Stocks NVST Financial statements
Financial statementsEnvista Holdings Corp financial statements
Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Envista Holdings Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2017 | FY2019 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,811 | 2,845 | 2,285 | 1,929 | 2,509 | 2,569 | 2,567 | 2,511 | 2,720 |
| Cost of revenue | 1,190 | 1,243 | 936 | 874 | 1,082 | 1,094 | 1,126 | 1,138 | 1,233 |
| Gross profit | 1,621 | 1,602 | 1,349 | 1,055 | 1,427 | 1,475 | 1,441 | 1,373 | 1,487 |
| Research and development | 172 | 172 | 133 | 86.7 | 101 | 100 | 93.8 | 99.1 | 114 |
| Selling, general and administrative | 1,062 | 1,131 | 980 | 925 | 1,020 | 1,056 | 1,057 | 1,158 | 1,157 |
| Operating expenses | 2,128 | 2,178 | 2,268 | ||||||
| Operating income | 387 | 298 | 236 | 43.5 | 306 | 319 | 31.5 | -1,038 | 216 |
| Interest expense | 0 | 0 | 3.5 | 62.5 | 54.1 | 38.4 | 63.4 | ||
| Other non-operating income | 2.7 | 1.5 | -1 | 2.4 | 3.1 | -23 | -0.1 | -2.3 | |
| Pre-tax income | 387 | 301 | 234 | -20 | 255 | 284 | -54.9 | -1,085 | 177 |
| Income tax | 85.6 | 70.4 | 49.6 | -62.5 | -9 | 45.9 | 45.3 | 33.9 | 130 |
| Income from continuing operations | 184 | 42.5 | 264 | 238 | -100 | -1,119 | |||
| Net income | 301 | 231 | 218 | 33.3 | 341 | 243 | -100 | -1,119 | 47 |
| EBITDA | 508 | 428 | 356 | 165 | 424 | 457 | 167 | -915 | 332 |
| EPS, basic | 2.35 | 1.80 | 1.60 | 0.21 | 2.11 | 1.49 | -0.60 | -6.50 | 0.28 |
| EPS, diluted | 2.35 | 1.80 | 1.60 | 0.20 | 1.92 | 1.37 | -0.60 | -6.50 | 0.28 |
| Shares, basic (weighted) | 128 | 128 | 136 | 160 | 161 | 163 | 167 | 172 | 168 |
| Shares, diluted (weighted) | 128 | 128 | 136 | 164 | 178 | 178 | 167 | 172 | 169 |
Balance sheet
| FY2017 | FY2019 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 0 | 0 | 211 | 889 | 1,074 | 607 | 940 | 1,069 | 1,212 |
| Receivables | 460 | 444 | 302 | 332 | 394 | 408 | 363 | 430 | |
| Inventory | 279 | 278 | 216 | 264 | 301 | 259 | 241 | 288 | |
| Other current assets | 48.3 | 69.2 | 70.1 | 154 | 123 | 137 | 115 | 97.2 | |
| Total current assets | 787 | 1,002 | 1,591 | 1,836 | 1,425 | 1,744 | 1,788 | 2,027 | |
| Property, plant and equipment | 231 | 262 | 290 | 275 | 264 | 294 | 310 | 277 | 297 |
| Lease right-of-use assets | 200 | 163 | 128 | 132 | 125 | 143 | 142 | ||
| Goodwill | 3,370 | 3,326 | 3,306 | 3,207 | 3,132 | 3,497 | 3,292 | 2,262 | 2,358 |
| Intangible assets | 1,390 | 1,286 | 1,153 | 1,046 | 1,087 | 954 | 650 | 627 | |
| Other non-current assets | 77.4 | 74.4 | 119 | 168 | 154 | 181 | 231 | 228 | |
| Total assets | 5,993 | 5,842 | 6,158 | 6,876 | 6,574 | 6,587 | 6,605 | 5,351 | 5,679 |
| Accounts payable | 217 | 208 | 203 | 186 | 228 | 180 | 175 | 192 | |
| Accrued liabilities | 123 | 151 | 143 | 189 | 148 | 120 | 163 | 180 | |
| Deferred revenue | 58.4 | 52.6 | 44.6 | 60.1 | 78.9 | 106 | 147 | 185 | |
| Short-term debt | 0 | 3.9 | 887 | 432 | 510 | 115 | 116 | 0 | |
| Total current liabilities | 641 | 709 | 1,685 | 1,208 | 1,237 | 781 | 879 | 853 | |
| Long-term debt | 0 | 1,321 | 908 | 883 | 871 | 1,398 | 1,278 | 1,448 | |
| Lease liabilities | 0 | 186 | 153 | 120 | 121 | 110 | 119 | 110 | |
| Other non-current liabilities | 374 | 399 | 347 | 304 | 151 | 142 | 140 | 161 | |
| Total liabilities | 1,015 | 2,616 | 3,155 | 2,516 | 2,380 | 2,431 | 2,416 | 2,573 | |
| Total debt | 0 | 1,325 | 1,795 | 1,316 | 1,381 | 1,513 | 1,394 | 1,448 | |
| Paid-in capital | 0 | 3,590 | 3,684 | 3,733 | 3,699 | 3,758 | 3,842 | 3,883 | |
| Retained earnings | 0 | 93.1 | 126 | 467 | 731 | 631 | -487 | -440 | |
| Treasury stock | -50.5 | -225 | |||||||
| Other comprehensive income | 0.6 | -78.2 | -144 | -91.8 | -144 | -225 | -217 | -371 | -113 |
| Shareholders' equity | 4,823 | 3,540 | 3,721 | 4,058 | 4,207 | 4,174 | 2,935 | 3,106 | |
| Minority interests | 3.3 | 2.6 | 0.4 | 0.4 | 0 | ||||
