ENOVEnovis CORP

Orthopedic, Prosthetic & Surgical Appliances & Supplies

Revenue: $2.2B; 6.7% YoY
Operating margin: -50.0%; 36% YoY
EBITDA: $220M; 45% YoY
Market cap: $1.1B
Employees: 1,000; $2M revenue each
Net debt / EBITDA: 5.8×; $1.3B net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 92nd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 40th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$717K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$1.6B	$1.7B	$2.1B	$2.2B	6.7%
Operating income	−$63M	−$71M	−$66M	−$776M	−$1.1B	45%
Net income	$72M	−$13M	−$33M	−$825M	−$1.2B	43%
Operating cash flow	$356M	−$56M	$135M	$114M	$217M	91%
Capex	$104M	$105M	$122M	$181M	$197M	9.2%
Stock-based comp	$35M	$39M	$34M	$30M	$33M	11%
Buybacks	—	$0	$0	$5M	$4M	27%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 1, 2019	BDT CAPITAL PARTNERS, LLC	SC 13D/A	4.8%	Passive

Insider trading

Open-market buys, 12 mo: $762K · 18
Open-market sells, 12 mo: $45K · 4
Net: $717K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	41	79
FY2024	—	—	67	79
FY2023	—	—	85	75
FY2022	—	—	81	79
FY2021	—	—	120	104