Nova Ltd. (NVMI) 10-Year Financial Performance & Capital Metrics

NVMI • • Industrial / General

TechnologySemiconductorsSemiconductor Manufacturing EquipmentProcess Control & Metrology

AboutNova Ltd. designs, develops, produces, and sells process control systems used in the manufacture of semiconductors in Israel, Taiwan, the United States, China, Korea, and internationally. Its product portfolio includes a set of metrology platforms for dimensional, films, and materials and chemical metrology measurements for process control for various semiconductor manufacturing process steps, including lithography, etch, chemical mechanical planarization, deposition, electrochemical plating, and advanced packaging. The company serves various sectors of the integrated circuit manufacturing industry, including logic, foundries, and memory manufacturers, as well as process equipment manufacturers. Nova Ltd. was formerly known as Nova Measuring Instruments Ltd. and changed its name to Nova Ltd. in July 2021. The company was incorporated in 1993 and is headquartered in Rehovot, Israel.Show more

Revenue $672M +29.8%
EBITDA $205M +38.0%
Net Income $184M +34.8%
EPS (Diluted) 5.75 +34.3%
Gross Margin 57.57% +1.7%
EBITDA Margin 30.48% +6.3%
Operating Margin 27.89% +9.2%
Net Margin 27.33% +3.8%
ROE 21.9% +7.4%
ROIC 14.86% +20.5%
Debt/Equity 0.25 -21.7%
Interest Coverage 116.20 +32.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 22.9%
✓Strong 5Y profit CAGR of 39.2%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 32.4% free cash flow margin
✓Momentum leader: RS Rating 88 (top 12%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Expensive at 15.1x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y18.75%

5Y24.49%

3Y17.35%

TTM39.37%

Profit (Net Income) CAGR

10Y25.71%

5Y39.19%

3Y25.44%

TTM42.99%

EPS CAGR

10Y23.98%

5Y36.13%

3Y22.6%

TTM43.26%

ROCE

10Y Avg16.66%

5Y Avg18.1%

3Y Avg19.51%

Latest20.69%

Peer Comparison

Process Control & Metrology

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NVMINova Ltd.	12.89B	434.55	75.57	29.83%	28.73%	20.93%	1.69%	0.25
CAMTCamtek Ltd.	6.61B	144.38	59.66	36.1%	28.36%	21.35%	1.7%	0.38
ONTOOnto Innovation Inc.	10.82B	217.85	53.66	21.01%	17.46%	8.74%	1.98%	0.01
KLACKLA Corporation	203B	1544.96	50.87	23.89%	33.83%	84.99%	1.84%	1.30

