NDSN

Industrials

Nordson Corporation

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Market Data

Financials

XBRL · SEC EDGAR

2008–2025(18yr)

Revenue

Net Income

Free CF

Metric	FY 2008	FY 2009	FY 2010	FY 2011	FY 2012	FY 2013	FY 2014	FY 2015	FY 2016	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025Latest	YoY
Revenue	$1.1B	$819.2M	$1.0B	$1.2B	$1.4B	$1.5B	$1.7B	$1.7B	$1.8B	$2.1B	$2.3B	$2.2B	$2.1B	$2.4B	$2.6B	$2.6B	$2.7B	$2.8B	+3.8%
Gross Profit	$630.4M	$468.9M	$621.6M	$748.4M	$825.3M	$866.1M	$945.1M	$914.0M	$993.5M	$1.1B	$1.2B	$1.2B	$1.1B	$1.3B	$1.4B	$1.4B	$1.5B	$1.5B	+3.6%
Gross Margin	56.0%	57.2%	59.7%	60.7%	58.6%	56.1%	55.5%	54.1%	54.9%	55.1%	54.8%	54.3%	53.3%	56.1%	55.1%	54.2%	55.2%	55.2%	-0.1pp
Operating Income	$190.3M	-$127.8M	$234.8M	$315.5M	$335.5M	$323.8M	$367.1M	$317.7M	$388.4M	$457.7M	$494.6M	$483.1M	$349.5M	$615.1M	$702.4M	$672.8M	$674.0M	$711.7M	+5.6%
Operating Margin	16.9%	-15.6%	22.5%	25.6%	23.8%	21.0%	21.5%	18.8%	21.5%	22.1%	21.9%	22.0%	16.5%	26.0%	27.1%	25.6%	25.1%	25.5%	+0.4pp
Net Income	$117.5M	-$160.1M	$168.0M	$222.4M	$224.8M	$221.8M	$246.8M	$211.1M	$271.8M	$295.8M	$377.4M	$337.1M	$249.5M	$454.4M	$513.1M	$487.5M	$467.3M	$484.5M	+3.7%
Net Margin	10.4%	-19.5%	16.1%	18.0%	16.0%	14.4%	14.5%	12.5%	15.0%	14.3%	16.7%	15.4%	11.8%	19.2%	19.8%	18.5%	17.4%	17.4%	-0.0pp
Free Cash Flow	$87.7M	$156.2M	$125.9M	$226.5M	$243.4M	$221.2M	—	—	$273.8M	$285.2M	$414.8M	$318.6M	$451.9M	$507.6M	$461.7M	$606.7M	$491.8M	$661.1M	+34.4%
FCF Margin	7.8%	19.1%	12.1%	18.4%	17.3%	14.3%	—	—	15.1%	13.8%	18.4%	14.5%	21.3%	21.5%	17.8%	23.1%	18.3%	23.7%	+5.4pp
EPS (Diluted)	$3.43	$-4.77	$4.91	$3.25	$3.45	$3.42	$3.84	$3.45	$4.73	$5.08	$6.40	$5.79	$4.27	$7.74	$8.81	$8.46	$8.11	$8.51	+4.9%

Total Debt$2.0B

Cash & Equiv.$108.4M

Net Debt$1.9B

4 min read

1. THE BIG PICTURE

Nordson is evolving from a diversified industrial equipment manufacturer into a high-precision technology specialist with margins that lead nearly all its peers. By tying its "Ascend" growth framework to high-growth end markets like semiconductors and medical fluid solutions, Nordson Corporation has moved beyond simple hardware sales to become a critical technical partner for global manufacturers.

2. WHERE THE RISKS HIT HARDEST

Nordson’s primary competitive advantage—its "worldwide network of direct sales and technical resources"—is directly threatened by increasing geopolitical and currency volatility (10-K Item 1). While this global infrastructure allows Nordson to solve complex customer problems on-site, it also means 67% of revenue is generated outside the U.S. (Risks). Consequently, the technical expertise of its employees can be offset by "material transaction and translation losses" from the euro, yen, and yuan (Risks).

Furthermore, the "Ascend" strategy’s reliance on acquisitions to enter new markets creates a structural vulnerability: the potential for massive write-offs. If Nordson fails to integrate these businesses or realize synergies, it risks impairing the substantial goodwill and intangible assets that sit on its balance sheet (Risks).

3. WHAT THE NUMBERS SAY TOGETHER

The financial data reveals a business that is exceptionally efficient at turning revenue into cash. Nordson’s free cash flow (FCFFCFFree Cash Flow — cash left after paying for operations and capital investments; what the company can actually spend, save, or return to shareholders) margin of 21.8% is the highest in its peer group, outperforming larger competitors like ITW (16.5%) and Ingersoll Rand (15.3%) (Peer Benchmarking). This cash efficiency allows Nordson Corporation to return 2.0% of its market cap to shareholders via buybacks while maintaining a 54.7% gross margin (XBRL).

The most recent quarter shows a significant acceleration in growth compared to the trailing twelve-month (TTMTTMTrailing Twelve Months — the most recent full year of financial data, updated on a rolling basis each quarter) trend. While TTMTTMTrailing Twelve Months — the most recent full year of financial data, updated on a rolling basis each quarter revenue growth was a modest 3.8%, the first quarter of 2026 saw sales rise 8.8% (10-Q). This divergence is driven almost entirely by the Advanced Technology Solutions (ATS) segment, which saw 20.7% organic growth due to surging demand for electronics dispense and x-ray systems (10-Q). This suggests Nordson is currently benefiting from a structural upswing in the semiconductor cycle that is outpacing its broader industrial lines. Low short interest of 2.2% suggests the market is not betting against this momentum (Supplemental Signals).

