Envista Holdings Corporation (NVST)
Fair ValueFundamental
56
Price
$23.47
Market Cap
$3.87B
Part 1 · What the company is worth
Overview
Envista makes the products dentists and orthodontists use every day: dental implants, clear aligners and orthodontic brackets, plus the equipment and consumables — imaging systems, drills, cements, infection-control supplies — that keep a dental office running. It sells through its own sales force and a network of dealers to over 130 countries, serving both specialists who place implants and general practitioners who handle routine care. More than half its sales come from outside the United States.
How it makes money
Envista books revenue when it ships implants, aligners, equipment or consumables to dealers and dental practices; consumables and implants are recurring, replenished purchases, while imaging systems and other capital equipment are one-off, lumpier sales tied to a practice's investment cycle. Its two segments split roughly two-thirds specialty products (implants, orthodontics) to one-third equipment and consumables, and its largest single distributor, Henry Schein, alone channels about 12% of total sales to end customers.
Revenue by segment
Dental implant systems, regenerative products and orthodontic brackets, aligners and lab products for specialists and general dentists.
Dental imaging systems, endodontic equipment, restorative materials, cements and infection-prevention supplies used in daily practice.
Competitive moat
Scale · NarrowEnvista describes itself as running one of the largest customer-facing sales teams in the dental industry, backed by a global dealer network reaching over 130 countries. That distribution scale is hard for smaller rivals to match, but the underlying implant and equipment categories are competitive and price-sensitive, so the advantage is narrow rather than a lock on the market.
What drives demand
Moderately cyclicalRoutine dental consumables track fairly steady patient visit volumes, but elective procedures like implants and big-ticket equipment purchases are more discretionary and get postponed when practices or patients tighten spending. The mix of the two makes overall demand more resilient than typical consumer discretionary goods, but not fully immune to economic cycles.
Key risks
- Distributor dependence — A substantial portion of sales flows through a limited number of distributors, chiefly Henry Schein, with no assurance any of them will keep purchasing at current levels or that lost volume could be quickly replaced.
- Distributor inventory swings — The company relies on predictions of distributor and customer inventory levels to plan production; when those inventories build or run down differently than expected, reported results can diverge sharply from underlying demand.
- Acquisition and divestiture risk — Envista routinely acquires and divests businesses to fit its portfolio strategy, and warns that earn-outs, indemnification obligations, goodwill impairments and unsatisfied deal conditions could all produce unpredictable financial results.
Customer concentration
Top customers account for 12% of revenue
Henry Schein, the company's largest distributor, accounted for approximately 12% of sales in 2025 and is expected to remain the top contributor for the foreseeable future, without a master distribution agreement guaranteeing that relationship.
The case for
Buyers argue that Envista's scale in global dental distribution and its position across both the specialist implant market and everyday consumables give it a resilient, recurring revenue base that should benefit as dental procedure volumes recover outside the U.S.
The case against
Sellers fear that heavy reliance on a handful of distributors, led by Henry Schein, leaves Envista exposed to a single relationship it does not fully control, and that elective procedure volumes remain vulnerable if patients keep deferring discretionary dental work.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated on September 19, 2026 with claude-haiku-4-5 — shared with all users
Dentsply Sirona competes across almost the whole Envista catalogue at once — implants (Astra Tech, MIS), orthodontics, imaging equipment and chairside consumables sold to the same dental practices and distributors.
Align's Invisalign system is the benchmark Envista's Spark aligners are trying to take share from, and both also sell intraoral scanners to the orthodontists who prescribe them.
The former 3M oral-care business competes with Envista's Kerr and Ormco brands in restorative materials and in orthodontic brackets and appliances sold to general dentists and orthodontists.
Straumann is the global leader in premium dental implants and the direct rival of Envista's Nobel Biocare, and it also sells clear aligners and digital-dentistry workflows to the same implantologists and orthodontists.
Osstem is one of the world's largest implant makers by volume and attacks the value tier where Envista's Implant Direct brand competes, especially in Asia and emerging markets.
Balance Sheet & Liquidity
Revenue
$2.86B
Trailing 12 months (through 7/3/2026)
Net Income
$95M
Trailing 12 months (through 7/3/2026)
Free Cash Flow
$230M
Total Equity
$3.11B
Total Liabilities
$2.57B
Current Ratio
2.43
Interest Coverage
-
Debt/EBITDA
4.78
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$23.51
Current Price
$23.47
Margin of Safety
+0.2%
Fair Value Range
$15.28 - $31.74
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
40.47
ROE
1.5%
P/B Ratio
1.23
P/FCF
15.19
Gross Margin
55.2%
ROIC
4.5%
Profitability Radar
Value Creation (Economic Moat)
ROIC
4.5%
WACC
6.9%
ROIC − WACC
-2.4 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (17)
- Gross Margin 55.2%
- P/FCF 15.19
- P/B Ratio 1.23
- Debt/Equity ratio
- Operating Margin 9.6%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Revenue Growth 5Y 7.1%
- Analyst Consensus 55% Buy
- Earnings Surprise avg 15.7%
- Earnings Quality (OCF/NI) 3.19
- Share Dilution -2.5%
- Net Margin Trend 3.3% vs 2.1%
- Piotroski F-Score 7/9
Failed (9)
- EPS shows upward trend
- EPS CAGR -23.35%
- Price CAGR -3.07%
- ROIC 4.5%
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Fairly valued)
- ROE 3.1%
- PEG Ratio 6.27
Unavailable (2)
- Dividend Payout NaN%
- Interest Coverage
Piotroski F-Score
Strong financial health
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Paul A. Keel | President, CEO & Chairman | 55 |
| Mr. Eric D. Hammes | Senior VP & CFO | 50 |
| Mr. Mark E. Nance J.D. | Senior VP, General Counsel & Secretary | 56 |
| Mr. Robert Befidi Jr. | Senior VP & President of Diagnostics | 50 |
| Ms. Veronica Acurio | Senior VP & President of Orthodontics | 54 |
| Mr. Coree Thomas | VP & Chief Accounting Officer | 47 |
| Mr. Andrew Chen | Chief Information Officer | - |
| Mr. Jim Gustafson | Vice President of Investor Relations | - |
| Paul Sumilas | Chief Compliance Officer | - |
| Mr. Mischa M. Reis | Senior Vice President of Strategy & Corporate Development | 52 |
Audit Risk
2
Board Risk
4
Compensation Risk
4
Shareholder Rights Risk
5
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-12
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-08-05
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-09-17
via SEC EDGAR
Income History
via SEC EDGAR
Latest News
Recent headlines for NVST, sourced from Markets Gazette.