Nova Ltd
Israeli company that makes the machines chip factories use to check their products as they are made. Its customers are the world's largest chip manufacturers. Its link to the occupation of Palestinian territory is financial, not military: Israel funds its research through a government agency and taxes it at a reduced rate for technology companies. Its shares trade on Nasdaq and in Tel Aviv, and its own annual report names the boycott movement as a risk to its business.
Take Action
Apply pressure where it matters. Use these tools and personalise your message with evidence from this page.
- Write to Nova's Investors and CustomersTemplate letters for fund managers, pension trustees and chip factories that hold shares in Nova or buy from it, usable from any country
- Report New IntelligenceSubmit fund holdings disclosures, tool-of-record awards or contract records naming Nova Ltd or NVMI through the encrypted form
- Share on LinkedInThis company's own annual report names the boycott movement and international tribunal rulings as risks to its business
- Strategic AnalysisIn-depth analysis and engagement strategy
Before taking action, review our Code of Conduct for professional standards and ethical guidelines.
Help Us Hold Nova Ltd Accountable
Your skills and knowledge can strengthen this campaign. Join our volunteer research team or share insider information securely.
Leverage Your Expertise
Do you work in this sector? We need professionals who understand procurement cycles, regulatory compliance, and corporate governance. Don't just boycott - lead!
Decision-Maker Directory
Key individuals with influence over corporate partnerships and procurement decisions. The contact details shown are published business addresses, listed for professional correspondence only. Write to the role, not the person, and keep correspondence courteous and factual. Repeated, abusive or personal contact is unlawful harassment and damages the case being made.
Material Risk Framing
Frame your message around business risks. These talking points resonate with corporate stakeholders and institutional investors.
Nova is incorporated in Israel, whose continued presence in the occupied Palestinian territory the International Court of Justice found unlawful on 19 July 2024. On 26 January 2024 the same Court found a real and imminent risk to the right of Palestinians in Gaza to be protected from acts of genocide, and ordered Israel to prevent them. The company states that failing to comply with restrictions attached to former Israel Innovation Authority funding may leave it 'subject to criminal charges'.
Nova's own annual report identifies 'a growing movement among countries, activists, and organizations to boycott Israeli goods' as a business risk, and warns that global perception of Israeli companies, influenced by actions by international judicial bodies, may lead to increased sanctions and other negative measures. It publishes a sustainability report against two widely used reporting standards, GRI and SASB, so ethical-investment questions can be put to it in its own terms. It has no consumer brand and does not name its customers.
Revenue was $880.6 million in 2025, up 31%, with profit of $259.2 million, and records again in the quarter to 30 June 2026 at $255.0 million of revenue and $75.0 million of profit. Cash, deposits and marketable securities stood at $1,646 million at 31 December 2025, after raising $750 million in September 2025 through bonds that can convert into shares in 2030. Nova is growing, profitable and cash-rich, so the ask is exclusion on principle rather than financial pressure.
Nova's largest single site is 18,000 square metres of offices, manufacturing and laboratories at Rehovot and Ness Ziona, ahead of Fremont, California at 10,800. The company reports that employees and consultants in Israel 'have been called, and additional employees may be called, for reserve duty service in the recent or future wars'. Its customer base is, in its own words, 'highly concentrated among a limited number of large customers'.
Product Alternatives
Ethical replacements tagged by what matters to you: cost, quality, ethics, sustainability, or local sourcing. Make the switch today.
These companies sell factory machinery, not anything you can buy or stop buying. A chip factory approves one supplier's measuring machine for a production line, and Nova's own annual report says that once it has, the factory 'generally relies upon that equipment'. Swapping suppliers is a decision for the engineers who fit out a new line, not something a reader can do directly. The list is here so the claim that Nova can be replaced is checkable: Nova names every company on it as a competitor in its own annual report.
Semiconductor Metrology and Process Control
Companies that make the same kind of chip-measuring and quality-control equipment, all based outside Israel. Nova names each of them as a competitor in its own 2025 annual report
The largest maker of chip quality-control equipment, and one of the two companies Nova names as its main competitors
Based in Milpitas, California. It offers the widest range of quality-control equipment in the industry and is the usual alternative at the most advanced factories. It bought ECI Technology in 2022, moving into chemical measurement, which Nova also sells.
