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olivLaw · US equity research

Nova Ltd. NVMI

Optical Instruments & Lenses · SIC 3827 · Vertical: Optical Instruments & Lenses (SIC 3827)

295.35USD−2.43% · 1 dayClose 04 Nov 2026

Nova Ltd. is a provider of metrology and process control solutions for semiconductor manufacturing, with optical, X-ray, SIMS and chemical technologies. Revenue grew 31% in 2025, and the company targets $1 billion in revenue by 2027, a goal that matters as demand for AI-related capacity and advanced packaging rises.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Nova Ltd. (NVMI) stock was 295.35 USD (−2.43% on the day), with market capitalisation 8.6 bn USD, P/E 37.1 on diluted EPS of 7.96 USD over the last 12 months, beta 2.12, 52-week range 275.78–605.65 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
8.6 bn USD
shares as of 31 Dec 2024
P/E (TTM)
37.1
Diluted EPS TTM 7.96 · TTM to 31 Dec 2025
E/P (TTM)
2.70%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
2.12
Volatility (1y) 59%
52-week range
275.78605.65

Price history

Loading chart…

Technical reading

RSI (14)
31.4
weak (30–45)
Bollinger (20, 2)
292.89 – 356.27
in the lower half of the band · %B 0.04 · band width 19.5%
SMA 50 / 200
349.25 / 439.26
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-14.84 / -13.18
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−24.8%−1.1%−23.7 pp—
3 months−26.6%−0.5%−26.1 pp—
6 months−44.7%+4.4%−49.1 pp—
Year to date−10.1%+12.3%−22.4 pp—
1 year−9.8%+13.5%−23.3 pp+7.6%
3 years+194.1%+76.4%+117.7 pp+84.5%
5 years+134.3%+63.7%+70.6 pp—
Max drawdown (1y)
−51.2%
15 Jun 2026 → 04 Nov 2026
Max drawdown (5y)
−52.8%
03 Jan 2022 → 18 Oct 2022
Compound annual growth (5y)
+18.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 60 percentile of its own 10-quarter history (min 12.1, median 33.2, max 47.0; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue251.1 m224.9 m269.4 m416.1 m570.7 m517.9 m672.4 m880.6 m
Revenue YoY+13.1%−10.4%+19.8%+54.5%+37.2%−9.3%+29.8%+31.0%
Net income54.4 m35.2 m47.9 m93.1 m140.2 m136.3 m183.8 m259.2 m
Net income YoY+17.0%−35.3%+36.2%+94.3%+50.6%−2.8%+34.8%+41.1%
Diluted EPS1.891.231.653.124.434.285.757.96
Diluted EPS YoY+16.0%−34.9%+34.1%+89.1%+42.0%−3.4%+34.3%+38.4%
net %21.7%15.6%17.8%22.4%24.6%26.3%27.3%29.4%
Free cash flow33.4 m19.4 m53.8 m127.4 m98.2 m106.3 m218.1 m217.9 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
214.5 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
1.3 bn USD
Total assets
2.4 bn USD
Debt / equity
unavailable
Current ratio
6.28x
ROE
23.1%
ROA
13.8%
FCF margin
24.7%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
517.9 m
2024
672.4 m
2025
880.6 m

