Cash flow generation is highly erratic, evidenced by a $98.9 million working capital outflow in 2026Q1 and a volatile OCF/NI ratio that reached -0.09 in the same period.
| Cash from Operations | 272.1M | 275.7M | 336.5M | 275.7M | 182.7M | 361.6M | 283.9M | 397.5M | 400.1M | 359.1M |
| Operating CF Margin % | - | 10.14% | 13.4% | 10.74% | 7.11% | 14.41% | 14.72% | 17.4% | 14.07% | 12.78% |
| Operating CF Growth % | -1211.84% | -18.07% | 22.05% | 50.9% | -49.47% | 27.37% | -28.58% | -0.65% | 11.42% | - |
| Net Income | 67.7M | 47M | -1.12B | -100.2M | 243.1M | 340.5M | 33.3M | 217.6M | 230.7M | 301.1M |
| Depreciation & Amortization | 108.9M | 116M | 154.5M | 162.6M | 162.1M | 151.9M | 163.1M | 168.1M | 130M | 121.4M |
| Stock-Based Compensation | -7.1M | 0 | 35.3M | 30.7M | 30.5M | 28.2M | 22.6M | 18.4M | 13.3M | 12.3M |
| Deferred Taxes | 11.4M | 11.4M | -29M | -37M | 0 | 0 | 55.6M | 0 | 1.7M | -58.2M |
| Other Non-Cash Items | 116.9M | 92.4M | 1.2B | 328M | 18.7M | 44.2M | 24.5M | 9.5M | 400K | 6.8M |
| Working Capital Changes | -25.7M | 8.9M | 97.4M | -108.4M | -271.7M | -203.2M | -15.2M | -16.1M | 25.7M | -82.5M |
| Change in Receivables | -40.5M | -48.5M | 10M | -17M | -71M | -43.2M | 71.9M | 3.3M | -3.8M | -18.9M |
| Change in Inventory | -28.6M | -29.1M | 3.6M | 35.1M | -39.9M | -66M | 11.9M | -1.5M | -8.9M | -30.5M |
| Change in Payables | 1.2M | 7.5M | -1.2M | -46.3M | 44.5M | -20.3M | 21.6M | -7.9M | -3.8M | -500K |
| Cash from Investing | -111.2M | -51.1M | -54.6M | -62.4M | -657.3M | 262.7M | -69.1M | -78.4M | -75.5M | -54.9M |
| Capital Expenditures | -51.9M | -45.3M | -33.8M | -58.2M | -75.7M | -54.7M | -47.7M | -77.8M | -72.2M | -48.9M |
| CapEx % of Revenue | 1.85% | 1.67% | 1.35% | 2.27% | 2.95% | 2.18% | 2.47% | 3.41% | 2.54% | 1.74% |
| Acquisitions | -54.3M | 0 | 0 | 0 | -622.3M | 310.4M | -40.7M | 0 | 0 | 100K |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.6M | -6.3M | 2.3M | -14.9M | -15.3M | -4.4M | 19.3M | -600K | -3.3M | -6M |
| Cash from Financing | -198.9M | -170.9M | -103.7M | 118.9M | 12.5M | -465.6M | 492.5M | -107.7M | -324.6M | -304.2M |
| Debt Issued (Net) | -900K | -900K | -100M | 115.4M | -200K | -475.7M | 517.3M | 1.32B | 0 | 0 |
| Equity Issued (Net) | -188.4M | -163.8M | 2.4M | 11.3M | 21.8M | 19.5M | -5M | 643.4M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -194.7M | -166.6M | 0 | 0 | 0 | 0 | -5M | 0 | 0 | 0 |
| Other Financing | -9.6M | -6.2M | -6.1M | -7.8M | -9.1M | -9.4M | -19.8M | -2.07B | -324.6M | -304.2M |
| Net Change in Cash | 5.5M | 142.6M | 129.1M | 333.1M | -466.7M | 184.7M | 677.7M | 211.2M | 0 | 0 |
| Free Cash Flow | 220.2M | 230.4M | 302.7M | 217.5M | 107M | 306.9M | 236.2M | 319.7M | 327.9M | 310.2M |
| FCF Margin % | 7.84% | 8.47% | 12.06% | 8.47% | 4.16% | 12.23% | 12.24% | 13.99% | 11.53% | 11.04% |
| FCF Growth % | -17.77% | -23.89% | 39.17% | 103.27% | -65.14% | 29.93% | -26.12% | -2.5% | 5.71% | - |
| FCF per Share | 1.32 | 1.36 | 1.76 | 1.30 | 0.60 | 1.73 | 1.44 | 2.34 | 2.12 | 2.01 |
| FCF Conversion (FCF/Net Income) | 3.25x | 5.87x | -0.30x | -2.75x | 0.75x | 1.06x | 8.53x | 1.83x | 1.73x | 1.19x |
| Interest Paid | 13.7M | 0 | 54.7M | 63.2M | 38.4M | 35.7M | 56.7M | 7.7M | 0 | 0 |
| Taxes Paid | -5.2M | 0 | 32.9M | 98.6M | 119.2M | 84M | 28.6M | 30.7M | 26.3M | 25.1M |
Working capital volatility
As reported in financial statements, the relationship between net income and operating cash flow is frequently decoupled, with OCF/NI ratios swinging from -0.09 in 2026Q1 to over 110.0 in 2024Q4, indicating that reported earnings are often poor proxies for actual cash generation.
The extreme variance in the conversion ratio suggests that non-cash charges and significant working capital swings frequently obscure the underlying cash-generative capacity of the business. Investors should monitor whether this disconnect is a structural feature of the company's revenue recognition model or a symptom of inconsistent operational execution.
Based on the provided cash flow data, free cash flow margins have demonstrated significant instability, oscillating between a negative 2.2% in 2026Q1 and a peak of 19.0% in 2024Q4, reflecting the company's difficulty in maintaining consistent cash conversion across different fiscal periods.
The erratic FCF trajectory appears to be driven by the lumpy nature of equipment sales and the subsequent impact on working capital. This inconsistency makes it difficult to rely on FCF as a stable indicator of the firm's ability to fund internal growth or service debt obligations.
According to recent quarterly filings, working capital changes have been a major source of cash flow volatility, with a massive $98.9 million outflow in 2026Q1 contrasting sharply with the $62.3 million inflow observed in 2024Q4, highlighting significant inefficiencies in inventory and receivables management.
These dramatic fluctuations suggest that the company may be struggling to align its production cycles with actual customer demand, leading to periodic inventory build-ups. Such volatility warrants further investigation into the firm's supply chain management and the effectiveness of its credit collection processes.
As indicated by the cash flow statements, the company has prioritized share repurchases, including $85.7 million in 2025Q2, even during periods of negative free cash flow, which suggests a potentially aggressive capital allocation strategy that may not be fully supported by current operational cash generation.
The decision to return capital to shareholders while simultaneously facing significant working capital outflows and inconsistent net income appears counterintuitive. This approach may indicate that management is attempting to signal confidence, though it risks depleting liquidity reserves that could be better utilized for operational stabilization.
Quick answers to the most common questions about buying NVST stock.
Envista Holdings Corp (NVST) generated $275.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Envista Holdings Corp (NVST) generated $230.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Envista Holdings Corp (NVST) spent $45.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Envista Holdings Corp (NVST) spent $166.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.