Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Enovis CORP (ENOV)
A forensic read on Enovis CORP built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
-1.5
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-60.1%
ROE
$1.3B
Market cap
Enovis CORP earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -1.5, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-27%Return on invested capital.Return on invested capital is -27% and slipping from -1% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.9%/yrShare-count dilution.Diluted share count changed +6% over the last 3 years to FY2025 (+1.9%/yr). A reversal: the count shrank earlier (net -7.5%/yr since FY2018) but the company has SWUNG to issuing stock — recent holders are now being diluted, not rewarded. That's ~1.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~6%.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 165% of free cash flow in FY2025 — about $0.58 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
236dInventory days.Days inventory outstanding moved from 215 to 236 FY2024→FY2025 (against cost of goods sold; inventory +7% vs -3% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
$1.7BGoodwill impairments.Took $1.7B of goodwill writedowns across 2 year(s) (FY2024 ($645M), FY2025 ($1.0B)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-52.7%
Debt / Equity0.87x
Free Cash Flow$19.9M
Latest Revenue$2.25B
Return on Equity-79.5%
Revenue Growth YoY+6.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Enovis CORP:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ENOV's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown