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Envista Holdings
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Latest analysis
Updated Nov 4, 2026
Envista raises FY2026 EPS guidance to $1.54-$1.58 as Q3 core growth of 2.7% and 25% EPS expansion confirm operating leverage is compounding
Envista delivered Q3 2026 core sales growth of 2.7% and adjusted EPS of $0.40, up 25% year-over-year, driven by price, factory productivity, and a nearly 6-point tax rate reduction — demonstrating that the value creation plan initiated two years ago is producing durable earnings acceleration, not just revenue recovery. The company raised and narrowed full-year adjusted EPS guidance to $1.54-$1.58, up more than 10% at the midpoint from the initial 2026 guide, while expanding gross margin 20 basis points and EBITDA margin 80 basis points despite absorbing an approximately $7 million China VBP headwind. China VBP in orthodontics — now expected to announce results in mid-December with implementation likely in H1 2027 — remains the primary near-term risk, while Spark, diagnostics, and implants each delivered positive growth across all geographies outside China.
Tone: bullishRevenue
$2.7B
NVST 10-K · FY 2025
Employees
12,000
Revenue FY2024
$2.5B
EBITDA margin
15.3%
Profile
NVST 10-K Item 1 · Feb 12, 2026Envista Holdings is a global dental products company operating more than 30 brands across dental implants, orthodontics, digital imaging, and consumable dental supplies. The company serves dental professionals in over 130 countries through a direct commercial organization and distribution partners. In 2025, it generated $2.7 billion in total sales, with approximately 85% derived from consumable products, services, and spare parts.
Read filing description ↓ Collapse description ↑
Envista is a global family of more than 30 trusted dental brands, including Nobel Biocare, Ormco, DEXIS, and Kerr, united by a shared purpose: to partner with professionals to improve lives. We help our customers deliver the best possible patient care through industry-leading products, solutions, and technology. Our comprehensive portfolio, including dental implants and treatment options, orthodontics, and digital imaging technologies, covers a wide range of dentists' clinical needs for diagnosing, treating, and preventing dental conditions as well as improving the human smile. We further support the dental community with leading solutions in restoratives, endodontics, rotary, infection prevention, and loupes. With a foundation comprised of the proven Envista Business System ('EBS') methodology, an experienced leadership team, and a strong culture grounded in continuous improvement, commitment to innovation, and deep customer focus, we are well equipped to meet the end-to-end needs of dental professionals worldwide. We are one of the largest global dental products companies, with strong positions in some of the most attractive segments of the dental products industry. We serve dental professionals in over 130 countries through one of the largest commercial organizations in the dental products industry and through our distribution partners. In 2025, we generated total sales of $2.7 billion, of which approximately 85% were derived from sales of consumable products, services, and spare parts. Our business is operated through two segments: Specialty Products & Technologies, which is comprised of our Dental Implant Solutions and Orthodontic Solutions businesses, and Equipment & Consumables, which is comprised of our Diagnostic and Consumables Solutions businesses.
Primary products
- Dental implant systems
- Guided surgery systems
- Biomaterials
- Prefabricated and custom-built prosthetics
- Orthodontic bracket systems
- Clear aligners (Spark)
Business segments
End markets
Geographies
Named customers
One customer, Henry Schein, Inc. ('Henry Schein'), accounted for approximately 12% of our sales for 2025 and 10% of our sales for 2024 and 2023. Other than Henry Schein, no single customer accounted for more than 10% of combined sales in 2025, 2024, or 2023.
“We are one of the largest global dental products companies, with strong positions in some of the most attractive segments of the dental products industry.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total sales grew from $2,510.6 million in 2024 to $2,719.5 million in 2025, with the Specialty Products & Technologies segment reporting year-over-year sales growth of 8.4% and core sales growth of 6.3%.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.