The company's financial profile has shifted toward higher leverage, with total debt rising from $244.1 million in 2023Q4 to $800.2 million in 2026Q1 to support strategic expansion.
| 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 |
|---|
| Total Current Assets | 1.49B | 1.41B | 901.95M | 710.22M | 612.95M | 566.52M | 558.7M | 306.18M | 282.11M | 232.27M | 167.91M | 150.19M | 157.68M | 149.06M | 130.59M | 113.23M | 86.7M | 35.69M | 30.15M | 36.95M | 31.44M | 29.46M | 36.54M | 42.84M | 45.53M | 56.04M | 78.82M | 18.64M |
| Cash & Short-Term Investments | 1.1B | 1.05B | 586.57M | 443.68M | 373.5M | 410.16M | 423.87M | 189.09M | 175.83M | 149.09M | 90.95M | 97.03M | 122.93M | 98.94M | 91M | 86.55M | 60.96M | 18.47M | 19.42M | 17.57M | 10.31M | 14.87M | 22.67M | 31.64M | 37.96M | 48.67M | 11.45M | 11.07M |
| Cash Only | 421.82M | 214.46M | 157.78M | 107.57M | 111.12M | 126.7M | 232.3M | 31.75M | 22.88M | 27.7M | 20.41M | 27.73M | 13.65M | 17.54M | 15.96M | 18.72M | 25.39M | 9.86M | 19.32M | 15.32M | 4.18M | 5.78M | 12.17M | 26.63M | 36.96M | 34.47M | 11.45M | 11.07M |
| Short-Term Investments | 676.73M | 834.05M | 428.79M | 336.11M | 262.38M | 283.46M | 191.57M | 157.35M | 152.95M | 121.39M | 70.55M | 69.3M | 109.28M | 81.4M | 75.04M | 67.83M | 35.56M | 8.61M | 97K | 2.25M | 6.13M | 9.09M | 10.5M | 5.01M | 994K | 14.2M | 0 | 0 |
| Accounts Receivable | 176.92M | 151.93M | 140.1M | 111.92M | 110.74M | 68.45M | 63.31M | 51.6M | 53.53M | 40.95M | 42.63M | 19.05M | 15.57M | 27.95M | 17.36M | 13.4M | 13.16M | 11.54M | 2.78M | 9.15M | 10.25M | 6.84M | 7.46M | 5.8M | 2.66M | 1.67M | 15.93M | 3.09M |
| Days Sales Outstanding | 61.89 | 62.97 | 76.05 | 78.87 | 70.82 | 60.04 | 85.78 | 83.75 | 77.8 | 67.33 | 94.92 | 46.81 | 47.1 | 91.48 | 65.9 | 47.57 | 55.46 | 107.18 | 26.07 | 57.48 | 77.49 | 82.84 | 66.62 | 79.38 | 47.71 | 28.84 | 120.01 | 40.93 |
| Inventory | 178.85M | 183.67M | 156.6M | 138.2M | 116.6M | 78.67M | 61.73M | 48.36M | 41.79M | 34.92M | 29.26M | 27.68M | 16.11M | 18.12M | 17.83M | 9.61M | 10.85M | 3.95M | 6.86M | 8.52M | 8.97M | 6.61M | 5.24M | 4.15M | 3.15M | 4.31M | 5.09M | 3.89M |
| Days Inventory Outstanding | 172.93 | 179.67 | 200.34 | 224.44 | 171.38 | 160.63 | 193.46 | 171.23 | 144.02 | 140.37 | 120.51 | 141.45 | 103.13 | 126.11 | 144.55 | 78.22 | 101.01 | 66.33 | 96.38 | 93.57 | 117.99 | 124.89 | 86.62 | 91.65 | 86.1 | 95.58 | 79.12 | 85.11 |
| Other Current Assets | 35.6M | 26.69M | 7.95M | 5.42M | 4.42M | 4.83M | 6.45M | 14.85M | 7.31M | 6.95M | 4.84M | 6.22M | 3.07M | 4.06M | 4.4M | 3.67M | 1.74M | 1.73M | 1.09M | 1.7M | 1.92M | 1.14M | 1.17M | 1.24M | 1.76M | 1.39M | 46.35M | 587K |
| Total Non-Current Assets | 925.77M | 949.74M | 488.47M | 423.59M | 371.16M | 238.64M | 97.08M | 94.26M | 51.32M | 51.02M | 50.69M | 57.08M | 15.6M | 13.21M | 11.45M | 9.72M | 6.67M | 5.23M | 5.64M | 11.44M | 12.97M | 12.88M | 12.92M | 5.08M | 3.48M | 3.52M | 3M | 2.13M |
