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ENOV, Enovis Corporation

Medical Devices & Equipment capital-intensive UnprofitableDistress / turnaroundSerial acquirer

Enovis associates in every business develop strategic and operating plans that are based on the principle of the Voice of the Customer .

Our products address the continuum of patient care from injury prevention to rehabilitation after surgery or injury or from degenerative disease, enabling people to regain or maintain their natural motion.

EGX consists of a comprehensive set of tools, and repeatable, teachable processes that we use to drive continuous improvement and create superior value for our customers, shareholders and associates.

Latest annual: FY2025 10-K

ENOV · Enovis Corporation

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$2.2B

+6.7% YoY · 15% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $2.3B 5-yr avg $1.8B

Gross margin 61% 5-yr avg 57%

Operating margin −47.0% 5-yr avg −19.9%

ROIC −31% 5-yr avg −10%

Owner-earnings margin 2% 5-yr avg 1%

Free cash flow margin 2% 5-yr avg 1%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Prevention and Recovery (51%) and Reconstructive: (49%).
Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Serial acquirer. Goodwill and acquired intangibles are 51% of assets, with meaningful acquisition spending in 8 of the record's 9 years; much of what this business is was bought, at prices the record carries.
What moves the needle: Operating margin has run around −4.4% through the cycle on a 55% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Inventory runs near 26% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the installed base and what follows it. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −1%, above 15% in 0 of 8 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 2 segments, the largest Prevention and Recovery at 51%.

Revenue by reportable segment, FY2025

Prevention and Recovery51%$1.1B
Reconstructive:49%$1.1B

By geographyUnited States58%Foreign42%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMApr 2026
										Income statement
$1.9B	$2.2B	$3.3B	$1.1B	$1.4B	$1.6B	$1.7B	$2.1B	$2.2B	$2.3B	RevenueRevenue
35%	33%	42%	54%	55%	56%	58%	56%	60%	61%	Gross marginGross mgn
26%	25%	34%	46%	47%	49%	49%	49%	48%	48%	SG&A / revenueSG&A/rev
—	—	—	3%	3%	4%	4%	4%	5%	5%	R&D / revenueR&D/rev
$136M	$152M	$204M	($66M)	($63M)	($71M)	($66M)	($776M)	($1.1B)	($1.1B)	Operating incomeOp. inc.
7.0%	6.9%	6.1%	−5.9%	−4.4%	−4.6%	−3.8%	−36.8%	−50.0%	−47.0%	Operating marginOp. mgn
$151M	$140M	($528M)	$43M	$72M	($13M)	($33M)	($825M)	($1.2B)	($1.1B)	Net incomeNet inc.
										Cash flow & returns
$219M	$226M	$131M	$302M	$356M	($56M)	$135M	$114M	$217M	$243M	Operating cash flowOp. cash
$73M	$81M	$216M	$168M	$187M	$203M	$217M	$928M	$1.3B	$1.3B	DepreciationDeprec.
($27M)	($20M)	$421M	$62M	$62M	($284M)	($83M)	($18M)	$25M	($229K)	Working capital & otherWC & other
$69M	$70M	$125M	$115M	$104M	$105M	$122M	$181M	$197M	$207M	CapexCapex
3.5%	3.2%	3.8%	10.2%	7.3%	6.7%	7.2%	8.6%	8.8%	9.1%	Capex / revenueCapex/rev
$150M	$157M	$6M	$187M	$252M	($161M)	$13M	($67M)	$20M	$36M	Owner earningsOwner earn.
7.7%	7.1%	0.2%	16.7%	17.7%	−10.3%	0.7%	−3.2%	0.9%	1.6%	Owner earnings marginOE mgn
$150M	$157M	$6M	$187M	$252M	($161M)	$13M	($67M)	$20M	$36M	Free cash flowFCF
7.7%	7.1%	0.2%	16.7%	17.7%	−10.3%	0.7%	−3.2%	0.9%	1.6%	Free cash flow marginFCF mgn
$347M	$291M	$3.2B	$70M	$223M	$74M	$153M	$770M	$27M	$8M	AcquisitionsAcquis.
$0	$200M	$0	$0	—	$0	$0	$5M	$4M	—	BuybacksBuybacks
3%	3%	—	-1%	-1%	-1%	-1%	-16%	-32%	-31%	ROICROIC
4%	4%	-15%	1%	2%	-0%	-1%	-32%	-80%	-77%	Return on equityROE
4%	4%	−15%	1%	2%	−0%	−1%	−32%	−80%	−77%	Retained to equityRetained/eq
										Balance sheet
$412M	$77M	$110M	$97M	$680M	$24M	$36M	$48M	$36M	$33M	Cash & investmentsCash+inv
$970M	$387M	$562M	$517M	$255M	$267M	$291M	$407M	$443M	$444M	ReceivablesReceiv.
$430M	$360M	$572M	$565M	$356M	$427M	$469M	$547M	$584M	$603M	InventoryInvent.
$587M	$291M	$360M	$330M	$155M	$136M	$132M	$179M	$188M	$214M	Accounts payablePayables
$813M	$455M	$774M	$752M	$456M	$558M	$628M	$775M	$840M	$833M	Operating working capitalOper. WC
$2.1B	$2.0B	$1.4B	$1.4B	$2.3B	$795M	$897M	$1.1B	$1.2B	$1.2B	Current assetsCur. assets
$1.1B	$1.2B	$857M	$812M	$1.0B	$565M	$370M	$529M	$598M	$609M	Current liabilitiesCur. liab.
1.9×	1.6×	1.6×	1.7×	2.3×	1.4×	2.4×	2.2×	2.0×	2.0×	Current ratioCurr. ratio
$1.4B	$1.5B	$3.2B	$1.8B	$92M	$2.0B	$2.1B	$1.7B	$718M	$712M	GoodwillGoodwill
$6.7B	$6.6B	$7.4B	$7.4B	$8.5B	$4.3B	$4.5B	$4.7B	$3.8B	$3.8B	Total assetsAssets
$1.1B	$1.2B	$2.3B	$2.2B	$2.1B	$259M	$466M	$1.3B	$1.3B	$1.3B	Total debtDebt
$649M	$1.1B	$2.2B	$2.1B	$1.4B	$235M	$430M	$1.3B	$1.3B	$1.3B	Net debt / (cash)Net debt
3.4×	3.1×	1.7×	-1.3×	-2.2×	-3.0×	-3.3×	-13.6×	-32.3×	-30.8×	Interest coverageInt. cov.
$3.5B	$3.3B	$3.4B	$3.5B	$4.6B	$3.4B	$3.4B	$2.6B	$1.5B	$1.5B	Shareholders’ equityEquity
1.1%	1.1%	0.7%	2.6%	2.5%	2.5%	2.0%	1.4%	1.5%	1.5%	Stock comp / revenueSBC/rev
$150M	—	—	—	—	—	—	$645M	$1.0B	$1.0B	Goodwill written downGW imp.
										Per share
124M	121M	137M	45.6M	51.1M	54.1M	54.5M	55.3M	57.1M	57.3M	Shares out (diluted)Shares
$15.62	$18.16	$24.35	$24.58	$27.89	$28.91	$31.33	$38.13	$39.39	$39.75	Revenue / shareRev/sh
$1.22	$1.16	$-3.86	$0.93	$1.40	$-0.25	$-0.61	$-14.93	$-20.75	$-19.84	EPS (diluted)EPS
$1.21	$1.30	$0.04	$4.11	$4.92	$-2.98	$0.23	$-1.22	$0.35	$0.63	Owner earnings / shareOE/sh
$1.21	$1.30	$0.04	$4.11	$4.92	$-2.98	$0.23	$-1.22	$0.35	$0.63	Free cash flow / shareFCF/sh
$0.55	$0.58	$0.92	$2.52	$2.04	$1.95	$2.24	$3.27	$3.46	$3.61	Cap. spending / shareCapex/sh
$28.23	$27.07	$25.18	$77.73	$90.29	$63.78	$62.73	$46.35	$26.10	$25.77	Book value / shareBVPS

The diluted share count moved ×1/3 into 2020 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	+12.3%/yr	+9.9%/yr
Owner earnings / share	−14.4%/yr	−38.9%/yr
Capital spending / share	+25.7%/yr	+6.6%/yr
Book value / share	−1.0%/yr	−19.6%/yr

The record, charted

FY2017–2025

Each measure over its full record; the current point and the worst year marked.

Share count

57Mpeak FY2019

ROIC

−32%low FY2025

Gross margin

60%low FY2018

Net debt ÷ owner earnings

63.3×peak FY2019

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$20Mowner earningsvs.($1.2B)net incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2017FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $1.2B loss into $20M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($1.2B)	($825M)	($33M)	($13M)	$72M
Depreciation & amortizationnon-cash charge added back	+$1.3B	+$928M	+$217M	+$203M	+$187M
Stock-based compensationreal costnon-cash, but a real cost	+$33M	+$30M	+$34M	+$39M	+$35M
Working capital & othertiming of cash in and out, other non-cash items	+$25M	−$18M	−$83M	−$284M	+$62M
Cash from operations	$217M	$114M	$135M	($56M)	$356M
Capital expenditurecash put back in to keep running and to grow	−$197M	−$181M	−$122M	−$105M	−$104M
Owner earnings	$20M	($67M)	$13M	($161M)	$252M
Owner-earnings marginowner earnings ÷ revenue	1%	-3%	1%	-10%	18%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $33M), owner earnings is nearer ($13M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -32.3×

Does not cover its interest

Operating income ($1.1B) ÷ interest expense $35M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $1.3B

Net debt against an operating loss

Cash $36M − debt $1.3B

What this means
Netting $36M of cash and short-term investments against $1.3B of debt leaves $1.3B owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 232d

Long (60+ days)

DSO 72 + DIO 236 − DPO 76 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital -1%

Below average through the cycle

8-yr median, range -32%–3%; -32% latest = NOPAT ($888M) ÷ invested capital $2.8B

Industry peers: median 8%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 8 years (it ran -32% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 1%

Thin through the cycle

9-yr median margin, range -10%–18%; latest $20M = operating cash $217M − maintenance capex $197M

Industry peers: median 9%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 1% of revenue this year, a 1% median across 9 years. Treating stock comp as the real expense it is (less $33M of SBC) leaves ($13M).
Are earnings backed by cash? $217M

Loss, but cash-generative

Net income ($1.2B) · cash from operations $217M

In the filing’s words And the filing leans heavily on adjusted, non-GAAP earnings — steering you off the GAAP figure just where the cash is not backing it. Read the reconciliation in the notes before taking the adjusted number.

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? 18%

Reinvests most of it

Dividends + buybacks $4M ÷ Owner Earnings $20M

What this means
Of $20M Owner Earnings, $4M (18%) went back to shareholders, $0 dividends, $4M buybacks. But the buybacks barely exceed stock issued to employees ($33M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.15×

Harvesting

Capex $197M ÷ depreciation $1.3B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $2.2B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.02×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $1.3B vs $609M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (9-yr record) · 5 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-11.83/share (latest year $-20.58), the averaged base the calculator's gate runs on, and book value is $25.88/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 4 of 9

What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 7% → −30% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
Through the cycle the operating margin slipped — about 7% early to −30% lately, median −4% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2025 · −50.0% op. margin

What this means
Operations went underwater in 2025, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Apr 3, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.2B

Cash & short-term investments$33M
Receivables$444M
Inventory$603M
Other current assets$160M

Current liabilities$609M

Debt due within a year$35M
Accounts payable$214M
Other current liabilities$360M

Current ratio2.04×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.05×stricter: inventory excluded

Cash ratio0.05×strictest: cash alone against what's due

Working capital$631Mthe cushion left after near-term bills

Debt due this year vs. cash$35M due · $33M cash cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Apr 3, 2026 balance sheet

Revenue, latest quarter vs. a year ago+5.4%the freshest read on whether the business is still growing

Current ratio, recent quarters2.3× → 2.0×

Deeper floors

Tangible book value($427M)equity stripped of goodwill & intangibles

Net current asset value($1.1B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$1.4B$25M of it operating leases

From the company's latest filing.

How the cash was used, 2017–2025

Over the record, the business generated $1.6B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$1.1B · 66%
Buybacks$208M · 13%
Retained (debt / cash)$347M · 21%

Returned to owners$208M
37% of the owner earnings the business produced over the span, $0 as dividends and $208M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $265M and cash and short-term investments fell $378M.
Average price paid for buybacks—
Buybacks ran $208M over the span, but a stock split in the window left the reported buyback-share counts on a basis the diluted-share count doesn't match, so a comparable average price can't be drawn.
Net change in share count−53.8%
The diluted count fell from 124M to 57M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 9-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$2.0B51% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity48%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$5.1Bover 9 years buying other businesses, against $1.1B of capital spent building

$1.8B written down across 3 years (2017, 2024, 2025): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 36% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 9-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2022	$12.2M	$9.7M	($161M)
2022	$12.2M	$9.7M	($161M)
2023	$10.8M	$11.8M	$13M
2023	$10.8M	$11.8M	$13M
2024	$12.5M	$4.9M	($67M)
2024	$12.5M	$4.9M	($67M)
2025	$9.2M	$6.1M	$20M
2025	$9.4M	$1.5M	$20M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership2.9%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$33M
The slice of the business handed to employees in shares this year, 1% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Enovis Corporation is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2025.

2 of the 5 tests turned up something to look into; the other 3 came back clean.

Look hereIs it less profitable than it was?−0.5% vs 5.0%
The owner-earnings margin averaged 5.0% early in the record and −0.5% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereAre "one-time" charges a yearly habit?6 of 9 years
Management took an impairment or write-down in 6 of the last 9 years, $2.0B in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

And these came back clean

Did the share count rise anyway?
Did debt outgrow the business?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Medical Devices & Equipment

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
STESteris	$5.9B	43%	16.1%	8%	12%
WSTWest Pharmaceutical	$3.1B	35%	19.0%	19%	17%
ENOVEnovis Corporation	$2.2B	55%	-4.4%	-1%	1%
ICUIICU Medical	$2.2B	37%	2.0%	5%	5%
MSAMSA Safety Incorporated	$1.9B	45%	13.2%	13%	11%
ITGRInteger Holdings	$1.9B	27%	11.2%	6%	7%
MMSIMerit Medical Systems	$1.5B	45%	6.2%	4%	7%
CDRECadre Holdings Inc.	$610M	41%	11.7%	11%	9%
Group median	—	42%	11.5%	7%	8%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Enovis Corporation has delivered.

Today’s price $

Through the cycle, Enovis Corporation earns about $20M on its 0.9% median owner-earnings margin. This year’s 0.9% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($20M) Net of stock comp (−$34M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $36M on 58M shares outstanding, per the 10-Q cover, as of 2026-05-01; net debt $1.3B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh ENOV against another business →

The owners of ENOV: the meeting and the votes →

Cite: Owner Scorecard, "Enovis Corporation (ENOV), the owner's record," https://ownerscorecard.com/c/ENOV, data as of 2026-07-09.

Manual order: ← EMR its page in the Manual ENPH →

Industry order: ← ELMD the Medical Devices & Equipment chapter ESTA →