Novanta Inc. Tangible Equity Units Financial Ratios — NOVTU

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	9.49	3.33	-11.5	16.45	8.97	21.74	15.33	11.17	10.92	11.06	14.31	12.33	9.72	7.49
Return on Assets (%)	8.1	5.7	2.04	-6.26	8.77	5.23	10.42	6.79	5.13	5.13	4.81	6	5.91	4.9	3.37
Return on Capital (%)	70.29	- -	3.36	- -	10.79	6.46	13.24	8.65	6.68	6.61	6.07	7.34	7.02	5.84	4.87
Return on Invested Capital (%)	12.08	- -	5.14	- -	8.38	7.89	11.84	11.59	10.01	7.67	8.38	8.7	9.91	8.7	6.32
Gross Margin (%)	43.74	43.28	41.72	41.17	42.26	42.22	42.3	42.57	41.86	41.4	42.49	43.96	45.36	44.41	44.39
EBITDA Margin (%)	17.59	15.21	14.01	13.81	15.07	15.92	18.39	18.9	17.59	16.59	17.75	18.66	19.27	18.95	18.21
Operating Margin (%)	12.57	10.1	7.84	7.29	9.95	10.63	12.49	12.87	11.48	10.11	11.61	12.48	13.99	13.09	11.9
Incremental Operating Margin (%)	-5.93	22.52	0.28	3.64	119.39	33.27	17.73	14.99	-61.2	34.27	19.26	16.47	76.34	1.45	-24.33
Pretax Margin (%)	7.96	6.85	5.1	-4.91	12.32	8.45	14.6	9.98	7.31	8.2	7.95	10.12	9.5	8.33	7.1
Profit Margin (%)	9.52	8.01	2.31	-6.65	9.53	5.72	11.52	7.99	6.51	7.54	7.12	8.6	8.27	6.75	5.49
Net Income to Common Margin (%)	9.52	8.01	2.31	-6.65	9.53	5.72	11.52	7.99	6.51	7.54	7.12	8.6	8.27	6.75	5.49
Effective Tax Rate (%)	10.5	- -	38.33	- -	22.58	32.34	18.16	16.65	10.91	8.02	10.4	15.04	12.98	18.94	22.71
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	9.49	3.33	-11.5	16.45	8.97	21.74	15.33	11.17	10.92	11.06	14.31	12.33	9.72	7.49

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	68	50	72	122	105	86	235	215	276	255	493	489	405	470	302
ST Debt	10	8	8	7	7	7	9	5	11	21	13	13	14	15	48
LT Debt	58	42	64	115	98	79	226	210	264	234	480	476	391	456	254
Total Debt/EBITDA	1.27	1.35	1.61	2.42	1.86	1.4	2.45	1.85	2.5	2.6	3.93	3.05	2.38	2.61	1.69
Net Debt/EBITDA	0.25	-0.43	0.24	1.22	0.64	0.16	1.4	1.08	1.28	0.77	2.53	2.09	1.47	1.68	-0.73
Total Debt/EBIT	1.78	2.03	2.88	4.59	2.82	2.1	3.6	2.72	3.84	4.27	6.01	4.55	3.28	3.78	2.59
Net Debt/EBIT	0.34	-0.64	0.42	2.3	0.96	0.24	2.07	1.59	1.97	1.26	3.86	3.12	2.02	2.43	-1.11
EBITDA to Interest Expense	4.1	- -	12.85	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	3.77	- -	11.47	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	2.93	- -	7.19	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	13	- -	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	56.27	63.9	58.85	50.14	56.32	60.22	40.75	47.91	44.33	49.71	39.12	44.67	51.17	49.79	41.24
Long-Term Debt/Equity (%)	27.7	18.62	26.4	54.22	39.89	30.39	72.38	57.06	63.35	49	92.15	82.43	58.01	61.11	19.31
Long-Term Debt/Capital (%)	21.93	15.98	21.71	35.68	28.77	22.98	42.49	37.56	39.97	34.1	49.33	45.61	37.86	39.23	24.23
Long-Term Debt/Total Assets (%)	16.64	12.59	16.9	28.9	23.46	18.48	31.03	29.2	30.39	27	39.12	38.36	31.87	32.82	14.04
Total Debt/Equity (%)	32.48	21.91	29.5	57.69	42.9	33.23	75.31	58.29	66.08	53.49	94.65	84.73	60.07	63.06	22.97
Total Debt/Capital (%)	25.71	18.79	24.25	37.97	30.94	25.13	44.21	38.37	41.69	37.23	50.67	46.88	39.21	40.48	28.83
Total Debt/Total Assets (%)	19.51	14.82	18.88	30.76	25.23	20.21	32.29	29.83	31.7	29.48	40.18	39.43	33	33.87	16.71
Net Debt to Equity	6.29	-6.92	4.34	28.98	14.65	3.79	43.19	34.03	33.9	15.81	60.82	58.06	37.02	40.59	-9.89
Net Debt/Capital (%)	6.28	-7.88	4.5	22.69	12.83	3.58	31.24	26.26	24.29	13.46	37.02	35.54	26.9	28.89	-19.52
EBITDA	54	37	44	50	56	61	96	116	110	98	125	161	170	180	179
EBITDA-CapEx	49	34	40	45	51	49	87	101	99	85	101	138	150	163	163
Operating Income (Loss)	38	25	25	27	37	41	65	79	72	60	82	107	123	124	117

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.93	1.2	0.99	0.95	1.05	0.97	1.02	0.79	0.59	1.09	0.64	0.61	0.75	0.68	1.79
Current Ratio	3.63	3.8	3.28	3.39	3.25	2.83	2.93	2.7	2.26	2.66	2.03	2.56	2.98	2.58	3.69
Quick Ratio	1.97	2.28	1.87	2.01	2.1	1.9	1.89	1.61	1.3	1.78	1.28	1.45	1.81	1.63	2.71
CFO/Avg Current Liab	0.76	0.5	0.85	0.73	0.6	0.75	0.75	0.89	0.53	1.13	0.63	0.52	0.79	1.03	0.34
Common Equity/Total Assets	56.27	63.9	58.85	50.14	56.32	60.22	40.75	47.91	44.33	49.71	39.12	44.67	51.17	49.79	41.24
Long-Term Debt/Equity (%)	27.7	18.62	26.4	54.22	39.89	30.39	72.38	57.06	63.35	49	92.15	82.43	58.01	61.11	19.31
Long-Term Debt/Capital (%)	21.93	15.98	21.71	35.68	28.77	22.98	42.49	37.56	39.97	34.1	49.33	45.61	37.86	39.23	24.23
Long-Term Debt/Total Assets (%)	16.64	12.59	16.9	28.9	23.46	18.48	31.03	29.2	30.39	27	39.12	38.36	31.87	32.82	14.04
Total Debt/Equity (%)	32.48	21.91	29.5	57.69	42.9	33.23	75.31	58.29	66.08	53.49	94.65	84.73	60.07	63.06	22.97
Total Debt/Capital (%)	25.71	18.79	24.25	37.97	30.94	25.13	44.21	38.37	41.69	37.23	50.67	46.88	39.21	40.48	28.83
Total Debt/Total Assets (%)	19.51	14.82	18.88	30.76	25.23	20.21	32.29	29.83	31.7	29.48	40.18	39.43	33	33.87	16.71
CFO/Total Liabilities	32.47	26.02	36.07	22.85	19.5	28.66	15.27	25.52	13.98	36.11	13.39	13.68	21.73	24.66	13
CFO/CapEx	10.71	8.07	10.3	7.81	6.02	3.84	6.97	6.12	5.89	10.66	3.88	4.02	6.02	9.24	4.1
Altman's Z-Score	1.15	0.86	1.18	1.23	1.56	1.72	2.18	2.72	2.36	2.38	2.44	2.91	3.19	3.32	2.55

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	6.48	5.98	6.95	7.29	6.88	6.36	7.18	7.43	7.15	7.11	7.41	6.8	6.36	6.54	5.84
Days Sales Outstanding	56.35	61.01	52.52	50.06	53.09	57.37	50.85	49.15	51.02	51.33	49.23	53.7	57.36	55.84	62.52
Inventory Turnover	2.9	2.65	3.32	3.54	3.52	3.73	3.98	3.6	3.29	3.31	3.72	3.29	3.04	3.59	3.28
Days Inventory Outstanding	126.07	137.71	109.78	103.13	103.65	97.95	91.64	101.41	110.99	110.39	98.06	111.09	120.22	101.67	111.41
Accounts Payable Turnover	9.66	8.9	8.81	8.78	8.49	7.86	9.23	8.09	7.28	6.74	7.88	7.3	7	7.8	6.86
Accounts Payable Turnover Days	37.78	41.01	41.44	41.59	42.97	46.44	39.55	45.1	50.17	54.12	46.3	49.99	52.18	46.79	53.22
Cash Conversion Cycle	144.64	157.71	120.86	111.6	113.77	108.88	102.95	105.45	111.85	107.61	100.99	114.8	125.4	110.71	120.71
Inventory to Cash Days	-69.72	-76.7	-57.26	-53.06	-50.56	-40.57	-40.79	-52.26	-59.97	-59.06	-48.82	-57.39	-62.86	-45.83	-48.89
Inventories	52	53	58	63	60	60	91	105	117	93	126	168	149	145	188
Raw Materials	30	31	35	39	39	40	57	69	76	56	84	118	105	92	123
Work In Process	13	12	10	10	10	8	15	16	15	15	21	23	21	25	32
Finished Goods	7	8	11	12	9	10	16	17	23	20	19	26	23	27	32
Other Inventory	2	2	3	2	2	2	3	2	2	1	2	1	- -	- -	1

