Latest Ratios: P/E Ratio 98.3x · EV/EBITDA 14.6x · 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 | $4.5B | $3.7B | $3.3B | $4.0B | $6.0B | $8.0B | $5.5B | $4.0B | — | — |
| Enterprise Value | $5.0B | $4.2B | $3.8B | $4.7B | $6.9B | $8.4B | $6.6B | $5.4B | — | — |
| P/E Ratio → | 98.25 | 77.54 | — | — | 25.13 | 30.45 | 129.73 | 21.96 | — | — |
| P/S Ratio | 1.65 | 1.35 | 1.32 | 1.56 | 2.33 | 3.19 | 2.87 | 1.77 | — | — |
| P/B Ratio | 1.50 | 1.18 | 1.13 | 0.96 | 1.42 | 1.97 | 1.49 | 1.14 | — | — |
| P/FCF | 19.46 | 15.94 | 10.97 | 18.46 | 55.89 | 26.08 | 23.43 | 12.65 | — | — |
| P/OCF | 16.26 | 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 | — | 1.53 | 1.51 | 1.84 | 2.69 | 3.35 | 3.43 | 2.35 | — | — |
| EV / EBITDA | 14.57 | 12.20 | — | 28.30 | 15.10 | 19.57 | 37.62 | 14.74 | — | — |
| EV / EBIT | 22.06 | 18.47 | 24.30 | 14.44 | 19.18 | 22.59 | 51.92 | 21.61 | — | — |
| EV / FCF | — | 18.10 | 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 | 4.8% | 4.8% | -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 | 0.55 | 0.55 | 0.53 | 0.40 | 0.36 | 0.37 | 0.53 | 0.43 | — | — |
| Debt / EBITDA | 5.00 | 5.00 | — | 9.90 | 3.35 | 3.45 | 11.23 | 4.22 | — | — |
| Net Debt / Equity | — | 0.16 | 0.16 | 0.17 | 0.22 | 0.10 | 0.29 | 0.37 | 0.00 | 0.00 |
| Net Debt / EBITDA | 1.45 | 1.45 | — | 4.27 | 2.02 | 0.95 | 6.19 | 3.64 | 0.00 | 0.00 |
| Debt / FCF | — | 2.15 | 1.58 | 3.28 | 8.62 | 1.34 | 4.61 | 4.15 | 0.00 | 0.00 |
| Interest Coverage | 6.17 | 6.17 | 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 | 1.0% | 1.3% | — | — | 4.0% | 3.3% | 0.8% | 4.6% | — | — |
| FCF Yield | 5.1% | 6.3% | 9.1% | 5.4% | 1.8% | 3.8% | 4.3% | 7.9% | — | — |
| Buyback Yield | 3.7% | 4.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | — | — |
| Total Shareholder Yield | 3.7% | 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 |
Margin compression and cyclicality
Based on current market data, NVST trades at a forward P/E of 18.82, which appears to discount the company's historical volatility compared to pure-play peers like Align Technology, suggesting that investors remain skeptical of the firm's ability to achieve sustainable margin expansion in the near term.
The significant gap between the TTM P/E of 96.29 and the forward multiple indicates that the market is pricing in a substantial recovery in earnings that has yet to materialize in the reported financials. This valuation profile suggests that the stock is currently being treated as a value-oriented turnaround play rather than a high-growth medical technology entity.
As reported in financial statements, NVST's ROIC has struggled to maintain positive momentum, recently hovering near 1.3% in 2026Q1, which indicates that the company is failing to generate returns on invested capital that exceed its likely cost of capital, a trend that warrants significant investor concern.
The persistent decay in return metrics, punctuated by the severe -20.5% ROIC observed in 2024Q2, suggests that the company's heavy reliance on M&A has not yet translated into operational synergies. The inability to consistently drive returns above the cost of capital implies that the firm's capital allocation strategy may be destroying shareholder value rather than compounding it.
According to recent quarterly filings, NVST's cash conversion cycle has remained elevated, reaching 91 days in 2026Q1, which reflects persistent inefficiencies in managing inventory and receivables compared to the leaner operational standards typically expected within the medical equipment and services industry.
The upward trend in the cash conversion cycle, driven by DIO levels consistently above 80 days, suggests that the company is struggling to optimize its supply chain and inventory turnover. This inefficiency ties up critical liquidity and may indicate that the firm is holding excess stock to mitigate potential supply chain disruptions or as a result of slower-than-expected equipment sales.
Based on the provided financial data, NVST's interest coverage ratio has fluctuated significantly, dropping to 8.45 in 2026Q1 from higher historical levels, which suggests that the company's ability to service its debt obligations is becoming increasingly sensitive to its volatile operating income performance.
While the debt-to-equity ratio of 0.52 appears moderate, the underlying volatility in EBITDA-based leverage ratios indicates that the company's debt burden is not as comfortable as the headline figures might suggest. Investors should monitor the firm's ability to maintain interest coverage during periods of cyclical downturns, as the current margin profile provides a thin cushion for debt service.
The P/E ratio is frequently misapplied to NVST, as it obscures the impact of non-recurring restructuring charges and amortization of intangibles that artificially depress earnings, making the company appear more expensive than its underlying cash-generative capacity would suggest to a fundamental analyst.
Investors should prioritize P/FCF or EV/EBITDA over P/E when evaluating this business model, as these metrics better account for the heavy capital expenditure and non-cash charges inherent in the firm's post-spin-off structure. Relying on P/E in this context risks misinterpreting a temporary earnings trough as a permanent valuation floor.
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 98.3x. 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 14.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.3x.
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 98.3x. 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 5.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.