Revenue growth has decelerated to 5.4% in 2026Q1, while gross margins remain volatile, contracting from a 60.7% peak in 2025Q4 to 54.9% in the most recent quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 2.28B | 2.25B | 2.11B | 1.71B | 1.56B | 1.43B | 1.12B | 3.33B | 3.67B | 3.3B | 3.65B | 3.97B | 4.62B | 4.21B | 3.91B | 693.39M | 541.99M | 525.02M | 604.85M | 506.31M | 393.6M | 345.48M |
| Revenue Growth % | 5.96% | 6.66% | 23.46% | 9.22% | 9.6% | 27.26% | -66.32% | -9.25% | 11.11% | -9.51% | -8.07% | -14.22% | 9.92% | 7.5% | 464.45% | 27.94% | 3.23% | -13.2% | 19.46% | 28.63% | 13.93% | - |
| Cost of Goods Sold | 983.94M | 902.79M | 926.87M | 716.42M | 693.72M | 648.51M | 517.06M | 1.93B | 2.53B | 2.27B | 2.5B | 2.72B | 3.15B | 2.9B | 2.76B | 453.29M | 350.58M | 339.24M | 387.67M | 330.71M | 256.81M | 222.35M |
| COGS % of Revenue | - | 40.16% | 43.98% | 41.96% | 44.38% | 45.47% | 46.14% | 57.89% | 69.11% | 68.81% | 68.59% | 68.45% | 68.02% | 68.95% | 70.56% | 65.37% | 64.68% | 64.61% | 64.09% | 65.32% | 65.24% | 64.36% |
| Gross Profit | 1.29B | 1.35B | 1.18B | 990.78M | 869.38M | 777.67M | 603.64M | 1.4B | 1.13B | 1.03B | 1.15B | 1.25B | 1.48B | 1.31B | 1.15B | 240.1M | 191.41M | 185.79M | 217.19M | 175.59M | 136.8M | 123.13M |
| Gross Margin % | 56.81% | 59.84% | 56.02% | 58.04% | 55.62% | 54.53% | 53.86% | 42.11% | 30.89% | 31.19% | 31.41% | 31.55% | 31.98% | 31.05% | 29.44% | 34.63% | 35.32% | 35.39% | 35.91% | 34.68% | 34.76% | 35.64% |
| Gross Profit Growth % | - | 13.93% | 19.17% | 13.96% | 11.79% | 28.83% | -56.92% | 23.68% | 10.04% | -10.14% | -8.48% | -15.35% | 13.22% | 13.38% | 379.85% | 25.44% | 3.03% | -14.46% | 23.69% | 28.36% | 11.11% | - |
| Operating Expenses | 1.23B | 1.36B | 1.96B | 1.06B | 940.56M | 840.47M | 669.82M | 1.2B | 818.21M | 732.34M | 825.24M | 905.95M | 1.01B | 860.99M | 895.45M | 150.52M | 125.63M | 117.41M | 200.5M | 52.32M | 117.25M | 95.56M |
| OpEx % of Revenue | - | 60.68% | 92.83% | 61.88% | 60.17% | 58.93% | 59.77% | 35.99% | 22.31% | 22.19% | 22.63% | 22.84% | 21.87% | 20.46% | 22.88% | 21.71% | 23.18% | 22.36% | 33.15% | 10.33% | 29.79% | 27.66% |
| Selling, General & Admin | 1.06B | 1.07B | 939.36M | 830.3M | 772.91M | 665.77M | 515.47M | 1.13B | 818.21M | 732.34M | 825.24M | 905.95M | 1.01B | 860.99M | 895.45M | 144.82M | 119.43M | 113.67M | 125.23M | 98.5M | 113.92M | 92.71M |
| SG&A % of Revenue | - | 47.6% | 44.57% | 48.64% | 49.45% | 46.68% | 46% | 34.02% | 22.31% | 22.19% | 22.63% | 22.84% | 21.87% | 20.46% | 22.88% | 20.89% | 22.03% | 21.65% | 20.7% | 19.45% | 28.94% | 26.83% |
| Research & Development | 123.34M | 120.33M | 91.3M | 75.33M | 60.83M | 49.09M | 34.27M | 0 | 34.2M | 42.9M | 39.3M | 41.5M | 43M | 27.4M | 19.4M | 5.71M | 6.21M | 5.93M | 5.86M | 4.16M | 3.34M | 2.85M |
| R&D % of Revenue | - | 5.35% | 4.33% | 4.41% | 3.89% | 3.44% | 3.06% | - | 0.93% | 1.3% | 1.08% | 1.05% | 0.93% | 0.65% | 0.5% | 0.82% | 1.14% | 1.13% | 0.97% | 0.82% | 0.85% | 0.83% |
| Other Operating Expenses | 365K | 173.65M | 925.81M | 150.85M | 106.82M | 125.61M | 120.09M | 65.3M | 39K | -46.93M | -8.23M | -21.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -50.35M | 0 | 0 |
