The company has significantly improved its financial flexibility by reducing total debt from $570.3M in 2024Q1 to $291.3M in 2026Q1, resulting in a robust current ratio of 3.56.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Total Current Assets | 786.8M | 782.6M | 433.65M | 415.3M | 420.52M | 373.82M | 304.17M | 304.51M | 281.77M | 287.88M | 199.25M | 185.21M | 183.33M | 199.8M | 208.47M | 204.52M | 218.13M | 241.28M | 275.22M | 386.67M | 290.8M | 248.37M | 231.65M | 218.95M | 208.74M | 277.06M | 328.09M | 217.2M | 114.1M |
| Cash & Short-Term Investments | 388.8M | 380.87M | 113.99M | 105.05M | 100.11M | 117.39M | 125.05M | 78.94M | 82.04M | 100.06M | 68.11M | 59.96M | 51.15M | 60.98M | 65.79M | 54.84M | 56.78M | 63.33M | 69M | 171.71M | 138.31M | 96.04M | 85.33M | 103.6M | 112.63M | 146.5M | 133.88M | 32.6M | 25.1M |
| Cash Only | 388.8M | 380.87M | 113.99M | 105.05M | 100.11M | 117.39M | 125.05M | 78.94M | 82.04M | 100.06M | 68.11M | 59.96M | 51.15M | 60.98M | 65.79M | 54.84M | 56.78M | 63.33M | 69M | 171.71M | 138.31M | 69.29M | 82.33M | 64.03M | 83.63M | 102.96M | 113.86M | 25.3M | 24.2M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.76M | 3M | 39.56M | 29M | 43.54M | 20.02M | 7.3M | 900K |
| Accounts Receivable | 173.93M | 184.88M | 151.03M | 139.41M | 137.7M | 115.62M | 75.05M | 91.08M | 83.95M | 81.48M | 63.77M | 59.7M | 57.4M | 59.68M | 59.19M | 72.87M | 77.03M | 71.23M | 80.53M | 93.42M | 67.45M | 64.51M | 62.6M | 57.88M | 42.22M | 49.14M | 83.4M | 80.4M | 31.7M |
| Days Sales Outstanding | 62.71 | 68.82 | 58.07 | 57.71 | 58.38 | 59.71 | 46.38 | 53.1 | 49.88 | 57.05 | 60.49 | 58.32 | 57.45 | 63.77 | 79.58 | 72.62 | 73.31 | 102.2 | 101.9 | 117.14 | 78.5 | 90.29 | 69.24 | 113.85 | 96.89 | 72.36 | 81.42 | 106.87 | 80.24 |
| Inventory | 193.14M | 188.28M | 144.61M | 149.37M | 168M | 125.66M | 92.74M | 116.62M | 104.76M | 91.28M | 59.74M | 59.57M | 62.94M | 66.74M | 52.8M | 65.81M | 66.72M | 66.44M | 78.51M | 64.14M | 72.7M | 63.48M | 60.32M | 43.92M | 39.67M | 57.79M | 77.91M | 72.7M | 44.1M |
| Days Inventory Outstanding | 113.18 | 119.98 | 100.02 | 113.17 | 127.1 | 112.84 | 97.8 | 116.93 | 108.38 | 110.77 | 98.09 | 100.79 | 107.09 | 120.5 | 122.74 | 116.66 | 112.17 | 155.03 | 150.15 | 131.56 | 144.65 | 147.65 | 112 | 136.9 | 131.78 | 126.12 | 118.76 | 158.23 | 166.63 |
| Other Current Assets | 30.93M | 28.57M | 24.03M | 21.46M | 14.72M | 15.16M | 11.33M | 17.87M | 11.01M | 15.06M | 7.63M | 5.99M | 11.84M | 12.4M | 30.69M | 6.31M | 12.79M | 37.15M | 16.26M | 14.95M | 9.31M | 20.22M | 25.69M | 18.39M | 22.64M | 23.63M | 32.91M | 31.5M | 13.2M |
| Total Non-Current Assets | 1.01B | 1.02B | 954.86M | 810.76M | 820.69M | 854.06M | 561.01M | 565.22M | 437.81M | 438.82M | 226.39M | 230.83M | 213.12M | 179M | 128.99M | 141.68M | 149.04M | 173.39M | 245.09M | 101.56M | 120.6M | 125.07M | 154.51M | 89.65M | 88.35M | 59.63M | 103.09M | 72.5M | 38.4M |
| Property, Plant & Equipment | 157.32M | 160.19M | 156.04M | 147.75M | 146.5M | 135.78M | 113.12M | 112.74M | 65.46M | 61.72M | 35.42M | 40.55M | 40.09M | 32.49M | 32.34M | 43.41M | 45.4M | 49.5M | 54.44M | 28.38M | 33.51M | 32.22M | 50.22M | 52.98M | 26.68M | 32.48M | 33.37M | 45.3M | 32.2M |
| Fixed Asset Turnover | 6.25x | 6.12x | 6.08x | 5.97x | 5.88x | 5.21x | 5.22x | 5.55x | 9.38x | 8.45x | 10.86x | 9.21x | 9.10x | 10.51x | 8.40x | 8.44x | 8.45x | 5.14x | 5.30x | 10.26x | 9.36x | 8.09x | 6.57x | 3.50x | 5.96x | 7.63x | 11.20x | 6.06x | 4.48x |
| Goodwill | 643.38M | 647.35M | 584.1M | 484.51M | 478.9M | 479.5M | 285.98M | 274.71M | 217.66M | 210.99M | 108.13M | 103.46M | 90.75M | 71.16M | 44.58M | 44.58M | 44.58M | 44.58M | 45.06M | 26.42M | 26.42M | 26.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 170.3M | 180.78M | 185.84M | 145.02M | 175.77M | 220.99M | 148.52M | 166.18M | 142.92M | 155.05M | 61.74M | 66.27M | 67.24M | 65.29M | 40.02M | 45.8M | 53.14M | 61.51M | 71.46M | 32.87M | 39.17M | 45M | 77.34M | 23.98M | 13.47M | 19.07M | 26.07M | 23.3M | 4.1M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.5M | 10.1M | 8M | 0 | 0 | 3.3M | 2.2M | 12.67M | 25.86M | 900K | 693K | 613K | 5.68M | 3.74M | 37.41M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 41.25M | 8.81M | 5.99M | 5.62M | 4.41M | 5.59M | 2.89M | 2.71M | 2.27M | 4.02M | 12.5M | 12.67M | 12.13M | 9.5M | 8.17M | 7.08M | 4.48M | 4.98M | 25.27M | 6.33M | 710K | 699K | 2.91M | 2.3M | 3.36M | 1.54M | 43.65M | 3.9M | 2.1M |
| Total Assets | 1.8B | 1.81B | 1.39B | 1.23B | 1.24B | 1.23B | 865.18M | 869.74M | 719.58M | 726.7M | 425.64M | 416.05M | 397.62M | 378.81M | 337.46M | 348.5M | 367.17M | 414.67M | 520.32M | 440.21M | 411.4M | 373.44M | 386.16M | 308.6M | 297.09M | 336.69M | 431.18M | 289.7M | 152.5M |
| Asset Turnover | 0.61x | 0.54x | 0.68x | 0.72x | 0.69x | 0.58x | 0.68x | 0.72x | 0.85x | 0.72x | 0.90x | 0.90x | 0.92x | 0.90x | 0.80x | 1.05x | 1.04x | 0.61x | 0.55x | 0.66x | 0.76x | 0.70x | 0.85x | 0.60x | 0.54x | 0.74x | 0.87x | 0.95x | 0.95x |
| Asset Growth % | 74.17% | 30.15% | 13.25% | -1.22% | 1.09% | 41.92% | -0.52% | 20.87% | -0.98% | 70.73% | 2.31% | 4.63% | 4.97% | 12.25% | -3.17% | -5.08% | -11.46% | -20.3% | 18.2% | 7% | 10.17% | -3.29% | 25.14% | 3.87% | -11.76% | -21.92% | 48.84% | 89.97% | - |
| Total Current Liabilities | 220.79M | 212.37M | 167.79M | 139.18M | 164.52M | 183.94M | 114.23M | 134.85M | 104.2M | 98.17M | 70.5M | 56.95M | 54.21M | 60.07M | 54.93M | 58.21M | 59.26M | 89.76M | 282.66M | 119.6M | 43.3M | 41.31M | 56.99M | 44.09M | 36.6M | 52.27M | 137.11M | 113.5M | 28.1M |
| Accounts Payable | 96.2M | 94.86M | 76.89M | 57.2M | 75.22M | 68.51M | 42.97M | 52.59M | 50.73M | 39.79M | 32.21M | 24.4M | 25.59M | 24.36M | 18.82M | 14.68M | 19.77M | 13.43M | 20.29M | 17.91M | 14M | 15M | 18.46M | 18.22M | 9.23M | 10.84M | 30.03M | 28.1M | 5.6M |
| Days Payables Outstanding | 59 | 60.45 | 53.18 | 43.33 | 56.91 | 61.52 | 45.31 | 52.73 | 52.49 | 48.29 | 52.89 | 41.29 | 43.54 | 43.98 | 43.76 | 26.02 | 33.23 | 31.34 | 38.8 | 36.73 | 27.86 | 34.89 | 34.28 | 56.79 | 30.68 | 23.65 | 45.78 | 61.16 | 21.16 |
| Short-Term Debt | 50.96M | 48.98M | 15.33M | 13.88M | 13.26M | 13.03M | 21.42M | 10.07M | 4.54M | 9.12M | 7.37M | 7.38M | 7.5M | 7.5M | 7.5M | 10M | 0 | 0 | 185.12M | 0 | 0 | 0 | 0 | 0 | 0 | 8.82M | 15.18M | 28.5M | 10.8M |
| Deferred Revenue (Current) | 14.94M | 0 | 5.71M | 5.55M | 8.13M | 7M | 6.17M | 3.22M | 4.17M | 0 | 0 | 0 | 0 | 0 | 316K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 65.75M | 62.67M | 25.5M | 22.08M | 18.75M | 66.16M | 25.38M | 51.75M | 17.59M | 25.97M | 17.3M | 13.82M | 11.98M | 15.3M | 17.91M | 21.98M | 29.72M | 69.9M | 68.88M | 90.02M | 15.85M | 14.63M | 4.04M | 0 | 0 | 0 | 28.68M | 56.9M | 11.7M |
| Current Ratio | 3.56x | 3.69x | 2.58x | 2.98x | 2.56x | 2.03x | 2.66x | 2.26x | 2.70x | 2.93x | 2.83x | 3.25x | 3.38x | 3.33x | 3.80x | 3.51x | 3.68x | 2.69x | 0.97x | 3.23x | 6.72x | 6.01x | 4.06x | 4.97x | 5.70x | 5.30x | 2.39x | 1.91x | 4.06x |
| Quick Ratio | 2.69x | 2.80x | 1.72x | 1.91x | 1.53x | 1.35x | 1.85x | 1.39x | 1.70x | 2.00x | 1.98x | 2.21x | 2.22x | 2.22x | 2.83x | 2.38x | 2.55x | 1.95x | 0.70x | 2.70x | 5.04x | 4.48x | 3.01x | 3.97x | 4.62x | 4.19x | 1.82x | 1.27x | 2.49x |
| Cash Conversion Cycle | 116.89 | 128.35 | 104.91 | 127.55 | 128.57 | 111.02 | 98.87 | 117.3 | 105.78 | 119.53 | 105.7 | 117.83 | 120.99 | 140.29 | 158.56 | 163.26 | 152.25 | 225.89 | 213.25 | 211.98 | 195.29 | 203.06 | 146.96 | 193.96 | 197.99 | 174.82 | 154.4 | 203.94 | 225.71 |
| Total Non-Current Liabilities | 267.24M | 280.45M | 475.02M | 413.42M | 499.1M | 522.65M | 274.14M | 317.72M | 247.13M | 270.07M | 96.27M | 114.39M | 132.15M | 76.33M | 54.33M | 80.94M | 129.23M | 241.3M | 84.76M | 42.36M | 25.03M | 25.58M | 23.61M | 3.71M | 6M | 2.08M | 4.8M | 4.5M | 3.5M |
| Long-Term Debt | 201M | 251.41M | 411.95M | 349.4M | 430.66M | 429.36M | 194.93M | 215.33M | 202.84M | 225.5M | 70.55M | 88.43M | 107.5M | 64M | 42.5M | 58M | 107.58M | 188.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.65M | 0 | 3.5M |
| Capital Lease Obligations | 167.43M | 41.22M | 43.72M | 41.28M | 45.46M | 51.01M | 38.71M | 48.95M | 7.28M | 0 | 8.11M | 9.17M | 9.51M | 0 | 0 | 0 | -4.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 75.73M | 18.09M | 13.09M | 16.3M | 17.19M | 33.74M | 24.13M | 26.68M | 22.63M | 25.67M | 1.29M | 449K | 35K | 1.47M | 255K | 8.72M | 15.02M | 10.61M | 30.13M | 7.59M | 12.34M | 13.25M | 11.52M | 1.88M | 0 | 0 | 0 | 2.4M | 0 |
| Other Non-Current Liabilities | 9.7M | -30.27M | 6.26M | 6.43M | 5.79M | 8.55M | 16.37M | 26.75M | 14.38M | 18.89M | 16.31M | 16.34M | 15.11M | 10.86M | 11.57M | 14.06M | 6.23M | 41.73M | 15.47M | 34.77M | 12.69M | 12.33M | 12.09M | 1.84M | 6M | 2.08M | 2.15M | 2.1M | 0 |
| Total Liabilities | 488.03M | 492.82M | 642.81M | 552.6M | 663.63M | 706.59M | 388.37M | 452.56M | 351.32M | 368.24M | 166.77M | 171.34M | 186.37M | 136.4M | 109.25M | 139.14M | 188.49M | 330.36M | 367.42M | 161.97M | 68.33M | 66.89M | 80.6M | 47.81M | 42.61M | 54.36M | 141.92M | 118M | 31.6M |
| Total Debt | 291.33M | 341.61M | 471M | 404.56M | 489.38M | 493.4M | 255.05M | 275.67M | 207.38M | 234.62M | 86.03M | 104.98M | 121.88M | 71.5M | 50M | 68M | 107.58M | 188.97M | 185.12M | 0 | 0 | 0 | 0 | 0 | 0 | 8.82M | 17.83M | 28.5M | 14.3M |
| Net Debt | -97.46M | -39.26M | 357.01M | 299.51M | 389.28M | 376.01M | 130M | 196.72M | 125.33M | 134.56M | 17.92M | 45.02M | 70.74M | 10.52M | -15.79M | 13.16M | 50.79M | -63.33M | 116.11M | -171.71M | -138.31M | -69.29M | -82.33M | -64.03M | -83.63M | -94.13M | -96.03M | 3.2M | -9.9M |
| Debt / Equity | 0.22x | 0.26x | 0.63x | 0.60x | 0.85x | 0.95x | 0.53x | 0.66x | 0.56x | 0.65x | 0.33x | 0.43x | 0.58x | 0.29x | 0.22x | 0.32x | 0.60x | 2.24x | 1.21x | - | - | - | - | - | - | 0.03x | 0.06x | 0.17x | 0.12x |
| Debt / EBITDA | 1.62x | 1.91x | 2.83x | 2.58x | 3.13x | 4.59x | 2.71x | 2.95x | 1.92x | 2.66x | 1.61x | 2.19x | 17.43x | 1.80x | 1.82x | 1.15x | 1.55x | - | - | - | - | - | - | - | - | - | 0.91x | 2.11x | - |
| Net Debt / EBITDA | -0.54x | -0.22x | 2.15x | 1.91x | 2.49x | 3.50x | 1.38x | 2.10x | 1.16x | 1.52x | 0.34x | 0.94x | 10.12x | 0.27x | -0.57x | 0.22x | 0.73x | - | - | -4.63x | -3.20x | -2.75x | -1.40x | -10.08x | - | - | -4.91x | 0.24x | - |
| Interest Coverage | 6.61x | 5.43x | 3.95x | 4.78x | 6.88x | 11.11x | 9.09x | 8.46x | 8.06x | 9.09x | 8.97x | 7.18x | 5.21x | 7.19x | 5.14x | 3.20x | 1.98x | -1.59x | -23.24x | 174.22x | 34.75x | 40.90x | 175.88x | - | - | - | - | - | - |
| Total Equity | 1.31B | 1.31B | 745.7M | 673.46M | 577.59M | 521.29M | 476.81M | 417.17M | 368.25M | 358.47M | 258.87M | 244.7M | 211.25M | 242.4M | 228.21M | 209.36M | 178.68M | 84.31M | 152.9M | 374.12M | 343.07M | 306.56M | 305.56M | 260.79M | 254.48M | 282.33M | 289.27M | 171.7M | 120.9M |
| Equity Growth % | 168.72% | 76.25% | 10.73% | 16.6% | 10.8% | 9.33% | 14.3% | 13.28% | 2.73% | 38.47% | 5.79% | 15.83% | -12.85% | 6.22% | 9% | 17.17% | 111.93% | -44.86% | -59.13% | 9.05% | 11.91% | 0.33% | 17.17% | 2.48% | -9.86% | -2.4% | 68.47% | 42.02% | - |
| Book Value per Share | 31.85 | 35.81 | 20.64 | 18.69 | 16.08 | 14.57 | 13.37 | 11.74 | 10.38 | 10.16 | 7.41 | 7.03 | 6.15 | 7.05 | 6.72 | 6.23 | 7.54 | 5.30 | 10.64 | 26.32 | 24.36 | 21.97 | 21.76 | 19.16 | 18.77 | 20.99 | 21.70 | 16.92 | 10.62 |
| Total Shareholders' Equity | 1.31B | 1.31B | 745.7M | 673.46M | 577.59M | 521.29M | 476.81M | 417.17M | 368.25M | 311.55M | 258.87M | 244.7M | 210.82M | 241.98M | 227.81M | 209M | 178.35M | 84.03M | 152.68M | 374.12M | 343.07M | 306.56M | 305.56M | 260.79M | 254.48M | 282.33M | 289.27M | 171.7M | 120.9M |
| Common Stock | 423.86M | 423.86M | 423.86M | 423.86M | 423.86M | 423.86M | 423.86M | 423.86M | 423.86M | 423.86M | 423.86M | 423.86M | 423.86M | 423.86M | 423.86M | 423.86M | 423.86M | 330.9M | 330.9M | 310.97M | 310.63M | 309.55M | 308.67M | 305.51M | 304.71M | 303.5M | 301.67M | 0 | 0 |
| Retained Earnings | 342.48M | 321.38M | 267.55M | 203.46M | 130.58M | 56.53M | 6.2M | -38.32M | -79.09M | -127.74M | -167.55M | -189.55M | -225.16M | -200.91M | -208.22M | -227.76M | -256.73M | -256.05M | -184.72M | 19.13M | 29.43M | 7.69M | -1.97M | -43.44M | -41.27M | -13.55M | 1.15M | -44.2M | 19.6M |
| Treasury Stock | 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 |
| Accumulated OCI | -11.72M | -3M | -29.92M | -24.04M | -32.01M | -12.87M | -12.24M | -18.11M | -22.53M | -17.88M | -27.71M | -18.83M | -16.46M | -6.34M | -9.75M | -5.02M | -3.43M | -3.43M | -4.24M | 6.43M | -2.31M | -14.02M | -4.43M | -4.08M | -11.55M | -10.22M | -14.31M | -6.9M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46.92M | 0 | 0 | 429K | 419K | 397K | 357K | 329K | 281K | 220K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Acquisition integration and leverage
According to recent quarterly filings, Novanta has successfully reduced its debt-to-equity ratio from 0.84 in 2024Q1 to 0.22 by 2026Q1, signaling a deliberate shift toward a more conservative capital structure as the company integrates its various niche technology acquisitions into a unified operating model.
