# Enovis (ENOV.US)

Canonical: https://gigainvestors.com/s/ENOV

Analysis as of: 2026-10-16T07:28:16.845Z. Financial observations: FY2004–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $19.35 per share; close as of 2026-10-15.

Estimated value: low $15.71 per share, central $17.88 per share, high $20.76 per share. Buy at or below the central value $17.88 per share. Valuation as of 2026-10-16T07:28:16.845Z; scenarios are not confidence intervals.

Expected annual return: 9.5% at the stated quote. About 9.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 5

- Operating margin variation: 4.96×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.01×

- FY2018: 0.07×

- FY2019: 0.06×

- FY2020: 0.05×

- FY2021: -0.04×

- FY2022: -0.05×

- FY2023: -0.04×

- FY2024: -0.37×

- FY2025: -0.01×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 0.1%

- ROIC, second-lowest year: -3.2%

- Typical minus recent gross margin: -9.7 pp

- Typical gross margin (annual median): 48.3%

- Recent gross margin (lower of latest and 3-year median): 58.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: 2.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.3%

- FY2017: 0.8%

- FY2018: 5.6%

- FY2019: 5.1%

- FY2020: 4.0%

- FY2021: -1.2%

- FY2022: -3.2%

- FY2023: -2.8%

- FY2024: -27.5%

- FY2025: -0.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$1.4B

- Net income, five-year total: -$2.0B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 2.0 pp

- Working capital / revenue, change between three-year averages: 13.1 pp

- Working capital / revenue, final three-year average: 37.0%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $230M

- FY2022: $101M

- FY2023: $62M

- FY2024: -$721M

- FY2025: -$1.1B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 5.6% vs -2.8%

- Per-share earnings: 2.10 to -14.93 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.4%

- Ordinary dilution, 5-year annual growth: 4.6%

- Market cap gain: -$2.9B

- Cumulative retained earnings: -$2.2B

- Diluted shares, 10-year annual growth: -2.4%

- Diluted shares, 5-year annual growth: 4.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$17.03

- Per-share value, starting three-year median: $2.10

- Per-share value, ending three-year median: -$14.93

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 2.9%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.9B

- Cumulative net income, 10 years: -$2.1B

- ROIC, first three-year median: 5.6%

- ROIC, last three-year median: -2.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.79

- FY2017: $2.10

- FY2018: $2.00

- FY2019: -$6.65

- FY2020: $0.93

- FY2021: $1.40

- FY2022: -$0.25

- FY2023: -$0.61

- FY2024: -$14.93

- FY2025: -$20.75

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -36.6%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 15.2%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.31×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.9%

- FY2017: -1.0%

- FY2018: -1.3%

- FY2019: -8.9%

- FY2020: -3.5%

- FY2021: -3.3%

- FY2022: 1.0%

- FY2023: -3.7%

- FY2024: -19.9%

- FY2025: -36.6%

## Holders

- [Mason Hawkins](https://gigainvestors.com/SE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 78% since Oct 2021 · "Tariff Exposure: $40 million expected in 2025, with plans to mitigate to $20 million." (finance.yahoo.com, May 2025) · sales +6.7%

Story as of 2026-10-16T09:58:41.747Z; price observation 2026-10-15.

Price needs cash profits to grow 1.9% a year for ten years

- 2025-08-08: Enovis raises 2025 revenue guidance to $2.275B amid CEO transition and product momentum ([seekingalpha.com](https://seekingalpha.com/news/4482271-enovis-raises-2025-revenue-guidance-to-2_275b-amid-ceo-transition-and-product-momentum?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-28: Enovis Balances Revenue Growth And New Devices With Goodwill Impairment ([finance.yahoo.com](https://finance.yahoo.com/news/enovis-balances-revenue-growth-devices-080929102.html))

### Sales · FY2024–2025

sales +6.7%; source https://www.sec.gov/Archives/edgar/data/1420800/000142080026000012/cfx-20251231.htm; observed 2026-02-26.

- FY2016: $3.6B 

- FY2017: $3.3B 

- FY2018: $2.2B 

- FY2019: $3.3B 

- FY2020: $3.1B 

- FY2021: $1.4B 

- FY2022: $1.6B 

- FY2023: $1.7B 

- FY2024: $2.1B 

- FY2025: $2.2B 

### Gross margin · FY2025

gross margin 59.8%; source https://www.sec.gov/Archives/edgar/data/1420800/000142080026000012/cfx-20251231.htm; observed 2026-02-26.