SEC (XBRL)· 17 Feb 2026verified

Cost of revenue
2023
224.7 m
2024
285.3 m
2025
375.4 m

SEC (XBRL)· 17 Feb 2026verified

Gross profit
2023
293.2 m
2024
387.1 m
2025
505.2 m

SEC (XBRL)· 17 Feb 2026verified

Research & development
2023
88.0 m
2024
110.3 m
2025
143.4 m

SEC (XBRL)· 17 Feb 2026verified

Operating income
2023
132.3 m
2024
187.5 m
2025
253.5 m

SEC (XBRL)· 17 Feb 2026verified

Interest expense
2023
1.3 m
2024
1.3 m
2025
2.0 m

SEC (XBRL)· 17 Feb 2026verified

Pre-tax income
2023
154.7 m
2024
216.3 m
2025
303.3 m

SEC (XBRL)· 17 Feb 2026verified

Income tax
2023
18.4 m
2024
32.5 m
2025
44.1 m

SEC (XBRL)· 17 Feb 2026verified

Net income
2023
136.3 m
2024
183.8 m
2025
259.2 m

SEC (XBRL)· 17 Feb 2026verified

Diluted EPS
2023
4.28
2024
5.75
2025
7.96

SEC (XBRL)· 17 Feb 2026verified

Weighted average diluted shares
2023
32.1 k
2024
32.1 k
2025
32.8 k

SEC (XBRL)· 17 Feb 2026verified

Balance sheet · USD

Cash
2023
107.6 m
2024
157.8 m
2025
214.5 m

SEC (XBRL)· 17 Feb 2026verified

Receivables
2023
111.3 m
2024
139.3 m
2025
151.9 m

SEC (XBRL)· 17 Feb 2026verified

Inventories
2023
138.2 m
2024
156.6 m
2025
183.7 m

SEC (XBRL)· 17 Feb 2026verified

Current assets
2023
710.2 m
2024
901.9 m
2025
1.4 bn

SEC (XBRL)· 17 Feb 2026verified

Property, plant & equipment, net
2023
66.9 m
2024
81.7 m
2025
102.6 m

SEC (XBRL)· 17 Feb 2026verified

Goodwill
2023
50.1 m
2024
48.3 m
2025
90.8 m

SEC (XBRL)· 17 Feb 2026verified

Intangibles (excl. goodwill)
2023
39.2 m
2024
31.5 m
2025
45.8 m

SEC (XBRL)· 17 Feb 2026verified

Total assets
2023
1.1 bn
2024
1.4 bn
2025
2.4 bn

SEC (XBRL)· 17 Feb 2026verified

Accounts payable
2023
35.2 m
2024
59.6 m
2025
47.0 m

SEC (XBRL)· 17 Feb 2026verified

Current liabilities
2023
322.8 m
2024
388.2 m
2025
224.5 m

SEC (XBRL)· 17 Feb 2026verified

Total liabilities
2023
383.1 m
2024
462.6 m
2025
1.0 bn

SEC (XBRL)· 17 Feb 2026verified

Equity
2023
750.8 m †
2024
927.8 m †
2025
1.3 bn †

SEC (XBRL)· 17 Feb 2026verified

Shares outstanding at year end
2023
29.0 m
2024
29.3 m
2025
—

SEC (XBRL)· 20 Feb 2025verified

Cash flow · USD

Operating cash flow
2023
123.5 m
2024
235.3 m
2025
245.6 m

SEC (XBRL)· 17 Feb 2026verified

Capex
2023
17.2 m
2024
17.2 m
2025
27.7 m

SEC (XBRL)· 17 Feb 2026verified

Free cash flow
2023
106.3 m ≈
2024
218.1 m ≈
2025
217.9 m ≈

SEC (XBRL)· 17 Feb 2026derived

Investing cash flow
2023
-125.3 m
2024
-136.4 m
2025
-837.2 m

SEC (XBRL)· 17 Feb 2026verified

Financing cash flow
2023
10.0 k
2024
-48.3 m
2025
642.2 m

SEC (XBRL)· 17 Feb 2026verified

Share repurchases
2023
112.0 k
2024
30.0 m
2025
35.0 m

SEC (XBRL)· 17 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
31.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
15.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
26.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
35.2%
computed by olivLawFY 2025
Net income growth (YoY)
41.1%
computed by olivLawFY 2025
Net income CAGR 3Y
22.7%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
40.2%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
38.4%
computed by olivLawFY 2025
EPS CAGR 3Y
21.6%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
37.0%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
-0.1%
computed by olivLawFY 2025

Profitability

Gross margin
57.4%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
28.8%
computed by olivLawFY 2025
Net margin
29.4%
computed by olivLawFY 2025
FCF margin
24.7%
computed by olivLawFY 2025

Returns

ROE
23.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
13.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
11.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
127.0x
computed by olivLawFY 2025

Liquidity

Current ratio
6.3x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
5.5x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
245.6 m USD
computed by olivLawFY 2025
Capital expenditure
27.7 m USD
computed by olivLawFY 2025
Free cash flow
217.9 m USD
computed by olivLawFY 2025
FCF conversion
84.1%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
60 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
165 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
52 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
174 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
8.6 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
33.4x
computed by olivLawFY 2025
P/E (TTM)
37.1x
computed by olivLawFY 2025
Earnings yield
2.7%
computed by olivLawFY 2025
P/B
6.6x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
9.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
39.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
2.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 62 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

295.35 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 8.6 bn USD

Key indicators

Market capitalisation
8.6 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
37.1x
computed by olivLawFY 2025
P/B
6.6x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
23.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
29.4%
computed by olivLawFY 2025
Revenue growth (YoY)
31.0%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2024
Source: SEC (XBRL)published 17 Feb 2026
verified 523

Score by group

  • Valuation14
  • Returns6
  • Quality80
  • Balance sheet100
  • Growth100

Estimated value range

Low
95.75
USD per share
Mid
129.59
USD per share
High
225.90
USD per share
Price: 295.35 USD
The price is above the range
Potential to the central value: -56.1% (value / price − 1)
Margin of safety: -127.9% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 95.75 – 225.90 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E95.75 – 225.90 (Mid 129.59)
    3 companies used · median multiple 16.3x · quartiles 12.0x – 28.4x
    COHR, KLAC, OPXS
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Optical Instruments & Lenses (SIC 3827)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 62/100

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality29.4%83 (vs peers)10%
FCF conversion · Quality84.1%77 (on a fixed band)10%
Revenue CAGR 3Y · Growth15.6%100 (on a fixed band)13%
EPS CAGR 3Y · Growth21.6%100 (on a fixed band)13%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet127.0x100 (on a fixed band)10%
Current ratio · Balance sheet6.3x100 (on a fixed band)6%
P/E (TTM) · Valuation37.1x0 (on a fixed band)16%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation2.5%32 (on a fixed band)13%
Shareholder yield (distributions) · Returns0.4%6 (on a fixed band)10%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet100/100 · 2/3 factors with a value
  • Growth100/100 · 2/2 factors with a value
  • Quality80/100 · 2/3 factors with a value
  • Returns· partial6/100 · 1/2 factors with a value
  • Valuation14/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

NOVA LTD. (NVMI). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 880.6 m USD in 2025; YoY growth 31.0%; net margin 29.4%; ROE 23.1%.

The estimated value range is 95.75–225.90 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 129.59 USD, the price of 295.35 USD leaves a potential of -56.1% (value / price − 1) and a margin of safety of -127.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 29.4%
  • FCF conversion: 84.1%
  • Revenue CAGR 3Y: 15.6%
  • EPS CAGR 3Y: 21.6%
  • Interest coverage: 127.0x
  • Current ratio: 6.3x

What contradicts it

  • P/E (TTM): 37.1x
  • Shareholder yield (distributions): 0.4%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Optical Instruments & Lenses (SIC 3827) · same industry (4-digit SIC) · compared with 6 companies

Multiples and returns vs the median

P/E
37.1x
vertical median 28.4x
above median (+30.7%)
EV/EBITDA
—
vertical median —
P/S
9.8x
vertical median 5.6x
above median (+76.3%)
P/B
6.6x
vertical median 4.7x
above median (+39.3%)
ROE
23.1%
vertical median 10.0%
above median (+131.7%)
Net margin
29.4%
vertical median 10.0%
above median (+194.5%)
EBIT margin
28.8%
vertical median 4.3%
above median (+568.5%)
Revenue YoY
31.0%
vertical median 13.6%
above median (+127.0%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 0.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
KLACKla Corporation195.2 bn7.891.4%36.2%+11.7%+27% / +175%
COHRCoherent Corp.38.4 bn40.511.2%12.2%+22.5%+19% / +430%
NVMINova Ltd.8.6 bn37.123.1%29.4%+31.0%−10% / +194%
CAMTCamtek Ltd.4.6 bn97.68.7%10.2%+15.6%−4% / +60%
OPTXSyntec Optics Holdings, Inc.183.7 m—-11.6%-8.3%−1.3%+164% / −23%
OPXSOptex Systems Holdings, Inc.62.0 m16.315.3%9.8%+21.6%−38% / +109%
MSAIMultiSensor AI Holdings, Inc.7.0 m—-46.5%-141.7%−25.0%−88% / −99%

1- and 3-year price returns: for NVMI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
214.67
Total return -27% · Per year -27%
377.79
Total return 28% · Per year 28%
566.68
Total return 92% · Per year 92%
3 years
254.63
Total return -14% · Per year -5%
499.62
Total return 69% · Per year 19%
816.02
Total return 176% · Per year 40%
5 years
302.04
Total return 2% · Per year 0%
660.75
Total return 124% · Per year 17%
1,175.07
Total return 298% · Per year 32%
What moves the 3-year price the most
  • Exit P/E± 124.91
  • Net margin± 87.43
  • Annual revenue growth± 65.21
  • Annual dilution± 7.35

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 17 Feb 2026; since then the company filed 6-K (02 Nov 2026), 6-K (15 Oct 2026), 6-K (02 Sept 2026), 6-K (11 Aug 2026), 6-K (06 Aug 2026), 6-K (06 Jul 2026).

In brief

Nova Ltd. is a provider of metrology and process control solutions for semiconductor manufacturing, with optical, X-ray, SIMS and chemical technologies. Revenue grew 31% in 2025 1, and the company targets $1 billion in revenue by 2027 1, a goal that matters as demand for AI-related capacity and advanced packaging rises.

SWOT

Strengths

  • A diversified portfolio combining optical, X-ray and chemical metrology, which the company says rivals do not match 1.
  • Strong revenue growth and high profitability in 2025, with product gross margins above 55% 1.
  • Long-standing relationships with large customers help the company anticipate industry requirements 1.

Weaknesses

  • A small number of customers generate a significant part of revenue, making the company dependent on a few partners 1.
  • Product gross margin eased slightly in 2025 because of a shift in product and customer mix 1.
  • The rollout of the new ERP system presents difficulties that could affect operational efficiency 1.

Opportunities

  • Advanced packaging and HBM memory architectures open new markets for dimensional and materials metrology 1.
  • Integrating Sentronics and its wafer-level packaging technology could extend the offering to specialty applications 1.
  • Wider adoption of chemical process control, driven by sustainability, could add new revenue 1.

Threats

  • Trade restrictions and geopolitical tensions could slow chip makers' investment 1.
  • Demand depends on chip makers' capital spending, which can swing sharply with the industry cycle 1.
  • Competitors with larger research budgets could erode the company's technological lead 1.

Risks

  • Customer concentrationhigh

    A significant part of revenue comes from a small number of customers, and losing one could affect results 1.

  • Industry capital cyclehigh

    Chip makers' capital spending is volatile, and orders could drop quickly if expansions are postponed 1.

  • Geopolitical and trade risksmedium

    The company acknowledges that macroeconomic uncertainty and trade restrictions could delay deliveries and growth plans 1.

  • Acquisition and systems integrationmedium

    Integrating Sentronics and rolling out the ERP system could delay product launches and raise costs 1.

  • Convertible debtlow

    The 2025 convertible notes add long-term debt whose repayment depends on future performance 1.

Investment thesis

What would need to be true (bull case)

  • If demand for advanced packaging and AI memory holds, the company could keep growing faster than the process control market, as it has in recent years 1.
  • High margins and record 2025 profitability could fund extra research without weakening the balance sheet 1.
  • A combined optical, X-ray and chemical portfolio could make the company a preferred partner for customers seeking integrated solutions 1.

