Revenue growth has decelerated to 3.2% in 2026Q2, but gross margin improved to 61.6% and operating margin turned positive at 3.0%, recovering from the -118.5% operating margin in 2024Q4.
Enovis Corporation (ENOV) annual income statement — 21-year revenue, gross profit & net income history
| 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 | 2.31B | 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 % | 3.28% | 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 | 934.32M | 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 | 1.37B | 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 % | 59.49% | 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 | 1.28B | 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 | 1.07B | 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 | 125.86M | 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 | 1.36M | 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 | 89.31M | -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 % | 3.87% | -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 | 384.21M | 275.51M | -490.92M | 151.4M | 148.53M | 200.12M | 180.05M | 439.64M | 378.82M | 161.35M | 375.19M | 439.19M | 584.28M | 525.65M | 340.41M | 48.5M | 50.5M | 53.53M | 31.48M | 140.16M | 32.68M | 40.48M |
| EBITDA Margin % | 16.66% | 12.26% | -23.29% | 8.87% | 9.5% | 14.03% | 16.07% | 13.21% | 10.33% | 4.89% | 10.29% | 11.07% | 12.63% | 12.49% | 8.7% | 7% | 9.32% | 10.2% | 5.2% | 27.68% | 8.3% | 11.72% |
| EBITDA Growth % | 190.84% | 156.12% | -424.26% | 1.93% | -25.78% | 11.15% | -59.05% | 16.05% | 134.78% | -56.99% | -14.57% | -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) | 294.89M | 294.38M | 284.8M | 217.11M | 219.71M | 262.92M | 246.23M | 236.03M | 141.88M | 132.2M | 137.18M | 154.54M | 174.72M | 119.26M | 200.4M | 22.6M | 16.13M | 15.07M | 14.79M | 16.88M | 13.14M | 12.91M |
| EBIT | -459.57M | -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 | -32.34M | -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 | 10M | 0 | 0 | 0 | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 42.34M | 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 | -591.22M | -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 | -501.9M | -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 % | -21.76% | -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 | 25.12M | 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 % | -5.01% | -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 | -527.4M | -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 % | -22.87% | -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 % | 61.42% | -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) | -527.03M | -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 | -39K | -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 | 2.34M | 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) | -9.02 | -20.86 | -14.93 | -0.61 | -0.28 | -2.02 | 1.11 | -11.58 | 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 % | 60.91% | -39.72% | -2347.54% | -117.86% | 86.14% | -281.98% | 109.59% | -432.76% | -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 | -11.66 | 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 | 58.49M | 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 | 57.67M | 56.79M | 55.28M | 54.49M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Persistent negative net margins
Metrics are mathematically derived from official filings.
Growth Stabilizing After Acquisition Surge
Revenue growth decelerated from 27.1% in 2024Q1 to 3.2% in 2026Q2, indicating the post-LimaCorporate integration phase is maturing, as reported in quarterly financials.
The sharp deceleration from mid-20% growth in 2024 to low-single-digit growth in 2026 suggests the inorganic boost from the LimaCorporate acquisition has largely annualized. Organic growth appears to be in the low single digits, which may reflect market share gains in Recon but also potential pricing pressures. Investors should monitor whether the company can re-accelerate growth through new product launches and surgeon conversions, as the current pace may not support a premium valuation.
Gross Margin Recovery Masks Mix Challenges
Gross margin improved from 54.8% in 2024Q4 to 61.6% in 2026Q2, but remains below peers like Hologic (61.0%) and LeMaitre (71.5%), per recent financial statements.
The gross margin expansion is encouraging and likely reflects a favorable product mix shift toward higher-margin Recon implants and cost synergies from integration. However, the 61.6% gross margin is still below the 70%+ levels of pure-play medtech peers, suggesting the P&R bracing business continues to dilute overall profitability. The volatility in gross margin (from 52.2% to 61.6% over the past year) indicates sensitivity to product mix and input costs, which warrants close monitoring.
Operating Leverage Emerging but Inconsistent
Operating margin swung from -118.5% in 2024Q4 to +3.0% in 2026Q2, but the path has been uneven, with negative margins in 2025Q1 and Q2, based on reported figures.
The recent positive operating margins suggest that SG&A and R&D costs are being better absorbed as revenue grows, but the inconsistency indicates that fixed costs remain high and the business is still scaling. The 2024Q4 operating loss of -$664.7M was likely driven by impairment charges, not core operations, so the underlying operating leverage is improving. However, the 3.0% operating margin is still far below the 17.4% of Hologic, implying that Enovis has significant room to improve cost efficiency, particularly in SG&A.
GAAP Losses Distort Underlying Profitability
Net margin was -0.2% in 2026Q2, a dramatic improvement from -125.4% in 2024Q4, but the latter included massive impairment charges, as disclosed in financial statements.
The reported net income figures are heavily influenced by non-cash charges such as amortization of intangibles and impairment losses, which mask the underlying cash-generative potential. The 2026Q2 net loss of -$1.2M is a stark contrast to the -$520.6M loss in 2025Q4, indicating that the company is approaching breakeven on a GAAP basis. Investors should focus on adjusted EBITDA and cash flow metrics to assess true earnings power, as the GAAP numbers may overstate the financial distress.
SG&A Dominates Cost Structure
SG&A expenses averaged $263M per quarter over the last four quarters, representing roughly 45% of revenue, while R&D remained around 5%, per recent income statements.
The high SG&A intensity reflects the specialized direct sales force and support costs required for surgical implants, which is a structural characteristic of the business. R&D spending has been relatively stable at around $30M per quarter, indicating a consistent investment in innovation, but it is lower than some peers as a percentage of revenue. The company's ability to control SG&A growth while expanding revenue will be critical to achieving sustainable operating leverage, as any slippage could pressure margins.
2024Q4 Impairment Marks Turning Point
The $664.7M operating loss in 2024Q4, driven by impairment charges, appears to have been the low point, with subsequent quarters showing improving margins, as reported in financials.
The massive loss in 2024Q4 was likely a one-time write-down related to the LimaCorporate acquisition, and since then, the company has shown sequential improvement in operating income. This inflection suggests that the integration costs and asset impairments are largely behind, and the company is now focused on operational execution. The lasting impact is a cleaner balance sheet and a more realistic asset base, which may allow for better returns on invested capital going forward.
Margin Recovery May Stall
Despite recent EPS beats, the company's operating margin of 3.0% and net margin of -0.2% in 2026Q2 remain far below peers, raising doubts about the sustainability of the turnaround.
Short-sellers could argue that the positive EPS is driven by one-time items or tax benefits, not core operational improvements, given the persistent negative net margins. The high debt-to-equity ratio of 0.92 and negative ROE of -58.4% suggest that the company is not generating sufficient returns to cover its cost of capital. If revenue growth continues to decelerate and SG&A costs remain sticky, the operating margin may not expand meaningfully, leaving the company vulnerable to any downturn in elective procedure volumes.