The consistent reduction in leverage suggests management is prioritizing balance sheet flexibility over aggressive debt-funded expansion. This trajectory appears to provide a necessary buffer against the inherent lumpiness of the company's OEM-driven revenue model.
As reported in financial statements, Novanta's total debt has declined from a peak of $570.3M in 2024Q1 to $291.3M in 2026Q1, reflecting a disciplined approach to managing liabilities while maintaining the capacity to pursue future strategic acquisitions within the medical and precision technology sectors.
The reduction in debt levels significantly lowers interest expense sensitivity, which is prudent given the cyclical nature of the company's industrial photonics segment. Investors should monitor whether this deleveraging trend continues or if the company intends to utilize its improved capacity for further inorganic growth.
Based on Novanta's reported figures, goodwill has expanded from $484.5M in 2023Q4 to $643.4M in 2026Q1, representing a substantial portion of the $1.8B total asset base and highlighting the company's reliance on acquired intellectual property to drive its competitive positioning in medical and industrial markets.
The high concentration of goodwill warrants close scrutiny, as it implies that a significant portion of the company's book value is tied to the successful integration and performance of acquired brands. Any failure to realize expected synergies could lead to impairment risks that would directly impact the equity base.
As evidenced by the latest quarterly data, Novanta has significantly bolstered its liquidity position, with cash reserves rising to $388.8M in 2026Q1 compared to $93.5M in 2024Q1, resulting in a robust current ratio of 3.56 that provides a substantial cushion against operational volatility.
This surge in cash suggests the company is positioning itself for potential large-scale strategic moves or simply insulating itself against supply chain disruptions. The current liquidity profile appears more than adequate to cover short-term obligations and support ongoing R&D requirements.
According to the balance sheet, retained earnings have steadily climbed from $203.5M in 2023Q4 to $342.5M in 2026Q1, indicating that the company is successfully generating internal capital to support its growth rather than relying solely on external financing or dilutive equity issuance.
The steady accumulation of retained earnings reflects the underlying profitability of the business despite the non-cash charges associated with its acquisition history. This trend suggests a maturing capital structure that is increasingly self-sustaining.
Quick answers to the most common questions about buying NOVT stock.
As of 2025, Novanta Inc. (NOVT) had total assets of $1.81B including $782.6M in current assets.
Novanta Inc. (NOVT) carries total debt of $341.6M, offset by $380.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Novanta Inc. (NOVT) has total shareholders' equity (book value) of $1.31B ($35.81 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Novanta Inc. (NOVT) reported a current ratio of 3.69x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.