Novanta Inc. — Earnings Quality Grade D
NOVT · Technology
Significant concerns
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 11 days
AR outpaced revenue for 2 consecutive years
Revenue 3.3%, CFFO -59.6%. Cash follows revenue
Expense Quality
Inventory growth 30.2% exceeds COGS 3.3%
CapEx growth -8.9% vs revenue 3.3%. Normal
SG&A/Gross Profit = 44.9%. Normal
Gross margin 44.4%, change -0.0pp. Stable
Cash Flow Quality
CFFO/NI = 1.19. Profits backed by cash
FCF $0.0B, FCF/NI = 0.90
Accruals ratio = -0.6%. Low accruals
Cash $0.4B covers debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.8B = 63% of equity. Over 50%
Debt/EBITDA = 1.7x. Healthy
Other assets grew 47.1% vs revenue 3.3%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 8% YoY. Normal
Manipulation Score
M-Score = -2.25 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25