| Operating Income | 61.48M | -18.87M | -775.72M | -65.71M | -71.18M | -62.8M | -66.18M | 203.61M | 236.94M | 29.15M | 238.01M | 284.64M | 409.55M | 406.39M | 140.01M | 25.91M | 34.37M | 38.46M | 16.69M | 123.28M | 19.54M | 27.56M |
| Operating Margin % | 2.7% | -0.84% | -36.81% | -3.85% | -4.55% | -4.4% | -5.91% | 6.12% | 6.46% | 0.88% | 6.53% | 7.18% | 8.86% | 9.66% | 3.58% | 3.74% | 6.34% | 7.33% | 2.76% | 24.35% | 4.97% | 7.98% |
| Operating Income Growth % | - | 97.57% | -1080.54% | 7.68% | -13.34% | 5.11% | -132.5% | -14.07% | 712.81% | -87.75% | -16.38% | -30.5% | 0.78% | 190.26% | 440.45% | -24.63% | -10.63% | 130.45% | -86.46% | 530.79% | -29.1% | - |
| EBITDA | 357.78M | 275.51M | -490.92M | 151.4M | 148.53M | 200.12M | 180.05M | 439.64M | 378.82M | 152.57M | 347.88M | 439.19M | 584.28M | 525.65M | 340.41M | 48.5M | 50.5M | 53.53M | 31.48M | 140.16M | 32.68M | 40.48M |
| EBITDA Margin % | 15.7% | 12.26% | -23.29% | 8.87% | 9.5% | 14.03% | 16.07% | 13.21% | 10.33% | 4.62% | 9.54% | 11.07% | 12.63% | 12.49% | 8.7% | 7% | 9.32% | 10.2% | 5.2% | 27.68% | 8.3% | 11.72% |
| EBITDA Growth % | 171.44% | 156.12% | -424.26% | 1.93% | -25.78% | 11.15% | -59.05% | 16.05% | 148.29% | -56.14% | -20.79% | -24.83% | 11.15% | 54.42% | 601.82% | -3.96% | -5.66% | 70.07% | -77.54% | 328.89% | -19.27% | - |
| D&A (Non-Cash Add-back) | 296.3M | 294.38M | 284.8M | 217.11M | 219.71M | 262.92M | 246.23M | 236.03M | 141.88M | 123.42M | 109.86M | 154.54M | 174.72M | 119.26M | 200.4M | 22.6M | 16.13M | 15.07M | 14.79M | 16.88M | 13.14M | 12.91M |
| EBIT | -489.08M | -1.12B | -765.82M | -47.38M | 21.98M | -92.67M | -66.18M | 170M | 141.45M | 36.99M | 239.4M | 276.05M | 409.55M | 406.39M | 138.51M | 25.91M | 34.37M | 39.63M | 16.69M | 123.28M | 19.54M | 27.56M |
| Net Interest Income | -34.8M | -34.82M | -57.1M | -19.75M | -24.75M | -29.11M | -52.82M | -119.5M | -49.08M | -40.11M | -30.28M | -47.5M | -51.3M | -103.6M | -91.57M | -5.92M | -6.68M | -7.21M | -11.82M | 0 | 0 | 0 |
| Interest Income | 22M | 0 | 0 | 0 | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 56.8M | 34.82M | 57.1M | 19.75M | 24.95M | 29.11M | 52.82M | 119.5M | 49.08M | 40.11M | 30.02M | 47.74M | 51.3M | 103.6M | 91.57M | 5.92M | 6.68M | 7.21M | 11.82M | 0 | 0 | 0 |
| Other Income/Expense | -1.16B | -1.14B | -47.2M | -1.42M | 69.11M | -58.98M | -52.82M | -153.12M | -59.17M | -147.58M | -30.32M | -28.72M | -51.3M | -103.6M | -91.57M | -5.92M | -6.68M | -6.04M | -11.82M | -19.25M | -14.19M | -9.03M |
| Pretax Income | -1.1B | -1.16B | -822.92M | -67.13M | -2.07M | -121.78M | -119.01M | 50.49M | 182.8M | -11.99M | 208M | 236.9M | 358.25M | 302.8M | 48.44M | 19.99M | 27.69M | 31.25M | 4.87M | 104.03M | 5.36M | 18.54M |
| Pretax Margin % | -48.34% | -51.57% | -39.05% | -3.93% | -0.13% | -8.54% | -10.62% | 1.52% | 4.99% | -0.36% | 5.7% | 5.97% | 7.75% | 7.2% | 1.24% | 2.88% | 5.11% | 5.95% | 0.8% | 20.55% | 1.36% | 5.37% |
| Income Tax | 33.11M | 22.29M | 4.49M | -13.29M | 36.12M | -19.53M | -44.58M | 31.63M | -21K | 42.55M | 62.81M | 49.72M | -62.02M | 93.65M | 90.7M | 15.43M | 11.47M | 9.53M | 5.44M | 39.15M | 3.87M | 6.91M |
| Effective Tax Rate % | -3.01% | -1.92% | -0.55% | 19.8% | -1745.77% | 16.04% | 37.46% | 62.64% | -0.01% | -355.03% | 30.2% | 20.99% | -17.31% | 30.93% | 187.25% | 77.21% | 41.44% | 30.48% | 111.73% | 37.63% | 72.17% | 37.26% |
