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Novanta Inc (NOVT) stock

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NASDAQ: NOVT Nasdaq Electronic Components Next results ~November 9, 2026

C Fundamentals grade

Novanta Inc is a US-listed company in the electronic components industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$75

Cash-flow model

Base case. Range ~$60–$95 across our lower- and higher-growth cases (1.3%–11.3% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 49% below it.

Price used: $148.45, November 3, 2026

Novanta Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Novanta files

Where Novanta stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $1.03bn, up 7.6% on a year earlier, faster than the 5.6% growth a quarter earlier. Free-cash-flow margin fell to 11.1% from 12.3% a year earlier. Operating margin narrowed to 9.0% from 11.1%. The diluted share count is up 8.6% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $63.32 a share, against a share price of $154. At that price, our model says the market is pricing in about 24.8% a year of cash-flow growth for five years, faster than the 7.8% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Novanta Inc's trailing-twelve-month revenue grew 7.6% year on year, with a free-cash-flow margin of 11.1%. Where it stands out: gross margin of 44.5% ranks 3 of 24 electronic components companies we cover.

Our discounted-cash-flow model values the business at ~$75 per share in the base case (~$60–$95 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Balance sheet growing far ahead of sales: Total assets grew 42% year over year while revenue grew 8% — the balance sheet is expanding 34 points faster than the business it supports.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.5bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 5.4% over 90 days.

Things to watch

  • Priced above our value. The share price of $146.24 is 48% above our value per share of $75.
  • Share dilution. Diluted shares rose 8.6% in a year.
  • High earnings multiple. The shares trade at 93 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 52% and a beta of 2.0 against the S&P 500.
  • Insiders selling. 3 insiders sold $12M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Below peers: revenue growth. Revenue growth of 7.6% ranks 20 of 26 electronic components companies we cover (median 16.1%).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.89 against an average estimate of $0.83: beat by 7.2%
Revenue
$266m, up 10.3% on a year earlier
Share reaction
+2.4% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 9, 2026; average EPS estimate $0.97

Novanta's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.5%
  • 1 week-0.6%
  • 1 month-0.5%
  • This year+22.9%
  • 1 year+9.3%
  • 5 years-18.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1B
Operating margin
9.0%
Net margin
6.0%
EPS (TTM, diluted)
$1.57

Growth

Revenue growth
+7.6%
Change in growth rate
+2.0 pts
Share count change
+8.6%

Cash

Free cash flow (TTM)
$114M
FCF margin
11.1%
Stock pay % of revenue
3.4%

Earnings

Last results
August 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Deal

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Novanta Inc valuation models and calculator

What the price is pricing in

The share price implies about 22.3% a year of cash-flow growth for five years.That is faster than the 7.8% a year revenue growth Novanta has delivered.

  • Priced in22.3%
  • Last 12 months7.6%
  • 3 years a year5.0%
  • 5 years a year7.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($148.03, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$75
Price used
$148.03close November 3, 2026
Implied change
▼ 49%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Novanta Inc's free cash flow after stock-based pay with after-tax interest added back ($99.7M, FY2026 Q2 TTM), growing 13.9% and 8.6% in the next two years (forecasts, guidance and its record), then back to 6.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$60–~$95 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Novanta Inc's free cash flow after stock-based pay ( $99.7M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Novanta Inc as an operating company, with every model that fits that kind of business. Cost of equity 11.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.38 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$75 ~$60–$95 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$77 ~$63–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$35 ~$24–$52 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$35 ~$31–$40 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$60 ~$35–$77 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Novanta Inc with Electronic Components in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −21%
  • Revenue growth 5 points higher ▲ +27%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▼ −8%
  • Discount rate 1 point higher ▼ −13%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $51$65$83$106$137$177
8.5% $42$52$65$82$104$132
10% $37$44$54$67$84$106