US maker of chip quality-control and specialist production equipment, named alongside KLA as one of Nova's two main competitors
Based in Massachusetts, formed in 2019 when Nanometrics and Rudolph Technologies merged. It is strong in exactly the areas Nova has been growing fastest.
US chip equipment group whose SemVision and VeritySEM systems measure chips using electron beams
Based in Santa Clara, California, and named by Nova as a competitor. Its range is wide enough that a factory can buy its measuring equipment and its other machinery from the same supplier.
Dutch group whose YieldStar and HMI inspection systems measure the same things Nova's machines do
Based in Veldhoven in the Netherlands, and named by Nova as a competitor. Its measuring equipment works with the machines it already sells for printing circuits onto chips, which helps where a factory buys those too.
Comparison Legend
Strategic Analysis
In-depth assessment of the company's position, vulnerabilities, and recommended approaches for effective engagement.
Lower severity, lower vulnerability — watch list, gather intel
Severity
5.5/10
(7 + 4) ÷ 2 = 5.5
Strategic Vulnerability
4.0/10
(4 + 4) ÷ 2 = 4.0
Learn about our methodology — companies are categorised based on severity (harm potential) vs strategic vulnerability (campaign leverage).
Why do these scores change?
Unlike static boycott lists, our targeting model is dynamic. This company's position on the matrix is re-evaluated continually as we verify new contracts, divestments, or policy changes. Your reporting directly impacts this score.
Nova makes the machines that check, layer by layer, whether a computer chip is being built to the right size, shape and material. Its customers make most of the world's chips. Nova's link to the occupation is money rather than machinery. On 19 July 2024 the International Court of Justice found Israel's continued presence in the occupied Palestinian territory unlawful. That state funds Nova's research through a government agency, the Israel Innovation Authority, and in 2025 taxed it at an effective 15%, against a 23% standard rate. Almost no one outside the chip industry buys from Nova, but many investment funds own its shares, and that is where it can be reached. Its own annual report lists the boycott movement as a business risk.
Key Leverage Points
- Ask your pension fund whether it owns Nova, and how it justified that. In September 2025 the UN Commission of Inquiry, appointed by the UN Human Rights Council, found that Israel is committing genocide against Palestinians in Gaza. Ask whoever runs your pension or your university's endowment whether it holds Nova shares, how it weighed that against the finding, and by when it will reply.
- Two of Nova's five biggest shareholders can be reached from outside Israel. In February 2026 the investors above 5% were Harel Insurance 9.92%, the US fund manager FMR 9.12%, Migdal Insurance 7.48%, Menora Mivtachim 6.59% and BlackRock 5.04%. Three are Israeli insurers. FMR and BlackRock sell funds worldwide, so ask your provider whether your savings reach Nova through one of them.
- Ask whether your fund chose Nova or just bought the whole market. Nova's shares trade on Nasdaq in New York and on the TA-35, the index of Tel Aviv's 35 largest companies. Any fund tracking Israeli or technology shares owns Nova automatically, without anyone choosing it. Ask whether the same product exists without Nova, and what switching would cost.
- Send Nova's own annual report, not a summary of it. Nova files a report every year with the United States financial regulator. It names the boycott movement and rulings by international courts as risks, and records the grants Nova takes from the Israel Innovation Authority. It carries more weight than anything written about the company (sources).
- Aim at the next production line, not the one running now. Nova names KLA, Onto Innovation, ASML, Lam Research and Applied Materials as rivals, so other suppliers make the same kind of machine. But a factory approves a measuring machine for one line and then, in Nova's words, "generally relies upon that equipment". The moment to act is when a factory fits out a new line, so ask chip makers to apply their human rights policies then (alternatives).
Evidence Summary
Nova is an Israeli company, run from Rehovot. At the end of 2025 it employed 1,612 people, 604 of them in Israel. Its biggest site was 18,000 square metres of offices, factory space and laboratories at Rehovot and Ness Ziona, against 10,800 at Fremont in California. Revenue for 2025 was $880.6 million, up 31%, with profit of $259.2 million, and the quarter to 30 June 2026 set records again at $255.0 million. Israel's technology sector made up 58% of the country's exports and 18.3% of its economy in 2025. A company of Nova's size matters to the Israeli state on economic grounds alone (sources).
The money runs both ways, and Nova says so itself. The company takes part in Israel Innovation Authority "royalty free grant programs" open to large Israeli companies, setting $2.4 million of government grants against its research spending in 2025 and $2.2 million in 2024. If it broke the conditions attached to its earlier government funding, the company states, it could be "subject to criminal charges". Since 2017 Israel has taxed it under a reduced rate for technology companies, and it paid $44.1 million of income tax on its 2025 profits.
Nova makes the case for pressure itself. Its annual report to the United States financial regulator, filed on 17 February 2026, names "a growing movement among countries, activists, and organizations to boycott Israeli goods" as a business risk. It warns that how the world sees Israeli companies, shaped by international court rulings, may bring sanctions and other measures. The same section records that staff in Israel "have been called, and additional employees may be called, for reserve duty". Nova does not say who its customers are: its announcements of October 2025 and July 2026 each describe an unnamed "leading global foundry" adopting one of its systems (sources).
Engagement Strategy
The route here is money, and it works from any country.
- Fund managers, pension trustees and endowments. Ask one question they must answer: does the fund own Nova shares, and against what policy? Attach Nova's annual report (letter tool).
- The factories that buy the machines. Nova does not name its customers, so ask a chip manufacturer to confirm whether it uses Nova machines, and to publish the human rights standards it applies when approving a supplier.
- Nova itself. Ask its investor relations desk what conditions the Israel Innovation Authority attaches to its grants, and whether it will publish them. Nova is growing, profitable and holds $1.6 billion in cash and investments, so the realistic near-term win is disclosure rather than a change of course (who to write to).
Evidence & Sources
Verified sources including NGO reports, regulatory filings, and primary documents. Use these to substantiate your correspondence. Entries marked First-hand were reported directly to this site and are published without identifying the source.
Record quarterly revenue of $255.0 million, up 16% year on year, with GAAP net income of $75.0 million and non-GAAP net income of $86.5 million. Gross margin 56.5%. Guidance for Q3 2026 of $277-287 million. The chief executive describes the quarter as 'a significant milestone for Nova, surpassing $250 million in quarterly revenue and $2.50 in quarterly non-GAAP EPS'. Growth is attributed to advanced logic devices transitioning to Gate-All-Around and to advanced packaging.
Open sourceNova Ltd (NVMI) verified as a constituent of the TA-35, the index of the largest companies listed in Tel Aviv, with a market capitalisation of approximately $12.8 billion. Index membership is the mechanism by which international funds hold the stock passively, without any active decision to invest in an Israeli company.
Open sourceCorporate site, verified 6 August 2026: 32 years of operation, over 500 patents, approximately 1,612 employees, and product lines in dimensional, materials and chemical metrology plus AI and machine-learning software for advanced nodes. Offices listed in Israel, the United States, Germany, Taiwan, Korea, China, Japan and Singapore.
Open sourceNova announces that its WMC platform has been selected by 'a leading global foundry customer' for multi-layer measurement in advanced packaging, following a competitive evaluation. The customer is not named - as with almost all of Nova's contract announcements, the purchaser's identity is withheld, which is why customer-side disclosure rather than company announcements is the route to visibility.
Open sourceQ1 2026 revenue of $235.3 million, up 10% year on year, with GAAP net income of $69.3 million and gross margin of 57.7%. Record memory device revenues on DRAM demand, record sales of the Metrion platform and record adoption of the AncoScene chemical metrology solution.
Open sourceThe primary document for this page. Records incorporation in Israel and principal executive offices at 5 David Fikes St, Rehovot; 1,612 employees at 31 December 2025 of whom 604 are located in Israel and 1,008 abroad; an 18,000 sqm site at Rehovot and Ness Ziona for offices, manufacturing and laboratories, against 10,800 sqm at Fremont, California and 12,650 sqm across Bad Urach and Mannheim in Germany. It states that Nova 'participate[s] in Israel Innovation Authority, or IIA royalty free grant programs', that grants of $2.4 million in 2025 and $2.2 million in 2024 were offset against research and development expenses, and that a failure to comply with restrictions attached to former IIA funding may leave the company 'subject to criminal charges'. It records that 'Starting 2017, we made an election to receive Tax benefits under Israeli "Economic Efficiency Law" as a "Preferred Technological Enterprise"', with 2025 income tax of $44.1 million reflecting an effective rate of 15%. Under 'Risks Related to Our Incorporation and Location in Israel' it states that employees and consultants in Israel 'have been called, and additional employees may be called, for reserve duty service in the recent or future wars', and that 'There is also a growing movement among countries, activists, and organizations to boycott Israeli goods, services and academic research or restrict business with Israel'. Major shareholders above 5%: Harel Insurance 9.92%, FMR LLC 9.12%, Migdal Insurance 7.48%, Menora Mivtachim 6.59%, BlackRock 5.04%. Competitors named: Onto Innovation, KLA, ASML, Lam Research, Applied Materials, Merck and Camtek.
