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Dental products company making implants, orthodontics (braces/clear aligners) and diagnostic equipment, spun off from Danaher.
Dental products company making implants, orthodontics (braces/clear aligners) and diagnostic equipment, spun off from Danaher.
Sells dentists implants and orthodontic products, plus equipment and consumables used on every patient, which bring repeat purchases. Many goods reach dental practices through distributors, backed by direct sales and clinician training. Listed in 2019 after being floated out of Danaher.
Moat: narrow (brand, installed base, switching costs). Established dental brands (Nobel Biocare, Ormco) with clinician training and workflow lock-in.
Headquarters: Brea, California · Founded: 2019 · Employees: 12,000
Size Envista (NVST) is a United States Health Care company (Medical Specialties) with a market value of $4.04B, the 1338th largest of 3,117 United States companies the cockpit tracks. Shares closed at $25.17 on 6 Nov 2026.
Performance Over six months the shares gained 3.8%, against +13.7% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 11.9% over the last twelve months (peer median +2.9%); the operating margin is 10.6% (peer median 12.6%).
Valuation It trades at 15.6× forward earnings against a peer median of 20.5× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.6 points below its cost of capital (8.4% WACC).
Backlog Backlog (remaining performance obligations) was $173M at 2 Oct 2026, up 9% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Credit Envista has 1 bond outstanding ($500M), rated Baa3 by the agencies.
Short interest Short interest is 6.1% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.86B | $2.72B | $2.51B | $2.57B | $2.57B |
| Revenue growth | — | +8% | -2% | 0% | — |
| Gross profit | $1.60B | $1.50B | $1.38B | $1.45B | $1.49B |
| EBITDA | $418M | $361M | $266M | $488M | $533M |
| Net income | $95.0M | $47.0M | -$1.12B | -$100M | $238M |
| Free cash flow | $248M | $230M | $303M | $218M | $107M |
| Capital expenditure | $54.5M | $45.3M | $33.8M | $58.2M | $75.7M |
| Total debt | $1.59B | $1.60B | $1.55B | $1.65B | $1.53B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Envista NVST | $4.04B | +4% | +12% | 11% | 15.6× | 6.8% |
| Align Technology ALGN | $11.8B | -2% | +4% | 19% | 13.9× | 11.4% |
| DENTSPLY SIRONA XRAY | $1.89B | -14% | -1% | 5% | 7.3× | 10.2% |
| Straumann STMN.SW | $20.4B | +25% | +2% | 21% | 31.9× | 15.2% |
| Henry Schein HSIC | $9.51B | +22% | +6% | 6% | 14.8× | 9.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NVST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.8% | +8.1% | 9th highest of 21 |
| 6-month return | +3.8% | +13.7% | 10th lowest of 21 |
| Distance from 52-week high | -17.3% | -22.1% | 10th highest of 21 |
| Revenue growth (TTM) | +11.9% | +2.9% | 6th highest of 20 |
| Operating margin | 10.6% | 12.6% | 9th lowest of 20 |
| Forward P/E | 15.6× | 20.5× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 6.8% | 11.1% | 7th least demanding of 17 |
| Growth delivered (Del g) | +7.1% | +7.7% | 7th lowest of 17 |
| Hurdle (Req g minus delivered) | -0.4 pp | +1.7 pp | 5th least demanding of 17 |
| ROIC minus cost of capital | -1.6 pp | -0.3 pp | 9th lowest of 19 |
| EV / EBITDA | 10.8× | 12.4× | 3rd cheapest of 11 |
| Net debt / EBITDA | 1.1× | 1.1× | 5th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Envista NVST | United States | $4.04B | +4% | +12% | 11% | 15.6× | 6.8% | +7.1% |
| Tecan TECN.SW | Switzerland | $4.05B | +91% | -4% | 1% | 40.1× | 46.9% | +3.8% |
| Fielmann FIE.DE | Germany | $4.12B | +3% | +3% | 14% | 17.8× | -5.3% | +11.3% |
| CareDx CDNA | United States | $4.13B | +260% | +39% | 1% | 53.2× | n/a | n/a |
| Pulse Biosciences PLSE | United States | $3.87B | +179% | n/a | -7,008% | n/a | n/a | n/a |
| Jiangsu Yuyue Medical Equipment & Supply 002223.SZ | China | $4.26B | -1% | -1% | 13% | 20.4× | 5.1% | +3.4% |
| Integer ITGR | United States | $4.30B | +44% | 0% | 9% | 18.8× | 19.6% | +11.5% |
| ICU Medical ICUI | United States | $4.30B | +36% | -9% | 7% | 19.5× | 22.1% | +11.9% |
| Intco Medical Technology 300677.SZ | China | $4.40B | -20% | +33% | 20% | 14.7× | -4.7% | -6.4% |
| Stevanato STVN | United States | $3.70B | -26% | +12% | 18% | 19.3× | 10.6% | +12.1% |
| SCHOTT Pharma AG & Co. KGaA 1SXP.DE | Germany | $3.67B | +31% | +4% | 15% | 22.1× | 11.7% | +11.0% |
| Shandong Weigao Blood Purification Products 603014.SS | China | $3.63B | -3% | +4% | n/a | 20.4× | -1.2% | +8.1% |
| Andon Health 002432.SZ | China | $3.60B | -29% | -30% | -26% | 15.0× | -7.7% | -7.4% |
| Sotera Health SHC | United States | $4.57B | +1% | +7% | 37% | 15.4× | 13.7% | +7.3% |
| iRay Technology 688301.SS | China | $3.54B | -8% | +58% | 24% | 27.5× | n/a | n/a |
| Carl Zeiss Meditec AFX.DE | Germany | $3.51B | +40% | 0% | 8% | 26.8× | 13.7% | +10.8% |
| MiniMed MMED | United States | $4.70B | +44% | +14% | 14% | 25.5× | n/a | n/a |
| Ambu A/S AMBU-B.CO | Denmark | $3.42B | +40% | +5% | 11% | 28.1× | 12.6% | +11.1% |
| Lepu Medical Technology (Beijing) 300003.SZ | China | $3.42B | -12% | -1% | 13% | 26.3× | 9.6% | -4.2% |
| MGI Tech 688114.SS | China | $3.42B | +9% | +2% | -7% | n/a | 46.5% | -0.1% |
| Autobio Diagnostics 603658.SS | China | $3.41B | +19% | +3% | 25% | 20.6× | -0.3% | +7.2% |
Envista has 1 bond outstanding with $500M face value. The agencies rate it Baa3.
Envista reported $173M of remaining performance obligations at 2 Oct 2026, up 9% from a year earlier and down 2% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.99.