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$13.62$21.00$50.00$63.00$88.44$118.22$176.33$135.87$168.41$152.77$118.99$146.24
Market value$474m$733m$1.8bn$2.2bn$3.1bn$4.2bn$6.3bn$4.9bn$6.1bn$5.5bn$4.4bn$5.7bn
+ Net debt (− = net cash)$36m$10m$135m$125m$141m$75m$317m$335m$249m$303m−$130m−$489m
Enterprise value$510m$743m$1.9bn$2.4bn$3.3bn$4.3bn$6.6bn$5.2bn$6.3bn$5.8bn$4.2bn$5.2bn
Multiples
Price / sales 1.3x1.9x3.4x3.6x5.0x7.1x8.9x5.7x6.9x5.8x4.5x5.6x
Price / earnings 13.3x33.3x29.4x45.5x77.1x94.7x125.4x65.9x83.3x86.1x81.1x92.9x
Price / free cash flow 17.0x18.6x32.5x29.8x59.9x32.5x84.5x68.6x60.6x39.0x90.2x50.2x
EV / EBITDA 10.4x13.8x21.5x21.8x35.1x45.6x61.7x33.4x40.2x35.0x27.2x34.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

71 /100

Strong moat

How hard Novanta's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 15.8% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 43.3%, moving by 1.2 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Operating margin has been a median 10.9%; its worst year was 8.6%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 11.1% of revenue.

  • Discipline 13 / 20

    The diluted share count rose 9.7% over five years; stock-based pay has been a median 2.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (76 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026, after the close. Analysts expect revenue of $301m and EPS of $0.97 (range $0.96 to $0.97) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.69 +12% $1.1bn +16%
Next $4.37 +18% $1.3bn +16%

Next year's EPS estimate has moved +5.4% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.9% on 90 days ago. In the last 30 days, 2 analysts raised Novanta Inc's forecast and 0 cut it.

Consensus EPS forecast Novanta Inc, last 90 days
$3.40 $3.60 $3.80 $4.00 $4.20 $4.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.59 Current fiscal year, 60 days ago: $3.69 Current fiscal year, 30 days ago: $3.69 Current fiscal year, 7 days ago: $3.69 Current fiscal year, Now: $3.69 $3.69 Next fiscal year, 90 days ago: $4.14 Next fiscal year, 60 days ago: $4.37 Next fiscal year, 30 days ago: $4.37 Next fiscal year, 7 days ago: $4.37 Next fiscal year, Now: $4.37 $4.37

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.59$4.14
60 days ago $3.69$4.37
30 days ago $3.69$4.37
7 days ago $3.69$4.37
Now $3.69$4.37

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.83 $0.89 +7.2%
Mar 2026 $0.78 $0.81 +4.3%
Dec 2025 $0.88 $0.91 +3.4%
Sept 2025 $0.82 $0.87 +6.5%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Novanta Inc's revenue by +13.9% next year and +8.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+19.0%, weight 60%) and the company's own record (+6.3%, weight 40%) . How the weights are set.

Analyst recommendations

3 analysts, Oct 2026
Buy3100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026123
  2. Sep 2026123
  3. Aug 2026123

Counts of recommendations published by analysts covering Novanta Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.9%
of tradable shares
Days to cover
11.51
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.7%
of shares
Employees
3,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +15.1%

$127.01 on October 31, 2025 to $146.24

ThenNowEffect
Revenue (last 12 months) $957m $1.0bn +7.6%
Net margin 6.4% 6.0% −6.5%
P/E multiple 74.8x 92.9x +24.2%
Share count 36m 39m −7.9%

Biggest factor: p/e multiple.