Open sourceFull-year 2025 revenue of $880.6 million, up 31%, with record GAAP net income of $259.2 million ($7.96 per diluted share, up 38%) and non-GAAP net income of $282.6 million. Q4 revenue $222.6 million. The scale figures on which this page's assessment of Nova's weight in the Israeli economy rests.
Open sourceRecord quarterly revenue of $224.6 million, up 25% year on year, with trailing twelve-month revenue of $853 million. Retained from the previous version of this page as the quarter that set up the record full year reported in February 2026.
Open sourceA leading global foundry, unnamed, selects Nova's ELIPSON materials metrology platform as Tool of Record for advanced Gate-All-Around manufacturing, with multiple tools already delivered for high-volume production. Illustrates how Nova's position at a fab is established: a tool qualified into a production line for a specific node, which is why disengagement is a requalification project rather than a purchasing decision.
Open sourceThe Commission concluded that Israeli authorities and security forces have committed and are continuing to commit acts of genocide against Palestinians in the Gaza Strip, that they have and continue to have genocidal intent, and that the State of Israel bears responsibility for 'the failure to prevent genocide, the commission of genocide and the failure to punish genocide'. The analysis covers Gaza only, for the period 7 October 2023 to 31 July 2025.
Open sourceThe company's second sustainability review, prepared with reference to GRI and SASB guidelines and the UN Sustainable Development Goals, reporting 88% renewable energy use, reduced scope 1 and 2 emissions against a 2022 baseline and new 2030 goals. The report identifies conditions in Israel, including its conflicts with parties in the region, as a business risk. Relevant because it establishes that Nova reports against recognised ESG frameworks and can therefore be asked ESG questions in their own terms.
Open sourceThe International Court of Justice found Israel's continued presence in the occupied Palestinian territory unlawful, and set out the obligations of states and the consequences for economic and trade dealings that entrench it. This is the framework within which an Israeli-incorporated company operating and employing at scale in Israel is assessed on this site.
Open sourceInternational Court of Justice found a real and imminent risk to the right of Palestinians in Gaza to be protected from acts of genocide, and ordered Israel to prevent them. The Court made no finding on the merits of the genocide claim; the order's significance for suppliers is that it puts them on notice of a duty of prevention.
Open sourceInternational Court of Justice found a real and imminent risk to the right of Palestinians in Gaza to be protected from acts of genocide, and ordered Israel to prevent them. The Court made no finding on the merits of the genocide claim; the order's significance for suppliers is that it puts them on notice of a duty of prevention.
Open sourceFirst-quarter 2017 reporting showing TSMC at 43% of sales and Samsung at 27%. Retained as the last public, named breakdown of Nova's customer concentration; the company no longer discloses percentages by named customer, stating only that its customer base is 'highly concentrated among a limited number of large customers'. Treat the 2017 split as historical, not current.
Open sourceNova listed on NASDAQ in July 2000, the step that opened its Israeli operations to international investment capital and that makes divestment and shareholder engagement the operative route on this page.
Open sourceReporting the Israel Innovation Authority's annual State of High-Tech report: high-tech accounted for 58% of Israel's total exports in 2025, sector output grew 8.2% to NIS 352 billion, high-tech companies made up 18.3% of GDP against 17.7% in 2024, and the sector accounted for 50% of the economy's growth. Context for why a Rehovot-headquartered company turning over $880.6 million matters to the Israeli state, and why that argument does not depend on any military connection.
