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Envista

NVST NYSE Health Care Supplies Financials FY2017–FY2025

Envista's revenue rose 8.3% to $2.7 billion in fiscal 2025. Its operating margin was 8.0%, up from −41.4% a year earlier. Free cash flow was $230 million, down 23.9%. It paid out $167 million in dividends and buybacks, 72% of free cash flow. The diluted share count fell 1.7%.

Last close · Oct 23, 2026

$23.60

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$2.7B
8.3% vs prior year
Operating margin Operating income as a share of revenue.
8.0%
49.3 pts
Net income Profit after all expenses, interest and tax.
$47.0M
Free cash flow Cash from operations minus capital spending.
$230M
23.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.2%
23.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
40.7x
On $0.58 EPS (TTM)

What Envista does

No business description yet.

Legal name
ENVISTA HOLDINGS CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001757073-26-000011
0001757073

Revenue and margins

Envista had $2.7B of revenue in fiscal 2025, up 8.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2025, diluted EPS grew −23.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $230M in fiscal 2025, 8.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Envista returned $167M to shareholders in fiscal 2025, 72% of free cash flow. The diluted share count fell 1.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Envista yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$237M and divides by 169.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 40.7x · peers 50.2x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Envista can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.1B$607M$940M$1.1B$1.2B
Debt incl. finance leases $1.7B$1.9B$1.6B$1.5B$1.4B
Net debt / EBITDA 1.6x2.8x4.1x—0.7x
Debt / equity 0.4x0.5x0.4x0.5x0.5x
Interest coverage 5.7x8.3x0.5x−19.0x4.7x
Current ratio 1.5x1.2x2.2x2.0x2.4x
Quick ratio 1.3x0.9x1.9x1.8x2.0x
Total assets $6.6B$6.6B$6.6B$5.4B$5.7B
Total liabilities $2.5B$2.4B$2.4B$2.4B$2.6B
Shareholders' equity $4.1B$4.2B$4.2B$2.9B$3.1B
Net debt (− = net cash) $675M$1.3B$689M$441M$237M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.5M

1 insider

Of sales under plans

100%

$0.5M

DateInsiderTradeSharesPriceValueFiling
Aug 20, 2026 Mischa ReisSVP, Strategy & Bus. Dev. Sold plan 8,000 $27.50 $0.2M Form 4
Feb 10, 2026 Mischa ReisSVP, Strategy & Bus. Dev. Sold plan 9,675 $30.00 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✕ ✓
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 92 / 97 / 9
Accruals ratio −5.7%−24.3%−4.2%
Altman Z'' 3.100.792.63

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Envista NVST $3.9B 8.3% 8.0% 8.5% 3.2% 40.7x 7
West Pharmaceutical Services WST $28.0B 6.3% 19.0% 15.3% 18.7% 50.2x 9 Compare →
ICU Medical ICUI $4.2B −6.3% 1.9% 4.1% 0.7% 140.0x 6 Compare →
Dentsply Sirona XRAY $1.9B −3.0% −11.5% 2.8% −9.9% — 6 Compare →
Align Technology ALGN $11.0B 0.9% 13.5% 12.2% 13.3% 26.9x 5 Compare →

