One-glance verdict
Within fair range
$241.84 our estimate vs market $308.31
Wall Street consensus: $349.71 (44.6% higher than our fair-value estimate)
27% above our estimate
Fundamentals snapshot
Nordson Corporation
NDSN · NMS · Industrials · Specialty Industrial Machinery
Current price
$308.31
52-week range
$220.47 - $339.12
Market cap
$17.17B
Balance sheet
Watch
6.95x Adequate
Net debt $1.70B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 6.7% last year.
- Reward Returns 17.8% on equity, ahead of 66% of its peers.
- Risk Net debt grew 184.6% over 3 years.
- Risk Stock trades 15.2% above its 5-year average P/E.
What this company does
Nordson Corporation
Nordson builds and sells highly specialized equipment that precisely applies fluids like adhesives or coatings onto other products during manufacturing. The company makes its money selling these essential systems to a wide range of industries, from electronics and medical device makers to companies producing everyday consumer goods. Because this technology is a critical part of its customers' supply chain (the entire process of making and selling goods, from raw materials to the final product), Nordson's products are often in steady demand.
How the company got here
Nordson's story began in 1954, spinning out of a family-owned screw machine parts company that dated back to 1909. [2, 7] The founders, brothers Eric and Evan Nord, patented a new method for spraying coatings without using air, which became the foundation of the new business. [7] Over the decades, the company grew by expanding its technology from simple coating machines to highly precise systems for applying adhesives and other materials. [1] A key part of its growth has been acquiring other companies to move into new, specialized areas like electronics, medical components, and testing equipment. [1]
What it actually does
You've likely used a product today that was made with Nordson's equipment without even knowing it. The company builds the highly precise machinery that other manufacturers use to dispense (or apply) tiny, exact amounts of materials like glues, coatings, and sealants. [3, 5] Think of the glue that seals your cereal box, the coating inside a soda can, or the materials used to assemble a smartphone; Nordson makes the robotic systems and nozzles that apply those materials on the factory line. [4, 11] Their equipment is critical for making everything from diapers and medical devices to car parts and electronics. [2, 7]
Industrial Precision Solutions
This is Nordson's largest business segment, and it focuses on the equipment that applies adhesives and coatings in large-scale manufacturing. [4] Companies in the packaging industry buy these systems to seal cardboard boxes and cartons for food and other consumer goods. [4] Other customers use this equipment to assemble products like furniture, appliances, and even electric vehicle batteries by precisely applying bonding materials. [2] This segment, which makes up a significant portion of the company's sales, essentially helps other manufacturers build their products more efficiently and with less waste. [4]
Medical and Fluid Solutions
This part of the company makes highly specialized components and equipment for the healthcare and electronics industries. [11] Medical device companies are major customers, buying products like the tiny balloons used in heart procedures, specialized medical tubing, catheters, and syringes. [2, 11] This segment also produces systems that dispense precise amounts of fluids, which are used not only in medical settings but also in the manufacturing of electronics like your mobile phone. [11] It represents a growing and important piece of Nordson's overall business. [1]
Advanced Technology Solutions
This segment provides high-tech equipment primarily for the electronics and semiconductor (the building blocks of computer chips) industries. [1] Its machines are used on production lines to dispense the protective coatings and tiny dots of adhesive needed to assemble circuit boards and protect sensitive electronic components. [3] This division also makes sophisticated test and inspection systems, such as x-ray and acoustic microscopy systems, that manufacturers use to ensure their electronics are made correctly and won't fail. [1] This is a key business for Nordson as technology becomes more complex and miniaturized.
