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Envista Holdings Corporation (NVST)

適正価値
HealthcareMedical Instruments & SuppliesUnited States

ファンダメンタル

56

株価

$23.61

時価総額

$3.87B

パート1 · 企業の価値

概要

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.

収益の仕組み

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.

セグメント別売上高

Specialty Products & Technologies64.4%

Dental implant systems, regenerative products and orthodontic brackets, aligners and lab products for specialists and general dentists.

Equipment & Consumables35.6%

Dental imaging systems, endodontic equipment, restorative materials, cements and infection-prevention supplies used in daily practice.

競争優位性(moat)

規模の経済 · 狭い

Envista 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.

需要を左右する要因

中程度の景気循環性

Routine 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.

主なリスク

  • 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.

顧客集中度

主要顧客が売上高の12%を占める

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.

強気材料

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.

弱気材料

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.

2025会計年度のセグメントデータ情報源: Envista Holdings Corp — Form 10-K, fiscal year 2025

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users

P/E: —Score: 55Market cap: $1.90B

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.

P/E: 25.3Score: 72Market cap: $10.35B

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.

P/E: 10.7Score: 67Market cap: $15.24B

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.

Institut Straumann AG (Straumann Group)STMN

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 Implant Co., Ltd. (오스템임플란트)Not tracked

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.

貸借対照表と流動性

売上高

$2.86B

直近12か月(2026/7/3まで)

純利益

$95M

直近12か月(2026/7/3まで)

フリーキャッシュフロー

$230M

自己資本合計

$3.11B

負債合計

$2.57B

流動比率

2.43

利払い倍率

-

負債/EBITDA

4.78

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース適正価値

適正価値

$23.51

現在株価

$23.61

安全マージン

-0.4%

適正価値レンジ

$15.28 - $31.74

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$30.36
ディスカウンテッド・キャッシュフロー(DCF):$36.27
利益倍率(P/E):$9.11
グレアムの成長公式:$10.96
収益力価値(EPV):$13.58
正当化されたP/B:$1.53
配当割引モデル(ゴードン):算出に必要なデータが不足しています
P/FFO(運用から生まれる資金):$16.24
中間サイクル利益:$35.86
売上高倍率:$68.32
アナリスト・コンセンサス:買い (12B / 10H / 0S)
直近の決算サプライズ:+19.92%

バリュエーション指標

P/E レシオ

39.93

ROE

1.5%

P/B レシオ

1.21

P/FCF

14.99

粗利益率

55.2%

ROIC

4.5%

収益性レーダー

価値創造(経済的モート)

ROIC

4.5%

WACC

6.9%

ROIC − WACC

-2.4 pp

ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。

ファンダメンタル分析基準

合格(17)

  • Gross Margin 55.2%
  • P/FCF 14.99
  • P/B Ratio 1.21
  • 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

不合格(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

データなし(2)

  • Dividend Payout NaN%
  • Interest Coverage

Piotroski F-スコア

7/9

財務健全性が高い

score
criteria

利益の質

3.19

高品質:利益はキャッシュに裏付けられている

株式希薄化

-2.5%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. Paul A. KeelPresident, CEO & Chairman55
Mr. Eric D. HammesSenior VP & CFO50
Mr. Mark E. Nance J.D.Senior VP, General Counsel & Secretary56
Mr. Robert Befidi Jr.Senior VP & President of Diagnostics50
Ms. Veronica AcurioSenior VP & President of Orthodontics54
Mr. Coree ThomasVP & Chief Accounting Officer47
Mr. Andrew ChenChief Information Officer-
Mr. Jim GustafsonVice President of Investor Relations-
Paul SumilasChief Compliance Officer-
Mr. Mischa M. ReisSenior Vice President of Strategy & Corporate Development52

監査リスク

2

取締役会リスク

4

報酬リスク

4

株主権利リスク

5

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-02-12

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-08-05

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-17

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

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