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Novanta Inc.

NOVT Technology Scientific & Technical Instruments

Novanta Inc.’s revenue for fiscal 2025 (year ended December 2025) was $980.6 million, up 3.30% from fiscal 2024.

Revenue
+10.3%
EPS
+158.3%
Free cash flow
+391.8%
Total debt
−50.0%

Quarter to June 2026, against a year earlier

135.15 3.33 +2.53%
Market cap
$5.0B
P/E
84.6×
Fwd P/E
74.3×
Dividend yield
—
F-score
5/9
Altman Z
6.64
Beneish M
−2.25
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Automation Enabling Technologies
  • Medical Solutions

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 11.57
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 4 3 2 1 2 1 1 — 1 — —
Insider Ownership 8.43%

Capital & Financial Ratios $m

Size
Market Cap 4,990.00
Revenue ttm 1,029.70
Net income ttm 61.76
Free cash flow ttm 109.09
Net debt Q (488.99)
Valuation
P/E 84.55 (above 35: high)
Forward P/E 74.30 (above 35: high)
Price / sales 5.35
Forward P/S Powerpack
Price / FCF 50.54
Price / book 3.41
Financial health
Current ratio Q 4.57 (at or above 1.5: strong)
Debt / equity Q 0.14 (at or below 0.5: strong)
Interest coverage Q 8.93
Growth
Revenue growth Q +10.27% (above 0%: growing)
Operating income growth Q +21.13% (above 0%: growing)
EPS, this year +12.26%
EPS, next year A +18.23% (at or above 15%: strong)
Revenue, next year A +15.54% (at or above 10%: strong)
EPS, past 5 yrs +3.30%
EPS, next 5 yrs A +10.09%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.9×, against a ten-year median of 5.3×; over the ten years it ranged from 1.2× in 2016 to 9.9× in 2021.
P/E against its own 10 years 63.78%
10-year low 10-year high
P/S against its own 10 years 51.58%
10-year low 10-year high
P/B against its own 10 years 12.57%
10-year low 10-year high
EV/Sales against its own 10 years 38.82%
10-year low 10-year high
EV/FCF against its own 10 years 48.50%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 105 114 381 719
Receivables 148 159 194 192
Inventory 149 145 188 193
Other — — — —
415 434 783 1,124
2023 2024 2025 Q'26
Payables 57 77 95 97
ST’ Debt 5 5 38 41
Other — — — —
139 168 212 246

Compound Annual Growth %

10y 5y 3y
Sales 10.13% 10.67% 4.43%
Cash Flow 6.72% (14.51%) (10.97%)
Earnings 4.22% 3.87% (10.09%)
Book Value 18.31% 22.48% 31.53%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.83 Actual 0.89

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.81 0.87 Beat by 0.06
Q4 FY25 0.88 0.91 Beat by 0.03
Q1 FY26 0.78 0.81 Beat by 0.03
Q2 FY26 0.83 0.89 Beat by 0.06
Q3 FY26 0.97 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.51 0.30 — — —
’25 0.59 0.12 0.30 0.45 1.47
’24 0.41 0.38 0.53 0.46 1.77
’23 0.51 0.58 0.59 0.35 2.02
’22 0.53 0.49 0.63 0.42 2.06
’21 0.32 0.33 0.38 0.38 1.41
’20 0.34 0.33 0.23 0.35 1.25
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 258 266 — — —
’25 233 241 248 258 981
’24 231 236 244 238 949
’23 219 229 222 212 882
’22 204 215 223 218 861
’21 163 168 178 199 707
’20 155 145 143 147 591
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 52 65 — — —
’25 32 15 8 9 64
’24 33 41 23 62 159
’23 10 26 45 39 120
’22 11 24 15 41 91
’21 23 29 14 29 95
’20 18 34 42 47 140
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 48 57 — — —
’25 33 12 4 0 48
’24 26 36 19 59 141
’23 7 23 38 33 100
’22 5 18 11 36 71
’21 20 23 8 24 75
’20 15 31 40 43 130
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 21.0% a year for ten years. It grew 9.3% a year over the last ten.

