ICU Medical vs Envista
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The short version
- Envista is the larger business, with $2.7B of revenue in fiscal 2025 against $2.2B for ICU Medical.
- Envista grew revenue faster (8.3%, against −6.3%).
- Envista kept more of each dollar of sales as operating profit (8.0% operating margin, against 1.9%).
- Envista turned more of its sales into free cash flow (8.5% FCF margin, against 4.1%).
- Envista earned a higher return on the capital invested in it (3.2%, against 0.7%).
- Investors pay more for each dollar of ICU Medical’s earnings: a P/E of 140.0x against 40.7x for Envista.
| Latest fiscal year | ICUI · FY25 | NVST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.2B | $3.9B |
| Revenue | $2.2B | $2.7B |
| Free cash flow | $91.8M | $230M |
| Net income | $0.7M | $47.0M |
| Growth | ||
| Revenue growth | −6.3% | 8.3% |
| 5-year growth | 11.9% | 7.1% |
| Share count change | 2.1% | −1.7% |
| Profitability | ||
| Gross margin | 36.8% | 54.7% |
| Operating margin | 1.9% | 8.0% |
| Net margin | 0.0% | 1.7% |
| FCF margin | 4.1% | 8.5% |
| Return on capital | 0.7% | 3.2% |
| Return on equity | 0.0% | 1.6% |
| Balance sheet | ||
| Net debt | $983M | $237M |
| Net debt / EBITDA | 4.0x | 0.7x |
| Dividends and buybacks | $8.8M | $167M |
| Valuation & quality | ||
| P/E | 140.0x | 40.7x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
ICUI $379M
NVST —
FY17
ICUI $1.3B
NVST $2.8B
FY18
ICUI $1.4B
NVST $2.8B
FY19
ICUI $1.3B
NVST $2.3B
FY20
ICUI $1.3B
NVST $1.9B
FY21
ICUI $1.3B
NVST $2.5B
FY22
ICUI $2.3B
NVST $2.6B
FY23
ICUI $2.3B
NVST $2.6B
FY24
ICUI $2.4B
NVST $2.5B
FY25
ICUI $2.2B
NVST $2.7B
ICUI
NVST
Operating margin
FY16
ICUI 21.9%
NVST —
FY17
ICUI −1.0%
NVST 13.8%
FY18
ICUI 2.1%
NVST 10.5%
FY19
ICUI 8.5%
NVST 10.3%
FY20
ICUI 7.7%
NVST 2.3%
FY21
ICUI 9.4%
NVST 12.2%
FY22
ICUI −1.9%
NVST 12.4%
FY23
ICUI 1.0%
NVST 1.2%
FY24
ICUI 1.8%
NVST −41.4%
FY25
ICUI 1.9%
NVST 8.0%
ICUI
NVST
Free cash flow
FY16
ICUI $66.6M
NVST —
FY17
ICUI $79.9M
NVST $310M
FY18
ICUI $67.5M
NVST $328M
FY19
ICUI $4.6M
NVST $320M
FY20
ICUI $131M
NVST $236M
FY21
ICUI $199M
NVST $307M
FY22
ICUI −$152M
NVST $107M
FY23
ICUI $82.3M
NVST $218M
FY24
ICUI $125M
NVST $303M
FY25
ICUI $91.8M
NVST $230M
ICUI
NVST
Return on capital
FY16
ICUI —
NVST —
FY17
ICUI —
NVST —
FY18
ICUI —
NVST —
FY19
ICUI —
NVST 3.9%
FY20
ICUI —
NVST 0.7%
FY21
ICUI —
NVST 6.0%
FY22
ICUI —
NVST 5.2%
FY23
ICUI 0.5%
NVST 0.5%
FY24
ICUI 1.0%
NVST −19.9%
FY25
ICUI 0.7%
NVST 3.2%
ICUI
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.