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NOVTNovanta Inc.
$134.31$5.1B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
NOVT logo

Novanta Inc.

NOVT
NASDAQ · Tech Hardware & Equipment
$134.31
At close - Sep 21, 4:00 PM EDT - USD
Market Cap$4.78B
P/E91.4x
52W High$176.38
Volume321.3K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Revenue Acceleration Masks SBC-Driven Earnings Volatility

Novanta is executing a strategic deleveraging and balance sheet fortification, with total debt down to $282.8M and cash surging to $718.6M by 2026Q2, while revenue growth accelerates to 10.3% YoY. However, earnings quality is clouded by stock-based compensatio...

GrowthAccelerating
ProfitabilityStable
ValuationReview
TechnicalsMixed
Explore valuation models
MARKET ACTION

NOVT price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

9/12 Beats

EPS beat 9 of last 12 quarters

02

Valuation risk

+44% Peers

P/E is 44% above peer median

03

Market leadership

RS 44 · Lag

Laggard (Underperforming 56% of market)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystEstimated earnings · Nov 5
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth accelerated to 10.3% YoY in 2026Q2 reaching $265.8M, yet operating margin fell to 6.8% as SG&A surged 27.4% YoY and SBC spiked to $19.6M, indicating margin pressure despite gross margin expansion to 45.5%.

Analyst Consensus+34.6% target
Buy(3 analysts)
2 Buy1 Hold0 Sell

The Bull Case

Upside Catalysts

Strong earnings outperformance

Novanta reported Q1 2026 earnings and revenue beats, marking two consecutive quarters of exceeding estimates.

Mission-critical OEM partnerships

The company partners with leading OEMs in medical and advanced manufacturing to solve mission-critical challenges.

Innovation-driven culture

Novanta's culture of collaboration and bold innovation enables solving customers' toughest problems across continents.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
NOVT+20.85%
S&P 500 (^GSPC)+13.22%
1-Year Return
NOVT+18.67%
S&P 500 (^GSPC)+15.99%
3-Year Return
NOVT-5.44%
S&P 500 (^GSPC)+92.70%
5-Year Return
NOVT-14.63%
S&P 500 (^GSPC)+74.51%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
98.1x
Forward P/EExpansion
39.0x
EV/EBITDA20th %ile
28.5x
FCF YieldCash Flow
0.9%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
98.1x
83.4x
80th· High
EV/EBITDA
28.5x
35.4x
20th· Low
Price/FCF
106.0x
68.6x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$33.51-75.1%
Base (Fair)$59.94-55.0%
Bull$62.30-53.6%
$33.51 Bear$59.94 Base$62.30 Bull
Current Market Price: $134.31
Trades at a 124.1% premium to Base DCF ($59.94)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$981M+3.3% YoY
Net income
$54M-16.0% YoY
Free cash flow
$48M-65.7% YoY
Operating margin
11.9%+0.2 pts YoY
ROIC (TTM)7.4%
Avg ROIC 5Y-
ROE (TTM)5.2%
Piotroski Score5 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate9/12 (75%)
Revenue Beat Rate8/12 (67%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 5, 2026
$0.89+7.2%
vs $0.83
$266M+1.3%
vs $262M
Q2 2026
May 11, 2026
$0.81+3.8%
vs $0.78
$258M+1.7%
vs $253M
Q1 2026
Feb 23, 2026
$0.91+3.4%
vs $0.88
$258M+1.1%
vs $256M
Q4 2025
Nov 3, 2025
$0.87+7.4%
vs $0.81
$248M-3.0%
vs $256M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Zacks Investment Research·Sep 4, 2026
Are Robots the New Normal? Bet on these ETFs to Invest in the Future

Robotics is entering a new era as AI fuels humanoid adoption, with four ETFs offering diversified exposure to the sector's growth.

Defense World·Sep 1, 2026
Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Novanta Inc. $NOVT

Connor Clark and Lunn Investment Management Ltd. acquired a new position in Novanta Inc. (NASDAQ: NOVT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,845 shares of the technology company's stock, valued at approximately $786,000. Several other large investors have

Business Wire·Aug 28, 2026
Novanta to Present at Baird Global Healthcare Conference on Tuesday, September 15, 2026

BOSTON--(BUSINESS WIRE)--Novanta Inc. (Nasdaq: NOVT) (the "Company"), a trusted technology partner to medical and advanced technology equipment manufacturers, announced today that Robert Buckley, Chief Financial Officer, and John Lesica, Chief Operating Officer of Medical Solutions, are scheduled to present at the Baird Global Healthcare Conference on Tuesday, September 15, 2026, in New York, NY. About Novanta Novanta is a leading global supplier of core technology solutions that give medical a.

Zacks Investment Research·Aug 18, 2026
Recent Price Trend in Novanta (NOVT) is Your Friend, Here's Why

If you are looking for stocks that are well positioned to maintain their recent uptrend, Novanta (NOVT) could be a great choice. It is one of the several stocks that passed through our "Recent Price Strength" screen.

Filtered for Novanta Inc.More Headlines
04

Compare before deciding

Benchmark NOVT against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Novanta Inc. (NOVT)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
NOVT logoNOVTNovanta Inc.Current
$134.31$4.78B91.373.3%5.49%5.23%—
MKSI logoMKSIMKS Inc.
$256.92$17.35B58.799.62%10.12%15.83%—
CGNX logoCGNXCognex Corporation
$61.99$10.32B91.168.73%16.05%11.48%—
COHR logoCOHRCoherent, Inc.
$321.52$62.9B270.18-64.79%11.31%8.09%—
KLIC logoKLICKulicke and Soffa Industries, Inc.
$84.08$4.4B9999.00-7.38%12.18%13.55%—
IPGP logoIPGPIPG Photonics Corporation
$77.75$3.3B106.512.73%2.58%1.3%—

Compare NOVT vs Peers

Novanta Inc. (NOVT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MKSI

Most directly comparable listed peer for NOVT.

Scale Benchmark

vs ISRG

Larger-name benchmark to compare NOVT against a more recognizable public peer.

Peer Set

Compare Top 5

vs MKSI, CGNX, COHR, KLIC

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

NOVT SEC Filings & Documents

Novanta Inc. (NOVT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 5, 2026·SEC

Material company update

Jul 27, 2026·SEC

Material company update

Jun 9, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 23, 2026·SEC

FY 2025

Feb 25, 2025·SEC

FY 2024

Feb 28, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 5, 2026·SEC

FY 2026

May 11, 2026·SEC

FY 2025

Nov 3, 2025·SEC

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NOVT Frequently Asked Questions

Novanta Inc. (NOVT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Novanta Inc.'s revenue?

Novanta Inc. (NOVT) reported $1.03B in revenue for fiscal year 2025. This represents a 614% increase from $144.2M in 1998.

How fast is Novanta Inc. growing?

Novanta Inc. (NOVT) grew revenue by 3.3% over the past year. Growth has been modest.

Is NOVT profitable?

Yes, Novanta Inc. (NOVT) is profitable, generating $61.8M in net income for fiscal year 2025 (5.5% net margin).

Dividend & Returns
What is NOVT's return on equity?

Novanta Inc. (NOVT) has a return on equity (ROE) of 5.2%. This is below average, suggesting room for improvement.

What is Novanta Inc.'s free cash flow?

Novanta Inc. (NOVT) generated $160.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in NOVT back in 1998?

Total return calculator · dividends reinvested · 28+ years of data

See returns →