Envista Holdings Corporation (NVST)
Juste valeurFondamental
56
Prix
$23.13
Capitalisation boursière
$3.87B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Chiffre d'affaires par 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.
Avantage concurrentiel
Économies d'échelle · ÉtroitEnvista 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.
Ce qui stimule la demande
Modérément cycliqueRoutine 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.
Principaux risques
- 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.
Concentration des clients
Les principaux clients représentent 12% du chiffre d'affaires
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.
Les arguments en faveur
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.
Les arguments contre
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 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19 septembre 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.
Bilan & Liquidités
Chiffre d'affaires
$2.86B
12 derniers mois (au 03/07/2026)
Résultat net
$95M
12 derniers mois (au 03/07/2026)
Flux de trésorerie libre
$230M
Capitaux propres totaux
$3.11B
Passif total
$2.57B
Ratio de liquidité général
2.43
Couverture des intérêts
-
Dette/EBITDA
4.78
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$23.51
Prix actuel
$23.13
Marge de sécurité
+1.6%
Fourchette de juste valeur
$15.28 - $31.74
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
40.47
ROE
1.5%
Ratio P/B
1.23
P/FCF
15.19
Marge brute
55.2%
ROIC
4.5%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
4.5%
WACC
6.9%
ROIC − WACC
-2.4 pp
Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.
Critères d'analyse fondamentale
Réussi (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
Échoué (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
Indisponible (2)
- Dividend Payout NaN%
- Interest Coverage
Score F de Piotroski
Santé financière solide
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| 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 |
Risque d'audit
2
Risque du conseil
4
Risque de rémunération
4
Risque droits des actionnaires
5
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-12
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-08-05
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-09-17
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for NVST, sourced from Markets Gazette.