# Envista Holdings (NVST.US)

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

Analysis as of: 2026-10-16T07:30:46.342Z. Financial observations: FY2015–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: $23.50 per share; close as of 2026-10-15.

Estimated value: low $15.07 per share, central $16.23 per share, high $17.77 per share. Buy at or below the central value $16.23 per share. Valuation as of 2026-10-16T07:30:46.342Z; scenarios are not confidence intervals.

Expected annual return: 6.9% at the stated quote. About 6.9% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 3.59×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.14×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.02×

- FY2021: 0.12×

- FY2022: 0.12×

- FY2023: 0.01×

- FY2024: -0.41×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 12.9%

- ROIC, second-lowest year: 1.6%

- Typical minus recent gross margin: 2.2 pp

- Typical gross margin (annual median): 57.2%

- Recent gross margin (lower of latest and 3-year median): 55.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: 5.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 16.4%

- FY2018: 13.1%

- FY2019: 11.9%

- FY2020: 2.1%

- FY2021: 22.9%

- FY2022: 16.4%

- FY2023: 1.6%

- FY2024: -71.2%

- FY2025: 12.9%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$140M

- Net income, five-year total: -$588M

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, final three-year average: 18.5%

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

- FY2021: $438M

- FY2022: $330M

- FY2023: $4.2M

- FY2024: -$1.0B

- FY2025: $118M

### management: fail

- buybacks unrelated to price (informational)

- Per-share earnings: 1.80 to -0.60 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: 0.6%

- Per-share value change: -$2.40

- Per-share value, starting three-year median: $1.80

- Per-share value, ending three-year median: -$0.60

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 1.0%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: $466M

- ROIC, last three-year median: 1.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.76

- FY2017: $2.35

- FY2018: $1.80

- FY2019: $1.60

- FY2020: $0.20

- FY2021: $1.92

- FY2022: $1.37

- FY2023: -$0.60

- FY2024: -$6.50

- FY2025: $0.28

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 3

- Stock compensation / operating cash flow: 13.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.87×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.96×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.0%

- FY2018: -2.9%

- FY2019: -2.9%

- FY2020: -3.6%

- FY2021: -0.3%

- FY2022: 0.9%

- FY2023: -5.7%

- FY2024: -27.2%

- FY2025: -4.0%

## Holders

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

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

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

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

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

## Price story

Down 52% since Mar 2022 · "Yet, a dull macroeconomic scenario and competitive pressure raise concerns for Envista’s operations." (finance.yahoo.com, Jun 2026) · sales +8.3%

Story as of 2026-10-16T09:59:17.692Z; price observation 2026-10-15.

Price needs cash profits to grow 8% a year for ten years

- 2025-05-06: NVST Stock Up on Q1 Earnings and Revenue Beat, Margins Crash ([finance.yahoo.com](https://finance.yahoo.com/news/nvst-stock-q1-earnings-revenue-111000176.html))

- 2025-08-13: NVST Q2 Deep Dive: New Product Launches and Margin Expansion Drive Guidance Increase ([finance.yahoo.com](https://finance.yahoo.com/news/nvst-q2-deep-dive-product-034019681.html))

- 2026-02-06: NVST Q4 Deep Dive: Broad-Based Growth and Margins Lift Outlook for 2026 ([finance.yahoo.com](https://finance.yahoo.com/news/nvst-q4-deep-dive-broad-195553308.html))

### Sales · FY2024–2025

sales +8.3%; source https://www.sec.gov/Archives/edgar/data/1757073/000175707326000011/nvst-20251231.htm; observed 2026-02-12.

- FY2016: $2.8B 

- FY2017: $2.8B 

- FY2018: $2.8B 

- FY2019: $2.3B 

- FY2020: $1.9B 

- FY2021: $2.5B 

- FY2022: $2.6B 

- FY2023: $2.6B 

- FY2024: $2.5B 

- FY2025: $2.7B 

### Gross margin · FY2025

gross margin 55%; source https://www.sec.gov/Archives/edgar/data/1757073/000175707326000011/nvst-20251231.htm; observed 2026-02-12.

