Envista vs Dentsply Sirona
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The short version
- Dentsply Sirona is the larger business, with $3.7B of revenue in fiscal 2025 against $2.7B for Envista.
- Envista grew revenue faster (8.3%, against −3.0%).
- Envista kept more of each dollar of sales as operating profit (8.0% operating margin, against −11.5%).
- Envista turned more of its sales into free cash flow (8.5% FCF margin, against 2.8%).
- Envista earned a higher return on the capital invested in it (3.2%, against −9.9%).
| Latest fiscal year | NVST · FY25 | XRAY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.9B | $1.9B |
| Revenue | $2.7B | $3.7B |
| Free cash flow | $230M | $104M |
| Net income | $47.0M | −$598M |
| Growth | ||
| Revenue growth | 8.3% | −3.0% |
| 5-year growth | 7.1% | 2.0% |
| Share count change | −1.7% | −1.9% |
| Profitability | ||
| Gross margin | 54.7% | 50.0% |
| Operating margin | 8.0% | −11.5% |
| Net margin | 1.7% | −16.3% |
| FCF margin | 8.5% | 2.8% |
| Return on capital | 3.2% | −9.9% |
| Return on equity | 1.6% | −36.5% |
| Balance sheet | ||
| Net debt | $237M | $2.0B |
| Net debt / EBITDA | 0.7x | — |
| Dividends and buybacks | $167M | $128M |
| Valuation & quality | ||
| P/E | 40.7x | — |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
NVST —
XRAY $0.0M
FY17
NVST $2.8B
XRAY $4.0B
FY18
NVST $2.8B
XRAY $4.0B
FY19
NVST $2.3B
XRAY $4.0B
FY20
NVST $1.9B
XRAY $3.3B
FY21
NVST $2.5B
XRAY $4.2B
FY22
NVST $2.6B
XRAY $3.9B
FY23
NVST $2.6B
XRAY $4.0B
FY24
NVST $2.5B
XRAY $3.8B
FY25
NVST $2.7B
XRAY $3.7B
NVST
XRAY
Operating margin
FY16
NVST —
XRAY —
FY17
NVST 13.8%
XRAY −39.1%
FY18
NVST 10.5%
XRAY −24.0%
FY19
NVST 10.3%
XRAY 8.8%
FY20
NVST 2.3%
XRAY −0.1%
FY21
NVST 12.2%
XRAY 14.4%
FY22
NVST 12.4%
XRAY −23.9%
FY23
NVST 1.2%
XRAY −2.1%
FY24
NVST −41.4%
XRAY −23.2%
FY25
NVST 8.0%
XRAY −11.5%
NVST
XRAY
Free cash flow
FY16
NVST —
XRAY $438M
FY17
NVST $310M
XRAY $458M
FY18
NVST $328M
XRAY $317M
FY19
NVST $320M
XRAY $516M
FY20
NVST $236M
XRAY $562M
FY21
NVST $307M
XRAY $515M
FY22
NVST $107M
XRAY $368M
FY23
NVST $218M
XRAY $228M
FY24
NVST $303M
XRAY $281M
FY25
NVST $230M
XRAY $104M
NVST
XRAY
Return on capital
FY16
NVST —
XRAY 7.1%
FY17
NVST —
XRAY −14.4%
FY18
NVST —
XRAY −10.6%
FY19
NVST 3.9%
XRAY 4.3%
FY20
NVST 0.7%
XRAY −0.0%
FY21
NVST 6.0%
XRAY 6.9%
FY22
NVST 5.2%
XRAY −12.4%
FY23
NVST 0.5%
XRAY −1.3%
FY24
NVST −19.9%
XRAY −16.8%
FY25
NVST 3.2%
XRAY −9.9%
NVST
XRAY
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.