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Envista Holdings Corporation
$4.3B
Market Cap
77.5
P/E
0.68
PEG
1.9%
ROCE
1.6%
ROE
0.51
D/E
9.0%
OPM
-15.6%
% from 52W High
66
α RS
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Currency-adjusted total returns for NVST including FX impact
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📈 Price History
Ratio Health
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About

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.

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📈 Growth Pattern
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⭐ Superinvestors Holding NVST
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 1.21M $30.7M 0.05% Mar 2026
Steve Cohen Point72 Asset Management 17.25M $17.1M 0.02% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Envista posts 9.5% core growth, 25% EBITDA growth in Q1 2026
Revenue & Profitability
Q1 2026 revenue was $706 million, up 9.5% core. Adjusted EBITDA increased 25% to a margin of 14%. Adjusted EPS grew 50% to $0.36. Free cash flow was negative $16 million. The company reaffirmed full-year 2026 guidance: core growth of 2%-4%, adjusted EBITDA growth of 7%-13%, and EPS of $1.35-$1.45.
Outlook
Management noted the dental market's characteristic resilience despite macro volatility, with minimal impact from the Middle East conflict on global dental demand. They remain confident in continued performance while acknowledging uncertainty from geopolitical shifts. The company reaffirmed its full-year guidance.
Growth Drivers
Growth drivers include new product launches (Nobel S series implants, Spark in Japan, DTX Studio Clinic with enhanced AI), double-digit growth in orthodontics, consumables, and diagnostics, and strong performance in developed markets (North America and Europe both up double digits). Price contributed over 2% and volume over 7% to core growth. The company also announced an incremental $300 million share repurchase authorization.
Balance Sheet & CapEx
CapEx increased in Q1 due to investments in new manufacturing facilities in China and Finland to support growth. The company expects free cash conversion of approximately 100% of adjusted net income for full-year 2026. Specific CapEx dollar amounts were not disclosed.
Margins
Adjusted gross margin expanded 100 basis points to 55.8%, driven by volume, price, productivity, and FX. Adjusted EBITDA margin improved 120 basis points to 14% due to gross margin gains and G&A productivity, partially offset by increased investment in sales, marketing, and R&D. Tariff costs of $11 million were offset by supply chain, G&A, and pricing actions.
Key Risks
Risks include macro uncertainty, geopolitical volatility (Middle East conflict), tariff impacts ($11 million in Q1), and VBP processes in China for implants and orthodontics (expected Q2/Q3 2026). The company also noted the impact of four additional billing days in Q1 and expects a negative impact from four fewer days in Q4 2026.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-05
Q2 2026 saw 5% core growth, 28% adjusted EBITDA growth, and 58% EPS growth, with strong performance across all segments and geographies. Guidance for 2026 was raised, reflecting continued momentum, robust cash flow, and ongoing innovation.
Q1 2026 Q1 2026 2026-05-06
Q1 2026 saw double-digit sales, adjusted EBITDA, and EPS growth, driven by broad-based segment and geographic performance. Operational improvements and continued investment in innovation supported margin expansion, while the board authorized a $300 million share repurchase and reaffirmed 2026 guidance.
Q4 2025 Q4 2025 2026-02-05
Q4 and full-year 2025 saw double-digit EBITDA and EPS growth, broad-based gains across all segments, and strong cash flow conversion. 2026 guidance targets continued core growth, margin expansion, and robust free cash flow, with tariff and China market risks noted.
Q3 2025 Q3 2025 2025-10-30
Q3 2025 saw strong revenue and earnings growth, with core growth at 9% (5% excluding Spark deferral), adjusted EBITDA margin up 540 bps to 14.5%, and adjusted EPS more than doubling year-over-year. Full-year guidance was raised, and Spark aligners reached profitability.
Q2 2025 Q2 2025 2025-07-31
Q2 2025 saw strong revenue and EPS growth, margin expansion, and broad-based gains across all segments and geographies. Full-year guidance was raised for both core revenue and EPS, with stable dental market conditions and effective tariff mitigation.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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