- FY2016: 57.9% 

- FY2017: 57.9% 

- FY2018: 56.6% 

- FY2019: 59.2% 

- FY2020: 55.6% 

- FY2021: 58.3% 

- FY2022: 57.9% 

- FY2023: 56.1% 

- FY2024: 55.4% 

- FY2025: 55.0% 

## Owner memo

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

### How it makes money

Operates in medical instruments & supplies; annual sales are USD 2.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1757073/000175707326000011/nvst-20251231.htm (filed 2026-02-12); FY2025: revenue 2719500000; grossProfit 1496300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NVST.US: Envista Holdings Corporation, together with its subsidiaries, develops, manufactures, markets, and sells dental products in the United States, China, and internationally. The company operates in two segments, Specialty Products & Technologies, and Equipment & Consumables. The Specialty Products & Technologies segment offers dental implant systems, guided surgery systems, biomaterials, and prefabricated and custom-built prosthetics to oral surgeons, prosthodontists and periodontists, and general dentist; and brackets and wires, tubes and bands, archwires, clear aligners, digital orthodontic treatments, retainers, and other orthodontic laboratory products, as well as provides DTX Studio Clinic, a software package offered with its imaging products. This segment offers its products under the Nobel Biocare, Alpha-Bio Tec, Implant Direct, Nobel Procera, Ormco, Spark, Orascoptic, Damon, Insignia, AOA brands. The Equipment & Consumables segment provides dental equipment and supplies, including digital imaging systems, software, and other visualization/magnification systems; endodontic systems and related products; restorative materials, rotary burs, impression materials, bonding agents, and cements; and infection prevention products. This segment offers its products under the Dexis, DTX Studio, Kerr, Metrex, Total Care, Pentron, Optibond, Harmonize, Sonicfill, Sybron Endo, and CaviWipes to dental offices, clinics, and hospitals. Envista Holdings Corporation was incorporated in 2018 and is headquartered in Brea, California.

### Why customers stay

Margins ranged from 55% to 56.1% during 2023–25; it earns 12.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 56.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 55.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1757073/000175707326000011/nvst-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 55%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2017,0.16384832146015946],[2018,0.13134445074890816],[2019,0.11897701151883532],[2020,0.02144461778471139],[2021,0.22926025756214435],[2022,0.16391596592420057],[2023,0.015598946906537955],[2024,-0.7122692140686062],[2025,0.12935808129794552]]; median 0.12935808129794552. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years; bought back USD 166.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2016: growth capex 0; upkeep 49100000; owner earnings 357400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2017: growth capex 0; upkeep 48900000; owner earnings 373600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2018: growth capex 0; upkeep 72200000; cash acquisitions 0; owner earnings 288500000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2019: growth capex 0; upkeep 77800000; cash acquisitions 0; owner earnings 307900000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 0; upkeep 47700000; cash acquisitions 40700000; owner earnings 148699999. Growth capex plus acquisitions / owner earnings = 0.27370544904980126.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 0; upkeep 54700000; cash acquisitions 2100000; owner earnings 437700000. Growth capex plus acquisitions / owner earnings = 0.004797806716929404.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 0; upkeep 75700000; cash acquisitions 696200000; owner earnings 329500000. Growth capex plus acquisitions / owner earnings = 2.112898330804249.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: growth capex 0; upkeep 58200000; cash acquisitions 0; owner earnings 4200000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1757073/000175707326000011/nvst-20251231.htm (filed 2026-02-12); FY2025: growth capex 0; upkeep 45300000; owner earnings 117700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,8800000],[2021,12300000],[2022,12700000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1757073/000175707326000011/nvst-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 166600000 USD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NVST.US SharesStats.PercentInsiders = 0.59 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate 0.1017758525606477. Price 23.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2019-09: $27.88 per share

