Nova

NVMI

Semiconductors · Technology

Price

$437.46

-13.67 (-3.03%)

Market Cap

$13.90B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+10.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 29.8M (2021) → 32.8M (2025)

Nova Ltd. designs, develops, produces, and sells process control systems used in the manufacture of semiconductors in Israel, Taiwan, the United States, China, Korea, and internationally. Its 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, including lithography, etch, chemical mechanical planarization, deposition, electrochemical plating, an

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+21.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$143M/ year

↑ Rising (+30% vs prior year)

16.3% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

0.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$214M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Nova is putting 16% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

57.6%

Premium pricing power — 57.6% gross margin

Operating Margin

27.3%

Excellent — 27.3% operating margin

ROCE

2.9%

Weak — 2.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+31.0%

Fast-growing sales (31.0% YoY)

EPS YoY

+37.8%

Earnings growing fast (37.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

95%

Modest — 95% of profit becomes cash

FCF Margin

24.7%

Converts sales into free cash efficiently (24.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.61

Moderate — manageable debt (0.61)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

50.4x

Expensive — P/E 50.4

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+13.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (50.4 → 37.0)

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Dividends

Not applicable for this business.

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