Nova Ltd. (NVMI) intrinsic value & 10-year financials
Nova Ltd. (NVMI) has a Graham intrinsic value of $264.40 per share. At $325.97 on Oct 27, 2026, the stock trades 23% above that value. Over the last 10 fiscal years revenue grew 20.5% a year to $880.6M, with an average return on invested capital of 20.4%.
- Graham intrinsic value
- $264.40
- Share price (Oct 27, 2026)
- $325.97
- Price vs Graham value
- 23% above
- Market cap
- $10.7M
- Revenue (FY2025)
- $880.6M
- Revenue growth (10-yr CAGR)
- 20.5%
- ROIC (10-yr avg)
- 20.4%
- Free cash flow (FY2025)
- $217.9M
NVMI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $880.6M | $259.2M | $7.96 | $217.9M | 28.8% | 21.9% |
| FY2024 | $672.4M | $183.8M | $5.75 | $218.1M | 27.9% | 21.2% |
| FY2023 | $517.9M | $136.3M | $4.28 | $106.3M | 25.5% | 19.4% |
| FY2022 | $570.7M | $140.2M | $4.40 | $98.2M | 26.3% | 29.5% |
| FY2021 | $416.1M | $93.1M | $3.12 | $127.4M | 27.0% | 34.7% |
| FY2020 | $269.4M | $47.9M | $1.65 | $53.8M | 20.6% | 19.5% |
| FY2019 | $224.9M | $35.2M | $1.23 | $19.9M | 16.2% | 10.4% |
| FY2018 | $251.1M | $54.4M | $1.89 | $32.4M | 24.1% | 20.4% |
| FY2017 | $222.0M | $46.5M | $1.63 | $55.5M | 26.0% | 22.3% |
| FY2016 | $163.9M | $9.6M | $0.35 | -$7.3M | 6.2% | 4.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NOVA LTD. is a consistent compounder, expanding top-line revenue at 20.5% annually over the past decade.
NOVA LTD. has earned high returns on invested capital, averaging 20.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, NOVA LTD. shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NOVA LTD. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $264.40 per share.