INMD vs NVO: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: INMD is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. INMD and NVO share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined INMD and NVO exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

InMode Ltd is a medical-aesthetics company based in Yokneam, Israel, that develops and sells energy-based platforms for minimally invasive and non-invasive procedures. Its flagship technologies use radiofrequency energy and include Morpheus8 for fractional RF microneedling, BodyTite and FaceTite for RF-assisted body and face contouring, and EvolveX for non-invasive body treatments. These minimally invasive platforms have historically made up the large majority of revenue. The company sells to dermatologists, plastic surgeons, aesthetic physicians, and increasingly to adjacent specialties, supported by an installed base of tens of thousands of systems. Its model blends high-margin capital equipment sales with recurring revenue from consumables, disposables, and service.

Full INMD guide

Novo Nordisk (NVO) is a Danish pharmaceutical company and a global leader in diabetes and obesity care. Its franchise centers on GLP-1 receptor agonists, most notably semaglutide, sold as Ozempic and Rybelsus for type 2 diabetes and as Wegovy for chronic weight management. Novo Nordisk also holds a long-standing leadership position in insulin and broader diabetes therapies, and maintains smaller franchises in rare blood and endocrine disorders. The company is headquartered in Bagsvaerd, Denmark, and is controlled by the Novo Nordisk Foundation through a dual-share structure. US investors typically access it through the NVO American Depositary Receipt listed on the New York Stock Exchange, which represents the Danish B shares. The explosive demand for GLP-1 drugs for both diabetes and weight loss has made Novo Nordisk one of Europe's most valuable companies, while also straining its manufacturing capacity for injectable medicines.

Full NVO guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• INMD drivers: Demand stabilization and the rate cycle; New platforms and adjacent markets.
• NVO drivers: GLP-1 obesity and diabetes demand; Pipeline and next-generation candidates.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The central risk is that aesthetic capital equipment is highly discretionary and cyclical, so demand is sensitive to interest rates, credit availability, and consumer spending, and revenue has already fallen well below its peak. For NVO, novo Nordisk is heavily concentrated in a single drug class, so any clinical setback, safety signal, or faster-than-expected competition from Eli Lilly's tirzepatide (Mounjaro, Zepbound) and newer entrants directly threatens the core franchise.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick INMD if you believe its drivers more; NVO if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the INMD and NVO guides.

INMD. Figures are approximate, tied to the asOf date, and drawn from company guidance and reported results; verify live numbers before acting. InMode's low multiple reflects genuine worries about whether aesthetic-device demand recovers, so a cheap-looking valuation should be weighed against the cyclical and competitive risks rather than treated as an automatic bargain. A large cash balance and buybacks support the stock but do not by themselves restore growth.

NVO. Novo Nordisk has historically commanded a premium pharma multiple on the strength of GLP-1 growth and very high margins. The multiple is sensitive to GLP-1 market-share dynamics versus Eli Lilly, supply progress, and US pricing news; disappointing trial data or share loss can compress it quickly. All figures are approximate, are reported in Danish kroner and translated to dollars, and should be verified against the latest filings.

Headline figures (approximate, Jul 2026): INMD shows revenue trend Roughly $365 to $375 million guided for 2026, near 2025's ~$370 million; well below the prior peak after a sharp 2024 decline and a further modest slip in 2025, q1 2026 results GAAP revenue of about $82 million, up roughly 5% year over year and a slight beat, though non-GAAP EPS of about $0.25 missed expectations on margin pressure, 2026 eps guidance Management guided full-year adjusted EPS to roughly $1.43 to $1.48, below prior Street expectations, margins Gross margins remain very high for a medical-device maker, though operating margins have compressed as revenue softened and expenses rose; NVO shows revenue (ttm) ~$40 billion (approximate, verify; reported in Danish kroner), operating margin ~45% (approximate, verify), net margin ~35% (approximate, verify), glp-1 share of revenue Majority of sales from semaglutide products (approximate).

INMD and NVO are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined INMD and NVO exposure against your real portfolio. It is not an investment adviser.