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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 3%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $39.3M buybacks = $39.3M returned on $48.4M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $139.94 today, the market must believe free cash flow compounds 21.1%/yr for a decade (off $96.6M on the 3-yr avg basis).
On the basis ($70.5M) the requirement is 25.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 21.1% is more optimistic than its 9-yr track record.
Default is the published 10.0% — this company's own cost of capital could not be computed.
2-stage DCF · 0.04B shares (market data) · net debt -$130.0M
mean 18.0% · volatility σ 63% · implied rate exceeded in 5/9 yrs
Central path = implied 21.1%/yr growth; shaded band = ±1σ (63%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $380.9M (at 2025-12-31) covers all $42.5M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2013-12-31 (10-K). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash of $380.9M fully covers short-term debt of $38.3M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-21
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $980.6M 100.0% | $949.2M 100.0% | $881.7M 100.0% | $860.9M 100.0% | $706.8M 100.0% | $590.6M 100.0% | $626.1M 100.0% | $614.3M 100.0% | $521.3M 100.0% | $384.8M 100.0% |
| Cost of Revenue | $545.3M 55.6% | $527.7M 55.6% | $481.8M 54.6% | $482.4M 56.0% | $406.5M 57.5% | $346.1M 58.6% | $364.0M 58.1% | $352.8M 57.4% | $300.8M 57.7% | $222.3M 57.8% |
| Gross Profit | $435.3M 44.4% | $421.5M 44.4% | $399.9M 45.4% | $378.5M 44.0% | $300.3M 42.5% | $244.5M 41.4% | $262.1M 41.9% | $261.5M 42.6% | $220.5M 42.3% | $162.5M 42.2% |
| Research & Development | $95.5M 9.7% | $95.5M 10.1% | $91.7M 10.4% | $85.8M 10.0% | $72.5M 10.3% | $61.0M 10.3% | $56.0M 8.9% | $51.0M 8.3% | $41.7M 8.0% | $32.0M 8.3% |
| Selling, General & Admin | $195.7M 20.0% | $175.9M 18.5% | $164.5M 18.7% | $158.9M 18.5% | $129.2M 18.3% | $109.9M 18.6% | $118.4M 18.9% | $115.9M 18.9% | $101.7M 19.5% | $81.3M 21.1% |
| Total Operating Expenses | $341.3M 34.8% | $311.0M 32.8% | $289.4M 32.8% | $275.4M 32.0% | $236.3M 33.4% | $188.6M 31.9% | $206.8M 33.0% | $190.5M 31.0% | $163.0M 31.3% | $129.5M 33.7% |
| Operating Income | $94.0M 9.6% | $110.6M 11.6% | $110.5M 12.5% | $103.1M 12.0% | $64.1M 9.1% | $55.9M 9.5% | $55.3M 8.8% | $71.0M 11.6% | $57.6M 11.0% | $33.0M 8.6% |
| Other Income (Expense), net | -$708K -0.1% | -$442K -0.0% | -$675K -0.1% | -$371K -0.0% | -$368K -0.1% | $21K 0.0% | -$243K -0.0% | -$44K -0.0% | -$229K -0.0% | $1.8M 0.5% |
| Pretax Income | $69.6M 7.1% | $79.1M 8.3% | $83.7M 9.5% | $87.2M 10.1% | $56.2M 7.9% | $48.4M 8.2% | $45.8M 7.3% | $61.3M 10.0% | $76.1M 14.6% | $32.5M 8.5% |
| Income Tax Expense | $15.8M 1.6% | $15.0M 1.6% | $10.9M 1.2% | $13.1M 1.5% | $5.8M 0.8% | $3.9M 0.7% | $5.0M 0.8% | $10.2M 1.7% | $13.8M 2.7% | $10.5M 2.7% |
| Net Income | $53.8M 5.5% | $64.1M 6.8% | $72.9M 8.3% | $74.1M 8.6% | $50.3M 7.1% | $44.5M 7.5% | $40.8M 6.5% | $49.1M 8.0% | $60.1M 11.5% | $22.0M 5.7% |
| Per Share | ||||||||||
| EPS (Basic) | $1.47 | $1.78 | $2.03 | $2.08 | $1.42 | $1.27 | $1.16 | $1.46 | $1.14 | $0.63 |
| EPS (Diluted) | $1.47 | $1.77 | $2.02 | $2.06 | $1.41 | $1.25 | $1.15 | $1.43 | $1.13 | $0.63 |
| Weighted Avg Shares (Basic) | 36.6M | 36.0M | 35.8M | 35.7M | 35.4M | 35.1M | 35.0M | 34.9M | 34.8M | 34.7M |
| Weighted Avg Shares (Diluted) | 36.7M | 36.1M | 36.0M | 35.9M | 35.8M | 35.7M | 35.5M | 35.5M | 35.3M | 34.9M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-21
Where each multiple sits in its own 14-yr range · 60th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 4% against ROIC 3% — 1% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 5.2% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 57.4 | 58.1 | 58.6 | 57.5 | 56.0 | 54.6 | 55.6 | 55.6 |
| Gross Profit | 42.6 | 41.9 | 41.4 | 42.5 | 44.0 | 45.4 | 44.4 | 44.4 |
| R&D | 8.3 | 8.9 | 10.3 | 10.3 | 10.0 | 10.4 | 10.1 | 9.7 |
| SG&A | 18.9 | 18.9 | 18.6 | 18.3 | 18.5 | 18.7 | 18.5 | 20.0 |
| Operating Income | 11.6 | 8.8 | 9.5 | 9.1 | 12.0 | 12.5 | 11.6 | 9.6 |
| Income Tax | 1.7 | 0.8 | 0.7 | 0.8 | 1.5 | 1.2 | 1.6 | 1.6 |
| Net Income | 8.0 | 6.5 | 7.5 | 7.1 | 8.6 | 8.3 | 6.8 | 5.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NOVT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.