# Novanta Inc. (NOVT)

> Source: Nexqual · https://nexqual.com/NOVT · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Novanta Inc. (NOVT), nexqual.com/NOVT" · informational, not investment advice.

**Price:** USD 140.8 (+3.03% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 136.66 · day 132.2–141.28 · 52w 98.27–176.38 · market cap $5.32B · NMS

## Key facts
- Last four reported quarters (through Jul 3, 2026): revenue $1.03B, net income $61.8M (6.0% margin), free cash flow $114M (SEC filings).
- Valuation: P/E 86.2x (avg 83.5x at the last 3 fiscal year-ends), EV/EBITDA 31.4x, net cash $489M.
- 2 of 80 tracked superinvestors hold NOVT (13F, Q2 2026): 2 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $5.1M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.67 on a 1–5 scale) (3 analysts), mean target USD 194.5 (range 194–195).
- Total return with dividends: 1Y +9.4% vs S&P 500 +13.4%; 5Y -18.4% vs S&P 500 +76.9%.
- Next earnings: 2026-11-09, EPS estimate USD 0.97, revenue estimate $301M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $707M | $861M | $882M | $949M | $981M | $1.03B |
| Gross profit | $300M | $378M | $400M | $422M | $435M | — |
| Operating income | $64.1M | $103M | $110M | $111M | $94.0M | $92.3M |
| Net income | $50.3M | $74.1M | $72.9M | $64.1M | $53.8M | $61.8M |
| EPS (diluted) | $1.41 | $2.06 | $2.02 | $1.77 | $1.47 | — |
| Free cash flow | $74.6M | $71.1M | $100M | $141M | $48.4M | $114M |
| Gross margin | 42.5% | 44.0% | 45.4% | 44.4% | 44.4% | — |
| Operating margin | 9.1% | 12.0% | 12.5% | 11.6% | 9.6% | 9.0% |
| Net margin | 7.1% | 8.6% | 8.3% | 6.8% | 5.5% | 6.0% |
| Revenue growth | +19.7% | +21.8% | +2.4% | +7.7% | +3.3% | — |
| Cash + short-term investments | $117M | $100M | $105M | $114M | $381M | — |
| Total debt | $434M | $435M | $354M | $417M | $251M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 3, 2026)
P/E 86.2x · P/S 5.2x · EV/EBITDA 31.4x · EV/Sales 4.7x · P/FCF 46.6x · P/B 3.3x · FCF yield 2.15% · Earnings yield 1.16% · Buyback yield (TTM) 0.97% · Net cash $489M · EV $4.84B
P/E at fiscal year-ends: Dec 2025 81.1x, Dec 2024 86.1x, Dec 2023 83.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold NOVT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Torray Funds |  | 0.24% | $1.8M | New position |
| Polen Capital | Polen Capital Management | 0.02% | $2.2M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-11 | Secor Thomas N | Director | 663 | $98K | 50% | Yes (adopted June 12, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-02 | Glastra Matthijs | Chief Executive Officer | 6,500 | $1.0M | 7.2% | Yes (adopted September 11, 2025) | Too little history (no open-market trades in 2025) |
| 2026-06-02 | Glastra Matthijs | Chief Executive Officer | 6,500 | $1.1M | 6.7% | Yes (adopted September 11, 2025) | Too little history (no open-market trades in 2025) |
| 2026-05-12 | Glastra Matthijs | Chief Executive Officer | 7,500 | $1.1M | 7.2% | Yes (adopted September 11, 2025) | Too little history (no open-market trades in 2025) |
| 2026-05-05 | Glastra Matthijs | Chief Executive Officer | 6,500 | $852K | 5.8% | Yes (adopted September 11, 2025) | Too little history (no open-market trades in 2025) |
| 2026-04-17 | Glastra Matthijs | Chief Executive Officer | 6,500 | $845K | 5.5% | Yes (adopted September 11, 2025) | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.67 on a 1–5 scale), 3 analysts; mean target USD 194.5 (low 194, high 195).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +9.4% | -18.4% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +9.5% | -4.0% |
| Volatility (annualized) | 52.3% | 41.4% |
| Max drawdown | -27.0% (Nov 2025→Nov 2025) | -46.0% (Jul 2024→Oct 2025) |

## Peers (Scientific & Technical Instruments)
ST (Sensata Technologies Holding pl) USD 40.38 -0.79% · ESE (ESCO Technologies Inc.) USD 232.1 -0.38% · VNT (Vontier Corporation) USD 34.36 -0.52% · BMI (Badger Meter, Inc.) USD 151.24 +1.07% · ITRI (Itron, Inc.) USD 87.65 -0.59% · CGNX (Cognex Corporation) USD 55.55 +1.74%

## More
Full page: https://nexqual.com/NOVT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Automation Enabling Technologies | $136.2M | 51.2% | +12.0% |
| Medical Solutions | $129.6M | 48.8% | +8.6% |
| Total revenue | $265.8M | 100% | — |

## Revenue by product line (quarter ended 2025-09-26)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Robotics & Automation | $80.1M | 32.3% | +0.1% |
| Advanced Surgery | $61.7M | 24.9% | +17.2% |
| Precision Medicine | $60.8M | 24.6% | -3.6% |
| Precision Manufacturing | $45.2M | 18.2% | -7.2% |
| Total revenue | $247.8M | 100% | — |

## Revenue by region (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $131.4M | 49.4% | +2.6% |
| Rest Of Europe | $38.1M | 14.3% | +9.3% |
| Germany | $33.3M | 12.5% | +22.2% |
| Rest Of Asia Pacific | $28.5M | 10.7% | +15.4% |
| China | $25.5M | 9.6% | +16.9% |
| Other Countries | $9.1M | 3.4% | +106.8% |
| Total revenue | $265.8M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 12%, 11% of revenue from unnamed direct customers (10-K, filed 2026-02-23).

## Company outlook (8-K filed 2026-08-05)

- "Financial Guidance "As we enter the second half of 2026, we are encouraged by the accelerating momentum across our portfolio."
- "We expect Riverpoint to be immediately accretive to revenue growth, gross margins, EBITDA margins, and earnings per share." For the third quarter of 2026, the Company expects GAAP revenue to be in the range of $300 million to $304 million, or greater than 21% revenue growth."
- "The Company expects Adjusted EBITDA to be in the range of $74 million to $77 million and Adjusted Diluted EPS to be in the range of $0.95 to $1.00 per diluted share."
- "The Company's guidance now incorporates the expected contribution from the Riverpoint Medical acquisition and assumes no significant changes in foreign exchange rates."

Analysts expect $301.0M for the current quarter, -0.3% vs the guidance midpoint $302.0M. Source: https://www.sec.gov/Archives/edgar/data/1076930/000119312526335356/novt-ex99_1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.97 | $0.94 | +2.8% | $301.0M | 3 |
| Next quarter (ends 2026-12-31) | $1.02 | $1.00 | +2.0% | $308.8M | 3 |
| Current fiscal year (ends 2026-12-31) | $3.69 | $3.59 | +2.9% | $1.13B | 3 |
| Next fiscal year (ends 2027-12-31) | $4.37 | $4.14 | +5.4% | $1.31B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±12.9%; last 8 reports averaged ±5.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 27 | 58.6% | ±12.9% |
| 2026-12-18 | 55 | 53.9% | ±16.7% |
| 2027-02-19 | 118 | 49.4% | ±22.3% |
| 2027-03-19 | 146 | 51.1% | ±25.6% |
| 2027-05-21 | 209 | 51.5% | ±30.7% |
| 2027-09-17 | 328 | 51.4% | ±38.2% |