One-glance verdict
Undervalued
$28.65 our estimate vs market $23.43
Wall Street consensus: $30.36 (5.9% higher than our fair-value estimate)
18% below our estimate, below the bear case
Fundamentals snapshot
Envista Holdings Corporation
NVST · NYQ · Healthcare · Medical Instruments & Supplies
Current price
$23.43
52-week range
$18.77 - $30.42
Market cap
$3.76B
Balance sheet
Watch
6.44x Adequate
Net debt $462.40M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 5.0% last year.
- Reward Returns 3.1% on equity, ahead of 33% of its peers.
- Risk Operating margin compressed from 13.4% to 10.4% over 3 years.
- Risk Insider ownership is only 0.6% (peer median: 0.8%).
What this company does
Envista Holdings Corporation
Envista is a dental company that provides everything from high-tech equipment like dental implants and clear teeth aligners to the everyday supplies your dentist uses, such as filling materials and disinfectant wipes. Its money comes from both large, one-time sales of equipment and the steady, recurring revenue (predictable income from customers who repeatedly buy disposable supplies) that dental offices must regularly restock. This business model, which combines big-ticket items with essential, reordered products, helps create a stable source of income for the company.
How the company got here
Envista was once part of a larger science and technology company called Danaher. In 2019, Danaher decided to spin off its group of dental businesses into a new, separate company focused entirely on the dental industry, which became Envista. While Envista itself is relatively new, it's made up of many well-known dental brands that have been around for a long time, some for over a century. This move allowed Envista to concentrate all its efforts on developing and selling products for dental professionals around the world.
What it actually does
Envista makes and sells a wide variety of products that dentists, orthodontists, and other dental specialists use every day. Think of almost anything you'd see in a dentist's office, and there's a good chance Envista makes a version of it. Their products cover about 90% of a dentist's needs for diagnosing and treating patients, from the tools for a routine check-up to the materials for complex procedures. This includes things like dental implants (artificial tooth roots), braces and clear aligners for straightening teeth, and the materials used for fillings.
Specialty Products & Technologies
This part of the company focuses on products for more complex and specialized dental procedures. It includes high-tech items like dental implant systems, which are used to permanently replace missing teeth, from brands like Nobel Biocare. This segment also makes orthodontic products, such as traditional metal braces and their own brand of clear teeth aligners called Spark, which compete with Invisalign. The main customers for these products are dental specialists like oral surgeons, orthodontists, and periodontists.
Equipment & Consumables
This segment provides the essential equipment and everyday supplies that nearly every dental office needs to operate. This includes big-ticket items like digital imaging systems and X-ray machines that help dentists see what's happening inside your mouth. It also includes the 'consumables' (products that get used up and reordered), such as materials for fillings, bonding agents (the 'glue' for crowns), and critical infection prevention products like disinfectant wipes. These products are sold to general dentists, clinics, and hospitals for their day-to-day work.
What management is betting on now
The company's leadership is focused on accelerating growth by investing more money into creating new products and expanding their sales efforts to reach more dentists. A major priority is to capture a larger slice of the growing market for clear aligners with their Spark™ brand. They are also heavily focused on operational excellence (running the business more efficiently to save money and improve performance) by using a set of internal processes called the Envista Business System. The goal is to grow the business while also becoming more profitable.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$123.80M
FY2025 Q1
$-5.60M
FY2025 Q2
$76.40M
FY2025 Q3
$67.90M
FY2025 Q4
$91.70M
FY2026 Q2
$-15.80M
FY2026 Q3
$104.30M
Revenue
$730.50M
Net income
$53.70M
Diluted EPS
0.33
Operating cash flow
$119.20M
Free cash flow
$104.30M
Fetching…
Sources
Revenue
$705.50M
Net income
$38.70M
Diluted EPS
0.23
Operating cash flow
$-3.30M
Free cash flow
$-15.80M
Fetching…
Sources
Revenue
$750.60M
Net income
$32.90M
Diluted EPS
0.20
Operating cash flow
$108.00M
Free cash flow
$91.70M
Fetching…
Sources
Revenue
$669.90M
Net income
$-30.30M
Diluted EPS
-0.18
Operating cash flow
$78.70M
Free cash flow
$67.90M
Fetching…
Sources
Revenue
$682.10M
Net income
$26.40M
Diluted EPS
0.16
Operating cash flow
$88.70M
Free cash flow
$76.40M
Fetching…
Sources
Revenue
$616.90M
Net income
$18.00M
Diluted EPS
0.10
Operating cash flow
$300.00K
Free cash flow
$-5.60M
Fetching…
Sources
Revenue
$652.90M
Net income
$1.20M
Diluted EPS
0.00
Operating cash flow
$132.40M
Free cash flow
$123.80M
Fetching…
Sources
Is it cheap or expensive?
Fair value $28.65 vs current price $23.43
Wall Street consensus is the average analyst price target: $30.36 (5.9% higher than our fair-value estimate).
Our most-likely fair value is $28.65 a share — about 22.3% above today's price of $23.43, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Watch
Net debt $462.4M. Interest coverage 6.4x.
Net debt
$462.40M
Interest coverage
6.44x
Envista Holdings Corporation's profit covers its interest bill about 6.4 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Watch
Worse cushion
Baseline
Better cushion
NVST
BASELINE
Envista Holdings Corporation
Total debt $1.59B Interest coverage 6.44x This is the baseline the peer rows are being compared against.
Total debt $2.33B Interest coverage 2.86x -56% vs NVST Carries about 2.2x less debt cushion than NVST.
Total debt $120.84M Interest coverage 36.48x +466% vs NVST Carries about 5.7x more debt cushion than NVST.
Total debt $578.07M Interest coverage 36.00x +459% vs NVST Carries about 5.6x more debt cushion than NVST.
Total debt $3.81B Interest coverage 5.05x -22% vs NVST Carries about 1.3x less debt cushion than NVST.
Total debt $2.05B Interest coverage 0.21x -97% vs NVST Carries about 30.9x less debt cushion than NVST.
What you should know
The case for and against NVST
3 Rewards
2 Risks
Rewards
-
Revenue grew 5.0% last year.
-
Returns 3.1% on equity, ahead of 33% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Operating margin compressed from 13.4% to 10.4% over 3 years.
-
Insider ownership is only 0.6% (peer median: 0.8%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
40.40x
Forward P/E
14.06x
P/B
1.22x
P/S
1.32x
EV/EBITDA
10.37x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
55.4%
Operating margin
10.4%
Net margin
3.3%
ROE
3.1%
ROA
3.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.52x
Current ratio
2.42x
Quick ratio
1.94x
Total debt
$1.59B
Total cash
$1.13B
Growth
How the business has been compounding
Revenue TTM
$2.86B
Revenue 5Y CAGR
2.0%
EPS TTM
0.58
EPS 5Y CAGR
-41.1%
Cash flow
How much cash the business throws off
Operating CF TTM
$302.60M
Free CF TTM
$230.40M
FCF margin
8.1%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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