Novanta Inc. (NOVT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.83	$0.89	+7.2%	—	$265.8M	—
Q1 26	$0.78	$0.81	+3.8%	—	$257.7M	—
Q4 25	$0.88	$0.91	+3.4%	—	$258.3M	—
Q3 25	$0.82	$0.87	+6.1%	—	$247.8M	—
Q2 25	$0.73	$0.76	+4.1%	—	$241M	—
Q1 25	$0.67	$0.74	+10.4%	—	$233.4M	—
Q4 24	$0.71	$0.76	+7.0%	—	$238.1M	—
Q3 24	$0.85	$0.85	0.0%	—	$244.4M	—
Q2 24	$0.69	$0.73	+5.8%	—	$235.9M	—
Q1 24	$0.58	$0.74	+27.6%	—	$230.9M	—
Q4 23	$0.64	$0.63	-1.6%	—	$211.6M	—
Q3 23	$0.74	$0.85	+14.9%	—	$221.5M	—
Q2 23	$0.73	$0.8	+9.6%	—	$229.5M	—
Q1 23	$0.64	$0.74	+15.6%	—	$219.1M	—
Q4 22	$0.72	$0.75	+4.2%	—	$218.4M	—
Q3 22	$0.74	$0.81	+9.5%	—	$223M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.47	—	—	$980.6M	—
FY24	—	$1.78	—	—	$949.2M	—
FY23	—	$2.03	—	—	$881.7M	—
FY22	—	$2.08	—	—	$860.9M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$384.8M	$521.3M	$614.3M	$626.1M	$590.6M	$706.8M	$860.9M	$881.7M	$949.2M	$980.6M
YoY change	+2.99%	+35.5%	+17.8%	+1.91%	-5.67%	+19.7%	+21.8%	+2.41%	+7.67%	+3.3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	384.8M	521.3M	614.3M	626.1M	590.6M	706.8M	860.9M	881.7M	949.2M	980.6M
Cost of revenue	222.3M	300.8M	352.8M	364M	346.1M	406.5M	482.4M	481.8M	527.7M	545.3M
Gross profit	162.5M	220.5M	261.5M	262.1M	244.5M	300.3M	378.5M	399.9M	421.5M	435.3M
Gross margin	42.2%	42.3%	42.6%	41.9%	41.4%	42.5%	44%	45.4%	44.4%	44.4%
Research & development	32M	41.7M	51M	56M	61M	72.5M	85.8M	91.7M	95.5M	95.5M
Selling, general & administrative	81.3M	101.7M	115.9M	118.4M	109.9M	129.2M	158.9M	164.5M	175.9M	195.7M
Operating expenses	113.3M	143.3M	166.9M	174.4M	170.8M	201.7M	244.7M	256.1M	271.5M	291.1M
Operating income	40.9M	65.1M	79.1M	71.9M	59.7M	82.1M	107.5M	123.3M	124.3M	116.7M
Operating margin	10.6%	12.5%	12.9%	11.5%	10.1%	11.6%	12.5%	14%	13.1%	11.9%
Non-operating income, net	-3.8M	18.2M	-7.9M	-17.6M	-4.7M	-18.5M	-4.7M	-13.7M	-13.7M	-25.6M
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	5M	3.9M	5.8M	13.1M	10.9M	15M	15.8M
Net income	22M	62.3M	51.1M	40.8M	44.5M	50.3M	74.1M	72.9M	64.1M	53.8M
Net margin	5.72%	12%	8.32%	6.51%	7.54%	7.12%	8.6%	8.27%	6.75%	5.49%
EBITDA	66.9M	77.4M	124M	127.5M	102.7M	143.6M	164.9M	183M	193.2M	203.4M
EPS	0.63	1.14	1.46	1.16	1.27	1.42	2.08	2.03	1.78	1.47
Diluted EPS	0.63	1.13	1.43	1.15	1.25	1.41	2.06	2.02	1.77	1.47

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	221.5M	211.6M	230.9M	235.9M	244.4M	238.1M	233.4M	241M	247.8M	258.3M	257.7M	265.8M
Cost of revenue	119.9M	115M	130.5M	132.2M	135.2M	129.8M	129M	134.3M	136.9M	145.1M	144.1M	144.9M
Gross profit	101.6M	96.6M	100.4M	103.7M	109.2M	108.2M	104.4M	106.7M	110.9M	113.3M	113.6M	120.9M
Gross margin	45.9%	45.6%	43.5%	44%	44.7%	45.5%	44.7%	44.3%	44.8%	43.8%	44.1%	45.5%
Research & development	22M	23.5M	23.2M	23.7M	23.3M	25.3M	23.2M	25.3M	24.1M	22.9M	23.3M	24M
