NVSTEnvista Holdings Corporation
Is the business good?
The checks split: 7 of 9 health tests passed and earnings fully cash-backed (1.4×), but margins compressing.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 2% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is NVST?
Envista Holdings Corporation earns 6.4% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 2.6 points below what the capital costs: growth destroys value
- Operating margin
- 9.6%
Operating margin · Medical Instruments & Supplies median 6.6% · 12 months to Q2 2026
- Cash conversion
- 1.40×
Cash conversion · 2.43× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −3.4%
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 Q2 2026
- 55%
- Operating margin12 months to Q2 2026
- 9.6%
- Net margin12 months to Q2 2026
- 3.3%
- Free cash flow margin
- 8.7%
- R&D as % of revenue
- 4.2%
- Revenue, trailing twelve months
- $2.86B
- Free cash flow, trailing twelve months
- $248M
- Net income, trailing twelve months
- $95M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 6.4%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Medical Instruments & Supplies
Ranks #7 of 21 by RyuScore