At a glance
Envista Holdings Corp is worth $3.85B, about 86 times its fiscal 2025 earnings. Revenue grew 8.3% to $2.72B in fiscal 2025, with 1.7% kept as profit; over 5 years it has grown 7.1% a year. It pays no dividend; it spent $166.6M buying back its shares over FY2021–FY2025. The stock returned +19.3% over the past year with dividends reinvested and −9.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 57.9% in the 2020 crash (S&P 500: 33.7%) and 36.3% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Envista Holdings makes products that dentists and orthodontists use to diagnose, treat and prevent dental problems. It owns more than 30 dental brands, including Nobel Biocare implants, Ormco orthodontics, DEXIS imaging and Kerr supplies. It serves dental professionals in over 130 countries. Danaher Corporation formed Envista in 2018, and Envista became a separate public company through its 2019 initial public offering.
Most revenue comes from repeat purchases. Envista had $2.7 billion in sales for 2025, and about 85% of it came from consumables (items that are used up and reordered), services and spare parts. The larger segment, Specialty Products & Technologies, brought in $1.75 billion, or 64% of sales. It makes dental implants, regenerative materials, braces and Spark clear aligners for oral surgeons, periodontists, general dentists and orthodontists. In 2025, 84% of its sales were direct rather than through distributors.
Equipment & Consumables made up the other 36%, or $966.7 million. It includes DEXIS X-ray sensors, 3D imaging and intraoral scanners (devices that take digital impressions of teeth). It also includes everyday supplies such as filling materials, root canal tools and CaviWipes disinfectant wipes. About 89% of its 2025 sales went through distributors. By region, North America supplied 51.3% of total 2025 sales, Western Europe 22.6%, emerging markets 21.6% and other developed markets 4.5%.
Price history
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NVST +19.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Specialty Products & Technologies | $1.75B | 64.5% |
| Equipment & Consumables | $966.7M | 35.5% |
By geography
| North America | $1.40B | 51.3% |
| Western Europe | $615.3M | 22.6% |
| Emerging markets | $586.2M | 21.6% |
| Other developed markets | $122.8M | 4.5% |
Latest results
- In Q2 FY2026 (ended Jul 3, 2026), revenue was $730.5M, up 7.1% from a year earlier, and net income was $53.7M (+103.4%).
- For fiscal 2025, revenue was $2.72B (+8.3% year over year; +7.1% a year from FY2020 to FY2025) with a 1.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.1% good |
|---|---|
| Operating margin | 7.9% watch |
| Free cash flow margin | 8.5% watch |
| Return on equity (FY2025) | 1.5% weak |
| Return on assets (FY2025) | 0.8% weak |
| Net cash (cash minus debt) | $-310.7M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.93B | $33.3M | $236.2M |
| FY2021 | $2.51B | $340.5M | $306.9M |
| FY2022 | $2.57B | $243.1M | $107.0M |
| FY2023 | $2.57B | $-100.2M | $217.5M |
| FY2024 | $2.51B | $-1.12B | $302.7M |
| FY2025 | $2.72B | $47.0M | $230.4M |
Valuation snapshot
| Market value | $3.85B |
|---|---|
| P/E ratio | 85.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Envista Holdings’s market value went from $4.70B at the end of 2019 to $3.85B on Oct 28, 2026, down 18%; since the end of 2025 it is up 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.85B | +7.7% |
| 2025 | $3.57B | +7.5% |
| 2024 | $3.32B | -19.5% |
| 2023 | $4.12B | -24.9% |
| 2022 | $5.49B | -24.5% |
| 2021 | $7.27B | +35.0% |
| 2020 | $5.38B | +14.5% |
| 2019 | $4.70B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NVST price data to Oct 28, 2026 | +10.3% | +19.3% | +0.6% | -9.2% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.3% |
| 2025 | +12.6% |
| 2024 | -19.8% |
| 2023 | -28.5% |
| 2022 | -25.3% |
| 2021 | +33.6% |
| 2020 | +13.8% |
| 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 | Lost 57.9% over that stretch · deepest drop along the way 57.9%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.2% over that stretch · deepest drop along the way 36.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 3 sales ($510K), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 20, 2026 | Mischa Reis SVP, Strategy & Bus. Dev. | sell (plan) | $220K |
| Feb 10, 2026 | Mischa Reis SVP, Strategy & Bus. Dev. | sell (plan) | $169K |
| Feb 10, 2026 | Mischa Reis SVP, Strategy & Bus. Dev. | sell (plan) | $121K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.2% | Mar 31, 2025 |
| Ariel Investments, LLC | 6.6% | Sep 30, 2024 |
| Dimensional Fund Advisors LP | 5.4% | Jun 30, 2025 |
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
| Franklin Mutual Advisers, LLC | 4.85% | Dec 31, 2025 |
| HARRIS ASSOCIATES L P | 4.6% | Jun 30, 2025 |
| American Century Investment Management, Inc. | 4.5% | Dec 31, 2024 |
| Morgan Stanley | 4.4% | Mar 31, 2026 |
ETFs with the most weight in NVST
| NIXT Research Affiliates Deletions ETF | 0.63% |
| MCDS JPMorgan Fundamental Data Science Mid Core ETF | 0.6% |
| CALF Pacer US Small Cap Cash Cows ETF | 0.45% |
| DSMC Distillate Small/Mid Cash Flow ETF | 0.44% |
| GVLU Gotham 1000 Value ETF | 0.32% |
| FLOW Global X U.S. Cash Flow Kings 100 ETF | 0.29% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.27% |
| AFMC First Trust Active Factor Mid Cap ETF | 0.26% |
What could go wrong
- More write-downs of past acquisitions. Envista has already taken substantial impairment charges, writing down goodwill (the premium paid in past acquisitions) and other intangible assets. It warns more may follow, which can turn reported profits into losses.