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	55	66	61	51	60	68	100	82	79	125	117	100	105	114	381
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	68	50	72	122	105	86	235	215	276	255	493	489	405	470	302
Enterprise Value	14	-15	11	71	45	18	135	133	197	130	376	389	300	356	-79
Total Capital	264	266	295	321	339	342	531	559	661	685	974	1,044	1,032	1,162	1,047
Total Debt/Capital (%)	25.71	18.79	24.25	37.97	30.94	25.13	44.21	38.37	41.69	37.23	50.67	46.88	39.21	40.48	28.83
Total Debt / EV	5.03	-3.25	6.54	1.71	2.33	4.8	1.74	1.62	1.4	1.96	1.31	1.26	1.35	1.32	-3.82
EV/Sales	0.04	- -	0.03	0.2	0.12	0.05	0.26	0.22	0.31	0.22	0.53	0.45	0.34	0.38	- -
EV/EBITDA	0.25	- -	0.25	1.41	0.8	0.29	1.4	1.14	1.79	1.33	3	2.42	1.76	1.98	- -
EV/EBIT	0.35	- -	0.44	2.68	1.21	0.44	2.07	1.68	2.74	2.18	4.58	3.62	2.43	2.87	- -
EV/Cash Flow to Firm	0.24	- -	0.21	1.68	1.35	0.38	2.12	1.48	3.11	0.93	3.97	4.29	2.49	2.25	- -
EV/Free Cash Flow to Firm	0.22	- -	0.19	1.49	1.16	0.3	1.86	1.27	2.66	0.85	3.16	3.43	2.14	2.03	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	14	-15	11	71	45	18	135	133	197	130	376	389	300	356	-79
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	304	244	317	365	374	385	521	614	626	591	707	861	882	949	981
TTM EBITDA	54	37	44	50	56	61	96	116	110	98	125	161	170	180	179
TTM Operating Income	38	25	25	27	37	41	65	79	72	60	82	107	123	124	117
TTM Cash Flow to Firm	57	28	51	42	33	48	63	90	63	140	95	91	120	159	64
TTM Free Cash Flow to Firm	61	32	56	48	39	60	72	104	74	153	119	113	140	176	80

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	0.35	- -	0.44	2.68	1.21	0.44	2.07	1.68	2.74	2.18	4.58	3.62	2.43	2.87	- -
Enterprise Value	14	-15	11	71	45	18	135	133	197	130	376	389	300	356	-79
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	47.57
EV/Sales	0.04	- -	0.03	0.2	0.12	0.05	0.26	0.22	0.31	0.22	0.53	0.45	0.34	0.38	- -
EV/EBITDA	0.25	- -	0.25	1.41	0.8	0.29	1.4	1.14	1.79	1.33	3	2.42	1.76	1.98	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	0.04	- -	0.03	0.2	0.12	0.05	0.26	0.22	0.31	0.22	0.53	0.45	0.34	0.38	- -
EV/Sales High	0.04	- -	0.03	0.2	0.12	0.05	0.26	0.22	0.31	0.22	0.53	0.45	0.34	0.38	- -
EV/Sales Low	0.04	- -	0.03	0.2	0.12	0.05	0.26	0.22	0.31	0.22	0.53	0.45	0.34	0.38	- -
EV/EBITDA Average	0.25	-0.41	0.25	1.41	0.8	0.29	1.4	1.14	1.79	1.33	3	2.42	1.76	1.98	-0.44
EV/EBITDA High	0.25	-0.41	0.25	1.41	0.8	0.29	1.4	1.14	1.79	1.33	3	2.42	1.76	1.98	-0.44
EV/EBITDA Low	0.25	-0.41	0.25	1.41	0.8	0.29	1.4	1.14	1.79	1.33	3	2.42	1.76	1.98	-0.44
EV/EBIT Average	0.35	-0.62	0.44	2.68	1.21	0.44	2.07	1.68	2.74	2.18	4.58	3.62	2.43	2.87	-0.68
EV/EBIT High	0.35	-0.62	0.44	2.68	1.21	0.44	2.07	1.68	2.74	2.18	4.58	3.62	2.43	2.87	-0.68
EV/EBIT Low	0.35	-0.62	0.44	2.68	1.21	0.44	2.07	1.68	2.74	2.18	4.58	3.62	2.43	2.87	-0.68
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	54.98
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	59.29
Enterprise Value Average	14	-15	11	71	45	18	135	133	197	130	376	389	300	356	-79
Enterprise Value High	14	-15	11	71	45	18	135	133	197	130	376	389	300	356	-79
Enterprise Value Low	14	-15	11	71	45	18	135	133	197	130	376	389	300	356	-79

Shares Outstanding	33	34	34	34	34	34	35	35	35	35	36	36	36	36	36
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Novanta Inc. Tangible Equity Units

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)