Is the business good?
How good a business is NVST?
Envista Holdings Corporation earns 5.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
5.5%
Return on invested capital · cost of capital 9.0% · 3.5 points below what the capital costs: growth destroys value
- Operating margin
- 8.5%
Operating margin · Medical Instruments & Supplies median 5.8% · 12 months to Q1 2026
- Cash conversion
- 3.25×
Cash conversion · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −4.2%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 2.3% |
| FY2021 | 12% |
| FY2022 | 12% |
| FY2023 | 1.2% |
| FY2024 | −41% |
| FY2025 | 8.0% |
Details›
- Gross margin12 months to Q1 2026
- 55%
- Operating margin12 months to Q1 2026
- 8.5%
- Net margin12 months to Q1 2026
- 2.4%
- Free cash flow margin
- 7.8%
- R&D as % of revenue
- 4.2%
- Revenue, trailing twelve months
- $2.81B
- Free cash flow, trailing twelve months
- $220M
- Net income, trailing twelve months
- $68M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Medical Instruments & Supplies
Ranks #8 of 27 by Smart Score