- About $1.5 billion of debt, including convertibles. Envista had about $1.5 billion of debt as of February 6, 2026. Variable-rate borrowing can raise interest costs, and convertible notes (bonds that can turn into shares) could dilute existing owners.
- Reliance on a limited number of distributors. Envista depends on a limited number of distributors for a significant share of sales. About 89% of Equipment & Consumables sales went through distributors in 2025. Shifts in their stock levels can make sales swing.
- Intense competition and pressure on prices. Envista faces intense competition across implants, orthodontics and imaging. Even when it competes well, it may have to cut prices, and the industries it serves are reshaping themselves to reduce costs.
- FDA rules, clearances and recalls. Several businesses are regulated by the FDA and similar agencies abroad. Product changes may need new 510(k) clearances (FDA sign-off for medical devices), and compliance failures can bring recalls, penalties or a halt to marketing.
- Tariffs, currency and overseas exposure. Nearly half of 2025 sales came from outside North America, including 21.6% from emerging markets. Tariffs, trade disputes and currency swings can raise costs or shrink the dollar value of foreign sales.
Recent events
- Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Envista paid no dividends from FY2021 through FY2025. Its 2025 annual report mentions dividends only as something it may pay in the future. For an income investor, the stock adds nothing to portfolio cash flow, so any return depends on the share price. The company spent $166.6 million on buybacks (repurchases of its own shares) in 2025, after none in 2023 and 2024. Even so, the share count fell only 0.5% between October 29, 2021 and July 31, 2026.
Envista was not yet public during the 2008 financial crisis. In the 2020 COVID crash, the stock fell 57.9% between February 19 and March 23, 2020, and took about 7.6 months to recover. In the 2022 bear market (a broad, lasting slide in stock prices), it dropped 36.3% from its March 21 peak to October 12. It had not regained that peak as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Envista make money?
Envista makes most of its money from repeat purchases by dental professionals. Of its $2.7 billion in sales for 2025, about 85% came from consumable products, services and spare parts. The Specialty Products & Technologies segment, 64% of sales, covers Nobel Biocare implants plus Ormco braces and Spark clear aligners. Equipment & Consumables, 36% of sales, includes DEXIS imaging and Kerr supplies. About 89% of that segment's 2025 sales went through distributors.
Does Envista pay a dividend?
No. Envista paid no dividends from FY2021 through FY2025, and its annual report for 2025 mentions dividends only as something it may pay in the future. The company returned cash through share buybacks instead, repurchasing $166.6 million of stock in 2025 after none in 2023 or 2024. For income-focused investors, that means the shares add no cash flow, and any return depends on the share price.
Is Envista profitable?
Yes, but only narrowly in 2025. Envista earned $47 million on $2.7 billion of revenue for the year ended December 31, 2025. That is a net margin of 1.7%, or $0.28 per diluted share. It followed net losses of $100.2 million in 2023 and $1.12 billion in 2024. Free cash flow, the cash left after running the business and investing in equipment, was $230.4 million in 2025. In the quarter ended July 3, 2026, net income was $53.7 million, about double the year-earlier quarter.
What is Envista's P/E ratio?
About 85.5 as of October 28, 2026. The P/E (price-to-earnings) ratio compares the share price with one year of profit per share. Here that is fiscal 2025 diluted earnings of $0.28. Thin profits push the figure up: Envista earned $47 million on $2.7 billion of sales in 2025, a 1.7% net margin. Its total stock market value was about $3.85 billion on the same date.
How has Envista stock performed?
Envista's shares lost ground over five years but gained over the past 12 months, as of October 28, 2026. The price fell 38% over five years (about 9.2% a year) and rose 19.3% over one year. By calendar year, the stock lost 25.3% in 2022, 28.5% in 2023 and 19.8% in 2024, then gained 12.6% in 2025. It has been volatile: its deepest decline since its 2019 listing was 71%.