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Enovis

ENOV on NYSE. Enovis sells medical devices for surgery and rehabilitation to hospitals and patients. Market value $1.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Capital spending looks too small to be complete, so we leave free cash flow out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-1.5%five-year median

Each dollar kept in the business earns -2 cents a year. Above 10 is good.

Quality score: 50 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.

$18.20 a share, 5% above its 1-year low

Over the past year the price has ranged from $17.30 to $34.28.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.3
-0.2
0.0
-0.1
n/a
20212022202320242025
Revenue
$1.4bn$1.6bn$1.7bn$2.1bn$2.2bn
Operating margin
-4.4%-4.6%-3.8%-36.8%-50.0%
Debt to equity
0.450.080.140.520.87
Shares outstanding
0.05bn0.05bn0.06bn0.06bn0.06bn

Health checks

  • Free cash flow positive2 of 4 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)5 of 9
  • Profit backed by cash (accruals)No
  • Debt0.87× equity
  • Revenue growth, five yearsStrong, 14.9% a year
  • Buying back its own sharesNo, 7% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $583 million last quarter, up 3% on a year ago.
  • A loss of $1 million, compared with a loss of $37 million a year ago.
  • It loses 45 cents on each $1 of sales, compared with 35 cents a year earlier.
  • 1% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $1.3 billion more than cash, about the same as a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$505m
December 2024$561m
March 2025$559m
June 2025$565m
September 2025$549m
December 2025$576m
March 2026$589m
June 2026$583m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$32m
December 2024-$703m
March 2025-$56m
June 2025-$37m
September 2025-$571m
December 2025-$521m
March 2026-$9m
June 2026-$1m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

4 long-term investors we follow own it, unchanged from 4 last quarter. 253 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $736,484 of shares on the open market.

  • Engert Oliver
    Chief Administrative Officer
    Bought
    Date
    4 September 2026
    Shares
    2,660
    Price
    $18.80
    Value
    $50,008
  • McDonald Damien
    Chief Executive Officer, Director
    Bought
    Date
    4 September 2026
    Shares
    13,035
    Price
    $19.15
    Value
    $249,620
  • Engert Oliver
    Chief Administrative Officer
    Bought
    Date
    3 September 2026
    Shares
    5,140
    Price
    $19.46
    Value
    $100,024
  • Engert Oliver
    Chief Administrative Officer
    Bought
    Date
    2 September 2026
    Shares
    2,458
    Price
    $20.32
    Value
    $49,947
  • Engert Oliver
    Chief Administrative Officer
    Bought
    Date
    15 June 2026
    Shares
    1,000
    Price
    $20.92
    Value
    $20,920
  • Engert Oliver
    Chief Administrative Officer
    Bought
    Date
    10 June 2026
    Shares
    1,000
    Price
    $23.00
    Value
    $23,000
  • Engert Oliver
    Chief Administrative Officer
    Bought
    Date
    1 June 2026
    Shares
    1,000
    Price
    $22.22
    Value
    $22,220
  • Engert Oliver
    Chief Administrative Officer
    Bought
    Date
    13 March 2026
    Shares
    1,000
    Price
    $23.74
    Value
    $23,740
  • Engert Oliver
    Chief Administrative Officer
    Bought
    Date
    10 March 2026
    Shares
    1,000
    Price
    $23.93
    Value
    $23,930
  • Engert Oliver
    Chief Administrative Officer
    Bought
    Date
    9 March 2026
    Shares
    1,000
    Price
    $23.39
    Value
    $23,390

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 4 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.