NOVA LTD. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NOVA LTD. 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	164	222	251	225	269	416	571	518	672	881
Cost of revenue	88.6	90.8	106	103	118	181	254	225	285	375
Gross profit	75.3	131	145	122	151	235	317	293	387	505
Research and development	35	39	45.5	44.5	53	65.9	90.5	88	110	143
Selling and marketing	21.5	24.6	28	28.2	30.1	39.9	52.7	52.5	65.1	82.2
General and administrative	6.84	8.1	8.74	10.1	12.5	17.3	23.9	20.4	24.2	26.1
Operating expenses	65.1	73.4	84.8	85.4	95.6	123	167	161	200	252
Operating income	10.2	57.8	60.4	36.4	55.6	112	150	132	188	253
Interest expense				0	0.87	4.23	1.28	1.28	1.28	2
Interest income	1.22	2.28	2.98	3.08
Pre-tax income	11.4	60.1	63.4	39.5	56.5	109	158	155	216	303
Income tax	1.74	13.6	9.05	4.32	8.59	16.2	18.2	18.4	32.5	44.1
Net income	9.64	46.5	54.4	35.2	47.9	93.1	140	136	184	259
EBITDA	14.2	61.4	65.5	41.8	61.4	119	159	143	199	267
EPS, basic	0.35	1.68	1.94	1.26	1.71	3.28	4.89	4.73	6.31	8.61
EPS, diluted	0.35	1.63	1.89	1.23	1.65	3.12	4.43	4.28	5.75	7.96
Shares, basic (weighted)	27.2	27.7	28	27.9	28.1	0.03	0.03	0.03	0.03	0.03
Shares, diluted (weighted)	27.5	28.5	28.8	28.6	28.9	0.03	0.03	0.03	0.03	0.03

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	20.4	27.7	22.9	31.7	232	127	111	108	158	214
Short-term investments	70.5	121	153	155	192	222	167	216	217	322
Receivables	42.6	40.9	53.5	51.6	63.3	68.4	109	111	139	152
Inventory	29.3	34.9	41.8	48.4	61.7	78.7	117	138	157	184
Other current assets	4.84	6.95	10.4	16.7	9.78	9.24	13.5	17.1	19.5	26.7
Total current assets	168	232	282	303	559	567	613	710	902	1,411
Property, plant and equipment	10	13.9	13.8	30.6	34.2	34.5	55.9	66.9	81.7	103
Lease right-of-use assets				28.3	29.1	30.6	44.9	41.9	51.2	57.7
Goodwill	20.1	20.1	20.1	20.1	20.1	20.1	49	50.1	48.3	90.8
Intangible assets	15.4	12.8	10.2	7.56	5.06	2.6	43.6	39.2	31.5	45.8
Long-term investments					0	137	153	191	226	585
Other non-current assets	0.23	0.36	0.53	0.44	0.46	0.66	0.96	3.26	9.41	15.6
Total assets	219	283	333	400	656	805	984	1,134	1,390	2,361
Accounts payable	16.5	15.8	19	20.7	24.1	36.2	42.7	35.2	59.6	47
Deferred revenue	4.07	10.3	3.98	2.26	4.72	15.3	30.5	42	72.9	67.2
Total current liabilities	39	52.1	48.1	46.2	60.9	288	134	323	388	225
Lease liabilities				30.5	31.9	33.5	43.7	39.8	48.4	59.3
Other non-current liabilities	1.33	1.83	2.36	5.84	8.88	6.33	7.19	6.55	14.2	12.8
Total liabilities	43.9	56.5	52.7	85.9	284	331	397	383	463	1,042
Paid-in capital	129	122	122	121	129	140	121	140	135	254
Retained earnings	57.7	104	159	194	242	335	478	614	798	1,057
Treasury stock	-12	-12
Other comprehensive income	-0.05	0.11	-0.19	0.02	0.57	-0.81	-12.5	-3.33	-5.3	6.55
Shareholders' equity	175	227	281	315	372	474	587	751	928	1,318
Total equity	175	227	281	315	372	474	587	751	928	1,318
Total liabilities and equity	219	283	333	400	656	805	984	1,134	1,390	2,361
Shares outstanding	27.4	27.9	27.9	28	28.2	28.6	28.7	29	29.3	31.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	9.64	46.5	54.4	35.2	47.9	93.1	140	136	184	259
Depreciation and amortization	4.05	3.62	5.07	5.4	5.88	6.48	8.62	10.3	11.7	13.5
Stock-based compensation	2.74	2.78	4.33	5.09	6.95	10.5	16.6	18.3	25.2	26.3
Deferred income tax	0.63	-0.03	-1.74	0.98	-1.03	-3.16	-14.1	-6.46	-9.96	-12.3
Change in receivables	-23.6	1.68	-12.5	1.93	-11.7	-5.13	-31.6	-1.18	-29.1	-7.02
Change in inventory	-1.67	-6.86	-8.12	-7.52	-16.3	-18.5	-29.3	-26	-23.9	-19
Cash from operations	-4.16	61.8	37.1	40.7	60.3	132	120	124	235	246
Capital expenditures	-3.13	-6.3	-3.68	-21.3	-6.44	-4.82	-21.3	-17.2	-17.2	-27.7
Acquisitions					0	0	-78.5	0	0	-56.4
Purchases of investments				0	0	-215	-212	-274	-272	-755
Sales and maturities of investments				0	0	12.9	80.4	193	243	305
Cash from investing	-4.38	-57.1	-36.7	-25.5	-42.5	-239	-100	-125	-136	-837
Debt issued								0	0	750
Stock issued	2.15	2.62	0.36	0.49	0.37	0.01	0.09	0.12	0.16	0
Share buybacks	-0.94		-4.8	-7.16	-12.5	0	-21.4	-0.11	-30	-35
Cash from financing	1.21	2.62	-4.44	-6.67	181	0.01	-29.8	0.01	-48.3	642
Exchange rate effect			-0.83	0.3	1.36	0.62
Net change in cash	-7.33	7.29	-4.82	8.87	201	-106	-15	-4.15	50.2	57
Free cash flow	-7.29	55.5	33.4	19.4	53.8	127	98.2	106	218	218
Income taxes paid	1.9	8.16	13	8.34	3.98	13.3	23	26.8	29.9	41.5