Last 3 years +3.4%

$141.44 on November 3, 2023 to $146.24

ThenNowEffect
Revenue (last 12 months) $890m $1.0bn +15.7%
Net margin 8.6% 6.0% −30.6%
P/E multiple 66.2x 92.9x +40.3%
Share count 36m 39m −8.3%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NOVT+49%−23%+24%−9%−22%+23%
Industry peers (median)+16%−12%+10%+11%+8%+19%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NOVT67%33%50%50%33%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NOVT−16%−37%−35%−18%−35%−24%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 47% from July 16, 2024 to November 20, 2025. Getting back needed a 88% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$99.22 – $168.75
From 52-week high
−13.3%
vs 50-day average
+2.7%
vs 200-day average
+2.7%
Volatility (1 year)
52%
Beta vs S&P 500
1.98

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±6.4%
After a week
8 up, 4 down
typical move ±6.5%
After a month
6 up, 6 down
typical move ±8.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +2.4% −0.4% +4.7% −7.7%
May 11, 2026 +15.1% +0.1% +9.4% +11.8%
February 23, 2026 −5.8% −0.3% −3.6% −18.2%
November 3, 2025 +1.8% −1.0% −18.1% −10.0%
August 5, 2025 −8.3% +0.3% −2.3% −7.0%
May 6, 2025 −0.9% −0.4% +10.7% +5.3%
February 25, 2025 +8.0% −0.4% +1.1% −2.2%
November 5, 2024 +4.5% +3.7% +0.3% −4.5%
August 6, 2024 +7.6% +0.2% +13.0% +10.3%
May 7, 2024 −1.6% +0.1% +2.2% +0.8%
February 28, 2024 +9.9% +0.2% +10.6% +11.1%
November 7, 2023 −11.0% +0.4% −2.6% +9.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Novanta Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Novanta Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Novanta Inc
$850M $900M $950M $1B $1.1B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $888.5M Revenue (TTM), FY23 Q4: $881.7M Revenue (TTM), FY24 Q1: $893.5M Revenue (TTM), FY24 Q2: $899.9M Revenue (TTM), FY24 Q3: $922.8M Revenue (TTM), FY24 Q4: $949.2M Revenue (TTM), FY25 Q1: $951.7M Revenue (TTM), FY25 Q2: $956.9M Revenue (TTM), FY25 Q3: $960.3M Revenue (TTM), FY25 Q4: $980.6M Revenue (TTM), FY26 Q1: $1B Revenue (TTM), FY26 Q2: $1B $1B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $888.5M
FY23 Q4 $881.7M
FY24 Q1 $893.5M
FY24 Q2 $899.9M
FY24 Q3 $922.8M
FY24 Q4 $949.2M
FY25 Q1 $951.7M
FY25 Q2 $956.9M
FY25 Q3 $960.3M
FY25 Q4 $980.6M
FY26 Q1 $1B
FY26 Q2 $1B
Revenue growth, TTM YoY Novanta Inc
0% 2% 4% 6% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 5.6% Revenue growth, TTM YoY, FY23 Q4: 2.4% Revenue growth, TTM YoY, FY24 Q1: 2.0% Revenue growth, TTM YoY, FY24 Q2: 1.1% Revenue growth, TTM YoY, FY24 Q3: 3.9% Revenue growth, TTM YoY, FY24 Q4: 7.7% Revenue growth, TTM YoY, FY25 Q1: 6.5% Revenue growth, TTM YoY, FY25 Q2: 6.3% Revenue growth, TTM YoY, FY25 Q3: 4.1% Revenue growth, TTM YoY, FY25 Q4: 3.3% Revenue growth, TTM YoY, FY26 Q1: 5.6% Revenue growth, TTM YoY, FY26 Q2: 7.6% 7.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 5.6%
FY23 Q4 2.4%
FY24 Q1 2.0%
FY24 Q2 1.1%
FY24 Q3 3.9%
FY24 Q4 7.7%
FY25 Q1 6.5%
FY25 Q2 6.3%
FY25 Q3 4.1%
FY25 Q4 3.3%
FY26 Q1 5.6%
FY26 Q2 7.6%
Operating margin (TTM) Novanta Inc
8% 10% 12% 14% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 13.0% Operating margin (TTM), FY23 Q4: 12.5% Operating margin (TTM), FY24 Q1: 12.3% Operating margin (TTM), FY24 Q2: 11.5% Operating margin (TTM), FY24 Q3: 11.4% Operating margin (TTM), FY24 Q4: 11.6% Operating margin (TTM), FY25 Q1: 12.3% Operating margin (TTM), FY25 Q2: 11.1% Operating margin (TTM), FY25 Q3: 10.0% Operating margin (TTM), FY25 Q4: 9.6% Operating margin (TTM), FY26 Q1: 8.9% Operating margin (TTM), FY26 Q2: 9.0% 9.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 13.0%
FY23 Q4 12.5%
FY24 Q1 12.3%
FY24 Q2 11.5%
FY24 Q3 11.4%
FY24 Q4 11.6%
FY25 Q1 12.3%
FY25 Q2 11.1%
FY25 Q3 10.0%
FY25 Q4 9.6%
FY26 Q1 8.9%
FY26 Q2 9.0%
FCF margin (TTM) Novanta Inc
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 11.7% FCF margin (TTM), FY23 Q4: 11.4% FCF margin (TTM), FY24 Q1: 13.4% FCF margin (TTM), FY24 Q2: 14.8% FCF margin (TTM), FY24 Q3: 12.4% FCF margin (TTM), FY24 Q4: 14.9% FCF margin (TTM), FY25 Q1: 15.0% FCF margin (TTM), FY25 Q2: 12.3% FCF margin (TTM), FY25 Q3: 10.7% FCF margin (TTM), FY25 Q4: 4.9% FCF margin (TTM), FY26 Q1: 6.8% FCF margin (TTM), FY26 Q2: 11.1% 11.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 11.7%
FY23 Q4 11.4%
FY24 Q1 13.4%
FY24 Q2 14.8%
FY24 Q3 12.4%
FY24 Q4 14.9%
FY25 Q1 15.0%
FY25 Q2 12.3%
FY25 Q3 10.7%
FY25 Q4 4.9%
FY26 Q1 6.8%
FY26 Q2 11.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Novanta took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $981M
  2. Cost of revenue $545M · 55.6%
  3. Gross profit $435M · 44.4%
  4. Research and development $95.5M · 9.7%
  5. Selling, general and admin $196M · 20.0%
  6. Other operating costs $50.1M · 5.1%
  7. Operating income $94M · 9.6%
  8. Income tax $15.8M · 1.6%
  9. Interest and other $24.4M · 2.5%
  10. Net income $53.8M · 5.5%

