Novanta Inc (NOVT) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Novanta Inc stock $29.02, price $135, that is 78.5% below the price, quality 40 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $99.22 – $186.20 · fair‑value band $21.22 – $37.73 · the $135.15 price screens above the $29.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 6, 2026.
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Novanta Inc., together with its subsidiaries, provides precision medicine, precision manufacturing, medical solutions, robotics and automation solutions, and advanced surgery solutions in the United States and internationally.
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The company operates Automation Enabling Technologies and Medical Solutions segments.
The Precision Medicine and Manufacturing segment designs, manufactures, and markets laser beam steering and scanning solutions, laser sources, robotic and precision motion, robotic end-of-arm tooling, and bearing spindles.
This segment serves advanced industrial processes, advanced industrial and medical robotics, other medical and life science automation applications, and medical laser procedures, such as ophthalmology applications.
The Medical Solutions segment provides a range of medical grade technologies, including medical insufflators, pumps, and related disposables; imaging, identification and RFID solutions; advanced motion control solutions; and light engines, and integrated operating room technologies.
The company was formerly known as GSI Group, Inc. and changed its name to Novanta Inc. in May 2016. Novanta Inc. was incorporated in 1968 and is based in Bedford, Massachusetts.
Stock analysis
Novanta Inc (NOVT) currently trades at $135.15, while our model-based Fair Value estimate is $29.02, 79% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $58.11 per share, and 0 of the 24 models we run sit above the $135.15 price.
Bear case: the Asset-Based group reads lowest at $7.66, and 24 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $21.22 (bear) to $37.73 (bull), the price of $135.15 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 40/100 (below-average quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Novanta Inc reported revenue of $981M in FY2025 versus $707M in FY2021, a compound +8.5%/yr. Reported net income was $53.8M in FY2025, compounding +1.7%/yr from FY2021.
Key figures
Market cap $5.6B Mid · P/E ratio 85.5 · P/S ratio 5.40 · EPS (TTM) $1.58 · Net margin 6.0% · Return on equity 5.1% · Return on assets (EBIT) 7.4% (5-year average) · Operating margin 11.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 36% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −45% fair-value upside, at −79%, NOVT screens richer than that median.
Fair Value models
Bear$21.22Fair Value $29.02Bull$37.73
Price $135.15 · Downside -78.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($1.35 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF$20.32$26.93$35.4882
Growth DCF$20.40$26.15$33.1380
Owner Earnings$18.86$24.86$32.6278
All 24 models by family
DCF Models
FCF DCF$20.32$26.93$35.4882
Owner Earnings$18.86$24.86$32.6278
5Y Revenue Exit$26.57$40.68$58.7172
5Y EBITDA Exit$43.98$73.07$107.1174
5Y P/E Exit$26.47$40.50$55.1471
10Y Revenue Exit$23.00$34.30$49.4267
10Y EBITDA Exit$33.60$54.33$82.2467
10Y P/E Exit$23.63$34.19$46.9964
Earnings-Based
Graham-Dodd$9.68$29.48$39.1265
Lynch FV$6.32$9.02$11.7361
PEG = 1.0$6.32$9.02$11.7357
EPV$24.97$27.65$29.8674
Multiples
P/E Multiple$29.89$39.85$49.8263
P/S Multiple$18.15$24.20$30.2558
P/B Multiple$57.85$77.13$96.4255
EV/EBIT$56.57$75.08$93.5966
EV/EBITDA$64.79$86.04$107.3067
EV/Revenue$29.11$41.14$53.1754
Asset-Based
NCAV (Graham)$5.06$7.66$9.5854
Growth DCF
Growth DCF$20.40$26.15$33.1380
Rev-Margin DCF$26.57$40.60$56.5673
Economic Profit
Residual Income$23.48$23.16$24.1071
ROIC Compounder$24.97$27.65$29.8672
Growth Earnings
Growth-Adj P/E$23.90$34.14$44.3967
The fair value above starts from this blend and is adjusted for dilution from new shares.
In the last 6 months, 2 officers or directors sold shares worth $3.4M and none bought.
SaleThomas N SecorDirector3× since Dec 15, 2025: 2,158 shares, avg. $128.42$277,131Sep 11, 202610b5-1 plan
SaleMatthijs GlastraChief Executive Officer, Director11× since Jan 8, 2026: 68,000 shares, avg. $143.09$9.7MJul 2, 202610b5-1 plan
SaleRobert BuckleyChief Financial Officer3× since Jan 21, 2026: 12,803 shares, avg. $122.04$1.6MMar 16, 202610b5-1 plan
Plus one other filing such as a grant, option exercise or tax withholding. It is not a market purchase or sale.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.77/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.7%
Start year 2020 (pandemic). Over 10 years: +10.1% a year
Revenue growth 27 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+3.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.3%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.3.3% vs 5.9%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.10% → 12%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+49.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+13.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +45.9% a year for the price and +11.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Sole-source components locked into long-life medical and industrial platforms form the core strength, yet thin evidence across all categories leaves no durable quality signals.
Main risk: Failure to execute the deeper move into minimally invasive surgery would hit the expected recurring high-margin revenue stream.
Novanta supplies sole-source precision components that sit inside long-life OEM platforms, often locked in for a decade or more once designed into medical or industrial equipment. The recent move deeper into minimally invasive surgery adds recurring high-margin revenue but also raises the bar on execution. Our models currently see the shares as overvalued. Will those sticky design wins deliver more growth than the valuation already assumes?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Scientific & Technical Instruments · 161 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Novanta Inc Fair Value". https://www.fairvalue-calculator.com/stock/NOVT
Frequently asked questions
Is Novanta Inc (NOVT) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $29.02 versus a price of $135.15, about 79% lower (overvalued).