Selling, general & administrative	39.6M	41.7M	43.5M	44.8M	44.3M	43.3M	45.6M	47.1M	51.4M	51.6M	54.4M	60M
Operating expenses	61.7M	65.2M	66.8M	68.5M	67.6M	68.6M	68.8M	72.4M	75.5M	74.4M	77.7M	83.9M
Operating income	34.8M	26.3M	27.9M	28.3M	35.1M	33.1M	30M	27.5M	28.5M	30.7M	30.1M	30.6M
Operating margin	15.7%	12.4%	12.1%	12%	14.3%	13.9%	12.8%	11.4%	11.5%	11.9%	11.7%	11.5%
Non-operating income, net	-5M	-4.6M	-2.7M	-2.9M	-2.8M	-5.4M	2.1M	-15.9M	-6.8M	-5M	-1.9M	-13.6M
Pretax income	23M	15.7M	16.9M	17.1M	24.2M	20.8M	26.4M	5.8M	15.8M	21.7M	26.4M	15.9M
Income tax	1.8M	3.2M	2.2M	3.4M	5M	4.3M	5.2M	1.3M	5.1M	4.2M	5.3M	3.4M
Net income	21.2M	12.5M	14.7M	13.8M	19.2M	16.5M	21.2M	4.5M	10.7M	17.5M	21.1M	12.5M
Net margin	9.58%	5.91%	6.36%	5.83%	7.85%	6.92%	9.09%	1.87%	4.3%	6.76%	8.19%	4.72%
EBITDA	51M	42.4M	43.4M	45.2M	51.9M	52.6M	41.4M	58.4M	50.9M	52.7M	46.2M	58.5M
EPS	0.59	—	0.41	0.38	0.53	0.46	0.59	0.12	0.3	0.46	0.52	0.31
Diluted EPS	0.59	—	0.41	0.38	0.53	0.46	0.59	0.12	0.3	0.45	0.51	0.3

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	728.6M	1.7B	2.2B	3.1B	4.2B	6.2B	4.8B	6B	5.5B	4.4B	5.4B
Enterprise value	746.5M	1.9B	2.3B	3.3B	4.3B	6.6B	5.2B	6.3B	5.8B	4.3B	5B
Shares outstanding	34.7M	34.8M	34.9M	35M	35.1M	35.4M	35.7M	35.8M	36M	36.6M	36.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	33.1	27.9	43	76	93.3	124	65.4	82.8	85.7	80.9	89.9
P/S	1.89	3.34	3.58	4.95	7.03	8.83	5.63	6.85	5.79	4.44	5.22
P/B	2.81	5.59	5.97	7.43	8.71	12	8.39	8.96	7.37	3.31	3.32
EV/EBITDA	11.2	24.2	18.8	25.8	41.7	46.1	31.7	34.6	30.3	21	27.7
EV/Sales	1.94	3.6	3.8	5.26	7.25	9.36	6.08	7.19	6.16	4.36	4.87
Earnings yield	3.02%	3.58%	2.32%	1.32%	1.07%	0.81%	1.53%	1.21%	1.17%	1.24%	1.11%
FCF yield	5.4%	3.12%	3.41%	1.69%	3.06%	1.16%	1.44%	1.66%	2.57%	1.11%	2.2%
PEG	—	—	—	—	—	—	—	—	—	—	0.57

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	42.2%	42.3%	42.6%	41.9%	41.4%	42.5%	44%	45.4%	44.4%	44.4%	45.5%
Operating margin	10.6%	12.5%	12.9%	11.5%	10.1%	11.6%	12.5%	14%	13.1%	11.9%	11.5%
Net margin	5.72%	12%	8.32%	6.51%	7.54%	7.12%	8.6%	8.27%	6.75%	5.49%	6%
ROE	8.5%	20%	13.9%	9.77%	9.34%	9.66%	12.8%	10.8%	8.59%	4.1%	5.11%
ROA	5.17%	8.57%	7.1%	4.69%	5.15%	4.1%	5.97%	5.94%	4.62%	2.98%	4.09%
ROIC	10%	11.9%	13.2%	10.4%	9.05%	8.2%	9.44%	11%	9.14%	7.3%	7.86%
Return on tangible assets	25.6%	-1.2K%	-3.2K%	-338.8%	-1.2K%	-29.1%	-108.7%	-220.8%	-42.3%	35.7%	11.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.83	2.93	2.7	2.26	2.66	2.03	2.56	2.98	2.58	3.69	4.57
Quick ratio	1.98	2	1.7	1.39	1.85	1.35	1.53	1.91	1.72	2.8	3.79
Debt / equity	0.33	0.75	0.58	0.66	0.53	0.95	0.85	0.6	0.63	0.23	0.18
Debt / assets	0.2	0.32	0.3	0.32	0.29	0.4	0.39	0.33	0.34	0.17	0.13
Net debt / EBITDA	0.27	1.74	1.07	1.54	1.27	2.62	2.36	1.64	1.85	-0.39	-2.08
