Novanta Inc. (NOVT) Stock Analysis
Technology · Scientific & Technical Instruments · NasdaqGS
Novanta Inc. (NOVT) posted $980.60M in revenue for fiscal 2025 (up 3.3% year over year), at a 5.5% net margin, and has compounded revenue about 10.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Novanta Inc.
Novanta Inc. has grown revenue from $384.76M to $980.60M over the last 10 fiscal years, compounding about 10.7% a year. The most recent year was up 3.3%, so growth has cooled from its longer-run pace.
Net margin sits at 5.5%, down 1.3 points year over year on a 44.4% gross margin. It carries about $212.54M of total debt.
At today's valuation the market is pricing in roughly 31.8% annual free-cash-flow growth — versus the -17.9% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is receivables growing faster than sales.
Synthesised from Novanta Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Novanta Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $384.76M | $521.29M | $614.34M | $626.10M | $590.62M | $706.79M | $860.90M | $881.66M | $949.25M | $980.60M |
| Gross profit | $162.45M | $220.53M | $261.53M | $262.08M | $244.52M | $300.33M | $378.47M | $399.90M | $421.55M | $435.28M |
| Net income | $22.00M | $60.05M | $49.11M | $40.77M | $44.52M | $50.33M | $74.05M | $72.88M | $64.09M | $53.83M |
| Net margin | 5.7% | 11.5% | 8.0% | 6.5% | 7.5% | 7.1% | 8.6% | 8.3% | 6.8% | 5.5% |
Source: Novanta Inc. SEC filings (10-K). 17 years of history available in the interactive view.
Novanta Inc.: 3 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Receivables growing faster than salesAccounts receivable rose 22.4% while revenue rose 3.3% in the latest year — a gap that can signal looser credit terms or pulled-forward sales. Worth checking days-sales-outstanding.
- Inventory building faster than salesInventory rose 30.2% versus revenue 3.3% — possible overproduction or softening demand.
- Net margin shrinkingNet margin fell from 8.6% to 5.5% over ~3 years — profitability is compressing.
What growth is priced into NOVT stock?
At today's market cap of $5.52B, Novanta Inc. is priced for free-cash-flow growth of about 31.8% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $48.43M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -17.9%/yr over the last five fiscal years and revenue 10.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of Novanta Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Novanta Inc. financial history by metric
Compare Novanta Inc. with peers
About Novanta Inc.
Novanta Inc., together with its subsidiaries, provides precision medicine, precision manufacturing, medical solutions, robotics and automation solutions, and advanced surgery solutions in the United States and internationally. The company operates Automation Enabling Technologies and Medical Solutions segments. The Precision Medicine and Manufacturing segment designs, manufactures, and markets laser beam steering and scanning solutions, laser sources, robotic and precision motion, robotic end-of-arm tooling, and bearing spindles. This segment serves advanced industrial processes, advanced industrial and medical robotics, other medical and life science automation applications, and medical laser procedures, such as ophthalmology applications. The Medical Solutions segment provides a range of medical grade technologies, including medical insufflators, pumps, and related disposables; imaging, identification and RFID solutions; advanced motion control solutions; and light engines, and integrated operating room technologies. The company was formerly known as GSI Group, Inc. and changed its name to Novanta Inc. in May 2016. Novanta Inc. was incorporated in 1968 and is based in Bedford, Massachusetts.
Novanta Inc. — frequently asked questions
What is Novanta Inc.'s revenue?
Novanta Inc. (NOVT) reported revenue of $980.60M for fiscal year 2025, up 3.3% from the prior year, according to its SEC filings.
Is Novanta Inc. profitable?
Yes. NOVT earned net income of $53.83M in fiscal 2025, a net margin of 5.5%.
What is NOVT's P/E ratio?
Novanta Inc. trades at a price-to-earnings ratio of about 110.8 based on the latest data in our nightly-refreshed cache.
How fast is Novanta Inc. growing?
NOVT's revenue grew at roughly 10.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Novanta Inc. have?
As of fiscal year 2025, NOVT carried roughly $212.54M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Novanta Inc.'s gross margin?
NOVT's gross margin was 44.4% in fiscal 2025 — gross profit of $435.28M on revenue of $980.60M.
What is Novanta Inc.'s market cap?
Novanta Inc. (NOVT) has a market capitalization of about $5.52B, based on the latest data in our nightly-refreshed cache.
When does Novanta Inc.'s fiscal year end?
NOVT's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into NOVT stock?
At today's market cap of $5.52B, Novanta Inc. is priced for free-cash-flow growth of about 31.8% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $48.43M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -17.9%/yr over the last five fiscal years and revenue 10.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Novanta Inc.'s official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.