What is the fair value of NOVT?
Our model-based fair value for Novanta Inc is $29.02 (as of Nov 6, 2026), built from audited fundamentals. The current price: $135.15.
What is the quality score of NOVT?
Novanta Inc has a Quality Score of 40/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Novanta Inc (NOVT)?
Our model-based price target is the fair value of $29.02 (as of Nov 6, 2026) from 24 valuation models. Cautious scenario $21.22, optimistic scenario $37.73. It is a calculation from audited fundamentals, not an analyst target.
What is the Novanta Inc stock forecast for 2026?
Our models put fair value at $29.02, about 79% lower versus a price of $135.15 (overvalued). Cautious scenario $21.22, optimistic scenario $37.73. The calculation is refreshed regularly with new filings.
What is the revenue of Novanta Inc (NOVT)?
Novanta Inc reported trailing-twelve-month revenue of about $1.0B (latest available figure, as of Nov 6, 2026).
What growth is priced into Novanta Inc (NOVT)?
For today's price to be fair in a discounted-cash-flow model, Novanta Inc would have to grow free cash flow by +49.3 % per year for five years (discount rate 11.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.7 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of NOVT use?
Our models discount Novanta Inc at 11.5 %: a base by market capitalisation (mid), damped by beta 1.73, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Novanta Inc that is +49.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.5 %) and the same formula as our fair value.
How much growth has Novanta Inc (NOVT) delivered so far?
Over the past 5 years revenue at Novanta Inc grew +10.7 % a year. The price currently implies free-cash-flow growth of +49.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Novanta Inc (NOVT) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Novanta Inc (+49.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Novanta Inc (NOVT)?
The free-cash-flow yield on the price is 0.87 %: that much free cash flow Novanta Inc produces per unit of market value. When it exceeds the discount rate of our models (11.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Novanta Inc (NOVT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Novanta Inc it is $29.02 per share (as of Nov 6, 2026), against a price of $135.15. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Novanta Inc stock overvalued or undervalued in 2026?
As of Nov 6, 2026, NOVT trades above its calculated fair value: price $135.15, fair value $29.02, a gap of about −79% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NOVT?
No. The price is what the market pays today ($135.15); the fair value is what the company's own numbers justify ($29.02). For Novanta Inc the two are $106.13 per share apart. That gap is exactly why we show both numbers side by side.
How much is Novanta Inc worth?
The market values Novanta Inc at about $5.6B (market capitalisation, as of Nov 6, 2026). Per share that is $135.15; our models calculate a fair value of $29.02 per share.
What do the bullish and bearish scenarios say about NOVT?
Our models span a range for Novanta Inc: cautious scenario $21.22, base $29.02, optimistic $37.73 per share (as of Nov 6, 2026, price $135.15). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NOVT?
Novanta Inc trades at a price-to-earnings ratio of 85.5 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $29.02 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 79.1. Other multiples: PEG 2.1, P/B 4.2, P/S 5.4, EV/EBITDA 29.8.
What is the PEG ratio of NOVT?
The PEG ratio of Novanta Inc is 2.11 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Novanta Inc (NOVT)?
Balance-sheet figures for Novanta Inc (as of Nov 6, 2026): return on equity 5.1%, debt of 0.16 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is NOVT from its 52-week high?
Novanta Inc trades at $135.15, about 20% below its 52-week high of $168.75 and 36% above the low of $99.22 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $29.02 is for.
Which stocks are comparable to Novanta Inc?
From the same area (Technology) we also value Keysight Technologies, Inc, Garmin Ltd, Coherent Corp, Teledyne Technologies Incorporated, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Novanta Inc stock attractive at the current price?
The data as of Nov 6, 2026: price $135.15, calculated fair value $29.02 (−79%), Quality Score 40/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NOVT calculated?
We run Novanta Inc through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $29.02 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Novanta Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Novanta Inc (NOVT)?
The closing price on Nov 6, 2026 was $135.15. Our model-based fair value is $29.02, about 79% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Novanta Inc right now?
The price sits above even our optimistic bull case ($37.73). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of Novanta Inc (NOVT) come from?
Earnings per share at Novanta Inc grew +9.3 % a year from 2015 to 2025. Broken into its drivers: revenue per share +10.7 %, EBIT margin +4.7 %, tax rate +1.3 %, residual (interest, one-offs) −6.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Novanta Inc
How large is the market capitalisation of Novanta Inc (NOVT)?
The market capitalisation of Novanta Inc is $5.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Novanta Inc (NOVT)?
The price-to-sales ratio of Novanta Inc is 5.40 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Novanta Inc (NOVT)?
Earnings per share at Novanta Inc are $1.58 (price ÷ EPS = P/E 85.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Novanta Inc (NOVT)?
The net margin of Novanta Inc is 6.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Novanta Inc (NOVT)?
The return on equity (ROE) of Novanta Inc is 5.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Novanta Inc (NOVT)?
On an EBIT basis the return on assets of Novanta Inc is 7.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Novanta Inc (NOVT)?
The operating margin of Novanta Inc is 11.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Novanta Inc (NOVT)?
Revenue at Novanta Inc is growing +10.3% versus a year earlier (3y avg +4.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Novanta Inc (NOVT)?
Earnings per share at Novanta Inc are growing +150% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Novanta Inc (NOVT) hold?
Novanta Inc holds more cash than debt, $39.3M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Nov 6, 2026