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Envista Holdings Corp

NVST

Dental Equipment & Supplies

Mkt Cap

$3.099B

PE

-25.74

Debt

$1.622B

Cash

$948.5M

EV

$3.772B

FCF

$261.2M

Market Cap

$3.099B

P/E Ratio

-25.74

Debt

$1.622B

Cash

$948.5M

EV

$3.772B

FCF

$261.2M
Charts data: {"Earnings":[{"time":"2017-12-30","value":301100000},{"time":"2018-12-30","value":230700000},{"time":"2019-12-30","value":217600000},{"time":"2020-12-30","value":33300000},{"time":"2021-12-30","value":340500000},{"time":"2022-12-30","value":243100000},{"time":"2023-12-30","value":-100200000}],"Sales":[{"time":"2017-12-30","value":2810900000},{"time":"2018-12-30","value":2844500000},{"time":"2019-12-30","value":2751600000},{"time":"2020-12-30","value":2282000000},{"time":"2021-12-30","value":2508900000},{"time":"2022-12-30","value":2569100000},{"time":"2023-12-30","value":2566500000}],"Net Margins":[{"time":"2017-12-30","value":0.1071187164253442},{"time":"2018-12-30","value":0.08110388468975216},{"time":"2019-12-30","value":0.07908126181130978},{"time":"2020-12-30","value":0.014592462751971954},{"time":"2021-12-30","value":0.13571684802104508},{"time":"2022-12-30","value":0.09462457670001168},{"time":"2023-12-30","value":-0.03904149620105202}],"Assets":[{"time":"2017-12-30","value":5992800000},{"time":"2018-12-30","value":5841600000},{"time":"2019-12-30","value":6158300000},{"time":"2020-12-30","value":6876000000},{"time":"2021-12-30","value":6574200000},{"time":"2022-12-30","value":6587000000},{"time":"2023-12-30","value":6605100000}],"Stockholders Equity":[{"time":"2018-12-30","value":4826400000},{"time":"2019-12-30","value":3542800000},{"time":"2020-12-30","value":3721000000},{"time":"2021-12-30","value":4058000000},{"time":"2022-12-30","value":4206900000},{"time":"2023-12-30","value":4173900000}],"ROE":[{"time":"2018-12-30","value":0.04779960218796619},{"time":"2019-12-30","value":0.061420345489443376},{"time":"2020-12-30","value":0.008949207202364955},{"time":"2021-12-30","value":0.08390832922621981},{"time":"2022-12-30","value":0.0577860182081818},{"time":"2023-12-30","value":-0.024006325019765688}],"ROA":[{"time":"2017-12-30","value":0.0645274329195034},{"time":"2018-12-30","value":0.05154409750753218},{"time":"2019-12-30","value":0.045061137002094735},{"time":"2020-12-30","value":0.004842931937172775},{"time":"2021-12-30","value":0.046576009248273556},{"time":"2022-12-30","value":0.048459086078639746},{"time":"2023-12-30","value":0.00476904210382886}]}

Envista Holdings Corporation, together with its subsidiaries, develops, manufactures, markets, and sells dental products in the United States, China, and internationally. The company operates in two segments, Specialty Products & Technologies, and Equipment & Consumables. The Specialty Products & Technologies segment offers dental implant systems, guided surgery systems, biomaterials, and prefabricated and custom-built prosthetics to oral surgeons, prosthodontists, and periodontists; and brackets and wires, tubes and bands, archwires, clear aligners, digital orthodontic treatments, retainers, and other orthodontic laboratory products. This segment also provides software packages, which include DTX Studio Implant for treatment planning of dental implants; DTX Studio Lab for prosthetics treatment planning; and DTX Studio Clinic, a software package offered with its imaging devices. It offers its products under the Nobel Biocare, Alpha-Bio Tec, Implant Direct, Nobel Procera, Ormco, Spark, Orascoptic, Damon, Insignia, AOA brands. The Equipment & Consumables segment provides dental equipment and supplies, including digital imaging systems, software, and other visualization/magnification systems; endodontic systems and related consumables; restorative materials, rotary burs, impression materials, bonding agents, and cements; and infection prevention products. This segment offers its products under the Dexis, Gendex, i-CAT, Kerr, Metrex, Total Care, Pentron, Optibond, Harmonize, Sonicfill, Sybron Endo, and CaviWipes to dental offices, clinics, and hospitals. Envista Holdings Corporation was incorporated in 2018 and is headquartered in Brea, California.

