Envista Holdings Corp
$24.49
−0.17 (−0.69%) · delayed · Nov 13, 2026
Five-year price
52w $18.77 to $30.42
- Market cap
- $3.9B
- Enterprise value
- $4.2B
- P/E
- 87.5×
- EV / EBIT
- 19.3×
- FCF yield
- 5.9%
- ROIC
- 4.2%
- Debt / equity
- 0.47
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
33
- ○ROIC > 12% (5y avg)5y avg ROIC -1.6%
- ○ROE > 15% (5y avg)5y avg ROE -5.0%
- ○Stable operating marginsMargin volatility 20.3% (σ, 5y)
- ●Earnings convert to cashFCF / net income 208% (5y avg)
- ●Growing revenueRevenue CAGR 5y 7.1%
- ○Shrinking share countDiluted shares 3.1% over 5y
Value
20
- ○P/E below 15P/E 87.5
- ○EV/EBIT below 12EV/EBIT 19.3
- ○FCF yield above 6%FCF yield 5.9%
- ○Price below Graham NumberGraham Number $11.05
- ●P/B below 3P/B 1.3
Safety
60
- ●Debt / equity below 0.5D/E 0.47
- ○Debt payable in < 4 yrs of earningsNet debt $0.2B
- ○Interest coverage > 8xCoverage 4.7x
- ●Current ratio > 1.5Current ratio 2.38
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
40
- ●Adequate size (revenue > $2B)Revenue $2.7B
- ●Strong condition (current ratio ≥ 2)Current ratio 2.38
- ○Earnings stability (no loss, 10y)9 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -219%
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $24.49, the market is pricing in about 4.3% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $237M · 160M shares · 5y revenue CAGR 7.1%
Intrinsic value
$30.35
Price
$24.49
Margin of safety
19%
What the price implies
The market is paying for 4.3% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
59% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,811 | 2,845 | 2,285 | 1,929 | 2,509 | 2,569 | 2,567 | 2,511 | 2,720 |
| Gross profit | 1,621 | 1,602 | 1,349 | 1,055 | 1,427 | 1,475 | 1,441 | 1,373 | 1,487 |
| Operating income | 387 | 298 | 236 | 44 | 306 | 319 | 32 | (1,038) | 216 |
| Operating margin | 13.8% | 10.5% | 10.3% | 2.3% | 12.2% | 12.4% | 1.2% | -41.4% | 7.9% |
| Pre-tax income | 387 | 301 | 234 | (20) | 255 | 284 | (55) | (1,085) | 177 |
| Income tax | 86 | 70 | 50 | (63) | (9) | 46 | 45 | 34 | 130 |
| Net income | 301 | 231 | 218 | 33 | 341 | 243 | (100) | (1,119) | 47 |
| EPS (diluted) | 2.35 | 1.80 | 1.60 | 0.20 | 1.92 | 1.37 | -0.60 | -6.50 | 0.28 |
| Diluted shares | 128 | 128 | 136 | 164 | 178 | 178 | 167 | 172 | 169 |
Who owns it