Novanta Inc Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Novanta Inc has an operating margin of 11.7%, meaning the company retains $12 of operating profit per $100 of revenue. This results in a moderate score of 58/100, indicating healthy but not exceptional operating efficiency. This is down from 12.5% the prior year.
Novanta Inc's revenue grew 7.7% year-over-year to $949.2M, a solid pace of expansion. This earns a growth score of 50/100.
Novanta Inc carries a low D/E ratio of 0.55, meaning only $0.55 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.58, Novanta Inc holds $2.58 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 83/100.
Novanta Inc converts 14.9% of revenue into free cash flow ($141.3M). This strong cash generation earns a score of 74/100.
Novanta Inc's ROE of 8.6% shows moderate profitability relative to equity, earning a score of 34/100. This is down from 10.8% the prior year.
Novanta Inc scores 6.33, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($5.2B) relative to total liabilities ($642.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Novanta Inc passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Novanta Inc generates $2.47 in operating cash flow ($158.5M OCF vs $64.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
This page shows Novanta Inc (NOVT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Novanta Inc generated $949.2M in revenue in fiscal year 2024. This represents an increase of 7.7% from the prior year.
Novanta Inc's EBITDA was $166.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.8% from the prior year.
Novanta Inc generated $141.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 41.2% from the prior year.
Novanta Inc reported $64.1M in net income in fiscal year 2024. This represents a decrease of 12.1% from the prior year.
Novanta Inc earned $1.77 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 12.4% from the prior year.
Novanta Inc held $114.0M in cash against $411.9M in long-term debt as of fiscal year 2024.
Novanta Inc had 36M shares outstanding in fiscal year 2024. This represents an increase of 0.3% from the prior year.
Novanta Inc's gross margin was 44.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 1.0 percentage points from the prior year.
Novanta Inc's operating margin was 11.7% in fiscal year 2024, reflecting core business profitability. This is down 0.9 percentage points from the prior year.
Novanta Inc's net profit margin was 6.8% in fiscal year 2024, showing the share of revenue converted to profit. This is down 1.5 percentage points from the prior year.
Novanta Inc's ROE was 8.6% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 2.2 percentage points from the prior year.
Novanta Inc invested $95.5M in research and development in fiscal year 2024. This represents an increase of 4.2% from the prior year.
Novanta Inc invested $17.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 14.0% from the prior year.
NOVT Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $247.8M+2.8% | $241.0M+3.3% | $233.4M-2.0% | $238.1M+0.9% | $235.9M+2.1% | $230.9M+9.1% | $211.6M-4.5% | $221.5M |
| Cost of Revenue | $136.9M+1.9% | $134.3M+4.1% | $129.0M-0.6% | $129.8M-1.8% | $132.2M+1.3% | $130.5M+13.5% | $115.0M-4.1% | $119.9M |
| Gross Profit | $110.9M+3.9% | $106.7M+2.3% | $104.4M-3.6% | $108.2M+4.4% | $103.7M+3.3% | $100.4M+4.0% | $96.6M-5.0% | $101.6M |
| R&D Expenses | $24.1M-4.7% | $25.3M+8.8% | $23.2M-8.1% | $25.3M+6.5% | $23.7M+2.1% | $23.2M-0.9% | $23.5M+6.5% | $22.0M |