| Property, Plant & Equipment | 158.55M | 160.36M | 132.94M | 108.73M | 100.77M | 65.09M | 63.28M | 58.82M | 13.76M | 13.89M | 10.02M | 11.06M | 11.45M | 10.38M | 8.66M | 6M | 3.09M | 2.16M | 2.8M | 3.48M | 2.6M | 2.51M | 2.12M | 1.43M | 1.78M | 1.98M | 1.72M | 1.15M |
| Fixed Asset Turnover | 5.89x | 5.49x | 5.06x | 4.76x | 5.66x | 6.39x | 4.26x | 3.82x | 18.26x | 15.98x | 16.36x | 13.43x | 10.53x | 10.74x | 11.10x | 17.14x | 28.00x | 18.18x | 13.94x | 16.67x | 18.57x | 12.02x | 19.29x | 18.73x | 11.46x | 10.70x | 28.26x | 23.92x |
| Goodwill | 89.28M | 90.81M | 48.32M | 50.08M | 49.01M | 20.11M | 20.11M | 20.11M | 20.11M | 20.11M | 20.11M | 20.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 792K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 42.56M | 45.82M | 31.46M | 39.18M | 43.59M | 2.6M | 5.06M | 7.56M | 10.19M | 12.8M | 15.36M | 17.91M | 15.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.99B | 597.24M | 233.66M | 197.6M | 153.94M | 141.09M | 2.55M | 2M | 2M | 750K | 750K | 750K | 750K | 750K | 405K | 545K | 631K | 561K | 544K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 17.62M | 55.52M | 10.46M | 4.41M | 3.75M | 3.59M | 3.22M | 1.21M | 1.39M | 1.5M | 1.43M | 1.51M | 169K | 2.08M | 2.39M | 3.18M | 2.95M | 2.51M | 2.3M | 7.95M | 7.35M | 10.37M | 10.8M | 3.65M | 1.7M | 1.54M | 1.29M | 979K |
| Total Assets | 2.42B | 2.36B | 1.39B | 1.13B | 984.11M | 805.15M | 655.79M | 400.44M | 333.43M | 283.29M | 218.59M | 207.27M | 173.28M | 162.28M | 142.04M | 122.95M | 93.38M | 40.92M | 35.79M | 48.38M | 44.42M | 42.34M | 49.46M | 47.92M | 49.01M | 59.56M | 81.83M | 20.77M |
| Asset Turnover | 0.42x | 0.37x | 0.48x | 0.46x | 0.58x | 0.52x | 0.41x | 0.56x | 0.75x | 0.78x | 0.75x | 0.72x | 0.70x | 0.69x | 0.68x | 0.84x | 0.93x | 0.96x | 1.09x | 1.20x | 1.09x | 0.71x | 0.83x | 0.56x | 0.42x | 0.36x | 0.59x | 1.33x |
| Asset Growth % | 230.84% | 69.77% | 22.63% | 15.21% | 22.23% | 22.78% | 63.77% | 20.1% | 17.7% | 29.59% | 5.46% | 19.62% | 6.78% | 14.24% | 15.53% | 31.67% | 128.17% | 14.34% | -26.03% | 8.93% | 4.91% | -14.4% | 3.22% | -2.22% | -17.72% | -27.21% | 293.92% | - |
| Total Current Liabilities | 943.86M | 224.53M | 388.23M | 322.81M | 134.07M | 287.93M | 60.93M | 48.09M | 48.08M | 52.13M | 39.03M | 37.16M | 27.2M | 30.47M | 24.04M | 18.56M | 21.26M | 10.62M | 9.91M | 16.29M | 15.57M | 14.62M | 11.4M | 12.49M | 10.96M | 10.51M | 17.55M | 11.47M |
| Accounts Payable | 54.1M | 46.98M | 59.58M | 35.16M | 42.73M | 36.22M | 24.1M | 20.71M | 19.02M | 15.75M | 16.5M | 14.38M | 11.57M | 15.6M | 10.82M | 8.3M | 9.96M | 3.71M | 3.48M | 7.48M | 6.42M | 5.74M | 4.79M | 5.39M | 3.34M | 2.69M | 8.05M | 2.69M |
