NVSTNYSEDental Equipment & SuppliesUS GAAP · USD

Envista Holdings Corp

Envista Holdings Corp is a U.S.-based dental products company built around more than 30 brands, including Nobel Biocare, Ormco, DEXIS, and Kerr. It sells implants, orthodontics, imaging, restorative, endodontic, rotary, and infection-prevention products used by dental professionals to diagnose, treat, and prevent oral disease.

Kysy yhtiöstä
Liikevaihto2 720milj. USD
+8,3 %v/v
Liikevoitto (EBIT)216milj. USD
+120,8 %v/v
EBIT-marginaali7,9%
+49,3 %-yks.v/v
Nettotulos47,0milj. USD
+104,2 %v/v
Vapaa kassavirta230milj. USD
−23,9 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−2 000−1 00001 0002 0003 000milj. USD2020: 2 282 milj. USD2020: EBIT 44 milj. USD20202021: 2 509 milj. USD2021: EBIT 306 milj. USD20212022: 2 569 milj. USD2022: EBIT 319 milj. USD20222023: 2 567 milj. USD2023: EBIT 32 milj. USD20232024: 2 511 milj. USD2024: EBIT −1 038 milj. USD20242025: 2 720 milj. USD2025: EBIT 216 milj. USD20252 720216
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Envista Holdings Corp

Liiketoiminta

Osuus liikevaihdosta
Specialty Products & Technologies64 %

Dental implant solutions and orthodontic products, including clear aligners and related treatment workflows.

Equipment & Consumables36 %

Diagnostic equipment, imaging, software, and consumable dental supplies used in daily practice.

Asiakkaat

Envista sells primarily to dental specialists and general practitioners, but its customer base also includes dental laboratories, DSOs, hygienists, oral surgeons, educational institutions, governments, and distributors. Demand is driven by clinical need, workflow efficiency, brand trust, and product performance across diagnosis, treatment, and prevention.

Dental specialists

Orthodontists, implantologists, periodontists, and endodontists buy specialty systems and advanced clinical products for complex procedures.

General dentists

General practitioners buy imaging, restorative, endodontic, and consumable products for routine diagnosis and treatment.

DSOs

Dental service organizations buy across multiple categories to standardize products, pricing, and workflows across practices.

Distributors

Third-party distributors, especially Henry Schein, resell Envista products and are important for market access and scale.

Dental laboratories and institutions

Labs, schools, medical entities, and governments buy specialized equipment and supplies for training, care delivery, and procurement.

Strategia

Envista is focused on portfolio innovation, commercial expansion, and continued investment in its implant and orthodontic platforms, especially Spark clear aligners. Management also emphasizes acquisitions, cost reduction, and manufacturing productivity to fund growth while improving margins.

Grow Spark clear aligner adoptionLyhyt aikaväli

Aligners are a key growth engine and benefit from deferred revenue timing and manufacturing scale.

Invest in portfolio development and product innovationKeskipitkä aikaväli

New products and technologies support pricing power, customer retention, and category expansion.

Expand in emerging marketsKeskipitkä aikaväli

These markets offer penetration upside and diversify growth beyond mature regions.

Use acquisitions to broaden the portfolioKeskipitkä aikaväli

M&A can add technologies, brands, and geographic reach if integration is successful.

Maantiede

Q2/2026

Envista serves dental professionals in more than 130 countries, with sales concentrated in North America, Western Europe, and emerging markets. The company’s 2025 revenue mix shows North America as the largest region, while Europe and emerging markets are also meaningful, making foreign exchange, trade policy, and regional demand trends important to results.

North America100 %

Riskit

Envista is exposed to cyclical dental demand, distributor concentration, and intense competition across fragmented product categories. It also faces foreign exchange, tariffs, trade policy, geopolitical disruption, and manufacturing concentration risks, while goodwill and intangible assets remain sensitive to impairment if growth or margins weaken.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Distributor concentration1Demand weakness in key markets2Goodwill and intangible impairment3Trade policy and tariffs4Foreign exchange volatility5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Distributor concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Henry Schein represented about 12% of 2025 sales and remains the largest channel partner.

    Kohdistuu: Channel sales and U.S./Canada distribution

  2. Demand weakness in key marketsVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Dental procedures and equipment purchases can slow when economic conditions soften.

    KohdistuuGlobal dental end marketsIncluding China
  3. Goodwill and intangible impairmentVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Prior impairment charges show that valuation assumptions can change quickly if performance weakens.

    KohdistuuAcquired brandsTrade namesTechnology assets
  4. Trade policy and tariffsVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Cross-border sourcing and manufacturing make the company sensitive to tariff changes and trade restrictions.

    Kohdistuu: Global supply chain and international sales

  5. Foreign exchange volatilityVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    A large share of revenue is outside the U.S., so currency moves affect reported sales and margins.

    Kohdistuu: Europe and emerging markets

Kysy Clarifolta: Envista Holdings Corp

Kirjanpito

Harkinnanvaraiset erät
Deferred revenue in clear aligner treatment plans

Revenue is recognized as performance obligations are satisfied, so timing can move sales between quarters.

Vaikutus: Can materially affect quarterly growth and comparability

Goodwill and indefinite-lived intangible impairment

Large acquired asset balances depend on management assumptions about growth, margins, and discount rates.

Vaikutus: Can create significant non-cash charges to earnings

Acquired intangibles amortization

Acquisitions add patents, technology, and customer relationships that are amortized over time.

Vaikutus: Affects operating profit and reported margins

Core sales non-GAAP measure

Management excludes acquisitions and currency effects to show underlying demand trends.

Vaikutus: Useful for trend analysis but not a GAAP substitute

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Päivitetty: 24.9.2026