What management is betting on now
The company's current strategy, called 'Ascend', is focused on growing in very specific, high-value areas where precision is more important than price. [1, 9] A major priority is expanding its medical business, often by acquiring companies that make critical medical components. [1] Management is also investing in technology for the electronics industry, particularly for testing and inspecting semiconductors, which are becoming more complex. [1] The goal is to be a critical partner in manufacturing processes that require extreme accuracy, which helps create stable, recurring demand (repeat business for parts and consumables) for its products. [1]
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$75.76M
FY2025 Q1
$137.72M
FY2025 Q2
$103.13M
FY2025 Q3
$226.41M
FY2025 Q4
$193.85M
FY2026 Q1
$122.92M
FY2026 Q2
$170.49M
FY2026 Q3
$236.75M
Revenue
$817.67M
Net income
$152.85M
Diluted EPS
2.73
Operating cash flow
$249.37M
Free cash flow
$236.75M
Fetching…
Sources
Revenue
$740.85M
Net income
$117.32M
Diluted EPS
2.09
Operating cash flow
$180.67M
Free cash flow
$170.49M
Fetching…
Sources
Revenue
$669.46M
Net income
$133.38M
Diluted EPS
2.38
Operating cash flow
$140.43M
Free cash flow
$122.92M
Fetching…
Sources
Revenue
$751.82M
Net income
$151.63M
Diluted EPS
2.67
Operating cash flow
$202.91M
Free cash flow
$193.85M
Fetching…
Sources
Revenue
$741.51M
Net income
$125.78M
Diluted EPS
2.22
Operating cash flow
$237.97M
Free cash flow
$226.41M
Fetching…
Sources
Revenue
$682.94M
Net income
$112.40M
Diluted EPS
1.97
Operating cash flow
$119.17M
Free cash flow
$103.13M
Fetching…
Sources
Revenue
$615.42M
Net income
$94.65M
Diluted EPS
1.65
Operating cash flow
$159.12M
Free cash flow
$137.72M
Fetching…
Sources
Revenue
$744.48M
Net income
$122.17M
Diluted EPS
2.12
Operating cash flow
$96.38M
Free cash flow
$75.76M
Fetching…
Sources
Is it cheap or expensive?
Fair value $241.84 vs current price $308.31
Wall Street consensus is the average analyst price target: $349.71 (44.6% higher than our fair-value estimate).
Our most-likely fair value is $241.84 a share — about 21.6% away from today's price of $308.31, so the stock currently looks fairly priced.
Is it drowning in debt?
Watch
Net debt $1.7B. Interest coverage 7.0x.
Net debt
$1.70B
Interest coverage
6.95x
Nordson Corporation's profit covers its interest bill about 7.0 times over.
Watch
Worse cushion
Baseline
Better cushion
NDSN
BASELINE
Nordson Corporation
Total debt $1.82B Interest coverage 6.95x This is the baseline the peer rows are being compared against.
Total debt $52.21M Interest coverage 211.11x +2,936% vs NDSN Carries about 30.4x more debt cushion than NDSN.
Total debt $1.89B Interest coverage 11.18x +61% vs NDSN Carries about 1.6x more debt cushion than NDSN.
Total debt $3.26B Interest coverage 12.51x +80% vs NDSN Carries about 1.8x more debt cushion than NDSN.
Total debt $3.83B Interest coverage 14.23x +105% vs NDSN Carries about 2.0x more debt cushion than NDSN.
Total debt $2.32B Interest coverage 6.68x -4% vs NDSN Has roughly the same debt cushion as NDSN.
What you should know
The case for and against NDSN
3 Rewards
2 Risks
Rewards
-
Revenue grew 6.7% last year.
-
Returns 17.8% on equity, ahead of 66% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Net debt grew 184.6% over 3 years.
-
Stock trades 15.2% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
31.24x
Forward P/E
23.82x
P/B
5.25x
P/S
5.76x
EV/EBITDA
19.71x
PEG ratio
1.79x
Profitability
How much profit each dollar creates
Gross margin
55.4%
Operating margin
27.4%
Net margin
18.6%
ROE
17.8%
ROA
8.5%
Health
Liquidity and balance-sheet strength
Debt / equity
0.56x
Current ratio
1.82x
Quick ratio
1.05x
Total debt
$1.82B
Total cash
$113.92M
Growth
How the business has been compounding
Revenue TTM
$2.98B
Revenue 5Y CAGR
4.3%
EPS TTM
9.87
EPS 5Y CAGR
-1.1%
Cash flow
How much cash the business throws off
Operating CF TTM
$773.38M
Free CF TTM
$661.12M
FCF margin
22.2%
Dividend
Shareholder payout
Yield
1.2%
Payout ratio
33.2%
Last ex-div date
2026-09-10