| Total equity | 4,826 | 3,543 | 3,721 | 4,058 | 4,207 | 4,174 | 2,935 | 3,106 | |
| Total liabilities and equity | 5,842 | 6,158 | 6,876 | 6,574 | 6,587 | 6,605 | 5,351 | 5,679 | |
| Shares outstanding | 0 | 159 | 160 | 162 | 163 | 172 | 172 | 164 |
Cash flow statement
| FY2017 | FY2019 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Net income | 301 | 231 | 218 | 33.3 | 341 | 243 | -100 | -1,119 | 47 |
| Depreciation and amortization | 121 | 130 | 120 | 122 | 118 | 138 | 136 | 123 | 116 |
| Stock-based compensation | 12.3 | 13.3 | 18.4 | 22.6 | 28.2 | 30.5 | 30.7 | 35.3 | 37.6 |
| Change in receivables | -18.9 | -8.5 | 3.3 | 71.9 | -43.2 | -71 | -17 | 10 | -48.5 |
| Change in inventory | -30.5 | -8.9 | -1.5 | 11.9 | -66 | -39.9 | 35.1 | 3.6 | -29.1 |
| Change in payables | -0.5 | -3.8 | -7.9 | 21.6 | -20.3 | 44.5 | -46.3 | -1.2 | 7.5 |
| Cash from operations | 359 | 400 | 398 | 284 | 362 | 183 | 276 | 337 | 276 |
| Capital expenditures | -48.9 | -72.2 | -77.8 | -47.7 | -54.7 | -75.7 | -58.2 | -33.8 | -45.3 |
| Acquisitions | 0 | 0 | -40.7 | -2.1 | -696 | 0 | 0 | ||
| Cash from investing | -54.9 | -75.5 | -78.4 | -69.1 | 263 | -657 | -62.4 | -54.6 | -51.1 |
| Debt repaid | -0.5 | -289 | -100 | 0 | |||||
| Stock issued | 0 | 0 | 643 | 0 | 0 | 21.8 | 11.3 | 2.4 | 2.8 |
| Share buybacks | 0 | 0 | -167 | ||||||
| Cash from financing | -304 | -325 | -108 | 493 | -466 | 12.5 | 119 | -104 | -171 |
| Exchange rate effect | 0 | 0 | -0.2 | -29.6 | 26 | -4.6 | 0.9 | -49.1 | 88.9 |
| Net change in cash | 0 | 0 | 211 | 678 | 185 | -467 | 333 | 129 | 143 |
| Free cash flow | 310 | 328 | 320 | 236 | 307 | 107 | 218 | 303 | 230 |
| Interest paid | 0 | 0 | 7.7 | 56.7 | 35.7 | 38.4 | 63.2 | 54.7 | 46.1 |
| Income taxes paid | 25.1 | 26.3 | 30.7 | 28.6 | 84 | 119 | 98.6 | 32.9 | 79.8 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 55.2% | Gross profit / revenue. |
| Operating margin | 9.6% | Operating income / revenue. |
| EBITDA margin | 13.6% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 8.2% | Pre-tax income / revenue. |
| Net margin | 3.3% | Net income / revenue. |
| FCF margin | 8.7% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 10.6% | Cash from operations / revenue. |
| Effective tax rate | 59.4% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 3.1% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 1.7% | Net income / average total assets. |
| Return on invested capital (ROIC) | 6.4% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| R&D / revenue | 4.2% | Research and development expense / revenue. |
| SG&A / revenue | 41.4% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 1.4% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 1.9% | Capital expenditures / revenue. |
| D&A / revenue | 4.0% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 8.3% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 1.9% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 7.1% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 8.3% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 0.3% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 7.1% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income CAGR, 3y | -12.2% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | 37.8% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA CAGR, 3y | -10.1% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | 15.0% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income CAGR, 3y | -42.2% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 7.1% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS CAGR, 3y | -41.1% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 7.0% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -18.1% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 14.7% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -0.6% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -23.9% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 