Forensic Analysis · Medical Devices · as of Nov 10, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-1.5
Distress distance
Clean
Earnings quality
5
Forensic signals
-58.5%
ROE
6.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Enovis Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -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
-24.0%
FY2025
Return on invested capital.Return on invested capital is -24.0% in the latest fiscal year and slipping across FY2023–FY2025 from -1.3%. After-tax operating profit was ($52M) in FY2023 and ($888M) in FY2025, with operating income at -3.8% of revenue in FY2023, -36.8% in FY2024 and -50.0% in FY2025. The capital base behind it went from $4.1B in FY2023 to $3.7B in FY2025 (-10%), while the revenue it carried went from $1.7B to $2.2B. FY2023's operating profit carried a $17M restructuring charge that took about 0.3 points off that year's return, and FY2025's carried a $1.0B goodwill write-off and a $10M restructuring charge that took about 22.6 points off the latest; so, net of each other, the two charges take about 22.3 points off the -22.7-point change across FY2023–FY2025. FY2024's operating profit carried a $645M goodwill write-off and a $27M restructuring charge that alone took about 12.9 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
229d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 200 to 229 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.
+2.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +5% over the last 2 years to FY2025 (+2.3%/yr). The count is growing — 54.5M shares in FY2023, 57.1M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.3% 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 FY2023 has been diluted ~5%.
1.5% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.5% of revenue and 165% of free cash flow in FY2025 — about $0.58 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 2.3% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
$1.7B
FY2024–FY2025
Goodwill impairments.Took $1.7B of goodwill writedowns across 2 years (FY2024 ($645M), FY2025 ($1.0B)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$2.25B
Revenue Growth YoY+6.7%
Revenue CAGR (2yr)+14.8%
Net Margin-52.7%
Free Cash Flow$19.9M
Return on Equity-58.5%
Debt / Equity0.87x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Enovis Corp's actual 10-K/10-Q/8-K filings?