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Makes precision dispensing equipment for adhesives, coatings and fluids used in electronics, packaging and industrial manufacturing.
Makes precision dispensing equipment for adhesives, coatings and fluids used in electronics, packaging and industrial manufacturing.
Sells dispensing systems whose nozzles, filters and spare parts must be replaced regularly, so a large part of revenue recurs after the first sale. Products are built into customers' production lines, with demand spread across packaging, medical, electronics and general industry, and it has grown by buying niche technology businesses.
Moat: narrow (IP / patents, customer qualification, installed base). Precision dispensing technology is qualified into customer production lines, creating switching costs.
Headquarters: Westlake, Ohio, US · Founded: 1954 · Employees: 8,000
Size Nordson (NDSN) is a United States Industrials company (Industrial Machinery) with a market value of $17.3B, the 542nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $309.86 on 6 Nov 2026.
Performance Over six months the shares gained 9.6%, against -11.8% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +8.1%); the operating margin is 26.9% (peer median 17.8%).
Valuation It trades at 24.5× forward earnings against a peer median of 22.9× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.4 points above its cost of capital (9.4% WACC).
Credit Nordson has 3 bonds outstanding ($1.45B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 74 bp.
Short interest Short interest is 2.4% of the free float (15 Oct 2026).
Next results Next results expected around 16 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.98B | $2.79B | $2.69B | $2.63B | $2.59B |
| Revenue growth | — | +4% | +2% | +1% | — |
| Gross profit | $1.65B | $1.54B | $1.49B | $1.43B | $1.43B |
| EBITDA | $950M | $875M | $810M | $785M | $802M |
| Net income | $555M | $484M | $467M | $487M | $513M |
| Free cash flow | $724M | $661M | $492M | $607M | $462M |
| Capital expenditure | $49.4M | $58.1M | $64.4M | $34.6M | $51.4M |
| Total debt | $1.82B | $2.09B | $2.32B | $1.86B | $860M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nordson NDSN | $17.3B | +10% | +7% | 27% | 24.5× | 15.4% |
| Illinois Tool Works ITW | $79.8B | +11% | +5% | 27% | 23.4× | 9.7% |
| Graco GGG | $10.9B | -13% | +5% | 27% | 20.0× | 8.1% |
| Dover DOV | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NDSN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.2% | -5.2% | 11th highest of 21 |
| 6-month return | +9.6% | -11.8% | 4th highest of 21 |
| Distance from 52-week high | -8.6% | -29.4% | 3rd highest of 21 |
| Revenue growth (TTM) | +7.0% | +8.1% | 9th lowest of 21 |
| Operating margin | 26.9% | 17.8% | highest of 21 |
| Forward P/E | 24.5× | 22.9× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 15.4% | 14.7% | 8th most demanding of 19 |
| Growth delivered (Del g) | +5.6% | +9.0% | 3rd lowest of 19 |
| Hurdle (Req g minus delivered) | +9.8 pp | +4.1 pp | 3rd most demanding of 19 |
| ROIC minus cost of capital | +3.4 pp | +6.5 pp | 7th lowest of 20 |
| EV / EBITDA | 20.0× | 15.0× | 4th most expensive of 18 |
| Net debt / EBITDA | 1.8× | 0.9× | 2nd most indebted of 19 |
| Bond spread | 74 bp | 76 bp | 3rd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nordson NDSN | United States | $17.3B | +10% | +7% | 27% | 24.5× | 15.4% | +5.6% |
| IDEX IEX | United States | $16.7B | +5% | +7% | 21% | 23.7× | 14.7% | +8.0% |
| Woodward WWD | United States | $18.7B | -14% | +22% | 16% | 31.0× | 18.9% | +7.4% |
| VAT VACN.SW | Switzerland | $19.0B | -11% | -2% | 25% | 48.2× | 25.8% | +9.2% |
| Ihi 7013.T | Japan | $15.4B | -20% | +8% | 10% | 12.7× | 16.7% | +8.1% |
| Lincoln Electric LECO | United States | $14.9B | +2% | +11% | 18% | 22.0× | 13.3% | +9.7% |
| ACM Research (Shanghai) 688082.SS | China | $14.6B | +30% | +9% | 15% | 54.1× | n/a | n/a |
| Zhejiang Sanhua Intelligent Controls 002050.SZ | China | $21.5B | -28% | +3% | 15% | 33.3× | 23.8% | +20.8% |
| Smc 6273.T | Japan | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% | +8.8% |
| SYM SYM | United States | $22.3B | -30% | +20% | 1% | 101.9× | n/a | n/a |
| Xylem XYL | United States | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% | +13.1% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
| Lifco LIFCO-B.ST | Sweden | $13.1B | +1% | +7% | 19% | 29.3× | 15.2% | +15.4% |
| GEA Group Aktiengesellschaft G1A.DE | Germany | $12.6B | +25% | +4% | 12% | 21.0× | 5.8% | +3.5% |
| Lennox International LII | United States | $11.7B | -34% | +2% | 19% | 15.3× | 5.0% | +7.4% |
| Madison Air Solutions MAIR | United States | $11.6B | -45% | +27% | 17% | 20.6× | 31.9% | +27.3% |
| Watts Water Technologies WTS | United States | $11.6B | +17% | +17% | 19% | 24.6× | 15.8% | +10.1% |
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| BELIMO BEAN.SW | Switzerland | $11.0B | +1% | +20% | 21% | 37.2× | 12.5% | +11.1% |
| Daifuku 6383.T | Japan | $10.9B | -33% | +21% | 15% | 18.9× | 14.7% | +8.3% |
| Graco GGG | United States | $10.9B | -13% | +5% | 27% | 20.0× | 8.1% | +6.3% |
Nordson has 3 bonds outstanding with $1.45B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.36%, a spread of 74 bp over government bonds.