| SG&A Expenses | $51.4M+9.1% | $47.1M+3.3% | $45.6M+5.3% | $43.3M-3.3% | $44.8M+2.9% | $43.5M+4.4% | $41.7M+5.2% | $39.6M |
| Operating Income | $21.8M+46.5% | $14.9M-54.0% | $32.4M+21.4% | $26.7M+3.9% | $25.7M+0.4% | $25.6M+18.1% | $21.7M-28.5% | $30.3M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $5.1M+295.1% | $1.3M-75.2% | $5.2M+20.3% | $4.3M+28.3% | $3.4M+50.7% | $2.2M-30.8% | $3.2M+82.7% | $1.8M |
| Net Income | $10.7M+136.9% | $4.5M-78.8% | $21.2M+28.8% | $16.5M+19.7% | $13.8M-6.3% | $14.7M+17.3% | $12.5M-41.0% | $21.2M |
| EPS (Diluted) | $0.30+150.0% | $0.12-79.7% | $0.59+31.1% | $0.45+18.4% | $0.38-7.3% | $0.41+20.6% | $0.34-42.4% | $0.59 |
NOVT Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.5B-0.3% | $1.5B+9.1% | $1.4B-0.2% | $1.4B-0.7% | $1.4B-0.9% | $1.4B+15.1% | $1.2B+2.7% | $1.2B |
| Current Assets | $468.4M+1.4% | $462.1M+6.4% | $434.1M+0.1% | $433.6M+2.1% | $424.8M-0.9% | $428.8M+3.3% | $415.3M+6.1% | $391.3M |
| Cash & Equivalents | $89.2M-18.8% | $109.9M+3.6% | $106.0M-7.0% | $114.0M+15.8% | $98.5M+5.3% | $93.5M-11.0% | $105.1M+38.3% | $76.0M |
| Inventory | $180.0M+7.1% | $168.1M+15.6% | $145.4M+0.6% | $144.6M-9.6% | $160.0M-0.8% | $161.4M+8.0% | $149.4M-2.9% | $153.8M |
| Accounts Receivable | $170.6M+5.8% | $161.2M-1.8% | $164.2M+8.7% | $151.0M+4.1% | $145.0M-3.9% | $150.9M+8.2% | $139.4M-2.6% | $143.1M |
| Goodwill | $647.5M-0.2% | $649.1M+10.2% | $589.1M+0.8% | $584.1M-0.5% | $587.0M-0.5% | $589.9M+21.7% | $484.5M+1.4% | $477.6M |
| Total Liabilities | $704.3M-0.7% | $709.6M+15.3% | $615.7M-4.2% | $642.8M-7.7% | $696.6M-4.4% | $728.9M+31.9% | $552.6M+0.6% | $549.4M |
| Current Liabilities | $186.9M+2.7% | $181.9M+7.3% | $169.6M+1.1% | $167.8M+9.3% | $153.5M+1.4% | $151.4M+8.8% | $139.2M+0.6% | $138.4M |
| Long-Term Debt | $445.7M-1.8% | $454.0M+17.8% | $385.3M-6.5% | $411.9M-13.7% | $477.1M-6.2% | $508.9M+45.6% | $349.4M+0.4% | $347.9M |
| Total Equity | $801.5M0.0% | $801.4M+4.1% | $769.8M+3.2% | $745.7M+6.2% | $702.0M+3.0% | $681.7M+1.2% | $673.5M+4.4% | $644.9M |
| Retained Earnings | $303.9M+3.6% | $293.3M+1.6% | $288.8M+7.9% | $267.5M+15.4% | $231.9M+6.3% | $218.1M+7.2% | $203.5M+6.6% | $191.0M |
NOVT Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $8.5M-43.6% | $15.1M-52.4% | $31.7M-48.5% | $61.6M+49.8% | $41.1M+25.2% | $32.8M-15.8% | $39.0M-12.7% | $44.6M |
| Capital Expenditures | $4.3M+26.4% | $3.4M-20.9% | $4.3M+90.5% | $2.2M-54.4% | $4.9M-23.0% | $6.4M+3.1% | $6.2M-8.5% | $6.8M |
| Free Cash Flow | $4.2M-64.0% | $11.7M-57.4% | $27.4M-53.8% | $59.3M+64.0% | $36.2M+36.9% | $26.4M-19.4% | $32.8M-13.4% | $37.8M |
| Investing Cash Flow | -$5.4M+91.9% | -$66.6M-5412.1% | $1.3M+160.4% | -$2.1M+58.0% | -$4.9M+97.5% | -$197.6M-3112.7% | -$6.2M+9.5% | -$6.8M |
| Financing Cash Flow | -$23.4M-142.7% | $54.8M+228.3% | -$42.7M-20.0% | -$35.6M-11.2% | -$32.0M-120.9% | $153.5M+3126.9% | -$5.1M+90.2% | -$52.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $14.1M | $0-100.0% | $6.2M | N/A | N/A | N/A | N/A | N/A |
NOVT Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.8%+0.5pp | 44.3%-0.4pp | 44.7%-0.7pp | 45.5%+1.5pp | 44.0%+0.5pp | 43.5%-2.1pp | 45.6%-0.2pp | 45.9% |
| Operating Margin | 8.8%+2.6pp | 6.2%-7.7pp | 13.9%+2.7pp | 11.2%+0.3pp | 10.9%-0.2pp | 11.1%+0.8pp | 10.3%-3.4pp | 13.7% |
| Net Margin | 4.3%+2.4pp | 1.9%-7.2pp | 9.1%+2.2pp | 6.9%+1.1pp | 5.8%-0.5pp | 6.4%+0.5pp | 5.9%-3.7pp | 9.6% |
| Return on Equity | 1.3%+0.8pp | 0.6%-2.2pp | 2.8%+0.5pp | 2.2%+0.3pp | 2.0%-0.2pp | 2.1%+0.3pp | 1.9%-1.4pp | 3.3% |
| Return on Assets | 0.7%+0.4pp | 0.3%-1.2pp | 1.5%+0.3pp | 1.2%+0.2pp | 1.0%-0.1pp | 1.0%+0.0pp | 1.0%-0.8pp | 1.8% |
