One Fund Bet $5 Million on Enovis Stock Last Quarter. Shares Surged 14% Post-Earnings

On February 18, 2026, Front Street Capital Management, Inc. reported a buy of 156,069 shares of Enovis (NYSE:ENOV), an estimated $4.61 million trade based on quarterly average pricing.

What happened

According to a filing with the Securities and Exchange Commission dated February 18, 2026, Front Street Capital Management, Inc. increased its position in Enovis (NYSE:ENOV) by 156,069 shares during the fourth quarter. The estimated transaction value was $4.61 million, calculated using the average unadjusted closing price for the period. The quarter-end value of the Enovis position rose by $3.40 million, reflecting both the additional shares and share price changes.

What else to know

• This was a buy, bringing the position to 1.37% of the fund’s 13F assets under management as of December 31, 2025.
• Top holdings after the filing:
  • NYSE: LUMN: $94.21 million (13.4% of AUM)
  • NYSE: GE: $64.02 million (9.1% of AUM)
  • NASDAQ: CGNX: $47.11 million (6.7% of AUM)
  • NYSEMKT: VOO: $43.21 million (6.1% of AUM)
  • NYSE: MTW: $39.14 million (5.6% of AUM)
• As of Thursday, Enovis shares were priced at $25.42, down 36.5% over the past year and far underperforming the S&P 500’s roughly 16% gain in the same

Company overview

Company snapshot

• Enovis develops and distributes medical device products, including orthopedic bracing, reconstructive joint implants, bone growth stimulators, vascular therapy systems, and physical therapy equipment.
• The company generates revenue through the sale of its proprietary devices and solutions to healthcare professionals, hospitals, clinics, and retail channels, leveraging both direct sales and independent distributors.
• Primary customers include orthopedic specialists, surgeons, physical therapists, pain management professionals, and other healthcare providers treating musculoskeletal conditions worldwide.

Enovis operates as a global medical technology company with a focus on musculoskeletal health. The company leverages a broad product portfolio and established distribution channels to serve a diverse base of healthcare professionals and institutions. Its scale and specialized offerings position it to address a wide range of patient needs in orthopedic care and rehabilitation.

What this transaction means for investors

Turnarounds in medtech rarely look clean on the surface, and that is exactly why this move is interesting. On Thursday, Enovis posted full-year revenue of $2.2 billion, up 7% reported and 6% organically, with reconstructive sales climbing 10% and adjusted EBITDA reaching $403 million. The headline loss was massive, driven by more than $1 billion in non-cash goodwill impairment charges, but the operating picture was steadier than the GAAP numbers suggest. Fourth quarter sales hit $576 million, adjusted earnings per share came in at a better-than-expected $0.95, and management is guiding to as much as $2.37 billion in 2026 revenue with higher EBITDA.

Shares surged 14% after the report. To be clear, the position was built in the fourth quarter, and shares were still down more than 30% year over year. But within a portfolio anchored by larger cyclical and industrial bets, this 1.37% allocation reads as a measured turnaround play rather than a swing for the fences.

For long-term investors, the key question is not the impairment charge. It’s whether organic growth in reconstructive devices and disciplined integration can translate into durable free cash flow. If that happens, today’s volatility may look like an entry point rather than a warning sign.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cognex, GE Aerospace, and Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy.