Nova Ltd (NVMI) ☆

equipment & EDA · 产业指数 9 (排名 #149) · $304.00 (-2.60%) · 市值 $9.7B

ⓘ 数据时效

价格: 截至 2026-11-02 指数: 截至 2026-11-02 基本面: 最新申报文件 2026-03-31 按季披露（10-Q XBRL）

Israeli metrology company specializing in optical critical-dimension (OCD), materials and chemical metrology for advanced semiconductor process control.

产业敞口 0.4 (Leading-edge OCD/materials metrology benefits from AI-driven logic and HBM, but Nova also serves broad process-control markets.)

信号

信号: 截至 2026-10-13

短期（约 2 周）

42%

看空

置信度 42

期权持仓结构— Delayed per-contract options — call premium 10% / put 90% (net skew -0.79), unusualness 28/100. Context: Consumer Price Index in 1 day.[options]
价格动量— Technical downtrend across short+medium horizon(s) — vote -0.70, confidence 0.46 from 11 indicator sub-signal(s).[price] · 内部推导
结构性— Industry Index 8.5 (falling -8.7 over window) — structural headwind.[index] · 内部推导

中期（约 3 个月）

75%

看空

置信度 75

增长趋势— Revenue 10% YoY (decelerating), net margin contracting.[filing]
价格动量— Technical downtrend across short+medium horizon(s) — vote -0.70, confidence 0.46 from 11 indicator sub-signal(s).[price] · 内部推导
聪明钱— 1 filer(s) accumulating, 2 trimming in 2026Q2 (value-weighted net -0.99).[holding][holding][holding]
结构性— Industry Index 8.5 (falling -8.7 over window) — structural headwind.[index] · 内部推导

长期（约 6 个月）

66%

看空

置信度 66

增长趋势— Revenue 10% YoY (decelerating), net margin contracting.[filing]
moat— Editorial prior (subjective, NOT backtested): narrow moat / fast_follower / moderate pricing ⇒ wider/leading long-horizon tilt 0.06. Bounded, low-confidence input.[moat: Editorial moat profile — nova-ltd — narrow moat, fast_follower, moderate pricing (as of 2026-02-17)]
结构性— Industry Index 8.5 (falling -8.7 over window) — structural headwind.[index] · 内部推导

查看详情

关系网络

正在加载关系图谱…

TSMC — 客户
Onto Innovation — 竞争对手

主要关系

TSMC — 客户 · Nova supplies dimensional and materials metrology (including OCD) to TSMC for advanced-node process control. 来源：en.wikipedia.org
Onto Innovation — 竞争对手 · Onto Innovation identifies Nova as a competitor in optical metrology and process control. 来源：sec.gov

期权持仓结构

延迟 · 汇总: 截至 2026-11-02

看涨与看跌成交量：433 张看涨 · 365 张看跌 — 偏向 +8.5%，偏向看涨
成交量／未平仓量周转： 0.19×
权利金（名义金额代理）：$204291 看涨 · $627940 看跌 — 偏向 -50.9%，偏向看跌
价外偏斜：+34.0%，偏向价外看涨
隐含波动率偏斜（看跌 − 看涨）： -68.5%

延迟的日终逐合约汇总数据——不是实时盘口，也不是逐笔资金流。买卖方向是根据每个合约最后一笔成交在买卖价差中的位置推断出来的，并非观测到的委托流。除非有报价的合约占当日权利金的四分之一以上，否则公司层面的方向会被隐去，因此下方个别合约有方向时这里也可能为空。看跌/看涨权利金是在我们采集的合约范围内计算的——最近的 6 个到期日、45 天以内，并非完整期权链——而下表最多列出 20 个被标记的合约，所以把这些行加总不会还原出上面的百分比。

看涨／看跌权利金?

