Envista (NVST)
Market Price (9/26/2026): $23.965 | Market Cap: $3.9 BilSector: Health Care | Industry: Health Care Supplies
Envista (NVST)
Market Price (9/26/2026): $23.965Market Cap: $3.9 BilSector: Health CareIndustry: Health Care Supplies
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Attractive yieldFCF Yield is 6.4% Low stock price volatilityVol 12M is 38% Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Precision Medicine. Themes include AI in Healthcare Management, Health Data Analytics, Show more. | Weak multi-year price returns2Y Excs Rtn is -9.7%, 3Y Excs Rtn is -91% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 41x Key risksNVST key risks include [1] significant geopolitical and currency exposure due to generating approximately 70% of its revenue internationally and [2] the negative impact of China's Volume-Based Procurement (VBP) policy on its orthodontics segment. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Attractive yieldFCF Yield is 6.4% |
| Low stock price volatilityVol 12M is 38% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Precision Medicine. Themes include AI in Healthcare Management, Health Data Analytics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -9.7%, 3Y Excs Rtn is -91% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 41x |
| Key risksNVST key risks include [1] significant geopolitical and currency exposure due to generating approximately 70% of its revenue internationally and [2] the negative impact of China's Volume-Based Procurement (VBP) policy on its orthodontics segment. |
Qualitative Assessment
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Envista (NVST) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Envista's strong fiscal Q2 2026 performance and raised full-year guidance were largely offset by existing valuation concerns. Envista reported adjusted diluted EPS of $0.41 in fiscal Q2 2026 (ended July 3, 2026), significantly exceeding the consensus estimate of $0.34, with sales rising 7.1% year-over-year to $731 million and adjusted EBITDA increasing 28% year-over-year. Management subsequently raised its full-year fiscal 2026 adjusted EPS guidance to $1.50-$1.55. Despite these positive company-specific financial results, the stock traded at approximately 18 times forward earnings, which was noted as being above its five-year median and the sector average, suggesting that the positive news was already largely priced in and created a higher bar for further significant appreciation.
2. Mixed analyst sentiment and diverging price targets contributed to balanced investor perspectives. While some analysts, such as JPMorgan Chase & Co., upgraded Envista's rating from "Neutral" to "Overweight" in early September 2026, increasing their price target to $32.00 from $29.00, others provided more cautious outlooks. For example, UBS lowered its price target to $27.00 from $30.00 in September 2026, maintaining a "Neutral" rating due to a valuation review. Similarly, BMO Capital and Mizuho reiterated "Market Perform" and "Neutral" ratings, respectively, with a $29.00 price target. This range of opinions, with an average 12-month price target of $29.71 from 16 analysts, fostered a "Moderate Buy" consensus but lacked the overwhelming bullish sentiment needed for a sustained upward trend.
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Envista (NVST) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Envista's strong fiscal Q2 2026 performance and raised full-year guidance were largely offset by existing valuation concerns. Envista reported adjusted diluted EPS of $0.41 in fiscal Q2 2026 (ended July 3, 2026), significantly exceeding the consensus estimate of $0.34, with sales rising 7.1% year-over-year to $731 million and adjusted EBITDA increasing 28% year-over-year. Management subsequently raised its full-year fiscal 2026 adjusted EPS guidance to $1.50-$1.55. Despite these positive company-specific financial results, the stock traded at approximately 18 times forward earnings, which was noted as being above its five-year median and the sector average, suggesting that the positive news was already largely priced in and created a higher bar for further significant appreciation.
2. Mixed analyst sentiment and diverging price targets contributed to balanced investor perspectives. While some analysts, such as JPMorgan Chase & Co., upgraded Envista's rating from "Neutral" to "Overweight" in early September 2026, increasing their price target to $32.00 from $29.00, others provided more cautious outlooks. For example, UBS lowered its price target to $27.00 from $30.00 in September 2026, maintaining a "Neutral" rating due to a valuation review. Similarly, BMO Capital and Mizuho reiterated "Market Perform" and "Neutral" ratings, respectively, with a $29.00 price target. This range of opinions, with an average 12-month price target of $29.71 from 16 analysts, fostered a "Moderate Buy" consensus but lacked the overwhelming bullish sentiment needed for a sustained upward trend.