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $368.23 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	57.4%	Gross profit / revenue.
Operating margin	28.8%	Operating income / revenue.
EBITDA margin	30.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	34.4%	Pre-tax income / revenue.
Net margin	29.4%	Net income / revenue.
FCF margin	24.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	27.9%	Cash from operations / revenue.
Effective tax rate	14.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	23.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.8%	Net income / average total assets.
Return on invested capital (ROIC)	23.1%	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	16.3%	Research and development expense / revenue.
Stock-based pay / revenue	3.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.1%	Capital expenditures / revenue.
D&A / revenue	1.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	31.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	26.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	30.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.8%	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	27.3%	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	35.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.1%	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	35.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	34.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	19.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	34.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	41.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	22.7%	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	40.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	38.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	21.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	37.0%	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	4.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	27.1%	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	32.5%	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	-0.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	30.4%	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	32.3%	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	42.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	31.0%	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	28.8%	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	69.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	33.9%	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	29.2%	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	2.1%	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	1.0%	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	-74.2%	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	6.28x	Current assets / current liabilities.
Quick ratio	3.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.39x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	44.2%	Total liabilities / total assets.
Interest coverage	127x	Operating income / interest expense.
Working capital	$1.19B	Current assets - current liabilities.
Goodwill and intangibles / assets	5.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.18B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	9.55x	Revenue / average property, plant and equipment.
Inventory turnover	2.21x	Cost of revenue / average inventory.
Days inventory	165 days	365 x average inventory / cost of revenue.
Receivables turnover	6.05x	Revenue / average receivables.
Days sales outstanding	60 days	365 x average receivables / revenue.
Days payables	52 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	174 days	Days inventory + days sales outstanding - days payables.
FCF conversion	84.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.96	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.
EPS, basic	$8.61	Net income per basic share, as reported (split-adjusted).
Revenue per share	$26,847.00	Revenue / diluted weighted shares.
FCF per share	$6,644.00	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7,488.00	Cash from operations / diluted weighted shares.
Book value per share	$41.48	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$37.18	Tangible book value / shares outstanding.
Cash per share	$16.87	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	16.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.70B	Share price x shares outstanding.
Enterprise value	$11.17B	Market cap + total debt - cash - short-term investments.
P/E	45.1x	Market cap / net income. Only when net income is positive.
P/S	13.3x	Market cap / revenue.
P/B	8.88x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.90x	Market cap / tangible book value, when positive.
P/FCF	53.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	47.6x	Market cap / cash from operations, when positive.
EV/Sales	12.7x	Enterprise value / revenue.
EV/EBIT	44.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	41.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	51.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.9%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.3%	(Dividends paid + share buybacks) / market cap.
PEG	2.09x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NOVA LTD.'s revenue in fiscal 2025?

NOVA LTD. reported revenue of $880.6M for fiscal 2025, 31% higher than the year before.

Was NOVA LTD. profitable in fiscal 2025?

Yes. Net income was $259.2M, a net margin of 29.4%.

How much free cash flow did NOVA LTD. generate in fiscal 2025?

Cash from operations of $245.6M minus capital expenditures of $27.7M left free cash flow of $217.9M.

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.

Open interactive statements, quarterly figures and charts

Back to NOVA LTD.