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Novanta Inc. (NOVT) vs Trimble Inc. (TRMB)

Novanta Inc. and Trimble Inc. are both Scientific & Technical Instruments companies. Trimble Inc. is the larger, with a market value of $12.5B against $5.0B — 2.5× the size. Trimble Inc. has negative trailing earnings, so its P/E is not meaningful; Novanta Inc. trades at 84.6×. Novanta Inc. grew revenue faster over the last twelve months: 7.61% against 6.88%. Novanta Inc. has the higher net margin (6.00% vs −4.08%) and the lower return on invested capital (5.12% vs 6.30%). Across the 21 metrics below, Novanta Inc. leads on 11 and Trimble Inc. on 10.

Valuation

Metric NOVT TRMB Scientific & Technical Instruments median
P/E 84.55 n/m 28.21
P/S 5.35 3.27 4.46
P/B 3.41 2.53 3.10
Price to free cash flow 50.54 15.91 24.15
EV/EBITDA 32.65 16.61 18.28
EV/Sales 4.88 3.61 4.64
Earnings yield 1.18% (1.27%) 0.68%
Free cash flow yield 1.98% 6.28% 1.98%

Profitability

Metric NOVT TRMB Scientific & Technical Instruments median
Gross margin 44.54% 69.60% 47.24%
Operating margin 8.96% 16.48% 8.96%
Net margin 6.00% (4.08%) 1.92%
Free cash flow margin 10.59% 20.74% 10.59%
Return on equity 5.11% (2.92%) 2.66%
Return on assets 3.38% (1.79%) 1.12%
Return on invested capital 5.12% 6.30% 4.79%

Growth

Metric NOVT TRMB Scientific & Technical Instruments median
Revenue growth (TTM) 7.61% 6.88% 9.26%
EPS growth (last fiscal year) (16.95%) (71.10%) 13.24%
Revenue growth, 5-year CAGR 10.67% 2.65% 7.89%
Net income growth, 5-year CAGR 3.87% 1.69% 0.00%

Health

Metric NOVT TRMB Scientific & Technical Instruments median
Debt to equity 0.14 0.31 0.00
Current ratio 4.57 0.93 2.30
Net debt to EBITDA (0.83) 1.44 0.45

Dividend

Metric NOVT TRMB Scientific & Technical Instruments median
Dividend yield — — 0.62%
Payout ratio — — 0.22

Size

Metric NOVT TRMB Scientific & Technical Instruments median
Market cap 4.99b 12.51b 549.07m

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