Envista Holdings Corp (NVST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+85.3%

$45.82

vs $24.72 price

Levered DCF

$33.06

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.72

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	77.54×	-2.97×	-40.1×	23.06×	27.64×	124.93×	21.96×	15.53×
P/B	1.17×	1.13×	0.96×	1.3×	1.79×	1.45×	1.14×	0.9×
P/S	1.34×	1.32×	1.56×	2.13×	2.9×	2.79×	1.77×	1.52×
EV / EBITDA	12.23×	13.6×	9.65×	12.27×	14.64×	22.27×	12.87×	9.5×
Gross margin	55.0%	55.4%	56.5%	57.9%	58.3%	55.6%	59.2%	56.6%
Operating margin	8.3%	-41.4%	1.2%	12.4%	12.2%	2.3%	10.3%	10.5%
Net margin	1.7%	-44.6%	-3.9%	9.5%	13.6%	1.7%	9.5%	8.1%
Current ratio	2.38×	2.04×	2.23×	1.15×	1.52×	0.94×	1.41×	1.23×
Debt / equity	0.51×	0.53×	0.4×	0.36×	0.37×	0.53×	0.43×	0×
Interest coverage	6.17×	-22.38×	0.5×	8.31×	5.66×	0.7×	67.34×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.5%	-38.1%	-2.4%	5.8%	8.4%	0.9%	6.1%	4.8%
Return on invested capital	1.2%	-22.5%	0.5%	4.5%	5.2%	-1.5%	3.4%	4.4%
Return on assets	0.8%	-20.9%	-1.5%	3.7%	5.2%	0.5%	3.5%	3.9%
Free cash flow yield	6.3%	9.1%	5.4%	2.0%	4.2%	4.4%	7.9%	7.6%
Earnings yield	1.3%	-33.7%	-2.5%	4.4%	4.7%	0.6%	5.4%	5.3%
Enterprise value	$4B	$3.8B	$4.7B	$6.4B	$7.7B	$6.5B	$5.4B	$4.3B
Net debt / EBITDA	1.17×	1.71×	1.46×	1.77×	0.78×	3.75×	3.18×	0×
Cash conversion cycle (days)	86	74	84	80	75	63	98	77