8% C / 92% P

买卖方向（推断）?—

当前标记

20（其中 5 个无法归因）

最突出合约

$280 PUT · 成交量/持仓量 75.0×

近期标记

标记原因：earnings in 9 days

日期	合约	异常分	买卖方向（推断）?	持仓量变动?	成交量	成交量/持仓量
2026-10-27	$800 PUT	29	—	—	62	62.0×
2026-10-23	$800 PUT	29	—	—	62	62.0×
2026-10-19	$800 PUT	26	—	0	62	62.0×
2026-10-16	$800 PUT	26	—	0	62	62.0×
2026-10-16	$290 PUT	21	价差中段 · 无法判定方向	+83	100	0.8×
2026-10-15	$800 PUT	26	—	0	62	62.0×
2026-10-15	$290 PUT	22	买方主动	0	100	2.4×
2026-10-14	$800 PUT	26	—	0	62	62.0×

12 smaller flags (under $100000 premium) hidden.

每日期权成交量与基准对比

最近交易日：为 13 日基准的 0.6 倍

看涨／看跌权利金

92%

看涨 8% / 看跌 92%（按权利金）

看它如何进入群体的期权投票 →

护城河

护城河: 最新变动 2026-02-17

Nova makes metrology systems that measure dimensions, films, materials and chemistry during chip manufacturing. Its 20-F groups the portfolio as integrated and standalone dimensional (optical CD) metrology, materials metrology (VeraFlex XPS/XRF, Metrion in-line SIMS, Elipson Raman), chemical metrology for plating baths (Ancolyzer, AncoScene, DMR, from the 2022 ancosys acquisition), and modeling software. The January 2025 Sentronics acquisition added modular dimensional metrology for wafer-level packaging. Nova sells 'substantially all' its products directly to chipmakers and serves 'all leading manufacturers in the logic, foundry, memory and packaging sectors'. 2025 revenue was a record $880.6 million, up 31%, and Q2 2026 revenue a record $255.0 million. The Q2 2026 release credits 'continued market share gains' and record revenue from advanced logic and advanced packaging. The 20-F names Onto Innovation and KLA as its main competitors, with process-equipment makers developing in-situ sensors and 'the recent emergence of local competitors in China'. On the Q1 2026 call (https://www.marketbeat.com/earnings/reports/2026-5-14-nova-measuring-instruments-ltd-stock/), the CEO said Nova is 'seeing emerging XPS and material metrology competition', including from 'a local vendor in China'. The exposures are concentration (the five largest customers were 51% of 2025 revenue, one of them 23%), China (33% of 2025 revenue) and patent expiries on main-stream products.

评级: 窄

Nova is gaining share and earning steady margins, but in a market another vendor dominates. On the Q1 2026 call (2026-05-14, https://www.investing.com/news/transcripts/earnings-call-transcript-nova-semiconductors-beats-q1-2026-forecasts-stock-rises-93CH-4688858), the CEO said 'The latest Gartner market share report' shows 'an additional 400 basis points share gain in Film SIMS and critical dimension metrology', the 'second consecutive year of significant share growth, cementing Nova's position as this market's second-largest vendor'. The 2025 20-F (filed 2026-02-17) says Nova's product revenues grew at a CAGR of approximately 27.5% over 2020-2025, while Gartner estimates the process-control sector's CAGR at approximately 16.0%. Gross margin was 57.4% in 2025 and 57.6% in 2024. But the leader is KLA: Castellano of The Information Network (2025-09-10) writes that his non-metal thin film share table shows how KLA 'has entrenched its dominance' and how Nova 'has built a steady secondary position'. The 20-F also warns that 'a number of patents which relate to our main-stream products have already expired or are expected to expire in the coming years', which 'may add significant competition'. One customer took 23% of 2025 revenue and China 33%. Durable but second-place, so narrow.

