NOVA LTD.

NVMI

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.

About the company

Country: IsraelPrice: $317.86Market Cap: $10.1B

Investment snapshot

18%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

7 / 6

NEUTRAL / FAIL

Median fair value

$89.95

-71.7% vs price

Models with upside

0 / 17

Positive margin of safety

Strongest signal

10 of 12 pass — Graham and Lynch object

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	NEUTRAL	FAIL	FAIL · Rank #1433 (Top 46.3%)	PASS	NEUTRAL	PASS	FAIL	NEUTRAL	FAIL	NEUTRAL	PASS	NEUTRAL	FAIL	FAIL	NEUTRAL	NEUTRAL
Score
Analysis	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…
Intrinsic Value (annual)		N/A			N/A			N/A					N/A	N/A	N/A	N/A	N/A
Margin of Safety	-268.8%	N/A	-59.7%	-569.2%	N/A	-253.4%	-94.3%	N/A	-33.8%	-556.9%	-29.4%	-315.3%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-02-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-17 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-02-17 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-17 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-17 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-17 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-17 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-02-17 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-17 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-17 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-17 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-17 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-17 Score computed: 2026-11-14

Where It Passes

Debt & Leverage83% pass✓ 13✗ 2▾
10 of 12 pass — Graham and Lynch object
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.00, IC: 127.0x
✓BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0
✓Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities6.28
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=127.0x, D/EBITDA=0.0x (no debt)
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)
✓AsnessTop 30% of eligible cross-section
Growth63% pass✓ 10✗ 3▾
5 of 8 pass — Lynch, Sleep and Neff object
EPS Growth (3-yr avg, 10-yr window)1111.4%
✓Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)1.08
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR37.0%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 17.3% vs Rev: 31.0%
✓LynchInventory growth < Revenue growth
EPS Growth Direction$0.13 (2009) -> $7.96 (2025)
✓DremanPositive over recent years
EPS CAGR29.3% CAGR over 16 years
✓Dreman> 5% annualized
Positive Net Income Frequency17/17 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth29.8%
✓Ackman>= 5%
Positive EPS Growth Frequency4/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR37.0% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 56.6% -> 57.4%, operating margin 25.5% -> 28.8%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR26.7%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR37.0% over 5 years
✗Neff7%-20% annualized
Efficiency63% pass✓ 8✗ 3▾
5 of 8 pass — Greenblatt, Piotroski and Akre object
Current Ratio6.28
✓Graham>= 2.0
ROIC (3-5 yr avg)17.6%
✓Buffett> 10%
ROIC - WACC+7.6%
✓BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)23.6%
✗Greenblatt> 25%
Current Ratio Change YoY2.32 -> 6.28
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.48x -> 0.37x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities6.28
✓Dreman> 1.5
Return on Invested Capital15.2%
✓Munger> 15%
ROIC (high and growing)FY2023: ROIC=11.0%; FY2024: ROIC=13.4%; FY2025: ROIC=15.2%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC15.2% (RR=100% x ROIC=15.2%)
✓AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)4/5 years above 12% (latest 15.2%)
✓SleepROIC > 12% in a majority of years

