Envista Holdings (NVST) AI Stock Analysis

• Market Cap: $4.10B
• Dividend Yield: N/A
• Average Volume (3M): 3.31M
• Price to Earnings (P/E): 77.6
• Beta (1Y): 1.01
• Revenue Growth: 4.73%
• EPS Growth: N/A
• Country: US
• Employees: 12,300
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Equipment & Services
• EPS (TTM): 0.38
• Shares Outstanding: 163,875,400
• 10 Day Avg. Volume: 2,503,484
• 30 Day Avg. Volume: 3,310,834
• PEG Ratio: -0.74
• Price to Book (P/B): 1.17
• Price to Sales (P/S): 1.34
• P/FCF Ratio: 15.83
• Enterprise Value/Market Cap: 1.12
• Enterprise Value/Revenue: 1.70
• Enterprise Value/Gross Profit: 3.09
• Enterprise Value/Ebitda: 13.02
• 1Y Price Target: $28.50
• Price Target Upside: 13.91% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): 1.41
• Revenue Forecast (FY): $2.84B

• Rating: 61 Neutral
• Price Target: $26.00 ▲(3.92% Upside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

NVST scores as mid-range: financial stability and solid cash generation are offset by uneven profitability, while technical momentum is strong but looks overbought. The latest guidance supports ongoing operational improvement, but valuation remains the largest headwind given the very high P/E and no indicated dividend yield.

Positive Factors

Strong free cash flow generation

Consistently positive free cash flow and a 114% conversion rate provide durable internal funding for R&D, capex, and shareholder returns. With net debt/adjusted EBITDA near 0.6x, the balance sheet has flexibility to support investment and buybacks without relying on volatile external financing.

Robust product innovation pipeline

A material revenue contribution from recent product launches and increased customer training indicate sustainable commercial momentum. Steady new-product revenue supports long-term revenue diversification, recurring consumables attachment, and higher customer retention across implants, ortho and diagnostics.

Manageable leverage and balance-sheet support

Moderate debt ratios and sizable equity provide financial resilience through cycles and reduce refinancing risk. This capital structure supports continued investment in growth initiatives and allows the company to pursue shareholder returns while retaining the capacity to absorb operating volatility.

Negative Factors

Volatile profitability and earnings quality

Large swings from loss to low-margin profit signal inconsistent earnings power and weaken predictability of future returns. Volatility undermines ROE and makes margin expansion harder to rely on, complicating capital allocation and investor confidence over the medium term.

Persistent tariff-related cost pressure

Ongoing tariff headwinds of tens of millions annually can erode gross margins unless fully offset by price, mix, or cost reductions. Recurring tariff exposure increases structural cost risk and may necessitate repeated price increases that could pressure demand and margin sustainability.

China VBP timing creates demand volatility

Exposure to China procurement timing (VBP) introduces structural quarter-to-quarter order volatility in implants and ortho. Even at ~7% of sales, unpredictable policy timing hampers revenue visibility and makes execution and inventory planning more difficult across the midterm horizon.

Envista Holdings Business Overview & Revenue Model

Company Description

Envista Holdings Corp. manufactures and markets dental products for diagnosing, treating and preventing dental conditions. The company is headquartered in Brea, California and currently employs 12,800 full-time employees. The firm provides products that are used to diagnose, treat and prevent disease and ailments of the teeth, gums and supporting bone. The firm operates through two segments: Specialty Products & Technologies, and Equipment & Consumables. Its Specialty Products & Technologies segment develops, manufactures and markets dental implant systems, dental prosthetics and associated treatment software and technologies, as well as orthodontic bracket systems, aligners and lab products. Its Equipment & Consumables segment develops, manufactures and markets dental equipment and supplies used in dental offices, including digital imaging systems, software and other visualization/magnification systems; treatment units and other dental practice equipment; endodontic systems and related consumables; restorative materials and instruments, rotary burs, impression materials, bonding agents and cements and infection prevention products.

