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.
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Novanta Inc. (NOVT) Altman Z-score
Novanta Inc.'s Altman Z-score for fiscal 2025 is 6.64, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.64 | 0.07 |
| FY2024 | 6.57 | (1.50) |
| FY2023 | 8.07 | 2.33 |
| FY2022 | 5.74 | (0.56) |
| FY2021 | 6.30 | (1.29) |
| FY2020 | 7.59 | 2.38 |
| FY2019 | 5.21 | 0.13 |
| FY2018 | 5.08 | 1.52 |
| FY2017 | 3.56 | (0.03) |
| FY2016 | 3.59 | 1.08 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.32 | — | 0.38 | |
| Retained earnings / total assets | 0.18 | — | 0.25 | |
| EBIT / total assets | 0.05 | — | 0.17 | |
| Market value of equity / total liabilities | 8.83 | — | 5.30 | |
| Sales / total assets | 0.54 | — | 0.54 | |
| Altman Z-score | Safe zone | 6.64 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.80 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BMI Badger Meter, Inc. compare | 14.8× |
| CGNX Cognex Corporation compare | 8.3× |
| NOVT Novanta Inc. | 6.6× |
| ESE ESCO Technologies Inc. compare | 5.3× |
| TRMB Trimble Inc. compare | 4.4× |
| VNT Vontier Corporation compare | 2.9× |
| ITRI Itron, Inc. compare | 2.5× |
| ST Sensata Technologies Holding N.V. compare | 2.1× |
| MKSI MKS Inc. compare | 2.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets