# NORDSON CORP (NDSN)

Informational only - not investment advice.

CIK: 0000072331
SIC: 3569 General Industrial Machinery & Equipment, NEC
SIC breadcrumb: [Manufacturing](/division/D/) > [Industrial And Commercial Machinery And Computer Equipment](/major-group/35/) > [SIC 3569 General Industrial Machinery & Equipment, NEC](/industry/3569/)
Latest 10-K filed: 2025-12-17
SEC page: https://www.sec.gov/edgar/browse/?CIK=72331
Filing source: https://www.sec.gov/Archives/edgar/data/72331/000007233125000144/ndsn-20251031.htm

## At a glance

FY2025 · period end 2025-10-31 · filed 2025-12-17 · accession 0000072331-25-000144 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000072331.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,791,687,000 USD | 2025 | verified |
| Net income | 484,474,000 USD | 2025 | verified |
| Assets | 5,917,681,000 USD | 2025 | verified |
| Free cash flow | 661,115,000 USD | 2025 | computed |
| Net margin | 17.35% | 2025 | computed |
| Operating margin | 25.49% | 2025 | computed |
| Revenue YoY | +3.78% | 2025 | computed |
| ROE | 15.92% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | NDSN | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 17.4% | 7.7% | 89 | 110 |
| Operating margin | 25.5% | 13.1% | 91 | 104 |
| Revenue growth | 3.8% | 5.8% | 38 | 111 |
| FCF margin | 23.7% | 9.6% | 89 | 103 |
| ROE | 15.9% | 11.7% | 64 | 108 |
| ROA | 8.2% | 5.6% | 71 | 111 |
| Liabilities / equity | 0.94 | 1.10 | 40 | 108 |
| Current ratio | 1.64 | 2.02 | 39 | 110 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 35 Industrial And Commercial Machinery And Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2791687000 | USD | 2025 | 2025-12-17 |
| Net income | 484474000 | USD | 2025 | 2025-12-17 |
| Assets | 5917681000 | USD | 2025 | 2025-12-17 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-12-17. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000072331.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 2,066,982,000 | 2,254,668,000 | 2,194,226,000 | 2,121,100,000 | 2,362,209,000 | 2,590,278,000 | 2,628,632,000 | 2,689,921,000 | 2,791,687,000 |
| Net income | 271,843,000 | 295,802,000 | 377,375,000 | 337,091,000 | 249,539,000 | 454,368,000 | 513,103,000 | 487,493,000 | 467,284,000 | 484,474,000 |
| Operating income | 388,431,000 | 466,402,000 | 502,579,000 | 483,113,000 | 349,545,000 | 615,127,000 | 702,360,000 | 672,761,000 | 674,001,000 | 711,725,000 |
| Diluted EPS | 4.73 | 5.08 | 6.40 | 5.79 | 4.27 | 7.74 | 8.81 | 8.46 | 8.11 | 8.51 |
| Operating cash flow | 334,634,000 | 356,752,000 | 504,638,000 | 382,893,000 | 502,421,000 | 545,927,000 | 513,131,000 | 641,282,000 | 556,193,000 | 719,175,000 |
| Capital expenditures | 60,851,000 | 71,558,000 | 89,790,000 | 64,244,000 | 50,535,000 | 38,303,000 | 51,428,000 | 34,583,000 | 64,410,000 | 58,060,000 |
| Dividends paid | 56,436,000 | 63,840,000 | 72,443,000 | 82,145,000 | 88,347,000 | 97,683,000 | 125,914,000 | 150,356,000 | 161,438,000 | 179,069,000 |
| Share buybacks | 33,421,000 | 3,216,000 | 24,012,000 | 120,510,000 | 52,614,000 | 60,970,000 | 262,869,000 | 89,708,000 | 33,339,000 | 306,367,000 |
| Assets | 2,420,583,000 | 3,414,539,000 | 3,421,012,000 | 3,516,447,000 | 3,674,656,000 | 3,790,961,000 | 3,820,375,000 | 5,251,770,000 | 6,000,966,000 | 5,917,681,000 |
| Stockholders' equity | 851,603,000 | 1,155,493,000 | 1,450,741,000 | 1,581,045,000 | 1,758,991,000 | 2,159,130,000 | 2,294,375,000 | 2,598,060,000 | 2,932,192,000 | 3,043,571,000 |
| Cash and cash equivalents | 67,239,000 | 90,383,000 | 95,678,000 | 151,164,000 | 208,293,000 | 299,972,000 | 163,457,000 | 115,679,000 | 115,952,000 | 108,442,000 |
| Free cash flow | 273,783,000 | 285,194,000 | 414,848,000 | 318,649,000 | 451,886,000 | 507,624,000 | 461,703,000 | 606,699,000 | 491,783,000 | 661,115,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 14.31% | 16.74% | 15.36% | 11.76% | 19.23% | 19.81% | 18.55% | 17.37% | 17.35% |
| Operating margin |  | 22.56% | 22.29% | 22.02% | 16.48% | 26.04% | 27.12% | 25.59% | 25.06% | 25.49% |
| Return on equity | 31.92% | 25.60% | 26.01% | 21.32% | 14.19% | 21.04% | 22.36% | 18.76% | 15.94% | 15.92% |
| Return on assets | 11.23% | 8.66% | 11.03% | 9.59% | 6.79% | 11.99% | 13.43% | 9.28% | 7.79% | 8.19% |
| Liabilities / equity | 1.84 | 1.96 | 1.36 | 1.22 | 1.09 | 0.76 | 0.67 | 1.02 | 1.05 | 0.94 |
| Current ratio | 2.25 | 1.37 | 2.52 | 2.12 | 2.81 | 2.62 | 1.36 | 2.11 | 2.41 | 1.64 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/NDSN/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-21. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000072331.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-07-31 |  |  | 2.45 | reported discrete quarter |
| 2023-Q1 | 2023-01-31 |  |  | 1.81 | reported discrete quarter |
| 2023-Q2 | 2023-04-30 |  |  | 2.21 | reported discrete quarter |
| 2023-Q3 | 2023-04-30 |  | 127,563,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-07-31 | 648,677,000 |  | 2.22 | reported discrete quarter |
| 2023-Q4 | 2023-10-31 | 719,313,000 | 127,778,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-01-31 | 633,193,000 | 109,572,000 | 1.90 | reported discrete quarter |
| 2024-Q2 | 2024-01-31 |  | 109,572,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-04-30 | 650,642,000 |  | 2.05 | reported discrete quarter |
| 2024-Q3 | 2024-04-30 |  | 118,217,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-07-31 | 661,604,000 |  | 2.04 | reported discrete quarter |
| 2024-Q4 | 2024-10-31 | 744,482,000 | 122,168,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-01-31 | 615,420,000 | 94,652,000 | 1.65 | reported discrete quarter |
| 2025-Q2 | 2025-01-31 |  | 94,652,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-04-30 | 682,938,000 |  | 1.97 | reported discrete quarter |
| 2025-Q3 | 2025-04-30 |  | 112,404,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-07-31 | 741,509,000 |  | 2.22 | reported discrete quarter |
| 2025-Q4 | 2025-10-31 | 751,820,000 | 151,634,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-01-31 | 669,461,000 | 133,382,000 | 2.38 | reported discrete quarter |
| 2026-Q2 | 2026-01-31 |  | 133,382,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-04-30 | 740,847,000 |  | 2.09 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from NDSN's latest 10-K: [/company/NDSN/business/](/company/NDSN/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from NDSN's latest 10-K: [/company/NDSN/risk-factors/](/company/NDSN/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/72331/000007233126000024/ndsn-20260430.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-05-21
Report date: 2026-04-30