Implied
21.0%
10 years, reported
9.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 385 521 614 626 591 707 861 882 949 981 1,030 +11.0% 1,133 1,313 — +15.7%
Gross margin, % 42.22 42.30 42.57 41.86 41.40 42.49 43.96 45.36 44.41 44.39 44.54 +2.2 pt
EBT 33 76 61 46 48 56 87 84 79 70 80 +8.8%
EBT margin, % 8.45 14.60 9.98 7.31 8.20 7.95 10.12 9.50 8.33 7.10 7.74 (1.4) pt
Net income 22 62 51 41 45 50 74 73 64 54 62 +10.5%
Per share, $
Per share, $ Revenue 11.09 14.97 17.60 17.87 16.81 19.97 24.15 24.60 26.40 26.80 25.11 +10.3%
Earnings 0.63 1.14 1.46 1.16 1.27 1.42 2.08 2.03 1.78 1.47 1.59 +9.9%
Cash flow 1.38 1.82 2.57 1.81 3.99 2.67 2.55 3.35 4.41 1.75 3.26 +2.7%
Capex (0.16) (0.26) (0.46) (0.31) (0.30) (0.56) (0.55) (0.56) (0.48) (0.43) (0.60) +11.9%
Free cash flow 1.22 1.56 2.11 1.50 3.69 2.11 2.00 2.79 3.93 1.32 2.66 +0.9%
Book value 7.46 8.95 10.55 11.91 13.57 14.73 16.20 18.79 20.74 35.92 39.42 +19.1%
Shares, m 35 35 35 35 35 35 36 36 36 37 38 +0.6%
Valuation, ×
Valuation, × P/E 34.21 43.91 43.52 76.24 93.83 124.18 64.82 80.94 85.83 80.95 84.55 72.8
P/S 1.94 3.37 3.58 4.95 7.03 8.83 5.58 6.68 5.79 4.44 5.35 5.2
P/B 2.89 5.64 5.97 7.43 8.71 11.97 8.32 8.74 7.37 3.31 3.41 7.0
EV/Sales 1.97 3.63 3.78 5.17 7.16 9.28 5.97 6.96 6.10 4.31 4.88 5.4
EV/FCF 17.87 34.84 31.56 61.65 32.61 87.62 72.15 61.32 41.00 87.21 46.06 52.8
Cash, $m
Cash, $m Operating cash flow 48 63 90 63 140 95 91 120 159 64 134 +3.3%
Capex (5) (9) (16) (11) (11) (20) (20) (20) (17) (16) (25) +12.5%
Free cash flow 42 54 74 53 130 75 71 100 141 48 109 +1.5%
Balance, $m
Balance, $m Working capital 129 190 178 170 190 190 256 276 266 570 878 +18.0%
Net debt 10 135 125 141 75 317 335 249 303 (130) (489) n/m
Shareholders’ equity 259 312 368 417 477 521 578 673 746 1,314 1,616 +19.8%
Returns, %
Returns, % ROA 5.23 6.91 7.04 5.13 5.13 4.81 6.00 5.91 4.90 3.37 3.38 (1.9) pt
ROIC 7.67 8.07 8.99 6.19 6.33 4.78 7.06 7.48 6.59 4.96 5.12 (2.7) pt
ROE 8.74 13.96 14.97 10.38 9.96 10.09 13.48 11.65 9.03 5.23 5.11 (3.5) pt
People
People Employees 1,269 2,034 2,133 2,290 2,200 2,700 3,000 2,900 3,000 3,000 — +10.0%
Revenue/emp, $m 0.30 0.26 0.29 0.27 0.27 0.26 0.29 0.30 0.32 0.33 — +0.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Novanta supplies components and subsystems to original equipment manufacturers, or OEMs: companies that incorporate those parts into machines and devices sold to their own customers. Its customers operate in medical, life science and advanced industrial markets. Matthijs Glastra is its chair and chief executive officer.

Its technologies perform tasks that require precise control of light, movement or fluids. For example, its laser-scanning equipment directs beams for manufacturing and medical applications. Its motion products include sensors, motors and controls used in equipment such as surgical robots and laboratory instruments. It also makes accessories that attach to the end of a robot arm, including tool changers and sensors.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Automation Enabling Technologies 501 51.07%
Medical Solutions 480 48.93%
Gross margin 44.39%
Operating margin 9.59%
Pre-tax margin 7.10%

