Business Description
Envista Holdings Corporation is a global manufacturer and distributor of dental products, technologies, and services. Operating in over 120 countries, the company provides dental professionals with implants, orthodontics, imaging systems, and infection prevention products. It was formed as a spin-off from Danaher Corporation to consolidate multiple legacy dental brands under a single platform.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 2,719,500 | 2,510,600 | 2,566,500 | 2,569,100 |
| Cost of Sales | 1,232,800 | 1,137,900 | 1,126,000 | 1,094,300 |
| Gross Profit | 1,486,700 | 1,372,700 | 1,440,500 | 1,474,800 |
| Selling, General & Administrative Expenses | 1,156,600 | 1,158,000 | 1,056,900 | 1,055,500 |
| Research & Development Expenses | 114,000 | 99,100 | 93,800 | 100,100 |
| Other Operating Expenses | — | 1,153,800 | 258,300 | — |
| Operating Profit | 216,100 | (1,038,200) | 31,500 | 319,200 |
| Interest Expense | (36,600) | (46,400) | (63,400) | (38,400) |
| Non-Operating Income | — | — | — | 3,100 |
| Total Non-Operating Income | (36,600) | (46,400) | (63,400) | (35,300) |
| Income Before Provision for Income Taxes | 177,200 | (1,084,700) | (54,900) | 283,900 |
| Provision for Income Taxes | 130,200 | 33,900 | 45,300 | 45,900 |
| Consolidated Net Income | 47,000 | (1,118,600) | (100,200) | 238,000 |
| Net Income Attributable to Discontinued Operations | — | — | — | 5,100 |
| Net Income Attributable to Common Shareholders | 47,000 | (1,118,600) | (100,200) | 243,100 |
| Basic EPS | 0.28 | -6.50 | -0.60 | 1.49 |
| Diluted EPS | 0.28 | -6.50 | -0.60 | 1.37 |
| Basic Weighted Average Shares Outstanding | 168,000 | 172,200 | 166,900 | 162,900 |
| Diluted Weighted Average Shares Outstanding | 169,200 | 172,200 | 166,900 | 177,600 |
| Shares Outstanding | 163,800 | 172,200 | 171,500 | 163,200 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 1,211,700 | 1,069,100 | 940,000 | 606,900 |
| Total Cash and Cash Equivalents | 1,211,700 | 1,069,100 | 940,000 | 606,900 |
| Accounts Receivable | — | — | 407,500 | 393,500 |
| Total Trade Receivables | — | — | 407,500 | 393,500 |
| Inventories | 288,100 | 241,000 | 258,800 | 300,800 |
| Other Current Assets | — | — | 137,400 | 123,400 |
| Total Current Assets | 1,499,800 | 1,310,100 | 1,743,700 | 1,424,600 |
| Net Property, Plant & Equipment | 142,100 | 142,800 | 434,700 | 425,400 |
| Net Intangible Assets | — | — | 954,000 | 1,086,700 |
| Goodwill | — | — | 3,292,200 | 3,496,600 |
| Other Long-Term Assets | — | — | 180,500 | 153,700 |
| Total Assets | 5,679,000 | 5,350,500 | 6,605,100 | 6,587,000 |
| Accounts Payable | — | — | 179,500 | 228,300 |
| Accrued Expenses | — | — | 455,700 | 471,400 |
| Short-Term Debt | — | 116,000 | 115,300 | 510,000 |
| Current Portion of Leases | 39,000 | 34,500 | 30,300 | 27,000 |
| Total Current Liabilities | 39,000 | 150,500 | 780,800 | 1,236,700 |
| Long-Term Debt | 1,448,300 | 1,278,300 | 1,398,100 | 870,700 |
| Leases | 110,400 | 118,900 | 109,900 | 121,400 |
| Other Long-Term Liabilities | — | — | 142,400 | 151,300 |
| Total Long-Term Liabilities | 1,558,700 | 1,397,200 | 1,650,400 | 1,143,400 |
| Total Liabilities | 1,597,700 | 1,547,700 | 2,431,200 | 2,380,100 |
| Common Stock | 1,800 | 1,700 | 1,700 | 1,600 |
| Treasury Stock | (224,500) | (50,500) | — | — |
| Additional Paid-in Capital | 3,882,600 | 3,842,100 | 3,758,200 | 3,699,000 |
