Enovis CORP (ENOV) FY2025 10-K Annual Report
Enovis CORP (ENOV) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Enovis CORP FY2025 10-K Analysis
Business Overview
- • Core business model: Orthopedic solutions via two segments—Prevention & Recovery (P&R) and Reconstructive (Recon) with global manufacturing and sales
- • New emphasis on Recon segment growth via $865.6M Lima acquisition in Jan 2024, adding digital innovation and customized hardware
- • Strategic shift: Divested Dr Comfort Footcare Solutions in Oct 2025; focus sharpened on direct sales integration and streamlined global operations
- • Notable metric: Net sales grew 6.7% to $2.248B in 2025, driven by existing business growth and favorable currency, despite $17.3M sales loss from divestitures
- • Unusual fact: Reported $1.05B goodwill impairment charge in 2025, a significant non-cash expense impacting operating loss and net loss margins
Management Discussion & Analysis
- • Revenue $2.248B, up 5.1% YoY: P&R $1.137B (+$39M), Recon $1.111B (+$101.4M)
- • Operating loss margin worsened: P&R (32.9)% vs (29.3)%, Recon (67.5)% vs (45.0)% in 2024 due to goodwill impairments ($387.8M P&R, $662M Recon)
- • Best segment Recon: Adjusted EBITDA $239.9M (+$23M), margin stable 21.6% vs 21.5%; worst P&R operating loss margin (32.9)%
- • Cash flow: Operating cash flow $217.3M (+$103.8M), CapEx $197.4M, acquisitions $26.9M; Financing used $52.4M including $3.5M buybacks; $36.4M cash on hand
- • Forward outlook: Credit facility increased to $1.1B revolver and $700M term loan; Senior secured leverage ratio covenant of 3.50:1; risks from goodwill impairments and acquisition integration costs
Risk Factors
- • Sarbanes-Oxley Act compliance risk from failed internal control integration at acquisitions, e.g., Lima Acquisition, possibly causing material misstatements in financial reports
- • Geopolitical risk from supply chain in China and Asia; political instability risks disrupting access to raw materials critical to manufacturing
- • Manufacturing disruption risk from equipment failure, natural disasters, terrorism, labor shortages affecting facility operations and customer order fulfillment
- • Competitive risk from superior rival technologies and products; competitors with greater resources could cause market share loss and pricing pressure
- • Financial risk of $1.7B+ outstanding debt subject to restrictive covenants limiting transactions and increasing vulnerability to economic downturns
Enovis CORP FY2025 Key Financial MetricsXBRL
Revenue
$2.2B
▲ +6.7% YoY
Net Income
-$1.2B
▼ -43.5% YoY
Gross Margin
59.8%
▲ +382bp YoY
Operating Margin
-50.0%
▼ -1320bp YoY
Net Margin
-52.7%
▼ -1352bp YoY
ROE
-79.5%
▼ -4729bp YoY
Total Assets
$3.8B
▼ -18.7% YoY
EPS (Diluted)
$-20.75
▼ -39.0% YoY
Operating Cash Flow
$217M
▲ +91.4% YoY
Source: XBRL data from Enovis CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
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