One-glance verdict
Within fair range
$269.73 our estimate vs market $329.10
Wall Street consensus: $349.71 (29.7% higher than our fair-value estimate)
22% above our estimate
Fundamentals snapshot
Nordson Corporation
NDSN · NMS · Industrials · Specialty Industrial Machinery
Current price
$329.10
52-week range
$223.29 - $339.12
Market cap
$18.33B
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
3 Risks
3 rewards · 3 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 21.7% above its 5-year average P/E.
What this company does
Nordson Corporation
Nordson sells precision equipment that acts like highly advanced glue guns and sprayers for factory assembly lines. This technology is essential for making a huge variety of products, from electronics and medical devices to everyday consumer goods. Because customers must continually buy replacement parts and materials for these machines, the company benefits from a steady stream of recurring revenue (income that is stable and expected to continue).
How the company got here
Nordson's story began in 1909 as a company making screw machine parts for the early auto industry. During World War II, it shifted to making high-precision components for the war effort. After the war, the founders looked for a unique product and found it by acquiring patents for a “hot airless” method of spraying paint and coatings. This innovation was the foundation of the Nordson company, which was officially founded in 1954 to sell this new equipment. Over the years, it expanded from paint systems to applying hot-melt adhesives for sealing boxes and assembling products, establishing itself as a leader in precision dispensing technology.
What it actually does
Think about the glue that seals a cereal box, the coating on a soda can, or the tiny components in your smartphone; Nordson makes the high-tech machinery that does that work. The company designs and builds equipment that precisely applies adhesives, sealants, coatings, and other fluids during the manufacturing of thousands of different products. Their systems are critical for making everything from medical devices and electronics to furniture and diapers. Essentially, Nordson provides the specialized tools and systems that help other companies build their products more efficiently and reliably.
Industrial Precision Solutions
This is Nordson's largest and most established business, making up a significant portion of its sales. It creates the systems that dispense adhesives and coatings for everyday products. For example, this segment's machines are used to seal cardboard boxes for shipping, apply labels to bottles, and assemble furniture and appliances. Companies in the packaging, construction, and general manufacturing industries buy these systems to make their production lines faster and use less material.
Medical and Fluid Solutions
This part of the company focuses on the healthcare and high-tech industries, representing a major growth area for Nordson. It produces highly precise, single-use plastic components like syringes, catheters, medical tubing, and balloons used in life-saving procedures. Medical device manufacturers are the primary customers, relying on these components for their own products. This segment also makes systems that control the flow of fluids in other advanced manufacturing processes.
Advanced Technology Solutions
This segment provides highly advanced equipment primarily for the electronics and semiconductor industries. Its machines dispense microscopic amounts of fluid needed to build circuit boards and protect sensitive electronic components. It also manufactures systems that test and inspect these tiny parts for quality using x-rays and acoustic microscopy to ensure they work perfectly. Customers in this segment are technology companies who need extreme precision and quality control to manufacture ever-smaller and more powerful electronics.
What management is betting on now
The company's current focus is a strategy called "Ascend," which aims for profitable growth by concentrating on its best products and customers. A key part of this is expanding its Medical and Fluid Solutions and Advanced Technology Solutions businesses, as these markets are growing quickly. Management also continues to pursue acquisitions (the process of buying other companies) to bring in new technologies and enter new markets. Nordson has a very long history of increasing its dividend (a payment of a portion of the company's earnings to its shareholders), signaling a continued commitment to providing steady returns to investors.
Price history
How the share price has moved
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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 $269.73 vs current price $329.10
Wall Street consensus is the average analyst price target: $349.71 (29.7% higher than our fair-value estimate).
Our most-likely fair value is $269.73 a share — about 18.0% away from today's price of $329.10, 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 $164.67M Interest coverage 211.11x +2,936% vs NDSN Carries about 30.4x more debt cushion than NDSN.
Total debt $1.75B 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
3 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 21.7% above its 5-year average P/E.
-
Insider ownership is only 0.3% (peer median: 0.6%).
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)
33.01x
Forward P/E
25.35x
P/B
5.61x
P/S
6.15x
EV/EBITDA
20.92x
PEG ratio
1.86x
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
9.97
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
1.1%
Payout ratio
33.2%
Last ex-div date
2026-09-10