3. Acknowledged macroeconomic uncertainty at the fiscal 2026 Investor Day tempered an otherwise positive long-term outlook. During its Investor Day on September 17, 2026, Envista's management raised its medium-term financial objectives, including the top end of its core revenue growth range from 4% to 5%. However, the low end of this growth range remained unchanged at 2% due to "continued macro uncertainty." The explicit mention of ongoing macroeconomic challenges, despite an optimistic revised outlook, likely contributed to investor caution and prevented a significant positive reaction in the stock following the event, with the stock reportedly down around 4.5% on September 17, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 1.7% change in NVST stock from 5/31/2026 to 9/25/2026 was primarily driven by a 37.9% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.55 | 23.95 | 1.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,808 | 2,856 | 1.7% |
| Net Income Margin (%) | 2.4% | 3.3% | 37.9% |
| P/E Multiple | 57.0 | 40.8 | -28.4% |
| Shares Outstanding (Mil) | 164 | 162 | 1.2% |
| Cumulative Contribution | 1.7% |
Market Drivers
5/31/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| NVST | 1.7% | |
| Market (SPY) | 2.2% | 7.0% |
| Sector (XLV) | 14.7% | 32.6% |
Fundamental Drivers
The -18.0% change in NVST stock from 2/28/2026 to 9/25/2026 was primarily driven by a -60.1% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.21 | 23.95 | -18.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,720 | 2,856 | 5.0% |
| Net Income Margin (%) | 1.7% | 3.3% | 92.4% |
| P/E Multiple | 102.2 | 40.8 | -60.1% |
| Shares Outstanding (Mil) | 164 | 162 | 1.5% |
| Cumulative Contribution | -18.0% |
Market Drivers
2/28/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| NVST | -18.0% | |
| Market (SPY) | 13.0% | 37.7% |
| Sector (XLV) | 7.5% | 40.2% |
Fundamental Drivers
The 13.1% change in NVST stock from 8/31/2025 to 9/25/2026 was primarily driven by a 57.8% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.18 | 23.95 | 13.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,553 | 2,856 | 11.9% |
| Net Income Margin (%) | 2.1% | 3.3% | 57.8% |
| P/E Multiple | 66.5 | 40.8 | -38.7% |
| Shares Outstanding (Mil) | 169 | 162 | 4.4% |
| Cumulative Contribution | 13.1% |
Market Drivers
8/31/2025 to 9/25/2026| Return | Correlation | |
|---|---|---|
| NVST | 13.1% | |
| Market (SPY) | 20.9% | 41.0% |
| Sector (XLV) | 26.4% | 39.5% |
Fundamental Drivers
The -25.2% change in NVST stock from 8/31/2023 to 9/25/2026 was primarily driven by a -60.4% change in the company's Net Income Margin (%).| (LTM values as of) | 8312023 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.02 | 23.95 | -25.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,582 | 2,856 | 10.7% |
| Net Income Margin (%) | 8.4% | 3.3% | -60.4% |
| P/E Multiple | 24.2 | 40.8 | 68.5% |
| Shares Outstanding (Mil) | 164 | 162 | 1.3% |
| Cumulative Contribution | -25.2% |
Market Drivers
8/31/2023 to 9/25/2026| Return | Correlation | |
|---|---|---|
| NVST | -25.2% | |
| Market (SPY) | 77.8% | 45.4% |
| Sector (XLV) | 34.7% | 40.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NVST Return | 34% | -25% | -29% | -20% | 13% | 11% | -29% |
| Peers Return | 6% | -2% | 12% | -7% | -14% | 22% | 14% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| NVST Win Rate | 50% | 50% | 42% | 50% | 50% | 56% | |
| Peers Win Rate | 58% | 50% | 57% | 43% | 43% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| NVST Max Drawdown | -17% | -36% | -50% | -40% | -33% | -26% | |
| Peers Max Drawdown | -27% | -34% | -26% | -31% | -39% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSA, MMSI, HAE, IART, WST.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
| Event | NVST | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.2% | -18.8% |
| % Gain to Breakeven | 47.4% | 23.1% |
| Time to Breakeven | 246 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.9% | -33.7% |
| % Gain to Breakeven | 137.5% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
In The Past
Envista's stock fell -32.2% during the 2025 US Tariff Shock. Such a loss loss requires a 47.4% gain to breakeven.
