NOVANTA INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NOVANTA INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	385	521	614	626	591	707	861	882	949	981
Cost of revenue	222	301	353	364	346	406	482	482	528	545
Gross profit	162	221	262	262	245	300	378	400	422	435
Research and development	32	41.7	51	56	61	72.5	85.8	91.7	95.5	95.5
Selling, general and administrative	81.3	102	116	118	110	129	159	164	176	196
Operating expenses	129	163	191	207	189	236	275	289	311	341
Operating income	33	57.6	71	55.3	55.9	64.1	103	110	111	94
Other non-operating income	1.81	-0.23	-0.04	-0.24	0.02	-0.37	-0.37	-0.68	-0.44	-0.71
Pre-tax income	32.5	76.1	61.3	45.8	48.4	56.2	87.2	83.7	79.1	69.6
Income tax	10.5	13.8	10.2	4.99	3.88	5.84	13.1	10.9	15	15.8
Income from continuing operations	22	60.1
Net income	22	60.1	49.1	40.8	44.5	50.3	74.1	72.9	64.1	53.8
EBITDA	53.9	88.3	108	93.6	94.2	107	156	157	166	156
EPS, basic	0.63	1.14	1.46	1.16	1.27	1.42	2.08	2.03	1.78	1.47
EPS, diluted	0.63	1.13	1.43	1.15	1.25	1.41	2.06	2.02	1.77	1.47
Shares, basic (weighted)	34.7	34.8	34.9	35	35.1	35.4	35.7	35.8	36	36.6
Shares, diluted (weighted)	34.9	35.3	35.5	35.5	35.7	35.8	35.9	36	36.1	36.7

