Novanta (LTS:0VAG) Net-Net Working Capital : $-12.30 (As of Mar. 2024)

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What is Novanta Net-Net Working Capital?

In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.

Novanta's Net-Net Working Capital for the quarter that ended in Mar. 2024 was $-12.30.

The industry rank for Novanta's Net-Net Working Capital or its related term are showing as below:

LTS:0VAG's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Hardware industry.
Industry Median: 7
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Novanta Net-Net Working Capital Historical Data

The historical data trend for Novanta's Net-Net Working Capital can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Novanta Net-Net Working Capital Chart

Novanta Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Net-Net Working Capital

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-7.05

-4.57

-12.35

-10.54

-7.49

Novanta Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Net-Net Working Capital	Get a 7-Day Free Trial															-9.93	-9.08	-8.08	-7.49	-12.30

Competitive Comparison of Novanta's Net-Net Working Capital

For the Scientific & Technical Instruments subindustry, Novanta's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Novanta's Price-to-Net-Net-Working-Capital Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Novanta's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where Novanta's Price-to-Net-Net-Working-Capital falls into.

Novanta Net-Net Working Capital Calculation

Novanta's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2023 is calculated as

	Net-Net Working Capital		(A: Dec. 2023 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(105.051	+	0.75 * 139.41	+	0.5 * 149.371	-	552.596
-	0	-	0)	/	35.814
=	-7.49

Novanta's Net-Net Working Capital (NNWC) per share for the quarter that ended in Mar. 2024 is calculated as

	Net-Net Working Capital		(Q: Mar. 2024 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(93.52	+	0.75 * 150.911	+	0.5 * 161.371	-	728.877
-	0	-	0)	/	35.8909
=	-12.30

In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.

This is a conservative way of estimating the company's value.

Novanta (LTS:0VAG) Net-Net Working Capital Explanation

One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.

Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.

Novanta Net-Net Working Capital Related Terms

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Novanta (LTS:0VAG) Business Description

Industry

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NOVT:USA

Address

125 Middlesex Turnpike, Bedford, MA, USA, 01730

Website

https://www.novanta.com

Novanta Inc manufactures photonic and motion-control components for original equipment manufacturers in the medical equipment and industrial technology markets. The firm operates in three segments: photonics, vision, and precision motion. The photonics segment, which sells photonics-based products that include carbon dioxide lasers, laser scanning, super-resolution imaging lasers, and laser beam delivery items. The vision segment sells medical-grade technologies, including visualization solutions, imaging informatics products, and thermal printers contributing the majority of revenue. The precision motion segment sells optical encoders, motion control technology, and precision machined components. The firm generates the majority of its revenue from the United States and Europe.

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