Novanta Inc.
NOVTRESTATEMENT RISKFILING INTENSITYNovanta Inc. reads as Restatement Risk (composite 79/100); pressure / disclosure signals dominate the posture this cycle · primary market Semis & Hardware.
Lens
Disclosed M&A capital (2023–2025)
$256M
vs $306M in 2020–2022
Disclosed transactions
1
2/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
79
Restatement Risk dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $1.2B disclosed buyer spend
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 32d
- 304 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 72 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 72 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 72 activism filings
- Latest activism 7.5y ago; heavily discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 10-Q 204d stale
- 72 activism filings
Restatement Risk
DominantIssuers with accounting-integrity flags from filings
- 3 non-reliance 8-Ks
- 3 auditor changes
- 11 NT late filings
- Latest event 2.2y ago; discounted
Capital Velocity
Issuers with the highest filing-activity intensity
- 304 8-Ks
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $4.9B
- 10-Q 204d ago
- 3 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $285M · Peak count: 3
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | N/A | $64M | N/A | N/A |
| 2024 | 1 | $191M | $191M | N/A |
| 2023 | N/A | N/A | N/A | N/A |
| 2022 | 1 | $22M | $22M | N/A |
| 2021 | 2 | $285M | $142M | N/A |
| 2020 | N/A | N/A | N/A | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Geographic Expansion20%
- Bolt On20%
- Technology Acquisition20%
- Horizontal Consolidation20%
- Platform20%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- geographic_expansion
- bolt_on
- technology_acquisition
- horizontal_consolidation
- platform
- talent_acquisition
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“We expect that the addition of ATI will complement and add intelligent technology solutions to further expand the Company’s position in mission critical robotic applications within the Precision Motion reportable segment.”
“The addition of Motion Solutions enhances the Company’s product portfolio and further expands its presence in attractive medical and precision medicine spaces.”
“The addition of MPH has expanded the Company's capacity and capabilities in the medical disposable tube set products within the Vision reportable segment.”
“On April 8, 2025, we acquired 100% of the outstanding stock of Keonn Technologies, S.L. (“Keonn”), a Barcelona, Spain-based leader in Radio-Frequency Identification (“RFID”) solutions for a purchase price of €64.8 million ($71.0 million), net of cash acquired, including €4.1 million ($4.5 million) estimated fair value of contingent consideration and €2.0 million ($2.2 million) related to a purchase price holdback.”
“The Motion Solutions acquisition is included in our Medical Solutions reportable segment.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Semis & Hardware
- Market spend (2023–2025)
- $118.8B
- Market spend (2020–2022)
- $89.3B
- Recent vs prior
- +33%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
NOVT trades at a +9.9-turn premium to the Semis & Hardware peer median of 19.5×.
- EV / Revenue
- 5.0×
- Net debt / EBITDA
- -2.1×
- Peer median EV / EBITDA
- 19.5×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
Entegris, Inc.ENTG | 30.8× | 8.0× | 3.8× | $3.2B | $6B |
Novanta Inc.NOVT | 29.3× | 5.0× | -2.1× | $981M | $256M |
| 21.7× | 6.6× | -0.1× | $25.9B | $6.9B | |
| 19.5× | 4.5× | 2.8× | $4.7B | $1.8B | |
Qualcomm Inc.QCOM | 18.1× | 5.4× | -0.4× | $44.5B | $997M |
| 14.5× | 3.5× | -0.2× | $18.5B | $3.1B |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Semis & Hardware. Bars scaled to the highest EV/EBITDA in the set.
Buyer landscape.
Public buyers whose stated archetypes, target categories, and recent cadence align with this issuer as a plausible acquisition target. Scores cross EDGAR signal and disclosure overlap.
Likely buyers
No public buyers surface as a strong target-side fit on current signal.
Likely sellers / divestiture partners
No reciprocal divestiture / strategic-alternatives matches identified.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)282026-02-23
- 10-Q (quarterly)832025-11-03
- 8-K (event)3042026-02-23
- Proxy / DEF 14A312026-04-24
- Activism (13D / DFAN / PREC)722018-11-20
Signals on file
- critical
Non-reliance disclosure
2009-03-303 Item 4.02 filings on file; financial-statement non-reliance.
- elevated
Auditor change
2024-03-153 Item 4.01 filings on file; certifying accountant change.
- watch
Late-filing notice
2010-11-1511 NT 10-K/10-Q filings on file.
- elevated
Activism on file
2018-11-2072 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Serial acquisition history
- info
Signal
10-K strategy themes
- info
Signal
Restatement risk
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.