Haemonetics vs Envista
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The short version
- Envista is the larger business, with $2.7B of revenue in fiscal 2025 against $1.3B for Haemonetics, about 2.0 times as much.
- Envista grew revenue faster (8.3%, against −2.0%).
- Haemonetics kept more of each dollar of sales as operating profit (11.8% operating margin, against 8.0%).
- Haemonetics turned more of its sales into free cash flow (19.5% FCF margin, against 8.5%).
- Haemonetics earned a higher return on the capital invested in it (6.7%, against 3.2%).
- Investors pay more for each dollar of Haemonetics’s earnings: a P/E of 57.3x against 40.7x for Envista.
| Latest fiscal year | HAE · FY26 | NVST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $3.9B |
| Revenue | $1.3B | $2.7B |
| Free cash flow | $260M | $230M |
| Net income | $97.3M | $47.0M |
| Growth | ||
| Revenue growth | −2.0% | 8.3% |
| 5-year growth | 8.9% | 7.1% |
| Share count change | −6.7% | −1.7% |
| Profitability | ||
| Gross margin | 59.0% | 54.7% |
| Operating margin | 11.8% | 8.0% |
| Net margin | 7.3% | 1.7% |
| FCF margin | 19.5% | 8.5% |
| Return on capital | 6.7% | 3.2% |
| Return on equity | 12.0% | 1.6% |
| Balance sheet | ||
| Net debt | $994M | $237M |
| Net debt / EBITDA | 3.7x | 0.7x |
| Dividends and buybacks | $175M | $167M |
| Valuation & quality | ||
| P/E | 57.3x | 40.7x |
| Piotroski F-score | 7 | 7 |
Revenue
FY17
HAE $886M
NVST $2.8B
FY18
HAE $904M
NVST $2.8B
FY19
HAE $968M
NVST $2.3B
FY20
HAE $989M
NVST $1.9B
FY21
HAE $871M
NVST $2.5B
FY22
HAE $993M
NVST $2.6B
FY23
HAE $1.2B
NVST $2.6B
FY24
HAE $1.3B
NVST $2.5B
FY25
HAE $1.4B
NVST $2.7B
FY26
HAE $1.3B
NVST —
HAE
NVST
Operating margin
FY17
HAE −2.2%
NVST 13.8%
FY18
HAE 6.2%
NVST 10.5%
FY19
HAE 8.6%
NVST 10.3%
FY20
HAE 10.5%
NVST 2.3%
FY21
HAE 10.3%
NVST 12.2%
FY22
HAE 8.1%
NVST 12.4%
FY23
HAE 13.4%
NVST 1.2%
FY24
HAE 12.6%
NVST −41.4%
FY25
HAE 16.3%
NVST 8.0%
FY26
HAE 11.8%
NVST —
HAE
NVST
Free cash flow
FY17
HAE $83.6M
NVST $310M
FY18
HAE $146M
NVST $328M
FY19
HAE $40.3M
NVST $320M
FY20
HAE $109M
NVST $236M
FY21
HAE $71.8M
NVST $307M
FY22
HAE $75.8M
NVST $107M
FY23
HAE $81.7M
NVST $218M
FY24
HAE $144M
NVST $303M
FY25
HAE $142M
NVST $230M
FY26
HAE $260M
NVST —
HAE
NVST
Return on capital
FY17
HAE −1.6%
NVST —
FY18
HAE 4.9%
NVST —
FY19
HAE 7.5%
NVST 3.9%
FY20
HAE 10.8%
NVST 0.7%
FY21
HAE 8.6%
NVST 6.0%
FY22
HAE 4.4%
NVST 5.2%
FY23
HAE 9.9%
NVST 0.5%
FY24
HAE 8.8%
NVST −19.9%
FY25
HAE 10.5%
NVST 3.2%
FY26
HAE 6.7%
NVST —
HAE
NVST
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.