olivLaw · US equity research
Envista Holdings Corporation NVST
Dental Equipment & Supplies · SIC 3843 · Vertical: Instruments, medical and optical goods (SIC 384x)
Envista is a global dental products company with more than 30 brands spanning implants, orthodontics, digital imaging and consumables. The company reported sales of 2.7 billion USD in 2025 and raised its 2026 guidance after a solid second quarter, making it relevant for those tracking the global dental market.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 06 Nov 2026, Envista Holdings Corporation (NVST) stock was 25.17 USD (+0.84% on the day), with market capitalisation 4.0 bn USD, P/E 6.5 on diluted EPS of 3.87 USD over the last 12 months, beta 1.30, 52-week range 18.95–30.26 USD. Latest reported quarter (Q3 2026): revenue of 691.5 m USD (+3.2% YoY), net income of 508.3 m USD, diluted EPS 3.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.4
- strong (55–70)
- Bollinger (20, 2)
- 21.65 – 26.05
- in the upper half of the band · %B 0.80 · band width 18.4%
- SMA 50 / 200
- 24.39 / 25.76
- mixed trend
- MACD (12, 26, 9)
- 0.36 / 0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.2% | −5.4% | +14.7 pp | — |
| 3 months | −10.6% | −4.9% | −5.7 pp | — |
| 6 months | +3.8% | −0.3% | +4.1 pp | — |
| Year to date | +15.9% | +7.8% | +8.2 pp | — |
| 1 year | +29.2% | +9.8% | +19.4 pp | −22.0% |
| 3 years | +17.3% | +68.5% | −51.2 pp | −20.0% |
| 5 years | −41.9% | +57.0% | −99.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 02 Oct 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 652.9 m | 616.9 m | 682.1 m | 669.9 m | 750.6 m | 705.5 m | 730.5 m | 691.5 m |
| Cost of revenue | 280.4 m | 280.9 m | 312.2 m | 299.7 m | 340.0 m | 315.4 m | 323.5 m | 290.9 m |
| Gross profit | 372.5 m | 336.0 m | 369.9 m | 370.2 m | 410.6 m | 390.1 m | 407.0 m | 400.6 m |
| Research & development | 26.7 m | 25.3 m | 28.3 m | 28.3 m | 32.1 m | 30.0 m | 30.4 m | 29.3 m |
| SG&A | 299.7 m | 271.7 m | 295.3 m | 284.4 m | 305.2 m | 297.6 m | 296.3 m | 284.2 m |
| Operating income | 46.1 m | 39.0 m | 46.3 m | 57.5 m | 73.3 m | 62.5 m | 80.3 m | 515.2 m |
| Depreciation & amortisation | 27.8 m | 27.9 m | 29.8 m | 29.2 m | 29.1 m | 29.2 m | 27.8 m | 25.4 m |
| Pre-tax income | 36.5 m | 29.0 m | 40.7 m | 49.9 m | 57.6 m | 52.2 m | 74.4 m | 500.2 m |
| Income tax | 35.3 m | 11.0 m | 14.3 m | 80.2 m | 24.7 m | 13.5 m | 20.7 m | -8.1 m |
| Net income | 1.2 m | 18.0 m | 26.4 m | -30.3 m | 32.9 m | 38.7 m | 53.7 m | 508.3 m |
| Diluted EPS | 0.01 ≈ | 0.10 | 0.16 | -0.18 | 0.20 ≈ | 0.23 | 0.33 | 3.11 |
| Operating cash flow | 132.4 m | 300.0 k | 88.7 m ≈ | 78.7 m ≈ | 108.0 m | -3.3 m | 119.2 m ≈ | 77.9 m ≈ |
| Capex | 8.6 m | 5.9 m | 12.3 m ≈ | 10.8 m ≈ | 16.3 m | 12.5 m | 14.9 m ≈ | 16.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 4 percentile of its own 23-quarter history (min 6.1, median 27.6, max 614.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 2.3 bn | 1.9 bn | 2.5 bn | 2.6 bn | 2.6 bn | 2.5 bn | 2.7 bn |
| Revenue YoY | +1.2% | −19.7% | −15.6% | +30.1% | +2.4% | −0.1% | −2.2% | +8.3% |
| Net income | 230.7 m | 217.6 m | 33.3 m | 340.5 m | 243.1 m | -100.2 m | -1.1 bn | 47.0 m |
| Net income YoY | −23.4% | −5.7% | −84.7% | +922.5% | −28.6% | −141.2% | unavailable | unavailable |
| Diluted EPS | 1.80 | 1.60 | 0.20 | 1.92 | 1.37 | -0.60 | -6.50 | 0.28 |
