Monday, November 17, 2025
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
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Update. NN provided a mid-quarter business update. NN continues to see the benefits from its multi-year transformation efforts, which are delivering record adjusted EBITDA, record new sales wins, positive free cash flow, and setting a firm foundation for continued results. Notably, fourth quarter adjusted EBITDA and adjusted gross margins are expected to hit at least 14% and 20%, results which are more than two years ahead of plan.
New Business. Full-year 2025 new business wins are expected to meet the Company’s original guidance. NN remains on track to achieve its three-year new business wins target of $200 million, a Company record. The new business launches are expected to support solid year-over-year net sales growth, margin expansion, operating income advancement, and continued adjusted EBITDA growth. NN now has its biggest ever sales growth team and opportunity pipeline of more than 800 new programs, worth more than $800 million in annual value.
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