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Held by 279 of 6,047 reporting institutions (93th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
A reverse discounted cash flow is not shown for a company with no positive EBITDA.
No positive EBITDA in the recent record, so there is no return on capital to compare against its cost.
Classified from the filings: EBITDA negative in each of the last 2 years.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 12 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ISRG | $148.5B | 53.4× | 40.9× | 14.8× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | -0.9× | 2,165 |
| EW | $49.8B | 47.2× | 33.4× | 8.2× | 11.5% | 78.0% | 17.7% | 10.4% | 9.8% | -1.6× | 1,289 |
| STE | $21.2B | 27.4× | 14.3× | 3.6× | 8.7% | 44.2% | 13.2% | 10.9% | 8.6% | 0.9× | 796 |
| ZBH | $17.5B | 25.9× | 11.2× | 2.1× | 7.2% | 69.7% | 8.6% | 5.6% | 3.5% | 3.2× | 876 |
| ALGN | $10.3B | 25.6× | 11.7× | 2.5× | 0.9% | 67.2% | 10.2% | 10.1% | 10.1% | -1.4× | 650 |
| MSA | $7.0B | 25.6× | 16.7× | 3.7× | 3.7% | 46.5% | 14.9% | 20.4% | 14.3% | 0.9× | 439 |
| ESTA | $1.7B | — | — | 8.2× | 27.1% | 69.3% | -24.2% | -217% | -18.8% | — | 196 |
| AVNS | $1.2B | — | — | 1.7× | 1.9% | 50.5% | -10.4% | -9.4% | -8.3% | — | 279 |
| CDRE | $1.1B | 25.3× | 15.0× | 1.8× | 7.5% | 42.5% | 7.2% | 13.9% | 7.1% | 2.1× | 150 |
| ENOV | $1.1B | — | 10.6× | 0.5× | 6.7% | 59.8% | -52.7% | -79.5% | -42.5% | 5.7× | 247 |
| SMTI | $323M | — | 31.3× | 3.1× | 19.0% | 92.7% | -36.4% | -633% | -72.4% | 2.6× | 76 |
| INGN | $163M | — | — | 0.5× | 3.9% | 44.2% | -6.5% | -11.8% | -11.8% | — | 126 |
| ZJYL | $149M | 202.0× | 188.1× | 7.2× | -12.0% | 29.2% | 5.8% | 4.0% | 2.5% | 13.4× | — |
Peers = companies sharing AVNS's sector (Orthopedic, Prosthetic & Surgical Appliances & Supplies) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $3.3M buybacks = $3.3M returned on $43.1M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: -8%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-07-24 · 83d old
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $701.2M 100.0% | $687.8M 100.0% | $673.3M 100.0% | $684.1M 100.0% | $587.0M 100.0% | $714.8M 100.0% | $697.6M 100.0% | $652.3M 100.0% | $611.6M 100.0% | $566.2M 100.0% |
| Cost of Revenue | $347.3M 49.5% | $306.5M 44.6% | $293.6M 43.6% | $289.9M 42.4% | $287.8M 49.0% | $343.9M 48.1% | $295.4M 42.3% | $261.4M 40.1% | $274.7M 44.9% | $269.0M 47.5% |
| Cost of Products | — | — | — | — | — | — | — | — | $274.7M 44.9% | $269.0M 47.5% |
| Gross Profit | $353.9M 50.5% | $381.3M 55.4% | $379.7M 56.4% | $394.2M 57.6% | $299.2M 51.0% | $370.9M 51.9% | $402.2M 57.7% | $390.9M 59.9% | $336.9M 55.1% | $297.2M 52.5% |
| Research & Development | $23.3M 3.3% | $26.2M 3.8% | $27.2M 4.0% | $29.2M 4.3% | $30.6M 5.2% | $34.9M 4.9% | $37.7M 5.4% | $41.8M 6.4% | $38.2M 6.2% | $38.4M 6.8% |
| Selling, General & Admin | $315.6M 45.0% | $318.5M 46.3% | $335.0M 49.8% | $326.5M 47.7% | $285.3M 48.6% | $332.6M 46.5% | $399.1M 57.2% | $340.4M 52.2% | $321.7M 52.6% | $346.2M 61.1% |
| Operating Income | -$61.6M -8.8% | -$396.2M -57.6% | $4.2M 0.6% | $35.5M 5.2% | -$39.0M -6.6% | -$48.5M -6.8% | -$55.7M -8.0% | $500K 0.1% | -$43.1M -7.0% | -$107.1M -18.9% |
| Interest Expense | $7.8M 1.1% | $12.2M 1.8% | $15.0M 2.2% | $10.0M 1.5% | $3.3M 0.6% | $15.6M 2.2% | $15.0M 2.2% | $26.4M 4.0% | $31.6M 5.2% | $32.7M 5.8% |
| Interest & Investment Income | $3.2M 0.5% | $5.1M 0.7% | $2.9M 0.4% | $1.2M 0.2% | $200K 0.0% | $1.2M 0.2% | $6.7M 1.0% | $7.8M 1.2% | $2.5M 0.4% | $600K 0.1% |
