At a glance
Enovis Corp is worth $1.26B. Revenue grew 6.7% to $2.25B in fiscal 2025, at a loss; over 5 years it has grown 14.9% a year. It pays no dividend; it spent $8.3M buying back its shares over FY2021–FY2025. The stock returned −33.3% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Enovis, formerly Colfax, is a medical technology company. It makes devices that help people prevent injuries, recover from surgery and get moving again, from braces and hot and cold therapy to artificial shoulder, hip and knee joints. Customers include orthopedic surgeons, health systems, physical therapists, chiropractors and athletic trainers, plus some consumers. It reaches them through its own sales staff and independent distributors.
In the year ended December 31, 2025, revenue of $2.25 billion split almost evenly between two segments (business units). Prevention & Recovery brought in $1.14 billion, or 50.6%. It offers braces, hot and cold therapy, bone growth stimulators, compression garments and electrical stimulators for pain relief. About 67% of its revenue comes from the U.S., and rivals include Össur and Breg. Reconstructive brought in $1.11 billion, or 49.4%. It supplies implants and surgical instruments for joint replacement, limb reconstruction and foot and ankle surgery. About 48% of its revenue is from the U.S. It faces much larger rivals: Stryker, Zimmer Biomet and Johnson & Johnson's DePuy Synthes.
Overall, 57.6% of fiscal 2025 revenue came from the U.S. and 42.4% from abroad, mostly Europe, then Asia-Pacific. Enovis grows partly through acquisitions: it closed seven small deals in fiscal 2025 and is still absorbing Lima, an earlier purchase. Sales usually peak in the fourth quarter.
Price history
The interactive chart needs JavaScript.
ENOV -33.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Prevention & Recovery: | $1.14B | 50.6% |
| Reconstructive: | $1.11B | 49.4% |
By geography
| United States | $1.30B | 57.6% |
| Foreign locations | $952.7M | 42.4% |
Latest results
- In Q2 FY2026 (ended Jul 3, 2026), revenue was $582.8M, up 3.2% from a year earlier, and net income was $-1.2M.
- For fiscal 2025, revenue was $2.25B (+6.7% year over year; +14.9% a year from FY2020 to FY2025) with a -52.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.9% good |
|---|---|
| Operating margin | -50% weak |
| Free cash flow margin | 0.9% watch |
| Return on equity (FY2025) | -79.5% weak |
| Return on assets (FY2025) | -30.9% weak |
| Net cash (cash minus debt) | $-1.27B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.12B | $42.6M | $187.2M |
| FY2021 | $1.43B | $71.7M | $251.9M |
| FY2022 | $1.56B | $-13.3M | $-161.3M |
| FY2023 | $1.71B | $-33.3M | $12.8M |
| FY2024 | $2.11B | $-825.5M | $-67.2M |
| FY2025 | $2.25B | $-1.18B | $19.9M |
Valuation snapshot
| Market value | $1.26B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Enovis’s market value went from $2.90B at the end of 2022 to $1.26B on Oct 28, 2026, down 56%; since the end of 2025 it is down 17%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.26B | -17.1% |
| 2025 | $1.52B | -37.9% |
| 2024 | $2.45B | -19.8% |
| 2023 | $3.06B | +5.5% |
| 2022 | $2.90B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ENOV price data to Oct 28, 2026 | -17.8% | -33.3% | -21.1% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -17.8% |
| 2025 | -39.3% |
| 2024 | -21.7% |
| 2023 | +4.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 11 open-market purchases ($589K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 4, 2026 | Damien McDonald Chief Executive Officer, Director | buy | $250K |
| Sep 3, 2026 | Oliver Engert Chief Administrative Officer | buy | $100K |
| Sep 4, 2026 | Oliver Engert Chief Administrative Officer | buy | $50K |
| Sep 2, 2026 | Oliver Engert Chief Administrative Officer | buy | $50K |
| Mar 10, 2026 | Oliver Engert Chief Administrative Officer | buy | $24K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 16% | Jun 30, 2026 |
| American Century Capital Portfolios, Inc. | 8.3% | Jun 30, 2025 |
| Vanguard Portfolio Management | 6.82% | Mar 31, 2026 |
| Rubric Capital Management LP | 6.78% | Jun 30, 2026 |
| American Century Investment Management, Inc. | 6.4% | Dec 31, 2024 |
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
| Diamond Hill Capital Management Inc | 5% | Dec 31, 2024 |
| Dimensional Fund Advisors LP | 4.9% | Dec 31, 2025 |
| DAVENPORT & Co LLC | 4.83% | Jul 31, 2025 |
ETFs with the most weight in ENOV
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.6% |
| NIXT Research Affiliates Deletions ETF | 0.48% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.35% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.34% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.33% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.33% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.32% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.19% |
What could go wrong
- Big losses and goodwill write-downs. Goodwill is the premium paid for acquisitions above their asset value. Enovis warns any further write-down would hit results and equity. It lost $1.18 billion in fiscal 2025 on $2.25 billion of sales.