Shares of revenue. Source: Novanta's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jul 2026
Income
Revenue 254 286 304 244 317 365 374 385 521 614 626 591 707 861 882 949 981 1,030
Gross profit 99 131 133 106 132 150 158 162 221 262 262 245 300 378 400 422 435 459
EBITDA −3 52 51 34 39 8 49 54 88 108 94 94 107 156 157 166 156 154
Operating income −20 36 36 20 19 −17 29 33 58 71 55 56 64 103 110 111 94 92
Net income −71 −1 29 20 7 −24 36 22 60 49 41 45 50 74 73 64 54 62
Diluted EPS −$4.48 −$0.03 $0.86 $0.58 $0.21 −$0.70 $1.02 $0.63 $1.13 $1.43 $1.15 $1.25 $1.41 $2.06 $2.02 $1.77 $1.47 $1.57
Growth (year on year)
Revenue — +12.4% +6.4% −19.9% +30.0% +15.1% +2.4% +3.0% +35.5% +17.8% +1.9% −5.7% +19.7% +21.8% +2.4% +7.7% +3.3% +7.6%
EBITDA — — −1.1% −33.6% +16.1% −80.7% +545.2% +9.8% +63.8% +22.4% −13.4% +0.7% +14.1% +45.4% +0.6% +5.8% −6.1% −6.3%
Operating income — — −0.5% −43.5% −4.0% −186.4% — +13.9% +74.7% +23.4% −22.2% +1.1% +14.6% +60.9% +7.2% +0.1% −15.0% −13.4%
Net income — — — −32.6% −62.6% −431.8% — −38.2% +172.9% −18.2% −17.0% +9.2% +13.1% +47.1% −1.6% −12.1% −16.0% +0.7%
Diluted EPS — — — −32.6% −63.8% −433.3% — −38.2% +79.4% +26.5% −19.6% +8.7% +12.8% +46.1% −1.9% −12.4% −16.9% −7.3%
Margins
Gross margin 38.7% 45.7% 43.7% 43.3% 41.7% 41.2% 42.3% 42.2% 42.3% 42.6% 41.9% 41.4% 42.5% 44.0% 45.4% 44.4% 44.4% 44.5%
EBITDA margin −1.1% 18.1% 16.8% 13.9% 12.4% 2.1% 13.2% 14.0% 16.9% 17.6% 14.9% 15.9% 15.2% 18.1% 17.8% 17.5% 15.9% 14.9%
Operating margin −8.0% 12.6% 11.8% 8.3% 6.1% −4.6% 7.7% 8.6% 11.0% 11.6% 8.8% 9.5% 9.1% 12.0% 12.5% 11.6% 9.6% 9.0%
Net margin −28.0% −0.2% 9.5% 8.0% 2.3% −6.6% 9.5% 5.7% 11.5% 8.0% 6.5% 7.5% 7.1% 8.6% 8.3% 6.8% 5.5% 6.0%
Free-cash-flow margin −10.7% −2.6% 13.5% 10.2% 14.0% 10.1% 7.5% 10.2% 10.4% 12.2% 8.4% 22.0% 10.6% 8.3% 11.4% 14.9% 4.9% 11.1%
Cash flow
Cash from operations −26 −5 45 28 49 42 33 48 63 90 63 140 95 91 120 159 64 134
Capital spending 1 3 4 4 5 5 6 8 9 15 11 11 20 20 20 17 16 20
Free cash flow −27 −7 41 25 44 37 28 39 54 75 53 130 75 71 100 141 48 114
Stock-based pay 2 2 3 5 5 4 4 4 5 8 9 23 26 23 26 23 30 35
Free cash flow after stock pay −29 −9 38 20 39 33 23 35 49 67 43 107 49 48 75 118 19 80
Balance sheet
Cash 63 57 55 66 61 51 60 68 100 82 79 125 117 100 105 114 381 719
Total debt — — 78 50 72 112 96 78 235 207 220 200 434 435 354 417 251 230
Net debt (negative = net cash) −63 −57 23 −16 11 61 36 10 135 125 141 75 317 335 249 303 −130 −489
Diluted shares 16m 24m 34m 34m 34m 34m 35m 35m 35m 35m 36m 36m 36m 36m 36m 36m 37m 39m
Returned to shareholders
Buybacks — — — — 1 1 2 2 0 6 10 6 — 10 — — 39 52
Total returned — — — — 1 1 2 2 0 6 10 6 — 10 — — 39 52

