratios	TTM	Dec 24	Dec 23	Dec 22	Dec 21
Liquidity Ratios
Current Ratio	0.88	1.16	1.29	1.51	0.90
Quick Ratio	0.68	0.93	1.04	1.29	0.68
Cash Ratio	0.30	0.51	0.26	0.41	0.29
Solvency Ratio	0.32	0.43	0.24	0.46	0.17
Operating Cash Flow Ratio	0.66	0.55	0.50	0.50	0.41
Short-Term Operating Cash Flow Coverage	2.80	2.38	2.40	2.39	1.39
Net Current Asset Value	$ -34.34B	$ -22.71B	$ -21.12B	$ -18.25B	$ -45.72B
Leverage Ratios
Debt-to-Assets Ratio	0.30	0.26	0.24	0.24	0.29
Debt-to-Equity Ratio	0.72	0.56	0.47	0.46	0.67
Debt-to-Capital Ratio	0.42	0.36	0.32	0.31	0.40
Long-Term Debt-to-Capital Ratio	0.34	0.28	0.25	0.25	0.32
Financial Leverage Ratio	2.42	2.14	1.98	1.95	2.33
Debt Service Coverage Ratio	2.41	2.56	1.97	2.11	1.26
Interest Coverage Ratio	15.66	11.43	10.99	33.23	11.68
Debt to Market Cap	0.12	0.12	0.14	0.16	0.18
Interest Debt Per Share	16.84	13.10	13.20	14.23	17.09
Net Debt to EBITDA	0.98	0.71	1.39	1.09	1.86
Profitability Margins
Gross Profit Margin	76.21%	73.27%	70.12%	69.99%	69.70%
EBIT Margin	31.08%	21.38%	15.39%	22.13%	20.35%
EBITDA Margin	40.54%	39.19%	28.41%	32.40%	30.53%
Operating Profit Margin	31.15%	20.94%	17.75%	50.96%	20.35%
Pretax Profit Margin	29.13%	19.55%	16.15%	49.43%	19.80%
Net Profit Margin	25.53%	31.83%	13.42%	45.43%	16.18%
Continuous Operations Profit Margin	25.51%	18.37%	11.67%	16.41%	14.83%
Net Income Per EBT	87.66%	162.78%	83.08%	91.90%	81.72%
EBT Per EBIT	93.51%	93.39%	91.02%	96.99%	97.30%
Return on Assets (ROA)	13.42%	14.86%	5.92%	18.23%	6.11%
Return on Equity (ROE)	34.12%	31.82%	11.72%	35.51%	14.26%
Return on Capital Employed (ROCE)	23.32%	13.28%	10.36%	26.53%	10.25%
Return on Invested Capital (ROIC)	18.51%	11.49%	8.05%	22.90%	7.61%
Return on Tangible Assets	27.31%	29.86%	12.31%	35.32%	12.37%
Earnings Yield	5.50%	7.08%	3.71%	12.94%	3.97%
Efficiency Ratios
Receivables Turnover	6.27	5.74	5.80	5.99	5.50
Payables Turnover	2.94	2.53	3.01	2.86	2.80
Inventory Turnover	2.09	2.11	2.16	2.38	2.12
Fixed Asset Turnover	4.70	4.27	4.25	4.03	3.58
Asset Turnover	0.53	0.47	0.44	0.40	0.38
Working Capital Turnover Ratio	-11.77	7.56	4.36	8.72	-46.50
Cash Conversion Cycle	108.95	92.44	110.75	86.54	108.08
Days of Sales Outstanding	58.17	63.55	62.93	60.94	66.37
Days of Inventory Outstanding	174.74	173.05	169.11	153.34	172.13
Days of Payables Outstanding	123.96	144.16	121.29	127.74	130.42
Operating Cycle	232.91	236.60	232.04	214.28	238.50
Cash Flow Ratios
Operating Cash Flow Per Share	10.71	6.96	6.53	6.72	5.99
Free Cash Flow Per Share	9.30	5.64	5.30	5.40	4.86
CapEx Per Share	1.41	1.33	1.22	1.32	1.14
Free Cash Flow to Operating Cash Flow	0.87	0.81	0.81	0.80	0.81
Dividend Paid and CapEx Coverage Ratio	1.99	1.44	1.40	1.46	1.43
Capital Expenditure Coverage Ratio	7.60	5.25	5.33	5.07	5.28
Operating Cash Flow Coverage Ratio	0.66	0.55	0.51	0.48	0.36
Operating Cash Flow to Sales Ratio	0.37	0.31	0.27	0.29	0.27
Free Cash Flow Yield	7.18%	5.58%	6.18%	6.52%	5.44%
Valuation Ratios
Price-to-Earnings (P/E) Ratio	18.16	14.12	26.92	7.73	25.21
Price-to-Sales (P/S) Ratio	4.52	4.49	3.61	3.51	4.08
Price-to-Book (P/B) Ratio	5.90	4.49	3.16	2.74	3.60
Price-to-Free Cash Flow (P/FCF) Ratio	13.93	17.91	16.19	15.34	18.39
Price-to-Operating Cash Flow Ratio	12.40	14.50	13.15	12.32	14.91
Price-to-Earnings Growth (PEG) Ratio	-0.79	0.11	-0.38	0.04	1.87
Price-to-Fair Value	5.90	4.49	3.16	2.74	3.60
Enterprise Value Multiple	12.14	12.18	14.10	11.93	15.22
Enterprise Value	277.45B	222.65B	207.70B	204.31B	231.87B
EV to EBITDA	12.14	12.18	14.10	11.93	15.22
EV to Sales	4.92	4.77	4.01	3.86	4.65
EV to Free Cash Flow	15.16	19.02	17.96	16.88	20.96
EV to Operating Cash Flow	13.17	15.40	14.59	13.56	16.99
Tangible Book Value Per Share	-5.00	-1.67	-0.70	1.80	-4.45
Shareholders’ Equity Per Share	22.53	22.47	27.21	30.17	24.86
Tax and Other Ratios
Effective Tax Rate	0.12	0.06	0.17	0.08	0.18
Revenue Per Share	28.65	22.47	23.76	23.58	21.91
Net Income Per Share	7.31	7.15	3.19	10.71	3.54
Tax Burden	0.88	1.63	0.83	0.92	0.82
Interest Burden	0.94	0.91	1.05	2.23	0.97
Research & Development to Revenue	0.19	0.24	0.19	0.18	0.18
SG&A to Revenue	0.00	0.00	0.00	0.00	0.00
Stock-Based Compensation to Revenue	0.02	0.02	0.02	0.01	0.01
Income Quality	1.47	1.69	2.05	0.63	1.69

Currency in USD

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