NOVANTA INC NOVT
Novanta Inc. and its subsidiaries (collectively referred to as the "Company", "Novanta", "we", "us", "our") is a leading global supplier of core technology solutions that give medical, life science, and advanced industrial original equipment manufacturers ("OEMs") a competitive advantage. We combine deep proprietary technology expertise and competencies in precision medicine, precision manufacturing, robotics and automation, and advanced surgery with a proven ability to solve complex technical challenges. This enables us to engineer proprietary technology solutions that deliver extreme precision and performance, tailored to our customers' demanding applications.
The Company was founded and initially incorporated in Massachusetts in 1968 as General Scanning, Inc. ("General Scanning"). In 1999, General Scanning merged with Lumonics Inc. The post-merger entity, GSI Lumonics Inc., continued under the laws of the Province of New Brunswick, Canada. In 2005, the Company changed its name to GSI Group Inc. Through a series of strategic divestitures and acquisitions, the Company transformed from one that was more focused on the semiconductor industry to one that primarily develops and supplies components and sub-systems to OEMs in the medical and advanced industrial markets. The Company changed its name to Novanta Inc. in May 2016.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $980.6M | $949.2M | $881.7M | $860.9M | $706.8M | $590.6M | $626.1M | $614.3M | $521.3M | $384.8M |
| Cost of revenue | $545.3M | $527.7M | $481.8M | $482.4M | $406.5M | $346.1M | $364.0M | $352.8M | $300.8M | $222.3M |
| Gross profit | $435.3M | $421.5M | $399.9M | $378.5M | $300.3M | $244.5M | $262.1M | $261.5M | $220.5M | $162.5M |
| R&D | $95.5M | $95.5M | $91.7M | $85.8M | $72.5M | $61.0M | $56.0M | $51.0M | $41.7M | $32.0M |
| SG&A | $195.7M | $175.9M | $164.5M | $158.9M | $129.2M | $109.9M | $118.4M | $115.9M | $101.7M | $81.3M |
| Total operating expenses | $341.3M | $311.0M | $289.4M | $275.4M | $236.3M | $188.6M | $206.8M | $190.5M | $163.0M | $129.5M |
| Operating income | $94.0M | $110.6M | $110.5M | $103.1M | $64.1M | $55.9M | $55.3M | $71.0M | $57.6M | $33.0M |
| Interest expense | — | — | — | — | — | — | — | — | $7.2M | $4.6M |
| Pre-tax income | $69.6M | $79.1M | $83.7M | $87.2M | $56.2M | $48.4M | $45.8M | $61.3M | $76.1M | $32.5M |
| Income tax | $15.8M | $15.0M | $10.9M | $13.1M | $5.8M | $3.9M | $5.0M | $10.2M | $13.8M | $10.5M |
| Net income | $53.8M | $64.1M | $72.9M | $74.1M | $50.3M | $44.5M | $40.8M | $49.1M | $60.1M | $22.0M |
| EPS, basic | 1.47 | 1.78 | 2.03 | 2.08 | 1.42 | 1.27 | 1.16 | 1.46 | 1.14 | 0.63 |
| EPS, diluted | 1.47 | 1.77 | 2.02 | 2.06 | 1.41 | 1.25 | 1.15 | 1.43 | 1.13 | 0.63 |
| Shares, diluted (wtd. avg.) | $36.7M | $36.1M | $36.0M | $35.9M | $35.8M | $35.7M | $35.5M | $35.5M | $35.3M | $34.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $380.9M | $114.0M | $105.1M | $100.1M | $117.4M | $125.1M | $78.9M | $82.0M | $100.1M | $68.1M |
