Nordson demonstrates structural pricing power with gross margins consistently above 54%, though revenue growth remains sensitive to end-market cycles, evidenced by the 8.5% year-over-year growth observed in 2026Q2.
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 2.9B | 2.79B | 2.69B | 2.63B | 2.59B | 2.36B | 2.12B | 2.19B | 2.25B | 2.07B | 1.81B | 1.69B | 1.7B | 1.54B | 1.41B | 1.23B | 1.04B | 819.16M | 1.12B | 993.65M | 892.22M | 839.16M | 793.54M | 667.35M | 647.76M | 731.42M | 740.57M | 700.5M | 660.9M | 636.7M | 609.4M |
| Revenue Growth % | 7.37% | 3.78% | 2.33% | 1.48% | 9.65% | 11.37% | -3.33% | -2.68% | 9.08% | 14.26% | 7.13% | -0.9% | 10.44% | 9.46% | 14.31% | 18.4% | 27.15% | -27.17% | 13.2% | 11.37% | 6.32% | 5.75% | 18.91% | 3.02% | -11.44% | -1.24% | 5.72% | 5.99% | 3.8% | 4.48% | 4.82% |
| Cost of Goods Sold | 1.3B | 1.25B | 1.2B | 1.2B | 1.16B | 1.04B | 990.63M | 1B | 1.02B | 927.98M | 815.5M | 774.7M | 758.92M | 676.78M | 586.29M | 484.73M | 419.94M | 350.24M | 494.39M | 439.8M | 379.8M | 371.3M | 354.31M | 301.57M | 310.54M | 337.13M | 302.27M | 288.8M | 278.7M | 251.1M | 231.6M |
| COGS % of Revenue | - | 44.84% | 44.75% | 45.77% | 44.93% | 43.95% | 46.7% | 45.67% | 45.18% | 44.9% | 45.08% | 45.88% | 44.54% | 43.86% | 41.59% | 39.31% | 40.32% | 42.76% | 43.95% | 44.26% | 42.57% | 44.25% | 44.65% | 45.19% | 47.94% | 46.09% | 40.82% | 41.23% | 42.17% | 39.44% | 38% |
| Gross Profit | 1.6B | 1.54B | 1.49B | 1.43B | 1.43B | 1.32B | 1.13B | 1.19B | 1.24B | 1.14B | 993.5M | 913.96M | 945.1M | 866.14M | 823.29M | 748.43M | 621.61M | 468.93M | 630.43M | 553.85M | 512.42M | 467.86M | 439.23M | 365.78M | 337.21M | 394.29M | 438.3M | 411.7M | 382.2M | 385.6M | 377.8M |
| Gross Margin % | 55.11% | 55.16% | 55.25% | 54.23% | 55.07% | 56.05% | 53.3% | 54.33% | 54.82% | 55.1% | 54.92% | 54.12% | 55.46% | 56.14% | 58.41% | 60.69% | 59.68% | 57.24% | 56.05% | 55.74% | 57.43% | 55.75% | 55.35% | 54.81% | 52.06% | 53.91% | 59.18% | 58.77% | 57.83% | 60.56% | 62% |
| Gross Profit Growth % | - | 3.61% | 4.26% | -0.08% | 7.74% | 17.13% | -5.17% | -3.55% | 8.51% | 14.65% | 8.7% | -3.29% | 9.12% | 5.21% | 10% | 20.4% | 32.56% | -25.62% | 13.83% | 8.08% | 9.52% | 6.52% | 20.08% | 8.47% | -14.47% | -10.04% | 6.46% | 7.72% | -0.88% | 2.06% | 6% |
| Operating Expenses | 834.21M | 815.51M | 812.13M | 752.64M | 724.18M | 708.95M | 780.92M | 708.99M | 733.75M | 672.89M | 605.07M | 596.23M | 577.99M | 542.29M | 487.81M | 432.89M | 386.78M | 596.73M | 440.1M | 401.7M | 364.81M | 338.66M | 318.56M | 297.56M | 284.19M | 334.75M | 337.88M | 331.7M | 311.1M | 311.5M | 293.6M |
| OpEx % of Revenue | - | 29.21% | 30.19% | 28.63% | 27.96% | 30.01% | 36.82% | 32.31% | 32.54% | 32.55% | 33.45% | 35.31% | 33.92% | 35.15% | 34.61% | 35.1% | 37.14% | 72.85% | 39.13% | 40.43% | 40.89% | 40.36% | 40.14% | 44.59% | 43.87% | 45.77% | 45.63% | 47.35% | 47.07% | 48.92% | 48.18% |