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is management's discussion and analysis of certain significant factors affecting our financial condition and results of operations for the periods included in the accompanying condensed consolidated financial statements. Throughout this Quarterly Report on Form 10-Q, components may not sum to totals due to rounding.

Overview

Nordson is an innovative precision technology company that leverages a scalable growth framework expected to deliver top tier growth with leading margins and returns. We engineer, manufacture and market differentiated products and systems used for precision dispensing, applying and controlling of adhesives, coatings, polymers, sealants, biomaterials, and other fluids, to test and inspect for quality, and to treat and cure surfaces and various medical products such as: catheters, cannulas, medical balloons and medical tubing. These products are supported with extensive application expertise and direct global sales and service. We serve a wide variety of consumer non-durable, consumer durable and technology end markets including packaging, electronics, medical, appliances, energy, transportation, precision agriculture, building and construction, and general product assembly and finishing.

Our strategy for long-term growth is based on solving customers’ needs globally. We were incorporated in the State of Ohio in 1954 and are headquartered in Westlake, Ohio. Our products are marketed through a network of direct operations in more than 35 countries.

As of April 30, 2026, we had approximately 8,200 employees worldwide. We have principal manufacturing operations and sources of supply in the United States, the People’s Republic of China, Germany, Ireland, India, Israel, Italy, Mexico, the Netherlands and the United Kingdom.

Critical Accounting Policies and Estimates

A comprehensive discussion of the Company’s critical accounting policies and management estimates and significant accounting policies followed in the preparation of the financial statements is included in Item 7 of our Annual Report on Form 10-K for the year ended October 31, 2025 (the "2025 Form 10-K"). There have been no significant changes in critical accounting policies, management estimates or accounting policies followed since the year ended October 31, 2025.

Results of Operations

Below is a detailed comparison of our results of operations for the six months ended April 30, 2026 and April 30, 2025.

As used throughout this Quarterly Report on Form 10-Q, geographic regions include the Americas (United States, Canada, Mexico and Central and South America), Asia Pacific and Europe.

Consolidated Financial Results

Consolidated financial results for the three months ended April 30, 2026 and April 30, 2025 were as follows:

[[GREPCENT_TABLE]]
[["","","Three Months Ended"],["(In thousands except for per-share amounts)","","April 30, 2026","","April 30, 2025","","Change"],["Sales","","$","740,847","","","$","682,938","","","8.5","%"],["Cost of sales","","336,770","","","309,034","","","9.0","%"],["Gross margin","","404,077","","","373,904","","","8.1","%"],["Gross margin %","","54.5","%","","54.7","%","","(0.2)","%"],["Selling and administrative expenses","","206,874","","","205,154","","","0.8","%"],["Operating profit","","197,203","","","168,750","","","16.9","%"],["Interest expense - net","","(21,580)","","","(26,019)","","","(17.1)","%"],["Pension settlement charge","","(24,049)","","","\u2014","","","100.0","%"],["Other income (expense) - net","","(10,400)","","","(3,961)","","","162.6","%"],["Income before income taxes","","141,174","","","138,770","","","1.7","%"],["Income tax expense","","23,858","","","26,366","","","(9.5)","%"],["Net income","","$","117,316","","","$","112,404","","","4.4","%"]]
[[/GREPCENT_TABLE]]

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Consolidated financial results for the six months ended April 30, 2026 and April 30, 2025 were as follows:

[[GREPCENT_TABLE]]
[["","","Six Months Ended"],["(In thousands except for per-share amounts)","","April 30, 2026","","April 30, 2025","","Change"],["Sales","","$","1,410,308","","","$","1,298,358","","","8.6","%"],["Cost of sales","","640,109","","","588,558","","","8.8","%"],["Gross margin","","770,199","","","709,800","","","8.5","%"],["Gross margin %","","54.6","%","","54.7","%","","(0.1)","%"],["Selling and administrative expenses","","406,591","","","400,103","","","1.6","%"],["Operating profit","","363,608","","","309,697","","","17.4","%"],["Interest expense - net","","(44,321)","","","(51,637)","","","(14.2)","%"],["Pension settlement charge","","(24,049)","","","\u2014","","","100.0","%"],["Other income (expense) - net","","10,437","","","(2,435)","","","(528.6)","%"],["Income before income taxes","","305,675","","","255,625","","","19.6","%"],["Income tax expense","","54,977","","","48,569","","","13.2","%"],["Net income","","$","250,698","","","$","207,056","","","21.1","%"]]
[[/GREPCENT_TABLE]]

Net Sales

Net sales for the IPS, MFS and ATS segments were as follows:

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Variance - Increase (Decrease)"],["","Apr 30, 2026","% of Total","Apr 30, 2025","% of Total","","Organic","","Acquisitions / Divestitures","","Currency","","Total"],["IPS","$","350,466","","47.3%","$","318,847","","46.7%","","5.0","%","","0.8","%","","4.1","%","","9.9","%"],["MFS","212,850","","28.7%","202,809","","29.7%","","7.8","%","","(3.9)","%","","1.1","%","","5.0","%"],["ATS","177,531","","24.0%","161,282","","23.6%","","8.5","%","","\u2014","%","","1.6","%","","10.1","%"],["Total","$","740,847","","","$","682,938","","","","6.6","%","","(0.8)","%","","2.7","%","","8.5","%"],["","Six Months Ended","","Variance - Increase (Decrease)"],["","Apr 30, 2026","% of Total","Apr 30, 2025","% of Total","","Organic","","Acquisitions / Divestitures","","Currency","","Total"],["IPS","$","677,327","","48.0%","$","619,295","","47.7%","","4.1","%","","0.4","%","","4.9","%","","9.4","%"],["MFS","406,033","","28.8%","396,418","","30.5%","","5.3","%","","(4.2)","%","","1.3","%","","2.4","%"],["ATS","326,948","","23.2%","282,645","","21.8%","","13.8","%","","\u2014","%","","1.9","%","","15.7","%"],["Total","$","1,410,308","","","$","1,298,358","","","","6.6","%","","(1.1)","%","","3.1","%","","8.6","%"]]
[[/GREPCENT_TABLE]]

Three Months Ended April 30, 2026

The IPS organic sales increase of 5.0 percent was driven by improving industrial coating and polymer processing systems demand, ongoing growth in precision agriculture end markets and stable demand in broader consumer and industrial end markets. MFS organic sales increased 7.8 percent due to growth in engineered fluid solutions and medical product lines. The ATS organic sales increase of 8.5 percent was driven by ongoing growth in electronics dispense systems.

Six Months Ended April 30, 2026

The IPS organic sales increase of 4.1 percent was driven by balanced growth across most product lines with particular strength in industrial coating, precision agriculture and polymer processing product lines. MFS organic sales increased 5.3 percent driven by strong growth in engineered fluid solutions and modest growth in all other medical product lines. The ATS organic sales increase of 13.8 percent was driven by exceptional growth in electronic dispense systems.

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Net Sales by region were as follows:

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Variance - Increase (Decrease)"],["","Apr 30, 2026","% of Total","Apr 30, 2025","% of Total","","Organic","","Acquisitions / Divestitures","","Currency","","Total"],["Americas","$","308,253","","41.6%","$","292,463","","42.8%","","5.9","%","","(1.7)","%","","1.2","%","","5.4","%"],["Europe","194,459","","26.2%","172,496","","25.3%","","6.4","%","","(0.3)","%","","6.6","%","","12.7","%"],["Asia Pacific","238,135","","32.2%","217,979","","31.9%","","7.8","%","","(0.1)","%","","1.5","%","","9.2","%"],["Total","$","740,847","","","$","682,938","","","","6.6","%","","(0.8)","%","","2.7","%","","8.5","%"],["","Six Months Ended","","Variance - Increase (Decrease)"],["","Apr 30, 2026","% of Total","Apr 30, 2025","% of Total","","Organic","","Acquisitions / Divestitures","","Currency","","Total"],["Americas","$","570,183","","40.4%","$","560,300","","43.2%","","2.9","%","","(2.2)","%","","1.1","%","","1.8","%"],["Europe","376,920","","26.7%","340,259","","26.2%","","3.0","%","","(0.2)","%","","8.0","%","","10.8","%"],["Asia Pacific","463,205","","32.8%","397,799","","30.6%","","14.8","%","","(0.1)","%","","1.7","%","","16.4","%"],["Total","$","1,410,308","","","$","1,298,358","","","","6.6","%","","(1.1)","%","","3.1","%","","8.6","%"]]
[[/GREPCENT_TABLE]]

Gross profit and Selling and administrative expenses

Gross margins were 54.5 percent and 54.7 percent for the three months ended April 30, 2026 and April 30, 2025, respectively. Gross margins were 54.6 percent and 54.7 percent for the six months ended April 30, 2026 and April 30, 2025, respectively. Selling and administrative expenses increased for the three and six months ended April 30, 2026 in support of higher sales but declined as a percentage of sales.