- Heavy debt with little cash. Total debt was $1.28 billion against $12.6 million of cash as of July 3, 2026. The company says debt limits its flexibility, and growth plans may need more borrowing or new shares.
- Growth depends on acquisitions working out. Acquisitions are central to Enovis's growth, including Lima and seven small deals in fiscal 2025. If integration stumbles or expected benefits fall short, results could suffer, and hidden liabilities may surface.
- Tax and liability risk from ESAB spin-off. Enovis, formerly Colfax, spun off ESAB Corporation. If that separation is ruled taxable, or Enovis owes ESAB under their separation agreement's indemnification terms, the bill could be large.
- Much larger rivals in joint replacement. Its Reconstructive segment competes with Stryker, Zimmer Biomet and Johnson & Johnson's DePuy Synthes, which have far greater financial and marketing resources. Falling behind on innovation or price could cut sales and margins.
- FDA rules, recalls and insurer payments. Devices need FDA clearance and can be recalled for manufacturing lapses. If insurers or government payers cut reimbursement or deny claims, doctors and patients may use fewer Enovis products.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Quarterly results released
For income and retirement investors
Enovis does not pay a dividend and paid none from fiscal 2021 through fiscal 2025, so there is no dividend record to judge. An income investor would receive no cash from the shares; any return would have to come from a higher share price. Buybacks have been small, about $8.3 million over those five years. The share count rose 11.8%, from about 51.6 million in October 2021 to 57.7 million as of July 31, 2026, which spreads ownership thinner. Free cash flow, the cash left after running the business and investing in it, was just $19.9 million in fiscal 2025.
The stock's price history, about 4.6 years as of October 28, 2026, is too short to show how it fared in the 2008 and 2020 crashes or the full 2022 market slump. Within that history, its largest fall from a peak was 75.3%, and it lost 33.3% in the year to October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Enovis make money?
Enovis makes money by selling medical devices through two segments of nearly equal size. In fiscal 2025 (ended December 31, 2025), Prevention & Recovery brought in $1.14 billion, or 50.6% of sales, from braces, hot and cold therapy, bone growth stimulators and pain-management devices. Reconstructive brought in $1.11 billion, or 49.4%, from shoulder, hip, knee and foot and ankle implants. Total revenue was $2.25 billion, with 57.6% from the United States and most of the rest from Europe. Rivals include Stryker, Zimmer Biomet and Össur.
Is Enovis profitable?
No. Enovis lost $1.18 billion in fiscal 2025 on revenue of $2.25 billion, a loss of $20.75 per diluted share. It has posted a net loss every year since fiscal 2022. Its gross margin, the share of sales left after making the products, was 59.8%, but expenses below that line produced an operating margin of -50%. The 10-K warns that any further write-down of goodwill, the premium paid for acquisitions, would hurt results. The net loss narrowed to $1.19 million in the quarter ended July 3, 2026.
How much debt does Enovis have?
Enovis had $1.28 billion of total debt and only $12.6 million of cash as of July 3, 2026, leaving net debt of about $1.27 billion. That roughly matches the company's total stock market value of $1.26 billion as of October 28, 2026. The 10-K lists its debt as a risk that limits its flexibility, and a December 10, 2025 filing reported a major agreement and a new debt obligation. Heavy borrowing can magnify losses for shareholders when results disappoint.
Does Enovis pay a dividend?
No. Enovis paid no dividends from fiscal 2021 through fiscal 2025, so the stock provides no income for investors who rely on payouts. Share buybacks were also small, totaling $8.3 million over those five years, including $3.5 million in fiscal 2025. Over the same stretch, shares outstanding grew 11.8% between October 1, 2021 and July 31, 2026, to about 57.7 million, which spreads each owner's stake more thinly. Any return depends entirely on the share price.
How has Enovis stock performed?
Poorly. As of October 28, 2026, the shares were down 33.3% over one year and 51% over three years. Calendar-year returns were -21.67% in 2024 and -39.29% in 2025, and 2026 was down 17.8% year to date. The stock is volatile, with a worst peak-to-trough drop of 75.3% over its trading history. Insider filings reviewed for October 29, 2025 to October 29, 2026 show 11 purchases and no sales, including $249,620 by CEO Damien McDonald on September 4, 2026.