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	148.51M	163.9M	221.99M	251.13M	224.91M	269.4M	416.11M	570.73M	517.92M	672.4M
Revenue Growth %	0.23%	0.1%	0.35%	0.13%	-0.1%	0.2%	0.54%	0.37%	-0.09%	0.3%
Cost of Goods Sold+	71.43M	88.62M	90.81M	105.9M	103.09M	116.47M	178.75M	248.33M	224.75M	285.31M
COGS % of Revenue	0.48%	0.54%	0.41%	0.42%	0.46%	0.43%	0.43%	0.44%	0.43%	0.42%
Gross Profit+	77.08M	75.28M	131.19M	145.23M	121.82M	152.92M	237.36M	322.4M	293.18M	387.09M
Gross Margin %	0.52%	0.46%	0.59%	0.58%	0.54%	0.57%	0.57%	0.56%	0.57%	0.58%
Gross Profit Growth %	0.21%	-0.02%	0.74%	0.11%	-0.16%	0.26%	0.55%	0.36%	-0.09%	0.32%
Operating Expenses+	62.84M	65.11M	73.37M	84.79M	85.41M	97.35M	124.97M	172.47M	160.91M	199.55M
OpEx % of Revenue	0.42%	0.4%	0.33%	0.34%	0.38%	0.36%	0.3%	0.3%	0.31%	0.3%
Selling, General & Admin	21.62M	27.57M	31.85M	36.73M	38.28M	41.84M	56.66M	75.97M	72.87M	89.29M
SG&A % of Revenue	0.15%	0.17%	0.14%	0.15%	0.17%	0.16%	0.14%	0.13%	0.14%	0.13%
Research & Development	39.7M	35M	38.96M	45.45M	44.51M	53.02M	65.86M	90.46M	88.04M	110.26M
R&D % of Revenue	0.27%	0.21%	0.18%	0.18%	0.2%	0.2%	0.16%	0.16%	0.17%	0.16%
Other Operating Expenses	1.32M	1.76M	1.76M	1.76M	2.63M	2.5M	2.46M	6.03M	0	0
Operating Income+	11.58M	10.17M	57.82M	60.44M	36.41M	55.57M	112.39M	149.93M	132.26M	187.54M
Operating Margin %	0.08%	0.06%	0.26%	0.24%	0.16%	0.21%	0.27%	0.26%	0.26%	0.28%
Operating Income Growth %	-0.32%	-0.12%	4.69%	0.05%	-0.4%	0.53%	1.02%	0.33%	-0.12%	0.42%
EBITDA+	21.2M	16.76M	64M	68.13M	44.43M	63.95M	121.32M	164.59M	148.46M	204.92M
EBITDA Margin %	0.14%	0.1%	0.29%	0.27%	0.2%	0.24%	0.29%	0.29%	0.29%	0.3%
EBITDA Growth %	0.02%	-0.21%	2.82%	0.06%	-0.35%	0.44%	0.9%	0.36%	-0.1%	0.38%
D&A (Non-Cash Add-back)	9.62M	6.59M	6.18M	7.68M	8.03M	8.38M	8.93M	14.65M	16.2M	17.38M
EBIT	11.58M	10.17M	57.82M	60.44M	39.59M	57.36M	113.48M	149.93M	155.98M	187.54M
Net Interest Income+	643K	1.22M	1.72M	3.27M	4.51M	3.1M	-2.19M	5.01M	21.13M	32.93M
Interest Income	643K	1.22M	2.28M	2.98M	4.61M	4.06M	2.19M	6.48M	22.64M	34.55M
Interest Expense	0	0	112K	87K	99K	959K	4.38M	1.47M	1.51M	1.61M
Other Income/Expense	643K	1.22M	2.28M	2.98M	3.08M	926K	-3.13M	8.48M	22.44M	28.75M
Pretax Income+	12.22M	11.38M	60.09M	63.43M	39.49M	56.5M	109.25M	158.41M	154.7M	216.29M
Pretax Margin %	0.08%	0.07%	0.27%	0.25%	0.18%	0.21%	0.26%	0.28%	0.3%	0.32%
Income Tax+	-3.5M	1.74M	13.64M	9.05M	4.32M	8.59M	16.15M	18.2M	18.39M	32.52M
Effective Tax Rate %	1.29%	0.85%	0.77%	0.86%	0.89%	0.85%	0.85%	0.89%	0.88%	0.85%
Net Income+	15.72M	9.64M	46.46M	54.38M	35.17M	47.91M	93.1M	140.21M	136.31M	183.76M
Net Margin %	0.11%	0.06%	0.21%	0.22%	0.16%	0.18%	0.22%	0.25%	0.26%	0.27%
Net Income Growth %	-0.16%	-0.39%	3.82%	0.17%	-0.35%	0.36%	0.94%	0.51%	-0.03%	0.35%
