Filing Flows › Enovis (ENOV) › Takeover & LBO
Is Enovis (ENOV) a takeover target?
A leveraged buyout at today's price plus 30% ($25.88 a share) would return about 34% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $44.00 a share (121% against today's $19.91). Historically 4.2% of companies with its figures were bought within a year (0.83× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $25.88 | today's $19.91 plus 30% |
| × shares | 58.5 million | |
| = Equity value | $1.5B | |
| + Debt refinanced | $1.3B | |
| − Cash | $13.0M | |
| + Other claims | $2.3M | preferred stock, minority interests |
| = Enterprise value | $2.8B | 3.2× EBITDA of $870M |
| Fees | $55.2M | 2% of the price |
| New debt | $1.8B | 2.1× EBITDA at 7.65% a year; the limit that binds: 65% of the price |
| Buyer's own money | $1.0B | 36% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $2.4B | $898M | $137M | $558M | $1.2B |
| Year 2 | $2.5B | $927M | $94.7M | $623M | $614M |
| Year 3 | $2.5B | $956M | $47.0M | $693M | $0 |
| Year 4 | $2.6B | $986M | $0 | $763M | $0 |
| Year 5 | $2.7B | $1.0B | $0 | $786M | $0 |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 2.8× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $2.8B | |
| − Debt left | $0 | |
| + Cash built up | $1.6B | |
| = Buyer's equity | $4.4B | |
| Money multiple | 4.35× | on $1.0B put in |
| Buyer's yearly return (IRR) | 34.2% |
Price against return
What the buyer makes at other premiums over today's $19.91; the IRR reaches 20% at $44.00 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $21.90 | 37.7% |
| 20% | $23.89 | 35.9% |
| 30% | $25.88 | 34.2% |
| 40% | $27.87 | 32.5% |
| 50% | $29.87 | 30.8% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $2.3B | |
| EBITDA, last 12 months | $870M | 37.7% of revenue |
| Depreciation and amortization | $1.3B | |
| Capital spending | $189M | |
| Debt | $1.3B | |
| Cash | $13.0M | |
| Share price | $19.91 | on Oct 30, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 3.3% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 21% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Enovis would cost about $26.88 a share, $1.6B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $24.29 | $1.4B |
| Median | 35% | $26.88 | $1.6B |
| High end (a quarter paid more) | 45% | $28.87 | $1.7B |
The odds, from history
Historically 4.2% of companies with its figures were bought within a year (0.83× the average). Its figures put it in decile 4 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Enovis' latest quarter
Enovis, Q3 2026: revenue $559M (+2% year over year), operating margin 0.6%, net earnings $3.4M, operating cash flow $71.5M. The chart follows the revenue to costs, profit and cash.
Questions
Is Enovis being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Enovis?
A leveraged buyout at today's price plus 30% ($25.88 a share) would return about 34% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $44.00 a share (121% against today's $19.91).
What would a takeover of Enovis cost?
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Enovis would cost about $26.88 a share, $1.6B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.