| Days Payables Outstanding | 49.83 | 45.96 | 76.22 | 57.1 | 62.81 | 73.95 | 75.51 | 73.31 | 65.54 | 63.32 | 67.96 | 73.47 | 74.07 | 108.58 | 87.73 | 67.62 | 92.69 | 62.4 | 48.88 | 82.13 | 84.52 | 108.6 | 79.28 | 118.96 | 91.3 | 59.55 | 125.16 | 58.79 |
| Short-Term Debt | 742.14M | 8.2M | 180.56M | 197.68M | 0 | 183.04M | 0 | 1.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 180.77M | 67.16M | 72.89M | 41.98M | 30.54M | 15.34M | 4.72M | 2.26M | 3.98M | 10.33M | 4.07M | 5.83M | 3.02M | 3.42M | 4.78M | 2.17M | 3.4M | 1.67M | 2.38M | 1.5M | 3.05M | 3.85M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 98.53M | 54.91M | 25.78M | 14.19M | 22.53M | 20.71M | 5.81M | 6.4M | 11.07M | 12.52M | 3.49M | 5.01M | 5.7M | 4.79M | 1.63M | 4.21M | 7.91M | -3.57M | 905K | 578K | 968K | 935K | 1.03M | 1.71M | 3.76M | 7.83M | 9.5M | 8.79M |
| Current Ratio | 1.58x | 6.28x | 2.32x | 2.20x | 4.57x | 1.97x | 9.17x | 6.37x | 5.87x | 4.46x | 4.30x | 4.04x | 5.80x | 4.89x | 5.43x | 6.10x | 4.08x | 3.36x | 3.04x | 2.27x | 2.02x | 2.01x | 3.20x | 3.43x | 4.16x | 5.33x | 4.49x | 1.62x |
| Quick Ratio | 1.39x | 5.47x | 1.92x | 1.77x | 3.70x | 1.69x | 8.16x | 5.36x | 5.00x | 3.79x | 3.55x | 3.30x | 5.21x | 4.30x | 4.69x | 5.58x | 3.57x | 2.99x | 2.35x | 1.75x | 1.44x | 1.56x | 2.74x | 3.10x | 3.87x | 4.92x | 4.20x | 1.29x |
| Cash Conversion Cycle | 184.99 | 196.69 | 200.17 | 246.22 | 179.39 | 146.71 | 203.73 | 181.67 | 156.29 | 144.37 | 147.47 | 114.79 | 76.17 | 109.01 | 122.72 | 58.18 | 63.78 | 111.11 | 73.57 | 68.92 | 110.96 | 99.14 | 73.96 | 52.07 | 42.52 | 64.88 | 73.96 | 67.25 |
| Total Non-Current Liabilities | 84.24M | 817.76M | 74.4M | 60.24M | 263.07M | 43.47M | 223.31M | 37.81M | 4.61M | 4.42M | 4.84M | 9.05M | 2.5M | 3.15M | 3.23M | 4.48M | 3.73M | 3.39M | 3.54M | 4.51M | 4.27M | 4.27M | 3.59M | 3.09M | 2.38M | 2.05M | 1.65M | 1.02M |
| Long-Term Debt | 0 | 790.95M | 0 | 0 | 196.39M | 0 | 178.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 224.52M | 59.27M | 48.36M | 39.76M | 43.7M | 33.45M | 31.91M | 30.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 46.8M | 10.22M | 8.49M | 10.57M | 12.19M | 0 | 0 | 0 | 0 | 0 | 1.09M | 5.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 16.88M | -42.68M | 17.54M | 9.91M | 10.79M | 10.02M | 12.6M | 9.14M | 4.61M | 4.42M | 3.75M | 3.29M | 2.46M | 2.81M | 3.08M | 3.87M | 3.73M | 8.44M | 3.19M | 4.51M | 4.27M | 4.27M | 3.59M | 3.09M | 2.38M | 2.05M | 1.65M | 1.02M |
| Total Liabilities | 1.03B | 1.04B | 462.63M | 383.06M | 397.14M | 331.4M | 284.25M | 85.9M | 52.69M | 56.55M | 43.88M | 46.21M | 29.7M | 33.61M | 27.27M | 23.04M | 24.99M | 14.01M | 13.45M | 20.8M | 19.84M | 18.89M | 14.99M | 15.58M | 13.33M | 12.56M | 19.21M | 12.5M |
