Novanta vs Vontier
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The short version
- Vontier is the larger business, with $3.1B of revenue in fiscal 2025 against $981M for Novanta, about 3.1 times as much.
- Vontier kept more of each dollar of sales as operating profit (18.3% operating margin, against 9.6%).
- Vontier turned more of its sales into free cash flow (14.3% FCF margin, against 4.9%).
- Vontier earned a higher return on the capital invested in it (15.8%, against 6.5%).
- Investors pay more for each dollar of Novanta’s earnings: a P/E of 89.7x against 14.2x for Vontier.
| Latest fiscal year | NOVT · FY25 | VNT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.8B | $4.8B |
| Revenue | $981M | $3.1B |
| Free cash flow | $48.4M | $441M |
| Net income | $53.8M | $406M |
| Growth | ||
| Revenue growth | 3.3% | 3.2% |
| 5-year growth | 10.7% | 2.6% |
| Share count change | 1.6% | −4.2% |
| Profitability | ||
| Gross margin | 44.4% | — |
| Operating margin | 9.6% | 18.3% |
| Net margin | 5.5% | 13.2% |
| FCF margin | 4.9% | 14.3% |
| Return on capital | 6.5% | 15.8% |
| Return on equity | 5.2% | 35.4% |
| Balance sheet | ||
| Net debt | −$127M | $1.6B |
| Net debt / EBITDA | −0.8x | 2.6x |
| Dividends and buybacks | $39.3M | $315M |
| Valuation & quality | ||
| P/E | 89.7x | 14.2x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
NOVT $385M
VNT —
FY17
NOVT $521M
VNT —
FY18
NOVT $614M
VNT $2.7B
FY19
NOVT $626M
VNT $2.8B
FY20
NOVT $591M
VNT $2.7B
FY21
NOVT $707M
VNT $3.0B
FY22
NOVT $861M
VNT $3.2B
FY23
NOVT $882M
VNT $3.1B
FY24
NOVT $949M
VNT $3.0B
FY25
NOVT $981M
VNT $3.1B
NOVT
VNT
Operating margin
FY16
NOVT 8.6%
VNT —
FY17
NOVT 11.0%
VNT —
FY18
NOVT 11.6%
VNT 18.7%
FY19
NOVT 8.8%
VNT 20.3%
FY20
NOVT 9.5%
VNT 17.3%
FY21
NOVT 9.1%
VNT 19.5%
FY22
NOVT 12.0%
VNT 18.2%
FY23
NOVT 12.5%
VNT 17.6%
FY24
NOVT 11.7%
VNT 18.0%
FY25
NOVT 9.6%
VNT 18.3%
NOVT
VNT
Free cash flow
FY16
NOVT $39.3M
VNT —
FY17
NOVT $54.3M
VNT —
FY18
NOVT $75.0M
VNT $379M
FY19
NOVT $52.5M
VNT $507M
FY20
NOVT $130M
VNT $656M
FY21
NOVT $74.7M
VNT $433M
FY22
NOVT $71.1M
VNT $261M
FY23
NOVT $100M
VNT $395M
FY24
NOVT $141M
VNT $345M
FY25
NOVT $48.4M
VNT $441M
NOVT
VNT
Return on capital
FY16
NOVT 8.1%
VNT —
FY17
NOVT 13.2%
VNT —
FY18
NOVT 12.6%
VNT —
FY19
NOVT 9.2%
VNT —
FY20
NOVT 9.0%
VNT 20.1%
FY21
NOVT 8.1%
VNT 21.4%
FY22
NOVT 9.9%
VNT 15.8%
FY23
NOVT 10.4%
VNT 14.6%
FY24
NOVT 9.1%
VNT 16.0%
FY25
NOVT 6.5%
VNT 15.8%
NOVT
VNT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.