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| Event | NVST | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.2% | -18.8% |
| % Gain to Breakeven | 47.4% | 23.1% |
| Time to Breakeven | 246 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.9% | -33.7% |
| % Gain to Breakeven | 137.5% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
In The Past
Envista's stock fell -32.2% during the 2025 US Tariff Shock. Such a loss loss requires a 47.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Envista (NVST)
Envista Holdings Corporation (NVST) is a global leader in the development, sale, and marketing of dental products, serving markets across the United States, China, and internationally. The company provides a comprehensive portfolio of solutions designed to meet a wide array of dental professional needs, with its business operations structured into two primary segments: Specialty Products & Technologies and Equipment & Consumables.
The Specialty Products & Technologies segment focuses on advanced and specialized dental solutions. This includes a robust offering of dental implant systems, guided surgery solutions, biomaterials, and both prefabricated and custom prosthetics. This segment primarily serves dental specialists such as oral surgeons, prosthodontists, and periodontists. Additionally, Envista provides a full range of orthodontic products, including traditional braces, clear aligners, digital orthodontic treatments, and specialized software for treatment planning and image management, under brands like Nobel Biocare, Spark, and Damon.
Envista's Equipment & Consumables segment caters to the broader needs of general dental offices, clinics, and hospitals. Its product line encompasses essential dental equipment, such as digital imaging systems, sensors, and visualization systems. This segment also supplies a wide variety of everyday consumables, including endodontic systems, restorative materials, bonding agents, cements, rotary burs, impression materials, and critical infection prevention products like CaviWipes. Prominent brands within this segment include Kerr, Metrex, and Dexis.
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Here are 1-3 brief analogies for Envista (NVST):
The 3M of the dental industry.
A Medtronic or Stryker for dental professionals.
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- Dental Implant Systems: Provides dental implant systems, guided surgery systems, biomaterials, and prosthetics for restorative dentistry.
- Orthodontic Products: Offers a range of orthodontic solutions including brackets, wires, clear aligners, and digital orthodontic treatments.
- Dental Software: Develops software packages for dental implant treatment planning, prosthetics planning, and clinical patient image management.
- Dental Imaging Systems: Supplies digital imaging systems, sensors, and other visualization/magnification systems for dental diagnostics.
- Endodontic Systems: Manufactures systems and consumables for endodontic procedures, such as root canal treatments.
- Restorative Dental Materials: Provides materials like restorative composites, rotary burs, impression materials, bonding agents, and cements for general dentistry.
- Infection Prevention Products: Offers infection prevention products for dental offices, clinics, and hospitals.
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Envista (NVST) primarily sells its products and technologies to other companies and professional entities within the dental industry, rather than directly to individual consumers. Based on the company description, its major customer categories are:
Dental Professionals: This includes a range of specialized dentists such as oral surgeons, prosthodontists, periodontists, and orthodontists who utilize Envista's dental implant systems, biomaterials, prosthetics, and orthodontic solutions like braces and clear aligners.
Dental Offices and Clinics: These are general and specialized dental practices that purchase a wide array of Envista's dental equipment and supplies, including digital imaging systems, endodontic systems, restorative materials, impression materials, bonding agents, cements, and infection prevention products.
Hospitals: Envista also supplies its dental equipment and consumables to hospitals, likely for their dental departments or for oral and maxillofacial surgery units.
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Paul Keel, Chief Executive Officer
Paul Keel was appointed CEO of Envista Holdings Corporation effective May 1, 2024. Prior to joining Envista, he served as CEO of Smiths Group plc, a global technology company. He also spent 16 years at 3M in various leadership positions, including Group President of the Consumer Business Group, and President of 3M Medical and 3M's Specialty Dental business. Earlier in his career, he held positions at GE, McKinsey & Company, and General Mills.
Eric Hammes, Senior Vice President and Chief Financial Officer
Eric Hammes was appointed Senior Vice President and Chief Financial Officer of Envista Holdings Corporation, effective August 8, 2024. He joined Envista from Rockwell Automation, where he served as Vice President, Corporate Financial Planning and Analysis. Before Rockwell, Mr. Hammes had an extensive career at 3M, holding numerous financial and operational leadership positions, including Senior Vice President Controller and Chief Accounting Officer, CFO of 3M Health Care Business Group, and Director Finance for the Orthodontic Products Division.