| Selling, General & Admin | 822M | 747.27M | 812.13M | 752.64M | 724.18M | 708.95M | 693.55M | 708.99M | 733.75M | 672.89M | 605.07M | 584.82M | 575.44M | 541.17M | 487.81M | 429.49M | 384.75M | 337.29M | 434.48M | 401.29M | 362.18M | 337.78M | 318.56M | 295.53M | 281.7M | 305.34M | 307.56M | 302.3M | 286.1M | 286.2M | 270.1M |
| SG&A % of Revenue | - | 26.77% | 30.19% | 28.63% | 27.96% | 30.01% | 32.7% | 32.31% | 32.54% | 32.55% | 33.45% | 34.63% | 33.77% | 35.07% | 34.61% | 34.83% | 36.94% | 41.18% | 38.63% | 40.39% | 40.59% | 40.25% | 40.14% | 44.28% | 43.49% | 41.75% | 41.53% | 43.15% | 43.29% | 44.95% | 44.32% |
| Research & Development | 0 | 68.24M | 64.99M | 71.4M | 52.53M | 59.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.44% | 2.42% | 2.72% | 2.03% | 2.52% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | -64.99M | -71.4M | -52.53M | -59.42M | 87.37M | 0 | 0 | 0 | 0 | 11.41M | 2.55M | 1.13M | 0 | 3.4M | 2.03M | 259.44M | 5.62M | 409K | 2.63M | 875K | 0 | 2.03M | 2.5M | 29.41M | 30.32M | 29.4M | 25M | 25.3M | 23.5M |
| Operating Income | 765.64M | 724.27M | 674M | 672.76M | 702.36M | 615.13M | 349.55M | 483.11M | 502.58M | 466.4M | 388.43M | 317.73M | 367.11M | 323.85M | 335.48M | 315.54M | 234.83M | -127.81M | 190.34M | 152.14M | 147.62M | 130.7M | 118.59M | 68.22M | 53.02M | 59.54M | 100.41M | 80M | 71.1M | 74.1M | 84.2M |
| Operating Margin % | 26.37% | 25.94% | 25.06% | 25.59% | 27.12% | 26.04% | 16.48% | 22.02% | 22.29% | 22.56% | 21.47% | 18.82% | 21.54% | 20.99% | 23.8% | 25.59% | 22.55% | -15.6% | 16.92% | 15.31% | 16.54% | 15.57% | 14.94% | 10.22% | 8.19% | 8.14% | 13.56% | 11.42% | 10.76% | 11.64% | 13.82% |
| Operating Income Growth % | - | 7.46% | 0.18% | -4.21% | 14.18% | 75.98% | -27.65% | -3.87% | 7.76% | 20.07% | 22.25% | -13.45% | 13.36% | -3.47% | 6.32% | 34.37% | 283.74% | -167.15% | 25.11% | 3.07% | 12.94% | 10.21% | 73.83% | 28.67% | -10.95% | -40.71% | 25.52% | 12.52% | -4.05% | -12% | 0.36% |
| EBITDA | 846.14M | 874.79M | 810.18M | 784.66M | 802.28M | 719.01M | 462.85M | 593.36M | 610.99M | 557.26M | 458.74M | 382.92M | 426.86M | 378.29M | 374.47M | 344.32M | 263.72M | -96.4M | 222.57M | 180.07M | 170.93M | 154.16M | 143.24M | 97.46M | 82.51M | 101.39M | 130.74M | 109.4M | 96.1M | 99.4M | 107.7M |
| EBITDA Margin % | 29.14% | 31.34% | 30.12% | 29.85% | 30.97% | 30.44% | 21.82% | 27.04% | 27.1% | 26.96% | 25.36% | 22.68% | 25.05% | 24.52% | 26.57% | 27.92% | 25.32% | -11.77% | 19.79% | 18.12% | 19.16% | 18.37% | 18.05% | 14.6% | 12.74% | 13.86% | 17.65% | 15.62% | 14.54% | 15.61% | 17.67% |
| EBITDA Growth % | 5.75% | 7.98% | 3.25% | -2.2% | 11.58% | 55.35% | -22% | -2.89% | 9.64% | 21.48% | 19.8% | -10.29% | 12.84% | 1.02% | 8.76% | 30.56% | 373.58% | -143.31% | 23.6% | 5.35% | 10.88% | 7.62% | 46.97% | 18.13% | -18.63% | -22.45% | 19.5% | 13.84% | -3.32% | -7.71% | 3.06% |
| D&A (Non-Cash Add-back) | 112.5M | 150.52M | 136.18M | 111.9M | 99.92M | 103.88M | 113.3M | 110.24M | 108.41M | 90.85M | 70.3M | 65.19M | 59.75M | 54.44M | 38.99M | 28.78M | 28.89M | 31.41M | 32.24M | 27.93M | 23.31M | 23.46M | 24.65M | 29.24M | 29.49M | 41.85M | 30.32M | 29.4M | 25M | 25.3M | 23.5M |
