Envista Holdings Corp key statistics and ratios

In fiscal 2025, Envista Holdings Corp had return on equity of 1.6%, an operating margin of 7.9%, debt equal to 47.0% of equity and a current ratio of 2.38. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Envista Holdings Corp: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJul 2026
Gross margin	57.7%	56.3%	59.1%	54.7%	56.9%	57.4%	56.1%	54.7%	54.7%	55.2%
Operating margin	13.8%	10.5%	10.3%	2.3%	12.2%	12.4%	1.2%	−41.4%	7.9%	9.6%
Net margin	10.7%	8.1%	9.5%	1.7%	13.6%	9.5%	−3.9%	−44.6%	1.7%	3.3%
Free-cash-flow margin	11.0%	11.5%	14.0%	12.2%	12.2%	4.2%	8.5%	12.1%	8.5%	8.7%
Return on equity	—	4.8%	5.2%	0.9%	8.8%	5.9%	−2.4%	−31.5%	1.6%	3.1%
Return on assets	5.0%	3.9%	3.6%	0.5%	5.1%	3.7%	−1.5%	−18.7%	0.9%	1.7%
Asset turnover	0.47	0.48	0.38	0.30	0.37	0.39	0.39	0.42	0.49	0.51
Current ratio	—	1.23	1.41	0.94	1.52	1.15	2.23	2.04	2.38	2.43
Debt to equity	—	0.0%	37.5%	72.1%	43.1%	44.9%	39.0%	51.5%	47.0%	46.7%
Interest cover (operating income ÷ interest)	—	—	67.3x	0.7x	5.7x	8.3x	0.5x	—	—	—
Effective tax rate	22.1%	23.4%	21.2%	—	−3.5%	16.2%	—	—	73.5%	59.4%
R&D as % of revenue	6.1%	6.0%	5.8%	4.5%	4.0%	3.9%	3.7%	3.9%	4.2%	4.2%
SG&A as % of revenue	37.8%	39.8%	42.9%	47.9%	40.6%	41.1%	41.2%	46.1%	42.5%	41.4%
Capital spending as % of revenue	1.7%	2.5%	3.4%	2.5%	2.2%	2.9%	2.3%	1.3%	1.7%	1.9%
Free cash flow ÷ net income	103.0%	142.1%	146.9%	709.3%	90.1%	44.0%	—	—	490.2%	261.2%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	0.0%	0.0%	72.3%	68.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Envista Holdings Corp: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Apr 2026	2026 Q2Jul 2026
Gross margin	52.8%	57.1%	54.5%	54.2%	55.3%	54.7%	55.3%	55.7%
Operating margin	3.5%	7.1%	6.3%	6.8%	8.6%	9.8%	8.9%	11.0%
Net margin	1.4%	0.2%	2.9%	3.9%	−4.5%	4.4%	5.5%	7.4%
Free-cash-flow margin	10.5%	19.0%	−0.9%	11.2%	10.1%	12.2%	−2.2%	14.3%
Current ratio	2.08	2.04	2.12	2.44	2.37	2.38	2.44	2.43
Debt to equity	46.3%	47.5%	46.5%	46.0%	46.8%	46.6%	46.7%	46.7%
R&D as % of revenue	4.2%	4.1%	4.1%	4.1%	4.2%	4.3%	4.3%	4.2%
SG&A as % of revenue	45.1%	45.9%	44.0%	43.3%	42.5%	40.7%	42.2%	40.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 5 checks passed · July 3, 2026

What it owns · $5.6bn

Short-term assets $2.0bnLonger-term assets $3.6bn

What it owes, and who funded it · $3.9bn

Short-term liabilities $807mShareholders' equity $3.1bn

Short-term assets cover short-term liabilities $2.0bn of assets due within a year against $807m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $1.1bn of cash against $1.4bn of debt.
Debt below 40% of shareholders' equity Debt is 47% of equity.
Debt burden no higher than five years ago Debt to equity moved from 22% to 47% over five years.
A year's operating cash flow covers at least 20% of debt $303m of operating cash flow against $1.4bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Envista Holdings Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

48 /100

Moderate moat

How hard Envista Holdings's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median 1.7% of total assets over 7 years.
Pricing power 19 / 20

Gross margin has been a median 55.4%, moving by 1.1 percentage points (standard deviation) across 8 years.
Durability 2 / 20

Operating margin has been a median 9.6%; its worst year was -48.3%.
Cash conversion 14 / 20

Free cash flow was positive in 7 of 7 years, at a median 8.7% of revenue.
Discipline 18 / 20

The diluted share count fell 4.1% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (53 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Envista Holdings Corp's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Envista Holdings Corp.