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Profit

Segment EBITDA for the IPS, MFS and ATS segments and a reconciliation to consolidated operating profit were as follows for the three and six months ended April 30, 2026 and April 30, 2025, respectively:

[[GREPCENT_TABLE]]
[["","","Three Months Ended"],["","","Apr 30, 2026","","% of Sales","","Apr 30, 2025","","% of Sales","","% of Sales Change"],["Industrial precision solutions","","$","123,578","","","35.3%","","$","113,548","","","35.6%","","(0.3)%"],["Medical and fluid solutions","","79,193","","","37.2%","","76,538","","","37.7%","","(0.5)%"],["Advanced technology solutions","","48,327","","","27.2%","","39,516","","","24.5%","","2.7%"],["Total segment EBITDA","","251,098","","","33.9%","","229,602","","","33.6%","","0.3%"],["Inventory step-up amortization","","(1,135)","","","","","\u2014"],["Acquisition costs","","(534)","","","","","(513)"],["Severance and other","","\u2014","","","","","(10,313)"],["Depreciation and amortization","","(36,315)","","","","","(37,578)"],["Corporate expenses","","(15,911)","","","","","(12,448)"],["Operating profit","","$","197,203","","","","","$","168,750"],["","","Six Months Ended"],["","","Apr 30, 2026","","% of Sales","","Apr 30, 2025","","% of Sales","","% of Sales Change"],["Industrial precision solutions","","$","233,889","","","34.5%","","$","226,324","","","36.5%","","(2.0)%"],["Medical and fluid solutions","","149,399","","","36.8%","","140,870","","","35.5%","","1.3%"],["Advanced technology solutions","","80,927","","","24.8%","","62,287","","","22.0%","","2.8%"],["Total segment EBITDA","","464,215","","","32.9%","","429,481","","","33.1%","","(0.2)%"],["Inventory step-up amortization","","(1,135)","","","","","(3,135)"],["Acquisition costs","","(534)","","","","","(1,543)"],["Severance and other","","\u2014","","","","","(16,274)"],["Depreciation and amortization","","(72,900)","","","","","(74,608)"],["Corporate expenses","","(26,038)","","","","","(24,224)"],["Operating profit","","363,608","","","","","309,697"]]
[[/GREPCENT_TABLE]]

Three Months Ended April 30, 2026

Segment EBITDA for IPS was relatively flat on higher sales. Segment EBITDA for MFS decreased 50 basis points despite higher sales due to the impact of near-term product start-up headwinds. Segment EBITDA for ATS increased 270 basis points driven by robust sales growth and controlled selling and administrative expenses.

Consolidated operating profit increased in 2026 compared to 2025 due to the overall increase in segment EBITDA and the absence of severance costs in 2026.

Six Months Ended April 30, 2026

Segment EBITDA for IPS decreased 200 basis points despite higher sales due

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/72331/000007233125000144/ndsn-20251031.htm
Complete FY 2025 MD&A: /company/NDSN/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2025-12-17
Report date: 2025-10-31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

NOTE REGARDING AMOUNTS AND FISCAL YEAR REFERENCES

In this annual report, all amounts related to U.S. dollars and foreign currency and to the number of Nordson Corporation’s common shares, except for per share earnings and dividend amounts, are expressed in thousands. Unless the context otherwise indicates, all references to “we,” “us,” “our,” or the “Company” mean Nordson Corporation.

Unless otherwise noted, all references to years relate to our fiscal year ending October 31.

Critical Accounting Policies and Estimates

Our Consolidated Financial Statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires management to make estimates, judgments and assumptions that affect reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate the accounting policies and estimates that are used to prepare financial statements. We base our estimates on historical experience and assumptions believed to be reasonable under current facts and circumstances. Actual amounts and results could differ from these estimates used by management.

Certain accounting policies that require significant management estimates and are deemed critical to our results of operations or financial position are discussed below. On a regular basis, critical accounting policies are reviewed with the Audit Committee of the board of directors.

Revenue recognition - A contract exists when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration is probable. Revenue is recognized when performance obligations under the terms of the contract with a customer are satisfied. Generally, our revenue results from short-term, fixed-price contracts and primarily is recognized as of a point in time when the product is shipped or at a later point when the control of the product transfers to the customer. Refer to Note 1 to the Consolidated Financial Statements for further discussion regarding the Company's revenue recognition policy.

