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what it is
Nordson makes machines that spray, dispense, and inspect tiny parts for factories and medical companies.
how it gets paid
Fiscal 2025 revenue was a record ~$2.79B (+4% vs. prior year). Industrial Precision Solutions was the largest segment at ~$1.33B (~48% of sales).
why it's growing
Full-year sales rose 4% with a net acquisition tailwind; organic volume was down 3% for the year. Adjusted diluted EPS rose 5% to a record $10.24. In Q4, adjusted EPS rose 9% vs. prior year to $3.03.
what just happened
Q4 sales were ~$752M (+1% vs. prior year). Diluted EPS was $2.69; adjusted EPS $3.03 (+9%). Management said adjusted Q4 EPS landed at the high end of guidance.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
90/100 earnings predictability — you can trust these numbers
~23.8x trailing P/E on adjusted FY EPS — quality multiple
1.4% dividend yield — cash in your pocket every quarter
15.5% return on capital — nothing to write home about
xvary composite: 70/100 — average
What they do
Nordson makes machines that spray, dispense, and inspect tiny parts for factories and medical companies.
Nordson sells gear that, once tuned into your line, is costly to rip out. FY2025 GAAP operating margin was about 25.5% of sales (operating profit after S&G, before interest and taxes). Earnings predictability at 90/100 reflects relatively steady execution versus many industrial peers.
How they make money
~$2.79B
fiscal 2025 revenue (ended Oct 31) · +4% vs. prior year — company record
Industrial Precision Solutions
~$1.33B
~−5% vs. prior year
Medical and Fluid Solutions
~$835M
~+20% vs. prior year
Advanced Technology Solutions
~$625M
~+5% vs. prior year
The products that matter
medical device components
Medical and Fluid Solutions
~$835M FY · ~30% of sales
Medical and Fluid Solutions sales were ~$220M in Q4 (+10% vs. prior year), with mix and margin help from product lines and the Atrion acquisition, net of the medical contract manufacturing divestiture that closed Sept 2, 2025.
+10% Q4 vs. prior year
electronics and semiconductor tools
Advanced Technology Solutions
~$625M FY · ~22% of sales
FY sales grew ~5%, but Q4 was ~$171M (−4% vs. prior year): electronics dispense held up while test/inspection (including X-ray) deliveries were lighter. It is a swing segment when equipment timing moves.
mixed Q4
polymer processing · precision agriculture · core industrial
Industrial Precision Solutions
~$1.33B FY · ~48% of sales
Largest segment by revenue. Q4 sales ~$362M (−2% vs. prior year) on weaker polymer processing volume, partly offset by currency. Full-year sales were down ~5% — the scale still anchors diversification versus medical and ATS.
largest segment
Key numbers
~25.5%
FY2025 operating margin
GAAP operating profit as a percent of sales for the fiscal year ended Oct 31, 2025 — solid for industrial equipment.
15.5%
return on capital
Nordson squeezes solid profit from the money tied up in the business, which helps explain the premium price.
1.4%
dividend yield
You get a small cash payment while you wait, so most of your return has to come from the stock price.
$288
18-month target
Illustrative ~18% upside from ~$243.36 to ~$288 if that midpoint were realized — not a xvary forecast.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 85 / 100
- long-term debt ~$1.68B (Oct 31, 2025) · ~55% of shareholders' equity
- net profit margin ~17.4% FY2025 GAAP — net income divided by sales
- return on equity ~16% FY2025 GAAP — net income vs. period-end equity
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in NDSN 3 years ago → it's now worth $10,770.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Fiscal Q4 2025: ~$752M sales (+1% vs. prior year); diluted EPS $2.69 · adjusted $3.03 (+9% vs. prior year).
Full-year record sales ~$2.79B (+4%); diluted EPS $8.51; adjusted diluted EPS $10.24 (+5%). Medical and Fluid Solutions Q4 sales ~$220M (+10%) helped mix; ATS Q4 was softer (−4%).