Stefan Nilsson, President, Nobel Biocare
Stefan Nilsson was appointed President of Nobel Biocare, effective July 15, 2024. Most recently, he served as CEO of Colosseum Dental Group. Prior to that, he was CEO of GrandVision Brazil. Mr. Nilsson also had a distinguished career at Nestle in various operations, marketing, and general management roles globally.
Veronica Acurio, President, Orthodontics
Veronica Acurio was appointed President of Orthodontics, effective August 2, 2024. Her background includes serving as President of 3M's Medical Solutions Division. She also held various leadership roles in the Greater China region, Taiwan, Latin America, and 3M's Oral Care Division's Restorative business.
Robert Befidi, President, Diagnostics
Robert Befidi was appointed President, Diagnostics, in December 2023. He joined Envista from 3M, where he was most recently President of the Separation and Purification Sciences Division. He also held several senior executive roles in the 3M Health Care Business Group. Before 3M, Mr. Befidi worked in private equity, consulting, tech, and investment banking research. He co-founded Gordian Capital, a private equity company, where he was responsible for capital raising, deal origination, industry research, transaction structuring, and portfolio management.
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Key Risks to Envista Holdings Corporation (NVST)
- China Market Risks (Value-Based Purchasing and Tariffs): Envista has significant exposure to the Chinese market, which accounts for approximately 7% of its total sales. This makes the company vulnerable to specific regulatory changes such as the implementation of Volume-Based Purchasing (VBP) policies for orthodontics and implants, which have already impacted the Ortho market within its Specialty Products & Technologies segment. Additionally, tariff uncertainties and trade barriers between the U.S. and China can pressure margins and growth assumptions. The timing and net effect of these policies remain difficult to predict and monitor.
- Intense Competition, Market Share Pressure, and Pricing Power: Envista operates in a fiercely competitive dental market, facing strong rivals like Dentsply Sirona and Straumann, as well as growing competition from low-cost manufacturers in China and South Korea. This intense competition, coupled with the increasing consolidation of the customer base through Dental Service Organizations (DSOs), puts pressure on Envista's pricing, margins, and ability to defend its market share, particularly in high-growth areas like implants and clear aligners. Maintaining premium pricing becomes challenging when budget rivals offer products at significantly lower costs.
- Macroeconomic Volatility and Sustained Profitability Challenges: Global macroeconomic volatility, including higher interest rates and fluctuating consumer confidence, directly impacts demand for dental products and services, potentially leading to reduced revenue and operating margins. The company has previously faced challenges with weakening returns on capital and flat revenue growth, raising questions about the durability of its profit engines and the efficiency of its growth spending. There is also an ongoing execution risk related to meeting financial guidance targets and successfully implementing cost-cutting measures or digital upgrades.
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The pervasive and rapid advancement of Artificial Intelligence (AI) solutions for dental diagnostics, treatment planning, and automated prosthetic design could pose a significant threat. If external, platform-agnostic AI software or services become the de facto standard for interpreting dental images, optimizing treatment pathways, or automating the design of custom prosthetics, it could commoditize Envista's proprietary imaging systems and the DTX Studio software suite. This could shift value away from Envista's integrated hardware and software solutions towards third-party AI platforms, similar to how new software platforms disrupted older hardware-centric models.
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Addressable Markets for Envista's Main Products and Services:
- Dental Implant Systems: The global dental implants market was valued at approximately USD 6.8 billion in 2024 and is projected to reach USD 9.8 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 4.16% from 2025 to 2033. Another estimate places the global market at USD 4.9 billion in 2024, expecting it to grow to USD 9.6 billion by 2034 with a CAGR of 6.9%. North America is a dominant region in this market, holding over 36.8% of the market share in 2024.
- Orthodontic Products (including Clear Aligners): The global orthodontics market size was valued at USD 21.23 billion in 2024 and is projected to reach USD 65.13 billion by 2034, with a CAGR of 11.9% from 2025 to 2034. Another source estimates the global orthodontics market at USD 7.65 billion in 2024, expanding to USD 38.21 billion by 2034 at a CAGR of 17.45% between 2025 and 2034. For clear aligners specifically, the global market was valued at USD 8.51 billion in 2025 and is anticipated to reach approximately USD 113.64 billion by 2035, with a CAGR of 29.59% from 2026 to 2035. North America held the largest market share in the global clear aligners market, at 56.87% in 2025.
- Dental Imaging Systems: The global dental imaging market size was valued at USD 3.54 billion in 2024 and is expected to reach USD 6.84 billion by 2033, showing a CAGR of 6.80% from 2025 to 2033. Another report indicated the global dental imaging market size was valued at USD 2.28 billion in 2025 and is projected to grow to USD 4.71 billion by 2034, with a CAGR of 8.50%. North America accounted for 38.00% of the global dental imaging market in 2025.
- Endodontic Systems and Related Consumables: The global endodontics market size was valued at USD 1.96 billion in 2024 and is expected to reach USD 2.80 billion by 2032, with a CAGR of 4.66% over the forecast period of 2025-2032. Another valuation put the global endodontics market at USD 2.3 billion in 2025, projected to reach USD 4 billion in 2035, growing at a CAGR of 5.2% during the forecast period. North America dominated the endodontics market with a 41.12% share in 2025.
- Restorative Materials: The global dental restoration materials market size was valued at USD 22.89 billion in 2024 and is expected to reach USD 38.22 billion by 2032, at a CAGR of 6.62% during the forecast period. The global tooth filling materials market was valued at USD 2.6 billion in 2025 and is expected to reach USD 4.8 billion in 2035, growing at a CAGR of 6.4% during the forecast period. North America held the largest market share for dental restorative and regenerative materials in 2025.
- Infection Prevention Products: The global dental infection control market was valued at USD 1.66 billion in 2024 and is projected to reach USD 3.24 billion by 2034, growing at a CAGR of 6.90%. Another estimate shows the global dental infection control products market size was USD 1.64 billion in 2025 and is predicted to increase to approximately USD 3.24 billion by 2035, expanding at a CAGR of 7.05% from 2026 to 2035. North America dominated the dental infection control market with a market share of 41.18% in 2025.
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Here are 3-5 expected drivers of future revenue growth for Envista Holdings Corporation (NVST) over the next 2-3 years:
- Continued Expansion of the Spark Clear Aligner Business: Envista's Spark clear aligner business is a significant growth engine, consistently cited for its strong performance and market share gains. The business has recently become profitable, indicating its increasing contribution to the company's bottom line and sustained future growth potential.
- Recovery and Growth in the Implants Segment: After a period of contraction, Envista's implants business has achieved four consecutive quarters of positive growth through Q3 2025. The company is seeing mid-single-digit growth in its value implants business and an improving trend in its Nobel premium implants, particularly in North America, signaling a robust rebound in this key segment. Strategic investments made in 2024 are supporting this growth trajectory.
- Innovation and Adoption of New Digital Products and AI-Enhanced Tools: Envista is actively investing in research and development to drive innovation, having increased R&D investments by 14% in the first half of 2025. The launch of several new products in 2025 generated approximately $100 million in revenue, with future growth expected from emerging digital products and AI-enhanced tools that enhance treatment planning and overall dental practice efficiency.
- Leveraging Overall Dental Market Recovery and Strategic Initiatives: The broader dental market is anticipated to return to its historical growth rate of 3-5% in 2026, supported by positive macroeconomic indicators such as mid-single-digit U.S. clinic revenue growth, low unemployment, and lowering interest rates. Envista's ongoing value creation plan, which focuses on growth, operational excellence, and people development, is designed to capitalize on this market recovery and achieve medium-term core growth targets of 2-4%.
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Share Repurchases
- Envista authorized a stock repurchase program of up to $250 million on February 5, 2025, set to continue through December 31, 2026.
- In 2025, Envista repurchased 9.2 million shares for a total of $166 million.
- As of December 31, 2025, approximately $84 million remained authorized for repurchase under the program.
Outbound Investments
- Envista completed the acquisition of Carestream Dental's Intraoral Scanner business in April 2022.
- The company completed two small acquisitions in the first half of 2025.
Capital Expenditures
- Capital expenditures were higher in the fourth quarter of 2025 and for the full year 2025.
- Envista made a $25 million investment in its implants business in 2024, focusing on commercial execution, customer education, and new products.
- The company reported double-digit increases in R&D investment in Q4 2025, building on a 14% increase in R&D investments in the first half of 2025, to support innovation-led growth.