| EBIT | 763.7M | 724.27M | 674.4M | 674.84M | 671.69M | 599.67M | 333.65M | 478.25M | 498.1M | 456.89M | 389.82M | 318.97M | 367.55M | 325.96M | 337.41M | 319.63M | 237.58M | -119.42M | 195.96M | 152.55M | 150.24M | 131.57M | 118.59M | 68.22M | 55.52M | 72.89M | 100.41M | 80M | 71.1M | 74.1M | 84.2M |
| Net Interest Income | -112.29M | -99.05M | -84.01M | -56.83M | -20.39M | -23.34M | -30.48M | -45.3M | -48.19M | -35.48M | -20.59M | -17.55M | -14.45M | -14.42M | -10.69M | -4.5M | -5.44M | -7.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.95M | 2.05M | 4.91M | 2.68M | 2.03M | 2.15M | 1.68M | 1.84M | 1.38M | 1.12M | 728K | 558K | 581K | 421K | 463K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 114.24M | 101.11M | 88.92M | 59.51M | 22.41M | 25.49M | 32.16M | 47.15M | 49.58M | 36.6M | 21.32M | 18.1M | 15.04M | 14.84M | 11.15M | 4.5M | 5.44M | 7.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -117.94M | -126.62M | -88.52M | -57.42M | -53.08M | -40.95M | -48.06M | -52.01M | -54.06M | -37.44M | -19.94M | -28.28M | -14.59M | -12.73M | -13.09M | -982K | -3.51M | 616K | -10.55M | -16.42M | -11.18M | -10.41M | -16.77M | -15.74M | -20.07M | -35.18M | -17M | -8.6M | -32.2M | -2.3M | -3.1M |
| Pretax Income | 647.7M | 597.65M | 585.48M | 615.34M | 649.28M | 574.18M | 301.49M | 431.1M | 448.52M | 420.29M | 368.49M | 300.86M | 352.51M | 311.12M | 326.25M | 314.56M | 231.32M | -127.19M | 179.79M | 135.72M | 136.43M | 111.28M | 93.83M | 52.48M | 32.94M | 37.72M | 83.41M | 71.4M | 38.9M | 71.8M | 81.1M |
| Pretax Margin % | 22.31% | 21.41% | 21.77% | 23.41% | 25.07% | 24.31% | 14.21% | 19.65% | 19.89% | 20.33% | 20.37% | 17.82% | 20.69% | 20.16% | 23.15% | 25.51% | 22.21% | -15.53% | 15.98% | 13.66% | 15.29% | 13.26% | 11.82% | 7.86% | 5.09% | 5.16% | 11.26% | 10.19% | 5.89% | 11.28% | 13.31% |
| Income Tax | 119.58M | 113.17M | 118.2M | 127.85M | 136.18M | 119.81M | 51.95M | 94.01M | 71.14M | 124.49M | 96.65M | 89.75M | 105.74M | 89.31M | 101.42M | 92.2M | 63.27M | 32.86M | 62.28M | 45.03M | 38.77M | 32.94M | 30.49M | 17.32M | 10.87M | 13.11M | 28.78M | 23.9M | 18.1M | 21.8M | 28M |
| Effective Tax Rate % | 18.46% | 18.94% | 20.19% | 20.78% | 20.97% | 20.87% | 17.23% | 21.81% | 15.86% | 29.62% | 26.23% | 29.83% | 30% | 28.7% | 31.09% | 29.31% | 27.35% | -25.84% | 34.64% | 33.18% | 28.41% | 29.6% | 32.5% | 33% | 33% | 34.75% | 34.5% | 33.47% | 46.53% | 30.36% | 34.53% |
| Net Income | 528.12M | 484.47M | 467.28M | 487.49M | 513.1M | 454.37M | 249.54M | 337.09M | 377.38M | 295.8M | 271.84M | 211.11M | 246.77M | 221.82M | 224.83M | 222.36M | 168.05M | -160.06M | 117.5M | 90.69M | 90.6M | 78.34M | 63.33M | 35.16M | 22.07M | 24.61M | 54.63M | 47.5M | 20.8M | 50M | 53.1M |