Effective tax rate	32.3%	18.2%	16.7%	10.9%	8.02%	10.4%	15%	13%	18.9%	22.7%	22.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11.1	15	17.6	17.9	16.8	20	24.1	24.6	26.4	26.8	26.4
EPS (basic)	0.63	1.14	1.46	1.16	1.27	1.42	2.08	2.03	1.78	1.47	1.47
EPS (diluted)	0.63	1.13	1.43	1.15	1.25	1.41	2.06	2.02	1.77	1.47	1.58
Book value per share	7.46	8.95	10.5	11.9	13.6	14.7	16.2	18.8	20.7	35.9	42.7
FCF per share	1.13	1.56	2.15	1.5	3.62	2.05	1.95	2.79	3.93	1.32	2.78
Cash per share	1.96	2.87	2.35	2.25	3.56	3.32	2.81	2.93	3.17	10.4	19
Capex per share	0.04	0.26	0.41	0.31	0.3	0.62	0.59	0.55	0.47	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.37%	1.74%	2.34%	1.71%	1.78%	3.11%	2.44%	2.26%	1.79%	—	—
Capex / operating cash flow	3%	9.99%	16.7%	17.6%	7.99%	23.4%	23.7%	18.1%	11.2%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$221.5M	$211.6M	$230.9M	$235.9M	$244.4M	$238.1M	$233.4M	$241M	$247.8M	$258.3M	$257.7M	$265.8M
YoY change	-0.65%	-3.12%	+5.38%	+2.79%	+10.3%	+12.5%	+1.06%	+2.2%	+1.4%	+8.52%	+10.4%	+10.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	68.1M	100.1M	82M	78.9M	125.1M	117.4M	100.1M	105.1M	114M	380.9M
Receivables	63.8M	81.5M	84M	91.1M	75.1M	115.6M	137.7M	139.4M	151M	184.9M
Inventory	59.7M	91.3M	104.8M	116.6M	92.7M	125.7M	168M	149.4M	144.6M	188.3M
Total current assets	199.3M	287.9M	281.8M	304.5M	304.2M	373.8M	420.5M	415.3M	433.6M	782.6M
Property, plant & equipment	73.8M	114.8M	121.5M	112.7M	113.1M	135.8M	146.5M	147.8M	156M	160.2M
Goodwill & intangibles	339.7M	732.1M	721.2M	881.8M	869M	1.4B	1.3B	1.3B	1.5B	1.7B
Total assets	425.6M	726.7M	719.6M	869.7M	865.2M	1.2B	1.2B	1.2B	1.4B	1.8B
Accounts payable	32.2M	39.8M	50.7M	52.6M	43M	68.5M	75.2M	57.2M	76.9M	94.9M
Short-term debt	7.4M	9.1M	4.5M	11.4M	21.4M	13M	13.3M	13.9M	15.3M	48.1M
Total current liabilities	70.5M	98.2M	104.2M	134.8M	114.2M	183.9M	164.5M	139.2M	167.8M	212.4M
Long-term debt	78.7M	225.5M	210.1M	264.3M	233.6M	480.4M	476.1M	390.7M	455.7M	253.8M
Total liabilities	166.8M	415.2M	351.3M	452.6M	388.4M	706.6M	663.6M	552.6M	642.8M	492.8M
Shareholders' equity	258.9M	311.5M	368.3M	417.2M	476.8M	521.3M	577.6M	673.5M	745.7M	1.3B
Total debt	86M	234.6M	214.7M	275.7M	255.1M	493.4M	489.4M	404.6M	471M	301.9M
Net debt	17.9M	134.6M	132.6M	196.7M	130M	376M	389.3M	299.5M	357M	-79M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	76M	105.1M	93.5M	98.5M	92.7M	114M	106M	109.9M	89.2M	380.9M	388.8M	718.6M
Receivables	143.1M	139.4M	150.9M	145M	164.5M	151M	164.2M	161.2M	170.6M	184.9M	173.9M	178.7M
Inventory	153.8M	149.4M	161.4M	160M	154M	144.6M	145.4M	168.1M	180M	188.3M	193.1M	192.7M
Total current assets	391.3M	415.3M	428.8M	424.8M	436.9M	433.6M	434.1M	462.1M	468.4M	782.6M	786.8M	1.1B
Property, plant & equipment	143.8M	147.8M	158.1M	158.4M	164.2M	156M	153.8M	163M	163.1M	160.2M	157.3M	166.5M
Goodwill & intangibles	1.3B	1.3B	1.6B	1.6B	1.6B	1.5B	1.5B	1.7B	1.7B	1.7B	1.6B	1.6B
