A Business at a Glance
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Envista Holdings Corp
NVST
$4.4B
Mkt Cap
$26.33
+0.61%
Envista Holdings Corp (NVST) has a current P/E ratio of 94.0, compared to its historical median P/E of 23.8. The stock is currently considered Expensive based on its historical valuation range.
Envista Holdings Corp (NVST) has a 5-year average return on invested capital (ROIC) of -1.4%. This is below average and may indicate limited pricing power.
Envista Holdings Corp (NVST) has a market capitalization of $4.3B. It is classified as a mid-cap stock.
Envista Holdings Corp (NVST) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 4.54%.
Based on historical P/E analysis, Envista Holdings Corp (NVST) appears expensive. The current P/E of 94.0 is 295% above its historical median of 23.8. The estimated fair value CAGR (P/E method) is -15.1%.
Envista Holdings Corp (NVST) operates in the Dental Equipment & Supplies industry, within the Healthcare sector.
Envista Holdings Corp (NVST) reported annual revenue of $2.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Envista is a global family of more than 30 dental brands—including Nobel Biocare, Ormco, DEXIS, and Kerr—that develops, manufactures, and markets a comprehensive portfolio of dental products and solutions serving dental professionals in over 130 countries. The company operates through two segments: Specialty Products & Technologies (64% of 2025 sales), which includes dental implant systems, orthodontic solutions, and associated software, marketed primarily through direct sales to oral surgeons, periodontists, prosthodontists, and general dentists; and Equipment & Consumables (36% of 2025 sales), comprising diagnostic imaging and consumable products distributed through both direct channels and distribution partners. Approximately 85% of total sales derive from consumable products, services, and spare parts, reflecting a recurring revenue model with strong unit economics. The company leverages the Envista Business System (EBS) methodology for continuous improvement and operational efficiency, supported by one of the largest commercial organizations in the dental products industry. Geographically, the company generated $2.7 billion in 2025 sales across North America (51%), Western Europe (23%), emerging markets (22%), and other developed markets (4%), with strong positions in attractive segments including implants, orthodontics, and digital imaging technologies.
【Steady momentum with macro headwinds】 Management expects continued stability in the dental market in 2026 with potential for modest improvement, supported by strong underlying growth momentum and new product innovations across implants and consumables. The company anticipates near-term headwinds from China's value-based procurement (VBP) processes affecting implant and orthodontic pricing, with inventory destocking expected primarily in the first half before recovery in later quarters. Pricing is expected to moderate as tariff-related increases lap, though management believes it can offset tariff costs through supply chain adjustments and pricing actions similar to 2025. Capital allocation priorities include strategic, accretive acquisitions in targeted international markets and continued share repurchases, with management reaffirming confidence in executing its medium-term financial objectives despite heightened macro volatility and uncertainty around tariff and VBP timing.
| Metric | Target | Period |
|---|---|---|
| Core revenue growth | 2%-4% | FY2026 |
| Adjusted EBITDA growth | 7%-13% | FY2026 |
| Adjusted EPS | $1.35 to $1.45 | FY2026 |
| Free cash flow conversion | approximately 100% | FY2026 |
Core revenue growth (FY2026): “we are reaffirming our 2026 guidance range of 2%-4% core growth”
Adjusted EBITDA growth (FY2026): “we are reaffirming our 2026 guidance range of 2%-4% core growth, 7%-13% adjusted EBITDA growth, EPS of $1.35 to $1.45, and approximately 100% free cash flow conversion”