Peer Outperformance in Health Care Supplies
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| NVST | Envista | 3.6% | 40.8x | 19.8% | -14.8% | -44.7% | — |
| HAE | Haemonetics | 3.6% | 49.6x | 120.9% | 19.3% | 51.5% | +96pp |
| WST | West Pharmaceutical Services | 5.2% | 46.4x | 46.0% | -0.5% | -17.9% | +27pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 10.8% | 42.7% | 87.6% | CAH 380% · MCK 337% · COR 165% |
| Managed Health Care | 8 | 34.8% | -9.4% | 3.1% | OSCR 74% · HQY 34% · ELV 12% |
| Health Care Services | 20 | 21.2% | 37.1% | 0.2% | HIMS 263% · RDNT 142% · DGX 70% |
| Health Care Facilities | 24 | 4.5% | 14.6% | -0.9% | NHC 275% · THC 264% · ENSG 135% |
| Health Care Equipment | 50 | -1.7% | -1.1% | -19.3% | POCI 11475% · UFPT 375% · GKOS 205% |
| Health Care Supplies ← | 12 | 29.6% | -7.7% | -38.4% | LNTH 270% · HAE 52% · MMSI 21% |
| Pharmaceuticals | 62 | -8.9% | 7.3% | -41.9% | LQDA 2284% · INDV 1094% · ETON 1051% |
| Life Sciences Tools & Services | 113 | 1.3% | -10.1% | -67.2% | SNWV 1957% · NTRA 249% · MEDP 212% |
| Health Care Technology | 21 | -32.6% | -53.0% | -78.2% | SPOK 72% · HSTM 2% · VEEV -6% |
| Biotechnology | 375 | -8.7% | -23.0% | -79.7% | CELZ 1371% · DNTH 1085% · ELVN 965% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 96.40 |
| Mkt Cap | 5.0 |
| Rev LTM | 1,797 |
| Op Inc LTM | 271 |
| FCF LTM | 270 |
| FCF 3Y Avg | 229 |
| CFO LTM | 315 |
| CFO 3Y Avg | 278 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.3% |
| Rev Chg 3Y Avg | 4.4% |
| Rev Chg Q | 6.6% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 19.7% |
| Op Inc Chg 3Y Avg | 10.4% |
| Op Mgn LTM | 15.4% |
| Op Mgn 3Y Avg | 13.7% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 18.9% |
| CFO/Rev 3Y Avg | 17.1% |
| FCF/Rev LTM | 12.9% |
| FCF/Rev 3Y Avg | 12.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.0 |
| P/S | 3.4 |
| P/Op Inc | 19.3 |
| P/EBIT | 19.5 |
| P/E | 38.3 |
| P/CFO | 16.0 |
| Total Yield | 2.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.2% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Specialty Products & Technologies | 1,753 | 1,616 | 1,642 | 1,599 | 1,508 |
| Equipment & Consumables | 967 | 894 | 924 | 970 | 1,001 |
| Total | 2,720 | 2,511 | 2,566 | 2,569 | 2,509 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Specialty Products & Technologies | 191 | 90 | 232 | 269 | 272 |
| Equipment & Consumables | 158 | 152 | 156 | 172 | 154 |
| Corporate and other | -133 | -1,280 | -357 | -122 | -120 |
| Total | 216 | -1,038 | 32 | 319 | 306 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Specialty Products & Technologies | 2,488 | 2,354 | 3,278 | 3,476 | 3,498 |
| Equipment & Consumables | 1,942 | 1,884 | 2,339 | 2,455 | 1,946 |
| Corporate and other | 1,249 | 1,112 | 989 | 656 | 1,118 |
| Held for Sale | 12 | ||||
| Total | 5,679 | 5,350 | 6,605 | 6,587 | 6,574 |
Price Behavior
| Market Price | $23.95 | |
| Market Cap ($ Bil) | 3.9 | |
| First Trading Date | 09/18/2019 | |
| Distance from 52W High | -20.9% | |
| 50 Days | 200 Days | |
| DMA Price | $26.69 | $25.60 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -10.3% | -6.4% |
| 3M | 1YR | |
| Volatility | 31.4% | 37.9% |
| Downside Capture | 85.95 | 102.34 |
| Upside Capture | 5.59 | 103.47 |
| Correlation (SPY) | -1.4% | 41.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.76 | -0.06 | 0.13 | 1.02 | 1.26 | 1.17 |
