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NVST, Envista Holdings

Medical Devices & Equipment consumer brand Cyclical

Envista is a global family of more than 30 trusted dental brands, including Nobel Biocare, Ormco, DEXIS, and Kerr, united by a shared purpose: to partner with professionals to improve lives.

We help our customers deliver the best possible patient care through industry-leading products, solutions, and technology.

Our comprehensive portfolio, including dental implants and treatment options, orthodontics, and digital imaging technologies, covers a wide range of dentists' clinical needs for diagnosing, treating, and preventing dental conditions as well as improving the human smile.

Latest annual: FY2025 10-K

NVST · Envista Holdings

The business

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

Revenue · FY2025

$2.7B

+8.3% YoY · 7% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $2.8B 5-yr avg $2.6B

Gross margin 55% 5-yr avg 56%

Operating margin 8.5% 5-yr avg −1.5%

ROIC 3% 5-yr avg −2%

Owner-earnings margin 8% 5-yr avg 9%

Free cash flow margin 8% 5-yr avg 9%

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 Specialty Products and Technologies (64%) and Equipment and Consumables (36%).
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 56% and operating margin about 10% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from −41% to 14% — on a steadier 56% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Read this kind of business on the installed base and what follows it. On its own account, the filing leans hardest on customer concentration, 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 4%, above 15% in 0 of 6 years). By owner earnings: roughly 12% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and 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 →

Specialty Products and Technologies is 64% of revenue, with Equipment and Consumables the other meaningful segment at 36%.

Revenue by reportable segment, FY2025

Specialty Products and Technologies64%$1.8B
Equipment and Consumables36%$967M

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
$2.8B	$2.8B	$2.3B	$1.9B	$2.5B	$2.6B	$2.6B	$2.5B	$2.7B	$2.8B	RevenueRevenue
58%	56%	59%	55%	57%	57%	56%	55%	55%	55%	Gross marginGross mgn
38%	40%	43%	48%	41%	41%	41%	46%	43%	42%	SG&A / revenueSG&A/rev
6%	6%	6%	4%	4%	4%	4%	4%	4%	4%	R&D / revenueR&D/rev
$387M	$298M	$236M	$44M	$306M	$319M	$32M	($1.0B)	$216M	$240M	Operating incomeOp. inc.
13.8%	10.5%	10.3%	2.3%	12.2%	12.4%	1.2%	−41.4%	7.9%	8.5%	Operating marginOp. mgn
$301M	$231M	$218M	$33M	$341M	$243M	($100M)	($1.1B)	$47M	$68M	Net incomeNet inc.
22%	23%	19%	—	-3%	16%	—	—	—	—	Effective tax rateTax rate
										Cash flow & returns
$359M	$400M	$398M	$284M	$362M	$183M	$276M	$337M	$276M	$272M	Operating cash flowOp. cash
$121M	$130M	$120M	$122M	$118M	$138M	$136M	$123M	$116M	$117M	DepreciationDeprec.
($63M)	$39M	$41M	$106M	($125M)	($229M)	$210M	$1.3B	$75M	$46M	Working capital & otherWC & other
$49M	$72M	$78M	$48M	$55M	$76M	$58M	$34M	$45M	$52M	CapexCapex
1.7%	2.5%	3.4%	2.5%	2.2%	2.9%	2.3%	1.3%	1.7%	1.8%	Capex / revenueCapex/rev
$310M	$328M	$320M	$236M	$307M	$107M	$218M	$303M	$230M	$220M	Owner earningsOwner earn.
11.0%	11.5%	14.0%	12.2%	12.2%	4.2%	8.5%	12.1%	8.5%	7.8%	Owner earnings marginOE mgn
$310M	$328M	$320M	$236M	$307M	$107M	$218M	$303M	$230M	$220M	Free cash flowFCF
11.0%	11.5%	14.0%	12.2%	12.2%	4.2%	8.5%	12.1%	8.5%	7.8%	Free cash flow marginFCF mgn
—	$0	$0	$41M	$2M	$696M	$0	$0	—	$0	AcquisitionsAcquis.
—	5%	4%	—	7%	5%	—	-25%	3%	3%	ROICROIC
—	5%	6%	1%	8%	6%	-2%	-38%	2%	2%	Return on equityROE
—	5%	6%	1%	8%	6%	−2%	−38%	2%	2%	Retained to equityRetained/eq
										Balance sheet
$0	$0	$211M	$889M	$1.1B	$607M	$940M	$1.1B	$1.2B	$1.1B	Cash & investmentsCash+inv
—	$460M	$444M	$302M	$332M	$394M	$408M	$363M	$430M	$437M	ReceivablesReceiv.
—	$279M	$278M	$216M	$264M	$301M	$259M	$241M	$288M	$300M	InventoryInvent.
—	$217M	$208M	$203M	$186M	$228M	$180M	$175M	$192M	$170M	Accounts payablePayables
—	$521M	$514M	$315M	$410M	$466M	$487M	$429M	$526M	$567M	Operating working capitalOper. WC
—	$787M	$1.0B	$1.6B	$1.8B	$1.4B	$1.7B	$1.8B	$2.0B	$1.9B	Current assetsCur. assets
—	$641M	$709M	$1.7B	$1.2B	$1.2B	$781M	$879M	$853M	$787M	Current liabilitiesCur. liab.
—	1.2×	1.4×	0.9×	1.5×	1.2×	2.2×	2.0×	2.4×	2.4×	Current ratioCurr. ratio
$3.4B	$3.3B	$3.3B	$3.2B	$3.1B	$3.5B	$3.3B	$2.3B	$2.4B	$2.4B	GoodwillGoodwill
$6.0B	$5.8B	$6.2B	$6.9B	$6.6B	$6.6B	$6.6B	$5.4B	$5.7B	$5.6B	Total assetsAssets
—	$0	$1.3B	$1.8B	$1.3B	$1.4B	$1.5B	$1.4B	$1.4B	$1.4B	Total debtDebt
—	$0	$1.1B	$906M	$242M	$774M	$573M	$325M	$237M	$356M	Net debt / (cash)Net debt
—	—	67.3×	0.7×	5.7×	8.3×	0.5×	—	—	4.4×	Interest coverageInt. cov.
—	$4.8B	$3.5B	$3.7B	$4.1B	$4.2B	$4.2B	$2.9B	$3.1B	$3.1B	Shareholders’ equityEquity
—	—	0.8%	1.2%	1.1%	1.2%	1.2%	1.4%	1.4%	1.4%	Stock comp / revenueSBC/rev
										Per share
128M	128M	136M	164M	178M	178M	167M	172M	169M	166M	Shares out (diluted)Shares
$21.98	$22.24	$16.75	$11.76	$14.13	$14.47	$15.38	$14.58	$16.07	$16.88	Revenue / shareRev/sh
$2.35	$1.80	$1.60	$0.20	$1.92	$1.37	$-0.60	$-6.50	$0.28	$0.41	EPS (diluted)EPS
$2.43	$2.56	$2.34	$1.44	$1.73	$0.60	$1.30	$1.76	$1.36	$1.32	Owner earnings / shareOE/sh
$2.43	$2.56	$2.34	$1.44	$1.73	$0.60	$1.30	$1.76	$1.36	$1.32	Free cash flow / shareFCF/sh
$0.38	$0.56	$0.57	$0.29	$0.31	$0.43	$0.35	$0.20	$0.27	$0.31	Cap. spending / shareCapex/sh
—	$37.71	$25.95	$22.67	$22.85	$23.69	$25.01	$17.04	$18.36	$18.51	Book value / shareBVPS

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

	8-yr	5-yr
Revenue / share	−3.8%/yr	+6.5%/yr
Owner earnings / share	−7.0%/yr	−1.1%/yr
EPS	−23.4%/yr	+6.5%/yr
Capital spending / share	−4.4%/yr	−1.6%/yr
Book value / share	−9.8%/yr (7-yr)	−4.1%/yr

The record, charted

FY2017–2025

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

Share count

169Mpeak FY2021

ROIC

3%low FY2024

Gross margin

55%low FY2025

Net debt ÷ owner earnings

1.0×peak FY2022

Owner earnings vs. net income

Owner earningsNet income

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

$230Mowner earningsvs.$47Mnet 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 $47M of profit into $230M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$47M

Owner earnings$230M · 8% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$47M	($1.1B)	($100M)	$243M	$341M
Depreciation & amortizationnon-cash charge added back	+$116M	+$123M	+$136M	+$138M	+$118M
Stock-based compensationreal costnon-cash, but a real cost	+$38M	+$35M	+$31M	+$31M	+$28M
Working capital & othertiming of cash in and out, other non-cash items	+$75M	+$1.3B	+$210M	−$229M	−$125M
Cash from operations	$276M	$337M	$276M	$183M	$362M
Capital expenditurecash put back in to keep running and to grow	−$45M	−$34M	−$58M	−$76M	−$55M
Owner earnings	$230M	$303M	$218M	$107M	$307M
Owner-earnings marginowner earnings ÷ revenue	8%	12%	8%	4%	12%

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 $38M), owner earnings is nearer $193M.

