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%
Market cap
$5.1B
P/E
81.0×
Fwd P/E
62.9×
Dividend yield
—
F-score
5/9
Altman Z
6.64
Beneish M
−2.25
Dividend safety
n/a

Insider Decisions trades per month

Total sells 11.57
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 2 4 3 2 1 2 1 1 — 1 —
Insider Ownership 8.43%

Capital & Financial Ratios $m

Market Cap 5,100.00
Revenue 1,029.70
Net Income 61.76
Free Cash Flow 109.09
Net Debt (488.99)
Current Ratio 4.57 (at or above 1.5: strong)
Debt/Equity 0.14 (at or below 0.5: strong)
P/E ratio 81.00 (above 35: high)
Fwd P/E 62.90 (above 35: high)
P/S ratio 5.13
P/B ratio 3.27
Past 5Y EPS Growth 3.30%
This Y EPS Growth 12.26%
Next Y EPS Growth 18.23% (at or above 15%: strong)
Next Y revenue growth 15.54% (at or above 10%: strong)
Next 5Y EPS Growth 10.09%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 57.02%
10-year low 10-year high
P/S against its own 10 years 48.29%
10-year low 10-year high
P/B against its own 10 years 11.24%
10-year low 10-year high
EV/Sales against its own 10 years 33.32%
10-year low 10-year high
EV/FCF against its own 10 years 46.89%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 11.23 20.70 48.40 60.15 66.44 116.55 110.84 111.20 146.86 98.27

Analyst estimates 2026–2028

Powerpack
High 21.75 55.10 78.85 96.31 127.91 184.44 177.11 187.61 187.12 155.39
People
People Employees 1,269 2,034 2,133 2,290 2,200 2,700 3,000 2,900 3,000 3,000
Revenue/emp, $m 0.30 0.26 0.29 0.27 0.27 0.26 0.29 0.30 0.32 0.33
Income, $m
Income, $m Revenue 385 521 614 626 591 707 861 882 949 981
Gross margin, % 42.22 42.30 42.57 41.86 41.40 42.49 43.96 45.36 44.41 44.39
EBT 33 76 61 46 48 56 87 84 79 70
EBT margin, % 8.45 14.60 9.98 7.31 8.20 7.95 10.12 9.50 8.33 7.10
Net income 22 62 51 41 45 50 74 73 64 54
Depreciation 20 31 37 38 38 43 53 47 56 62
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
Earnings 0.63 1.14 1.46 1.16 1.27 1.42 2.08 2.03 1.78 1.47
Cash flow 1.38 1.82 2.57 1.81 3.99 2.67 2.55 3.35 4.41 1.75
Capex (0.16) (0.26) (0.46) (0.31) (0.30) (0.56) (0.55) (0.56) (0.48) (0.43)
Free cash flow 1.22 1.56 2.11 1.50 3.69 2.11 2.00 2.79 3.93 1.32
Book value 7.46 8.95 10.55 11.91 13.57 14.73 16.20 18.79 20.74 35.92
Shares, m 35 35 35 35 35 35 36 36 36 37
Valuation, ×
Valuation, × P/E 34.21 43.91 43.52 76.24 93.83 124.18 64.82 80.94 85.83 80.95
P/S 1.94 3.37 3.58 4.95 7.03 8.83 5.58 6.68 5.79 4.44
P/B 2.89 5.64 5.97 7.43 8.71 11.97 8.32 8.74 7.37 3.31
EV/Sales 1.97 3.63 3.78 5.17 7.16 9.28 5.97 6.96 6.10 4.31
EV/FCF 17.87 34.84 31.56 61.65 32.61 87.62 72.15 61.32 41.00 87.21
Cash, $m
Cash, $m Operating cash flow 48 63 90 63 140 95 91 120 159 64
Capex (5) (9) (16) (11) (11) (20) (20) (20) (17) (16)
Free cash flow 42 54 74 53 130 75 71 100 141 48
Balance, $m
Balance, $m Working capital 129 190 178 170 190 190 256 276 266 570
Total debt 78 235 207 220 200 434 435 354 417 251
Net debt 10 135 125 141 75 317 335 249 303 (130)
Shareholders’ equity 259 312 368 417 477 521 578 673 746 1,314
Returns, %
Returns, % ROA 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
ROE 8.74 13.96 14.97 10.38 9.96 10.09 13.48 11.65 9.03 5.23
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
MKSI MKS Inc. $15.5B 32.9× 37.4× +28.26% (above 0%: growing) +181.52% (above 0%: growing) +38.97% (above 0%: growing) 47.68% 20.11% Compare
TRMB Trimble Inc. $14.2B — (loss-making) 24.1× +11.00% (above 0%: growing) n/m +492.59% (above 0%: growing) 69.43% 13.58% Compare
CGNX Cognex Corporation $9.4B 51.5× 42.7× +16.93% (above 0%: growing) +79.17% (above 0%: growing) +67.25% (above 0%: growing) 70.65% 29.36% Compare
ESE ESCO Technologies Inc. $7.8B 20.5× 46.9× +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. $6.0B 66.5× 16.9× +5.00% (above 0%: growing) +70.73% (above 0%: growing) +61.39% (above 0%: growing) 30.47% 16.70% Compare
NOVT Novanta Inc. $5.1B 81.0× 62.9× +10.27% (above 0%: growing) +158.33% (above 0%: growing) +391.84% (above 0%: growing) 45.49% 6.79%
VNT Vontier Corporation $4.5B 13.7× 8.6× −2.17% (below 0%: shrinking) −67.74% (below 0%: shrinking) +13.79% (above 0%: growing) 48.24% 19.39% Compare
ITRI Itron, Inc. $3.7B 13.6× 15.4× −7.23% (below 0%: shrinking) −19.33% (below 0%: shrinking) −10.13% (below 0%: shrinking) 40.97% 13.51% Compare
BMI Badger Meter, Inc. $3.7B 29.6× 27.2× −6.63% (below 0%: shrinking) −13.56% (below 0%: shrinking) −46.19% (below 0%: shrinking) 40.83% 17.71% Compare
Median of peers $6.9B 29.6× 25.7× +8.00% +24.75% +26.38% 44.71% 17.21%

All 34 Scientific & Technical Instruments stocks →

Novanta Inc. (NOVT) key facts

  • Strength: Novanta Inc.’s revenue for fiscal 2025 (year ended December 2025) was $980.6 million, up 3.30% from fiscal 2024.
  • Novanta Inc. (NOVT) is a Scientific & Technical Instruments company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, NOVT traded at $128.79, a market capitalization of $5.1 billion.
  • Return on equity was 5.23% and debt-to-equity 0.14.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 6.64 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Novanta Inc. (NOVT) Latest News

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