| Diluted EPS YoY | −23.4% | −11.1% | −87.5% | +860.0% | −28.6% | −143.8% | unavailable | unavailable |
| net % | 8.1% | 9.5% | 1.7% | 13.6% | 9.5% | -3.9% | -44.6% | 1.7% |
| Free cash flow | 327.9 m | 319.7 m | 236.2 m | 306.9 m | 107.0 m | 217.5 m | 302.7 m | 230.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.2 bn USD
- Financial debt
- 1.4 bn USD
- Net debt
- 236.6 m USD
- Equity
- 3.1 bn USD
- Total assets
- 5.7 bn USD
- Debt / equity
- 0.47x
- Current ratio
- 2.38x
- ROE
- 1.6%
- ROA
- 0.9%
- FCF margin
- 8.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 2.5 bn | 2.6 bn | 2.6 bn | 2.5 bn | 2.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 874.3 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 1.1 bn | 1.4 bn | 1.5 bn | 1.4 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 12 Feb 2026verified |
| Research & development | 86.7 m | 100.5 m | 100.1 m | 93.8 m | 99.1 m | 114.0 m | SEC (XBRL)· 12 Feb 2026verified |
| SG&A | 924.6 m | 1.0 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | 43.5 m | 306.2 m | 319.2 m | 31.5 m | -1.0 bn | 216.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 121.7 m | 117.8 m | 137.8 m | 135.6 m | 123.1 m | 116.0 m | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | 165.2 m ≈ | 424.0 m ≈ | 457.0 m ≈ | 167.1 m ≈ | -915.1 m ≈ | 332.1 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Interest expense | 62.5 m | 54.1 m | 38.4 m | 63.4 m | — | — | SEC (XBRL)· 15 Feb 2024verified |
| Pre-tax income | -20.0 m | 254.5 m | 283.9 m | -54.9 m | -1.1 bn | 177.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | -62.5 m | -9.0 m | 45.9 m | 45.3 m | 33.9 m | 130.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 33.3 m | 340.5 m | 243.1 m | -100.2 m | -1.1 bn | 47.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 0.20 | 1.92 | 1.37 | -0.60 | -6.50 | 0.28 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 164.1 m | 177.6 m | 177.6 m | 166.9 m | 172.2 m | 169.2 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 888.9 m | 1.1 bn | 606.9 m | 940.0 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Receivables | 301.7 m | 331.9 m | 393.5 m | 407.5 m | 363.0 m | 429.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Inventories | 216.0 m | 263.8 m | 300.8 m | 258.8 m | 241.0 m | 288.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 1.6 bn | 1.8 bn | 1.4 bn | 1.7 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 274.6 m | 264.1 m | 293.6 m | 309.6 m | 277.0 m | 296.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 3.2 bn | 3.1 bn | 3.5 bn | 3.3 bn | 2.3 bn | 2.4 bn | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.2 bn | 1.0 bn | 1.1 bn | 954.0 m | 649.9 m | 627.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 6.9 bn | 6.6 bn | 6.6 bn | 6.6 bn | 5.4 bn | 5.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Short-term debt | 886.8 m | 432.4 m | 510.0 m | 115.3 m | 116.0 m | 0 | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | 907.7 m | 883.4 m | 870.7 m | 1.4 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 1.7 bn | 1.2 bn | 1.2 bn | 780.8 m | 878.7 m | 852.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 3.7 bn | 4.1 bn | 4.2 bn | 4.2 bn | 2.9 bn † | 3.1 bn † | SEC (XBRL)· 12 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 283.9 m | 361.6 m | 182.7 m | 275.7 m | 336.5 m | 275.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 47.7 m | 54.7 m | 75.7 m | 58.2 m | 33.8 m | 45.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | 236.2 m ≈ | 306.9 m ≈ | 107.0 m ≈ | 217.5 m ≈ | 302.7 m ≈ | 230.4 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -69.1 m | 262.7 m | -657.3 m | -62.4 m | -54.6 m | -51.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | 492.5 m | -465.6 m | 12.5 m | 118.9 m | -103.7 m | -170.9 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 4.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality68
- Growth8
- Balance sheet76
- Valuation93
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 69.63 – 119.35 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA69.63 – 81.11 (Mid 79.23)11 companies used · median multiple 15.4x · quartiles 13.6x – 15.8xBDX, BSX, MDT, MMM, MMSI, MSA, RMD, STE, SYK, XRAY, ZBH
- Peers: P/E81.35 – 119.35 (Mid 100.07)14 companies used · median multiple 25.9x · quartiles 21.0x – 30.9xBSX, CNMD, DXCM, GEHC, GMED, MDT, MMM, MMSI, MSA, RMD, STE, SYK, WST, ZBH
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 20.0% | 87 (vs peers) | 13% |
| Net margin · Quality | 22.0% | 94 (vs peers) | 8% |
| FCF conversion · Quality | 38.2% | 12 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 1.9% | 16 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | -41.1% | 0 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 0.3x | 67 (vs peers) | 13% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 6.5x | 100 (vs peers) | 13% |
| EV/EBITDA · Valuation | 5.1x | 100 (vs peers) | 13% |
| FCF yield · Valuation | 6.0% | 75 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet76/100 · 2/3 factors with a value
- Growth8/100 · 2/2 factors with a value
- Quality68/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation93/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ENVISTA HOLDINGS CORPORATION (NVST). Latest full fiscal year: 2025; data up to 2026-10-02.
Figures computed from the financial statements: revenue 2.7 bn USD in 2025; YoY growth 8.3%; net margin 22.0%; ROE 20.5%; net debt/EBITDA 0.3x.
The estimated value range is 75.49–100.23 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 89.65 USD, the price of 25.17 USD leaves a potential of 256.2% (value / price − 1) and a margin of safety of 71.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 20.0%
- Net margin: 22.0%
- Current ratio: 2.5x
- P/E (TTM): 6.5x
- EV/EBITDA: 5.1x
- FCF yield: 6.0%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 38.2%
- Revenue CAGR 3Y: 1.9%
- EPS CAGR 3Y: -41.1%
Not assessed (insufficient data or a ratio without meaning): Interest coverage, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Instruments, medical and optical goods (SIC 384x) · same industry group (3-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ISRGIntuitive Surgical, Inc. | 157.0 bn | 54.8 | 18.0% | 25.5% | +20.5% | −21% / +46% |
| MDTMedtronic plc | 130.2 bn | 25.0 | 10.7% | 13.9% | +8.4% | −3% / +28% |
| SYKStryker Corp | 124.1 bn | 34.7 | 16.0% | 13.8% | +11.2% | −12% / +10% |
| MMM3m Company | 95.7 bn | 27.6 | 80.8% | 14.0% | +1.5% | +8% / +124% |
| BSXBoston Scientific Corporation | 62.0 bn | 18.1 | 14.3% | 16.6% | +19.9% | −58% / −24% |
| EWEdwards Lifesciences Corporation | 58.7 bn | 57.8 | 9.7% | 15.3% | +11.5% | +18% / +51% |
