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Novanta

NOVT Nasdaq Electronic Equipment & Instruments Financials FY2016–FY2025

Novanta's revenue rose 3.3% to $981 million in fiscal 2025. Its operating margin was 9.6%, down from 11.7% a year earlier. Free cash flow was $48 million, down 65.7%. It paid out $39 million in dividends and buybacks, 81% of free cash flow. The diluted share count rose 1.6%.

Last close · Oct 23, 2026

$140.80

3.0%
Value it Compare
Revenue Total sales reported in the income statement.
$981M
3.3% vs prior year
Operating margin Operating income as a share of revenue.
9.6%
2.1 pts
Net income Profit after all expenses, interest and tax.
$53.8M
16.1%
Free cash flow Cash from operations minus capital spending.
$48.4M
65.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.5%
2.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
89.7x
On $1.57 EPS (TTM)

What Novanta does

No business description yet.

Legal name
NOVANTA INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-064230
0001076930

Revenue and margins

Novanta had $981M of revenue in fiscal 2025, up 3.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 9.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $48.4M in fiscal 2025, 4.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Novanta returned $39.3M to shareholders in fiscal 2025, 81% of free cash flow. The diluted share count rose 1.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Novanta yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $127M and divides by 36.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 89.7x · peers 33.4x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Novanta can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $117M$100M$105M$114M$381M
Debt incl. finance leases $440M$441M$359M$421M$254M
Net debt / EBITDA 3.0x2.2x1.6x1.9x−0.8x
Debt / equity 0.8x0.8x0.5x0.6x0.2x
Interest coverage 10.3x7.2x4.4x3.4x4.2x
Current ratio 2.0x2.6x3.0x2.6x3.7x
Quick ratio 1.4x1.5x1.9x1.7x2.8x
Total assets $1.2B$1.2B$1.2B$1.4B$1.8B
Total liabilities $707M$664M$553M$643M$493M
Shareholders' equity $521M$578M$674M$746M$1.3B
Net debt (− = net cash) $323M$341M$254M$307M−$127M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$10.3M

3 insiders

Of sales under plans

100%

$10.3M

DateInsiderTradeSharesPriceValueFiling
Sep 11, 2026 Thomas N SecorDirector Sold plan 663 $147.60 $0.1M Form 4
Jul 2, 2026 Matthijs GlastraChief Executive Officer, Director Sold plan 6,500 $161.13 $1.0M Form 4
Jun 2, 2026 Matthijs GlastraChief Executive Officer, Director Sold plan 6,500 $168.66 $1.1M Form 4
May 12, 2026 Matthijs GlastraChief Executive Officer, Director Sold plan 7,500 $150.43 $1.1M Form 4
May 5, 2026 Matthijs GlastraChief Executive Officer, Director Sold plan 6,500 $131.13 $0.9M Form 4
Apr 17, 2026 Matthijs GlastraChief Executive Officer, Director Sold plan 6,500 $130.05 $0.8M Form 4
Mar 16, 2026 Robert BuckleyChief Financial Officer Sold plan 9,957 $116.77 $1.2M Form 4
Mar 2, 2026 Matthijs GlastraChief Executive Officer, Director Sold plan 6,500 $138.34 $0.9M Form 4
Feb 20, 2026 Robert BuckleyChief Financial Officer Sold plan 1,423 $140.88 $0.2M Form 4
Feb 10, 2026 Matthijs GlastraChief Executive Officer, Director Sold plan 7,500 $145.04 $1.1M Form 4
Feb 2, 2026 Matthijs GlastraChief Executive Officer, Director Sold plan 6,500 $135.15 $0.9M Form 4
Jan 21, 2026 Matthijs GlastraChief Executive Officer, Director Sold plan 7,500 $140.00 $1.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✓ ✓ ✕
F-score 7 / 94 / 95 / 9
Accruals ratio −3.8%−7.2%−0.6%
Altman Z'' 3.903.645.80

