Loading financials from SEC filings…
Electrical equipment & parts · Industrials · Fiscal year ends Dec 31
Novanta reported revenue of $981M in the fiscal year ended Dec 2025, up 3.3% from the year before. Operating income was $94M, an operating margin of 9.6%, and net income was $54M. Operating cash flow of $64M less capital expenditure of $16M left free cash flow of $48M. It held more cash than debt (net cash $130M).
Ranks among the 17 electrical equipment & parts companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 707 | 861 | 882 | 949 | 981 |
| Cost of revenue | 406 | 482 | 482 | 528 | 545 |
| Gross profit | 300 | 378 | 400 | 422 | 435 |
| Research & development | 72.5 | 85.8 | 91.7 | 95.5 | 95.5 |
| Selling, general & admin | 129 | 159 | 164 | 176 | 196 |
| Operating income | 64.1 | 103 | 110 | 111 | 94.0 |
| Pre-tax income | 56.2 | 87.2 | 83.7 | 79.1 | 69.6 |
| Income tax | 5.8 | 13.1 | 10.9 | 15.0 | 15.8 |
| Net income | 50.3 | 74.1 | 72.9 | 64.1 | 53.8 |
| Diluted EPS | 1.41 | 2.06 | 2.02 | 1.77 | 1.47 |
| Diluted shares | 35.8 | 35.9 | 36.0 | 36.1 | 36.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 117 | 100 | 105 | 114 | 381 |
| Receivables | 116 | 138 | 139 | 151 | 185 |
| Inventory | 126 | 168 | 149 | 145 | 188 |
| Current assets | 374 | 421 | 415 | 434 | 783 |
| Net PP&E | 87.4 | 103 | 109 | 113 | 118 |
| Goodwill | 480 | 479 | 485 | 584 | 647 |
| Total assets | 1,228 | 1,241 | 1,226 | 1,389 | 1,807 |
| Payables | 68.5 | 75.2 | 57.2 | 76.9 | 94.9 |
| Deferred revenue | 7.0 | 8.1 | 5.6 | 5.7 | 10.9 |
| Current liabilities | 184 | 165 | 139 | 168 | 212 |
| Short-term debt | 5.1 | 4.8 | 5.0 | 4.7 | 38.3 |
| Long-term debt | 429 | 431 | 349 | 412 | 213 |
| Total liabilities | 707 | 664 | 553 | 643 | 493 |
| Shareholders' equity | 521 | 578 | 673 | 746 | 1,314 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 94.6 | 90.8 | 120 | 159 | 64.1 |
| Capital expenditure | 20.0 | 19.6 | 20.0 | 17.2 | 15.6 |
| Free cash flow | 74.6 | 71.1 | 100 | 141 | 48.4 |
| Depreciation & amortisation | 43.4 | 53.2 | 46.6 | 55.6 | 61.9 |
| Stock-based compensation | 25.6 | 23.1 | 25.6 | 23.3 | 29.5 |
| Share buybacks | – | 10.0 | – | – | 39.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.8% | 2.4% | 7.7% | 3.3% |
| Operating income growth (YoY) | – | 60.9% | 7.2% | 0.1% | −15.0% |
| EPS growth (YoY) | – | 46.1% | −1.9% | −12.4% | −16.9% |
| Gross margin | 42.5% | 44.0% | 45.4% | 44.4% | 44.4% |
| Operating margin | 9.1% | 12.0% | 12.5% | 11.6% | 9.6% |
| Net margin | 7.1% | 8.6% | 8.3% | 6.8% | 5.5% |
| Return on equityBlank when equity is negative | 9.7% | 12.8% | 10.8% | 8.6% | 4.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.1% | 9.6% | 10.2% | 9.1% | 5.9% |
| Free cash flow margin | 10.6% | 8.3% | 11.4% | 14.9% | 4.9% |
| Cash conversion (CFO ÷ net income) | 1.88x | 1.23x | 1.65x | 2.47x | 1.19x |
| Receivable days | 60 | 58 | 58 | 58 | 69 |
| Inventory days | 113 | 127 | 113 | 100 | 126 |
| Payable days | 62 | 57 | 43 | 53 | 63 |
| Debt ÷ equity | 0.83x | 0.75x | 0.53x | 0.56x | 0.19x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 317 | 335 | 249 | 303 | −130 |
| Current ratio | 2.03x | 2.56x | 2.98x | 2.58x | 3.69x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.