MeritValue

Enovis CORP

ENOVdata completeness 100%17 fiscal years on file
The thesis, from the filings

Enovis CORP earns about -7% on invested capital, but has diluted owners by 12% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.43B1$1.56B2$1.71B3$2.11B3$2.25B3
Net income$71.7M4−$13.3M5−$33.3M6−$825.5M6−$1.18B6
Operating cash flow$356.1M7−$55.9M8$135M9$113.5M9$217.3M9
Capital expenditure$104.2M10$105.5M11$122.2M12$180.7M12$197.4M12
Free cash flow (derived)$251.9M7−$161.3M8$12.8M9−$67.2M9$19.9M9
Total debt$4.17B13$518.6M14$932.3M15$2.66B16$2.59B16
Cash & equivalents$680.3M17$24.3M18$36.2M19$48.2M19$36.4M19
Diluted shares51.1M54.1M54.5M55.3M57.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$261.03
your share of equity
Profit it earned you last year
−$207.55
Free cash flow it threw off
$3.49
Debt you’d be carrying
$454.47

10 shares is a claim on $261.03 of net worth that earned you −$207.55 and generated $3.49 of cash last year, against $454.47 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-7% avg · 5y
FY21 -1%FY22 0%FY23 -1%FY24 -12%FY25 -22%

It earned an average -7% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+12% shares · 5y

Share count is up 12% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 38% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$12.8M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$12.8M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001420800-24-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001420800-25-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001420800-26-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001420800-24-000006 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001420800-25-000009 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001420800-26-000012 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001420800-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001420800-25-000009 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001420800-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001420800-24-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001420800-25-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001420800-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001420800-23-000008 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001420800-24-000006 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001420800-25-000009 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001420800-26-000012 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001420800-23-000008 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001420800-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001420800-26-000012 (CashAndCashEquivalentsAtCarryingValue)