NOVANTA INC vs Sunrun Inc., two Electrical Equipment stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Novanta makes precision photonics, and its earnings are temporarily depressed, so the 113.01 times earnings overstates its valuation rather than signaling growth. Sunrun leases residential solar and shows a 17.88% net margin, but the financing model drains cash, leaving free cash flow at negative 8.35% and debt at 3.5 times equity. Novanta at least generates positive free cash, 1.06%, on a light balance sheet, 0.18 to equity. The market pays 4.93 times book for Novanta and just 0.87 for Sunrun, below its asset base. Novanta at $6.5B is nearly double Sunrun at $3.7B, and the one with a cleaner balance sheet and positive, if pressured, earnings.
Comparison updated 2026-07-11.
| Metric | NOVT | RUN |
|---|---|---|
| Price | $156.52 | $12.47 |
| Market cap | $6.4B | $3.4B |
| Sector | Electrical Equipment | Electrical Equipment |
| Stage | Mature | Growth |
| P/E | 112.6 | 5.8 |
| P/B | 4.91 | 0.80 |
| P/S | 6.41 | 1.07 |
| EV/EBITDA | 41.5 | 25.4 |
| Revenue growth | +5.6% | +52.6% |
| Gross margin | 44.1% | — |
| Operating margin | 10.7% | -6.0% |
| Net margin | 5.3% | 17.9% |
| Return on equity | 4.1% | 13.4% |
| Return on assets | 3.0% | 2.5% |
| Return on invested capital | 4.6% | -0.2% |
| FCF yield | 1.1% | -9.0% |
| Debt / equity | 0.18 | 3.50 |
| Current ratio | 3.56 | 1.45 |
| Altman Z (solvency) | 7.25 | 0.05 |
| Piotroski F (quality) | 7 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.