类型: 无形资产与知识产权

The 20-F grounds Nova's position in measurement technology and know-how. Its patents cover optical measurement, integrated process-control concepts, X-ray measurement systems and chemical metrology, and it says 'Our in-house know-how is an important element of our intellectual property', adding that 'duplication of this coordination by competitors or individuals seeking to copy our products would be difficult' and that 'most of the core technology operating on our systems is not exposed to a user or to our competitors'. R&D staff numbered about 682, approximately 163 with Ph.D.s. Switching friction is real too: the 20-F says that once a manufacturer selects a vendor's equipment it 'generally relies upon that equipment for the specific production line application and frequently will attempt to consolidate its other capital equipment requirements with the same vendor'. But Nova is the share gainer against an incumbent, which points to technology rather than lock-in as the primary source. Patent expiries on main-stream products are a stated weakness.

领先地位: 快速追随者

The share evidence puts Nova second. On the Q1 2026 call the CEO said the latest Gartner market share report cements Nova's 'position as this market's second-largest vendor' in film and critical dimension metrology. That ranking comes from Gartner but reaches us through Nova's own call. Castellano (The Information Network, 2025-09-10, https://drrobertcastellano.substack.com/p/onto-innovations-strategic-drift) independently writes that his non-metal thin film share table shows how KLA 'has entrenched its dominance' and how Nova 'has built a steady secondary position'. Nova is stronger in sub-segments: SemiAnalysis (2022-09-06) writes that Nova has 'a high share in integrated optical critical dimension (OCD) inspection tools and materials metrology tools', though 'little success outside these sub-segments'.

定价权: 中等

Gross margin was 57.4% in 2025 and 57.6% in 2024 (Q4 2025 release), 57.7% in Q1 2026 and 56.5% in Q2 2026 (Q2 2026 release, https://www.novami.com/investors/press-releases/nova-reports-record-second-quarter-2026-financial-results/). The 20-F credits the shift to selling directly to chipmakers with improving 'our products gross margins and net profitability'. Buyers are concentrated: the five largest customers took 51% of 2025 revenue, with Customer A at 23%, and the 20-F warns that dependence on 'few process control product lines' exposes Nova to anything 'adversely affecting the pricing' of those lines.

基于所引来源做出的人工整理护城河判断。来源：sec.gov

与其他公司对比…

产业链位置

层级: equipment & EDA

上游（供应商）： —
下游（客户）： TSMC
竞争对手： Onto Innovation

Upstream metrology supplier to logic, foundry, memory and packaging chipmakers, selling directly to manufacturers. Its integrated systems are built into process tools. China was 33%, Taiwan 29% and Korea 16% of 2025 revenue.

