# Dentsply Sirona (XRAY.US)

Canonical: https://gigainvestors.com/s/XRAY

Analysis as of: 2026-10-16T07:33:17.968Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $8.83 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 8

- Operating margin variation: 2.52×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.40×

- FY2018: -0.24×

- FY2019: 0.09×

- FY2020: -0.00×

- FY2021: 0.14×

- FY2022: -0.24×

- FY2023: -0.02×

- FY2024: -0.23×

- FY2025: 0.07×

- LTM to Jun 2026: 0.12×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -1.2%

- ROIC, second-lowest year: -29.6%

- Typical minus recent gross margin: 2.7 pp

- Typical gross margin (annual median): 52.2%

- Recent gross margin (lower of latest and 3-year median): 49.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.8%

- ROIC including acquisitions, ten-year median: -4.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -36.9%

- FY2018: -24.9%

- FY2019: 9.3%

- FY2020: -0.1%

- FY2021: 15.4%

- FY2022: -25.5%

- FY2023: -2.4%

- FY2024: -29.6%

- FY2025: 8.5%

- LTM to Jun 2026: 14.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$2.2B

- Net income, five-year total: -$3.1B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.3 pp

- Working capital / revenue, final three-year average: 26.9%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: -$771M

- FY2023: $62M

- FY2024: -$741M

- FY2025: -$377M

- LTM to Jun 2026: -$373M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -24.9% vs -2.4%

- Per-share earnings: 1.76 to -3.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.4%

- Ordinary dilution, 5-year annual growth: -1.9%

- Market cap gain: -$11B

- Cumulative retained earnings: -$5.5B

- Diluted shares, 10-year annual growth: 3.4%

- Diluted shares, 5-year annual growth: -1.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$4.76

- Per-share value, starting three-year median: $1.76

- Per-share value, ending three-year median: -$3.00

- Buybacks concentrated in cheaper years (correlation): -0.43

- Average buyback yield: 3.3%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.9B

- Cumulative net income, 10 years: -$4.1B

- ROIC, first three-year median: -24.9%

- ROIC, last three-year median: -2.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.94

- FY2017: -$6.76

- FY2018: -$4.51

- FY2019: $1.14

- FY2020: -$0.33

- FY2021: $1.87

- FY2022: -$4.41

- FY2023: -$0.62

- FY2024: -$4.48

- FY2025: -$3.00

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -15.3%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 14.0%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.58×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.1%

- FY2017: -20.7%

- FY2018: -17.4%

- FY2019: -4.4%

- FY2020: -7.6%

- FY2021: -2.7%

- FY2022: -19.2%

- FY2023: -6.9%

- FY2024: -23.8%

- FY2025: -15.3%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Alex Roepers](https://gigainvestors.com/AIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 85% since Oct 2021 · "XRAY Stock Down as Q1 Earnings Miss Estimates, Margins Contract" (finance.yahoo.com, May 2026) · sales -1%

Story as of 2026-10-16T09:59:54.411Z; price observation 2026-10-15.

- 2026-05-06: XRAY Stock Down as Q1 Earnings Miss Estimates, Margins Contract ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/xray-stock-down-q1-earnings-153800173.html))

### Sales · FY2025–2026

sales -1%; source https://www.sec.gov/Archives/edgar/data/818479/000081847926000075/xray-20251231.htm; observed 2026-02-26.

- FY2017: $4.0B 

- FY2018: $4.0B 

- FY2019: $4.0B 

- FY2020: $3.3B 

- FY2021: $4.2B 

- FY2022: $3.9B 

- FY2023: $4.0B 

- FY2024: $3.8B 

- FY2025: $3.7B 

- FY2026: $3.6B 

### Gross margin · FY2026

gross margin 49.5%; source https://www.sec.gov/Archives/edgar/data/818479/000081847926000075/xray-20251231.htm; observed 2026-02-26.

- FY2017: 54.8% 

- FY2018: 51.9% 

- FY2019: 53.8% 

- FY2020: 49.6% 

- FY2021: 55.5% 

- FY2022: 54.2% 

- FY2023: 52.6% 

- FY2024: 51.6% 

- FY2025: 50.0% 

- FY2026: 49.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical instruments & supplies; annual sales are USD 3.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/818479/000081847926000075/xray-20251231.htm (filed 2026-02-26); FY2025: revenue 3680000000; grossProfit 1840000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); XRAY.US: DENTSPLY SIRONA Inc. develops, manufactures, and markets dental equipment supported by cloud-enabled solutions, dental products, and healthcare consumable products in urology and enterology worldwide. It operates through four segments: Connected Technology Solutions, Essential Dental Solutions, Orthodontic and Implant Solutions, and Wellspect Healthcare. The Connected Technology Solutions segment offers imaging equipment, motorized dental handpieces, treatment centers, and other instruments; and intraoral scanners, 3-D printers, and mills, as well as CEREC, a full-chairside economical restoration of esthetic ceramic dentistry offering. The Essential Dental Solutions segment provides motorized endodontic handpieces, files, sealers, irrigation needles, and other tools for root canal procedures; restorative products; curing light and dental diagnostic systems; ultrasonic scalers and polishers; and dental anesthetics, prophylaxis paste, dental sealants, and impression materials. The Orthodontic and Implant Solutions segment offers SureSmile, a clear aligner solution that includes whitening kits and retainers; VPro, a high frequency vibration technology device; SureSmile Simulator; DS Core platform, which creates 3D visualization of patient outcomes; dental implant products; digital dentures; crown and bridge porcelain products; bone regenerative and restorative solutions; treatment planning software; educational programs; custom abutments; tapered immediate load screws; regenerative bone growth factor; artificial teeth; and precious metal dental alloys. The Wellspect Healthcare segment offers medical devices, including catheters for urinary retention and advanced irrigation systems to help people suffering from chronic or severe constipation. The company was formerly known as DENTSPLY International Inc. and changed its name to DENTSPLY SIRONA Inc. in February 2016. DENTSPLY SIRONA Inc. was founded in 1877 and is headquartered in Charlotte, North Carolina.