What would break the thesis

  • If fabs postpone expansions amid trade uncertainty, orders could fall quickly and weigh on quarterly revenue 1.
  • Reliance on a few large customers could leave results exposed to budget changes at any one of them 1.
  • Product gross margin pressure could continue if the product and customer mix stays unfavorable 1.

What to watch

  • Revenue progress toward the $1 billion target2027
  • Product gross margin and the effect of customer mixQ1 2027
  • Sentronics integration and ERP stabilizationnext 10-K
  • Orders from advanced packaging and HBM memory2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 17 Feb 2026; since then the company filed 6-K (02 Nov 2026), 6-K (15 Oct 2026), 6-K (02 Sept 2026), 6-K (11 Aug 2026), 6-K (06 Aug 2026), 6-K (06 Jul 2026).

The business

Nova develops and sells metrology systems for process control in semiconductor production, combining high-precision hardware with software. Products are sold mainly to semiconductor manufacturers and, in some cases, to process equipment makers. Product sales were about 80% of total revenues in 2025 1. Growth has come partly through acquisitions, including Sentronics in January 2025, which added modular metrology for wafer-level packaging 1.

The business model includes services such as extended warranties, service contracts and proactive sales to the installed base, and service revenue is tied to growth of that base 1. The service organization runs on a profit-and-loss basis, with customer satisfaction and profitability criteria setting its objectives 1.

After 2008 the company shifted from selling through equipment makers to selling directly to chip manufacturers, which it says improved margins and profitability 1. Its headquarters are in Rehovot, Israel; shares have been listed on Nasdaq since 2000 and on the Tel Aviv exchange since 2002 1.

Segments

Dimensional metrology

Includes integrated systems that measure wafers during the process and standalone systems used for film thickness, critical dimensions and roughness. The portfolio was extended through Sentronics into advanced packaging 1.

Materials and chemical metrology

Covers X-ray, SIMS and Raman spectroscopy, along with chemical process control and metal replenishment. The company reports record sales in these lines during 2025 1.

Market context

Demand for metrology depends on capital spending by chip makers, which follows demand for components used in AI, data centers, IoT and automotive 1. Gartner forecasts cited by the company point to 33% semiconductor revenue growth in 2026 and 12% growth for wafer fab equipment 1. The company expects its addressable market to grow as process complexity rises 1.

According to Gartner, the process control sector grew at a CAGR of about 16% over 2020-2025, while Nova reported a CAGR of about 27.5% for product revenues over the same period 1.

Trends

  • Advanced packaging and HBM memorytailwind

    Demand for advanced packaging tied to AI and high-performance computing raises the need for metrology, and investment is shifting toward integrated device makers and foundries 1. This could support orders for packaging lines.

  • Process complexitytailwind

    Smaller devices, 3D structures and new materials increase the number of measurement steps and the intensity of process control 1.

  • Long sales cyclesheadwind

    The sales cycle is long and order timing varies sharply from month to month with fab expansion schedules 1. This can make quarterly revenue uneven.

  • Macro and trade uncertaintymixed

    The company lists macroeconomic, geopolitical and trade restriction uncertainties among the challenges to its plans 1. These could weigh on customer investment.

Competitive position

The report does not name direct competitors in the text; the company describes its edge as a diversified portfolio combining optical, X-ray and chemical metrology, which it considers unique 1. Competition is framed around technological innovation and trust from large customers 1.

The company says its solutions are well accepted by leading customers, which lets it gain share with additional process steps and new applications 1. Other competitors in the sector are not detailed in the source.

  • Applied MaterialsAMAT

    Named in the report as a former equipment-maker reseller (PEM) that sold Nova products before 2008 1.

  • Ebara Corp.

    Named in the report as a former equipment-maker reseller (PEM) before 2008 1.

  • Gartner

    Source of market forecasts cited by the company, not a direct competitor 1.

  • Other optical and chemical metrology suppliers

    The report does not name other competitors; the company compares itself with an integrated offering of optical, X-ray and chemical metrology 1.

News & filings

In the press

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Nova Ltd. · 17 Feb 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.