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Enovis
(NYSE:ENOV)
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Rating:56Neutral
Price Target:
$21.50
▼(-14.85% Downside)
Action:Reiterated
Date:10/21/26
The score is held back primarily by weak profitability (very large net losses) and higher leverage despite improved cash generation. Offsetting this, the latest earnings call was constructive (reaffirmed guidance, improving margins and free cash flow, and deleveraging progress). Technically, momentum has improved near-term but the stock remains below longer-term moving averages, and valuation support is limited due to a negative P/E and no dividend yield provided.
Positive Factors
Organic growth and share gains
Positive organic growth across both segments, particularly in Reconstruction, indicates continued demand and commercial execution. Growth in hips, knees, shoulders, and extremities, together with reported share-gain opportunities, can support durable revenue expansion over the next several quarters.
Negative Factors
Large ongoing net losses
Very large reported losses remain the clearest fundamental weakness and indicate that revenue growth has not yet translated into consistent GAAP earnings power. Until profitability improves materially, Enovis may have less resilience to operational setbacks and less capacity to fund expansion from earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Organic growth and share gains
Positive organic growth across both segments, particularly in Reconstruction, indicates continued demand and commercial execution. Growth in hips, knees, shoulders, and extremities, together with reported share-gain opportunities, can support durable revenue expansion over the next several quarters.
Read all positive factors
Enovis (ENOV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.22B
Dividend YieldN/A
Average Volume (3M)1.60M
Price to Earnings (P/E)―
Beta (1Y)1.35
Revenue Growth4.89%
EPS Growth-30.14%
CountryUS
Employees7,802
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-19.40
Shares Outstanding57,669,495
10 Day Avg. Volume1,246,180
30 Day Avg. Volume1,600,203
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)1.02
Price to Sales (P/S)0.67
P/FCF Ratio75.96
Enterprise Value/Market Cap2.18
Enterprise Value/Revenue1.16
Enterprise Value/Gross Profit2.01
Enterprise Value/Ebitda-3.70
Forecast
1Y Price Target
$36.20Price Target Upside43.37% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)3.63
Revenue Forecast (FY)$2.34B
Enovis Business Overview & Revenue Model
Company Description
Enovis Corporation is a global medical technology enterprise specializing in the design, production, and supply of medical devices. These specialized products are instrumental for a diverse range of healthcare professionals—including orthopedic sp...
How the Company Makes Money
Enovis makes money primarily by selling medical devices and related products used across the musculoskeletal care continuum, with revenue generated through two main operating segments:
1) Reconstructive (Implants and surgical solutions)
- Product...
Enovis Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call was broadly positive. Enovis delivered 5% organic growth, strong U.S. Recon and new-product momentum, improved margins, higher adjusted EPS, a significant improvement in free cash flow, and progress on deleveraging while reaffirming 2026 guidance. The principal challenges were inflation, tariffs, Middle East-related disruption, softer Western European markets, and a seasonally more difficult third quarter, but management expressed confidence in commercial execution and second-half acceleration.Positive Updates
Strong Second-Quarter Organic Growth
Second-quarter sales were $583 million, up 3% versus the prior year on a reported basis and up 5% organically. Days-adjusted organic growth was 4% at the enterprise level, 5% in Recon, and 3% in P&R, in line with guidance.
Negative Updates
Middle East Conflict Created Growth and Cost Headwinds
The ongoing conflict in the Middle East negatively affected international businesses, creating a 100 basis point growth headwind internationally and approximately a 40 basis point headwind to total Enovis growth in the quarter. The conflict also contributed to higher raw material, freight, and distribution costs.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Second-Quarter Organic Growth
Second-quarter sales were $583 million, up 3% versus the prior year on a reported basis and up 5% organically. Days-adjusted organic growth was 4% at the enterprise level, 5% in Recon, and 3% in P&R, in line with guidance.
