Latest Ratios: P/E Ratio 86.0x · EV/EBITDA 12.6x · ROE 1.6%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.9B | $3.7B | $3.3B | $4.0B | $6.0B | $8.0B | $5.5B | $4.0B | — | — |
| Enterprise Value | $4.3B | $4.1B | $3.8B | $4.7B | $6.9B | $8.4B | $6.6B | $5.4B | — | — |
| P/E Ratio → | 85.96 | 77.54 | — | — | 25.13 | 30.45 | 129.73 | 21.96 | — | — |
| P/S Ratio | 1.44 | 1.35 | 1.32 | 1.56 | 2.33 | 3.19 | 2.87 | 1.77 | — | — |
| P/B Ratio | 1.31 | 1.18 | 1.13 | 0.96 | 1.42 | 1.97 | 1.49 | 1.14 | — | — |
| P/FCF | 17.00 | 15.94 | 10.97 | 18.46 | 55.89 | 26.08 | 23.43 | 12.65 | — | — |
| P/OCF | 14.21 | 13.32 | 9.87 | 14.57 | 32.73 | 22.13 | 19.50 | 10.17 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.49 | 1.51 | 1.84 | 2.69 | 3.35 | 3.43 | 2.35 | — | — |
| EV / EBITDA | 12.59 | 11.88 | — | 28.30 | 15.10 | 19.57 | 37.62 | 14.74 | — | — |
| EV / EBIT | 19.06 | 18.99 | 24.30 | 14.44 | 19.18 | 22.59 | 51.92 | 21.61 | — | — |
| EV / FCF | — | 17.62 | 12.55 | 21.74 | 64.50 | 27.41 | 28.05 | 16.79 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.0% | 55.0% | 55.4% | 56.5% | 57.9% | 58.3% | 55.6% | 59.2% | 56.6% | 57.9% |
| Operating Margin | 8.3% | 8.3% | -41.4% | 1.2% | 12.4% | 12.2% | 2.3% | 10.3% | 10.5% | 13.8% |
| Net Profit Margin | 1.7% | 1.7% | -44.6% | -3.9% | 9.5% | 13.6% | 1.7% | 9.5% | 8.1% | 10.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.6% | 1.6% | -31.5% | -2.4% | 5.9% | 8.8% | 0.9% | 5.2% | 4.7% | 6.0% |
| ROA | 0.9% | 0.9% | -18.7% | -1.5% | 3.7% | 5.1% | 0.5% | 3.6% | 3.9% | 5.0% |
| ROIC | 4.9% | 4.9% | -18.8% | 0.5% | 5.0% | 5.0% | 0.7% | 3.6% | 4.6% | 5.8% |
| ROCE | 4.9% | 4.9% | -20.2% | 0.6% | 6.0% | 5.8% | 0.8% | 4.4% | 5.6% | 7.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.51 | 0.51 | 0.53 | 0.40 | 0.36 | 0.37 | 0.53 | 0.43 | — | — |
| Debt / EBITDA | 4.68 | 4.68 | — | 9.90 | 3.35 | 3.45 | 11.23 | 4.22 | — | — |
| Net Debt / Equity | — | 0.12 | 0.16 | 0.17 | 0.22 | 0.10 | 0.29 | 0.37 | 0.00 | 0.00 |
| Net Debt / EBITDA | 1.13 | 1.13 | — | 4.27 | 2.02 | 0.95 | 6.19 | 3.64 | 0.00 | 0.00 |
| Debt / FCF | — | 1.68 | 1.58 | 3.28 | 8.62 | 1.34 | 4.61 | 4.15 | 0.00 | 0.00 |
| Interest Coverage | 5.84 | 5.84 | 3.37 | 5.16 | 9.37 | 6.88 | 2.04 | 71.00 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.38 | 2.38 | 2.04 | 2.23 | 1.15 | 1.52 | 0.94 | 1.41 | 1.23 | 1.26 |
| Quick Ratio | 2.04 | 2.04 | 1.76 | 1.90 | 0.91 | 1.30 | 0.82 | 1.02 | 0.79 | 0.83 |
| Cash Ratio | 1.42 | 1.42 | 1.22 | 1.20 | 0.49 | 0.89 | 0.53 | 0.30 | — | — |
| Asset Turnover | — | 0.48 | 0.47 | 0.39 | 0.39 | 0.38 | 0.28 | 0.37 | 0.49 | 0.47 |
| Inventory Turnover | 4.25 | 4.25 | 4.64 | 4.31 | 3.59 | 3.97 | 3.96 | 3.36 | 4.43 | 4.29 |
| Days Sales Outstanding | — | 57.66 | 52.77 | 57.95 | 55.91 | 48.29 | 57.08 | 70.87 | 59.00 | 60.13 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.2% | 1.3% | — | — | 4.0% | 3.3% | 0.8% | 4.6% | — | — |
| FCF Yield | 5.9% | 6.3% | 9.1% | 5.4% | 1.8% | 3.8% | 4.3% | 7.9% | — | — |
| Buyback Yield | 4.3% | 4.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | — | — |
| Total Shareholder Yield | 4.3% | 4.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | — | — |
| Shares Outstanding | — | $169M | $172M | $167M | $178M | $178M | $164M | $136M | $155M | $155M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying NVST stock.
