NORDSON CORPNDSN
NORDSON CORP Segments Disclosure
Note 15 — Operating segments and geographic area data
We conduct business in three primary operating segments.
Industrial Precision Solutions: This segment focuses on delivering proprietary dispensing and processing technology, both standard and highly customized equipment, to diverse end markets. Product lines commonly reduce material consumption, increase line efficiency through precision dispensing and enhance product brand and appearance. Components are used for dispensing adhesives, coatings, paint, finishes, sealants and other materials. This segment primarily serves the industrial, agricultural, consumer durables and non-durables markets.
Medical and Fluid Solutions: This segment includes the Company’s fluid management solutions for medical, high-tech industrial and other diverse end markets. Related plastic tubing, balloons, catheters, syringes, cartridges, tips and fluid connection components are used to dispense or control fluids within customers’ medical devices or products, as well as production processes.
Advanced Technology Solutions: This segment focuses on products serving electronics and consumer non-durable end markets. Advanced Technology Solutions products integrate our proprietary product technologies found in progressive stages of an electronics customer’s production and measurement and control processes, such as surface treatment, precisely controlled dispensing of material and test and inspection to ensure quality and reliability. Applications include, but are not limited to, semiconductors, printed circuit boards, electronic components and automotive electronics, in-line measurement sensors, gauges and analyzers.
Effective November 1, 2024, the MCS division was transferred from the IPS segment to the ATS segment due to an organizational change and determination that the economic and business characteristics of MCS better aligned with the Company’s ATS segment. Our segment reporting reflects this change and prior year financial information was revised to be comparable.
The composition of segments and measure of segment profitability is consistent with that used by our chief operating decision maker ("CODM"), our President and Chief Executive Officer. The primary measure used by our CODM for purposes of making decisions about allocating resources to the segments and assessing performance was changed in 2025 from segment operating profit (loss) to segment EBITDA, which equals sales less adjusted cost of sales and adjusted selling and administrative expenses plus depreciation. Cost of sales and selling and administrative expenses are adjusted for certain special items such as non-recurring cost reduction activities and acquisition related costs, including intangible asset amortization. The CODM uses segment EBITDA in the annual budgeting and forecasting processes and regularly evaluates segment EBITDA results versus budget, forecast and prior year when making allocation of capital, financial and employee resource decisions.
The accounting policies of the segments are the same as those described in Note 1. There are no intersegment sales. Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive compensation, charitable donations, corporate facilities, and other items that are of a corporate or functional governance nature. Interest expense-net and other income/expense-net are excluded from the measure of segment profitability reviewed by our CODM and are not presented by operating segment.
No single customer accounted for 10 percent or more of sales in 2025, 2024 or 2023.
The following table presents information about our reportable segments, consistent with reporting to our CODM, as further reconciled to consolidated GAAP financial results:
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Sales | ||||||||||||||||||||
| Industrial Precision Solutions | $ | 1,331,792 | $ | 1,398,912 | $ | 1,297,070 | ||||||||||||||
| Medical and Fluid Solutions | 835,385 | 695,452 | 660,316 | |||||||||||||||||
| Advanced Technology Solutions | 624,510 | 595,557 | 671,246 | |||||||||||||||||
| Total segment sales | 2,791,687 | 2,689,921 | 2,628,632 | |||||||||||||||||
| Adjusted cost of sales | ||||||||||||||||||||
| Industrial Precision Solutions | (521,346) | (566,243) | (533,044) | |||||||||||||||||
| Medical and Fluid Solutions | (419,853) | (344,040) | (325,334) | |||||||||||||||||
| Advanced Technology Solutions | (297,208) | (279,297) | (332,506) | |||||||||||||||||
| Total segment adjusted cost of sales | (1,238,407) | (1,189,580) | (1,190,884) | |||||||||||||||||
