Envista Holdings (NVST) FY2024 results: revenue $2.5 billion, down 2.2% on the year

Envista Holdings Corp. (NVST) reported revenue of $2.5 billion for fiscal 2024, the year ended 31 December 2024, down 2.2% on the year before. Net income was -$1.1 billion, and diluted earnings per share $-6.50. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2025.

Revenue

$2.5 billion

-2.2% on the year

FY2017FY2024

Operating margin

-41.4%

1.2% a year earlier

FY2017FY2024

Net income

-$1.1 billion

FY2017FY2024

Diluted EPS

-$6.50

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,511	2,566	2,569	-2.2%
Cost of revenue	1,138	1,126	1,094	+1.1%
Gross profit	1,373	1,440	1,475	-4.7%
Gross margin	54.7%	56.1%	57.4%
Research and development	99.1	93.8	100	+5.7%
Selling, general and administrative	1,158	1,057	1,056	+9.6%
Operating income	-1,038	31.5	319
Operating margin	-41.4%	1.2%	12.4%
Interest expense	46.4	63.4	38.4	-26.8%
Pre-tax income	-1,085	-54.9	284
Income tax	33.9	45.3	45.9	-25.2%
Effective tax rate	n/a	n/a	16.2%
Net income	-1,119	-100	243
Net margin	-44.6%	-3.9%	9.5%
Diluted EPS	-$6.50	-$0.60	$1.37

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	336	276	183	+22.1%
Capital expenditure	33.8	58.2	75.7	-41.9%
Free cash flow	303	218	107	+39.2%
Free cash flow margin	12.1%	8.5%	4.2%
Cash from investing	-54.6	-62.4	-657
Cash from financing	-104	119	12.5
Depreciation and amortisation	123	136	138	-9.2%
Share-based compensation	35.3	30.7	30.5	+15.0%
Diluted shares, weighted	172m	167m	178m	+3.2%
Shares outstanding at period end	172m	172m	163m	+0.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,935	4,174	4,207	-29.7%
Non-controlling interest	n/a	n/a	0.0
Short-term borrowings	116	115	510	+0.6%
Debt	1,394	1,513	1,381	-7.9%
Operating lease liabilities	119	110	121	+8.2%
Other liabilities	786	693	368	+13.6%
Total liabilities and equity	5,350	6,605	6,587	-19.0%
Fixed assets	277	310	294	-10.5%
Goodwill	2,262	3,292	3,497	-31.3%
Intangible assets	650	954	1,087	-31.9%
Cash and equivalents	1,069	940	607	+13.7%
Receivables	363	408	394	-10.9%
Inventory	241	259	301	-6.9%
Other assets	489	443	409	+10.3%
Total assets	5,350	6,605	6,587	-19.0%

10-K for the year ended 31 December 2024, filed 13 February 2025: the filing.