Adjusted EPS (FY2026): “we are reaffirming our 2026 guidance range of 2%-4% core growth, 7%-13% adjusted EBITDA growth, EPS of $1.35 to $1.45, and approximately 100% free cash flow conversion”
Free cash flow conversion (FY2026): “we are reaffirming our 2026 guidance range of 2%-4% core growth, 7%-13% adjusted EBITDA growth, EPS of $1.35 to $1.45, and approximately 100% free cash flow conversion”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.8B | 2.7B | 2.5B | 2.6B | 2.6B | 2.5B |
| Net Income | 68M | 47M | -1.1B | -100M | 243M | 341M |
| EPS | $0.41 | $0.28 | $-6.50 | $-0.60 | $1.37 | $1.92 |
| Free Cash Flow | 220M | 230M | 303M | 218M | 107M | 307M |
| ROIC | 2.4% | 3.9% | -22.9% | 0.6% | 5.2% | 6.0% |
| Gross Margin | 54.9% | 54.7% | 54.7% | 56.1% | 57.4% | 56.9% |
| Debt/Equity | 0.47 | 0.47 | 0.51 | 0.39 | 0.45 | 0.43 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 240M | 216M | -1.0B | 32M | 319M | 306M |
| Operating Margin | 8.5% | 7.9% | -41.4% | 1.2% | 12.4% | 12.2% |
| ROE | 2.2% | 1.6% | -31.5% | -2.4% | 5.9% | 8.8% |
| Shares Outstanding | 163M | 168M | 172M | 167M | 177M | 177M |
| Metric | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||
| Revenue | 2.8B | 2.8B | 2.3B | 1.9B | 2.5B | 2.6B | 2.6B | 2.5B | 2.7B | 2.8B |
| Gross Margin | 57.7% | 56.3% | 59.1% | 54.7% | 56.9% | 57.4% | 56.1% | 54.7% | 54.7% | 54.9% |
| R&D | 172M | 172M | 133M | 87M | 101M | 100M | 94M | 99M | 114M | 119M |
| SG&A | 1.1B | 1.1B | 980M | 925M | 1.0B | 1.1B | 1.1B | 1.2B | 1.2B | 1.2B |
| EBIT | 387M | 298M | 236M | 44M | 306M | 319M | 32M | -1.0B | 216M | 240M |
| Op. Margin | 13.8% | 10.5% | 10.3% | 2.3% | 12.2% | 12.4% | 1.2% | -41.4% | 7.9% | 8.5% |
| Net Income | 301M | 231M | 218M | 33M | 341M | 243M | -100M | -1.1B | 47M | 68M |
| Net Margin | 10.7% | 8.1% | 9.5% | 1.7% | 13.6% | 9.5% | -3.9% | -44.6% | 1.7% | 2.4% |
| Non-Recurring | 36M | 24M | 13M | 89M | 23M | 14M | 214M | 961M | -1.8M | -200K |
| Returns on Capital | ||||||||||
| ROIC | N/M | 9.5% | 3.9% | 0.9% | 6.0% | 5.2% | 0.6% | -22.9% | 3.9% | 2.4% |
| ROE | 301100.0% | 9.6% | 5.2% | 0.9% | 8.8% | 5.9% | -2.4% | -31.5% | 1.6% | 2.2% |
| ROA | 5.0% | 3.9% | 3.6% | 0.5% | 5.1% | 3.7% | -1.5% | -18.7% | 0.9% | 1.2% |
| Cash Flow | ||||||||||
| Op. Cash Flow | 359M | 400M | 398M | 284M | 362M | 183M | 276M | 337M | 276M | 272M |
| Free Cash Flow | 310M | 328M | 320M | 236M | 307M | 107M | 218M | 303M | 230M | 220M |
| Owner Earnings | 225M | 257M | 259M | 140M | 216M | 14M | 109M | 178M | 122M | 114M |
| CapEx | 49M | 72M | 78M | 48M | 55M | 76M | 58M | 34M | 45M | 52M |
| Maint. CapEx | 121M | 130M | 120M | 122M | 118M | 138M | 136M | 123M | 116M | 117M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 121M | 130M | 120M | 122M | 118M | 138M | 136M | 123M | 116M | 117M |
| CapEx/OCF | N/A | N/A | 19.6% | 16.8% | 15.1% | 41.4% | 21.1% | 10.0% | 16.4% | 19.1% |
| Capital Allocation | ||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 167M | 195M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4.5% | 4.5% |
| Stock-Based Comp | 12M | 13M | 18M | 23M | 28M | 31M | 31M | 35M | 38M | 41M |
| Debt Repayment | 0 | 0 | 300K | 250M | 476M | 500K | 289M | 0 | 116M | 116M |
| Balance Sheet | ||||||||||
| Net Debt | N/A | 0 | 1.1B | 1.8B | 675M | 1.3B | 689M | 441M | 237M | 356M |
| Cash & Equiv. | 0 | 0 | 211M | 889M | 1.1B | 607M | 940M | 1.1B | 1.2B | 1.1B |
| Long-Term Debt | N/A | 0 | 1.3B | 908M | 883M | 871M | 1.4B | 1.3B | 1.4B | 1.4B |
| Debt/Equity | 59927.00 | 0.00 | 0.38 | 0.72 | 0.43 | 0.45 | 0.39 | 0.51 | 0.47 | 0.47 |
| Interest Coverage | N/A | N/A | 67.3 | 0.7 | 5.7 | 8.3 | 0.5 | -2076.4 | 240.1 | 240.1 |
| Equity | 100K | 4.8B | 3.5B | 3.7B | 4.1B | 4.2B | 4.2B | 2.9B | 3.1B | 3.1B |
| Total Assets | 6.0B | 5.8B | 6.2B | 6.9B | 6.6B | 6.6B | 6.6B | 5.4B | 5.7B | 5.6B |
| Total Liabilities | 6.0B | 1.0B | 2.6B | 3.2B | 2.5B | 2.4B | 2.4B | 2.4B | 2.6B | -40M |
| Intangibles | N/A | 1.4B | 1.3B | 1.2B | 1.0B | 1.1B | 954M | 650M | 627M | 633M |
| Retained Earnings | N/A | 0 | 93M | 126M | 467M | 731M | 631M | -487M | -440M | -402M |
| Working Capital | N/A | 146M | 293M | -94M | 628M | 188M | 963M | 910M | 1.2B | 1.1B |
