NVST
Envista Holdings Corp
Next earnings Jul 29, 2026 (after close) · consensus $0.34 EPS, $729M rev
Last earnings +3.4% on 2026-05-06
$27.63
▲ +2.26%$27.63▲ +40.47%
over 1Y
L $18.89H $30.26
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+2.3%
1W+3.7%
1M+20.4%
3M+7.1%
YTD+27.4%
1Y+40.5%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 21 analysts
Buy
Dental recovery is real but valuation already prices it — 93x earnings on 1.7% net margins leaves no margin for error.
Revenue $2.72B · FY2025
The read
Middling fundamentals and a rich price (~64% above fair value) leave little margin of safety — a wait-and-see.
Envista is mid-turnaround. FY2025 revenue grew 8.3% to $2.72B after three flat years, operating income more than doubled to $216M, and net income swung to a $47M profit from a -$1.12B loss in FY2024 (which carried heavy goodwill impairments — the 10-K notes the 2025 annual test concluded fair value exceeded carrying value, so that risk has at least temporarily abated). The balance sheet is workable: $1.21B cash against $1.45B long-term debt, current ratio of 2.4x ($2.03B / $853M), and zero current debt. Management is buying back stock (shares -4.8% YoY) and stepping up R&D (+15%). The auditor issued an unqualified opinion and ICFR was effective at 12/31/2025.
But the numbers do not justify the price. At $26.04 the stock trades at 93x FY2025 diluted EPS of $0.28, 1.6x sales, and ~20x operating income. Net margin is 1.7% and ROE is 1.5% — these are recovery-trough multiples masquerading as growth multiples. Operating cash flow actually fell 18.1% to $276M while capex jumped 34%, so free cash conversion deteriorated even as reported earnings recovered. Retained earnings remain at -$440M, a scar from the FY2023-2024 losses and impairment cycle.
Is NVST a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~60d expiry
- Long 100 shares @ ~27.63
- Short call 29 @ ~0.80 est
debit $2,683max +$217max −$2,682BE 26.83
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $2.51B | $2.57B | $2.57B | $2.51B | $2.72B |
| Gross profit | $1.43B | $1.47B | $1.44B | $1.37B | $1.49B |
| Operating income | $306M | $319M | $31.5M | -$1.04B | $216M |
| Net income | $341M | $243M | -$100M | -$1.12B | $47.0M |
| Diluted EPS | $1.92 | $1.37 | -$0.60 | -$6.50 | $0.28 |
| Net margin | 13.6% | 9.5% | -3.9% | -44.6% | 1.7% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$4.73B
EV / EBITDA14.3
EV / Sales1.7
EV / FCF20.5
P / FCF19.5
PEG (trailing)0.95
Earnings yield1.0%
FCF yield5.1%
Quality & risk
ROIC (est.)3.7%
Free cash flow$230M
Total debt$1.45B
Net cash-$237M
Piotroski F-Score7/9
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY-4.8%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Officer / director change2026-06-03
Officer/director change disclosed; leadership transition with no immediate financial impact
- 8-K Shareholder vote2026-05-21
Annual meeting vote results filed; routine governance disclosure
- 8-K Earnings results2026-05-06
Q1 2026 10-Q confirms ongoing operating-margin rebuild after FY24 goodwill write-down
- 10-Q Quarterly report2026-05-06
Q1 2026 10-Q confirms ongoing operating-margin rebuild after FY24 goodwill write-down
- DEF 14A Proxy statement2026-04-07
- 10-K Annual report2026-02-12
FY25 10-K: op income $216M (+121%), no impairment, clean ICFR; turnaround validated
- 8-K Earnings results2026-02-05
Q4/FY25 earnings: revenue +8% to $2.72B, return to GAAP profit after 2024 loss
- 10-Q Quarterly report2025-10-30
Q3 2025 10-Q showed sequential improvement vs prior-year impairment-hit quarter
- 8-K Earnings results2025-10-29
Reg FD supplemental disclosure accompanying Q3 print; investor materials
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-05-282026-06-03open ↗SDFiling2026-05-28open ↗4Period ending 2026-05-252026-05-27open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗8-KPeriod ending 2026-05-192026-05-21open ↗SCHEDULE 13G/AFiling2026-05-11open ↗
Frequently asked
- Is Envista Holdings Corp (NVST) a buy?
- NVST currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Dental recovery is real but valuation already prices it — 93x earnings on 1.7% net margins leaves no margin for error.
- What is NVST's fair value?
- A Modified-Graham model based on NVST's SEC fundamentals estimates a fair value of about $9.94. It is an estimate from reported earnings, not a price target.
- Is NVST overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, NVST currently appears overvalued relative to its SEC-grounded earnings power.
- What is Envista Holdings Corp's quality score?
- NVST scores 66.49321148476616/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001757073, latest 10-Q filed 2026-05-06) · EODHD · Proprietary analysis · as of 6/25/2026, 12:55:52 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 8:55 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.