| Receivables | $184.9M | $151.0M | $139.4M | $137.7M | $115.6M | $75.1M | $91.1M | $84.0M | $81.5M | $63.8M |
| Inventory | $188.3M | $144.6M | $149.4M | $168.0M | $125.7M | $92.7M | $116.6M | $104.8M | $91.3M | $59.7M |
| Total current assets | $782.6M | $433.6M | $415.3M | $420.5M | $373.8M | $304.2M | $304.5M | $281.8M | $287.9M | $199.2M |
| Property, plant and equipment | $118.5M | $113.1M | $109.4M | $103.2M | $87.4M | $78.7M | $77.6M | $65.5M | $61.7M | $35.4M |
| Goodwill | $647.3M | $584.1M | $484.5M | $478.9M | $479.5M | $286.0M | $274.7M | $217.7M | $211.0M | $108.1M |
| Other intangibles | $180.8M | $185.8M | $145.0M | $175.8M | $221.0M | $148.5M | $166.2M | $142.9M | $155.0M | $61.7M |
| Total assets | $1.81B | $1.39B | $1.23B | $1.24B | $1.23B | $865.2M | $869.7M | $719.6M | $726.7M | $425.6M |
| Accounts payable | $94.9M | $76.9M | $57.2M | $75.2M | $68.5M | $43.0M | $52.6M | $50.7M | $39.8M | $32.2M |
| Short-term debt | $38.3M | $4.7M | $5.0M | $4.8M | $5.1M | $5.5M | $5.0M | $4.5M | $9.1M | $7.4M |
| Total current liabilities | $212.4M | $167.8M | $139.2M | $164.5M | $183.9M | $114.2M | $134.8M | $104.2M | $98.2M | $70.5M |
| Long-term debt | $212.5M | $411.9M | $349.4M | $430.7M | $429.4M | $194.9M | $215.3M | $202.8M | $225.5M | $70.6M |
| Total liabilities | $492.8M | $642.8M | $552.6M | $663.6M | $706.6M | $388.4M | $452.6M | $351.3M | $368.2M | $166.8M |
| Retained earnings | $321.4M | $267.5M | $203.5M | $130.6M | $56.5M | $6.2M | -$38.3M | -$79.1M | -$127.7M | -$167.5M |
| Total equity | $1.31B | $745.7M | $673.5M | $577.6M | $521.3M | $476.8M | $417.2M | $368.3M | $311.5M | $258.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $64.1M | $158.5M | $120.1M | $90.8M | $94.6M | $140.2M | $63.2M | $89.6M | $63.4M | $47.8M |
| Depreciation and amortisation | $61.9M | $55.6M | $46.6M | $53.2M | $43.4M | $38.3M | $38.3M | $37.1M | $30.8M | $21.0M |
| Stock-based compensation | $29.5M | $23.3M | $25.6M | $23.1M | $25.6M | $23.1M | $9.3M | $7.7M | $5.5M | $4.3M |
| Capital expenditure | $15.6M | $17.2M | $20.0M | $19.6M | $20.0M | $10.5M | $10.7M | $14.7M | $9.1M | $8.5M |
| Investing cash flow | -$74.3M | -$208.2M | -$19.9M | -$42.5M | -$306.7M | -$13.2M | -$63.8M | -$45.6M | -$177.4M | -$12.9M |
| Financing cash flow | $276.3M | $56.9M | -$97.9M | -$60.2M | $204.8M | -$84.4M | -$3.9M | -$60.2M | $143.3M | -$23.2M |
| Buybacks | $39.3M | — | — | $10.0M | — | $5.5M | $10.0M | $5.8M | $370.0K | $1.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-175367.
Others in SIC 3690
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ENS | EnerSys | $6.56B | 23.6x | 3.7% |
| QS | QuantumScape Corp | $3.38B | — | — |
| ATKR | Atkore Inc. | $3.17B | — | -11.0% |
| RUN | Sunrun Inc. | $2.14B | 5.2x | 45.1% |
| SPB | Spectrum Brands Holdings, Inc. | $2.04B | 22.9x | -5.2% |
| EMAT | Evolution Metals & Technologies Corp. | $1.88B | — | — |
| ENR | ENERGIZER HOLDINGS, INC. | $1.45B | 6.4x | 2.3% |
| AMPX | Amprius Technologies, Inc. | $1.44B | — | 205.1% |