| Net Income | -1.14B | -1.18B | -825.49M | -33.26M | -13.29M | 71.66M | 42.63M | -527.65M | 140.2M | 151.09M | 128.11M | 167.74M | 392.1M | 178.63M | -64.4M | 4.55M | 16.21M | 21.72M | -571K | 64.88M | 94K | 12.25M |
| Net Margin % | -49.91% | -52.69% | -39.17% | -1.95% | -0.85% | 5.02% | 3.8% | -15.86% | 3.82% | 4.58% | 3.51% | 4.23% | 8.48% | 4.25% | -1.65% | 0.66% | 2.99% | 4.14% | -0.09% | 12.81% | 0.02% | 3.54% |
| Net Income Growth % | -40.49% | -43.48% | -2381.87% | -150.23% | -118.55% | 68.11% | 108.08% | -476.36% | -7.21% | 17.94% | -23.62% | -57.22% | 119.51% | 377.36% | -1513.87% | -71.91% | -25.35% | 3904.2% | -100.88% | 68923.4% | -99.23% | - |
| Net Income (Continuing) | -1.13B | -1.18B | -827.42M | -53.84M | -38.19M | -102.25M | -74.43M | 18.86M | 121.87M | 46.08M | 154.75M | 176.95M | 420.27M | 209.14M | -42.26M | 4.55M | 16.21M | 23.8M | -571K | 64.88M | 1.49M | 11.63M |
| Discontinued Operations | -1.17M | -1.91M | 2.6M | 21.11M | 26.43M | 178.53M | 120.2M | -536.01M | 32.6M | 123.43M | 0 | 10.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.57M | 2.26M | 2.07M | 2.31M | 1.72M | 44.05M | 44.49M | 48.2M | 207.19M | 226.85M | 196.47M | 186.58M | 205.62M | 227.23M | 243.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -20.02 | -20.86 | -14.93 | -0.61 | -0.28 | -2.02 | 1.11 | 0.41 | 3.48 | 3.66 | 3.12 | 4.02 | 9.06 | 4.62 | -2.13 | 0.30 | 1.11 | 1.50 | -0.05 | 5.37 | 0.03 | -0.18 |
| EPS Growth % | -43.51% | -39.72% | -2347.54% | -117.86% | 86.14% | -281.98% | 170.73% | -88.22% | -4.92% | 17.31% | -22.39% | -55.63% | 96.1% | 316.9% | -810% | -72.97% | -26% | 3041.18% | -100.95% | 17800% | 116.67% | - |
| EPS (Basic) | - | -20.86 | -14.93 | -0.61 | -0.28 | -2.02 | 1.13 | 0.42 | 3.50 | 3.69 | 3.12 | 4.05 | 9.18 | 4.68 | -2.13 | 0.30 | 1.11 | 1.50 | -0.05 | 5.37 | 0.03 | -0.18 |
| Diluted Shares Outstanding | 56.79M | 56.79M | 55.28M | 54.49M | 54.07M | 51.14M | 46.3M | 45.56M | 40.29M | 41.33M | 41.07M | 41.62M | 41.34M | 33.81M | 30.2M | 14.76M | 14.61M | 14.48M | 11.2M | 7.3M | 7.3M | 7.3M |
| Basic Shares Outstanding | 56.79M | 56.79M | 55.28M | 54.53M | 54.07M | 51.14M | 45.59M | 45.24M | 40.1M | 40.95M | 41.06M | 41.42M | 40.33M | 33.44M | 30.2M | 14.76M | 14.61M | 14.48M | 11.2M | 7.3M | 7.3M | 7.3M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent negative net margins
As reported in recent financial statements, Enovis experienced a deceleration in top-line expansion, with revenue growth cooling to 5.4% in 2026Q1 from the double-digit peaks observed throughout 2024, suggesting that the initial inorganic boost from recent portfolio consolidation is beginning to fade into a more moderate organic baseline.
The transition from 20% plus growth rates in 2024 to mid-single digits indicates that the company is moving past the immediate impact of its aggressive acquisition strategy. Investors should monitor whether the core reconstructive segment can sustain momentum as the company shifts focus from integration to organic market share capture.
Based on reported figures, Enovis's gross margin has fluctuated significantly, reaching a recent high of 60.7% in 2025Q4 before contracting to 54.9% in 2026Q1, highlighting the inherent sensitivity of the company's cost structure to shifts between its lower-margin bracing products and higher-margin surgical implant offerings.
This volatility suggests that the company's product mix remains a primary driver of profitability, with the bracing business likely acting as a drag on overall margin performance. The inability to maintain margins above the 60% threshold warrants further investigation into whether competitive pricing pressures are intensifying in the reconstructive space.
According to quarterly income statements, Enovis has struggled to demonstrate consistent operating leverage, as SG&A expenses frequently track closely with gross profit, resulting in an operating margin that dipped to 3.4% in 2026Q1 despite the company's ongoing efforts to scale its specialized direct sales force.
The high fixed-cost nature of the direct sales model appears to be preventing meaningful flow-through from revenue gains to operating income. Without a clear reduction in the ratio of SG&A to gross profit, the company may continue to face challenges in achieving sustainable profitability at the operating level.
As indicated by the company's historical filings, Enovis has reported persistent net losses, including a significant $520.6 million deficit in 2025Q4, which appears largely driven by non-cash charges and integration costs rather than a fundamental failure of the underlying business model to generate gross profit.
The discrepancy between the company's ability to generate gross profit and its bottom-line losses suggests that GAAP earnings are currently an unreliable indicator of operational health. Investors should focus on adjusted metrics that strip out the heavy amortization of intangibles to determine if the core business is truly approaching an inflection point.
Based on an analysis of recent income statements, the primary risk to the Enovis narrative is the potential for structural margin compression, as the company's reliance on high-cost sales support in the operating room may prove difficult to scale efficiently against larger, more diversified orthopedic incumbents.
Short-sellers may focus on the company's inability to turn consistent operating profits despite revenue growth, arguing that the integration of recent acquisitions has failed to yield the expected synergies. If the company cannot demonstrate a path to positive net income, the market may continue to apply a valuation discount reflecting the risks of its current capital-intensive model.
Quick answers to the most common questions about buying ENOV stock.
For fiscal year 2025, Enovis Corporation (ENOV) reported total revenue of $2.25B. This represents a 550.7% increase compared to $345.5M in 2005.
Enovis Corporation (ENOV) reported a net loss of $1.18B for the fiscal year ending 2025.
Enovis Corporation (ENOV) reported an operating income of $-18.9M, resulting in an operating profit margin of -0.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Enovis Corporation (ENOV) generated $1.35B in gross profit for the year, representing a gross profit margin of 59.8%. This demonstrates the company's core pricing power and production efficiency.