Read all positive updates
Company Guidance
Enovis is reaffirming its 2026 guidance, including free cash flow conversion of greater than 25% in 2026; the $8 million benefit from the partial tariff refund is expected to be offset by $10 million of full year impact from the increased inflationary environment. The company expects the third quarter to have a heavier impact by seasonality than in prior years, with a more seasonally soft Q3 than what we have seen in the past, zero impact year-over-year from selling days, and greater pressure from Western Europe and the conflicts in the Middle East; it expects sales acceleration across both segments in the fourth quarter, with one day in Q4 in terms of selling day impact, as new products scale and launch against improving market volumes. New products are expected to start contributing more as we get into the later part of the year, and the company expects continued adoption in shoulders as we move through the second half of 2026. For 2027, the margin algorithm and cash algorithm are still intact, while the company’s goal is to get leverage down below three here this year.Enovis Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
44
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.30B | 2.25B | 2.11B | 1.71B | 1.56B | 1.43B |
| Gross Profit | 1.32B | 1.35B | 1.18B | 990.78M | 869.38M | 777.67M |
| EBITDA | -717.00M | -830.22M | -481.03M | 169.73M | 241.69M | 170.25M |
| Net Income | -1.10B | -1.18B | -825.49M | -33.26M | -13.29M | 71.66M |
Balance Sheet | ||||||
| Total Assets | 3.77B | 3.83B | 4.72B | 4.51B | 4.27B | 8.52B |
| Cash, Cash Equivalents and Short-Term Investments | 12.56M | 36.39M | 48.17M | 36.19M | 24.30M | 680.25M |
| Total Debt | 1.37B | 1.38B | 1.40B | 536.42M | 334.82M | 2.16B |
| Total Liabilities | 2.29B | 2.34B | 2.15B | 1.09B | 823.45M | 3.85B |
| Stockholders Equity | 1.48B | 1.49B | 2.56B | 3.42B | 3.45B | 4.62B |
Cash Flow | ||||||
| Free Cash Flow | 63.66M | 19.92M | -67.21M | 12.77M | -161.31M | 251.86M |
| Operating Cash Flow | 270.10M | 217.29M | 113.50M | 134.99M | -55.86M | 356.10M |
| Investing Cash Flow | -167.16M | -179.37M | -955.47M | -242.47M | -176.39M | -320.48M |
| Financing Cash Flow | -134.36M | -52.40M | 846.82M | 127.80M | -465.13M | 584.91M |
Enovis Technical Analysis
Neutral
25.25
Price Trends
20.34
Positive
22.64
Negative
23.17
Negative
Market Momentum
0.37
Negative
61.33
Neutral
87.40
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ENOV, the sentiment is Neutral. The current price of 25.25 is above the 20-day moving average (MA) of 19.11, above the 50-day MA of 20.34, and above the 200-day MA of 23.17, indicating a neutral trend. The MACD of 0.37 indicates Negative momentum. The RSI at 61.33 is Neutral, neither overbought nor oversold. The STOCH value of 87.40 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ENOV.
Enovis Risk Analysis
Enovis disclosed 45 risk factors in its most recent earnings report. Enovis reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Enovis Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $117.42B | 31.48 | 16.36% | 1.15% | 8.48% | 27.36% | |
71 Outperform | $12.69B | 19.96 | 12.25% | 2.61% | 5.26% | 31.02% | |
71 Outperform | $18.59B | 23.59 | 6.36% | 0.99% | 8.62% | 0.09% | |
66 Neutral | $1.43B | 25.74 | 5.51% | 0.41% | 3.86% | -48.06% | |
56 Neutral | $1.22B | -1.09 | -68.17% | ― | 4.89% | -30.14% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | $941.39M | 72.11 | 1.24% | ― | 0.84% | ― |
* Healthcare Sector Average
ENOV
Enovis
21.16
-11.70
-35.61%
CNMD
Conmed
47.68
0.32
0.68%
IART
Integra Lifesciences
12.10
-3.83
-24.04%
SNN
Smith & Nephew Snats
30.47
-5.27
-14.76%
SYK
Stryker
306.13
-73.38
-19.34%
ZBH
Zimmer Biomet Holdings
97.44
-4.59
-4.50%
Enovis Corporate Events
Business Operations and StrategyM&A Transactions
Enovis to Acquire eCential Robotics, Expanding Surgical Platform
Positive
Sep 1, 2026
On August 31, 2026, Enovis entered into a binding offer to acquire French-based eCential Robotics SAS, a leading developer of enabling technologies and surgical robotics, in a deal valuing the target at an enterprise value of about €155 mill...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.