Envista Holdings Corp's current P/E ratio is 86.0x. The historical average is 57.0x. This places it at the 80th percentile of its historical range.
Envista Holdings Corp's current EV/EBITDA is 12.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.2x.
Envista Holdings Corp's return on equity (ROE) is 1.6%. The historical average is -0.1%.
Based on historical data, Envista Holdings Corp is trading at a P/E of 86.0x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Envista Holdings Corp has 55.0% gross margin and 8.3% operating margin.
Envista Holdings Corp's Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Goodwill impairment and negative retained earnings
Metrics are mathematically derived from official filings.
Margin Recovery Still Below Peak
According to recent financial statements, NVST's gross margin reached 55.7% in 2026Q2, up from 54.3% a year earlier, yet remains below the 57.4% peak in 2024Q1, indicating incomplete margin recovery.
Operating margin expanded to 11.0% in 2026Q2 from 7.4% in 2025Q2, reflecting operating leverage as revenue growth outpaced SG&A. However, net margin at 7.4% is still thin relative to the 10%+ levels typical for medical device peers, suggesting that the company's earning power is not yet fully restored. The 2024Q2 operating margin of -182.2% was distorted by a large impairment, so investors should focus on the normalized upward trajectory since then.
Return on Capital Rebuilding from Trough
As reported in quarterly filings, NVST's ROIC improved to 3.4% in 2026Q2 from 0.8% in 2025Q1, but remains far below the 15.4% ROIC of peer Align Technology, indicating a slow recovery in capital efficiency.
ROE and ROA have also recovered from the -32.4% and -19.2% lows in 2024Q2, which were driven by a goodwill impairment. The current ROIC of 3.4% is still below the cost of capital, suggesting that the company is not yet creating value on its invested capital. The improvement is driven by margin expansion rather than asset turnover, which has remained flat around 0.12-0.13, implying that the asset base is not being utilized more efficiently.
Working Capital Efficiency Volatile
Based on the latest data, NVST's cash conversion cycle swung from 91 days in 2026Q1 to 46 days in 2026Q2, driven by a sharp reduction in DSO from 57 to 27 days, indicating improved receivables collection.
The CCC has historically ranged between 79 and 94 days, with DIO and DPO relatively stable around 80-88 and 49-59 days, respectively. The dramatic improvement in DSO in 2026Q2 may reflect a one-time collection event or a change in sales mix, and investors should monitor whether it is sustainable. The working capital swings have been a primary driver of cash flow volatility, as noted in the cash flow analysis, suggesting that the company's operational efficiency is not yet consistent.
Leverage Stable but Coverage Improving
According to recent balance sheet data, NVST's debt-to-equity has remained near 0.52 over the past year, while interest coverage improved to 9.55x in 2026Q2 from 4.12x in 2025Q1, indicating a more comfortable debt service position.
The D/EBITDA ratio has declined from a peak of 31.44x in 2024Q3 to 15.77x in 2026Q1, though it is not reported for 2026Q2, likely due to negative EBITDA in some quarters. The improvement in interest coverage is driven by rising operating income, but the absolute level of debt at $1.6B remains significant relative to equity. The stable D/E suggests the company is not aggressively deleveraging, and the reliance on balance sheet cash for buybacks and acquisitions, as noted in the cash flow analysis, may limit future flexibility.
Liquidity Buffer Comfortable
As reported in the latest balance sheet, NVST's current ratio improved to 2.43 in 2026Q2 from 2.04 in 2024Q4, with quick ratio at 2.07, indicating a solid liquidity position to cover short-term obligations.
The current ratio has been consistently above 2.0 over the past ten quarters, and the quick ratio of 2.07 suggests that inventory is not a significant liquidity concern. Cash and cash equivalents of $1.1B provide a substantial cushion, which is important given the volatility in operating cash flow. However, the company's aggressive capital deployment on buybacks and acquisitions, which exceeded free cash flow in 2026Q2, could erode this buffer if cash generation does not improve.
P/E Misleading Due to Earnings Distortions
NVST's trailing P/E of 100.68 is distorted by the 2024Q2 impairment that depressed earnings, while the forward P/E of 18.60 is more indicative, but investors should use EV/EBITDA of 14.55 for a cleaner valuation.
The trailing P/E is not meaningful because the 2024Q2 net margin of -181.9% was driven by a one-time goodwill impairment, which is not reflective of ongoing operations. The forward P/E of 18.60 is more useful but still relies on analyst estimates of future earnings recovery. EV/EBITDA of 14.55 is a better metric as it is less affected by non-cash charges and capital structure, and it is in line with peers like Align Technology at 14.61. Investors should also consider EV/Sales, which at 1.69 is below the peer average, suggesting the market is pricing in modest growth expectations.