Open sourceUpdates & Milestones
- Record quarter: $255.0 million of revenue
Nova reports record second-quarter 2026 revenue of $255.0 million, up 16% year on year, with GAAP net income of $75.0 million, and guides to $277-287 million for the third quarter. Market capitalisation stood at approximately $12.8 billion.
- Annual report names boycott and tribunal rulings as business risks
Nova's Form 20-F for 2025 states that 'the global perception of Israel and Israeli companies, influenced by actions by international judicial bodies, may lead to increased sanctions and other negative measures against Israel, as well as Israeli companies', and that 'There is also a growing movement among countries, activists, and organizations to boycott Israeli goods, services and academic research or restrict business with Israel, which could affect business operations'.
- Record 2025: revenue $880.6m, net income $259.2m
Nova reports full-year 2025 revenue of $880.6 million, up 31%, with record GAAP net income of $259.2 million. The chief executive calls 2025 'an exceptional year'. The scale places Nova among the larger companies listed in Tel Aviv, and it is a constituent of the TA-35 index.
- Record third quarter: $224.6 million
Nova reports record quarterly revenue of $224.6 million, up 25% year on year, with trailing twelve-month revenue of $853 million, and signals that 2025 will be a record year with continued growth into 2026.
- $750 million of zero-coupon convertible notes raised
Nova closes an offering of $750 million aggregate principal amount of 0% Convertible Senior Notes due 2030, placed with qualified institutional buyers. Cash, deposits and marketable securities reached $1,646 million by 31 December 2025.
- Second Sustainability Insight Report published
Nova publishes its second sustainability review against GRI and SASB guidelines and the UN Sustainable Development Goals, reporting 88% renewable energy use and setting new 2030 goals. The report identifies conditions in Israel, including its conflicts with parties in the region, as a business risk.
- Trading as Nova Ltd
The company completes its transition to the Nova Ltd identity across its product portfolio, covering measurement of size, materials and chemistry, and the software that controls quality on a production line.
- Israeli employees called for reserve duty
Nova's annual report records that certain of its employees and consultants in Israel 'have been called, and additional employees may be called, for reserve duty service in the recent or future wars or other armed conflicts', and that military reservists in Israel 'are expected to perform long reserve duty service in the coming years, which could further impact our operations'.
- Leadership transition
Gabriel Waisman is appointed President and Chief Executive Officer; Eitan Oppenhaim, chief executive since 2013, moves to chair the board.
- Ancosys acquisition
Acquires Ancosys GmbH, adding chemical measurement and expanding the company's German operations. The company changed its registered name from Nova Measuring Instruments Ltd to Nova Ltd in July 2021.
- Elects Preferred Technological Enterprise tax status
Nova elects to be taxed under Israel's 'Economic Efficiency Law' as a 'Preferred Technological Enterprise'. In 2025 the company recorded income tax expense of $44.1 million, an effective rate of 15%, against Israel's 23% statutory corporate rate.
- Royalty buyout with the Israel Innovation Authority
Nova pays approximately $12.9 million to the Israel Innovation Authority under a royalty buyout arrangement entered into in August 2016, against a contingent net royalty liability of approximately $24 million, releasing it from future royalty payments on funds previously received from the Authority.
- Direct engagement with chip fabricators
Nova begins direct partnerships with chip fabricators including TSMC, expanding beyond sales through process equipment manufacturers and establishing itself as a vendor qualified directly into customers' production lines.
- Nasdaq listing opens Israeli operations to international capital
Nova lists on NASDAQ under the ticker NVMI. The listing, later joined by a Tel Aviv Stock Exchange listing, is what channels international investment into an Israeli-incorporated company, and is the reason divestment and shareholder engagement - rather than consumer boycott - are the operative routes of pressure here.
- Intel becomes customer and early investor
Intel Corporation becomes both a customer and an investor, providing early validation and capital for the Israeli operation. The relationship established the pattern the company still follows: a small number of very large chipmakers, each capable of representing a substantial share of revenue.
- Founded in Rehovot, inside Israel
Nova Measuring Instruments is founded in Rehovot by Giora Dishon and Moshe Finarov to build measuring instruments that check chips as they are manufactured. Corporate headquarters and the company's largest research, manufacturing and laboratory site have remained in Israel ever since; at 31 December 2025 Rehovot and Ness Ziona together accounted for 18,000 square metres, more than any other location.