| BDXBecton, Dickinson And Company | 57.7 bn | 64.0 | 3.8% | 4.0% | +8.2% | +39% / +14% |
| GEHCGe Healthcare Technologies Inc. | 37.2 bn | 17.4 | 19.9% | 10.0% | +4.8% | +3% / +20% |
| RMDResMed Inc. | 33.1 bn | 21.4 | 26.4% | 27.8% | +9.9% | −8% / +49% |
| DXCMDexcom, Inc. | 29.6 bn | 31.3 | 37.7% | 19.4% | +15.6% | +25% / −31% |
| WSTWest Pharmaceutical Services, Inc. | 27.9 bn | 44.9 | 21.2% | 18.8% | +6.3% | +44% / +14% |
| STESTERIS plc | 24.5 bn | 29.6 | 11.6% | 13.4% | +8.7% | −5% / +26% |
| ZBHZimmer Biomet Holdings, Inc. | 20.0 bn | 26.7 | 6.0% | 9.0% | +7.2% | +8% / −9% |
| GMEDGlobus Medical, Inc. | 9.5 bn | 17.5 | 12.1% | 17.8% | +16.7% | −22% / +58% |
| MSAMsa Safety Inc | 6.6 bn | 21.9 | 22.1% | 15.0% | +3.7% | +5% / −2% |
| MMSIMerit Medical Systems Inc | 5.2 bn | 32.8 | 9.8% | 9.9% | +11.8% | +1% / +22% |
| NVSTEnvista Holdings Corporation | 4.0 bn | 6.5 | 20.5% | 22.0% | +8.3% | +29% / +17% |
| IRTCiRhythm Holdings, Inc. | 3.0 bn | — | -25.8% | -4.5% | +26.2% | −52% / +6% |
| XRAYDENTSPLY SIRONA Inc. | 1.9 bn | — | -8.5% | -3.4% | −3.0% | −17% / −70% |
| NVCRNovoCure Limited | 1.6 bn | — | -35.2% | -16.8% | +8.3% | +4% / +8% |
| CNMDConmed Corporation | 1.5 bn | 20.9 | 7.1% | 5.4% | +5.2% | +19% / −52% |
| TNDMTandem Diabetes Care, Inc. | 1.2 bn | — | -36.7% | -4.6% | +7.9% | −20% / −16% |
| ATECAlphatec Holdings, Inc. | 1.2 bn | — | -1,888.0% | -10.3% | +25.0% | −67% / −37% |
| ZJYLJin Medical International Ltd. | 526.0 m | 336.0 | 4.1% | 5.8% | −12.0% | −33% / −86% |
| CLPTClearPoint Neuro, Inc. | 275.7 m | — | -167.5% | -79.4% | +17.8% | −41% / +49% |
1- and 3-year price returns: for NVST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 14.80 Total return -41% · Per year -41% | 26.21 Total return 4% · Per year 4% | 39.52 Total return 57% · Per year 57% |
| 3 years | 13.63 Total return -46% · Per year -18% | 27.22 Total return 8% · Per year 3% | 45.17 Total return 79% · Per year 22% |
| 5 years | 12.55 Total return -50% · Per year -13% | 28.27 Total return 12% · Per year 2% | 51.63 Total return 105% · Per year 15% |
- Exit P/E± 6.80
- Net margin± 4.76
- Annual revenue growth± 4.01
- Annual dilution± 0.40
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Envista is a global dental products company with more than 30 brands spanning implants, orthodontics, digital imaging and consumables. The company reported sales of 2.7 billion USD in 2025 and raised its 2026 guidance after a solid second quarter, making it relevant for those tracking the global dental market 13.
SWOT
Strengths
- Broad portfolio of recognized brands with leading positions in implants, orthodontics and digital imaging 1.
- A high share of recurring revenue from consumables and services provides a relatively stable sales base 1.
- The Envista Business System contributed to margin expansion in the second quarter of 2026 3.
Weaknesses
- Financial debt is significant, and its cost could limit flexibility if sales slow for a sustained period 1.
- Exposure to emerging markets and China brings currency, political and regulatory risks that can affect results 1.
- Reliance on a limited number of distributors for a significant part of sales creates operational vulnerability 1.
Opportunities
Threats
Risks
- Macroeconomic and trade riskshigh
Global economic conditions, inflation and tariffs could reduce demand and raise production and delivery costs 1.