9 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.8B $2.8B $2.3B $1.9B $2.5B $2.6B $2.6B $2.5B $2.7B
Gross profit $1.6B $1.6B $1.3B $1.1B $1.4B $1.5B $1.4B $1.4B $1.5B
Research and development $172M $172M $133M $86.7M $101M $100M $93.8M $99.1M $114M
Operating income $387M $298M $236M $43.5M $306M $319M $31.5M −$1.0B $216M
Interest expense $0.0M $0.0M $3.5M $62.5M $54.1M $38.4M $63.4M $54.7M $46.1M
Pretax income $387M $301M $234M −$20.0M $255M $284M −$54.9M −$1.1B $177M
Income tax $85.6M $70.4M $49.6M −$62.5M −$9.0M $45.9M $45.3M $33.9M $130M
Net income $301M $231M $218M $33.3M $341M $243M −$100M −$1.1B $47.0M
Diluted EPS $2.35 $1.80 $1.60 $0.20 $1.92 $1.37 −$0.60 −$6.50 $0.28
Diluted shares 0.13B 0.13B 0.14B 0.16B 0.18B 0.18B 0.17B 0.17B 0.17B
Cash flow
Cash from operations $359M $400M $398M $284M $362M $183M $276M $337M $276M
Capital expenditure $48.9M $72.2M $77.8M $47.7M $54.7M $75.7M $58.2M $33.8M $45.3M
Free cash flow $310M $328M $320M $236M $307M $107M $218M $303M $230M
Depreciation and amortization $121M $130M $120M $122M $118M $138M $136M $123M $116M
Stock-based compensation $12.3M $13.3M $18.4M $22.6M $28.2M $30.5M $30.7M $35.3M $37.6M
Acquisitions $0.0M $0.0M $0.0M $40.7M $2.1M $696M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $167M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $167M
Balance sheet
Cash and short-term investments $0.0M $0.0M $211M $889M $1.1B $607M $940M $1.1B $1.2B
Total debt — $0.0M $1.3B $2.7B $1.7B $1.9B $1.6B $1.5B $1.4B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $787M $1.0B $1.6B $1.8B $1.4B $1.7B $1.8B $2.0B
Current liabilities — $641M $709M $1.7B $1.2B $1.2B $781M $879M $853M
Inventory $0.0M $279M $278M $216M $264M $301M $259M $241M $288M
Property and equipment, net $231M $262M $290M $275M $264M $294M $310M $277M $297M
Total assets $6.0B $5.8B $6.2B $6.9B $6.6B $6.6B $6.6B $5.4B $5.7B
Total liabilities — $1.0B $2.6B $3.2B $2.5B $2.4B $2.4B $2.4B $2.6B
Shareholders' equity — $4.8B $3.5B $3.7B $4.1B $4.2B $4.2B $2.9B $3.1B
Margins
Gross margin 57.7% 56.3% 59.1% 54.7% 56.9% 57.4% 56.1% 54.7% 54.7%
Operating margin 13.8% 10.5% 10.3% 2.3% 12.2% 12.4% 1.2% −41.4% 8.0%
EBITDA margin 18.1% 15.1% 15.6% 8.6% 16.9% 17.8% 6.5% −36.5% 12.2%
Net margin 10.7% 8.1% 9.5% 1.7% 13.6% 9.5% −3.9% −44.6% 1.7%
FCF margin 11.0% 11.5% 14.0% 12.2% 12.2% 4.2% 8.5% 12.1% 8.5%
Returns
Return on capital — — 3.9% 0.7% 6.0% 5.2% 0.5% −19.9% 3.2%
Return on capital employed — — 4.4% 0.8% 5.8% 6.0% 0.6% −20.2% 4.7%
Return on equity — — 5.2% 0.9% 8.8% 5.9% −2.4% −31.5% 1.6%
Return on assets — 3.9% 3.6% 0.5% 5.1% 3.7% −1.5% −18.7% 0.9%
Growth
Revenue growth — 1.2% −19.7% −15.6% 30.1% 2.4% −0.1% −2.2% 8.3%
Net income growth — −23.4% −5.7% −84.7% 922.5% −28.6% −141.2% — —
EPS growth — −23.4% −11.1% −87.5% 860.0% −28.7% −143.8% — —
FCF growth — 5.7% −2.5% −26.1% 29.9% −65.1% 103.3% 39.2% −23.9%
Share count change — 0.0% 6.7% 20.3% 8.2% 0.0% −6.0% 3.2% −1.7%
Financial health
Net debt / EBITDA — 0.0x 3.1x 10.9x 1.6x 2.8x 4.1x — 0.7x
Debt / equity — 0.0x 0.4x 0.7x 0.4x 0.5x 0.4x 0.5x 0.5x
Interest coverage — — 67.3x 0.7x 5.7x 8.3x 0.5x −19.0x 4.7x
Current ratio — 1.2x 1.4x 0.9x 1.5x 1.2x 2.2x 2.0x 2.4x
Quick ratio — 0.8x 1.0x 0.8x 1.3x 0.9x 1.9x 1.8x 2.0x
Capital allocation
Capex / revenue 1.7% 2.5% 3.4% 2.5% 2.2% 3.0% 2.3% 1.4% 1.7%
Stock comp / revenue 0.4% 0.5% 0.8% 1.2% 1.1% 1.2% 1.2% 1.4% 1.4%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 72.3%
Quality scores
Piotroski F-score — — 5.0 3.0 8.0 5.0 5.0 2.0 7.0
Altman Z'' — 5.5 2.0 1.3 2.9 2.7 3.1 0.8 2.6
Accruals ratio — −2.9% −3.0% −3.9% −0.3% 0.9% −5.7% −24.3% −4.2%

Source: SEC EDGAR XBRL filings (CIK 0001757073). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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