NVST NYSE Russell 1000 Earnings call
Envista (NVST) · Q2 2026 results and valuation
Share price: $25.32 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 6 May 2026
Net income up 38.8% on the previous quarter, guidance raised. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+38.8%
Net income vs Q1 2026
Guidance raised
Net income 53.7M vs 38.7M
Revenue +3.5%
Against the same quarter last year (Q2 2025) it is +103.4%, so it is not just seasonal.
2 · How management spoke
Upbeat
More upbeat than 87% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Figure
New tariffs are replacing prior ones, so second-half cost pressure should stay roughly similar.
Valuation
Is Envista undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 1.9% growth a year (3-year revenue growth), the model's fair value is $16.86 a share — the stock trades 50% above it. Today's price assumes 7.0% growth a year.
Current price
$25.32
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+7.0% for 10 yrs
Fair value / share
$16.86
Buy below
$12.64
Price vs fair value
Overvalued 50%
Price vs buy-below price
Overvalued 100%
Read between the lines
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Key theme
NVST will provide an update on its value creation plan and host an Investor Day on September 17 to share details from the leadership team.
Source quote
“The event will include an update on our progress executing the value creation plan that we laid out in March... Now before I wrap up our prepared remarks, I'll note that we recently announced an Investor Day coming up in about 6 weeks on Thursday, September 17. We will provide an opportunity for you to hear from several members of our leadership team, including Eric and myself, and details can be found on our investor website.”
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Guidance ↑
NVST raised its full-year outlook for core sales growth, adjusted EBITDA, and adjusted EPS following a strong first-half performance and continued momentum.
Source quote
“Behind strong first half performance and continued momentum, we're raising our full year outlook for core sales growth, adjusted EBITDA and adjusted EPS.”
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Guidance
NVST expects quarterly tariff costs to be similar in the second half because recently announced Section 301 levies are effectively replacing the prior tariffs.
Source quote
“We expect quarterly tariff costs to be similar in the second half, with recently announced Section 301 levies effectively replacing the prior tariffs.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Our continued growth and focus on operational excellence led to another quarter of both gross and EBITDA margin expansion, up 70 and 230 basis points, respectively, a strong top line...”
“Overall, we performed well in the first half of the year, and our continued momentum gives us confidence that we expect to drive solid top line growth in 2026 and...”
“In the second quarter, we continued our momentum in executing on our growth and operational plans, delivering a strong first half to the year with core growth of just over...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-07-03)
| Metric | Q2 2026period end 2026-07-03 | Q1 2026period end 2026-04-03 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 730.5M | 705.5M | +3.5% | 682.1M | +7.1% |
| Gross profit | 407.0M | 390.1M | +4.3% | 369.9M | +10.0% |
| Operating income | 80.3M | 62.5M | +28.5% | 46.3M | +73.4% |
| Net income | 53.7M | 38.7M | +38.8% | 26.4M | +103.4% |
| EPS | 0.33 | 0.23 | +43.5% | 0.16 | +106.2% |
| P/E today 40.2 | 47.6 | 63.0 | −15.4 | 61.5 | −13.9 |
Topics
Most discussed now
- For the second quarter, Envista posted a 5% core growth, delivering balanced growth across both reporting segments and all major...
- The dental market continued to show its characteristic resilience as patient demand for dental care remained stable despite macro pressures.
- As Envista has talked about on previous calls, the healthy gross margins of its business enable its ability to invest for...
- Envista's improved execution helped convert 5% core revenue growth into 28% adjusted EBITDA and 58% EPS growth while also allowing...
- As those sides of that business grow, there's a natural margin expander that comes with it.
Faded since Q1 2026
- Dropped Envista has a hydrogen peroxide version of a surface disinfectant that's unique on the market.
- Dropped Envista still sees the highest risk-adjusted return on any marginal dollar to be a good organic program.
- Dropped Envista is focused on those strategically aligned targets that offer the accretive economics that I just mentioned.
- Fading As Envista did across 2025, it reinvested a meaningful portion of its gains into continued future growth as sales and...
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Director or officer change; Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Director or officer change · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K