| Current Assets | N/A | 787M | 1.0B | 1.6B | 1.8B | 1.4B | 1.7B | 1.8B | 2.0B | 1.9B |
| Current Liabilities | N/A | 641M | 709M | 1.7B | 1.2B | 1.2B | 781M | 879M | 853M | 787M |
| Per Share Data | ||||||||||
| EPS | 2.35 | 2,307,000.00 | 1.60 | 0.20 | 1.92 | 1.37 | -0.60 | -6.50 | 0.28 | 0.41 |
| Owner EPS | 1.76 | 2,568,000.00 | 1.90 | 0.84 | 1.22 | 0.08 | 0.66 | 1.03 | 0.73 | 0.70 |
| Book Value | 0.00 | 48,231,000.00 | 26.03 | 22.35 | 22.88 | 23.71 | 24.99 | 17.05 | 18.51 | 18.90 |
| Cash Flow/Share | 2.80 | 4,001,000.00 | 2.92 | 1.71 | 2.04 | 1.03 | 1.65 | 1.96 | 1.64 | 1.14 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 128.1M | 0.0M | 136.0M | 166.5M | 177.3M | 177.4M | 167.0M | 172.1M | 167.9M | 162.9M |
| Valuation | ||||||||||
| P/E Ratio | N/A | N/A | 18.8 | 164.2 | 23.8 | 23.8 | N/A | N/A | 78.5 | 63.7 |
| P/FCF | N/A | N/A | 12.8 | 23.1 | 26.4 | 54.1 | 18.7 | 10.9 | 16.0 | 19.5 |
| EV/EBIT | N/A | N/A | 18.0 | 146.5 | 25.2 | 20.3 | 121.2 | N/A | 12.6 | 19.4 |
| Price/Book | N/A | N/A | 1.2 | 1.5 | 2.0 | 1.4 | 1.0 | 1.1 | 1.2 | 1.4 |
| Price/Sales | N/A | N/A | 1.4 | 2.1 | 2.9 | 2.8 | 2.1 | 1.3 | 1.2 | 1.5 |
| FCF Yield | N/A | N/A | 7.8% | 4.3% | 3.8% | 1.8% | 5.3% | 9.1% | 6.2% | 5.1% |
| Market Cap | 0 | N/A | 4.1B | 5.5B | 8.1B | 5.8B | 4.1B | 3.3B | 3.7B | 4.3B |
| Avg. Price | 0.00 | N/A | 28.35 | 24.04 | 41.05 | 40.16 | 32.40 | 19.68 | 19.46 | 26.33 |
| Year-End Price | 0.00 | N/A | 30.01 | 32.84 | 45.74 | 32.64 | 24.36 | 19.24 | 21.99 | 26.33 |
Envista Holdings Corp passes 4 of 9 quality checks, suggesting mixed fundamentals.
Envista Holdings Corp trades at 94.0x trailing earnings, compared to its 15-year median P/E of 23.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 18.7x vs a median of 18.7x. The company's 5-year average gross margin is 55.9%. Total shareholder yield (buybacks) is 4.5%. At current prices, the estimated annualized return to fair value is -6.7%.
Envista Holdings Corp (NVST) has a net profit margin of 1.7%. This is a modest margin.
Envista Holdings Corp (NVST) generated $230 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Envista Holdings Corp (NVST) has a debt-to-equity ratio of 0.47. This indicates a conservatively financed balance sheet.
Envista Holdings Corp (NVST) reported earnings per share (EPS) of $0.28 in its most recent fiscal year.
Envista Holdings Corp (NVST) has a return on equity (ROE) of 1.6%. This indicates moderate shareholder returns.
Envista Holdings Corp (NVST) has a 5-year average gross margin of 55.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 9 years of financial data for Envista Holdings Corp (NVST), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Envista Holdings Corp (NVST) has a book value per share of $18.51, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued stability in the dental market in 2026 with potential for modest improvement, supported by strong underlying growth momentum and new product innovations across implants and consumables. The company anticipates near-term headwinds from China's value-based procurement (VBP) processes affecting implant and orthodontic pricing, with inventory destocking expected primarily in the first half before recovery in later quarters. Pricing is expected to moderate as tariff-related increases lap, though management believes it can offset tariff costs through supply chain adjustments and pricing actions similar to 2025. Capital allocation priorities include strategic, accretive acquisitions in targeted international markets and continued share repurchases, with management reaffirming confidence in executing its medium-term financial objectives despite heightened macro volatility and uncertainty around tariff and VBP timing.
Based on recent SEC filings and earnings calls, Envista Holdings Corp (NVST) has provided the following forward guidance: Core revenue growth: 2%-4% (FY2026); Adjusted EBITDA growth: 7%-13% (FY2026); Adjusted EPS: $1.35 to $1.45 (FY2026); Free cash flow conversion: approximately 100% (FY2026).
No recent press releases.