Novanta - Public Comps and Valuation Multiples

Novanta Overview

About Novanta

Novanta Inc manufactures photonic and motion-control components for original equipment manufacturers in the medical equipment and industrial technology markets. The firm operates in two segments: Automation Enabling Technologies and Medical Solutions. It generates the majority of its revenue from the Medical Solutions segment that designs, manufactures, and markets a range of medical-grade technologies, including medical insufflators, pumps, and related disposables; visualization solutions; and wireless technologies. The firm generates the majority of its revenue from the United States and Europe.

Founded

1970

HQ

Employees

3K+

Website

novanta.com

Sectors

Medical Devices
Robotics
DeepTech
HealthTech

Financials

LTM Revenue $970M

LTM EBITDA $221M

EV

$4.2B

Valuation Multiples

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Novanta Financials

As of September 2025, Novanta reported last 12-month revenue of $970M and EBITDA of $221M.

In the same period, Novanta generated $440M in LTM gross profit and $62.5M in net income.

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Novanta P&L

In the most recent fiscal year, Novanta reported revenue of $949M and EBITDA of $180M.

Novanta expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$970M	XXX	$949M	XXX	XXX	XXX
Gross Profit	$440M	XXX	$422M	XXX	XXX	XXX
Gross Margin	45%	XXX	44%	XXX	XXX	XXX
EBITDA	$221M	XXX	$180M	XXX	XXX	XXX
EBITDA Margin	23%	XXX	19%	XXX	XXX	XXX
EBIT	$172M	XXX	$124M	XXX	XXX	XXX
EBIT Margin	18%	XXX	13%	XXX	XXX	XXX
Net Profit	$62.5M	XXX	$64.1M	XXX	XXX	XXX
Net Margin	6%	XXX	7%	XXX	XXX	XXX
Net Debt	XXX	XXX	$303M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Novanta including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $970M. EBITDA for the last twelve months was $221M. In the most recent fiscal year, Novanta achieved $949M in revenue and $180M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$970M	Analyst estimates available to subscribers	$949M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$440M	Analyst estimates available to subscribers	$422M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	45.4% gross margin	Analyst estimates available to subscribers	44.4% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$221M	Analyst estimates available to subscribers	$180M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	22.7% EBITDA margin	Analyst estimates available to subscribers	18.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$172M	Analyst estimates available to subscribers	$124M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	17.7% EBIT margin	Analyst estimates available to subscribers	13.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$62.5M	Analyst estimates available to subscribers	$64.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	6.4% net profit margin	Analyst estimates available to subscribers	6.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$303M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Novanta

This financial data table provides comprehensive performance metrics for Novanta, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Novanta generated $970M in revenue over the last twelve months.
The company achieved $221M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $440M.
Net income over the last twelve months reached $62.5M.

Fiscal Year Performance

In the most recent fiscal year, Novanta reported $949M in total revenue.
Fiscal year EBITDA was $180M.
The company maintained a gross profit margin of 44.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was 18.9%.
Net profit margin reached 6.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Novanta. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Novanta Stock Performance

Novanta has current market cap of $3.8B, and EV of $4.2B.

Market Cap Evolution

Novanta Stock Data

As of October 17, 2025, Novanta's stock price is $106.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$4.2B	$3.8B	XXX	XXX	XXX	XXX	$3.22

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Novanta Valuation Multiples

Novanta's trades at 4.4x EV/Revenue multiple, and 23.4x EV/EBITDA.

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Novanta Financial Valuation Multiples

As of October 17, 2025, Novanta has market cap of $3.8B and EV of $4.2B.

Equity research analysts estimate Novanta's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Novanta has a P/E ratio of 60.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$3.8B	XXX	$3.8B	XXX	XXX	XXX
EV (current)	$4.2B	XXX	$4.2B	XXX	XXX	XXX
EV/Revenue	4.3x	XXX	4.4x	XXX	XXX	XXX
EV/EBITDA	19.0x	XXX	23.4x	XXX	XXX	XXX
EV/EBIT	24.4x	XXX	33.8x	XXX	XXX	XXX
EV/Gross Profit	9.5x	XXX	n/a	XXX	XXX	XXX
P/E	60.7x	XXX	59.3x	XXX	XXX	XXX
EV/FCF	31.5x	XXX	29.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Novanta Margins & Growth Rates

Novanta's last 12 month revenue growth is 6%

Novanta's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Novanta's rule of 40 is 26% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Novanta's rule of X is 38% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Novanta Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	6%	XXX	5%	XXX	XXX	XXX
EBITDA Margin	23%	XXX	19%	XXX	XXX	XXX
EBITDA Growth	10%	XXX	15%	XXX	XXX	XXX
Rule of 40	26%	XXX	25%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	38%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	10%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	31%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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