Annotated balance sheet · halal screening

Novo Nordisk A/S

The full balance sheet for NVO, with the line items that feed each halal check marked and explained inline. Read it like a financial report that grades itself.

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Annotated balance sheet · halal screening

Novo Nordisk A/S — Q1 2026

Source: SEC Form 10-Q filed 2026-03-31 · via FMP · USD millions · Open filing

Assets

Current Assets

Cash & cash equivalents①

$21,127

Marketable securities①

$499

Accounts receivable

$100,268

Inventories

$51,352

Other current assets

$4,071

Total current assets

$177,317

Non-current Assets

Property, plant & equipment, net②tangible

$219,974

Operating lease right-of-use assets②tangible

Long-term marketable securities①

$2,241

Goodwill

$19,877

Intangible assets, net

$110,033

Other non-current assets

$5,992

Total non-current assets

$358,117

TOTAL ASSETS

$559,221

CHECK ①

Cash + Securities Ratio

under AAOIFI

12.5%

✓ PASS

Threshold≤ 30%Buffer17.5 percentage points to spare

Breach risk

Comfortable

0%← Pass zone | Fail zone →45%

Caps how much of a company's value can be held in interest-bearing financial assets — too much suggests the business is more about earning interest than producing real goods/services.

SourceAAOIFI Shariah Standard No. 21 (Financial Papers — Shares and Bonds), §3.5.1

Liabilities

Current Liabilities

Accounts payable

$134,053

Other current liabilities

$47,746

Deferred revenue

Commercial paper③interest-bearing

Short-term debt③interest-bearing

$27,210

Total current liabilities

$209,009

Non-current Liabilities

Long-term debt③interest-bearing

$119,172

Other non-current liabilities

$6,818

Total non-current liabilities

$125,990

TOTAL LIABILITIES

$356,156

CHECK ③

Interest-bearing Debt Ratio

under AAOIFI

76.7%

✗ FAIL

Threshold≤ 30%Shortfall46.7 percentage points over the limit

Breach risk

Breached

0%← Pass zone | Fail zone →84%

Caps how much of a company's value comes from interest-bearing loans. Companies that rely heavily on riba (interest-based debt) fail this check even if their business itself is permissible.

SourceAAOIFI Shariah Standard No. 21 (Financial Papers — Shares and Bonds), §3.4.2

Income Statement Excerpt (trailing 12 months)

Total revenue

$327,800

Of which:

Product & services revenue

$327,800

Interest income④non-permissible

$15,651

CHECK ④

Non-permissible Income Ratio

under AAOIFI

4.8%

✓ PASS

Threshold≤ 5%Buffer0.2 percentage points to spare

Breach risk

Near limit

0%← Pass zone | Fail zone →8%

Caps what fraction of company revenue can come from non-permissible sources. If your stock passes but interest income is high, you'd 'purify' your share of that income through charity.

SourceAAOIFI Shariah Standard No. 21 (Financial Papers — Shares and Bonds), §3.6

Final verdict — under AAOIFI Standard

Borderline

Sector check passes: ✓ yes

Want to verify against the primary document? Open full SEC filing

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