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · July 3, 2026
What it owns · $2.1bn
Short-term assets $1.1bnLonger-term assets $1.0bn
What it owes, and who funded it · $2.1bn
Short-term liabilities $246mLonger-term liabilities $277mShareholders' equity $1.6bn
  • Short-term assets cover short-term liabilities $1.1bn of assets due within a year against $246m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.1bn short-term assets against $277m of longer-dated liabilities.
  • More cash than debt $719m of cash against $230m of debt.
  • Debt below 40% of shareholders' equity Debt is 14% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 82% to 14% over five years.
  • A year's operating cash flow covers at least 20% of debt $134m of operating cash flow against $230m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Novanta Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$51.8M
Returned to shareholders
45%
of free cash flow
Buybacks, last 3 fiscal years
$54.8M
Diluted share count
+8.6%
year over year
Total shareholder yield
0.9%
dividends 0.0% + buybacks 0.9% of market value
R&D spending
9.1%
of revenue
Sales & admin spending
21.1%
of revenue
Days sales outstanding
63 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electronic components
Last 12 months unless stated NOVT MEI ROG BELFA KN OLED Median
Revenue, last 12 months $1.0bn $1.0bn $855m $744m $666m $628m $647m
Revenue growth, last 12 months 7.6% 1.4% 6.7% 25.3% 16.1% −1.9% 15.0%
Revenue growth, 3-year average 5.0% −4.2% −2.7% 2.6% 25.5% 2.3% 5.6%
Revenue growth, latest quarter 10.3% 10.4% 9.3% 25.2% 20.3% 14.9% 18.4%
Gross margin 44.5% 19.8% 32.7% 39.5% 44.4% 74.9% 36.5%
Operating margin 9.0% 0.4% 7.9% 15.9% 14.6% 34.6% 8.5%
Operating margin, 3-year average 10.5% −4.2% 2.6% 14.6% 11.2% 36.7% 8.3%
Net margin 6.0% −3.5% 5.3% 7.2% 10.8% 36.7% 5.8%
Cash from operations / revenue 13.0% 0.5% 13.9% 11.2% — 42.2% 10.4%
Free-cash-flow margin 11.1% −1.3% 11.3% 9.9% — 36.9% 3.7%
Free-cash-flow margin, 3-year average 12.7% 0.2% 9.8% 11.7% — 32.0% 8.9%
Stock pay / revenue 3.4% 0.9% 1.1% 1.2% 4.4% 3.9% 1.9%
Change in share count 8.6% 0.8% −2.6% — −0.4% −1.8% 2.9%

