MeritValue

Envista Holdings Corp

NVSTdata completeness 100%9 fiscal years on file
The thesis, from the filings

Envista Holdings Corp earns about -1% on invested capital, below its ~9% cost of capital, and has bought back 5% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $2.88 and $9.5 a share.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$2.51B1$2.57B2$2.57B3$2.51B3$2.72B3
Net income$340.5M4$243.1M5−$100.2M6−$1.12B6$47M6
Operating cash flow$361.6M7$182.7M8$275.7M9$336.5M9$275.7M9
Capital expenditure$54.7M10$75.7M11$58.2M12$33.8M12$45.3M12
Free cash flow (derived)$306.9M7$107M8$217.5M9$302.7M9$230.4M9
Total debt$3.06B13$3.27B14$3.14B15$2.9B16$2.9B16
Cash & equivalents$1.07B17$606.9M18$940M19$1.07B20$1.21B20
Diluted shares177.6M177.6M166.9M172.2M169.2M

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
$183.59
your share of equity
Profit it earned you last year
$2.78
Free cash flow it threw off
$13.62
Debt you’d be carrying
$171.19

10 shares is a claim on $183.59 of net worth that earned you $2.78 and generated $13.62 of cash last year, against $171.19 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY21 5%FY22 4%FY23 0%FY24 -18%FY25 2%

It earned about -1% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

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

Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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

The 3 estimate methods that apply put fair value between $2.88 and $9.5 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$8.03
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$230.4M
DCF · Growth Exit 5Y
$9.5
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$230.4M
Earnings Power Value
$2.88
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$47M
  • growthAssumed0.0%
Graham Number
$10.75
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $9.5
The three cases
Bear0.0%$9.5
Base0.0%$9.5
Bull5.0%$14.21

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001757073-24-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001757073-25-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001757073-26-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001757073-24-000019 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001757073-25-000007 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001757073-26-000011 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001757073-24-000019 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001757073-25-000007 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001757073-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001757073-24-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001757073-25-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001757073-26-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001757073-23-000010 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001757073-24-000019 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001757073-25-000007 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001757073-26-000011 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001757073-23-000010 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001757073-24-000019 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001757073-25-000007 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001757073-26-000011 (CashAndCashEquivalentsAtCarryingValue)