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Maker of precision photonics, motion-control and vision components embedded inside medical and industrial equipment.
Maker of precision photonics, motion-control and vision components embedded inside medical and industrial equipment.
Supplies components and subsystems that are designed into a customer's product for years, so a won design generates repeat orders for the life of that product line and sales track the customer's production. Medical equipment makers are a large share of buyers. It grew largely by acquiring small specialist technology firms.
Moat: narrow (IP / patents, customer qualification, process know-how). Highly engineered components are designed into OEM medical/industrial products for years.
Headquarters: Bedford, Massachusetts, US · Founded: 2016 · Employees: 3,000
Size Novanta (NOVT) is a United States Information Technology company (Electronic Equipment/Instruments) with a market value of $5.11B, the 1168th largest of 3,117 United States companies the cockpit tracks. Shares closed at $135.15 on 6 Nov 2026.
Performance Over six months the shares fell 2.3%, against -27.2% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 7.6% over the last twelve months (peer median +6.7%); the operating margin is 11.7% (peer median 13.1%).
Valuation It trades at 33.9× forward earnings against a peer median of 21.6× (4th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 33% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +23 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 5.0 points below its cost of capital (13.0% WACC).
Short interest Short interest is 13.9% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.03B | $981M | $949M | $882M | $861M |
| Revenue growth | — | +3% | +8% | +2% | — |
| Gross profit | $431M | $408M | $397M | $382M | $355M |
| EBITDA | $182M | $179M | $180M | $170M | $161M |
| Net income | $61.8M | $53.8M | $64.1M | $72.9M | $74.1M |
| Free cash flow | $113M | $48.4M | $141M | $89.6M | $71.1M |
| Capital expenditure | $19.4M | $15.6M | $17.2M | $20.0M | $19.6M |
| Total debt | $286M | $303M | $471M | $405M | $489M |
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 |
|---|---|---|---|---|---|---|
| Novanta NOVT | $5.11B | -2% | +8% | 12% | 33.9× | 33.5% |
| Coherent COHR | $38.0B | -42% | +23% | 14% | 16.6× | n/a |
| Rockwell Automation ROK | $41.7B | -17% | +11% | 14% | 25.0× | 27.2% |
| IPG Photonics IPGP | $2.78B | -38% | +15% | 5% | 32.8× | 24.8% |
| Cognex CGNX | $8.04B | -27% | +17% | 22% | 24.8× | 25.6% |
| MKS MKSI | $13.0B | -39% | +16% | 17% | 11.5× | 24.0% |
| Hamamatsu Photonics K.K 6965.T | $3.69B | -7% | +10% | 9% | 30.9× | 27.8% |
| Teledyne Technologies TDY | $28.5B | 0% | +8% | 20% | 22.9× | 15.5% |
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 | NOVT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.9% | -12.4% | 5th highest of 21 |
| 6-month return | -2.3% | -27.2% | 6th highest of 20 |
| Distance from 52-week high | -23.4% | -47.5% | 4th highest of 21 |
| Revenue growth (TTM) | +7.6% | +6.7% | 11th highest of 21 |
| Operating margin | 11.7% | 13.1% | 10th lowest of 21 |
| Forward P/E | 33.9× | 21.6× | 4th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 33.5% | 12.9% | most demanding of 14 |
| Growth delivered (Del g) | +10.7% | +13.5% | 6th lowest of 14 |
| Hurdle (Req g minus delivered) | +22.8 pp | -2.2 pp | most demanding of 14 |
| ROIC minus cost of capital | -5.0 pp | -0.5 pp | 6th lowest of 21 |
| EV / EBITDA | 25.8× | 26.4× | 4th cheapest of 8 |
| Net debt / EBITDA | -2.4× | -1.2× | least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Novanta NOVT | United States | $5.11B | -2% | +8% | 12% | 33.9× | 33.5% | +10.7% |
| INFICON IFCN.SW | Switzerland | $4.51B | 0% | -2% | 17% | 32.8× | 19.7% | +8.4% |
| Itron ITRI | United States | $4.32B | +20% | -4% | 14% | 14.5× | 9.2% | +1.7% |
| CIQTEK 688828.SS | China | $4.17B | n/a | +33% | -5% | n/a | n/a | n/a |
| Wuhan Guide Infrared 002414.SZ | China | $6.46B | -32% | +89% | 29% | 37.4× | n/a | n/a |
| China Railway Signal & Communication 688009.SS | China | $7.39B | 0% | +1% | 12% | 14.9× | -6.3% | -2.9% |
| Shenzhen SEICHI Technologies 688627.SS | China | $3.37B | -24% | +65% | 3% | 89.1× | n/a | n/a |
| GRG Banking Equipment 002152.SZ | China | $3.26B | -25% | 0% | 9% | 23.0× | 4.0% | +13.5% |
| Cognex CGNX | United States | $8.04B | -27% | +17% | 22% | 24.8× | 25.6% | +4.2% |
| Syntec Technology 7750.TW | Taiwan | $3.15B | -46% | +60% | 25% | 13.2× | 17.2% | +24.3% |
| ONTO ONTO | United States | $8.50B | -39% | +8% | 20% | 16.9× | 29.4% | +12.6% |
| Addsino 000547.SZ | China | $3.02B | -49% | -6% | -54% | n/a | n/a | n/a |
| Shanghai Lingang 600848.SS | China | $3.00B | -9% | -26% | 15% | 19.4× | 12.9% | +15.1% |
| Ginlong Technologies 300763.SZ | China | $2.98B | -47% | +4% | 11% | 19.2× | 10.0% | +27.2% |
| GeniuS Electronic Optical 3406.TW | Taiwan | $2.81B | +59% | +16% | 20% | 20.1× | 5.9% | +9.5% |
| Kehua Data 002335.SZ | China | $2.81B | -41% | +5% | 5% | 31.4× | 16.7% | +14.4% |
| Oxford Nanopore Technologies ONT.L | United Kingdom | $2.71B | +75% | +15% | -55% | n/a | n/a | n/a |
| Focuslight Technologies 688167.SS | China | $2.71B | -44% | +22% | -9% | 284.8× | n/a | n/a |
| Ningbo Sanxing Medical Electric 601567.SS | China | $2.66B | -37% | -11% | 3% | 15.8× | 4.8% | +15.1% |
| Shenzhen CSL Vacuum Science & Technology 688785.SS | China | $2.62B | -21% | -2% | 18% | n/a | n/a | n/a |
| NVMI NVMI | United States | $9.96B | -40% | +16% | 29% | 25.0× | 32.8% | +26.7% |