# Envista Holdings Corporation (NVST)

> Source: Nexqual · https://nexqual.com/NVST · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Envista Holdings Corporation (NVST), nexqual.com/NVST" · informational, not investment advice.

**Price:** USD 23.97 (+3.36% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 23.19 · day 22.9–24.02 · 52w 18.77–30.42 · market cap $3.85B · NYQ

## Key facts
- Last four reported quarters (through Jul 3, 2026): revenue $2.86B, net income $95.0M (3.3% margin), free cash flow $248M (SEC filings).
- Valuation: P/E 40.5x (avg 78.2x at the last 1 fiscal year-ends), EV/EBITDA 10.7x, net debt $311M.
- 5 of 80 tracked superinvestors hold NVST (13F, Q2 2026): 0 new, 1 added, 4 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $220K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +18.6% vs S&P 500 +14.9%; 5Y -38.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.36, revenue estimate $689M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.51B | $2.57B | $2.57B | $2.51B | $2.72B | $2.86B |
| Gross profit | $1.43B | $1.47B | $1.44B | $1.37B | $1.49B | — |
| Operating income | $306M | $319M | $31.5M | -$1.04B | $216M | $274M |
| Net income | $341M | $243M | -$100M | -$1.12B | $47.0M | $95.0M |
| EPS (diluted) | $1.92 | $1.37 | -$0.60 | -$6.50 | $0.28 | — |
| Free cash flow | $307M | $107M | $218M | $303M | $230M | $248M |
| Gross margin | 56.9% | 57.4% | 56.1% | 54.7% | 54.7% | — |
| Operating margin | 12.2% | 12.4% | 1.2% | -41.4% | 7.9% | 9.6% |
| Net margin | 13.6% | 9.5% | -3.9% | -44.6% | 1.7% | 3.3% |
| Revenue growth | +30.1% | +2.4% | -0.1% | -2.2% | +8.3% | — |
| Cash + short-term investments | $1.07B | $607M | $940M | $1.07B | $1.21B | — |
| Total debt | $1.32B | $1.38B | $1.51B | $1.39B | $1.45B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 3, 2026)
P/E 40.5x · P/S 1.4x · EV/EBITDA 10.7x · EV/Sales 1.5x · P/FCF 15.5x · P/B 1.3x · FCF yield 6.44% · Earnings yield 2.47% · Net debt $311M · EV $4.16B
P/E at fiscal year-ends: Dec 2025 78.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold NVST. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Tweedy Browne |  | 2.87% | $37.8M | Reduced -0.1% |
| John Rogers | Ariel Investments | 2.58% | $259M | Reduced -9.6% |
| Bill Nygren | Oakmark Funds | 0.10% | $72.6M | Reduced -15.5% |
| Richard Pzena | Pzena Investment Management | 0.09% | $30.5M | Reduced -27.9% |
| First Eagle Investment | First Eagle Investment Management | 0.02% | $9.8M | Added +40.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-20 | Reis Mischa | SVP, Strategy & Bus. Dev. | 8,000 | $220K | 22.6% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Baird | Downgrade | Outperform → Neutral | $34 → $26 |
| 2026-10-14 | Leerink Partners | Target lowered | Outperform | $35 → $32 |
| 2026-10-09 | Piper Sandler | Target lowered | Neutral | $28 → $26 |
| 2026-09-28 | BMO Capital | Target lowered | Market Perform | $29 → $26 |
| 2026-09-18 | Piper Sandler | Reiterated | Neutral | $28 |
| 2026-09-18 | UBS | Target lowered | Neutral | $30 → $27 |
| 2026-09-18 | Needham | Reiterated | Hold |  |
| 2026-09-03 | JP Morgan | Upgrade | Neutral → Overweight | $29 → $32 |
| 2026-08-06 | Piper Sandler | Target raised | Neutral | $26 → $28 |
| 2026-07-29 | Piper Sandler | Target raised | Neutral | $25 → $26 |
| 2026-07-09 | BMO Capital | Initiated | Market Perform | $27 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +18.6% | -38.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +18.6% | -9.3% |
| Volatility (annualized) | 37.3% | 34.8% |
| Max drawdown | -26.0% (Feb 2026→Jun 2026) | -69.6% (Mar 2022→Apr 2025) |

## Peers (Medical Instruments & Supplies)
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## More
Full page: https://nexqual.com/NVST · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Specialty Products & Technologies | $471.0M | 64.5% | +5.8% | $60.1M | 12.8% |
| Equipment & Consumables | $259.5M | 35.5% | +9.5% | $45.9M | 17.7% |
| Total revenue | $730.5M | 100% | — | $106.0M | 14.5% |

## Revenue by region (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $364.7M | 49.9% | +4.8% |
| Emerging markets | $166.0M | 22.7% | +10.4% |
| Western Europe | $165.3M | 22.6% | +7.3% |
| Other developed markets | $34.5M | 4.7% | +16.2% |
| Total revenue | $730.5M | 100% | — |

## Customer concentration

Period ended 2026-07-03: 13% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Company outlook (8-K filed 2026-08-05)

- "We will discuss our quarterly results and provide details on our outlook for 2026 during an investor conference call on August 5, 2026, starting at 2:00 P.M."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.36 | $0.34 | +3.7% | $688.8M | 15 |
| Next quarter (ends 2026-12-31) | $0.41 | $0.39 | +3.5% | $753.2M | 15 |
| Current fiscal year (ends 2026-12-31) | $1.53 | $1.43 | +6.9% | $2.88B | 15 |
| Next fiscal year (ends 2027-12-31) | $1.66 | $1.57 | +5.6% | $2.98B | 15 |