NOVT

MKT CAP:$5B

Novanta Inc.

Market Cap

$5B

Technology·Hardware, Equipment & Parts·🇺🇸 United States·NASDAQ

Technology·Hardware,·🇺🇸·NASDAQ

Stock Price

$134.83+$23.69 (+21.31%)

Apr 24, 2026

Company Details

Novanta Inc., together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. ...

CEO

Matthijs Glastra

IPO Date

Mar 24, 1999

Website

www.novanta.com

Key Metrics TTM

Revenue

$981M

+3.3% YoY

Net Income

$54M

EPS (Diluted)

$1.46

Free Cash Flow

$48M

Revenue / Share

$25.35

Gross Margin

44.4%

Operating Margin

11.9%

Net Margin

5.5%

FCF Margin

4.9%

P/S

4.9x

P/E

89.4x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 23, 2026

$981M+3.3%EPS $1.47

Q4 2025

Feb 23, 2026

$258M+8.5%EPS $0.45

Q3 2025

Nov 3, 2025

$248M+1.4%EPS $0.30

Q2 2025

Aug 5, 2025

$241M+2.2%EPS $0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$204M	$83M	$23M
Q2 22	$215M	$88M	$26M
Q3 22	$223M	$92M	$30M
Q4 22	$218M	$89M	$29M
Q1 23	$219M	$98M	$26M
Q2 23	$229M	$104M	$32M
Q3 23	$222M	$102M	$30M
Q4 23	$212M	$97M	$22M
Q1 24	$231M	$100M	$26M
Q2 24	$236M	$104M	$26M
Q3 24	$244M	$109M	$33M
Q4 24	$238M	$108M	$27M
Q1 25	$233M	$104M	$32M
Q2 25	$241M	$107M	$15M
Q3 25	$248M	$111M	$22M
Q4 25	$258M	$113M	$47M

Valuation

Quarter	P/S	P/E
Q1 22	6.4x	83.2x
Q2 22	6.0x	75.6x
Q3 22	5.7x	66.3x
Q4 22	5.6x	65.0x
Q1 23	5.5x	65.4x
Q2 23	5.4x	62.5x
Q3 23	5.4x	63.6x
Q4 23	5.5x	66.0x
Q1 24	5.4x	69.4x
Q2 24	5.3x	77.4x
Q3 24	5.2x	80.0x
Q4 24	5.1x	75.1x
Q1 25	5.1x	68.1x
Q2 25	5.0x	78.4x
Q3 25	5.0x	91.1x
Q4 25	4.9x	89.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$11M	$5M
Q2 22	$22M	$16M
Q3 22	$14M	$11M
Q4 22	$47M	$44M
Q1 23	$10M	$7M
Q2 23	$26M	$23M
Q3 23	$45M	$38M
Q4 23	$39M	$33M
Q1 24	$33M	$26M
Q2 24	$41M	$36M
Q3 24	$23M	$19M
Q4 24	$62M	$59M
Q1 25	$32M	$27M
Q2 25	$15M	$12M
Q3 25	$8M	$4M
Q4 25	$9M	$5M

Capital Expenditures

Quarter	CapEx
Q1 22	$6M
Q2 22	$6M
Q3 22	$3M
Q4 22	$4M
Q1 23	$4M
Q2 23	$3M
Q3 23	$7M
Q4 23	$6M
Q1 24	$6M
Q2 24	$5M
Q3 24	$4M
Q4 24	$2M
Q1 25	$4M
Q2 25	$3M
Q3 25	$4M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+25.6%	+22.9%
Q2 22	+28.6%	+28.9%
Q3 22	+25.5%	+24.8%
Q4 22	+9.8%	+8.0%
Q1 23	+7.3%	+6.2%
Q2 23	+6.6%	+4.1%
Q3 23	-0.7%	-0.8%
Q4 23	-3.1%	+0.1%
Q1 24	+5.4%	+6.5%
Q2 24	+2.8%	+6.5%
Q3 24	+10.3%	+10.8%
Q4 24	+12.5%	+11.3%
Q1 25	+1.1%	-2.1%
Q2 25	+2.2%	+7.6%
Q3 25	+1.4%	+6.7%
Q4 25	+8.5%	-0.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$7M	3.3%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$6M	3.0%
Q2 23	$6M	2.6%
Q3 23	$6M	2.7%
Q4 23	$7M	3.4%
Q1 24	$6M	2.6%
Q2 24	$6M	2.6%
Q3 24	$6M	2.6%
Q4 24	$5M	1.9%
Q1 25	$7M	3.0%
Q2 25	$7M	3.1%
Q3 25	$7M	2.7%
Q4 25	$8M	3.2%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$21M	$39M
Q2 22	$22M	$41M
Q3 22	$21M	$40M
Q4 22	$22M	$39M
Q1 23	$23M	$41M
Q2 23	$23M	$42M
Q3 23	$22M	$40M
Q4 23	$23M	$42M
Q1 24	$23M	$44M
Q2 24	$24M	$45M
Q3 24	$23M	$44M
Q4 24	$25M	$43M
Q1 25	$23M	$46M
Q2 25	$25M	$47M
Q3 25	$24M	$51M
Q4 25	$23M	$52M

