NVST Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	3.69B EUR	4.23B EUR	4.13B EUR	3.56B EUR
Enterprise Value	4.11B EUR	4.69B EUR	4.64B EUR	3.94B EUR
Valuation Multiples
Trailing P/E	39.66x	44.55x	61.05x	122.62x
Forward P/E	13.82x	--	--	--
Price to Sales	1.29x	1.48x	1.47x	1.69x
Price to Book	1.2x	1.38x	1.34x	1.14x
EV/Revenue	1.44x	1.64x	1.65x	1.87x
EV/EBITDA	10.12x	10.57x	11.28x	12.73x
Price to FCF (P/FCF)	13.79x	17.06x	18.77x	15.07x
EV/FCF	15.35x	18.92x	21.07x	16.7x
FCF Yield	7.25%	5.86%	5.33%	6.64%