Envista Holdings (NVST)
NYSE:NVST
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Envista Holdings
(NYSE:NVST)
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Rating:62Neutral
Price Target:
$25.00
▼(-10.20% Downside)
Action:Reiterated
Date:05/22/26
The score is driven primarily by improving fundamentals and solid cash generation, reinforced by a constructive earnings call with reaffirmed guidance and margin/EPS progress. These positives are tempered by weak technical momentum and a valuation that is not clearly cheap given still-thin profitability and historically volatile earnings.
Positive Factors
Gross margin strength
Sustained ~55% gross margins and recent +100bps expansion reflect durable product mix advantages (high‑margin consumables, implants, imaging). That margin base provides structural operating leverage, supports reinvestment and resilience to modest cost headwinds over months.
Negative Factors
Thin net margins & earnings volatility
Despite margin expansion at the gross level, net margins remain very thin and historical earnings swung to losses recently. Thin bottom‑line buffers and volatile profitability constrain reinvestment capacity and increase execution risk if top‑line or cost trends reverse over the next few quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Gross margin strength
Sustained ~55% gross margins and recent +100bps expansion reflect durable product mix advantages (high‑margin consumables, implants, imaging). That margin base provides structural operating leverage, supports reinvestment and resilience to modest cost headwinds over months.
Read all positive factors
Envista Holdings (NVST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.83B
Dividend YieldN/A
Average Volume (3M)3.65M
Price to Earnings (P/E)57.0
Beta (1Y)1.01
Revenue Growth12.15%
EPS GrowthN/A
CountryUS
Employees12,300
SectorHealthcare
Sector Strength45
IndustryMedical - Equipment & Services
Share Statistics
EPS (TTM)0.42
Shares Outstanding162,727,920
10 Day Avg. Volume4,288,807
30 Day Avg. Volume3,654,481
Financial Highlights & Ratios
PEG Ratio-0.74
Price to Book (P/B)1.17
Price to Sales (P/S)1.34
P/FCF Ratio15.83
Enterprise Value/Market Cap1.13
Enterprise Value/Revenue1.55
Enterprise Value/Gross Profit2.80
Enterprise Value/Ebitda12.69
Forecast
1Y Price Target
$29.40Price Target Upside5.60% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)1.43
Revenue Forecast (FY)$2.86B
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 product...
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) Capi...
Envista Holdings Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed broad-based operational and commercial progress: healthy top-line growth (9.5% core, ~4% normalized), margin expansion (gross margin +100 bps, EBITDA margin +120 bps), strong EPS improvement (+50%), meaningful new-product momentum, accretive tuck-in M&A, and continued capital returns (incremental $300M buyback). Key near-term headwinds include China implant destocking ahead of VBP, elevated tariff costs (~$11M), Q1 negative FCF due to CapEx, and geopolitical-driven inflation/freight risks — all of which management has identified and presented mitigation plans for. Overall, the positives on growth, margins, product launches and capital allocation materially outweigh the manageable near-term challenges.Positive Updates
Revenue and Core Growth
Total sales of $706 million in Q1 FY2026; reported core sales growth of 9.5% year-over-year, with normalized core growth of ~4% after adjusting for 4 extra billing days ($28M, ~4.5% impact) and Spark deferral benefits.
Negative Updates
China Implants Weakness and VBP Headwinds
Implants declined strongly double-digits in China as channel partners reduced inventories ahead of an expected VBP (volume-based procurement) process; overall implants core growth was low single digits with developed markets growing mid- to high-single digits — VBP timing and channel destocking present short-term revenue pressure.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Core Growth
Total sales of $706 million in Q1 FY2026; reported core sales growth of 9.5% year-over-year, with normalized core growth of ~4% after adjusting for 4 extra billing days ($28M, ~4.5% impact) and Spark deferral benefits.