Where It Falls Short

Valuation0% pass✓ 1✗ 27▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / 3-yr avg EPS53.0x
✗Graham<= 15x
Price-to-Book Ratio7.7x
✗Graham<= 1.5x
P/E x P/B406.20
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)1.08
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value2.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=2.6%, ROC=23.6%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS39.9x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)41.1x
✗Dreman< 8x
Price / Book Value per Share7.7x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=39.9x
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=39.9x, FCF Yield=2.2%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=39.9x, P/B=7.7x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-253.4% (IV=$89.95 vs Price=$317.86)
✗Marks>= 20% below intrinsic value
Price / FCF per Share46.4x
✗Ackman<= 25
Price vs. Trailing Low172% of trailing low ($184.33)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+2.56%; #2526/6340 (top 39.8%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.1304; #4578/6449 (top 71.0%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS39.9x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share8.55x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+214.6%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.0871; #4401/5247 (top 83.9%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+2.16%; #2230/4519 (top 49.3%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-35.92%; #4667/6202 (top 75.2%)
✗OshaughnessyTop 10% of eligible cross-section
Valuation models0% pass✗ 9▾
NVMI overvalued: all 9 models price fair value below $317.86 (median $89.95)
Graham fair value$86.19
✗Graham-268.8% margin vs $317.86
Lynch fair value$199.00
✗Lynch-59.7% margin vs $317.86
Greenblatt fair value$47.50
✗Greenblatt-569.2% margin vs $317.86
Dreman fair value$89.95
✗Dreman-253.4% margin vs $317.86
Munger fair value$163.56
✗Munger-94.3% margin vs $317.86
Akre fair value$237.63
✗Akre-33.8% margin vs $317.86
Marks fair value$48.39
✗Marks-556.9% margin vs $317.86
Ackman fair value$245.65
✗Ackman-29.4% margin vs $317.86
Templeton fair value$76.53
✗Templeton-315.3% margin vs $317.86
Profitability25% pass✓ 17✗ 18▾
12 of 16 flag NVMI's profitability — Graham, Buffett, Lynch +9 more
Positive EPS (10 years)17/18 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)1111.4%
✓Graham>= 33% growth
Net Income Positive (10+ years)17/18 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)20.2%
✓Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)28.8% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$19.3M
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)1.01
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)1.08
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR37.0%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE19.7%
✓Lynch> 15%
EBIT / Enterprise Value2.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=2.6%, ROC=23.6%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets10.98%
✓PiotroskiROA > 0
ROA Change YoY13.22% -> 10.98% (delta: -2.23%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=10.40%, ROA=10.98%
✗PiotroskiCFO/Assets > ROA
Gross Margin Change YoY57.6% -> 57.4%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue34.4%
✓Dreman>= 8%
Net Income / Shareholders' Equity19.7%
✓Dreman> 12%
Margin of SafetyP/E=39.9x, P/B=7.7x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity19.2% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-253.4% (IV=$89.95 vs Price=$317.86)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency17/17 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue28.8%
✓Ackman>= 15%
Net Income / Shareholders Equity19.7%
✓Ackman>= 15%
5-Year EPS CAGR37.0% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend25.5% (2023) -> 28.8% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 56.6% -> 57.4%, operating margin 25.5% -> 28.8%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+2.56%; #2526/6340 (top 39.8%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+21.40%; #1966/3702 (top 53.1%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+19.66%; #806/5226 (top 15.4%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0118; #943/5884 (top 16.0%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR37.0% over 5 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years10/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Verdicts30% pass✓ 3✗ 7▾
Split decision: 7 NEUTRAL · 6 FAIL · 3 PASS
Overall verdict
✗GrahamFAIL (3/9)•BuffettNEUTRAL (6/9)✗LynchFAIL (4/7)✗GreenblattRank #1433✓PiotroskiPASS (F-Score 4)•DremanNEUTRAL (7/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)•AkreNEUTRAL (4/6)✗MarksFAIL (3/5)•AckmanNEUTRAL (7/9)✓TempletonPASS (4/8)•SleepNEUTRAL (4/6)✗AsnessFAIL (Rank #742/2370 (Top 31.3%))✗NeffFAIL (2/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
Cash Flow40% pass✓ 5✗ 7▾
6 of 10 flag NVMI's cash flow — Lynch, Piotroski, Dreman +3 more
Free Cash Flow Proxy$19.3M
✓BuffettPositive and growing
FCF Positive and Growing$217.9M
✗LynchPositive and growing
Operating Cash Flow$245.6M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=10.40%, ROA=10.98%
✗PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)41.1x
✗Dreman< 8x
P/E or FCF YieldP/E=39.9x, FCF Yield=2.2%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive15/17 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap2.2%
✗Ackman>= 4%
Price / FCF per Share46.4x
✗Ackman<= 25
Positive Operating Cash Flow frequency15/17 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$217.9M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+2.16%; #2230/4519 (top 49.3%)
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Measuring and Control Equipment

SIC Sector: Measuring & Medical Instruments

Size: Large Cap($10.1B)

Revenue: $880.6M+31.0% YoY

Net Income: $259.2M+41.1% YoY

Financial Snapshot

Operating Margin28.8%

Return on Equity19.7%

Debt / Equity0.00

Current Ratio6.28

EPS (Diluted)$7.96+38.4% 1y

Buybacks (1y)$35.0M

Buybacks (2y)$65.0M

Shares Retired−8.5% / −9.5% 2y

Similar Companies

TMOTHERMO FISHER SCIENTIFIC INC.

AAGILENT TECHNOLOGIES, INC.