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Novanta NOVT $5.8B 3.3% 9.6% 4.9% 6.5% 89.7x 5
Cognex CGNX $9.4B 8.7% 16.4% 23.8% 8.4% 53.4x 7 Compare →
Crane NXT CXT $3.3B 11.4% 14.9% 12.0% 10.4% 23.6x 4 Compare →
Vontier VNT $4.8B 3.2% 18.3% 14.3% 15.8% 14.2x 6 Compare →
Keysight Technologies KEYS $54.5B 8.0% 16.3% 23.8% 12.1% 43.1x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $385M $521M $614M $626M $591M $707M $861M $882M $949M $981M
Gross profit $163M $221M $262M $262M $245M $300M $379M $400M $422M $435M
Research and development $32.0M $41.7M $51.0M $56.0M $61.0M $72.5M $85.8M $91.7M $95.5M $95.5M
Operating income $33.0M $57.6M $71.0M $55.3M $55.9M $64.1M $103M $111M $111M $94.0M
Interest expense $2.9M $5.8M $8.9M $8.4M $5.5M $6.2M $14.3M $25.3M $32.7M $22.6M
Pretax income $32.5M $76.1M $61.3M $45.8M $48.4M $56.2M $87.2M $83.7M $79.1M $69.6M
Income tax $10.5M $13.8M $10.2M $5.0M $3.9M $5.8M $13.1M $10.9M $15.0M $15.8M
Net income $22.0M $60.1M $49.1M $40.8M $44.5M $50.3M $74.1M $72.9M $64.1M $53.8M
Diluted EPS $0.63 $1.13 $1.43 $1.15 $1.25 $1.41 $2.06 $2.02 $1.77 $1.47
Diluted shares 0.03B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $47.8M $63.4M $89.6M $63.2M $140M $94.6M $90.8M $120M $159M $64.1M
Capital expenditure $8.5M $9.1M $14.7M $10.7M $10.5M $20.0M $19.6M $20.0M $17.2M $15.6M
Free cash flow $39.3M $54.3M $75.0M $52.5M $130M $74.7M $71.1M $100M $141M $48.4M
Depreciation and amortization $21.0M $30.8M $37.1M $38.3M $38.3M $43.4M $53.2M $46.6M $55.6M $61.9M
Stock-based compensation $4.3M $5.5M $7.7M $9.3M $23.1M $25.6M $23.1M $25.6M $23.3M $29.5M
Acquisitions $9.0M $168M $33.5M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $1.6M $0.4M $5.8M $10.0M $5.5M $0.0M $10.0M $0.0M $0.0M $39.3M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $1.6M $0.4M $5.9M $10.0M $5.5M $0.0M $10.0M $0.0M $0.0M $39.3M
Balance sheet
Cash and short-term investments $68.1M $100M $82.0M $78.9M $125M $117M $100M $105M $114M $381M
Total debt $77.9M $235M $207M $220M $200M $435M $436M $354M $417M $251M
Finance lease liabilities $0.0M $0.0M $0.0M $16.2M $15.6M $5.9M $5.3M $4.7M $3.9M $3.2M
Current assets $199M $288M $282M $305M $304M $374M $421M $415M $434M $783M
Current liabilities $70.5M $98.2M $104M $135M $114M $184M $165M $139M $168M $212M
Inventory $59.7M $91.3M $105M $117M $92.7M $126M $168M $149M $145M $188M
Property and equipment, net $35.4M $61.7M $65.5M $77.6M $78.7M $87.4M $103M $109M $113M $119M
Total assets $426M $727M $720M $870M $865M $1.2B $1.2B $1.2B $1.4B $1.8B
Total liabilities $167M $368M $351M $453M $388M $707M $664M $553M $643M $493M
Shareholders' equity $259M $312M $368M $417M $477M $521M $578M $674M $746M $1.3B
Margins
Gross margin 42.2% 42.3% 42.6% 41.9% 41.4% 42.5% 44.0% 45.4% 44.4% 44.4%
Operating margin 8.6% 11.0% 11.6% 8.8% 9.5% 9.1% 12.0% 12.5% 11.7% 9.6%
EBITDA margin 14.0% 16.9% 17.6% 14.9% 16.0% 15.2% 18.2% 17.8% 17.5% 15.9%
Net margin 5.7% 11.5% 8.0% 6.5% 7.5% 7.1% 8.6% 8.3% 6.8% 5.5%
FCF margin 10.2% 10.4% 12.2% 8.4% 22.0% 10.6% 8.3% 11.4% 14.9% 4.9%
Returns
Return on capital 8.1% 13.2% 12.6% 9.2% 9.0% 8.1% 9.9% 10.4% 9.1% 6.5%
Return on capital employed 9.2% 11.7% 11.4% 8.2% 7.5% 7.1% 9.7% 10.2% 9.6% 6.7%
Return on equity 8.7% 21.1% 14.5% 10.4% 10.0% 10.1% 13.5% 11.7% 9.0% 5.2%
Return on assets 5.2% 10.4% 6.8% 5.1% 5.1% 4.8% 6.0% 5.9% 4.9% 3.4%
Growth
Revenue growth 3.0% 35.5% 17.9% 1.9% −5.7% 19.7% 21.8% 2.4% 7.7% 3.3%
Net income growth −38.2% 172.9% −18.2% −17.0% 9.2% 13.1% 47.1% −1.6% −12.1% −16.0%
EPS growth −38.2% 79.4% 26.6% −19.6% 8.7% 12.8% 46.1% −1.9% −12.4% −17.0%
FCF growth 41.1% 38.0% 38.1% −30.0% 147.1% −42.5% −4.7% 40.7% 41.2% −65.7%
Share count change 0.3% 1.1% 0.6% 0.2% 0.3% 0.4% 0.4% 0.3% 0.3% 1.6%
Financial health
Net debt / EBITDA 0.2x 1.5x 1.2x 1.7x 1.0x 3.0x 2.2x 1.6x 1.9x −0.8x
Debt / equity 0.3x 0.8x 0.6x 0.6x 0.5x 0.8x 0.8x 0.5x 0.6x 0.2x
Interest coverage 11.3x 9.9x 8.0x 6.6x 10.1x 10.3x 7.2x 4.4x 3.4x 4.2x
Current ratio 2.8x 2.9x 2.7x 2.3x 2.7x 2.0x 2.6x 3.0x 2.6x 3.7x
Quick ratio 2.0x 2.0x 1.7x 1.4x 1.9x 1.4x 1.5x 1.9x 1.7x 2.8x
Capital allocation
Capex / revenue 2.2% 1.7% 2.4% 1.7% 1.8% 2.8% 2.3% 2.3% 1.8% 1.6%
Stock comp / revenue 1.1% 1.1% 1.3% 1.5% 3.9% 3.6% 2.7% 2.9% 2.5% 3.0%
Payouts / FCF 4.2% 0.7% 7.8% 19.1% 4.2% 0.0% 14.1% 0.0% 0.0% 81.1%
Quality scores
Piotroski F-score 4.0 7.0 5.0 5.0 5.0 6.0 7.0 7.0 4.0 5.0
Altman Z'' 2.9 2.6 3.0 2.5 3.2 2.3 3.2 3.9 3.6 5.8
Accruals ratio −6.1% −0.6% −5.6% −2.8% −11.0% −4.2% −1.4% −3.8% −7.2% −0.6%

Source: SEC EDGAR XBRL filings (CIK 0001076930). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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