Envista Holdings

NVST

Medical - Instruments & Supplies · Healthcare

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jul 3, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Strong

Stability

Strong

Valuation

Good

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Winston Score History

The full picture

Envista Holdings is a dental products company that makes tools and supplies used by dentists around the world. Its main products include dental implants, braces, wires, imaging equipment, and other instruments that dentists use to treat patients. The company owns well-known dental brands like Nobel Biocare and Ormco, and it sells to dental clinics, orthodontists, and oral surgeons.

Envista makes money by selling dental equipment and consumable supplies, meaning dentists need to keep buying materials like brackets and implant components on a regular basis. The company operates globally, with significant sales in North America, Europe, and Asia, and generates roughly $2.5 billion in annual revenue. Its brand portfolio and established relationships with dental professionals provide some competitive stability, but the business faces real pressure from a slow dental implant market, pricing competition, and a low return on invested capital that signals the company is still working to improve its profitability after being spun off from Danaher in 2019.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+106.3% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1,126 cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Envista Holdings is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

55.7%

Premium pricing power — 55.7% gross margin

Profit after running costs

Operating Margin

11.0%

Modest — 11.0% operating margin

Return on the money invested

ROCE

6280193.2%

Exceptional — 6280193.2% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+11.9%

Steady sales growth (+11.9% YoY)

Profit growth

EPS YoY

+87.5%

Earnings growing fast (+87.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

315%

Turns 315% of profit into real cash

Spare cash per sale

FCF Margin

8.1%

Modest free cash flow (8.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.47

Conservative — low debt load (0.47)

Covers its interest

Interest Cover

13.76x

Comfortably covers interest (13.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

46.1x

no trend

Expensive — P/E 46.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+29.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (46.1 → 16.8)

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Dividends

Not applicable for this business.

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