Filing Flows › Envista Holdings (NVST) › Takeover & LBO
Is Envista Holdings (NVST) a takeover target?
A leveraged buyout at today's price plus 30% ($30.56 a share) would return about 22% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $32.02 a share (36% against today's $23.51). Historically 2.7% of companies with its figures were bought within a year (0.55× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $30.56 | today's $23.51 plus 30% |
| × shares | 163.4 million | |
| = Equity value | $5.0B | |
| + Debt refinanced | $1.4B | |
| − Cash | $1.2B | |
| = Enterprise value | $5.3B | 6.3× EBITDA of $843M |
| Fees | $106M | 2% of the price |
| New debt | $3.4B | 4.1× EBITDA at 7.65% a year; the limit that binds: 65% of the price |
| Buyer's own money | $2.0B | 36% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $3.1B | $910M | $263M | $497M | $2.9B |
| Year 2 | $3.3B | $972M | $225M | $583M | $2.4B |
| Year 3 | $3.5B | $1.0B | $180M | $669M | $1.7B |
| Year 4 | $3.6B | $1.1B | $129M | $753M | $933M |
| Year 5 | $3.8B | $1.1B | $71.4M | $834M | $98.5M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 4.9× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $5.4B | |
| − Debt left | $98.5M | |
| = Buyer's equity | $5.3B | |
| Money multiple | 2.71× | on $2.0B put in |
| Buyer's yearly return (IRR) | 22.1% |
Price against return
What the buyer makes at other premiums over today's $23.51; the IRR reaches 20% at $32.02 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $25.86 | 29.1% |
| 20% | $28.21 | 25.5% |
| 30% | $30.56 | 22.1% |
| 40% | $32.91 | 18.7% |
| 50% | $35.27 | 15.5% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $2.9B | |
| EBITDA, last 12 months | $843M | 29.3% of revenue |
| Depreciation and amortization | $112M | |
| Capital spending | $59.8M | |
| Debt | $1.4B | |
| Cash | $1.2B | |
| Share price | $23.51 | 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 8.0% 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 12% 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, Envista Holdings would cost about $31.74 a share, $5.2B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $28.68 | $4.7B |
| Median | 35% | $31.74 | $5.2B |
| High end (a quarter paid more) | 45% | $34.09 | $5.6B |
The odds, from history
Historically 2.7% of companies with its figures were bought within a year (0.55× the average). Its figures put it in decile 2 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.
Envista Holdings' latest quarter
Envista Holdings, Q3 2026: revenue $692M (+3% year over year), operating margin 74.5%, net earnings $508M, operating cash flow $77.9M. The chart follows the revenue to costs, profit and cash.
Questions
Is Envista Holdings being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Envista Holdings?
A leveraged buyout at today's price plus 30% ($30.56 a share) would return about 22% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $32.02 a share (36% against today's $23.51).
What would a takeover of Envista Holdings 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, Envista Holdings would cost about $31.74 a share, $5.2B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.