How the Company Makes Money

Envista makes money primarily by selling dental products and related solutions to dental practices, orthodontic practices, and dental labs. Its revenue model is largely product-based and spans multiple recurring and non-recurring streams: (1) Capital equipment sales: Envista generates revenue from one-time sales of higher-ticket equipment such as dental imaging/diagnostics systems and other practice technologies. These sales can be influenced by dental office capital spending cycles. (2) Consumables and specialty products: A significant portion of revenue comes from ongoing sales of dental consumables and clinical products used repeatedly in patient care (for example, items used in implant procedures and orthodontic treatments). These tend to be more recurring because they are replenished as procedures are performed. (3) Implants: Envista earns revenue from the sale of dental implant systems and associated components used in restorative dentistry; this can include both the implant hardware and complementary items required for implantation and restoration workflows. (4) Orthodontics: Envista generates revenue from orthodontic products used to treat malocclusion, which may include systems sold to orthodontists and general dentists providing orthodontic care. (5) Aftermarket, parts, service, and support (if applicable): For equipment installed in practices, Envista may also earn revenue from associated service, maintenance, software/updates, parts, training, and support offerings; specific contribution levels are null. Sales are executed through a combination of direct sales forces and third-party distributors, with revenue recognized from product shipments and, where relevant, services provided. Specific named partnerships and their revenue contribution are null.

Envista Holdings Financial Statement Overview

Summary

Revenue and gross margins are steady, leverage is manageable, and operating/free cash flow remains positive. However, earnings have been volatile (notably the 2024 loss) and profitability/ROE are still recovering, which limits confidence in consistent earnings power.

Income Statement

Revenue has been broadly stable to modestly growing, with 2025 revenue up ~3.7% versus 2024. Gross margins remain solid and consistent (~55% range), indicating decent pricing power/product mix. However, profitability has been volatile: 2024 swung to a very large net loss, followed by a return to a small profit in 2025 (net margin ~1.7%), still well below 2021–2022 levels. Overall, the top line looks steady, but earnings quality and consistency are the key weakness.

Balance Sheet

Leverage appears manageable, with debt-to-equity generally in the ~0.36–0.53 range across the period and 2025 at ~0.51. Equity remains sizable relative to total assets, providing balance-sheet support. The main concern is uneven shareholder returns driven by the earnings swings (ROE was sharply negative in 2024 and low positive in 2025), which reduces confidence in the underlying earnings power despite acceptable leverage.

Cash Flow

Cash generation is a relative bright spot: the company has produced positive operating cash flow and free cash flow each year shown, including 2025 free cash flow of ~$230M. Free cash flow has been volatile (down ~12% in 2025 after improving in 2024), but cash flow has generally tracked reported earnings reasonably well, and the business has continued to self-fund with ongoing free cash flow. The key weakness is the lack of a steady upward trajectory in free cash flow.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.72B	2.51B	2.57B	2.57B	2.51B
Gross Profit	1.50B	1.39B	1.45B	1.49B	1.46B
EBITDA	341.70M	279.50M	463.00M	497.70M	496.00M
Net Income	47.00M	-1.12B	-100.20M	243.10M	340.50M
Balance Sheet
Total Assets	5.68B	5.35B	6.61B	6.59B	6.57B
Cash, Cash Equivalents and Short-Term Investments	1.21B	1.07B	940.00M	606.90M	1.07B
Total Debt	1.71B	1.55B	1.65B	1.53B	1.48B
Total Liabilities	2.57B	2.42B	2.43B	2.38B	2.52B
Stockholders Equity	3.11B	2.93B	4.17B	4.21B	4.06B
Cash Flow
Free Cash Flow	230.40M	302.70M	217.50M	107.00M	306.90M
Operating Cash Flow	275.70M	336.50M	275.70M	182.70M	361.60M
Investing Cash Flow	-51.10M	-54.60M	-62.40M	-657.30M	262.70M
Financing Cash Flow	-170.90M	-103.70M	118.90M	12.50M	-465.60M

Envista Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 25.02
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NVST, the sentiment is Neutral. The current price of 25.02 is below the 20-day moving average (MA) of 27.83, below the 50-day MA of 26.05, and above the 200-day MA of 21.73, indicating a neutral trend. The MACD of -0.31 indicates Positive momentum. The RSI at 37.54 is Neutral, neither overbought nor oversold. The STOCH value of 9.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NVST.

Envista Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NVST	61 Neutral	$4.10B	77.60	1.52%	―	4.73%	―
BLCO	60 Neutral	$5.84B	-16.79	-4.69%	―	6.23%	17.53%
XRAY	52 Neutral	$2.34B	-3.81	-35.24%	5.61%	-7.08%	-113.81%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CLOV	50 Neutral	$1.03B	-14.21	-25.73%	―	15.23%	38.79%
ABCL	49 Neutral	$1.08B	-6.98	-14.16%	―	7.16%	3.95%
IRON	43 Neutral	$2.29B	―	-32.80%	―	―	-34.96%