- FY2016: 31.4% 

- FY2017: 31.2% 

- FY2018: 33.3% 

- FY2019: 42.1% 

- FY2020: 41.9% 

- FY2021: 54.5% 

- FY2022: 55.6% 

- FY2023: 58.0% 

- FY2024: 56.0% 

- FY2025: 59.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are USD 2.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1420800/000142080026000012/cfx-20251231.htm (filed 2026-02-26); FY2025: revenue 2248049000; grossProfit 1345260000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ENOV.US: Enovis Corporation, a medical technology company, focuses on developing clinically differentiated solutions in the United States and internationally. It operates through two segments: Prevention and Recovery, and Reconstructive segments. The Prevention and Recovery segment offers rigid and soft orthopedic bracing, hot and cold therapy, bone growth stimulators, vascular therapy systems and compression garments, electrical stimulators for pain management, and physical therapy products which are used by orthopedic specialists, surgeons, primary care physicians, pain management specialists, physical therapists, podiatrists, chiropractors, athletic trainers, and other healthcare professionals to treat patients with musculoskeletal conditions. The Reconstructive segment develops, manufactures, markets, and distributes surgical solutions that restore mobility and improve patient outcomes, which includes a range of differentiated implants, instrumentation, and enabling technologies used in elective and non-elective joint replacement, limb reconstruction, and foot and ankle procedures; and products for the hip, knee, shoulder, elbow, extremity reconstruction and fixation, foot, ankle, and finger, as well as surgical productivity tools. It also manufactures and distributes a range of products which are used for reconstructive surgery, rehabilitation, pain management, and physical therapy. The company distributes its products through independent distributors, direct salespeople, and patients. The company was formerly known as Colfax Corporation. Enovis Corporation was founded in 1995 and is headquartered in Lewisville, Texas.

### Why customers stay

Margins ranged from 56% to 59.8% during 2023–25; it earns 0.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 58%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 56%.

- Source: https://www.sec.gov/Archives/edgar/data/1420800/000142080026000012/cfx-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 59.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.10279305179083455],[2017,0.008468247871749341],[2018,0.05562307453152822],[2019,0.050562152749522735],[2020,0.03966811855632305],[2021,-0.011903798253176409],[2022,-0.031678847743209795],[2023,-0.027942853728540946],[2024,-0.27533880999439725],[2025,-0.007049688530389332]]; median 0.0007092796706800043. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 63251000; owner earnings 174725000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 68765000; owner earnings 205744000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 69646000; owner earnings 212427000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 114785000; owner earnings 174069000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 104237000; owner earnings 230339000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 105450000; owner earnings 100968000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 122223000; owner earnings 61625000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,896742000],[2017,0],[2018,1271051000],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ENOV.US SharesStats.PercentInsiders = 1.6420000000000001 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 1.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.014087900859921398. Price 19.35; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.479070343178167 → FY2025 -19.05491819620819. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $54.72 per share

