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Research · S&P 500 · Industrials

NDSN · Nordson Corporation

The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.

Price · last 3 months · daily close

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Daily closing prices via yfinance. Quotes are delayed. Past prices are not a guarantee of future results.

Value Scorecard · run 2026-10-18

13 value checks: 12 scored 1 to 5, plus moat evidence

34/60
low-moderate value score

Earnings & returns

EPS Trend

2/5

Diluted EPS: $8.81 (2022), $8.46 (2023), $8.11 (2024), $8.51 (2025). It ended at or below 2022; the framework scores that as 2.

ROE Trend

4/5

ROE (net income / common equity): 22.4% (2022), 18.8% (2023), 15.9% (2024), 15.9% (2025). Median 17.4%, lowest 15.9%; the framework scores a median 15-20% as 4.

ROIC

3/5

ROIC of 13.8%: operating income of $711.73M divided by $5.16B of capital (total assets $5.92B minus current liabilities $758.26M), fiscal year to Oct 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 10-15% as 3.

Profit Margins

4/5

Net margin of 18.6%; the framework scores 10-20% as 4; gross margin 55.4%, operating margin 27.4%.

Balance sheet & cash

Debt-to-Equity

4/5

Debt-to-equity of 0.56; the framework scores 0.3-0.8 as 4 (total debt $1.82B, total cash $113.92M).

Free Cash Flow

4/5

Free cash flow (operating cash flow minus capital expenditure): $461.70M (2022), $606.70M (2023), $491.78M (2024), $661.12M (2025). It rose every year but one and ended above 2022; the framework scores that as 4.

Retained Earnings

5/5

Retained earnings, as filed in the 10-Ks (SEC EDGAR): $3.65B (2022), $3.99B (2023), $4.30B (2024), $4.60B (2025). It rose every year; the framework scores that as 5.

Valuation models

Graham IV

1/5

IV = EPS x (8.5 + 2g) x (4.4 / Y) = $9.88 x (8.5 + 2 x 0.3) x (4.4 / 4.5) = $87.91. Current price $322.31; price is 266.6% above the model value.

DCF Value

1/5

FCF/share = $11.016, stage 1 growth = 3.1% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $45.54, PV of terminal value = $117.25, DCF value = $162.79. Current price $322.31; price is 98.0% above the model value.

Margin of Safety

1/5

Graham value $87.91 (price is 266.6% above the model value); DCF value $162.79 (price is 98.0% above the model value).

Price-to-Book

1/5

P/B of 5.49; the framework scores above 5.0 as 1.

Business quality

Moat Evidence

Not scored

A moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.

Return on capital, each year

Above 15% in 6 of 10 years (2016-2025); lowest 10.6%, highest 23.5%.

2016: 18.6%, 2017: 16.9%, 2018: 16.4%, 2019: 15.9%, 2020: 10.6%, 2021: 18.4%, 2022: 23.5%, 2023: 14.4%, 2024: 12.3%, 2025: 13.8%

Gross margin, each year

Between 53.3% and 56.1% over 10 years (a range of 2.8 points).

2016: 54.9%, 2017: 55.1%, 2018: 54.8%, 2019: 54.3%, 2020: 53.3%, 2021: 56.1%, 2022: 55.1%, 2023: 54.2%, 2024: 55.2%, 2025: 55.2%

Competition, in the company’s own words · 10-K filed Dec 17, 2025

We operate in a competitive global marketplace and compete with many large, well-established and highly competitive manufacturers and service providers. Our business is affected by a range of macroeconomic conditions, including industry capacity changes, global competition and economic conditions in the United States and abroad, as well as fluctuations in currency exchange rates. Our equipment is sold in competition

The opening of the company’s “Competitive Conditions” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.

Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.

Capital Allocation

4/5

Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $1.31B paid out against $2.22B of free cash flow (pass); total debt $860.45M to $2.09B, up 143.2%, 2.5x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 0.06B to 0.06B, up 0.2% (pass). 3 of 4 tests passed; the framework scores that as 4.

Filings

Company notices to the SEC

Not scored

Three kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.

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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.

How the Graham and DCF values were calculated
  Graham Formula:
    IV = EPS x (8.5 + 2g) x (4.4 / Y)
    EPS = $9.88, g = 0.3%, Y = 4.5
    IV = $87.91
    Current price $322.31 vs Graham value $87.91 — price is 266.6% above the model value.

  DCF:
    FCF/share = $11.016
    Stage 1 growth = 3.1% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
      Y1: $11.358 → PV $10.325
      Y2: $11.710 → PV $9.678
      Y3: $12.073 → PV $9.071
      Y4: $12.447 → PV $8.502
      Y5: $12.833 → PV $7.968
    Stage 1 PV sum = $45.54
    Terminal value at end of Y5 = $188.83
    PV of terminal value = $117.25
    DCF value = $162.79
    Current price $322.31 vs DCF value $162.79 — price is 98.0% above the model value.

Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $322.31. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.

Recent headlines · third-party publishers · not investment advice

In the news

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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.