Revenue Segments

Quarter	Photonics	Precision Motion	Vision	Medical Solutions	Precision Medicine and Manufacturing	Robotics and Automation	Advanced Surgery	Precision Manufacturing	Precision Medicine	Automation Enabling Technologies
Q1 22	$63M	$79M	$62M	—	—	—	—	—	—	—
Q2 22	$69M	$80M	$66M	—	—	—	—	—	—	—
Q3 22	$71M	$79M	$73M	—	—	—	—	—	—	—
Q4 22	$72M	$70M	$77M	—	—	—	—	—	—	—
Q1 23	—	—	—	$78M	$70M	$72M	—	—	—	—
Q2 23	—	—	—	$83M	$74M	$72M	—	—	—	—
Q3 23	—	—	—	$83M	$71M	$67M	—	—	—	—
Q4 23	—	—	—	$81M	$68M	$63M	—	—	—	—
Q1 24	—	—	—	$102M	$65M	$63M	—	—	—	—
Q2 24	—	—	—	$105M	$64M	$67M	—	—	—	—
Q3 24	—	—	—	$104M	$61M	$80M	—	—	—	—
Q1 25	—	—	—	—	—	$79M	$56M	$45M	$54M	—
Q2 25	—	—	—	—	—	$78M	$60M	$44M	$59M	—
Q3 25	—	—	—	$123M	—	—	—	—	—	$125M

Revenue by Geography

Quarter	China	Germany	Other Countries	Rest Of Asia Pacific	Rest Of Europe	United States
Q1 22	$27M	$32M	$7M	$23M	$33M	$83M
Q2 22	$30M	$33M	$5M	$23M	$38M	$87M
Q3 22	$24M	$35M	$4M	$27M	$34M	$99M
Q4 22	$16M	$34M	$4M	$27M	$32M	$104M
Q1 23	$18M	$35M	$5M	$28M	$29M	$104M
Q2 23	$21M	$32M	$7M	$27M	$35M	$108M
Q3 23	$16M	$33M	$4M	$24M	$34M	$110M
Q4 23	$19M	$28M	$3M	$26M	$39M	$96M
Q1 24	$17M	$33M	$5M	$27M	$31M	$117M
Q2 24	$19M	$32M	$4M	$25M	$33M	$123M
Q3 24	$25M	$34M	$4M	$27M	$31M	$124M
Q4 24	$24M	$25M	$5M	$27M	$35M	$122M
Q1 25	$21M	$28M	$5M	$23M	$32M	$124M
Q2 25	$22M	$27M	$4M	$25M	$35M	$128M
Q3 25	$24M	$27M	$5M	$24M	$37M	$130M
Q4 25	$26M	$32M	$5M	$25M	$34M	$137M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$99M	$0	$99M
Q2 22	$100M	$0	$100M
Q3 22	$85M	$0	$85M
Q4 22	$100M	$0	$100M
Q1 23	$83M	$0	$83M
Q2 23	$91M	$0	$91M
Q3 23	$76M	$0	$76M
Q4 23	$105M	$0	$105M
Q1 24	$94M	$0	$94M
Q2 24	$98M	$0	$98M
Q3 24	$93M	$0	$93M
Q4 24	$114M	$0	$114M
Q1 25	$106M	$0	$106M
Q2 25	$110M	$0	$110M
Q3 25	$89M	$0	$89M
Q4 25	$381M	$0	$381M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	36M	-0.1%	-0.0%
Q2 22	36M	+0.4%	+0.5%
Q3 22	36M	-0.0%	+0.5%
Q4 22	36M	+0.2%	+0.5%
Q1 23	36M	-0.0%	+0.6%
Q2 23	36M	+0.1%	+0.3%
Q3 23	36M	+0.0%	+0.3%
Q4 23	36M	+0.1%	+0.2%
Q1 24	36M	+0.1%	+0.4%
Q2 24	36M	-0.1%	+0.2%
Q3 24	36M	+0.1%	+0.2%
Q4 24	36M	+0.1%	+0.2%
Q1 25	36M	-0.0%	+0.0%
Q2 25	36M	-0.1%	-0.0%
Q3 25	36M	-0.1%	-0.2%
Q4 25	39M	+7.3%	+7.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$75.6K	3K
Q2 22	$79.8K	3K
Q3 22	$82.6K	3K
Q4 22	$72.8K	3K
Q1 23	$73.0K	3K
Q2 23	$76.5K	3K
Q3 23	$73.8K	3K
Q4 23	$73.0K	3K
Q1 24	$79.6K	3K
Q2 24	$81.3K	3K
Q3 24	$84.3K	3K
Q4 24	$79.4K	3K
Q1 25	$77.8K	3K
Q2 25	$80.3K	3K
Q3 25	$82.6K	3K
Q4 25	$86.1K	3K

Revenue / Employee