Envista Holdings

NVST

Medical - Equipment & Services · Healthcare

Price

$26.74

-0.25 (-0.93%)

Market Cap

$4.35B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−4.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 177.6M (2021) → 169.2M (2025)

Envista Holdings is a dental products company that makes tools and supplies used by dentists around the world. Its main products include dental implants, braces, wires, imaging equipment, and other instruments that dentists use to treat patients. The company owns well-known dental brands like Nobel Biocare and Ormco, and it sells to dental clinics, orthodontists, and oral surgeons.

Envista makes money by selling dental equipment and consumable supplies, meaning dentists need to keep buying materials like brackets and implant components on a regular basis. The company operates globally, with significant sales in North America, Europe, and Asia, and generates roughly $2.5 billion in annual revenue. Its brand portfolio and established relationships with dental professionals provide some competitive stability, but the business faces real pressure from a slow dental implant market, pricing competition, and a low return on invested capital that signals the company is still working to improve its profitability after being spun off from Danaher in 2019.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+140.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$114M/ year

↑ Rising (+15% vs prior year)

4.2% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

0.4%ownership

Relatively low insider ownership

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$1.1B cash & investments at current burn rate

Growth context

Envista Holdings is growing revenue at 14% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

55.3%

Premium pricing power — 55.3% gross margin

Operating Margin

8.9%

Modest — 8.9% operating margin

ROCE

1.3%

Weak — 1.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+12.1%

Fast-growing sales (12.1% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

402%

Turns 402% of profit into real cash

FCF Margin

7.8%

Modest free cash flow (7.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.52

Conservative — low debt load (0.52)

Interest Cover

12.76x

Comfortably covers interest (12.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

63.7x

Expensive — P/E 63.7

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+47.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (63.7 → 16.5)

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Dividends

Not applicable for this business.

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