Lantheus vs Envista
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The short version
- Envista is the larger business, with $2.7B of revenue in fiscal 2025 against $1.5B for Lantheus, about 1.8 times as much.
- Envista grew revenue faster (8.3%, against 0.5%).
- Lantheus kept more of each dollar of sales as operating profit (20.2% operating margin, against 8.0%).
- Lantheus turned more of its sales into free cash flow (23.0% FCF margin, against 8.5%).
- Lantheus earned a higher return on the capital invested in it (22.7%, against 3.2%).
- Investors pay more for each dollar of Envista’s earnings: a P/E of 40.7x against 24.2x for Lantheus.
| Latest fiscal year | LNTH · FY25 | NVST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.7B | $3.9B |
| Revenue | $1.5B | $2.7B |
| Free cash flow | $354M | $230M |
| Net income | $234M | $47.0M |
| Growth | ||
| Revenue growth | 0.5% | 8.3% |
| 5-year growth | 35.4% | 7.1% |
| Share count change | −4.5% | −1.7% |
| Profitability | ||
| Gross margin | 61.1% | 54.7% |
| Operating margin | 20.2% | 8.0% |
| Net margin | 15.2% | 1.7% |
| FCF margin | 23.0% | 8.5% |
| Return on capital | 22.7% | 3.2% |
| Return on equity | 21.5% | 1.6% |
| Balance sheet | ||
| Net debt | $210M | $237M |
| Net debt / EBITDA | 0.6x | 0.7x |
| Dividends and buybacks | $300M | $167M |
| Valuation & quality | ||
| P/E | 24.2x | 40.7x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
LNTH $302M
NVST —
FY17
LNTH $331M
NVST $2.8B
FY18
LNTH $343M
NVST $2.8B
FY19
LNTH $347M
NVST $2.3B
FY20
LNTH $339M
NVST $1.9B
FY21
LNTH $425M
NVST $2.5B
FY22
LNTH $935M
NVST $2.6B
FY23
LNTH $1.3B
NVST $2.6B
FY24
LNTH $1.5B
NVST $2.5B
FY25
LNTH $1.5B
NVST $2.7B
LNTH
NVST
Operating margin
FY16
LNTH 18.8%
NVST —
FY17
LNTH 15.7%
NVST 13.8%
FY18
LNTH 18.8%
NVST 10.5%
FY19
LNTH 14.9%
NVST 10.3%
FY20
LNTH −1.2%
NVST 2.3%
FY21
LNTH −14.3%
NVST 12.2%
FY22
LNTH 3.9%
NVST 12.4%
FY23
LNTH 28.1%
NVST 1.2%
FY24
LNTH 29.8%
NVST −41.4%
FY25
LNTH 20.2%
NVST 8.0%
LNTH
NVST
Free cash flow
FY16
LNTH $42.2M
NVST —
FY17
LNTH $37.2M
NVST $310M
FY18
LNTH $41.1M
NVST $328M
FY19
LNTH $58.3M
NVST $320M
FY20
LNTH $16.4M
NVST $236M
FY21
LNTH $53.9M
NVST $307M
FY22
LNTH $21.8M
NVST $107M
FY23
LNTH $260M
NVST $218M
FY24
LNTH $493M
NVST $303M
FY25
LNTH $354M
NVST $230M
LNTH
NVST
Return on capital
FY16
LNTH 41.2%
NVST —
FY17
LNTH 30.9%
NVST —
FY18
LNTH 24.0%
NVST —
FY19
LNTH 23.5%
NVST 3.9%
FY20
LNTH −0.8%
NVST 0.7%
FY21
LNTH −8.0%
NVST 6.0%
FY22
LNTH 6.4%
NVST 5.2%
FY23
LNTH 46.2%
NVST 0.5%
FY24
LNTH 47.1%
NVST −19.9%
FY25
LNTH 22.7%
NVST 3.2%
LNTH
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.