• Novanta average return on tangible equity for 2023 was -770.86, a 1421.93% decline from 2022.
• Novanta average return on tangible equity for 2022 was -50.65, a 17.2% increase from 2021.
• Novanta average return on tangible equity for 2021 was -61.17, a 90.39% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.