| Net Margin % | 18.19% | 17.35% | 17.37% | 18.55% | 19.81% | 19.23% | 11.76% | 15.36% | 16.74% | 14.31% | 15.03% | 12.5% | 14.48% | 14.38% | 15.95% | 18.03% | 16.13% | -19.54% | 10.45% | 9.13% | 10.15% | 9.34% | 7.98% | 5.27% | 3.41% | 3.36% | 7.38% | 6.78% | 3.15% | 7.85% | 8.71% |
| Net Income Growth % | 18.27% | 3.68% | -4.15% | -4.99% | 12.93% | 82.08% | -25.97% | -10.67% | 27.58% | 8.81% | 28.77% | -14.45% | 11.25% | -1.34% | 1.11% | 32.32% | 204.99% | -236.21% | 29.56% | 0.1% | 15.65% | 23.69% | 80.13% | 59.3% | -10.31% | -54.95% | 15.01% | 128.37% | -58.4% | -5.84% | 0.76% |
| Net Income (Continuing) | 528.12M | 484.47M | 467.28M | 487.49M | 513.1M | 454.37M | 249.54M | 337.09M | 377.38M | 295.8M | 271.84M | 211.11M | 246.77M | 221.82M | 224.83M | 222.36M | 168.05M | -160.06M | 117.5M | 90.69M | 97.67M | 84.51M | 68.31M | 35.16M | 22.07M | 24.61M | 54.63M | 47.5M | 20.8M | 50M | 53.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 9.41 | 8.51 | 8.11 | 8.46 | 8.81 | 7.74 | 4.27 | 5.79 | 6.40 | 5.08 | 4.73 | 3.45 | 3.84 | 3.42 | 3.45 | 3.25 | 2.46 | -2.38 | 1.72 | 1.33 | 1.33 | 1.07 | 0.87 | 0.62 | 0.33 | 0.37 | 0.84 | 0.71 | 0.32 | 0.72 | 0.73 |
| EPS Growth % | 20.44% | 4.93% | -4.14% | -3.97% | 13.82% | 81.26% | -26.25% | -9.53% | 25.98% | 7.4% | 37.1% | -10.16% | 12.28% | -0.87% | 6.15% | 32.11% | 203.36% | -238.37% | 29.32% | 0% | 24.3% | 22.99% | 40.32% | 87.88% | -10.81% | -55.95% | 18.31% | 121.88% | -55.56% | -1.37% | 2.82% |
| EPS (Basic) | - | 8.56 | 8.17 | 8.54 | 8.90 | 7.82 | 4.32 | 5.87 | 6.51 | 5.14 | 4.76 | 3.48 | 3.88 | 3.45 | 3.49 | 3.29 | 2.49 | -2.38 | 1.74 | 1.35 | 1.36 | 1.10 | 0.89 | 0.62 | 0.33 | 0.38 | 0.84 | 0.72 | 0.32 | 0.73 | 0.75 |
| Diluted Shares Outstanding | 56.11M | 56.92M | 57.62M | 57.63M | 58.25M | 58.73M | 58.47M | 58.2M | 58.93M | 58.2M | 57.53M | 61.15M | 64.28M | 64.91M | 65.1M | 67.17M | 68.44M | 67.13M | 68.61M | 68.36M | 68.36M | 73.05M | 73.09M | 67.8M | 67.38M | 66.1M | 65.53M | 66.9M | 66.03M | 69.93M | 72.74M |
| Basic Shares Outstanding | 55.79M | 56.61M | 57.62M | 57.09M | 57.63M | 58.09M | 57.76M | 57.46M | 57.97M | 57.53M | 57.06M | 60.65M | 63.66M | 64.21M | 64.41M | 66.52M | 67.61M | 67.13M | 67.49M | 67.09M | 66.73M | 71.44M | 70.98M | 67.41M | 66.77M | 65.45M | 64.91M | 65.97M | 66.03M | 68.97M | 71.28M |
| Dividend Payout Ratio | - | 36.96% | 34.55% | 30.84% | 24.54% | 21.5% | 35.4% | 24.37% | 19.2% | 21.58% | 20.76% | 25.98% | 19.61% | 18.25% | 15.04% | 13.42% | 15.73% | - | 20.97% | 25.89% | 24.69% | 29.84% | 34.94% | 57.96% | 86.13% | 74.41% | 30.85% | 33.47% | 69.71% | 27.6% | 24.29% |
Semiconductor cyclicality and exposure
According to the provided quarterly income statements, Nordson's revenue growth has fluctuated significantly, ranging from a 2.8% contraction in 2025Q1 to a 12.1% expansion in 2025Q3, suggesting that the company's top-line performance remains highly sensitive to the underlying capital expenditure cycles of its core industrial and semiconductor end-markets.