由这家公司已映射的供应链关系及其所属产业层级推导而来。

信号贡献编辑先验

护城河先验在长周期（约 6 个月）上投出 +0.06 票，权重为 0.20——该周期上的群体判断是 bearish（得分 -0.47，信念度 66）。

编辑先验——主观、未经回测。它有界（±0.6）、低置信度，且从不对短周期与中周期投票。查看它究竟如何投票 →

产品线

产品与服务，附编辑判定的市场份额区间与技术壁垒区间——这些是与所引依据绑定的定性判断，绝非杜撰的数字。

产品	市场份额	技术壁垒
Advanced-packaging dimensional metrology (Sentronics, Nova WMC) · Wafer-level packaging metrology Modular multi-sensor tools from the January 2025 Sentronics acquisition measuring thickness, roughness, topography and critical dimensions for wafer-level packaging and specialty devices; Nova WMC supports 2.5D and 3D packaging processes.	挑战者 The 20-F says the Sentronics acquisition 'positions us in direct competition with companies such as Merck and Camtek'. The Information Network's 2021 SemiWiki post calls Camtek 'the leader in inspection and metrology in advanced packaging'. The Q2 2026 release reports record sales of 'our Sentronics dimensional metrology solutions for advanced packaging'. No source gives Nova's share.	低 Nova entered this market by acquisition in January 2025 against established rivals, and no source describes a barrier protecting its position yet.
Chemical metrology (Ancolyzer, AncoScene, DMR) · Plating-bath chemical analysis and replenishment Automated analysis and replenishment platforms for electroplating baths in front-end damascene interconnects, wafer-level packaging, TSV, PCB and IC-substrate processes.	前三 The 20-F calls this 'a market-leading portfolio', and the Q1 2026 release reports 'Record sales of Nova AncoScene front-end chemical metrology solution, attributable to market share gains and new customer wins'. Both are Nova's own statements and no independent share source was found, so the band is held at top_3 rather than leader. The 20-F notes that KLA acquired ECI Technology in 2022.	中等 The 20-F says the growing number of front-end plating steps and organic compounds in advanced packaging drive demand for chemical process control, and its patents cover aspects of chemical metrology. No source describes what keeps a competitor out.
Integrated metrology (Nova i-platform) · Integrated optical metrology OCD and thin-film metrology built directly into process equipment to enable wafer-to-wafer advanced process control on advanced logic, memory and packaging lines.	前三 SemiAnalysis (2022-09-06) writes that Nova has 'a high share in integrated optical critical dimension (OCD) inspection tools'. Onto Innovation's 10-K names Nova as its 'primary competitor for integrated metrology systems'. The Q4 2025 release says the integrated portfolio was 'selected by a global leading logic customer to support CMP applications across Gate-All-Around (GAA) processes'. 'High share' is not a ranking, so the band is held at top_3.	中等 The 20-F says integrated systems are 'directly integrated with manufacturing process equipment', which ties a position to a qualified process line. It also names ASML, Lam Research and Applied Materials as process-equipment makers that develop, or may acquire companies that develop, in-situ sensors and metrology products.
Materials metrology (VeraFlex, Metrion, Elipson) · X-ray, SIMS and Raman materials metrology VeraFlex uses XPS with an optional low-energy XRF channel for film composition and thickness, Metrion applies in-line SIMS for compositional depth profiling, and Elipson uses Raman spectroscopy for strain, crystallinity and composition.	前三 SemiAnalysis (2022) writes that Nova has 'a high share in' materials metrology tools. Nova's Q1 2026 release reports 'Record sales of Nova Metrion platform, driven by increased adoption in memory and logic advanced nodes manufacturing'. No source ranks the segment, so the band is held at top_3.	中等 The 20-F calls materials 'the next frontier' and says Nova intends to increase its focus on the materials engineering market. But on the Q1 2026 call the CEO said 'We are also seeing emerging XPS and material metrology competition', from 'a local vendor in China as well as other potential growing competition in years to come'.
Standalone dimensional metrology (Nova Prism, T-platform, VeloCD, MMSR) · Optical CD and thin-film metrology Free-standing in-line tools that measure critical dimensions, profile, topography, thin films and roughness on the most advanced logic, memory and packaging steps, combined with Nova's modeling and machine-learning software.	前三 On the Q1 2026 call the CEO cited 'The latest Gartner market share report' showing 'an additional 400 basis points share gain in Film SIMS and critical dimension metrology', 'cementing Nova's position as this market's second-largest vendor'. Castellano (2025) independently places Nova in 'a steady secondary position' behind KLA in non-metal thin film metrology. Neither ranking separates standalone from integrated tools, and the Gartner figure reaches us only through Nova's CEO.	中等 The 20-F says Nova Prism combines its 'exclusive SI technology with advanced modeling and machine-learning capabilities'. But the market leader holds the incumbency advantage: Castellano writes that 'KLA's decades of accumulated recipe libraries make it the default choice' for leading-edge ramps, and Nova's own 20-F warns of patent expiries on main-stream products.