| Up Beta | 0.50 | -0.51 | -0.16 | 1.13 | 2.06 | 1.43 |
| Down Beta | 1.21 | -1.81 | -0.16 | 0.58 | 0.99 | 1.00 |
| Up Capture | 63% | 50% | 65% | 90% | 116% | 80% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 24 | 39 | 63 | 125 | 357 |
| Down Capture | 125% | 68% | 0% | 131% | 102% | 105% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 18 | 25 | 63 | 124 | 388 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NVST | |
|---|---|---|---|---|
| NVST | 16.6% | 37.9% | 0.48 | - |
| Sector ETF (XLV) | 26.9% | 16.2% | 1.28 | 38.6% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 41.2% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | 19.1% |
| Commodities (DBC) | 46.8% | 20.7% | 1.75 | -17.3% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 41.6% |
| Bitcoin (BTCUSD) | -25.5% | 44.8% | -0.53 | 26.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NVST | |
|---|---|---|---|---|
| NVST | -10.4% | 36.4% | -0.23 | - |
| Sector ETF (XLV) | 6.8% | 15.2% | 0.26 | 41.1% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 47.9% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 11.5% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 6.6% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 43.3% |
| Bitcoin (BTCUSD) | 12.3% | 52.6% | 0.41 | 21.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NVST | |
|---|---|---|---|---|
| NVST | -1.3% | 39.6% | 0.08 | - |
| Sector ETF (XLV) | 10.9% | 16.7% | 0.53 | 46.9% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 53.8% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 11.4% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 15.9% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 51.8% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 19.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -4.4% | 0.3% | -3.6% |
| 5/6/2026 | -10.3% | -11.6% | -14.7% |
| 2/5/2026 | 17.8% | 16.4% | 8.1% |
| 10/29/2025 | 0.8% | 0.9% | 4.0% |
| 7/31/2025 | 10.3% | 6.4% | 12.1% |
| 5/1/2025 | 4.0% | 8.8% | 10.8% |
| 2/5/2025 | 5.9% | 1.4% | -10.4% |
| 10/30/2024 | 9.0% | 13.8% | 15.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 14 | 12 |
| # Negative | 7 | 10 | 12 |
| Median Positive | 5.1% | 7.4% | 6.4% |
| Median Negative | -7.4% | -5.2% | -6.8% |
| Max Positive | 17.8% | 16.4% | 19.3% |
| Max Negative | -10.3% | -11.6% | -14.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -4.4% | 0.3% | -3.6% |
| 5/6/2026 | -10.3% | -11.6% | -14.7% |
| 2/5/2026 | 17.8% | 16.4% | 8.1% |
| 10/29/2025 | 0.8% | 0.9% | 4.0% |
| 7/31/2025 | 10.3% | 6.4% | 12.1% |
| 5/1/2025 | 4.0% | 8.8% | 10.8% |
| 2/5/2025 | 5.9% | 1.4% | -10.4% |
| 10/30/2024 | 9.0% | 13.8% | 15.9% |
| 8/7/2024 | 7.8% | 13.1% | 14.0% |
| 5/1/2024 | 0.3% | -4.7% | -2.0% |
| 2/7/2024 | -7.4% | -8.7% | -12.4% |
| 11/1/2023 | -7.6% | -5.7% | 4.0% |
| 8/2/2023 | 1.0% | -1.7% | -5.6% |
| 5/3/2023 | -6.9% | -9.7% | -12.4% |
| 2/8/2023 | -1.1% | -1.0% | -8.0% |
| 11/3/2022 | 3.1% | 8.0% | 0.4% |
| 8/3/2022 | 3.2% | 3.1% | -8.1% |
| 5/4/2022 | 5.1% | -0.7% | 3.8% |
| 2/9/2022 | 7.0% | 13.0% | 2.3% |
| 11/3/2021 | 5.3% | 6.7% | -3.9% |
| 8/3/2021 | -7.4% | -9.2% | -2.2% |
| 5/5/2021 | 4.7% | 2.8% | -1.7% |
| 2/10/2021 | 2.2% | -3.2% | 4.6% |
| 10/29/2020 | 6.0% | 10.7% | 19.3% |
| SUMMARY STATS | |||
| # Positive | 17 | 14 | 12 |
| # Negative | 7 | 10 | 12 |
| Median Positive | 5.1% | 7.4% | 6.4% |
| Median Negative | -7.4% | -5.2% | -6.8% |