The inconsistent revenue trajectory highlights the company's reliance on lumpy equipment sales within its Advanced Technology Solutions segment. While the recent 8.5% growth in 2026Q2 indicates a recovery, investors should monitor whether this reflects sustainable demand or merely the timing of large-scale project completions.
As reported in financial statements, Nordson maintains a robust gross margin profile consistently exceeding 54%, which underscores the company's significant pricing power and the high-value-add nature of its precision dispensing systems relative to broader industrial machinery peers that often operate with lower margin thresholds.
This margin stability suggests that Nordson successfully mitigates inflationary pressures through its proprietary razor-and-blade model. The ability to sustain these levels despite varying revenue volumes implies that the company's specialized consumables provide a critical buffer against broader industrial cyclicality.
Based on the reported figures, Nordson's operating income has demonstrated an ability to scale effectively with revenue, reaching a peak margin of 28.5% in 2025Q4, which indicates that management's operational discipline is successfully containing overhead costs even during periods of fluctuating top-line growth and integration activities.
The company's ability to maintain operating margins above 24% in most periods suggests that the Ascent framework is effectively streamlining the cost base. This operational efficiency is vital for protecting profitability when high-margin semiconductor-related revenue streams experience temporary, cyclical cooling.
Analysis of the income statement reveals that net income volatility, such as the 44.2% EPS growth in 2026Q1, is often influenced by non-operating items and acquisition-related accounting, warranting further investigation into the sustainability of these bottom-line results compared to the company's underlying cash-generating capabilities.
The presence of variable stock-based compensation and periodic restructuring charges suggests that GAAP earnings may not always capture the core operational performance. Investors should focus on the consistency of cash flow generation to better assess the true quality of earnings amidst the company's ongoing M&A strategy.
Quick answers to the most common questions about buying NDSN stock.
For fiscal year 2025, Nordson Corporation (NDSN) reported total revenue of $2.79B. This represents a 358.1% increase compared to $609.4M in 1996.
Nordson Corporation (NDSN) is profitable, generating $484.5M in net income for the fiscal year ending 2025 with a net profit margin of 17.4%.
Nordson Corporation (NDSN) reported an operating income of $724.3M, resulting in an operating profit margin of 25.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Nordson Corporation (NDSN) generated $1.54B in gross profit for the year, representing a gross profit margin of 55.2%. This demonstrates the company's core pricing power and production efficiency.