你正在看的是什么

这些图表绘制的是 Nova Ltd 在其 SEC 申报文件中已申报的利润表、现金流量表与资产负债表（截至 2026-03-31）。每一个数字都是申报原值 XBRL——没有任何一项是预估。

在已申报的区间内，FY2025 净利润为 $259.2M。

分析师一致预期——来自 Yahoo Finance 的第三方预估，截至 2026-11-02。这不是 SEC 申报文件，也不是 TradingPilot 的预测。来源：finance.yahoo.com

期间	每股收益（预估）	营收（预估）	同比
Q/E Sep 2026	USD 2.78 (USD 2.71–USD 2.84) · 8	USD 282809840.00 (USD 282000000.00–USD 286000000.00) · 6	+26%
FY 2026	USD 10.67 (USD 10.55–USD 10.78) · 8	USD 1.1B (USD 1.1B–USD 1.1B) · 7	+22%

每个数字显示一致预期均值、可得时的（最低–最高）区间，以及 · 后面给出该预估背后的分析师人数。

下次财报约在 2026-11-05。

我们的模型在中周期上对这只股票偏向 Bearish——这是对市场方向的判断，不是对盈利的预测。查看“信号”标签。

利润表

现金流与流动性

资产负债表

部分近期数字来自 Yahoo Finance，用于填补最新 SEC 申报尚未发布的期间——已折算为美元，并与 SEC 申报期间做过核对。

申报文件

2026Q1 · 申报于 2026-03-31 来源：finance.yahoo.com
FY2023 · 申报于 2026-02-17 来源：sec.gov
FY2024 · 申报于 2026-02-17 来源：sec.gov
FY2025 · 申报于 2026-02-17 来源：sec.gov
2025Q4 · 申报于 2025-12-31 来源：finance.yahoo.com

显示另外 39 份较早的申报文件

2025Q3 · 申报于 2025-09-30 来源：finance.yahoo.com
2025Q2 · 申报于 2025-06-30 来源：finance.yahoo.com
2025Q1 · 申报于 2025-03-31 来源：finance.yahoo.com
FY2022 · 申报于 2025-02-20 来源：sec.gov
FY2023 · 申报于 2025-02-20 来源：sec.gov
FY2021 · 申报于 2024-02-20 来源：sec.gov
FY2022 · 申报于 2024-02-20 来源：sec.gov
FY2020 · 申报于 2023-02-28 来源：sec.gov
FY2021 · 申报于 2023-02-28 来源：sec.gov
FY2019 · 申报于 2022-03-01 来源：sec.gov
FY2020 · 申报于 2022-03-01 来源：sec.gov
FY2019 · 申报于 2021-03-01 来源：sec.gov
FY2018 · 申报于 2021-03-01 来源：sec.gov
FY2018 · 申报于 2020-03-12 来源：sec.gov
FY2017 · 申报于 2020-03-12 来源：sec.gov
FY2016 · 申报于 2019-02-28 来源：sec.gov
FY2017 · 申报于 2019-02-28 来源：sec.gov
FY2014 · 申报于 2018-02-28 来源：sec.gov
FY2015 · 申报于 2018-02-28 来源：sec.gov
FY2016 · 申报于 2018-02-28 来源：sec.gov
FY2013 · 申报于 2017-03-03 来源：sec.gov
FY2014 · 申报于 2017-03-03 来源：sec.gov
FY2015 · 申报于 2017-03-03 来源：sec.gov
FY2012 · 申报于 2016-02-29 来源：sec.gov
FY2013 · 申报于 2016-02-29 来源：sec.gov
FY2014 · 申报于 2016-02-29 来源：sec.gov
FY2011 · 申报于 2015-02-25 来源：sec.gov
FY2012 · 申报于 2015-02-25 来源：sec.gov
FY2013 · 申报于 2015-02-25 来源：sec.gov
FY2014 · 申报于 2015-02-25 来源：sec.gov
FY2010 · 申报于 2014-02-28 来源：sec.gov
FY2011 · 申报于 2014-02-28 来源：sec.gov
FY2012 · 申报于 2014-02-28 来源：sec.gov
FY2009 · 申报于 2013-03-11 来源：sec.gov
FY2010 · 申报于 2013-03-11 来源：sec.gov
FY2011 · 申报于 2013-03-11 来源：sec.gov
FY2008 · 申报于 2012-03-28 来源：sec.gov
FY2009 · 申报于 2012-03-28 来源：sec.gov
FY2010 · 申报于 2012-03-28 来源：sec.gov