29.1% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -0.5% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 5.8% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -9.6% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | -3.5% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 6.1% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -4.8% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | -3.8% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -1.7% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -1.6% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 0.6% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 2.43x | Current assets / current liabilities. |
| Quick ratio | 1.94x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 1.39x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 0.47x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 25.7% | Total debt / total assets. |
| Liabilities / assets | 45.0% | Total liabilities / total assets. |
| Net debt | $310.7M | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 0.80x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Working capital | $1.15B | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 53.0% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $109.5M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.51x | Revenue / average total assets. |
| Fixed asset turnover | 9.66x | Revenue / average property, plant and equipment. |
| Inventory turnover | 4.40x | Cost of revenue / average inventory. |
| Days inventory | 83 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 6.54x | Revenue / average receivables. |
| Days sales outstanding | 56 days | 365 x average receivables / revenue. |
| Days payables | 54 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 85 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 261.2% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 18.0% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.58 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $17.41 | Revenue / diluted weighted shares. |
| FCF per share | $1.51 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $1.84 | Cash from operations / diluted weighted shares. |
| Book value per share | $19.16 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $0.68 | Tangible book value / shares outstanding. |
| Cash per share | $7.01 | (Cash + short-term investments) / shares outstanding. |
| Buybacks / FCF | 68.2% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $3.85B | Share price x shares outstanding. |
| Enterprise value | $4.16B | Market cap + total debt - cash - short-term investments. |
| P/E | 40.5x | Market cap / net income. Only when net income is positive. |
| P/S | 1.35x | Market cap / revenue. |
| P/B | 1.25x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 35.1x | Market cap / tangible book value, when positive. |
| P/FCF | 15.5x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 12.7x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.46x | Enterprise value / revenue. |
| EV/EBIT | 15.2x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 10.7x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 16.8x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 6.4% | Free cash flow / market cap. |
| Earnings yield | 2.5% | Net income / market cap (the inverse of P/E). |
| Shareholder yield | 4.4% | (Dividends paid + share buybacks) / market cap. |
What was Envista Holdings Corp's revenue in fiscal 2025?
Envista Holdings Corp reported revenue of $2.72B for fiscal 2025, 8.3% higher than the year before.
Was Envista Holdings Corp profitable in fiscal 2025?
Yes. Net income was $47.0M, a net margin of 1.7%.
How much free cash flow did Envista Holdings Corp generate in fiscal 2025?
Cash from operations of $275.7M minus capital expenditures of $45.3M left free cash flow of $230.4M.