$49.0B

Shareholder Return

Fiscal 2025

Issued 8.5% of shares last year, 9.5% issued over two.

Buybacks: $35.0M
Dividends: —

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

41.0% = 50.6% + −6.4%

FY23

−2.7% = −2.8% + 0.1%

FY24

34.3% = 34.8% + −0.3%

FY25

38.4% = 41.1% + −1.9%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 20-F · 2026-02-17	FY 2024 Sources 20-F · 2025-02-20	FY 2023 Sources 20-F · 2024-02-20	FY 2022 Sources 20-F · 2023-02-28	FY 2021 Sources 20-F · 2022-03-01
Market Cap	$10.1Bcurrent	$7.2Best.	$4.2Best.	$2.6Best.	$3.4Best.
Revenue	$880.6M↑31%	$672.4M↑30%	$517.9M↓9%	$570.7M↑37%	$416.1M
Operating Income	$253.5M↑35%	$187.5M↑42%	$132.3M↓12%	$149.9M↑33%	$112.4M
Net Income	$259.2M↑41%	$183.8M↑35%	$136.3M↓3%	$140.2M↑51%	$93.1M
EPS (Diluted)	$7.96↑38%	$5.75↑34%	$4.28↓3%	$4.40↑41%	$3.12
Gross Margin	57.4%	57.6%↑2%	56.6%↑2%	55.5%↓2%	56.6%
Operating Margin	28.8%↑3%	27.9%↑9%	25.5%↓3%	26.3%↓3%	27.0%
ROE	19.7%↓1%	19.8%↑9%	18.2%↓24%	23.9%↑22%	19.7%
Total Debt	$0↓100%	$180.6M↓9%	$197.7M	$0↓100%	$183.0M
Shareholders' Equity	$1.3B↑42%	$927.8M↑24%	$750.8M↑28%	$587.0M↑24%	$473.8M
Current Ratio	6.28↑170%	2.32↑6%	2.20↓52%	4.57↑132%	1.97
Debt / Equity	0.00↓100%	0.19↓26%	0.26	0.00↓100%	0.39
Operating Cash Flow	$245.6M↑4%	$235.3M↑90%	$123.5M↑3%	$119.5M↓10%	$132.3M
Free Cash Flow	$217.9M	$218.1M↑105%	$106.3M↑8%	$98.2M↓23%	$127.4M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Measuring and Control Equipment

NVMI vs Peers — Financial Grading

Revenue$880.6MBottom 25%

Net Income$259.2MBottom 25%

ROE19.7%Median

D/E0.00Top 25%

Op. Margin28.8%Top 25%

Curr. Ratio6.28Top 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
THERMO FISHER SCIENTIFIC INC.TMO	$259.4B	$700.22	$44.6B	$6.7B	12.6%	0.74	17.4%	1.89	3/9	3/9	3/7	1/3	F-Score 5	7/11
DANAHER CORP /DE/DHR	$163.9B	$233.02	$24.6B	$3.6B	6.9%	0.35	19.1%	1.87	3/9	4/9	2/7	1/3	F-Score 5	4/11
WATERS CORP /DE/WAT	$90.5B	$460.25	$3.2B	$642.6M	25.1%	0.55	25.4%	1.73	1/9	4/9	1/7	0/3	F-Score 4	5/11
AGILENT TECHNOLOGIES, INC.A	$49.0B	$173.96	$6.9B	$1.3B	19.3%	0.45	21.3%	1.96	2/9	5/9	3/7	1/3	F-Score 5	5/11
ROPER TECHNOLOGIES INCROP	$47.5B	$479.98	$7.9B	$1.5B	7.7%	0.47	28.3%	0.52	2/9	3/9	3/7	0/3	F-Score 6	4/11
COHERENT CORP.COHR	$43.0B	$218.15	$5.8B	$49.4M	0.9%	0.69	1.6%	2.19	3/9	1/9	0/7	0/3	F-Score 4	4/11
TERADYNE, INCTER	$39.0B	$249.55	$3.2B	$554.0M	19.8%	0.07	20.4%	1.75	2/9	6/9	4/7	1/3	F-Score 6	6/11
ILLUMINA, INC.ILMN	$31.3B	$207.01	$4.3B	$850.0M	31.2%	0.73	18.6%	2.08	2/9	1/9	3/7	1/3	F-Score 8	5/11