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Cognex Corporation (CGNX) vs Novanta Inc. (NOVT)

Cognex Corporation and Novanta Inc. are both Scientific & Technical Instruments companies. Cognex Corporation is the larger, with a market value of $8.0B against $5.0B — 1.6× the size. Cognex Corporation trades at the lower P/E: 32.8× against 84.6×. Cognex Corporation grew revenue faster over the last twelve months: 15.8% against 7.61%. Cognex Corporation has the higher net margin (21.5% vs 6.00%) and the higher return on invested capital (17.2% vs 5.12%). Across the 22 metrics below, Cognex Corporation leads on 17 and Novanta Inc. on 5.

Valuation

Metric CGNX NOVT Scientific & Technical Instruments median
P/E 32.78 84.55 28.21
P/S 7.08 5.35 4.46
P/B 4.63 3.41 3.10
Price to free cash flow 28.22 50.54 24.15
EV/EBITDA 27.26 32.65 18.28
EV/Sales 6.46 4.88 4.64
Earnings yield 3.05% 1.18% 0.68%
Free cash flow yield 3.54% 1.98% 1.98%

Profitability

Metric CGNX NOVT Scientific & Technical Instruments median
Gross margin 69.69% 44.54% 47.24%
Operating margin 25.01% 8.96% 8.96%
Net margin 21.50% 6.00% 1.92%
Free cash flow margin 26.01% 10.59% 10.59%
Return on equity 15.07% 5.11% 2.66%
Return on assets 11.31% 3.38% 1.12%
Return on invested capital 17.15% 5.12% 4.79%

Growth

Metric CGNX NOVT Scientific & Technical Instruments median
Revenue growth (TTM) 15.82% 7.61% 9.26%
EPS growth (last fiscal year) 9.68% (16.95%) 13.24%
Revenue growth, 5-year CAGR 4.16% 10.67% 7.89%
Net income growth, 5-year CAGR (8.27%) 3.87% 0.00%

Health

Metric CGNX NOVT Scientific & Technical Instruments median
Debt to equity 0.00 0.14 0.00
Current ratio 5.04 4.57 2.30
Net debt to EBITDA (1.75) (0.83) 0.45

Dividend

Metric CGNX NOVT Scientific & Technical Instruments median
Dividend yield 0.72% — 0.62%
Payout ratio 0.24 — 0.22

Size

Metric CGNX NOVT Scientific & Technical Instruments median
Market cap 7.99b 4.99b 549.07m

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