Nova
Nova Ltd. engages in the design, development, production, and sale of process control systems used in the manufacture of semiconductors in Taiwan, the United States, China, Korea, and internationally. Based in Rehovot.
Nova: net income sharply up (+41.1%), sales sharply up (+31.0%), operating income sharply up (+35.2%).
- Net income sharply upFY 2025
Net income: $259M, vs. $184M a year earlier, i.e. +41.1%.
- Sales sharply upFY 2025
Revenue: $881M, vs. $672M a year earlier, i.e. +31.0%.
- Operating income sharply upFY 2025
Operating income: $253M, vs. $188M a year earlier, i.e. +35.2%.
- Investments sharply upFY 2025
Investments: $28M, vs. $17M in 2024, i.e. +60.9%.
- Cash sharply upFY 2025
Cash: $214M, vs. $158M in 2024, i.e. +35.9%.
What the market pays, vs. the sector
This company's valuation multiples history is being built day by day from now on.
P/E calculated on net income (fiscal year ended 31/12/2025). Sector median: companies in the Semiconductors group tracked here. Prices: Yahoo Finance; market cap cross-checked with the Tel Aviv Stock Exchange for Israeli stocks. These ratios describe a price, not a value: none of them says whether the share is expensive or cheap.
P/E ranking
Nova is 3e Out of 3: one of the lowest P/Es in the group.
- 1
Camtek97.1 - 2
Tower Semiconductor81.3 - 3Nova40.2
P/E = market cap / net income over the last 12 months: how many years of earnings the market pays today. From highest to lowest; group median: 40.1. A high or low P/E alone does not say whether a share is expensive.
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Business and results
Revenue
in $M
Net income
In $M, losses in red
Margins
Net debt
Financial debt − cash, in $M
Data not available.
Summary financial statements
Swipe the table to see previous years
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Revenue | 416 | 571 | 518 | 672 | 881 |
| Growth | — | +37.2% | −9.3% | +29.8% | +31.0% |
| Gross margin | 56.6% | 55.5% | 56.6% | 57.6% | 57.4% |
| Operating income | 112 | 150 | 132 | 188 | 253 |
| Operating margin | 27.0% | 26.3% | 25.5% | 27.9% | 28.8% |
| Net income | 93 | 140 | 136 | 184 | 259 |
| Net margin | 22.4% | 24.6% | 26.3% | 27.3% | 29.4% |
| Diluted EPS | 3.1 | 4.4 | 4.3 | 5.8 | 8.0 |
| Operating cash flow | 132 | 120 | 124 | 235 | 246 |
| Investments | 5 | 21 | 17 | 17 | 28 |
| Free cash flow | 127 | 98 | 106 | 218 | 218 |
| Cash | 127 | 111 | 108 | 158 | 214 |
| Interest coverage | 26,6 x | 117,0 x | 103,0 x | 146,5 x | 127,0 x |
| Equity | 474 | 587 | 751 | 928 | 1,318 |
| Return on equity | 19.7% | 23.9% | 18.2% | 19.8% | 19.7% |
In $M unless stated. EBITDA = operating income + depreciation and amortization. Net debt = financial debt − cash. Free cash flow = operating cash flow − capital expenditure. n.m. = not meaningful.
Quality of the accounts: three cross-check models
Quality of the accounts, seen through three models
Three well-known academic models, calculated only from the published accounts (last fiscal year compared with the previous one). These are signals to cross-check, not verdicts: they say neither whether the company is reliable, nor whether the share is a good investment.
Financial strength · Piotroski
Nine simple tests on profitability, debt, liquidity and efficiency.
- ✓ Positive net income
- ✓ Positive operating cash flow
- ✕ Return on assets up
- ✕ Operating cash flow above net income
- ✓ Long-term debt stable or down (relative to assets)
- ✓ Current ratio up
- ✕ No significant share issuance (increase of less than 1%)
- ✕ Gross margin up
- ✕ Asset turnover up
Earnings manipulation · Beneish
Eight ratios that flag account profiles often associated with "embellished" results. Usual threshold: −1.78. Here, the score is below this threshold.
Distress risk · Altman Z″
Version without market data. Below 1.1: warning sign; above 2.6: healthy zone. The model penalizes an accumulated deficit or large share buybacks, which reduce equity.
Methods: Piotroski (2000), Beneish (1999, 8 variables), Altman Z″ (1995). Calculations redone from SEC XBRL data.
Company overview
Nova Ltd. engages in the design, development, production, and sale of process control systems used in the manufacture of semiconductors in Taiwan, the United States, China, Korea, and internationally. The company's product portfolio includes a set of metrology platforms for dimensional, films, and materials and chemical metrology measurements for process control for various semiconductor manufacturing process steps, such as lithography, Etch, chemical mechanical planarization, deposition, electrochemical plating, and advanced packaging. It serves various sectors of the integrated circuit manufacturing industry, including logic, foundry, memory, and packaging sectors, as well as process equipment manufacturers. Nova Ltd. was formerly known as Nova Measuring Instruments Ltd. and changed its name to Nova Ltd. in July 2021. Nova Ltd. was incorporated in 1993 and is headquartered in Rehovot, Israel.
Source: official company profile (Yahoo Finance), summary. Website: www.novami.com
- Annual report (20-F, period ended 31/12/2025, filed 17/02/2026): sec.gov
- XBRL structured data: SEC EDGAR (companyfacts)
No dividend paid over the past five years (source: Yahoo Finance).