- 2016-11: $64.73 per share

- 2016-12: $61.84 per share

- 2017-01: $67.13 per share

- 2017-02: $65.49 per share

- 2017-03: $67.57 per share

- 2017-04: $69.66 per share

- 2017-05: $69.81 per share

- 2017-06: $67.76 per share

- 2017-07: $71.05 per share

- 2017-08: $68.64 per share

- 2017-09: $71.67 per share

- 2017-10: $71.79 per share

- 2017-11: $64.13 per share

- 2017-12: $68.19 per share

- 2018-01: $68.88 per share

- 2018-02: $54.72 per share

- 2018-03: $54.91 per share

- 2018-04: $53.37 per share

- 2018-05: $52.63 per share

- 2018-06: $52.75 per share

- 2018-07: $55.59 per share

- 2018-08: $60.10 per share

- 2018-09: $62.07 per share

- 2018-10: $48.24 per share

- 2018-11: $42.93 per share

- 2018-12: $35.97 per share

- 2019-01: $42.60 per share

- 2019-02: $45.54 per share

- 2019-03: $51.08 per share

- 2019-04: $51.93 per share

- 2019-05: $43.20 per share

- 2019-06: $48.24 per share

- 2019-07: $47.64 per share

- 2019-08: $46.82 per share

- 2019-09: $50.02 per share

- 2019-10: $57.83 per share

- 2019-11: $58.00 per share

- 2019-12: $62.62 per share

- 2020-01: $60.52 per share

- 2020-02: $57.61 per share

- 2020-03: $34.08 per share

- 2020-04: $44.39 per share

- 2020-05: $48.30 per share

- 2020-06: $48.02 per share

- 2020-07: $50.05 per share

- 2020-08: $57.28 per share

- 2020-09: $53.98 per share

- 2020-10: $46.80 per share

- 2020-11: $62.10 per share

- 2020-12: $65.82 per share

- 2021-01: $63.89 per share

- 2021-02: $76.33 per share

- 2021-03: $75.40 per share

- 2021-04: $77.78 per share

- 2021-05: $76.08 per share

- 2021-06: $78.85 per share

- 2021-07: $78.97 per share

- 2021-08: $82.91 per share

- 2021-09: $79.00 per share

- 2021-10: $88.85 per share

- 2021-11: $79.93 per share

- 2021-12: $79.12 per share

- 2022-01: $70.77 per share

- 2022-02: $69.21 per share

- 2022-03: $68.49 per share

- 2022-04: $64.87 per share

- 2022-05: $66.34 per share

- 2022-06: $55.00 per share

- 2022-07: $59.72 per share

- 2022-08: $50.65 per share

- 2022-09: $46.07 per share

- 2022-10: $49.45 per share

- 2022-11: $54.13 per share

- 2022-12: $53.52 per share

- 2023-01: $62.95 per share

- 2023-02: $57.62 per share

- 2023-03: $53.49 per share

- 2023-04: $58.25 per share

- 2023-05: $52.73 per share

- 2023-06: $64.12 per share

- 2023-07: $63.90 per share

- 2023-08: $56.04 per share

- 2023-09: $52.73 per share

- 2023-10: $45.90 per share

- 2023-11: $49.46 per share

- 2023-12: $56.02 per share

- 2024-01: $58.70 per share

- 2024-02: $59.81 per share

- 2024-03: $62.45 per share

- 2024-04: $55.23 per share

- 2024-05: $50.27 per share

- 2024-06: $45.20 per share

- 2024-07: $47.64 per share

- 2024-08: $46.60 per share

- 2024-09: $43.05 per share

- 2024-10: $41.27 per share

- 2024-11: $48.81 per share

- 2024-12: $43.88 per share

- 2025-01: $46.98 per share

- 2025-02: $38.65 per share

- 2025-03: $38.21 per share

- 2025-04: $34.59 per share

- 2025-05: $31.30 per share

- 2025-06: $31.36 per share

- 2025-07: $26.80 per share

- 2025-08: $30.90 per share

- 2025-09: $30.34 per share

- 2025-10: $31.24 per share

- 2025-11: $30.27 per share

- 2025-12: $26.64 per share

- 2026-01: $22.04 per share

- 2026-02: $25.47 per share

- 2026-03: $22.75 per share

- 2026-04: $23.44 per share

- 2026-05: $22.68 per share

- 2026-06: $20.70 per share

- 2026-07: $29.15 per share

- 2026-08: $24.59 per share

- 2026-09: $18.27 per share

- 2026-10: $19.35 per share

## Annual estimated value (USD per share)

- FY2016: low $32.05 per share, central $36.18 per share, high $41.68 per share

- FY2017: low $36.01 per share, central $40.32 per share, high $46.05 per share

- FY2018: low $24.60 per share, central $27.59 per share, high $31.58 per share

- FY2019: low $29.10 per share, central $33.04 per share, high $38.28 per share

- FY2020: low $42.60 per share, central $48.36 per share, high $56.02 per share

- FY2021: low $31.75 per share, central $34.37 per share, high $37.85 per share

- FY2022: low $20.41 per share, central $23.23 per share, high $26.97 per share

- FY2023: low $19.45 per share, central $22.12 per share, high $25.69 per share

- FY2024: low $23.73 per share, central $26.99 per share, high $31.32 per share

- FY2025: low $15.54 per share, central $17.69 per share, high $20.54 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1420800/000142080026000012/cfx-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.