WinstonWınston
Back
Stock

Novanta

NOVT
44
Hardware, Equipment & Parts · Technology
Also trades as: 0VAG.L GBP 1.35 (-4.11%)
Price
$136.84
-3.10 (-2.22%)
Market Cap
$5.17B
Exchange
NASDAQ
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 22, 2026 · filings through Jul 3, 2026

§How the score breaks down

Quality
Mixed
12/30
Growth
Mixed
5/20
Cash Flow
Exceptional
9/10
Stability
Exceptional
9/10
Valuation
Good
5/10
Ownership
Weak
2/15
Dividends
Not counted
n/a

42 of 95 counted points = Winston Score 44. Pillars marked n/a do not apply to this company and are left out of the total.

Track this stock — start free trial

Share count rising — dilution

+2.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 35.8M (2021) → 36.7M (2025)

§Winston Score History

The full picture

Novanta Inc. makes precision motion and sensing components used inside medical and industrial machines. Its products include laser scanning systems, motion control parts, and surgical robotics components. The company sells mainly to medical device makers and industrial automation companies, making it a behind-the-scenes supplier inside equipment like robotic surgery systems and factory robots.

Novanta earns money by selling hardware components and subsystems to original equipment manufacturers, meaning its customers build Novanta's parts into their own finished products. The company operates primarily in North America and Europe and generates roughly $1 billion in annual revenue. Its competitive edge comes from deep engineering relationships with customers, who tend to design Novanta's parts directly into their products — making it costly to switch suppliers. The key growth driver is rising demand for surgical robotics and factory automation, though a slowdown in medical device spending or capital equipment budgets could pressure sales.

Politician Trades

2 trades / 12mo

2 Congressional buys and 0 sells on NOVT in the last 12 months.

Unlock the full Smart Money Map — every trade plotted on the price chart with politicians, amounts and returns since each trade. Founder's Deal is $57/mo locked for life.

Unlock politician trades

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+158.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$95M/ year

→ Flat (-0% vs prior year)

9.7% of revenue

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

0.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$719M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Novanta is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
45.5%
Healthy — 45.5% gross margin
Profit after running costs
Operating Margin
6.8%
Modest — 6.8% operating margin
Return on the money invested
ROCE
5.8%
Weak — 5.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth
Sales YoY
+7.6%
Steady sales growth (+7.6% YoY)
Profit growth
EPS YoY
-6.5%
Earnings shrinking (-6.5% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash
Cash Conversion
298%
Turns 298% of profit into real cash
Spare cash per sale
FCF Margin
15.6%
Converts sales into free cash efficiently (15.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns
Debt / Equity
0.14
Conservative — low debt load (0.14)
Covers its interest
Interest Cover
8.29x
Comfortably covers interest (8.3x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit
P/E Ratio (TTM)
86.1x
Expensive — P/E 86.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+49.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (86.1 → 36.5)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.
🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.
Start free trial