| Total Debt | 800.17M | 858.43M | 236.1M | 244.14M | 246.06M | 220.94M | 214.42M | 33.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 378.36M | 643.96M | 78.32M | 136.57M | 134.94M | 94.24M | -17.89M | 1.56M | -22.88M | -27.7M | -20.41M | -27.73M | -13.65M | -17.54M | -15.96M | -18.72M | -25.39M | -9.86M | -19.32M | -15.32M | -4.18M | -5.78M | -12.17M | -26.63M | -36.96M | -34.47M | -11.45M | -11.07M |
| Debt / Equity | 0.58x | 0.65x | 0.25x | 0.33x | 0.42x | 0.47x | 0.58x | 0.11x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 2.81x | 3.11x | 1.15x | 1.64x | 1.50x | 1.82x | 3.35x | 0.75x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.33x | 2.33x | 0.38x | 0.92x | 0.82x | 0.78x | -0.28x | 0.04x | -0.34x | -0.43x | -1.22x | -1.31x | -0.65x | -1.11x | -1.19x | -0.71x | -1.10x | -2.65x | - | - | - | - | -7.56x | - | - | - | -3.86x | - |
| Interest Coverage | - | 110.42x | 116.20x | 103.30x | 102.06x | 25.92x | 59.82x | 399.85x | 694.74x | 516.24x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -7.86x | -18.99x | - | -35.96x |
| Total Equity | 1.39B | 1.32B | 927.79M | 750.75M | 586.96M | 473.75M | 371.54M | 314.54M | 280.74M | 226.74M | 174.72M | 161.06M | 143.58M | 128.66M | 114.77M | 99.91M | 68.38M | 26.91M | 22.34M | 27.58M | 24.57M | 23.44M | 34.47M | 32.34M | 35.68M | 47.01M | 62.62M | 8.28M |
| Equity Growth % | 142.52% | 42.08% | 23.58% | 27.9% | 23.9% | 27.51% | 18.12% | 12.04% | 23.82% | 29.77% | 8.48% | 12.17% | 11.59% | 12.11% | 14.88% | 46.1% | 154.07% | 20.47% | -19.01% | 12.24% | 4.82% | -31.98% | 6.59% | -9.36% | -24.1% | -24.93% | 656.63% | - |
| Book Value per Share | 40.29 | 40.19 | 28.87 | 23.40 | 18.42 | 15.89 | 12.83 | 11.01 | 9.76 | 7.95 | 6.35 | 5.85 | 5.16 | 4.70 | 4.21 | 3.71 | 2.66 | 1.34 | 1.15 | 1.48 | 1.54 | 1.52 | 2.26 | 2.16 | 2.39 | 3.11 | 4.26 | 0.80 |
| Total Shareholders' Equity | 1.39B | 1.32B | 927.79M | 750.75M | 586.96M | 473.75M | 371.54M | 314.54M | 280.74M | 226.74M | 174.72M | 161.06M | 143.58M | 128.66M | 114.77M | 99.91M | 68.38M | 26.91M | 22.34M | 27.58M | 24.57M | 23.44M | 34.47M | 32.34M | 35.68M | 47.01M | 62.62M | 8.28M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 74K | 74K | 74K | 74K | 74K | 73K | 73K | 72K | 72K | 72K | 71K | 56K | 55K | 55K | 50K | 46K | 46K | 46K | 46K | 46K | 46K | 38K |
| Retained Earnings | 0 | 1.06B | 798.14M | 614.38M | 478.07M | 334.72M | 241.62M | 193.71M | 158.54M | 104.12M | 57.66M | 48.15M | 32.43M | 13.78M | 3.26M | -8.57M | -36.69M | -58.86M | -61.49M | -56.07M | -52.15M | -50.22M | -38.92M | -40.39M | -36.17M | -23.22M | -6.34M | -9.12M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.96M | -11.03M | -6.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 6.55M | -5.3M | -3.33M | -12.51M | -814K | 570K | 15K | -188K | 112K | -50K | -114K | -1.18M | 541K | 449K | -402K | 338K | 45K | -191K | 199K | -6K | -18K | 8K | -109K | -809K | -2.6M | -4.3M | -1.8M |
| 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 |
Geopolitical and cyclical exposure
