Nova Ltd
NOVA LTD. is a U.S.-based semiconductor metrology company that develops material, optical, and chemical measurement solutions for process control in chip manufacturing. Its systems and software help semiconductor manufacturers measure critical process parameters across advanced fabrication steps, including advanced packaging, memory, foundry, and HBM applications.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueMeasurement tools and systems used to inspect and characterize semiconductor process steps.
Software and analytics that interpret measurement data and support fab process control.
The modular wafer mapping and scanning platform used for advanced packaging and memory applications.
Installation, application support, calibration, and after-sales services for semiconductor customers.
Products
Reported · share of revenue- Products80.1 %
- Services19.9 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Nova sells to semiconductor manufacturers that need precise process control during chip fabrication and packaging. Its reported customer base includes memory and foundry customers, as well as advanced packaging and HBM manufacturers that use the WMC™ platform for complex surface and warpage measurement challenges.
Buy metrology tools and WMC™ solutions for memory process control and advanced packaging flows.
Use Nova's measurement systems to control critical process steps in logic and foundry production.
Buy modular scanning and mapping tools to handle warpage, non-symmetric shapes, and surface variation.
Use the platform for high-throughput inspection and mapping in high-bandwidth memory production.
Strategy
Nova's strategy centers on expanding adoption of its metrology platforms in advanced semiconductor process control, especially where measurement complexity is increasing. The company is emphasizing modular, customizable systems that can address advanced packaging, memory, foundry, and HBM use cases while scaling with customer production capacity.
Adoption across more customers increases installed base and platform relevance.
These applications have complex measurement needs that fit Nova's modular tools.
Deployment opportunities expand when customers add production capacity.
Geography
Nova operates from offices worldwide and sells into semiconductor manufacturing markets across multiple regions. The available reports do not provide a geographic revenue split, but the company highlights North American investor and operating activity while serving global semiconductor customers.
Risks
Nova depends on semiconductor capital spending, so demand can be cyclical and tied to customer fab expansion plans. The business also faces technology adoption risk because its products must remain differentiated as measurement requirements evolve across memory, foundry, and advanced packaging. Global operations and a concentrated semiconductor customer base add exposure to regional, supply-chain, and customer-concentration risk.
- Semiconductor spending cyclicalityImpact: HighLikelihood: High
Orders for metrology tools depend on fab investment and process node upgrades.
Exposure: Customer capital expenditure cycles
- Customer adoption concentrationImpact: HighLikelihood: Medium
A small number of advanced semiconductor customers can drive deployment timing.
Exposure - Technology competitionImpact: MediumLikelihood: Medium
Metrology vendors compete on precision, throughput, and software performance.
Exposure: Product differentiation and replacement cycles
- Global semiconductor supply-chain exposureImpact: MediumLikelihood: Medium
International operations and customer markets can be affected by trade or logistics disruption.
Exposure: Worldwide offices and customer base
Accounting
Judgemental itemsManagement excludes multiple acquired and non-cash items when presenting adjusted results.
Impact: Can materially change earnings comparability versus GAAP
Acquisitions create intangible assets that are amortized over time.
Impact: Reduces reported operating income under GAAP
A recurring non-cash expense included in GAAP but excluded from adjusted figures.
Impact: Affects margins and profit conversion
Purchase accounting can create one-time inventory charges after acquisitions.
Impact: Can distort short-term gross profit
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Last updated: 28/09/2026