Net Income (Continuing)	15.72M	9.64M	46.46M	54.38M	35.17M	47.91M	93.1M	140.21M	136.31M	183.76M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.57	0.35	1.63	1.89	1.23	1.65	3.12	4.40	4.28	5.75
EPS Growth %	-0.15%	-0.39%	3.66%	0.16%	-0.35%	0.34%	0.89%	0.41%	-0.03%	0.34%
EPS (Basic)	0.58	0.35	1.68	1.94	1.26	1.71	3.28	4.89	4.77	6.31
Diluted Shares Outstanding	27.51M	27.5M	28.52M	28.77M	28.57M	28.95M	29.82M	31.87M	32.09M	32.14M
Basic Shares Outstanding	27.18M	27.18M	27.7M	28.02M	27.9M	28.1M	28.37M	28.7M	28.83M	29.11M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	150.19M	167.91M	232.27M	282.11M	306.18M	558.7M	566.52M	612.95M	710.22M	901.95M
Cash & Short-Term Investments	97.03M	90.95M	149.09M	175.83M	189.09M	423.87M	410.16M	373.5M	443.68M	586.57M
Cash Only	27.73M	20.41M	27.7M	22.88M	31.75M	232.3M	126.7M	111.12M	107.57M	157.78M
Short-Term Investments	69.3M	70.55M	121.39M	152.95M	157.35M	191.57M	283.46M	262.38M	336.11M	428.79M
Accounts Receivable	19.05M	42.63M	40.95M	53.53M	51.6M	63.31M	68.45M	110.74M	111.92M	140.1M
Days Sales Outstanding	46.81	94.92	67.33	77.8	83.75	85.78	60.04	70.82	78.87	76.05
Inventory	27.68M	29.26M	34.92M	41.79M	48.36M	61.73M	78.67M	116.6M	138.2M	156.6M
Days Inventory Outstanding	141.45	120.51	140.37	144.02	171.23	193.46	160.63	171.38	224.44	200.34
Other Current Assets	6.22M	4.84M	6.95M	7.31M	14.85M	6.45M	4.83M	4.42M	5.42M	7.95M
Total Non-Current Assets+	57.08M	50.69M	51.02M	51.32M	94.26M	97.08M	238.64M	371.16M	423.59M	488.47M
Property, Plant & Equipment	11.06M	10.02M	13.89M	13.76M	58.82M	63.28M	65.09M	100.77M	108.73M	132.94M
Fixed Asset Turnover	13.43x	16.36x	15.98x	18.26x	3.82x	4.26x	6.39x	5.66x	4.76x	5.06x
Goodwill	20.11M	20.11M	20.11M	20.11M	20.11M	20.11M	20.11M	49.01M	50.08M	48.32M
Intangible Assets	17.91M	15.36M	12.8M	10.19M	7.56M	5.06M	2.6M	43.59M	39.18M	31.46M
Long-Term Investments	750K	750K	750K	2M	2M	2.55M	141.09M	153.94M	197.6M	233.66M
Other Non-Current Assets	1.51M	1.43M	1.5M	1.39M	1.21M	3.22M	3.59M	3.75M	4.41M	10.46M
Total Assets+	207.27M	218.59M	283.29M	333.43M	400.44M	655.79M	805.15M	984.11M	1.13B	1.39B
Asset Turnover	0.72x	0.75x	0.78x	0.75x	0.56x	0.41x	0.52x	0.58x	0.46x	0.48x
Asset Growth %	0.2%	0.05%	0.3%	0.18%	0.2%	0.64%	0.23%	0.22%	0.15%	0.23%
Total Current Liabilities+	37.16M	39.03M	52.13M	48.08M	48.09M	60.93M	287.93M	134.07M	322.81M	388.23M
Accounts Payable	14.38M	16.5M	15.75M	19.02M	20.71M	24.1M	36.22M	42.73M	35.16M	59.58M
Days Payables Outstanding	73.47	67.96	63.32	65.54	73.31	75.51	73.95	62.81	57.1	76.22
Short-Term Debt	0	0	0	0	1.86M	0	183.04M	0	197.68M	180.56M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	5.01M	3.49M	12.52M	11.07M	6.4M	5.81M	20.71M	22.53M	14.19M	25.78M