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? 3.4×

Adequate

Operating income $216M ÷ interest expense $63M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $237M · 1.1× operating profit

Modest net debt

Cash $1.2B − debt $1.4B

What this means
Netting $1.2B of cash and short-term investments against $1.4B of debt leaves $237M owed, about 1.1× a year's operating profit (6.7× on the gross debt, before the cash). 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? 86d

Long (60+ days)

DSO 58 + DIO 85 − DPO 57 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 4%

Below average through the cycle

6-yr median, range -25%–7%; 3% latest = NOPAT $108M ÷ invested capital $3.3B

Industry peers: median 7%

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 6 years (it ran 3% 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 12%

Solid through the cycle

9-yr median margin, range 4%–14%; latest $230M = operating cash $276M − maintenance capex $45M

Industry peers: median 13%

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 8% of revenue this year, a 12% median across 9 years. Treating stock comp as the real expense it is (less $38M of SBC) leaves $193M.
Are earnings backed by cash? 5.87×

Cash-backed

Cash from ops $276M ÷ net income $47M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.39×

Harvesting

Capex $45M ÷ depreciation $116M

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 6 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 · $2.7B

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× · 2.38×

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 Near

Debt ≤ working capital · $1.4B vs $1.2B 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) · 2 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 Miss

Earnings +33% over the record · −256%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
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 $-2.40/share (latest year $0.29), the averaged base the calculator's gate runs on, and book value is $19.09/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 7 of 9

What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 8 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 12% → −11% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 12% early to −11% lately, median 10% — 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.
Owner earnings growth −2%/yr

What this means
Owner earnings shrank about 2% a year over the record.
Worst year 2024 · −41.4% op. margin

What this means
Operations went underwater in 2024, understand why before trusting the good years.
Share count +3.6%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

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 A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“New disruptive technologies, including those that incorporate artificial intelligence, may emerge that displace our existing technologies.”

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$1.9B

Cash & short-term investments$1.1B
Receivables$437M
Inventory$300M
Other current assets$99M

Current liabilities$787M

Accounts payable$170M
Other current liabilities$617M

Current ratio2.44×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.06×stricter: inventory excluded

Cash ratio1.38×strictest: cash alone against what's due

Working capital$1.1Bthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+14.4%the freshest read on whether the business is still growing

Current ratio, recent quarters2.2× → 2.4×

Deeper floors

Tangible book value$87Mequity stripped of goodwill & intangibles

Debt incl. operating leases$1.6B$150M of it operating leases

Deferred revenue$212Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2017–2025

Over the record, the business generated $2.9B of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$514M · 18%
Retained (debt / cash)$2.4B · 82%

Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose $1.1B.
Net change in share count30.1%
The diluted count rose from 128M to 166M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained−36%
Of the earnings it kept rather than paid out ($195M over the span), annual owner earnings (first three years vs last three) fell $69M, so each retained $1 gave back about 0.36 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

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$3.0B53% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity76%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$739Mover 9 years buying other businesses, against $514M of capital spent building

$1.2B written down across 2 years (2023, 2024): goodwill the company has already conceded it overpaid for, charged against earnings. 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	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Amir Aghdaei	$9.2M	$28.8M	$307M
2022	Amir Aghdaei	$8.5M	−$4.5M	$107M
2023	Amir Aghdaei	$7.1M	−$1.8M	$218M
2024	Amir Aghdaei	$8.9M	$4.2M	$303M
2024	Paul Keel.	$23.8M	$22.8M	$303M
2025	Paul Keel.	$10.6M	$14.3M	$230M

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 ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio183:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$38M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 17% of operating profit. 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 Envista Holdings 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.

3 of the 4 tests turned up something to look into; the other 1 came back clean.

Look hereIs it less profitable than it was?9.7% vs 12.2%
The owner-earnings margin averaged 12.2% early in the record and 9.7% 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 hereDid the share count rise anyway?30.1%
Diluted shares grew 30.1% over 2017–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.
Look hereAre "one-time" charges a yearly habit?5 of 9 years
Management took an impairment or write-down in 5 of the last 9 years, $1.2B 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 reported profit become cash?

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.

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
HOLXHologic	$4.1B	66%	20.6%	13%	24%
ALGNAlign Technology	$4.0B	72%	19.9%	23%	22%
XRAYDENTSPLY SIRONA Inc.	$3.7B	53%	-11.5%	-6%	9%
MMEDMiniMed Group Inc.	$3.1B	56%	-5.4%	-3%	-4%
GMEDGlobus Medical	$2.9B	75%	19.9%	11%	17%
NVSTEnvista Holdings	$2.7B	56%	10.3%	4%	12%
PODDInsulet Corporation	$2.7B	65%	6.2%	5%	5%
TFXTeleflex	$2.0B	55%	16.6%	7%	13%
Group median	—	61%	13.4%	6%	12%

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 Envista Holdings has delivered.

Today’s price $

Through the cycle, Envista Holdings earns about $313M on its 11.5% median owner-earnings margin. This year’s 8.5% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($313M) Net of stock comp (−$41M) Steady-state · maintenance capex ($227M)

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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 · ’21→’25+7%/yr

Owner-earnings growth · ’17→’25−2%/yr

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.

Free cash flow $220M on 163M shares outstanding, per the 10-Q cover, as of 2026-05-01; net debt $356M. 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. Capex ($52M) runs well above depreciation ($117M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $227M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh NVST against another business →

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

Manual order: ← NVR its page in the Manual NVT →

Industry order: ← NVCR the Medical Devices & Equipment chapter OFIX →