NVST // Envista Holdings Corporation

DES <GO> NYSE CIK 0001757073 ↗

Health Care • Medical/Dental Instruments

$24.61 ▲ +0.67 (+2.80%)

MKT CAP: $3.95B • VOL: 2.92M

52W L $19 52W H $30

ALTMAN Z

1.61 RISK

PIOTROSKI

9 / 9

NVST // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

▼ DOWNGRADE // C- (RQD 59) -> D+ (RQD 58) AS OF 2026-11-01

ROARABLE D+

RQD CONFIDENCE

58 / 100 -1D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Weak Fundamentals / Trim

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

10 / 20

NEUTRAL

NET GEX +0% • CALL SWEEP 52% • P/C 0.65

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

13 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON NVST)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 79/100 Z-SCORE: +2.05σ

NVST Accounting Gap: Net Income (+104.2%) Outpaced OCF (-18.1%) With +5% Working-Capital Build

CASH CONVERSION GAP

+122.3% (NI vs OCF)

RECEIVABLES / WC BLOAT

+5.0% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Envista Holdings Corporation (NVST) exposes a +122.3% Cash Conversion Gap as YoY Net Income growth (+104.2%) diverged from Operating Cash Flow growth (-18.1%). Non-cash current assets and receivables expanded +5.0% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

NVST // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -9.37%📐 HORIZONTAL RANGE

2026-10-30O $24.72H $24.90L $23.40C $23.51VOL 3.73M

RES: $28.57SUP: $21.61SMA50: $24.60SMA200: $25.74

NVST // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 29/100

BEAR 0

100 BULL

Envista Holdings Corporation (NVST) exhibits 54.7% gross margins and 5.1% return on invested capital within Health Care (Medical/Dental Instruments), balanced against a 16.5x enterprise multiple and 6.7% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 54.7% gross profitability converts into 7.9% operating margin and 5.1% ROIC, outpacing sector cost of capital.

ROIC: 5.1% // GM: 54.7%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +8.3% paired with 5.83% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +8.3% // FCF YLD: 5.83%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 1.61 and Piotroski F-Score of 9/9 indicate low near-term refinancing stress.

ALTMAN Z: 1.61 // F-SCORE: 9/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 84.1x trailing P/E (78.2x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 84.1x // EV/EBITDA: 16.5x

02. Options Skew & Event Volatility Risk

Options market prices a ±6.7% implied move with a 0.65 put/call ratio around $24.00 max pain.

IMPL MOVE: ±6.7% // P/C: 0.65

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Medical/Dental Instruments require continuous execution to defend 1.7% net margins.

NET MARGIN: 1.7% // D/E: 0.47x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 78.2x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 0.93).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 84.1x

FORWARD P/E 78.2x

EV / EBITDA 16.5x

FCF YIELD 5.83%

GROSS MARGIN 54.7%

OPERATING MARGIN 7.9%

NET MARGIN 1.7%

ROIC % 5.1%

REV GROWTH YOY +8.3%

DILUTED EPS TTM $0.29

DEBT / EQUITY 0.47x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 47.7

5Y EQUITY BETA 0.93

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // NVSTPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $22.52

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for NVST & activate live FRED threshold breach alerts.

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