Business combinations - The acquisitions of our businesses are accounted for under the acquisition method of accounting. The amounts assigned to the identifiable assets acquired and liabilities assumed in connection with acquisitions are based on estimated fair values as of the date of the acquisition, with the remainder, if any, recorded as goodwill. The fair values are determined by management, taking into consideration information supplied by the management of the acquired entities, and other relevant information. Such information typically includes valuations obtained from independent appraisal experts, which management reviews and considers in its estimates of fair values. The valuations are generally based upon future cash flow projections for the acquired assets, discounted to present value. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future revenue growth rates and EBITDA margins, discount rates, customer attrition rates, and asset lives, among other items. This judgment could result in either a higher or lower value assigned to amortizable or depreciable assets. The impact could result in either higher or lower amortization and/or depreciation expense.

Goodwill - Goodwill is the excess of purchase price over the fair value of tangible and identifiable intangible net assets acquired in various business combinations. Goodwill is not amortized but is tested for impairment annually at the reporting unit level, or more often if indications of impairment exist.

We test goodwill in accordance with Accounting Standards Codification ("ASC") 350. We did not record any goodwill impairment charges in 2025. We use an independent valuation specialist to assist with refining our assumptions and methods used to determine fair values. To test for goodwill impairment, we estimate the fair value of each of our reporting units using a combination of the discounted cash flow method ("Income Approach") and the Market Approach.

The Income Approach uses assumptions for revenue growth, operating margin and working capital turnover that are based on management’s strategic plans tempered by performance trends and reasonable expectations about those trends. Terminal value calculations employ a published formula known as the Gordon Growth Model Method that essentially captures the present value of perpetual cash flows beyond the last projected period assuming a constant Weighted Average Cost of Capital ("WACC") methodology and growth rate. For each reporting unit, a sensitivity analysis is performed to vary the discount and terminal growth rates in order to provide a range of reasonableness for detecting impairment. Discount rates are developed using a WACC methodology.

The WACC represents the blended average required rate of return for equity and debt capital based on observed market return data and company specific risk factors. For 2025, the WACC rates used ranged from 8.5 percent to 10.0 percent depending upon the reporting unit's size, end market volatility and projection risk. See Note 6 to the Consolidated Financial Statements for further details regarding the valuation methodologies used.

Nordson Corporation 23

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In 2025, 2024 and 2023, the results of our annual impairment tests indicated no impairment.

The fair value ("FV") was compared to the carrying value ("CV") for each reporting unit. Based on the results shown in the table below and based on our measurement date of August 1, 2025, our conclusion is that no goodwill was impaired in 2025. Potential events or circumstances, such as a sustained downturn in global economies, could have a negative effect on estimated fair values.

[[GREPCENT_TABLE]]
[["","WACC","","Excess of FV over CV","","August 1, 2025 Goodwill"],["Industrial Precision Solutions Segment","8.5%","","311%","","$","1,198,911"],["Medical and Fluid Solutions Segment","9.5%","","132%","","$","1,661,150"],["Advanced Technology Solutions Segment","10.0%","","205%","","$","446,371"]]
[[/GREPCENT_TABLE]]

Pension plan in the United States - The measurement of the liabilities related to our domestic pension plan is based on management’s assumptions related to future factors, including interest rates, return on pension plan assets, compensation increases, mortality and turnover assumptions and health care cost trend rates. The liabilities associated with the Company's international pension plans and other post-retirement benefits are not as materially sensitive to changes in assumptions as the pension plan in the United States.

The weighted-average discount rate used to determine the present value of our domestic pension plan obligations was 5.35 percent at October 31, 2025 and 5.27 percent at October 31, 2024. The discount rate used was determined by using quality fixed income investments with a duration period approximately equal to the period over which pension obligations are expected to be settled.

In determining the expected return on plan assets, we consider both historical performance and an estimate of future long-term rates of return on assets similar to those in our plans. We consult with and consider the opinions of financial and actuarial experts in developing appropriate return assumptions. The expected rate of return (long-term investment rate) on domestic pension assets used to determine net benefit costs was 6.50 percent and 6.50 percent in 2025 and 2024, respectively.