Current Ratio	4.04x	4.30x	4.46x	5.87x	6.37x	9.17x	1.97x	4.57x	2.20x	2.32x
Quick Ratio	3.30x	3.55x	3.79x	5.00x	5.36x	8.16x	1.69x	3.70x	1.77x	1.92x
Cash Conversion Cycle	114.79	147.47	144.37	156.29	181.67	203.73	146.71	179.39	246.22	200.17
Total Non-Current Liabilities+	9.05M	4.84M	4.42M	4.61M	37.81M	223.31M	43.47M	263.07M	60.24M	74.4M
Long-Term Debt	0	0	0	0	0	178.81M	0	196.39M	0	0
Capital Lease Obligations	0	0	0	0	30.54M	31.91M	33.45M	43.7M	39.76M	48.36M
Deferred Tax Liabilities	5.76M	1.09M	0	0	0	0	0	12.19M	10.57M	8.49M
Other Non-Current Liabilities	3.29M	3.75M	4.42M	4.61M	9.14M	12.6M	10.02M	10.79M	9.91M	17.54M
Total Liabilities	46.21M	43.88M	56.55M	52.69M	85.9M	284.25M	331.4M	397.14M	383.06M	462.63M
Total Debt+	0	0	0	0	33.31M	214.42M	220.94M	246.06M	244.14M	236.1M
Net Debt	-27.73M	-20.41M	-27.7M	-22.88M	1.56M	-17.89M	94.24M	134.94M	136.57M	78.32M
Debt / Equity	-	-	-	-	0.11x	0.58x	0.47x	0.42x	0.33x	0.25x
Debt / EBITDA	-	-	-	-	0.75x	3.35x	1.82x	1.50x	1.64x	1.15x
Net Debt / EBITDA	-1.31x	-1.22x	-0.43x	-0.34x	0.04x	-0.28x	0.78x	0.82x	0.92x	0.38x
Interest Coverage	-	-	516.24x	694.74x	367.76x	57.95x	25.66x	102.06x	87.59x	116.20x
Total Equity+	161.06M	174.72M	226.74M	280.74M	314.54M	371.54M	473.75M	586.96M	750.75M	927.79M
Equity Growth %	0.12%	0.08%	0.3%	0.24%	0.12%	0.18%	0.28%	0.24%	0.28%	0.24%
Book Value per Share	5.85	6.35	7.95	9.76	11.01	12.83	15.89	18.42	23.40	28.87
Total Shareholders' Equity	161.06M	174.72M	226.74M	280.74M	314.54M	371.54M	473.75M	586.96M	750.75M	927.79M
Common Stock	73K	74K	74K	74K	74K	74K	0	0	0	0
Retained Earnings	48.15M	57.66M	104.12M	158.54M	193.71M	241.62M	334.72M	478.07M	614.38M	798.14M
Treasury Stock	-11.03M	-11.96M	0	0	0	0	0	0	0	0
Accumulated OCI	-114K	-50K	112K	-188K	15K	570K	-814K	-12.51M	-3.33M	-5.3M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	25.79M	-4.16M	61.81M	36.11M	40.69M	60.25M	132.26M	119.54M	123.53M	235.27M
Operating CF Margin %	0.17%	-0.03%	0.28%	0.14%	0.18%	0.22%	0.32%	0.21%	0.24%	0.35%
Operating CF Growth %	-0.23%	-1.16%	15.86%	-0.42%	0.13%	0.48%	1.2%	-0.1%	0.03%	0.9%
Net Income	15.72M	9.64M	46.46M	54.38M	35.17M	47.91M	93.1M	140.21M	136.31M	183.76M
Depreciation & Amortization	9.62M	6.82M	6.18M	7.68M	8.03M	8.38M	8.93M	14.65M	16.2M	17.38M
Stock-Based Compensation	2.67M	2.73M	2.78M	4.33M	5.09M	6.95M	10.49M	16.65M	18.29M	25.21M
Deferred Taxes	-5.05M	633K	-31K	-1.92M	-681K	-193K	-2.99M	-13.74M	-6.24M	0
Other Non-Cash Items	-10K	39.27M	21.07M	37.09M	-510K	-716K	5.19M	21.21M	6.28M	-2.87M
Working Capital Changes	2.83M	-23.99M	6.42M	-28.36M	-6.41M	-2.07M	17.54M	-59.45M	-47.3M	11.79M
Change in Receivables	-1.96M	-23.58M	1.68M	-12.54M	1.93M	-11.71M	-5.13M	-31.63M	-1.18M	-29.05M
Change in Inventory	-1.95M	-1.67M	-6.86M	-8.12M	-7.52M	-16.27M	-18.46M	-29.31M	-26M	-23.9M