Revenue by segment since 2010

Novanta Inc. vs peers in Scientific & Technical Instruments (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TRMB Trimble Inc. $12.5B — (loss-making) — (loss-making) +7.28% (above 0%: growing) −45.89% (below 0%: shrinking) +21.61% (above 0%: growing) 68.17% 14.69% Compare
MKSI MKS Inc. $12.0B 21.5× 20.4× +43.02% (above 0%: growing) +216.91% (above 0%: growing) +100.00% (above 0%: growing) 47.70% 23.07% Compare
CGNX Cognex Corporation $8.0B 32.8× 28.9× +13.18% (above 0%: growing) +358.18% (above 0%: growing) +20.62% (above 0%: growing) 70.76% 32.17% Compare
ESE ESCO Technologies Inc. $7.0B 19.0× 39.6× +14.40% (above 0%: growing) +24.75% (above 0%: growing) −22.12% (below 0%: shrinking) 41.74% 14.80% Compare
ST Sensata Technologies Holding N.V. $5.6B 15.6× 13.7× +7.68% (above 0%: growing) n/m +45.49% (above 0%: growing) 33.07% 17.46% Compare
VNT Vontier Corporation $5.4B 17.0× 16.9× −2.07% (below 0%: shrinking) +4.69% (above 0%: growing) +57.96% (above 0%: growing) 47.60% 21.50% Compare
NOVT Novanta Inc. $5.0B 84.6× 74.3× +10.27% (above 0%: growing) +158.33% (above 0%: growing) +391.84% (above 0%: growing) 45.49% 6.79%
BMI Badger Meter, Inc. $4.6B 36.3× 35.1× +0.12% (above 0%: growing) +5.04% (above 0%: growing) −16.42% (below 0%: shrinking) 41.90% 20.23% Compare
ITRI Itron, Inc. $4.4B 15.6× 17.8× +3.04% (above 0%: growing) +13.76% (above 0%: growing) −15.75% (below 0%: shrinking) 40.86% 15.93% Compare
Median of peers $6.3B 19.0× 20.4× +7.48% +13.76% +21.12% 44.75% 18.85%

All 33 Scientific & Technical Instruments stocks →

From the latest earnings call

Updated

  • CEO Matthijs Glastra said all business units grew organically in the second quarter, with new product revenue rising by more than 50%.
  • Glastra said Novanta closed its Riverpoint Medical acquisition at the end of July and raised its full-year outlook to incorporate the business.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 118.70%
Held by the ten largest 52.97%
Holder Shares Stake Change
BlackRock 4.80m 12.69% +143.14k
Vanguard 4.32m 11.42% −80.46k
T. Rowe Price 2.74m 7.23% +950.76k
Allspring Global Investments Holdings, LLC 1.82m 4.81% +40.90k
State Street 1.44m 3.80% +97.62k
Conestoga Capital Advisors, LLC 1.22m 3.22% −231.85k
Geode Capital Management 987.73k 2.61% +50.75k
CONGRESS ASSET MANAGEMENT CO 973.77k 2.58% +64.06k
GW&K Investment Management, LLC 897.27k 2.37% +38.61k
BAMCO INC /NY/ 850.49k 2.25% −64.59k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.04m 2.43m 100.65
2024 8.78m (260.04k) 129.23
2023 8.26m 14.43m 142.45
2022 7.30m 2.78m 114.93
2021 12.38m 24.52m 149.15

Ownership

Directors and executive officers, together 1.20%
BlackRock, Inc. 12.90%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Novanta Inc. (NOVT) Latest News

28 Oct

Impact 3 · · Zacks

22 Oct

Impact 3 · · StockStory

15 Oct

Impact 3 · · StockStory

29 Sep

Impact 3 · · StockStory

19 Sep

Impact 3 ·
Impact 3 ·

4 Sep

Impact 3 ·

14 Aug

Impact 3 ·

13 Aug

Impact 3 · · The Motley Fool transcript

10 Aug

Impact 4 ·

9 Aug

Impact 4 ·

8 Aug

Impact 4 ·

7 Aug

Impact 4 · transcript
Impact 3 · · MarketBeat transcript

6 Aug

Impact 3 ·

5 Aug

Impact 4 ·
Impact 3 ·
Impact 3 ·

27 Jul

Impact 4 ·

9 Jun

Impact 4 · · medicaldevice-network.com
Impact 4 · · Business Wire
Impact 4 · · Business Wire

20 May

Impact 3 · · StockStory

16 May

Impact 4 · · StockStory

15 May

Impact 4 · · Simply Wall St.

13 May

Impact 3 · · StockStory

12 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · GuruFocus.com
Impact 4 · · Simply Wall St.
Impact 4 · · MarketBeat

NOVT metrics, ten years each

stockrow.com/NOVT · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com