Enovis

ENOV · NYSE · Health Care · Financials, fiscal 2016 to 2025

ENOV · Last close · October 26, 2026

$21.16

Enovis' revenue rose 6.7% to $2.2 billion in fiscal 2025. Its operating margin was −50.0%, down from −36.8% a year earlier. Free cash flow was $20 million. It paid out $4 million in dividends and buybacks, 18% of free cash flow. The diluted share count rose 3.2%.

Enovis Corp Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001420800-26-000012 Updated October 22, 2026

Revenue

$2.2B

6.7%

Operating margin

−50.0%

13.2 pts

Net income

−$1.2B

Free cash flow

$20M

Return on capital

−26.9%

11.0 pts

Market cap

$1.2B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (1-for-3.003), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2021, earnings per share fell 14.8% a year and net income 11.0% a year, as new shares raised the share count by 24% and diluted each share's earnings. Enovis then lost money in fiscal 2022, 2023, 2024 and 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Enovis yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Enovis' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Enovis' fiscal 2025 free cash flow of $20M, net cash of −$1.3B at December 31, 2025 and 57 million diluted shares, from its filings. The scenarios are fitted to Enovis: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 12.9% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Health Care Equipment), plus 1 point as a smaller company, worth $1.2B, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Enovis' net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Enovis's own revenue growth, as above. Cautious: growth of 6.5% then 4% a year, 2% after year 10, a 12% discount rate. Base: growth of 13% then 8% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 19.5% then 11% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $21.16
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Enovis' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	680	24	36	48	36
Debt incl. finance leases	2,086	259	466	1,330	1,297
Net debt (negative means net cash)	1,406	235	430	1,281	1,260
Net debt to EBITDA	11.3x	1.8x	2.8x	8.4x	5.7x
Debt to equity	0.5x	0.1x	0.1x	0.5x	0.9x
Interest coverage	−2.2x	−3.0x	−3.3x	−13.6x	−32.3x
Current ratio	2.2x	1.4x	2.4x	2.2x	2.0x
Quick ratio	1.9x	0.7x	1.2x	1.1x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $762,432 of Enovis shares on the open market, and 1 insider sold $45,298.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 4, 2026	Damien McDonaldChief Executive Officer, Director	Bought	13,035	$19.15	$249,620	Form 4
Sep 4, 2026	Oliver EngertChief Administrative Officer	Bought	2,660	$18.80	$50,008	Form 4
Sep 3, 2026	Oliver EngertChief Administrative Officer	Bought	5,140	$19.46	$100,024	Form 4
Sep 2, 2026	Oliver EngertChief Administrative Officer	Bought	2,458	$20.32	$49,947	Form 4
Jun 15, 2026	Oliver EngertChief Administrative Officer	Bought	1,000	$20.92	$20,920	Form 4
Jun 11, 2026	Oliver EngertChief Administrative Officer	Bought	1,200	$21.62	$25,948	Form 4
Jun 10, 2026	Oliver EngertChief Administrative Officer	Bought	1,000	$23.00	$23,000	Form 4
Jun 1, 2026	Oliver EngertChief Administrative Officer	Bought	1,000	$22.22	$22,220	Form 4
Mar 13, 2026	Oliver EngertChief Administrative Officer	Bought	1,000	$23.74	$23,740	Form 4
Mar 10, 2026	Oliver EngertChief Administrative Officer	Bought	1,000	$23.93	$23,930	Form 4
Mar 9, 2026	Oliver EngertChief Administrative Officer	Bought	1,000	$23.39	$23,390	Form 4
Mar 6, 2026	Oliver EngertChief Administrative Officer	Bought	750	$24.41	$18,310	Form 4

The latest 12 of 17 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 9	3 of 9	4 of 9
Accruals ratio	−3.8%	−20.4%	−32.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Enovis side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Enovis	FY25	6.7%	−50.0%	0.9%	−26.9%	5.7x	4
Insulet	FY25	30.7%	17.5%	13.9%	20.4%	0.4x	7	Compare
Integer	FY25	8.0%	11.9%	5.7%	6.5%	3.4x	7	Compare
Revvity	FY25	3.7%	12.5%	17.8%	3.3%	3.0x	5	Compare
Globus Medical	FY25	16.6%	16.3%	20.0%	11.0%	−0.7x	9	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,186	1,937	2,193	3,328	1,121	1,426	1,563	1,707	2,108	2,248
Revenue growth	−7.2%	−39.2%	13.2%	51.7%	−66.3%	27.3%	9.6%	9.2%	23.5%	6.7%
Gross profit	992	672	729	1,401	604	778	869	991	1,181	1,345
Research and development	—	—	—	—	34	49	61	75	91	120
Operating income	237	136	152	204	−66	−63	−71	−66	−776	−1,124
Net income	128	151	140	−528	43	72	−13	−33	−826	−1,184
Diluted EPS (US$)	3.12	3.66	3.48	−11.67	0.93	1.40	−0.25	−0.61	−14.93	−20.75
Diluted shares (millions)	41	41	40	46	46	51	54	54	55	57
Cash flow
Cash from operations	247	219	226	131	302	356	−56	135	114	217
Capital expenditure	63	69	70	125	115	104	105	122	181	197
Free cash flow	184	150	157	6	187	252	−161	13	−67	20
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	21	0	200	0	0	0	0	0	5	4
Acquisitions	26	347	291	3,151	70	223	74	153	770	27
Stock-based compensation	19	22	25	22	29	35	39	34	30	33
Balance sheet at fiscal year end
Cash and short-term investments	209	412	77	110	97	680	24	36	48	36
Debt incl. finance leases	1,292	1,061	1,197	2,312	2,231	2,086	259	466	1,330	1,297
Total assets	6,338	6,710	6,616	7,387	7,352	8,516	4,273	4,509	4,719	3,835
Total liabilities	3,245	2,982	3,139	3,897	3,764	3,854	823	1,089	2,154	2,343
Shareholders' equity	2,897	3,500	3,270	3,441	3,543	4,617	3,448	3,418	2,562	1,490
Margins and ratios
Gross margin	31.1%	34.7%	33.3%	42.1%	53.9%	54.5%	55.6%	58.0%	56.0%	59.8%
Operating margin	7.4%	7.0%	6.9%	6.1%	−5.9%	−4.4%	−4.5%	−3.9%	−36.8%	−50.0%
Net margin	4.0%	7.8%	6.4%	−15.9%	3.8%	5.0%	−0.8%	−1.9%	−39.2%	−52.7%
Free cash flow margin	5.8%	7.7%	7.2%	0.2%	16.7%	17.7%	−10.3%	0.8%	−3.2%	0.9%
Return on capital	4.1%	3.0%	3.4%	2.0%	−0.9%	−0.8%	−1.1%	−1.4%	−15.9%	−26.9%
Return on equity	4.3%	4.7%	4.1%	−15.7%	1.2%	1.8%	−0.3%	−1.0%	−27.6%	−58.5%
Return on assets	2.0%	2.3%	2.1%	−7.5%	0.6%	0.9%	−0.2%	−0.8%	−17.9%	−27.7%
Net debt to EBITDA	3.0x	3.1x	4.8x	5.2x	21.0x	11.3x	1.8x	2.8x	8.4x	5.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Enovis' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Enovis.