| Pretax Income | -$66.2M -9.4% | -$403.3M -58.6% | -$7.9M -1.2% | $26.7M 3.9% | -$42.1M -7.2% | -$62.9M -8.8% | -$64.0M -9.2% | -$18.1M -2.8% | -$72.2M -11.8% | -$139.2M -24.6% |
| Income Tax Expense | $6.7M 1.0% | -$17.0M -2.5% | $2.0M 0.3% | $5.2M 0.8% | -$11.2M -1.9% | -$33.9M -4.7% | -$18.1M -2.6% | -$9.6M -1.5% | -$40.1M -6.6% | -$55.9M -9.9% |
| Net Income | -$72.9M -10.4% | -$392.1M -57.0% | -$61.8M -9.2% | $50.5M 7.4% | $6.3M 1.1% | -$29.0M -4.1% | -$45.9M -6.6% | $57.5M 8.8% | $79.3M 13.0% | $39.8M 7.0% |
| Per Share | ||||||||||
| EPS (Basic) | -$1.57 | -$8.53 | -$1.32 | $1.08 | $0.13 | -$0.61 | -$0.96 | $1.22 | $1.69 | $0.85 |
| EPS (Diluted) | -$1.57 | -$8.53 | -$1.32 | $1.07 | $0.13 | -$0.61 | -$0.96 | $1.22 | $1.69 | $0.85 |
| Weighted Avg Shares (Basic) | 46.3M | 46.0M | 46.6M | 46.9M | 48.1M | 47.8M | 47.6M | 47.2M | 46.8M | 46.6M |
| Weighted Avg Shares (Diluted) | 46.3M | 46.0M | 46.6M | 47.3M | 48.6M | 47.8M | 47.6M | 47.2M | 46.8M | 46.6M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-07-24
Where each multiple sits in its own 12-yr range · 50th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -9% against ROIC -8% — -1% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 40.1 | 42.3 | 48.1 | 49.0 | 42.4 | 43.6 | 44.6 | 49.5 |
| Gross Profit | 59.9 | 57.7 | 51.9 | 51.0 | 57.6 | 56.4 | 55.4 | 50.5 |
| R&D | 6.4 | 5.4 | 4.9 | 5.2 | 4.3 | 4.0 | 3.8 | 3.3 |
| SG&A | 52.2 | 57.2 | 46.5 | 48.6 | 47.7 | 49.8 | 46.3 | 45.0 |
| Operating Income | 0.1 | -8.0 | -6.8 | -6.6 | 5.2 | 0.6 | -57.6 | -8.8 |
| Income Tax | -1.5 | -2.6 | -4.7 | -1.9 | 0.8 | 0.3 | -2.5 | 1.0 |
| Net Income | 8.8 | -6.6 | -4.1 | 1.1 | 7.4 | -9.2 | -57.0 | -10.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AVNS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $89.8M is below the $98.4M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2026-03-31 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~7.8% on $100.5M of debt.
Cash of $89.8M fully covers short-term debt of $10.2M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Earns -16.64pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -3.2% | 10.9% (today's — no rate published for this year) | -14.0pts |
| FY2020 | -2.8% | 10.9% (today's — no rate published for this year) | -13.6pts |
| FY2021 | -2.3% | 7.4% | -9.7pts |
| FY2022 | 2.0% | 9.0% | -7.0pts |
| FY2023 | 0.3% | 9.5% | -9.3pts |
| FY2024 | -35.3% | 10.7% | -45.9pts |
| FY2025 | -6.0% | 9.9% | -15.8pts |
| Now | -8.3% | 10.9% | -19.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 52.5% | -18.9% | 7.0% |
| FY2017 | 55.1% | -7.0% | 13.0% |
| FY2018 | 59.9% | 0.1% | 8.8% |
| FY2019 | 57.7% | -8.0% | -6.6% |
| FY2020 | 51.9% | -6.8% | -4.1% |
| FY2021 | 51.0% | -6.6% | 1.1% |
| FY2022 | 57.6% | 5.2% | 7.4% |
| FY2023 | 56.4% | 0.6% | -9.2% |
| FY2024 | 55.4% | -57.6% | -57.0% |
| FY2025 | 50.5% | -8.8% | -10.4% |
$394M of goodwill — 46% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
Margins have compressed 3 years running even as the spread stayed positive.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2026-03-31 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $24.99, free cash flow must compound 12.92%/yr for 10 years. It has no positive compounding record to compare against, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2022 | 8.0% | 12.9% |
| FY2023 | −79.6% | 12.9% |
| FY2024 | 467.8% | 12.9% |
| FY2025 | −48.0% | 12.9% |
The achieved growth rate spans a reporting-basis change in FY2021, so part of it measures the restatement rather than the business.