~$752M
Q4 sales
$2.69
Q4 diluted EPS
$3.03
Q4 adj. diluted EPS
the number that mattered
Adjusted Q4 EPS of $3.03, up 9% vs. prior year — management said results were at the high end of Q4 guidance, with record EBITDA margin and 128% free cash flow conversion in the quarter.
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Nordson reported fiscal Q4 and full-year 2025 results (period ended October 31, 2025) on December 10, 2025.
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FY2025: record sales ~$2.79B (+4% vs. prior year); diluted EPS $8.51; adjusted diluted EPS $10.24 (+5%).
-
Q4 2025: sales ~$752M (+1% vs. prior year); diluted EPS $2.69; adjusted diluted EPS $3.03 (+9% vs. prior year).Growth included currency and acquisition effects, offset in part by the medical contract manufacturing divestiture and softer organic volume in some lines.
-
FY2026 guidance: sales $2.83B–$2.95B; adjusted diluted EPS $10.80–$11.50. Q1 FY2026: sales $630M–$670M; adjusted EPS $2.25–$2.45.Company commentary (not xvary forecasts): backlog ~$600M entering FY2026 (+5% vs. prior year ex-divested backlog). Capital allocation: M&A, buybacks, dividends, debt paydown.
source: Nordson Q4/FY2025 earnings release (Dec 10, 2025)
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What could go wrong
The top risk here is industrial and medical order demand cooling after FY2026 guidance. At ~24x trailing adjusted earnings, execution has to match the quality multiple.
med
Guidance reset
FY2026 guidance is sales $2.83B–$2.95B and adjusted diluted EPS $10.80–$11.50. That sets a clear bar — if demand slips, the stock can re-rate quickly.
A cut to that range would hit the main reason investors pay a premium multiple.
med
Acquisition integration
Medical and Fluid Solutions grew 10% in Q4 FY2025, with Atrion and other factors, net of the contract manufacturing divestiture. Deal integration and mix still have to hold.
If acquired growth comes with weaker returns, the quality premium looks less deserved.
med
Global manufacturing exposure
Nordson operates in 35+ countries — a large non-U.S. footprint is standard here. Currency, logistics, and regional demand swings are part of the package.
FY2025 GAAP operating margin ~25.5% and EBITDA ~32% of sales — small slips matter when the multiple assumes steady execution.
Three risks matter most: the raised guide needs to hold, acquisitions need to integrate cleanly, and the global revenue base needs to keep supporting margin discipline.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
Does the new 2026 range hold
FY2026 outlook: sales $2.83B–$2.95B; adjusted EPS $10.80–$11.50. Holding that range matters more than beating by pennies.
calendar
dividend growth streak
Nordson has raised its annual dividend for decades (60+ consecutive years). The next declaration is a reputational checkpoint for income-focused holders.
segment growth
Medical and ATS staying ahead
Q4 FY2025: Medical and Fluid +10% vs. prior year; Advanced Technology −4% vs. prior year. If medical cools while ATS stays soft, the growth story thins.
cash quality
Cash conversion staying unusual
The company reported 128% free cash flow conversion of net income in Q4 FY2025 (and 136% for the full year). Strong — worth tracking for repeatability.
Analyst rankings
short-term outlook
top 20%
outlook rank 2 — analysts expect above-average price performance in the year ahead. in human-speak, they like the setup.
risk profile
average
risk rank 3 — a typical risk profile. Not especially defensive, not a rollercoaster.
chart momentum
average
momentum rank 3 — the stock is moving with the broader market. No technical drama here.
earnings predictability
90 / 100
Management usually guides cleanly and lands close to the mark. That is a real asset when investors are paying up for consistency.
source: institutional data
Institutional activity
274 buyers vs. 284 sellers in 3q2025. total institutional holdings: 42.2M shares.
source: institutional data
Price targets
3-5 year target range
$197
$378
$243.36
current price
$288
target midpoint · +18% from current · 3-5yr high: $430 (+75% · 16% ann'l return)
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