Nordson is a precision technology company that designs, manufactures, and sells highly engineered equipment used to dispense, apply, and control adhesives, coatings, sealants, and fluids in industrial and medical production processes, as well as equipment to test, inspect, and treat electronic components and surfaces. Nordson's customers are primarily manufacturers who embed Nordson's equipment directly into their production lines. A key feature of Nordson's model is that over 55% of revenue comes from recurring aftermarket parts and consumables — not new system sales — which provides earnings stability through industrial cycles. Nordson sells primarily through a direct sales force that works closely with customers to design application-specific solutions. Nordson operates three segments: Industrial Precision Solutions (~46% of revenue), which sells dispensing and material processing systems into packaging, nonwovens, agriculture, and coatings markets; Medical and Fluid Solutions (~29%), which sells single-use medical components, interventional device components, and drug delivery components; and Advanced Technology Solutions (~23%), which serves electronics and semiconductor manufacturers with dispensing, plasma treatment, and test and inspection systems. Nordson supplements organic growth with acquisitions of niche technology businesses, targeting highly differentiated companies with recurring revenue streams. Nordson's "Ascend" strategy targets 6-8% annual revenue growth and 10-12% adjusted EPS growth through FY29, driven by its "NBS Next" framework, which directs investment toward the most attractive market opportunities within each division. Nordson generates roughly 67% of revenue outside the U.S. and uses an in-region manufacturing model it argues limits tariff exposure.