| Adjusted selling and administrative expenses | ||||||||||||||||||||
| Industrial Precision Solutions | (340,305) | (334,912) | (296,184) | |||||||||||||||||
| Medical and Fluid Solutions | (136,966) | (117,007) | (108,212) | |||||||||||||||||
| Advanced Technology Solutions | (187,421) | (193,298) | (201,275) | |||||||||||||||||
| Total segment adjusted selling and administrative expenses | (664,692) | (645,217) | (605,671) | |||||||||||||||||
| Depreciation | ||||||||||||||||||||
| Industrial Precision Solutions | 23,732 | 23,012 | 17,353 | |||||||||||||||||
| Medical and Fluid Solutions | 33,118 | 22,148 | 19,064 | |||||||||||||||||
| Advanced Technology Solutions | 6,708 | 6,219 | 7,266 | |||||||||||||||||
| Total segment depreciation | 63,558 | 51,379 | 43,683 | |||||||||||||||||
| EBITDA | ||||||||||||||||||||
| Industrial Precision Solutions | 493,873 | 520,769 | 485,195 | |||||||||||||||||
| Medical and Fluid Solutions | 311,684 | 256,553 | 245,834 | |||||||||||||||||
| Advanced Technology Solutions | 146,589 | 129,181 | 144,731 | |||||||||||||||||
| Total segment EBITDA | 952,146 | 906,503 | 875,760 | |||||||||||||||||
| Inventory step-up amortization | (3,135) | (7,703) | (8,862) | |||||||||||||||||
| Acquisition related costs | (2,334) | (13,957) | (19,966) | |||||||||||||||||
| Severance and other | (19,256) | (17,332) | (5,487) | |||||||||||||||||
| Divestiture and related charges | (12,545) | — | — | |||||||||||||||||
| Depreciation and amortization | (150,523) | (136,175) | (111,898) | |||||||||||||||||
| Corporate expenses | (52,628) | (57,335) | (56,786) | |||||||||||||||||
| Interest expense | (104,156) | (88,924) | (59,505) | |||||||||||||||||
| Interest and investment income | 3,051 | 4,913 | 2,680 | |||||||||||||||||
| Other - net | (12,972) | (4,509) | (597) | |||||||||||||||||
| Income before taxes | $ | 597,648 | $ | 585,481 | $ | 615,339 | ||||||||||||||
The following table presents additional information about our reportable segments:
| Industrial Precision Solutions | Medical and Fluid Solutions | Advanced Technology Solutions | Corporate | Total | |||||||||||||||||||||||||
| Year ended October 31, 2025 | |||||||||||||||||||||||||||||
| Amortization of intangibles | $ | 28,762 | $ | 38,469 | $ | 12,033 | $ | — | $ | 79,264 | |||||||||||||||||||
Identifiable assets (1 | 1,858,974 | 2,201,528 | 738,762 | 1,118,417 | 5,917,681 | ||||||||||||||||||||||||
| Property, plant and equipment expenditures | 13,754 | 30,089 | 6,227 | 7,990 | 58,060 | ||||||||||||||||||||||||
| Year ended October 31, 2024 | |||||||||||||||||||||||||||||
| Amortization of intangibles | $ | 28,176 | $ | 35,913 | $ | 12,883 | $ | — | $ | 76,972 | |||||||||||||||||||
Identifiable assets (1) | 1,698,627 | 2,252,483 | 864,073 | 1,185,783 | 6,000,966 | ||||||||||||||||||||||||
| Property, plant and equipment expenditures | 16,924 | 19,533 | 4,237 | 23,716 | 64,410 | ||||||||||||||||||||||||
| Year ended October 31, 2023 | |||||||||||||||||||||||||||||
| Amortization of intangibles | $ | 9,731 | $ | 35,924 | $ | 14,064 | $ | — | $ | 59,719 | |||||||||||||||||||
Identifiable assets (1) | 1,732,696 | 1,532,928 | 880,675 | 1,105,471 | 5,251,770 | ||||||||||||||||||||||||
| Property, plant and equipment expenditures | 8,854 | 15,716 | 4,612 | 5,401 | 34,583 | ||||||||||||||||||||||||
(1) Operating segment identifiable assets include notes and accounts receivable net of allowance for doubtful accounts, inventories net of reserves, property, plant and equipment net of accumulated depreciation and goodwill. Corporate assets are principally cash and cash equivalents, deferred income taxes, leases, headquarter facilities and intangible assets.
We have significant net sales, measured based on their geographic destination, and long-lived assets in the following geographic areas:
| 2025 | 2024 | 2023 | |||||||||||||||
| Net external sales | |||||||||||||||||
| Americas | $ | 1,205,830 | $ | 1,178,626 | $ | 1,149,760 | |||||||||||
| Europe | 722,221 | 726,100 | 682,676 | ||||||||||||||
| Asia Pacific | 863,636 | 785,195 | 796,196 | ||||||||||||||
| Total net external sales | $ | 2,791,687 | $ | 2,689,921 | $ | 2,628,632 | |||||||||||
| Long-lived assets | |||||||||||||||||
| Americas | $ | 433,123 | $ | 465,521 | $ | 328,312 | |||||||||||
| Europe | 106,122 | 113,274 | 109,428 | ||||||||||||||
| Asia Pacific | 55,147 | 59,432 | 61,282 | ||||||||||||||
| Total long-lived assets | $ | 594,392 | $ | 638,227 | $ | 499,022 | |||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 17, 2025 | Showing above |
| 2022 | Dec 19, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.