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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
Envista reported revenue of $2.7B in the fiscal year ended Dec 2025, up 8.3% from the year before. Operating income was $216M, an operating margin of 7.9%, and net income was $47M. Operating cash flow of $276M less capital expenditure of $45M left free cash flow of $230M. Net debt was $237M.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,509 | 2,569 | 2,567 | 2,511 | 2,720 |
| Cost of revenue | 1,082 | 1,094 | 1,126 | 1,138 | 1,233 |
| Gross profit | 1,427 | 1,475 | 1,441 | 1,373 | 1,487 |
| Research & development | 101 | 100 | 93.8 | 99.1 | 114 |
| Selling, general & admin | 1,020 | 1,056 | 1,057 | 1,158 | 1,157 |
| Operating income | 306 | 319 | 31.5 | −1,038 | 216 |
| Interest expense | 54.1 | 38.4 | 63.4 | – | – |
| Pre-tax income | 255 | 284 | −54.9 | −1,085 | 177 |
| Income tax | −9.0 | 45.9 | 45.3 | 33.9 | 130 |
| Net income | 341 | 243 | −100 | −1,119 | 47.0 |
| Diluted EPS | 1.92 | 1.37 | −0.60 | −6.50 | 0.28 |
| Diluted shares | 178 | 178 | 167 | 172 | 169 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,074 | 607 | 940 | 1,069 | 1,212 |
| Receivables | 332 | 394 | 408 | 363 | 430 |
| Inventory | 264 | 301 | 259 | 241 | 288 |
| Current assets | 1,836 | 1,425 | 1,744 | 1,788 | 2,027 |
| Net PP&E | 264 | 294 | 310 | 277 | 297 |
| Goodwill | 3,132 | 3,497 | 3,292 | 2,262 | 2,358 |
| Total assets | 6,574 | 6,587 | 6,605 | 5,351 | 5,679 |
| Payables | 186 | 228 | 180 | 175 | 192 |
| Deferred revenue | 60.1 | 78.9 | 106 | 147 | 185 |
| Current liabilities | 1,208 | 1,237 | 781 | 879 | 853 |
| Short-term debt | 432 | 510 | 115 | 116 | 0.0 |
| Long-term debt | 883 | 871 | 1,398 | 1,278 | 1,448 |
| Total liabilities | 2,516 | 2,380 | 2,431 | 2,416 | 2,573 |
| Shareholders' equity | 4,058 | 4,207 | 4,174 | 2,935 | 3,106 |
| Backlog (remaining obligations) | 30.6 | 52.7 | 80.0 | 128 | 164 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 362 | 183 | 276 | 337 | 276 |
| Capital expenditure | 54.7 | 75.7 | 58.2 | 33.8 | 45.3 |
| Free cash flow | 307 | 107 | 218 | 303 | 230 |
| Depreciation & amortisation | 118 | 138 | 136 | 123 | 116 |
| Stock-based compensation | 28.2 | 30.5 | 30.7 | 35.3 | 37.6 |
| Acquisitions | 2.1 | 696 | 0.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.4% | −0.1% | −2.2% | 8.3% |
| Operating income growth (YoY) | – | 4.2% | −90.1% | −3395.9% | – |
| EPS growth (YoY) | – | −28.6% | −143.8% | – | – |
| Gross margin | 56.9% | 57.4% | 56.1% | 54.7% | 54.7% |
| Operating margin | 12.2% | 12.4% | 1.2% | −41.4% | 7.9% |
| Net margin | 13.6% | 9.5% | −3.9% | −44.6% | 1.7% |
| Return on equityBlank when equity is negative | 8.4% | 5.8% | −2.4% | −38.1% | 1.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.7% | 6.0% | 0.5% | −23.2% | 4.5% |
| Free cash flow margin | 12.2% | 4.2% | 8.5% | 12.1% | 8.5% |
| Cash conversion (CFO ÷ net income) | 1.06x | 0.75x | −2.75x | −0.30x | 5.87x |
| Receivable days | 48 | 56 | 58 | 53 | 58 |
| Inventory days | 89 | 100 | 84 | 77 | 85 |
| Payable days | 63 | 76 | 58 | 56 | 57 |
| Interest cover | 5.66x | 8.31x | 0.50x | – | – |
| Debt ÷ equity | 0.32x | 0.33x | 0.36x | 0.48x | 0.47x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 242 | 774 | 573 | 325 | 237 |
| Current ratio | 1.52x | 1.15x | 2.23x | 2.04x | 2.38x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.