Nova (NVMI) financial statements
Nova reported revenue of $881M in fiscal 2025, up 20.5% a year over 9 years.
Net income was $259M and the operating margin 28.8%, against 6.2% in 2016.
Free cash flow was $218M, and the company returned $35M in net buybacks.
The diluted share count rose 19% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Nova's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $164M | $222M | $251M | $225M | $269M | $416M | $571M | $518M | $672M | $881M |
| Cost of revenue | $89M | $91M | $106M | $103M | $118M | $181M | $254M | $225M | $285M | $375M |
| Gross profit | $75M | $131M | $145M | $122M | $151M | $235M | $317M | $293M | $387M | $505M |
| Research and development | $35M | $39M | $45M | $45M | $53M | $66M | $90M | $88M | $110M | $143M |
| Selling, general and admin | $28M | $33M | $37M | $38M | $43M | $57M | $77M | $73M | $89M | $108M |
| Operating income | $10M | $58M | $60M | $36M | $56M | $112M | $150M | $132M | $188M | $253M |
| Interest expense | — | — | — | $0 | $868,000 | $4M | $1M | $1M | $1M | $2M |
| Pre-tax income | $11M | $60M | $63M | $39M | $56M | $109M | $158M | $155M | $216M | $303M |
| Income tax | $2M | $14M | $9M | $4M | $9M | $16M | $18M | $18M | $33M | $44M |
| Net income | $10M | $46M | $54M | $35M | $48M | $93M | $140M | $136M | $184M | $259M |
| EPS (diluted) | $0.35 | $1.63 | $1.89 | $1.23 | $1.65 | $3.12 | $4.43 | $4.28 | $5.75 | $7.96 |
| Diluted shares | 28M | 29M | 29M | 29M | 29M | 30M | 32M | 32M | 32M | 33M |
| Gross margin | 45.9% | 59.1% | 57.8% | 54.2% | 56.1% | 56.6% | 55.5% | 56.6% | 57.6% | 57.4% |
| Operating margin | 6.2% | 26.0% | 24.1% | 16.2% | 20.6% | 27.0% | 26.3% | 25.5% | 27.9% | 28.8% |
| Net margin | 5.9% | 20.9% | 21.7% | 15.6% | 17.8% | 22.4% | 24.6% | 26.3% | 27.3% | 29.4% |
Balance sheet
Fiscal years, from Nova's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $91M | $149M | $176M | $186M | $424M | $349M | $278M | $324M | $375M | $536M |
| Receivables | $43M | $41M | $54M | $52M | $63M | $68M | $109M | $111M | $139M | $152M |
| Inventory | $29M | $35M | $42M | $48M | $62M | $79M | $117M | $138M | $157M | $184M |
| Total current assets | $168M | $232M | $282M | $303M | $559M | $567M | $613M | $710M | $902M | $1.4B |
| Property, plant and equipment | $10M | $14M | $14M | $31M | $34M | $34M | $56M | $67M | $82M | $103M |
| Goodwill | $20M | $20M | $20M | $20M | $20M | $20M | $49M | $50M | $48M | $91M |
| Total assets | $219M | $283M | $333M | $400M | $656M | $805M | $984M | $1.1B | $1.4B | $2.4B |
| Total current liabilities | $39M | $52M | $48M | $46M | $61M | $288M | $134M | $323M | $388M | $225M |
| Total liabilities | $44M | $57M | $53M | $86M | $284M | $331M | $397M | $383M | $463M | $1.0B |
| Shareholders' equity | $175M | $227M | $281M | $315M | $372M | $474M | $587M | $751M | $928M | $1.3B |
| Net debt | -$20M | -$28M | -$23M | -$32M | -$232M | -$127M | -$111M | -$108M | -$158M | -$214M |
Cash flow
Fiscal years, from Nova's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4M | $62M | $37M | $41M | $60M | $132M | $120M | $124M | $235M | $246M |
| Capital spending | $3M | $6M | $4M | $21M | $6M | $5M | $21M | $17M | $17M | $28M |
| Free cash flow | -$7M | $56M | $33M | $19M | $54M | $127M | $98M | $106M | $218M | $218M |
| Stock-based compensation | $3M | $3M | $4M | $5M | $7M | $10M | $17M | $18M | $25M | $26M |
| Share buybacks (net) | -$937,000 | — | -$5M | -$7M | -$13M | $0 | -$21M | -$112,000 | -$30M | -$35M |
| Free cash flow margin | -4.4% | 25.0% | 13.3% | 8.6% | 20.0% | 30.6% | 17.2% | 20.5% | 32.4% | 24.7% |
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Open NVMI in InvestinglyQuestions
What was Nova's revenue in 2025?
$881M in fiscal 2025, from its 10-K filing.
How much free cash flow does Nova generate?
$218M in fiscal 2025 (operating cash flow minus capital spending).
From Nova's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.