Median of all 26 companies we cover in electronic components. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

26 electronic components companies
Measure Company Peer median Rank
Revenue growth Growth 7.6% 16.1% 20 of 26
Change in growth rate Growth +2.0pp +3.5pp 17 of 26
Gross margin Profitability 44.5% 36.8% 3 of 24
Operating margin Profitability 9.0% 9.0% 13 of 25
Net margin Profitability 6.0% 6.0% 13 of 26
Free-cash-flow margin Cash generation 11.1% 5.6% 9 of 24
Stock pay as % of revenue Cash generation 3.4% 2.1% 17 of 24
Long-term debt as % of assets Balance sheet 8.8% 12.5% 8 of 19
Change in share count Balance sheet 8.6% 3.5% 17 of 22
Days sales outstanding Balance sheet 63 days 69 days 9 of 24

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Automation Enabling Technologies $501M 51.1% ▲ 2.1%
Medical Solutions $480M 48.9% ▲ 4.6%
Geography
Region Revenue Share YoY
United States $519M 52.9% ▲ 6.5%
Rest of Europe $137M 14.0% ▲ 6.6%
Germany $115M 11.7% ▼ 7.0%
Rest of Asia Pacific $97M 9.9% ▼ 9.4%
China $93.2M 9.5% ▲ 10.2%
Other Countries $19.3M 2.0% ▲ 4.9%

From Novanta Inc's 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.2B
Institutions reporting
384
Shares held vs prior quarter
▲ 11.2%
Positions opened / closed
82 / 26

