Novanta Inc. (NOVTU) intrinsic value & 10-year financials
Novanta Inc. (NOVTU) has a Graham intrinsic value of $31.07 per share. Over the last 10 fiscal years revenue grew 10.9% a year to $980.6M, with an average return on invested capital of 9.3%.
- Graham intrinsic value
- $31.07
- Revenue (FY2025)
- $980.6M
- Revenue growth (10-yr CAGR)
- 10.9%
- ROIC (10-yr avg)
- 9.3%
- Free cash flow (FY2025)
- $48.4M
NOVTU 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $980.6M | $53.8M | $1.47 | $48.4M | 9.6% | 6.3% |
| FY2024 | $949.2M | $64.1M | $1.77 | $141.3M | 11.6% | 8.7% |
| FY2023 | $881.7M | $72.9M | $2.02 | $100.1M | 12.5% | 10.0% |
| FY2022 | $860.9M | $74.1M | $2.06 | $71.1M | 12.0% | 9.5% |
| FY2021 | $706.8M | $50.3M | $1.41 | $74.6M | 9.1% | 7.8% |
| FY2020 | $590.6M | $44.5M | $1.25 | $129.7M | 9.5% | 8.6% |
| FY2019 | $626.1M | $40.8M | $1.15 | $52.5M | 8.8% | 8.9% |
| FY2018 | $614.3M | $49.1M | $1.43 | $75.0M | 11.6% | 12.4% |
| FY2017 | $521.3M | $60.1M | $1.13 | $54.3M | 11.0% | 13.0% |
| FY2016 | $384.8M | $22.0M | $0.63 | $39.3M | 8.5% | 8.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NOVANTA INC is a consistent compounder, expanding top-line revenue at 11.0% annually over the past decade.
NOVANTA INC returns on capital have been average, hovering around 9.3% ROIC over the decade.
NOVANTA INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NOVANTA INC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $31.07 per share.