| Max Positive | 17.8% | 16.4% | 19.3% |
| Max Negative | -10.3% | -11.6% | -14.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 05/12/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 10/24/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core Sales Growth | Reported | 3.5% | 4.0% | 4.5% | 1.0% | Raised | Guidance: 3.0% for 2026 | |
| 2026 Adjusted EBITDA Growth | Reported | 11.0% | 12.5% | 14.0% | 2.5% | Raised | Guidance: 10.0% for 2026 | |
| 2026 Adjusted Diluted Earnings Per Share | Reported | 1.5 | 1.52 | 1.55 | 8.9% | Raised | Guidance: 1.4 for 2026 | |
| 2026 Free Cash Flow Conversion | Reported | 1 | 0.0% | Affirmed | Guidance: 1 for 2026 | |||
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core Sales Growth | Reported | 2.0% | 3.0% | 4.0% | 0.0% | Affirmed | Guidance: 3.0% for 2026 | |
| 2026 Adjusted EBITDA Growth | Reported | 7.0% | 10.0% | 13.0% | 0.0% | Affirmed | Guidance: 10.0% for 2026 | |
| 2026 Adjusted Diluted Earnings Per Share | Reported | 1.35 | 1.4 | 1.45 | 0.0% | Affirmed | Guidance: 1.4 for 2026 | |
| 2026 Free Cash Conversion | Reported | 1 | 0.0% | Affirmed | Guidance: 1 for 2026 | |||
Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core Sales Growth | Reported | 2.0% | 3.0% | 4.0% | -1.0% | Lower New | Actual: 4.0% for 2025 | |
| 2026 Adjusted EBITDA Growth | Reported | 7.0% | 10.0% | 13.0% | ||||
| 2026 Adjusted Diluted Earnings Per Share | Reported | 1.35 | 1.4 | 1.45 | 24.4% | Higher New | Actual: 1.12 for 2025 | |
| 2026 Free Cash Conversion | Reported | 1 | ||||||
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Core Sales Growth | Reported | 4.0% | 0.5% | Raised | Guidance: 3.5% for 2025 | |||
| 2025 Adjusted EBITDA Margin | Reported | 14.0% | 0 | Affirmed | Guidance: 14.0% for 2025 | |||
| 2025 Adjusted Diluted Earnings Per Share | Reported | 1.1 | 1.12 | 1.15 | 2.3% | Raised | Guidance: 1.1 for 2025 | |
Insider Activity
Updated 8/27/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Reis, Mischa | SVP, Strategy & Bus. Dev. | Direct | Sell | 8242026 | 27.50 | 8,000 | 220,000 | 751,328 | Form |
| 2 | Reis, Mischa | SVP, Strategy & Bus. Dev. | Direct | Sell | 2112026 | 30.00 | 9,675 | 290,250 | 971,460 | Form |
| 3 | Reis, Mischa | SVP, Strategy & Bus. Dev. | Direct | Sell | 8272025 | 21.60 | 15,000 | 324,000 | 699,451 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Reis, Mischa | SVP, Strategy & Bus. Dev. | Direct | Sell | 8242026 | 27.50 | 8,000 | 220,000 | 751,328 | Form |
| 2 | Reis, Mischa | SVP, Strategy & Bus. Dev. | Direct | Sell | 2112026 | 30.00 | 9,675 | 290,250 | 971,460 | Form |
| 3 | Reis, Mischa | SVP, Strategy & Bus. Dev. | Direct | Sell | 8272025 | 21.60 | 15,000 | 324,000 | 699,451 | Form |
Investor Activity (13F)
Updated Sep 26, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Iron Triangle Partners LP | $25.8 Mil | 2.9% | 27 | Exited | Dec 31, 2025 | 13F |
| Opti Capital Management, LP | $20.2 Mil | 1.5% | 43 | Exited | Dec 31, 2025 | 13F |
| Lightrock Netherlands B.V. | $6.0 Mil | 1.3% | 39 | TRIM -56.7% | Mar 31, 2026 | 13F |
| Paradice Investment Management LLC | $35.7 Mil | 6.7% | 23 | TRIM -17.6% | Mar 31, 2026 | 13F |
| Gates Capital Management, Inc. | $136.1 Mil | 4.7% | 31 | TRIM -7.7% | Mar 31, 2026 | 13F |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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