NVSTEnvista Holdings Corp

Dental Equipment & Supplies

Revenue: $2.7B; 8.3% YoY
Operating margin: 7.9%; 119% YoY
EBITDA: $332M; 136% YoY
Market cap: $3.8B
Employees: 3,000; $907K revenue each
Net debt / EBITDA: 1.0×; $323M net debt
AI in 10-K: 4.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 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
587% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
42% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$907K · 85th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.3 per 10K words · 80th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$510K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.5B	$2.6B	$2.6B	$2.5B	$2.7B	8.3%
Operating income	$306M	$319M	$32M	−$1.0B	$216M	121%
Net income	$341M	$243M	−$100M	−$1.1B	$47M	104%
Operating cash flow	$362M	$183M	$276M	$337M	$276M	18%
Capex	$55M	$76M	$58M	$34M	$45M	34%
Stock-based comp	$28M	$31M	$31M	$35M	$38M	6.5%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $510K · 3
Net: −$510K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	64	136
FY2024	—	—	57	121
FY2023	—	—	71	120
FY2022	—	—	100	120
FY2021	—	—	134	124