Sector

    Growth

    %

    %

    Discount

    %

    %

    Multiple

    g\r+10%+11%+12%+13%+14%
    0%109887
    +1%1110988
    +2%13111098
    +3%141311109
    +4%1714121110
    Years012345678910TV
    FCF$261.2M$231.1M$204.4M$180.9M$160M$141.6M$125.2M$110.8M$98.02M$86.72M$76.72M$767.2M
    DCF$200.9M$154.6M$118.9M$91.48M$70.38M$54.14M$41.65M$32.04M$24.65M$18.96M$189.6M
    Value$997.4M

    In the chart Earnings are multiplied by this value.

    Earnings Growth 13%
    Earnings Stability -56%

    Competitiveness and MOAT

    High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

    Years12-201712-201812-201912-202012-202112-202212-2023TTM
    Net Margin11%8.1%7.9%1.5%14%9.5%-3.9%-4.7%
    ROA6.5%5.2%4.5%0.48%4.7%4.8%0.48%0.11%
    ROE-4.8%6.1%0.89%8.4%5.8%-2.4%-2.9%

    What is the average Net Margin?

    The average Net Margin over the past 5 years is +6.1%.

    What is the trend of Net Margin?

    The trend of Net Margin over the past 5 years is -1.24%.

    What is the average Return on Assets (ROA)?

    The average ROA over the past 5 years is +3.35%.

    What is the trend of Return on Assets (ROA)?

    The trend of ROA over the past 5 years is -0.52%.

    What is the average Return on Equity (ROE)?

    The average ROE over the past 5 years is +3.93%.

    What is the trend of Return on Equity (ROE)?

    The trend of ROE over the past 5 years is -0.84%.

    Safety & Stabiliy

    Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

    Years12-201712-201812-201912-202012-202112-202212-2023TTM
    Debt FCF-0.004.1611.825.9817.767.586.21
    Debt Equity-0.000.380.750.450.450.390.39
    MIN
    Graham Stability---13%100%100%-49%-49%

    What is the Debt/FCF?

    The Debt/FCF trailing twelve month is 6.21.

    What is the trend of Debt/FCF?

    The trend of Debt/FCF over the past 5 years is 2.08.

    What is the Graham’s Stability?

    Graham’s Stability measure stands at -0.49.

    Growth

    Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

    Years12-201812-202012-2022Trend
    Revenue-2%4%-0.1%1.1%
    Net Income---92%
    Stockholders Equity-2.9%3.9%-0.78%5%
    FCF-7.9%-2.7%100%10%

    What is the 5 year Revenue CAGR?

    The Revenue CAGR over the past 5 years is -2.04%.

    What is the trend of Revenue growth?

    The trend of Revenue growth rate over the past 5 years is +1.07%.

    What is the 5 year Earnings CAGR?

    The Earnings CAGR over the past 5 years is -.

    What is the trend of Earnings growth?

    The trend of Earnings growth rate over the past 5 years is +91.78%.

    What is the 5 year Equity CAGR?

    The Equity CAGR over the past 5 years is -2.86%.

    What is the trend of Equity growth?

    The trend of Equity growth rate over the past 5 years is +5.03%.

    What is the 5 year FCF CAGR?

    The FCF CAGR over the past 5 years is -7.88%.

    What is the trend of FCF growth?

    The trend of FCF growth rate over the past 5 years is +10.17%.