The assumed rate of compensation increases used to determine the present value of our domestic pension plan obligations was 3.28 percent and 3.96 percent at October 31, 2025 and October 31, 2024, respectively.

Annual expense amounts are determined based on the discount rate used at the end of the prior year. Differences between actual and assumed investment returns on pension plan assets result in actuarial gains or losses that are amortized into expense over a period of years.

Economic assumptions have a significant effect on the amounts reported. The effect of a one percent change in the discount rate, expected return on assets and compensation increase is shown in the table below. Bracketed numbers represent decreases in expense and obligation amounts.

[[GREPCENT_TABLE]]
[["","1% Point Increase","","1% Point Decrease"],["Discount rate:"],["Effect on total net periodic pension cost in 2025","$","(2,798)","","","$","6,457"],["Effect on pension obligation as of October 31, 2025","$","(42,680)","","","$","52,113"],["Expected return on assets:"],["Effect on total net periodic pension cost in 2025","$","(4,068)","","","$","4,068"],["Compensation increase:"],["Effect on total net periodic pension cost in 2025","$","4,080","","","$","(3,597)"],["Effect on pension obligation as of October 31, 2025","$","10,079","","","$","(9,095)"]]
[[/GREPCENT_TABLE]]

Income taxes – Income taxes are estimated based on income for financial reporting purposes. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and certain changes in valuation allowances. We provide valuation allowances against deferred tax assets if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Management believes the valuation allowances are adequate after considering future taxable income, allowable carryforward periods and ongoing prudent and feasible tax planning strategies. In the event we were to determine that we would be able to realize the deferred tax assets in the future in excess of the net recorded amount (including the valuation allowance), an adjustment to the valuation allowance would increase income in the period such determination was made. Conversely, should

Nordson Corporation 24

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we determine that we would not be able to realize all or part of the net deferred tax asset in the future, an adjustment to the valuation allowance would be expensed in the period such determination was made.

Further, at each interim reporting period, we estimate an effective income tax rate that is expected to be applicable for the full year. Significant judgment is involved regarding the application of global income tax laws and regulations and when projecting the jurisdictional mix of income. Additionally, interpretation of tax laws, court decisions or other guidance provided by taxing authorities influences our estimate of the effective income tax rates. As a result, our actual effective income tax rates and related income tax liabilities may differ materially from our estimated effective tax rates and related income tax liabilities. Any resulting differences are recorded in the period they become known.

Results of Operations

Below is a detailed comparison of our results of operations for the fiscal years ended October 31, 2025 and October 31, 2024. For a discussion of other changes from the fiscal year ended October 31, 2024 to the fiscal year ended October 31, 2023 refer to Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations," of our Annual Report on Form 10-K for the fiscal year ended October 31, 2024.

As used throughout this annual report, geographic regions include the Americas (United States, Canada, Mexico and Central and South America), Asia Pacific and Europe.

Consolidated Financial Results

Consolidated financial results for the years ended October 31, 2025, 2024 and 2023

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/NDSN/mda/fy2025/
All MD&A years: /company/NDSN/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/NDSN/mda/fy2024/): filed 2024-12-18; accession 0000072331-24-000177 (https://www.sec.gov/Archives/edgar/data/72331/000007233124000177/ndsn-20241031.htm)
- [FY 2023 MD&A](/company/NDSN/mda/fy2023/): filed 2023-12-20; accession 0000072331-23-000242 (https://www.sec.gov/Archives/edgar/data/72331/000007233123000242/ndsn-20231031.htm)
- [FY 2022 MD&A](/company/NDSN/mda/fy2022/): filed 2022-12-19; accession 0000072331-22-000185 (https://www.sec.gov/Archives/edgar/data/72331/000007233122000185/ndsn-20221031.htm)
- [FY 2021 MD&A](/company/NDSN/mda/fy2021/): filed 2021-12-17; accession 0000072331-21-000079 (https://www.sec.gov/Archives/edgar/data/72331/000007233121000079/ndsn-20211031.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3569 General Industrial Machinery & Equipment, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/NDSN.md · JSON record: /company/NDSN.json · verified financials: /company/NDSN/financials.json / /company/NDSN/financials.csv · machine TOC for the whole site: /llms.txt