Total assets	1.2B	1.2B	1.4B	1.4B	1.4B	1.4B	1.4B	1.5B	1.5B	1.8B	1.8B	2.1B
Accounts payable	64M	57.2M	71.4M	71M	68.7M	76.9M	82.5M	89M	100.2M	94.9M	96.2M	97.5M
Short-term debt	13.5M	13.9M	14.8M	15.3M	15.7M	15.3M	15.6M	15.5M	15.8M	48.1M	50.1M	51.4M
Total current liabilities	138.4M	139.2M	151.4M	153.5M	156.6M	167.8M	146.7M	181.9M	186.9M	212.4M	220.8M	245.9M
Long-term debt	390.6M	390.7M	555.5M	522M	498.5M	455.7M	427M	497.9M	488.6M	253.8M	240.4M	233.3M
Total liabilities	549.4M	552.6M	728.9M	696.6M	676.6M	642.8M	615.7M	709.6M	704.3M	492.8M	488M	523.1M
Shareholders' equity	644.9M	673.5M	681.7M	702M	742.2M	745.7M	769.8M	801.4M	801.5M	1.3B	1.3B	1.6B
Total debt	404.1M	404.6M	570.3M	537.3M	514.3M	471M	442.5M	513.4M	504.5M	301.9M	290.5M	284.7M
Net debt	328.1M	299.5M	476.8M	438.8M	421.6M	357M	336.5M	403.5M	415.3M	-79M	-98.3M	-433.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	22M	62.3M	51.1M	40.8M	44.5M	50.3M	74.1M	72.9M	64.1M	53.8M
Depreciation & amortization	20.4M	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
Change in working capital	-501K	-11.7M	-4.3M	-25.9M	35.1M	-23.9M	-43.9M	-22M	20.4M	-73.9M
Operating cash flow	47.5M	90.6M	86.3M	60.8M	131.7M	94M	88.7M	109.9M	151.3M	64.1M
Capital expenditure	-1.4M	-9M	-14.4M	-10.7M	-10.5M	-22M	-21M	-19.9M	-17M	—
Investing cash flow	-12.9M	-177.4M	-45.6M	-63.8M	-10.5M	-306.7M	-42.5M	-19.9M	-208.2M	-64.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-1.6M	-370K	-5.8M	-10M	-5.5M	0	-10M	0	0	-39.3M
Financing cash flow	-23.2M	320.1M	-79.6M	12.2M	-119.7M	172.4M	-119.2M	-184.4M	-74.1M	-89.4M
Net change in cash	11.5M	233.3M	-38.9M	9.1M	1.4M	-40.3M	-73.1M	-94.4M	-131M	-89.6M
Free cash flow	39.3M	54.3M	75M	52.5M	127.1M	72.4M	69.7M	100.1M	141.3M	48.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	21.2M	12.5M	14.7M	13.8M	19.2M	16.5M	21.2M	4.5M	10.7M	17.5M	21.1M	12.5M
Depreciation & amortization	11.4M	11.5M	12.9M	14.1M	14.2M	14.4M	13.6M	15.6M	15.7M	17.1M	14.2M	14.6M
Stock-based compensation	6M	7.2M	6.1M	6.2M	6.4M	4.6M	7.1M	7.5M	6.7M	8.2M	9.8M	9.8M
Change in working capital	9.3M	4.2M	-701K	4.1M	-11M	28M	-10.7M	-8.6M	-19.3M	-35.2M	10.4M	30.2M
Operating cash flow	43.6M	33.3M	32.4M	34.8M	25M	59.3M	29.2M	15.1M	8.5M	8.8M	51.6M	64.9M
Capital expenditure	-6.8M	-6.2M	-6.4M	-4.9M	-3.6M	-2.1M	1.3M	—	—	—	—	—
Investing cash flow	-6.8M	-6.2M	-197.6M	-4.9M	-3.6M	-2.1M	1.3M	-63.2M	-1.1M	0	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	—	—	—	—	-6.2M	0	-14.1M	-19.1M	-18.6M	0
Financing cash flow	-21.5M	-91.6M	153.5M	-32M	-28.9M	-35.6M	-42.7M	54.8M	-23.4M	-336.7M	-40.1M	-17.9M
Net change in cash	15.4M	-64.4M	-11.8M	-2.2M	-7.5M	21.6M	-12.3M	6.7M	-16M	-327.9M	11.5M	47.1M
Free cash flow	37.8M	32.8M	26.4M	36.2M	19.5M	59.3M	27.4M	11.7M	4.2M	5.1M	47.5M	57.5M

Novanta Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement