Saturday 17 October 2026
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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. In the quarter to June 2026, revenue grew 10.3%, EPS grew 158.3%, free cash flow grew 391.8% and total debt fell 50.0%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
128.79
6.01
−4.46%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
4 | 6 | 6 | 4 | 6 | 4 | 8 | 7 | 4 | 5 |
P/E ratio |
34.21 | 43.91 | 43.52 | 76.24 | 93.83 | 124.18 | 64.82 | 80.94 | 85.83 | 80.95 |
P/S ratio |
1.94 | 3.37 | 3.58 | 4.95 | 7.03 | 8.83 | 5.58 | 6.68 | 5.79 | 4.44 |
Altman Z-Score |
3.59 | 3.56 | 5.08 | 5.21 | 7.59 | 6.30 | 5.74 | 8.07 | 6.57 | 6.64 |
P/FCF ratio |
17.64 | 32.36 | 29.86 | 58.96 | 32.03 | 83.39 | 67.44 | 58.82 | 38.85 | 89.90 |
Altman Z″-Score (non-manufacturers) |
2.85 | 2.46 | 3.02 | 2.53 | 3.19 | 2.29 | 3.17 | 3.90 | 3.64 | 5.80 |
Beneish M-Score |
(2.67) | (2.23) | (2.71) | (2.41) | (3.14) | (2.33) | (2.41) | (2.56) | (2.72) | (2.25) |
P/Operating CF |
57.16 | 79.59 | 100.31 | 87.50 | 89.25 | 217.37 | 118.36 | 151.04 | 89.21 | 494.46 |
P/B ratio |
2.89 | 5.64 | 5.97 | 7.43 | 8.71 | 11.97 | 8.32 | 8.74 | 7.37 | 3.31 |
Price to Tangible BV |
8.40 | 0.00 | 286.66 | 0.00 | 98.20 | 0.00 | 0.00 | 134.06 | 0.00 | 8.96 |
EV/Sales |
1.97 | 3.63 | 3.78 | 5.17 | 7.16 | 9.28 | 5.97 | 6.96 | 6.10 | 4.31 |
EV/EBITDA |
14.21 | 21.43 | 21.51 | 34.62 | 44.91 | 61.04 | 32.91 | 39.07 | 34.88 | 27.08 |
EV/Operating CF |
15.85 | 29.87 | 25.93 | 51.22 | 30.16 | 69.31 | 56.65 | 51.12 | 36.56 | 65.94 |
EV/FCF |
17.87 | 34.84 | 31.56 | 61.65 | 32.61 | 87.62 | 72.15 | 61.32 | 41.00 | 87.21 |
Quick Ratio |
1.90 | 1.89 | 1.61 | 1.30 | 1.78 | 1.28 | 1.45 | 1.81 | 1.63 | 2.71 |
Current Ratio |
2.83 | 2.93 | 2.70 | 2.26 | 2.66 | 2.03 | 2.56 | 2.98 | 2.58 | 3.69 |
Net Debt/EBITDA |
0.18 | 1.52 | 1.16 | 1.51 | 0.80 | 2.95 | 2.15 | 1.59 | 1.82 | (0.83) |
Debt/Assets |
18.31% | 32.29% | 28.82% | 25.34% | 23.17% | 35.38% | 35.08% | 28.90% | 30.01% | 13.88% |
Debt/Equity |
0.30 | 0.75 | 0.56 | 0.53 | 0.42 | 0.83 | 0.75 | 0.53 | 0.56 | 0.19 |
Asset Turnover |
0.91 | 0.90 | 0.85 | 0.79 | 0.68 | 0.68 | 0.70 | 0.71 | 0.73 | 0.61 |
Operating CF/Net income |
2.17 | 1.59 | 1.76 | 1.55 | 3.15 | 1.88 | 1.23 | 1.65 | 2.47 | 1.19 |
Capex/Depreciation |
(0.27) | (0.29) | (0.43) | (0.28) | (0.27) | (0.46) | (0.37) | (0.43) | (0.31) | (0.25) |
Interest Coverage |
7.23 | 8.03 | 7.24 | — | — | — | — | — | — | — |
| 8.74% | 13.96% | 14.97% | 10.38% | 9.96% | 10.09% | 13.48% | 11.65% | 9.03% | 5.23% | |
| 5.23% | 6.91% | 7.04% | 5.13% | 5.13% | 4.81% | 6.00% | 5.91% | 4.90% | 3.37% | |
ROIC |
7.67% | 8.07% | 8.99% | 6.19% | 6.33% | 4.78% | 7.06% | 7.48% | 6.59% | 4.96% |
Return on Tangible Assets |
13.40% | 15.83% | 20.94% | 16.49% | 16.57% | 18.15% | 20.62% | 18.90% | 16.91% | 7.82% |
Average Days of Receivables |
62.45 | 60.12 | 50.98 | 56.54 | 48.36 | 60.74 | 59.02 | 61.07 | 61.18 | 72.31 |
Research and Development Expense of Revenue |
8.32% | 7.99% | 8.31% | 8.94% | 10.33% | 10.26% | 9.96% | 10.40% | 10.06% | 9.74% |
Selling, General and Administrative Expense of Revenue |
21.13% | 19.50% | 18.87% | 18.91% | 18.60% | 18.27% | 18.46% | 18.65% | 18.54% | 19.95% |
Intangible Assets out of Total Assets |
0.40 | 0.50 | 0.50 | 0.51 | 0.50 | 0.57 | 0.53 | 0.51 | 0.55 | 0.46 |
Share Based Compensation of Revenue |
1.12% | 1.05% | 1.26% | 1.49% | 3.91% | 3.62% | 2.68% | 2.90% | 2.46% | 3.01% |
Graham Net Nets |
0.04 | (0.07) | (0.03) | (0.05) | (0.02) | (0.05) | (0.05) | (0.02) | (0.04) | 0.07 |
Graham Number |
10.28 | 15.22 | 18.53 | 17.63 | 19.61 | 21.69 | 27.54 | 29.29 | 28.82 | 34.47 |
Earnings Yield |
2.92% | 2.28% | 2.30% | 1.31% | 1.07% | 0.81% | 1.54% | 1.24% | 1.17% | 1.24% |
Free Cash Flow Yield |
5.67% | 3.09% | 3.35% | 1.70% | 3.12% | 1.20% | 1.48% | 1.70% | 2.57% | 1.11% |
Revenue per Share |
11.09 | 14.97 | 17.60 | 17.87 | 16.81 | 19.97 | 24.15 | 24.60 | 26.40 | 26.80 |
Operating CF per Share |
1.38 | 1.82 | 2.57 | 1.81 | 3.99 | 2.67 | 2.55 | 3.35 | 4.41 | 1.75 |
Capex per Share |
(0.16) | (0.26) | (0.46) | (0.31) | (0.30) | (0.56) | (0.55) | (0.56) | (0.48) | (0.43) |
Free Cash Flow per Share |
1.22 | 1.56 | 2.11 | 1.50 | 3.69 | 2.11 | 2.00 | 2.79 | 3.93 | 1.32 |
Cash per Share |
1.96 | 2.87 | 2.35 | 2.25 | 3.56 | 3.32 | 2.81 | 2.93 | 3.17 | 10.41 |
Shareholders Equity per Share |
7.46 | 8.95 | 10.55 | 11.91 | 13.57 | 14.73 | 16.20 | 18.79 | 20.74 | 35.92 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
7.46 | 8.95 | 10.55 | 11.91 | 13.57 | 14.73 | 16.20 | 18.79 | 20.74 | 35.92 |
Free Cash Flow |
42.38 | 54.33 | 73.66 | 52.55 | 129.72 | 74.85 | 71.27 | 100.11 | 141.35 | 48.43 |
Working Capital |
128.75 | 189.71 | 177.57 | 169.67 | 189.94 | 189.89 | 256.00 | 276.12 | 265.86 | 570.23 |
Capital Expenditures |
(5.40) | (9.05) | (15.99) | (10.70) | (10.52) | (19.78) | (19.51) | (19.96) | (17.16) | (15.63) |
Net Current Asset Value |
32.48 | (127.28) | (69.55) | (148.05) | (84.20) | (332.77) | (243.11) | (137.30) | (209.16) | 289.78 |
EV/EBIT |
22.98 | 32.88 | 32.74 | 58.60 | 75.69 | 102.39 | 49.89 | 55.55 | 52.40 | 44.93 |
Capex to Sales |
0.01 | 0.02 | 0.03 | 0.02 | 0.02 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 |
Price to Operating Income |
22.69 | 30.54 | 30.97 | 56.04 | 74.34 | 97.44 | 46.63 | 53.30 | 49.66 | 46.31 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.57 | 0.50 | 0.57 | 0.49 | 0.49 | 0.50 | 0.52 | 0.43 | 0.49 | 0.52 |
Cash ROIC |
10.47% | 8.41% | 11.20% | 7.33% | 16.17% | 6.97% | 6.40% | 8.84% | 11.07% | 2.49% |
Accounts Receivable Turnover |
6.13 | 6.87 | 7.16 | 6.85 | 6.74 | 7.22 | 6.70 | 6.15 | 6.19 | 5.55 |
Accounts Payable Turnover |
7.85 | 8.35 | 7.79 | 7.05 | 7.24 | 7.29 | 6.71 | 7.28 | 7.87 | 6.35 |
Inventory Turnover |
3.73 | 3.98 | 3.60 | 3.29 | 3.31 | 3.72 | 3.29 | 3.04 | 3.59 | 3.28 |
Average Days of Payables |
52.89 | 48.29 | 52.49 | 52.73 | 45.31 | 61.52 | 56.91 | 43.33 | 53.18 | 63.50 |
Days of Inventory on Hand |
98.09 | 110.77 | 108.38 | 116.93 | 97.80 | 112.84 | 127.10 | 113.17 | 100.02 | 126.03 |
Average Receivables |
62.76 | 75.85 | 85.84 | 91.40 | 87.62 | 97.94 | 128.41 | 143.36 | 153.31 | 176.68 |
Average Payables |
28.31 | 36.00 | 45.26 | 51.66 | 47.78 | 55.74 | 71.87 | 66.21 | 67.04 | 85.88 |
Average Inventory |
59.66 | 75.51 | 98.02 | 110.69 | 104.68 | 109.20 | 146.83 | 158.68 | 146.99 | 166.45 |
Average Assets |
420.84 | 576.17 | 723.14 | 794.66 | 867.46 | 1,046.53 | 1,234.55 | 1,233.63 | 1,307.28 | 1,597.81 |
Average Common Equity |
251.79 | 285.21 | 339.90 | 392.71 | 446.99 | 499.05 | 549.44 | 625.52 | 709.58 | 1,029.99 |
Columns are period end dates