- 2019-10: $29.33 per share

- 2019-11: $28.12 per share

- 2019-12: $29.64 per share

- 2020-01: $29.59 per share

- 2020-02: $25.38 per share

- 2020-03: $14.94 per share

- 2020-04: $19.47 per share

- 2020-05: $21.14 per share

- 2020-06: $21.09 per share

- 2020-07: $21.87 per share

- 2020-08: $23.99 per share

- 2020-09: $24.68 per share

- 2020-10: $26.42 per share

- 2020-11: $29.73 per share

- 2020-12: $33.73 per share

- 2021-01: $35.54 per share

- 2021-02: $38.54 per share

- 2021-03: $40.80 per share

- 2021-04: $43.28 per share

- 2021-05: $43.64 per share

- 2021-06: $43.21 per share

- 2021-07: $43.08 per share

- 2021-08: $42.79 per share

- 2021-09: $41.81 per share

- 2021-10: $39.10 per share

- 2021-11: $38.80 per share

- 2021-12: $45.06 per share

- 2022-01: $43.24 per share

- 2022-02: $48.00 per share

- 2022-03: $48.71 per share

- 2022-04: $39.62 per share

- 2022-05: $43.04 per share

- 2022-06: $38.54 per share

- 2022-07: $40.65 per share

- 2022-08: $37.09 per share

- 2022-09: $32.81 per share

- 2022-10: $33.01 per share

- 2022-11: $34.12 per share

- 2022-12: $33.67 per share

- 2023-01: $38.99 per share

- 2023-02: $38.66 per share

- 2023-03: $40.88 per share

- 2023-04: $38.49 per share

- 2023-05: $31.89 per share

- 2023-06: $33.84 per share

- 2023-07: $34.41 per share

- 2023-08: $32.02 per share

- 2023-09: $27.88 per share

- 2023-10: $23.27 per share

- 2023-11: $22.69 per share

- 2023-12: $24.06 per share

- 2024-01: $23.50 per share

- 2024-02: $20.65 per share

- 2024-03: $21.38 per share

- 2024-04: $19.68 per share

- 2024-05: $19.36 per share

- 2024-06: $16.63 per share

- 2024-07: $17.07 per share

- 2024-08: $18.26 per share

- 2024-09: $19.76 per share

- 2024-10: $20.97 per share

- 2024-11: $22.29 per share

- 2024-12: $19.29 per share

- 2025-01: $20.52 per share

- 2025-02: $19.98 per share

- 2025-03: $17.26 per share

- 2025-04: $16.08 per share

- 2025-05: $18.27 per share

- 2025-06: $19.54 per share

- 2025-07: $18.89 per share

- 2025-08: $21.18 per share

- 2025-09: $20.37 per share

- 2025-10: $20.35 per share

- 2025-11: $20.90 per share

- 2025-12: $21.71 per share

- 2026-01: $23.47 per share

- 2026-02: $29.21 per share

- 2026-03: $25.37 per share

- 2026-04: $25.94 per share

- 2026-05: $23.55 per share

- 2026-06: $26.35 per share

- 2026-07: $27.31 per share

- 2026-08: $27.14 per share

- 2026-09: $23.47 per share

- 2026-10: $23.50 per share

## Annual estimated value (USD per share)

- FY2020: low $21.67 per share, central $23.94 per share, high $26.97 per share

- FY2021: low $26.29 per share, central $29.11 per share, high $32.88 per share

- FY2022: low $23.41 per share, central $26.20 per share, high $29.92 per share

- FY2023: low $26.88 per share, central $29.85 per share, high $33.81 per share

- FY2024: low $18.20 per share, central $19.89 per share, high $22.15 per share

- FY2025: low $14.44 per share, central $15.49 per share, high $16.89 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/1757073/000175707326000011/nvst-20251231.htm); period 2025-12-31, filed 2026-02-12.

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.