- International exposurehigh
Operations in emerging markets and China carry currency, political and regulatory risks that can affect financial results 1.
- Debt and refinancingmedium
Financial debt and possible cash obligations on convertible notes could put pressure on liquidity if cash flow declines 1.
- Cybersecurity and data privacymedium
A security incident or a breach of personal data laws could affect operations and reputation 1.
- Medical device regulationlow
Products are subject to FDA and other authorities, and changes may require new clearances or product recalls 1.
Investment thesis
What would need to be true (bull case)
- If second-quarter growth holds, the updated 2026 guidance could be achieved, with profitability gains supported by the company's operating system 3.
- If the implant and aligner segments keep their momentum, the company could benefit from long-term demand in the global dental market 1.
- A large share of consumables and services may offer stability even in a more difficult economic environment 1.
What would break the thesis
What to watch
- Delivery of the raised guidance for core sales growth and adjusted EBITDA growth2026
- Development of trade tariffs and their impact on costsQ3 2026
- Trend in adjusted EBITDA margin and free cash flowQ3 2026
- Progress of the share repurchase program and remaining capacitynext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Envista Holdings Corporation develops, manufactures and markets dental equipment and consumables, with more than 30 brands including Nobel Biocare, Ormco, DEXIS and Kerr 1. The company operates through two reporting segments and serves dental professionals in over 130 countries through its own commercial organization and distribution partners 1. About 85% of 2025 sales came from consumable products, services and spare parts, giving the business a recurring character 1.
The company was formed in 2018 as a subsidiary of Danaher Corporation and completed its initial public offering in 2019 1. Its priorities cover growth through innovation and clinical education, operational improvement through the Envista Business System, and investment in people 1.
Management describes a strategy of reinvesting in implants and orthodontics while pursuing emerging markets and acquisitions that extend the product offering 1.
Segments
Specialty Products & Technologies
This segment includes dental implant systems, regenerative solutions and orthodontic products including Spark clear aligners. It generated 64% of sales in 2025, with sales rising 8.4% year on year 1.
Equipment & Consumables
This segment covers dental imaging, intraoral scanners, endodontics, restorative materials and infection prevention, under brands such as Kerr and Metrex. It accounts for 36% of sales and relies mainly on channel partners 1.
Market context
The global dental market is supported by an aging population, under-penetration of dental procedures in emerging markets, digitalization of dental practices and the growth of dental service organizations 1. Sales in emerging markets reached about 586 million USD in 2025, showing the weight of these regions in the company's growth 1.
Trends
- Digitalization of dental practicestailwind
Adoption of digital technologies and connected equipment with the DTX software could raise efficiency and treatment volumes, which could support demand in imaging and implants 1.
- Trade policies and tariffsheadwind
US tariffs and retaliatory measures from other countries have raised costs, and the company said it could only partly offset these effects through supply chain adjustments and pricing 1.
- Price pressure in Chinaheadwind
Volume-based procurement in China has led to significant price cuts for dental consumables, which could weigh on margins if the pressure persists 1.
- Growth of clear alignersmixed
Wider adoption of clear aligners and digital orthodontic treatments expands the addressable orthodontic market, and the company believes Spark will provide growth opportunities 13.
Competitive position
The company states that it operates in a highly competitive environment, where large manufacturers with broad equipment and consumables portfolios can gain advantages over smaller peers 1. Competition is listed among its principal risks 1.
- Dentsply SironaXRAY
Major supplier of dental equipment and consumables with a comparable range in imaging and restoratives.
- Align TechnologyALGN
Leader in clear aligners that competes directly with the company's Spark system.
- Straumann
Global dental implant manufacturer active in the same implant solutions segment.
- Henry ScheinHSIC
Large dental products distributor, relevant to the sales channels through which the company reaches practices.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report27 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report17 Sept 2026Regulation FD disclosure
- Current report19 Aug 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report21 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report06 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Envista Holdings Corporation · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-03 · SEC / Envista Holdings Corporation · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Envista Holdings Corporation · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.