Read all positive updates
Company Guidance
Envista reaffirmed its full‑year 2026 guidance: 2%–4% core revenue growth, 7%–13% adjusted EBITDA growth, EPS of $1.35–$1.45 and approximately 100% free cash flow conversion, with a 2026 non‑GAAP tax rate expected around 28%. In Q1 the company reported $706 million of sales, core sales up 9.5% (normalized core growth ~4% after removing the benefit of four extra billing days, ~$28M or ~4.5%, and a ~$9M Spark deferral tailwind), FX contributed ~400 bps (~$26M), volume drove over 7 percentage points and price the remaining ~2+ points; adjusted gross margin was 55.8% (+100 bps), adjusted EBITDA margin 14% (+120 bps) as adjusted EBITDA rose 25% year‑over‑year, and adjusted EPS was $0.36 (+$0.12, +50% y/y). Q1 free cash flow was negative $16M (driven by higher CapEx for China and Finland facilities), net debt/adjusted EBITDA remained under 1x, year‑to‑date tariffs added ~$11M of cost, the Board authorized an incremental $300M share‑repurchase program (1.6M shares repurchased in Q1; $41M remaining capacity at quarter end), and management expects a similar but opposite calendar‑day impact (four fewer billing days) in Q4 2026.Envista Holdings Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
63
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.81B | 2.72B | 2.51B | 2.57B | 2.57B | 2.51B |
| Gross Profit | 1.55B | 1.50B | 1.39B | 1.45B | 1.49B | 1.46B |
| EBITDA | 342.00M | 341.70M | 279.50M | 463.00M | 497.70M | 496.00M |
| Net Income | 67.70M | 47.00M | -1.12B | -100.20M | 243.10M | 340.50M |
Balance Sheet | ||||||
| Total Assets | 5.58B | 5.68B | 5.35B | 6.61B | 6.59B | 6.57B |
| Cash, Cash Equivalents and Short-Term Investments | 1.08B | 1.21B | 1.07B | 940.00M | 606.90M | 1.07B |
| Total Debt | 1.59B | 1.71B | 1.55B | 1.65B | 1.53B | 1.48B |
| Total Liabilities | 2.50B | 2.57B | 2.42B | 2.43B | 2.38B | 2.52B |
| Stockholders Equity | 3.08B | 3.11B | 2.93B | 4.17B | 4.21B | 4.06B |
Cash Flow | ||||||
| Free Cash Flow | 220.20M | 230.40M | 302.70M | 217.50M | 107.00M | 306.90M |
| Operating Cash Flow | 272.10M | 275.70M | 336.50M | 275.70M | 182.70M | 361.60M |
| Investing Cash Flow | -111.20M | -51.10M | -54.60M | -62.40M | -657.30M | 262.70M |
| Financing Cash Flow | -198.90M | -170.90M | -103.70M | 118.90M | 12.50M | -465.60M |
Envista Holdings Technical Analysis
Negative
27.84
Price Trends
25.45
Negative
25.82
Negative
23.25
Positive
Market Momentum
-0.70
Negative
39.25
Neutral
62.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NVST, the sentiment is Negative. The current price of 27.84 is above the 20-day moving average (MA) of 24.22, above the 50-day MA of 25.45, and above the 200-day MA of 23.25, indicating a neutral trend. The MACD of -0.70 indicates Negative momentum. The RSI at 39.25 is Neutral, neither overbought nor oversold. The STOCH value of 62.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NVST.
Envista Holdings Risk Analysis
Envista Holdings disclosed 48 risk factors in its most recent earnings report. Envista Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Envista Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $2.10B | -36.50 | -17.08% | ― | 48.75% | -118.24% | |
62 Neutral | $3.83B | 57.01 | 2.18% | ― | 12.15% | ― | |
59 Neutral | $1.88B | -12.99 | -14.86% | ― | 242.66% | 15.53% | |
56 Neutral | $5.58B | -25.38 | -3.41% | ― | 7.85% | 39.85% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $2.10B | ― | -41.21% | 5.61% | -1.02% | 30.67% | |
47 Neutral | $2.66B | ― | -36.95% | ― | ― | -68.57% |
* Healthcare Sector Average
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Envista Holdings
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Envista Holdings Corporate Events
Executive/Board ChangesShareholder Meetings
Envista Shareholders Back Board, Pay Practices, and Auditor
Positive
May 21, 2026
Envista Holdings Corporation reported the results of its 2026 Annual Meeting of Stockholders held on May 19, 2026, where shareholders elected eight directors, including Wendy Carruthers, Kieran Gallahue, and Paul Keel, to one-year terms expiring a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.