| Current Ratio | 2.51-0.0 | 2.54-0.0 | 2.56-0.0 | 2.58-0.2 | 2.77-0.1 | 2.83-0.2 | 2.98+0.2 | 2.83 |
| Debt-to-Equity | 0.56-0.0 | 0.57+0.1 | 0.50-0.1 | 0.55-0.1 | 0.68-0.1 | 0.75+0.2 | 0.52-0.0 | 0.54 |
| FCF Margin | 1.7%-3.1pp | 4.9%-6.9pp | 11.7%-13.2pp | 24.9%+9.6pp | 15.3%+3.9pp | 11.4%-4.1pp | 15.5%-1.6pp | 17.1% |
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Frequently Asked Questions
What is Novanta Inc's annual revenue?
Novanta Inc (NOVT) reported $949.2M in total revenue for fiscal year 2024. This represents a 7.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Novanta Inc's revenue growing?
Novanta Inc (NOVT) revenue grew by 7.7% year-over-year, from $881.7M to $949.2M in fiscal year 2024.
Is Novanta Inc profitable?
Yes, Novanta Inc (NOVT) reported a net income of $64.1M in fiscal year 2024, with a net profit margin of 6.8%.
What is Novanta Inc's earnings per share (EPS)?
Novanta Inc (NOVT) reported diluted earnings per share of $1.77 for fiscal year 2024. This represents a -12.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Novanta Inc's EBITDA?
Novanta Inc (NOVT) had EBITDA of $166.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Novanta Inc have?
As of fiscal year 2024, Novanta Inc (NOVT) had $114.0M in cash and equivalents against $411.9M in long-term debt.
What is Novanta Inc's gross margin?
Novanta Inc (NOVT) had a gross margin of 44.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Novanta Inc's operating margin?
Novanta Inc (NOVT) had an operating margin of 11.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Novanta Inc's net profit margin?
Novanta Inc (NOVT) had a net profit margin of 6.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Novanta Inc's return on equity (ROE)?
Novanta Inc (NOVT) has a return on equity of 8.6% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Novanta Inc's free cash flow?
Novanta Inc (NOVT) generated $141.3M in free cash flow during fiscal year 2024. This represents a 41.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Novanta Inc's operating cash flow?
Novanta Inc (NOVT) generated $158.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Novanta Inc's total assets?
Novanta Inc (NOVT) had $1.4B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Novanta Inc's capital expenditures?
Novanta Inc (NOVT) invested $17.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Novanta Inc spend on research and development?
Novanta Inc (NOVT) invested $95.5M in research and development during fiscal year 2024.
How many shares does Novanta Inc have outstanding?
Novanta Inc (NOVT) had 36M shares outstanding as of fiscal year 2024.
What is Novanta Inc's current ratio?
Novanta Inc (NOVT) had a current ratio of 2.58 as of fiscal year 2024, which is generally considered healthy.
What is Novanta Inc's debt-to-equity ratio?
Novanta Inc (NOVT) had a debt-to-equity ratio of 0.55 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Novanta Inc's return on assets (ROA)?
Novanta Inc (NOVT) had a return on assets of 4.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Novanta Inc's Altman Z-Score?
Novanta Inc (NOVT) has an Altman Z-Score of 6.33, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Novanta Inc's Piotroski F-Score?
Novanta Inc (NOVT) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Novanta Inc's earnings high quality?
Novanta Inc (NOVT) has an earnings quality ratio of 2.47x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Novanta Inc?
Novanta Inc (NOVT) scores 65 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.