Change in Payables	1.6M	2.12M	-747K	3.26M	1.69M	3.25M	11.7M	5.14M	-7.81M	17.51M
Cash from Investing+	-9.72M	-4.38M	-57.14M	-36.49M	-25.45M	-42.46M	-238.5M	-100.26M	-125.33M	-136.4M
Capital Expenditures	-4.37M	-3.13M	-6.29M	-3.68M	-21.27M	-6.44M	-4.82M	-21.31M	-17.19M	-17.21M
CapEx % of Revenue	0.03%	0.02%	0.03%	0.01%	0.09%	0.02%	0.01%	0.04%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2M	-1.25M	-50.84M	-33M	0	0	0	0	-29.66M	0
Cash from Financing+	-1.98M	1.21M	2.62M	-4.44M	-6.67M	181.41M	11K	-29.81M	10K	-48.35M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.32M	2.15M	2.62M	361K	492K	367K	11K	-8.39M	122K	160K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	21.41M	-7.29M	55.52M	32.43M	19.42M	53.81M	127.45M	98.22M	106.34M	218.05M
FCF Margin %	0.14%	-0.04%	0.25%	0.13%	0.09%	0.2%	0.31%	0.17%	0.21%	0.32%
FCF Growth %	-0.24%	-1.34%	8.61%	-0.42%	-0.4%	1.77%	1.37%	-0.23%	0.08%	1.05%
FCF per Share	0.78	-0.27	1.95	1.13	0.68	1.86	4.27	3.08	3.31	6.78
FCF Conversion (FCF/Net Income)	1.64x	-0.43x	1.33x	0.66x	1.16x	1.26x	1.42x	0.85x	0.91x	1.28x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	83K	1.9M	8.16M	13.05M	8.34M	3.98M	13.28M	23.01M	26.84M	29.88M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.32%	5.74%	23.15%	21.43%	11.82%	13.97%	22.03%	26.44%	20.38%	21.9%
Return on Invested Capital (ROIC)	6.6%	5.3%	24.54%	19.84%	9.51%	12.45%	18.29%	17.44%	12.33%	14.86%
Gross Margin	51.9%	45.93%	59.1%	57.83%	54.16%	56.77%	57.04%	56.49%	56.61%	57.57%
Net Margin	10.59%	5.88%	20.93%	21.65%	15.64%	17.78%	22.37%	24.57%	26.32%	27.33%
Debt / Equity	-	-	-	-	0.11x	0.58x	0.47x	0.42x	0.33x	0.25x
Interest Coverage	-	-	516.24x	694.74x	367.76x	57.95x	25.66x	102.06x	87.59x	116.20x
FCF Conversion	1.64x	-0.43x	1.33x	0.66x	1.16x	1.26x	1.42x	0.85x	0.91x	1.28x
Revenue Growth	23.13%	10.36%	35.44%	13.13%	-10.44%	19.78%	54.46%	37.16%	-9.25%	29.83%

Revenue by Segment

	2022	2023	2024
Product	464.15M	405.04M	538.35M
Product Growth	-	-12.74%	32.91%

Frequently Asked Questions

Valuation & Price

Nova Ltd. (NVMI) has a price-to-earnings (P/E) ratio of 75.6x. This suggests investors expect higher future growth.

Growth & Financials

Nova Ltd. (NVMI) reported $852.7M in revenue for fiscal year 2024. This represents a 729% increase from $102.8M in 2011.

Nova Ltd. (NVMI) grew revenue by 29.8% over the past year. This is strong growth.

Yes, Nova Ltd. (NVMI) is profitable, generating $245.0M in net income for fiscal year 2024 (27.3% net margin).

Dividend & Returns

Nova Ltd. (NVMI) has a return on equity (ROE) of 21.9%. This is excellent, indicating efficient use of shareholder capital.

Nova Ltd. (NVMI) generated $230.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...