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Held by 365 of 5,944 reporting institutions (95th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.72B 100.0% | $2.51B 100.0% | $2.57B 100.0% | $2.57B 100.0% | $2.51B 100.0% | $1.93B 100.0% | $2.28B 100.0% | $2.84B 100.0% | $2.81B 100.0% |
| Cost of Revenue | $1.23B 45.3% | $1.14B 45.3% | $1.13B 43.9% | $1.09B 42.6% | $1.08B 43.1% | $874.3M 45.3% | $935.6M 40.9% | $1.24B 43.7% | $1.19B 42.3% |
| Gross Profit | $1.49B 54.7% | $1.37B 54.7% | $1.44B 56.1% | $1.47B 57.4% | $1.43B 56.9% | $1.05B 54.7% | $1.35B 59.1% | $1.60B 56.3% | $1.62B 57.7% |
| Research & Development | $114.0M 4.2% | $99.1M 3.9% | $93.8M 3.7% | $100.1M 3.9% | $100.5M 4.0% | $86.7M 4.5% | $133.1M 5.8% | $172.0M 6.0% | $172.4M 6.1% |
| Selling, General & Admin | $1.16B 42.5% | $1.16B 46.1% | $1.06B 41.2% | $1.06B 41.1% | $1.02B 40.6% | $924.6M 47.9% | $980.4M 42.9% | $1.13B 39.8% | $1.06B 37.8% |
| Total Operating Expenses | — | $2.27B 90.4% | $2.18B 84.9% | $2.13B 82.8% | — | — | — | — | — |
| Operating Income | $216.1M 7.9% | -$1.04B -41.4% | $31.5M 1.2% | $319.2M 12.4% | $306.2M 12.2% | $43.5M 2.3% | $235.7M 10.3% | $298.4M 10.5% | $386.6M 13.8% |
| Interest Expense | — | — | $63.4M 2.5% | $38.4M 1.5% | $54.1M 2.2% | $62.5M 3.2% | $3.5M 0.2% | $0 0.0% | $0 0.0% |
| Other Income (Expense), net | -$2.3M -0.1% | -$100K -0.0% | -$23.0M -0.9% | $3.1M 0.1% | $2.4M 0.1% | -$1.0M -0.1% | $1.5M 0.1% | $2.7M 0.1% | — |
| Pretax Income | $177.2M 6.5% | -$1.08B -43.2% | -$54.9M -2.1% | $283.9M 11.1% | $254.5M 10.1% | -$20.0M -1.0% | $233.7M 10.2% | $301.1M 10.6% | $386.7M 13.8% |
| Income Tax Expense | $130.2M 4.8% | $33.9M 1.4% | $45.3M 1.8% | $45.9M 1.8% | -$9.0M -0.4% | -$62.5M -3.2% | $49.6M 2.2% | $70.4M 2.5% | $85.6M 3.0% |
| Net Income | $47.0M 1.7% | -$1.12B -44.6% | -$100.2M -3.9% | $243.1M 9.5% | $340.5M 13.6% | $33.3M 1.7% | $217.6M 9.5% | $230.7M 8.1% | $301.1M 10.7% |
| Per Share | |||||||||
| EPS (Basic) | $0.28 | $-6.50 | $-0.60 | $1.49 | $2.11 | $0.21 | $1.60 | $1.80 | $2.35 |
| EPS (Diluted) | $0.28 | $-6.50 | $-0.60 | $1.37 | $1.92 | $0.20 | $1.60 | $1.80 | $2.35 |
| Weighted Avg Shares (Basic) | 168.0M | 172.2M | 166.9M | 162.9M | 161.2M | 159.6M | 136.2M | 127.9M | 127.9M |
| Weighted Avg Shares (Diluted) | 169.2M | 172.2M | 166.9M | 177.6M | 177.6M | 164.1M | 136.4M | 127.9M | 127.9M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $23.69 today, the market must believe free cash flow compounds 5.1%/yr for a decade (off $250M normalized FCF).
The market's 5.1% is more optimistic than its 8-yr track record.
2-stage DCF · 0.16B shares · net debt $237M
mean 7.6% · volatility σ 51% · implied rate exceeded in 4/8 yrs
Central path = implied 5.1%/yr growth; shaded band = ±1σ (51%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable; leverage rising year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $230M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 9 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 1%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 9 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.2B covers the $300000 due within a year 4039.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2021-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~4.2% on $1.5B of debt. Interest last disclosed in FY2023 (no longer broken out).
Cash of $1.2B fully covers short-term debt of $0.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
Where each multiple sits in its own 7-yr range · 42th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 7-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 43.7 | 40.9 | 45.3 | 43.1 | 42.6 | 43.9 | 45.3 | 45.3 |
| Gross Profit | 56.3 | 59.1 | 54.7 | 56.9 | 57.4 | 56.1 | 54.7 | 54.7 |
| R&D | 6.0 | 5.8 | 4.5 | 4.0 | 3.9 | 3.7 | 3.9 | 4.2 |
| SG&A | 39.8 | 42.9 | 47.9 | 40.6 | 41.1 | 41.2 | 46.1 | 42.5 |
| Operating Income | 10.5 | 10.3 | 2.3 | 12.2 | 12.4 | 1.2 | -41.4 | 7.9 |
| Income Tax | 2.5 | 2.2 | -3.2 | -0.4 | 1.8 | 1.8 | 1.4 | 4.8 |
| Net Income | 8.1 | 9.5 | 1.7 | 13.6 | 9.5 | -3.9 | -44.6 | 1.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NVST: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.20T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.02T | 49.6× | — | 15.7× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $916.2B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $643.4B | 24.2× | — | 6.8× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $464.4B | 111.2× | 33.2× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $362.6B | 19.9× | — | 5.6× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $340.0B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $252.6B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $244.5B | 36.5× | 31.5× | 5.5× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $202.8B | 26.4× | 17.4× | 5.5× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $183.3B | 21.8× | 20.0× | 6.2× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.2B | 27.5× | 19.3× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $156.1B | 20.2× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $147.3B | 41.3× | 30.5× | 6.0× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $135.8B | 48.6× | 37.3× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $130.4B | 33.5× | 28.6× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $129.4B | 18.4× | — | 2.7× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.5B | 24.8× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| LGVN | $117.4B | — | — | 97924.4× | -49.9% | 67.0% | -1894% | -400% | -400% | — | 31 |
| CVS | $116.6B | 66.0× | 11.7× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $108.8B | 33.9× | 18.7× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $103.4B | 23.1× | 16.3× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.7B | 15.2× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.1B | 16.4× | 15.4× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $81.0B | 18.7× | 19.4× | 5.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| NVST | $4.1B | 89.2× | 13.0× | 1.5× | 8.3% | 54.7% | 1.7% | 1.5% | 1.0% | 4.4× | 365 |
Peers = companies sharing NVST's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.