Top buyers and sellers, Q2 2026: 230 institutions bought and 132 sold ; the biggest buyer was T. Rowe Price Investment Management, Inc (+513K shares) and the biggest seller Ack Asset Management LLC (−375K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $778M 4.8M 10.8% ▲ 3.1%
Vanguard Portfolio Management LLC $389M 2.4M 5.4% ▼ 3.3%
Price T Rowe Associates Inc $361M 2.2M 5.0% ▲ 24.5%
Allspring Global Investments Holdings, LLC $298M 1.8M 4.1% ▲ 2.3%
Vanguard Capital Management LLC $261M 1.6M 3.6% ▼ 0.4%
State Street Corp $233M 1.4M 3.2% ▲ 7.3%
Conestoga Capital Advisors, LLC $198M 1.2M 2.7% ▼ 16.0%
Geode Capital Management, LLC $160M 988K 2.2% ▲ 5.4%
Congress Asset Management Co $158M 974K 2.2% ▲ 7.0%
Gw&K Investment Management, LLC $146M 897K 2.0% ▲ 4.5%
BAMCO Inc $138M 850K 1.9% ▼ 7.1%
William Blair Investment Management, LLC $124M 766K 1.7% ▼ 2.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Novanta Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $11.6M 45 trades by 3 insiders · 100% under pre-set plans
Net ▼ $11.6M net selling
Insider Date Trade Shares Price Value
Secor Thomas N Director September 11, 2026 Sell pre-set plan 663 $147.60 $97,859
Glastra Matthijs Chief Executive Officer July 2, 2026 Sell pre-set plan 3,024 $160.13 $484,233
Glastra Matthijs Chief Executive Officer July 2, 2026 Sell pre-set plan 1,672 $161.28 $269,660
Glastra Matthijs Chief Executive Officer July 2, 2026 Sell pre-set plan 1,167 $162.01 $189,066
Glastra Matthijs Chief Executive Officer July 2, 2026 Sell pre-set plan 437 $163.71 $71,541
Glastra Matthijs Chief Executive Officer July 2, 2026 Sell pre-set plan 200 $164.20 $32,840
Glastra Matthijs Chief Executive Officer June 2, 2026 Sell pre-set plan 1,301 $169.76 $220,858
Glastra Matthijs Chief Executive Officer June 2, 2026 Sell pre-set plan 400 $171.28 $68,512
Glastra Matthijs Chief Executive Officer June 2, 2026 Sell pre-set plan 2,841 $168.76 $479,447
Glastra Matthijs Chief Executive Officer June 2, 2026 Sell pre-set plan 1,420 $167.68 $238,106
Glastra Matthijs Chief Executive Officer June 2, 2026 Sell pre-set plan 500 $166.19 $83,095
Glastra Matthijs Chief Executive Officer June 2, 2026 Sell pre-set plan 38 $164.61 $6,255

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 10 trades and filings

In the last 12 months, 1 member of Congress disclosed 2 purchases and 0 sales of Novanta Inc shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded May 18, 2026, filed June 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 13, 2025, filed December 15, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded August 4, 2025, filed September 12, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 2, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 11, 2026
  • February 23, 2026
  • November 3, 2025
  • August 5, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Novanta Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Novanta Inc in brief

What does Novanta Inc do?
Novanta Inc is a US-listed company in the electronic components industry. Its financial year ends in December.
What is Novanta Inc's stock ticker?
Novanta Inc trades under the ticker NOVT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Novanta Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Novanta Inc reported revenue of $1B, 7.6% higher than a year earlier, according to its SEC filings.
What is Novanta Inc's free cash flow?
Novanta Inc's free-cash-flow margin is 11.1% of revenue over the trailing twelve months, ranking 9 of the 24 electronic components companies we cover.
What is Novanta Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Novanta Inc's free cash flow after stock-based pay gives ~$75 per share in the base case, and ~$60–$95 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Novanta Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Price T Rowe Associates Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Novanta Inc buying back stock, and does it pay a dividend?
Novanta Inc spent $51.8M on share repurchases over the trailing twelve months, and its diluted share count still rose 8.6% over the year.
What is Novanta Inc's market cap?
On November 2, 2026, Novanta Inc's market capitalisation was about $5.7B, with a price-to-earnings ratio of 92.9 and net debt of -$489M. Market figures come from third-party market data and may be delayed.
How much debt does Novanta Inc have?
Novanta Inc's debt-to-equity ratio is 14.2%, from its latest balance sheet (82.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Novanta Inc's competitors?
In our Electronic Components peer group, the companies closest to Novanta Inc are Methode Electronics Inc, Rogers Corp, BEL Fuse Inc, Knowles Corp and Universal Display Corp \pa\. The side-by-side comparison below sets their revenue, margins and growth against Novanta Inc's.
Are insiders buying or selling Novanta Inc stock?
Over the last 12 months, Novanta Inc's directors and officers reported 0 open-market purchases and 45 sales on Form 4. The insider trading page charts every trade.
When is Novanta Inc's next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Novanta Inc announces its own schedule.