U.S.-based dental equipment and products manufacturer Envista Holdings Corp. has a leading position in the global dental market, moderate scale with $2.7 billion of total sales in 2025, and solid growth prospects. The company reduced its S&P Global Ratings-adjusted leverage to 1.6x as of September 30, 2026, and we believe it will maintain leverage below 2x, despite our expectation for modest acquisition spending. We assigned our ‘BBB-’ issuer credit rating to Envista. The stable outlook reflects our expectation that the company’s improved product pipeline and expanding EBITDA margin will enable leverage sustained below 2x despite persistent macroeconomic pressures, and after incorporating the likelihood for tuck-in acquisitions and share repurchases. Envista has a leading position, moderate scale, solid growth prospects, and