| Accumulated Other Comprehensive Income | (113,200) | (371,100) | (217,200) | (225,100) |
| Retained Earnings | (440,400) | (487,400) | 631,200 | 731,400 |
| Total Common Shareholders' Equity | 3,106,300 | 2,934,800 | 4,173,900 | 4,206,900 |
| Total Shareholders' Equity | 3,106,300 | 2,934,800 | 4,173,900 | 4,206,900 |
| Total Liabilities and Shareholders' Equity | 5,679,000 | 5,350,500 | 6,605,100 | 6,587,000 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 47,000 | (1,118,600) | (100,200) | 243,100 |
| Depreciation & Amortization | 116,000 | 123,100 | 135,600 | 137,800 |
| Share-Based Compensation Expense | 37,600 | 35,300 | 30,700 | 30,500 |
| Other Adjustments | 66,200 | 1,199,300 | 281,000 | 14,000 |
| Changes in Trade Receivables | (48,500) | 10,000 | (17,000) | (71,000) |
| Changes in Inventories | (29,100) | 3,600 | 35,100 | (39,900) |
| Changes in Accounts Payable | 7,500 | (1,200) | (46,300) | 44,500 |
| Changes in Accrued Expenses | 116,000 | 134,500 | (12,000) | (133,000) |
| Changes in Other Operating Activities | (37,000) | (49,500) | (31,200) | (43,300) |
| Cash from Operating Activities | 275,700 | 336,500 | 275,700 | 182,700 |
| Capital Expenditure | (45,300) | (33,800) | (58,200) | (75,700) |
| Proceeds from Sale of Property, Plant & Equipment | 500 | 100 | 6,100 | 3,300 |
| Purchases of Investments | (9,900) | (32,800) | — | — |
| Proceeds from Sale of Investments | 10,400 | 9,700 | 10,700 | — |
| Payments for Business Acquisitions | — | — | — | (696,200) |
| Proceeds from Business Divestments | — | — | — | 73,900 |
| Other Investing Activities | (6,800) | 2,200 | (21,000) | 37,400 |
| Cash from Investing Activities | (51,100) | (54,600) | (62,400) | (657,300) |
| Issuance of Short-Term Debt | 115,400 | — | — | 124,000 |
| Repayments of Short-Term Debt | — | — | — | (124,000) |
| Net Issuance / (Repayments) of Short-Term Debt | 115,400 | — | — | 0 |
| Issuance of Long-Term Debt | — | — | 823,700 | 300 |
| Repayments of Long-Term Debt | (116,300) | (100,000) | (690,000) | (500) |
| Net Issuance / (Repayments) of Long-Term Debt | (116,300) | (100,000) | 133,700 | (200) |
| Issuance of Common Shares | 2,800 | 2,400 | 11,300 | 21,800 |
| Repurchases of Common Shares | (172,800) | (5,300) | (7,900) | (9,100) |
| Net Issuance / (Repurchases) of Common Shares | (170,000) | (2,900) | 3,400 | 12,700 |
| Other Financing Activities | (800) | — | (18,200) | — |
| Cash from Financing Activities | (170,900) | (103,700) | 118,900 | 12,500 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 88,900 | (49,100) | 900 | (4,600) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 142,600 | 129,100 | 333,100 | (466,700) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $3.56B |
| P/E | 77.54x |
| P/S | 1.31x |
| EV/EBITDA | 11.87x |
| Return on Equity | 1.6% |
| Return on Invested Capital | 1.3% |
| Current Ratio | 38.46x |
| Free Cash Flow Margin | 8.5% |
Margins
Gross margin
54.7%
Operating margin
7.9%
Net margin
1.7%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $730M | +7.1% | 11.0% | $80M |
| Q1 2026 | $706M | +14.4% | 8.9% | $62M |
| Q4 2025 | $751M | +15.0% | 9.8% | $73M |
| Q3 2025 | $670M | +11.5% | 8.6% | $58M |
| Q2 2025 | $682M | — | 6.8% | $46M |
| Q1 2025 | $617M | — | 6.3% | $39M |
| Q4 2024 | $653M | — | 7.1% | $46M |
| Q3 2024 | $601M | — | 3.5% | $21M |
More on Envista Holdings Corp.
Figures compiled from public company filings.
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