关键比率与同业对比

正在与同业比较…

机构持有人（13F, 2026Q2）

有 3 位被追踪的投资大师持有 Nova Ltd：1 位在加仓、2 位在减仓——净仓位规模倾向 -0.99。被动指数申报人已排除在外。

机构	股数	金额	环比股数变动	占 13F 比例	占流通股比例
FMR (Fidelity) 被动 / 指数	2,671,472	$1.5B	-87,721	0.1%	8.40%
BlackRock 被动 / 指数	720,830	$391.4M	94,988	0.0%	2.27%
Renaissance Technologies 大师	448,586	$243.6M	-62,280	0.3%	1.41%
ARK Investment Management (Cathie Wood) 大师	4,220	$2.3M	-862	0.0%	0.01%
State Street 被动 / 指数	3,027	$1.6M	-142	0.0%	0.01%
Bridgewater Associates (Ray Dalio (founder)) 大师	1,488	$807895	1,488	0.0%	0.00%

TradingPilot 计算的列（占 13F 比例、占流通股比例）由申报原值推导而来；只有名称、股数与金额是申报原值。

13F 无法告诉你的事

延迟 45 天以上。持仓是所示季末的状态，最晚可在其后 45 天才申报。
只含多头、且限于美国上市品种。不含空头、现金、债券、外汇、境外或非上市持仓；上市期权按名义金额申报，并不计入单个持仓的股票价值。
1 亿美元门槛。规模更小的管理人根本不需申报。
“占 13F 比例”不等于“占管理规模比例”。13F 只是一份不完整的持仓表。
“已清仓”只表示“不再申报”——未必真的卖出了。
一个 CIK 可能汇总多个子实体。保密处理可以略去某些持仓。
被动指数申报人不是投资大师。他们的 13F 变动是指数资金流，因此已被排除在 TradingPilot 的聪明钱信号之外。
量化机构须注意。量化机构（如 Renaissance）的 13F 是一份只含多头的季末快照，并不反映其真实的高换手、短周期策略。
投资大师页面与其持仓从不进入任何信号（无权重）。

影响 = 公司显著度层级（高/中由图谱中心度与规模自动判定；低仅用于人工整理的次要事件），不是对波动幅度的预测。

即将到来

日期	类型	事件	影响
2026-11-05	财报	Nova Ltd earnings — Company-confirmed date. 已确认	中

已过去

日期	事件	影响	结果
2026-08-06	Nova Ltd earnings 已确认	中	每股收益超预期 · +3.1%

查看完整日历 →

Nova Ltd (NVMI) ☆

信号

短期（约 2 周）

中期（约 3 个月）

长期（约 6 个月）

关系网络

主要关系

期权持仓结构

近期标记

每日期权成交量与基准对比

看涨／看跌权利金

信号历史

护城河

产业链位置

信号贡献编辑先验

产品线

你正在看的是什么

利润表

现金流与流动性

资产负债表

申报文件

关键比率与同业对比

机构持有人（13F, 2026Q2）

Nova (NVMI) Lands Tool Of Record Win At Global Foundry For Advanced Packaging

头条

即将到来

已过去

信号

短期（约 2 周）

中期（约 3 个月）

长期（约 6 个月）

关系网络

主要关系

期权持仓结构

近期标记

每日期权成交量与基准对比

看涨／看跌权利金

信号历史

护城河

产业链位置

信号贡献 编辑先验

产品线

你正在看的是什么

利润表

现金流与流动性

资产负债表

申报文件

关键比率与同业对比

机构持有人（13F, 2026Q2）

Nova (NVMI) Lands Tool Of Record Win At Global Foundry For Advanced Packaging

头条

即将到来

已过去

信号贡献编辑先验