4. IS IT WORTH IT AT THIS PRICE?

At 22.1x forward earnings, Nordson is trading almost exactly in line with the peer median of 22.3x (Peer Benchmarking). This valuation prices in approximately 5.4% long-term growth (CAPM analysis). Given that Nordson Corporation’s implied EPSEPSEarnings Per Share — the company's net profit divided by its share count; the most common per-share profitability metric growth—including the lift from share buybacks—is 7.4%, the current price appears well-supported by fundamental performance.

Nordson’s 17.2% net margin is second only to ITW in its peer group, and its superior FCFFCFFree Cash Flow — cash left after paying for operations and capital investments; what the company can actually spend, save, or return to shareholders conversion justifies a premium over more "hardware-heavy" peers like Dover or Hubbell (Peer Benchmarking). However, the sensitivity is clear: if long-term growth were to revert to a standard GDP pace of 2.5%, the justified multiple would drop to 13.4x, representing significant downside (CAPM analysis). The current price is a bet that the "Ascend" strategy can continue to deliver mid-single-digit growth through the semiconductor cycle.

5. WHAT WOULD CHANGE THIS VIEW?

Cautious if organic growth in the Advanced Technology Solutions segment drops into the low single digits, which would signal that the semiconductor-driven tailwind has exhausted itself.
Constructive if the Medical and Fluid Solutions segment, which was essentially flat in the most recent quarter, shows organic growth above 5% following the divestiture of its contract manufacturing business (10-Q).

6. BOTTOM LINE

Structural Advantage: A global direct-sales model integrated with proprietary software and algorithms that creates high switching costs in precision electronics and medical markets. Bottom Line: Nordson is a premier cash-flow compounder that is fairly valued for its current growth trajectory.

Source: Synthesis · LLM Analysis

3 min read

1. Top 5 Material Risks

Global Economic Sensitivity: Approximately 67 percent of revenue is generated outside the United States, making Nordson Corporation vulnerable to regional economic slowdowns, trade tensions, and conflicts in Europe and the Middle East.
Foreign Currency Exposure: Significant portions of consolidated revenue are generated in non-U.S. dollar currencies, exposing Nordson Corporation to volatility in the euro, yen, pound sterling, and Chinese yuan that can materially impact financial results.
Trade Policy and Tariffs: Changes in U.S. trade policy, including increased tariffs on imports from China, Canada, and Mexico, threaten to disrupt supply chains, increase raw material costs, and negatively impact sales margins.
Acquisition and Integration Strategy: Nordson Corporation’s growth strategy depends on acquisitions; failure to integrate these businesses or realize anticipated synergies could lead to write-offs of goodwill and intangible assets.
Supply Chain and Raw Material Costs: Nordson Corporation faces risks from shortages or price increases for raw materials and components, with a historical delay between cost increases and the ability to pass those costs to customers through price hikes.

2. Company-Specific Risks

Information Technology and Cybersecurity: Nordson Corporation relies extensively on third-party managed IT systems; incidents such as ransomware or phishing could lead to operational disruptions, loss of intellectual property, and remediation costs.
Artificial Intelligence Implementation: The integration of generative AI into internal processes and product offerings introduces risks related to intellectual property infringement, data privacy, and the potential for factually inaccurate or biased outputs.
Pension Plan Volatility: Financial results are sensitive to actuarial assumptions regarding pension plan assets, including the expected long-term rate of return and discount rates for future payment obligations.
Management Retention: Nordson Corporation’s success depends on the retention of its executive management team and key technical personnel; failure to recruit or retain these individuals could constrain operational initiatives and product development.

3. Regulatory/Legal Risks

Data Protection Laws: Nordson Corporation faces evolving compliance requirements under the European Union’s GDPR and the California Consumer Privacy Act (CCPA), which impose significant operating costs and potential penalties for noncompliance.
Anti-Bribery Compliance: Nordson Corporation is subject to the Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act; violations could result in severe criminal or civil sanctions and financial penalties.
Environmental Regulations: Operations are subject to complex environmental laws regarding air and water emissions and waste management; non-compliance could lead to clean-up costs, civil or criminal liability, and restrictions on product sales in certain jurisdictions.
Intellectual Property Litigation: Nordson Corporation may be forced to engage in costly litigation to defend its proprietary technology or to address claims that its products infringe on the intellectual property of third parties.

4. Financial Impact Map

Global Economic Sensitivity → Revenue and Profitability → 67 percent of revenue generated outside the U.S. is subject to regional volatility. Foreign Currency Exposure → Foreign Currency Transaction Gains and Losses → Material impacts on operating results due to fluctuations in the euro, yen, pound sterling, and Chinese yuan. Trade Policy and Tariffs → Sales, Margins, and Profitability → Increased costs for raw materials and potential loss of competitive position in foreign markets. Acquisition and Integration Strategy → Goodwill and Intangible Assets → Potential non-cash charges to operating earnings if acquired business performance falls below expectations. Supply Chain and Raw Material Costs → Operating Costs and Cash Flows → Inability to pass through price increases during inflationary periods or supply shortages.

Source: 10-K Item 1A · LLM Analysis

Recent Filings

Form	Filed	Period
10-Q	Feb 2026	Jan 2026
8-K	Feb 2026	—
14A	Jan 2026	—
10-K	Dec 2025	Oct 2025