As reported in recent financial statements, Nova's total assets grew from $1.1 billion in 2023Q4 to $2.4 billion by 2026Q1, a trend that suggests an aggressive scaling of the balance sheet to support increased manufacturing capacity and the integration of new materials metrology technologies.
The rapid expansion of the asset base relative to equity suggests that the company is utilizing a mix of debt and operational growth to fund its footprint. Investors should monitor whether this asset intensity leads to diminishing returns on invested capital as the semiconductor cycle matures.
Based on the company's reported figures, total debt increased from $244.1 million in 2023Q4 to $800.2 million in 2026Q1, indicating a shift toward higher leverage to potentially finance strategic initiatives or acquisitions within the specialized metrology space.
While the debt-to-equity ratio remains manageable at 0.58, the sharp increase in debt levels warrants caution regarding the company's sensitivity to interest rate environments. This leverage appears to be a strategic choice to accelerate growth, though it may limit future financial flexibility if market conditions deteriorate.
According to quarterly filings, Nova's current ratio fluctuated significantly from 2.20 in 2023Q4 to 1.58 in 2026Q1, reflecting the inherent volatility in managing working capital requirements within the capital-intensive semiconductor equipment industry.
The compression of the current ratio suggests that the company is deploying its liquid assets more aggressively, potentially to fund inventory or R&D projects. While the current level remains adequate, the trend indicates a reduced margin of safety against unexpected operational shocks or supply chain disruptions.
As evidenced by the balance sheet data, the rise in goodwill from $50.1 million in 2023Q4 to $89.3 million in 2026Q1 suggests that recent inorganic growth strategies may introduce future impairment risks if the acquired technologies fail to meet long-term performance expectations.
The increasing reliance on intangible assets relative to tangible PPE may mask the true economic value of the company's manufacturing base. Investors should investigate whether these acquisitions provide the promised synergies or if they represent an overpayment for market share in a highly competitive sector.
Quick answers to the most common questions about buying NVMI stock.
As of 2025, Nova Ltd. (NVMI) had total assets of $2.36B including $1.41B in current assets.
Nova Ltd. (NVMI) carries total debt of $858.4M, offset by $1.05B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Nova Ltd. (NVMI) has total shareholders' equity (book value) of $1.32B ($40.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Nova Ltd. (NVMI) reported a current ratio of 6.28x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.