• Novanta average current ratio for 2023 was 2.93, a 27.39% decline from 2022.
• Novanta average current ratio for 2022 was 2.3, a 0% increase from 2021.
• Novanta average current ratio for 2021 was 2.3, a 3.36% decline from 2020.

Current ratio can be defined as a liquidity ratio that measures a company's ability to pay short-term obligations.