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	68.1	100	82	78.9	125	117	100	105	114	381
Receivables	63.8	81.5	84	91.1	75.1	116	138	139	151	185
Inventory	59.7	91.3	105	117	92.7	126	168	149	145	188
Other current assets	5.57	10.7	9.16	12	8.13	13.2	13.2	13.4	16	19.2
Total current assets	199	288	282	305	304	374	421	415	434	783
Property, plant and equipment	35.4	61.7	65.5	77.6	78.7	87.4	103	109	113	118
Lease right-of-use assets				35.2	34.4	48.3	43.3	38.3	42.9	41.7
Goodwill	108	211	218	275	286	480	479	485	584	647
Intangible assets	61.7	155	143	166	149	221	176	145	186	181
Other non-current assets	12.5	4.02	2.27	2.71	2.89	5.59	4.41	5.62	5.99	8.81
Total assets	426	727	720	870	865	1,228	1,241	1,226	1,389	1,807
Accounts payable	32.2	39.8	50.7	52.6	43	68.5	75.2	57.2	76.9	94.9
Accrued liabilities	9.65	17.3	24.5	15.4	12.5	24.7	35.5	32.7	28.4	16.4
Deferred revenue		4.79	4.17	3.22	6.17	7	8.13	5.55	5.72	10.9
Short-term debt	7.37	9.12	4.54	5.03	5.51	5.1	4.8	4.97	4.69	38.3
Total current liabilities	70.5	98.2	104	135	114	184	165	139	168	212
Long-term debt	70.6	226	203	215	195	429	431	349	412	213
Lease liabilities				34.1	32.8	45.7	40.8	37.3	40.5	38.9
Other non-current liabilities	18.7	15.1	17.2	36.9	17.2	9.64	6.09	5.93	4.49	6.99
Total liabilities	167	368	351	453	388	707	664	553	643	493
Total debt	77.9	235	207	220	200	434	435	354	417	251
Paid-in capital	30.3	33.3	46	49.7	59	53.8	55.2	70.2	84.2	572
Retained earnings	-168	-128	-79.1	-38.3	6.2	56.5	131	203	268	321
Other comprehensive income	-27.7	-17.9	-22.5	-18.1	-12.2	-12.9	-32	-24	-29.9	-3
Shareholders' equity	259	312	368	417	477	521	578	673	746	1,314
Total equity	259	312	368	417	477	521	578	673	746	1,314
Total liabilities and equity	426	727	720	870	865	1,228	1,241	1,226	1,389	1,807
Shares outstanding	34.5	34.6	34.9	35.1	35.2	35.6	35.7	35.8	35.9	35.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	22	62.3	51.1	40.8	44.5	50.3	74.1	72.9	64.1	53.8
Depreciation and amortization	21	30.8	37.1	38.3	38.3	43.4	53.2	46.6	55.6	61.9
Stock-based compensation	4.29	5.49	7.71	9.34	23.1	25.6	23.1	25.6	23.3	29.5
Deferred income tax	-1.77	-2.56	-6.08	-4.33	-4.11	-3.95	-18.7	-14.7	-15.9	-8.85
Change in receivables	-6.39	-2.08	-1.16	-3.6	18	-25.4	-23.2	-0.13	-6.19	-27.3
Change in inventory	-2.92	-13.6	-15.6	-7.4	22.1	-19.1	-48.5	11.4	4.78	-36.1
Cash from operations	47.8	63.4	89.6	63.2	140	94.6	90.8	120	159	64.1
Capital expenditures	-8.46	-9.09	-14.7	-10.7	-10.5	-20	-19.6	-20	-17.2	-15.6
Acquisitions	-8.96	-168	-33.5
Cash from investing	-12.9	-177	-45.6	-63.8	-13.2	-307	-42.5	-19.9	-208	-74.3
Debt issued		177	55.3	66.8		280	69.9		198	82.8
Debt repaid	-16.3	-26.9	-74.6	-50.7	-35.4	-32.4	-59	-86.6	-131	-366
Stock issued	0.18
Share buybacks	-1.63	-0.37	-5.85	-10	-5.5		-10			-39.3
Cash from financing	-23.2	143	-60.2	-3.94	-84.4	205	-60.2	-97.9	56.9	276
Exchange rate effect	-3.59	2.62	-1.91	1.43
Net change in cash	8.15	31.9	-18	-3.1	46.1	-7.66	-17.3	4.95	8.94	267
Free cash flow	39.3	54.3	75	52.5	130	74.6	71.1	100	141	48.4
Interest paid	2.92	5.83	8.92	8.39	5.53	6.21	14.3	25.3	32.7	22.6
Income taxes paid	14.1	21.1	20.3	14.3	5.88	11.3	20.3	36.9	21.2	36.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 3, 2026; growth uses fiscal years. Valuation uses the share price of $143.93 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.5%	Gross profit / revenue.
Operating margin	9.0%	Operating income / revenue.
EBITDA margin	14.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.7%	Pre-tax income / revenue.
Net margin	6.0%	Net income / revenue.
FCF margin	11.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.0%	Cash from operations / revenue.
Effective tax rate	22.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.9%	Net income / average total assets.
Return on invested capital (ROIC)	6.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.1%	Research and development expense / revenue.
SG&A / revenue	21.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.9%	Capital expenditures / revenue.
D&A / revenue	6.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-15.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-3.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-6.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-0.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-16.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-10.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	3.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-16.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-10.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	3.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-59.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-11.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-14.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-65.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-12.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-17.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	76.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	31.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	22.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	30.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.57x	Current assets / current liabilities.
Quick ratio	3.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.92x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.14x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.7%	Total debt / total assets.
Liabilities / assets	24.4%	Total liabilities / total assets.
Net debt	-$489.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-3.18x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$877.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	37.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$814.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
Fixed asset turnover	8.58x	Revenue / average property, plant and equipment.
Inventory turnover	2.96x	Cost of revenue / average inventory.
Days inventory	123 days	365 x average inventory / cost of revenue.
Receivables turnover	5.76x	Revenue / average receivables.
Days sales outstanding	63 days	365 x average receivables / revenue.
Days payables	62 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	124 days	Days inventory + days sales outstanding - days payables.
FCF conversion	185.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.50	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$25.01	Revenue / diluted weighted shares.
FCF per share	$2.78	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.25	Cash from operations / diluted weighted shares.
Book value per share	$42.75	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$21.53	Tangible book value / shares outstanding.
Cash per share	$19.00	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	45.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.44B	Share price x shares outstanding.
Enterprise value	$4.95B	Market cap + total debt - cash - short-term investments.
P/E	88.1x	Market cap / net income. Only when net income is positive.
P/S	5.29x	Market cap / revenue.
P/B	3.37x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.68x	Market cap / tangible book value, when positive.
P/FCF	47.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	40.7x	Market cap / cash from operations, when positive.
EV/Sales	4.81x	Enterprise value / revenue.
EV/EBIT	53.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	32.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	43.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.1%	Free cash flow / market cap.
Earnings yield	1.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.0%	(Dividends paid + share buybacks) / market cap.

What was NOVANTA INC's revenue in fiscal 2025?

NOVANTA INC reported revenue of $980.6M for fiscal 2025, 3.3% higher than the year before.

Was NOVANTA INC profitable in fiscal 2025?

Yes. Net income was $53.8M, a net margin of 5.5%.

How much free cash flow did NOVANTA INC generate in fiscal 2025?

Cash from operations of $64.1M minus capital expenditures of $15.6M left free cash flow of $48.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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