NOVA
NVMI · NasdaqOptical Instruments & Lenses · Fiscal year ends Dec 31
NOVA reported revenue of $881M in the fiscal year ended Dec 2025, up 31.0% from the year before. Operating income was $253M, an operating margin of 28.8%, and net income was $259M. Operating cash flow of $246M less capital expenditure of $28M left free cash flow of $218M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $416M | $571M | $518M | $672M | $881M |
| Cost of revenue | $181M | $254M | $225M | $285M | $375M |
| Gross profit | $235M | $317M | $293M | $387M | $505M |
| Research & development | $66M | $90M | $88M | $110M | $143M |
| Operating income | $112M | $150M | $132M | $188M | $253M |
| Net interest incomeBanks | $2M | $6M | $23M | $35M | $46M |
| Interest expense | $4M | $1M | $1M | $1M | $2M |
| Pre-tax income | $109M | $158M | $155M | $216M | $303M |
| Income tax | $16M | $18M | $18M | $33M | $44M |
| Net income | $93M | $140M | $136M | $184M | $259M |
| Diluted EPS | 3.12 | 4.43 | 4.28 | 5.75 | 7.96 |
| Diluted shares | 0M | 0M | 0M | 0M | 0M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $127M | $111M | $108M | $158M | $214M |
| Receivables | $68M | $109M | $111M | $139M | $152M |
| Inventory | $79M | $117M | $138M | $157M | $184M |
| Current assets | $567M | $613M | $710M | $902M | $1.4B |
| Net PP&E | $34M | $56M | $67M | $82M | $103M |
| Goodwill | $20M | $49M | $50M | $48M | $91M |
| Total assets | $805M | $984M | $1.1B | $1.4B | $2.4B |
| Payables | $36M | $43M | $35M | $60M | $47M |
| Deferred revenue | $15M | $31M | $42M | $73M | $67M |
| Current liabilities | $288M | $134M | $323M | $388M | $225M |
| Total liabilities | $331M | $397M | $383M | $463M | $1B |
| Shareholders' equity | $474M | $587M | $751M | $928M | $1.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $132M | $120M | $124M | $235M | $246M |
| Capital expenditure | $5M | $21M | $17M | $17M | $28M |
| Free cash flow | $127M | $98M | $106M | $218M | $218M |
| Depreciation & amortisation | $6M | $9M | $10M | $12M | $13M |
| Stock-based compensation | $10M | $17M | $18M | $25M | $26M |
| Acquisitions | $0 | $78M | $0 | $0 | $56M |
| Share buybacks | $0 | $21M | $112,000 | $30M | $35M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 37.2% | −9.3% | 29.8% | 31.0% |
| Operating income growth (YoY) | – | 33.4% | −11.8% | 41.8% | 35.2% |
| EPS growth (YoY) | – | 42.0% | −3.4% | 34.3% | 38.4% |
| Gross margin | 56.6% | 55.5% | 56.6% | 57.6% | 57.4% |
| Operating margin | 27.0% | 26.3% | 25.5% | 27.9% | 28.8% |
| Net margin | 22.4% | 24.6% | 26.3% | 27.3% | 29.4% |
| Return on equityBlank when equity is negative | 19.7% | 23.9% | 18.2% | 19.8% | 19.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 21.7% | 17.6% | 16.3% | 18.7% | 11.9% |
| Free cash flow margin | 30.6% | 17.2% | 20.5% | 32.4% | 24.7% |
| Cash conversion (CFO ÷ net income) | 1.42x | 0.85x | 0.91x | 1.28x | 0.95x |
| Receivable days | 60 | 70 | 78 | 76 | 63 |
| Inventory days | 159 | 168 | 224 | 200 | 179 |
| Payable days | 73 | 61 | 57 | 76 | 46 |
| Interest cover | 26.6x | 117x | 103x | 147x | 127x |
| Current ratio | 1.97x | 4.57x | 2.20x | 2.32x | 6.28x |
Recent filings
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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.