Novanta Inc key statistics and ratios
In fiscal 2025, Novanta Inc had return on equity of 5.2% and a net margin of 5.5%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJul 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Return on equity | −84.6% | −0.5% | 15.0% | 8.9% | 3.1% | −10.7% | 15.6% | 8.7% | 21.1% | 14.4% | 10.4% | 10.0% | 10.1% | 13.5% | 11.7% | 9.0% | 5.2% | 4.2% |
| Return on assets | — | −0.2% | 8.1% | 5.7% | 2.0% | −6.3% | 8.8% | 5.2% | 10.4% | 6.8% | 5.1% | 5.1% | 4.8% | 6.0% | 5.9% | 4.9% | 3.4% | 3.1% |
| Effective tax rate | — | — | 10.5% | — | 38.3% | — | 22.6% | 32.3% | 18.2% | 16.7% | 10.9% | 8.0% | 10.4% | 15.0% | 13.0% | 18.9% | 22.7% | 22.5% |
| R&D as % of revenue | 11.1% | 7.8% | 7.7% | 7.6% | 7.5% | 7.9% | 8.3% | 8.3% | 8.0% | 8.3% | 8.9% | 10.3% | 10.3% | 10.0% | 10.4% | 10.1% | 9.7% | 9.1% |
| SG&A as % of revenue | 23.8% | 22.6% | 22.3% | 24.5% | 24.1% | 23.1% | 22.0% | 21.1% | 19.5% | 18.9% | 18.9% | 18.6% | 18.3% | 18.5% | 18.7% | 18.5% | 20.0% | 21.1% |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Apr 2026 | 2026 Q2Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Net margin | 7.9% | 6.9% | 9.1% | 1.9% | 4.3% | 6.8% | 8.2% | 4.7% |
| R&D as % of revenue | 9.5% | 10.6% | 10.0% | 10.5% | 9.7% | 8.9% | 9.0% | 9.0% |
| SG&A as % of revenue | 18.1% | 18.2% | 19.5% | 19.5% | 20.7% | 20.0% | 21.1% | 22.6% |
Financial health
- 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.
Moat
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).
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