### Why customers stay

Margins ranged from 50% to 52.6% during 2023–25; it lost 1.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 52.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 51.6%.

- Source: https://www.sec.gov/Archives/edgar/data/818479/000081847926000075/xray-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 50%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2017,-0.36854422929786357],[2018,-0.24916024754756733],[2019,0.09251243832026372],[2020,-0.0007998650016874789],[2021,0.15412103924138462],[2022,-0.2548123924268503],[2023,-0.02381205673758865],[2024,-0.2961236673773987],[2025,0.08533219031290185],[2026,0.14721784776902888]]; median -0.012305960869638066. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 126100000; cash acquisitions 341800000; owner earnings 575500000. Growth capex plus acquisitions / owner earnings = 0.5939183318853171.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 122900000; cash acquisitions 3000000; owner earnings 456100000. Growth capex plus acquisitions / owner earnings = 0.0065775049331287.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 87000000; cash acquisitions 1078000000; owner earnings 174000000. Growth capex plus acquisitions / owner earnings = 6.195402298850575.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 142000000; cash acquisitions 248000000; owner earnings 615000000. Growth capex plus acquisitions / owner earnings = 0.4032520325203252.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 149000000; cash acquisitions 0; owner earnings 62000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,64600000],[2017,78300000],[2018,78600000],[2019,80900000],[2020,88000000],[2021,92000000],[2022,104000000],[2023,116000000],[2024,126000000],[2025,128000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); XRAY.US SharesStats.PercentInsiders = 0.6459999999999999 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 8.83 USD; reporting-to-trading FX 1; FY2025 annual sales per share 18.455366098294885; price multiple 0.4784516304347826. FY2025 cash earnings/share -1.8906720160481445. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $57.57 per share

- 2016-11: $58.18 per share

- 2016-12: $57.73 per share

- 2017-01: $56.70 per share

- 2017-02: $63.52 per share

- 2017-03: $62.44 per share

- 2017-04: $63.24 per share

- 2017-05: $63.52 per share

- 2017-06: $64.84 per share

- 2017-07: $62.03 per share

- 2017-08: $56.57 per share

- 2017-09: $59.81 per share

- 2017-10: $61.07 per share

- 2017-11: $67.01 per share

- 2017-12: $65.83 per share

- 2018-01: $60.81 per share

- 2018-02: $56.06 per share

- 2018-03: $50.31 per share

- 2018-04: $50.34 per share

- 2018-05: $43.81 per share

- 2018-06: $43.77 per share

- 2018-07: $48.11 per share

- 2018-08: $39.92 per share

- 2018-09: $37.74 per share

- 2018-10: $34.63 per share

- 2018-11: $37.78 per share

- 2018-12: $37.21 per share

- 2019-01: $41.95 per share

- 2019-02: $41.76 per share

- 2019-03: $49.59 per share

- 2019-04: $51.13 per share

- 2019-05: $53.87 per share

- 2019-06: $58.36 per share

- 2019-07: $54.45 per share

- 2019-08: $52.15 per share

- 2019-09: $53.31 per share

- 2019-10: $54.78 per share

- 2019-11: $56.54 per share

- 2019-12: $56.59 per share

- 2020-01: $56.00 per share

- 2020-02: $49.24 per share

- 2020-03: $38.83 per share

- 2020-04: $42.44 per share

- 2020-05: $46.52 per share

- 2020-06: $44.06 per share

- 2020-07: $44.60 per share

- 2020-08: $44.87 per share

- 2020-09: $43.73 per share

- 2020-10: $47.19 per share

- 2020-11: $50.89 per share

- 2020-12: $52.36 per share

- 2021-01: $53.49 per share

- 2021-02: $53.07 per share

- 2021-03: $63.81 per share

- 2021-04: $67.51 per share

- 2021-05: $66.92 per share

- 2021-06: $63.26 per share

- 2021-07: $66.04 per share

- 2021-08: $61.70 per share

- 2021-09: $58.05 per share

- 2021-10: $57.21 per share

- 2021-11: $48.74 per share

- 2021-12: $55.79 per share

- 2022-01: $53.42 per share

- 2022-02: $54.14 per share

- 2022-03: $49.22 per share

- 2022-04: $39.99 per share

- 2022-05: $39.56 per share

- 2022-06: $35.73 per share

- 2022-07: $36.16 per share

- 2022-08: $32.77 per share

- 2022-09: $28.35 per share

- 2022-10: $30.82 per share

- 2022-11: $30.26 per share

- 2022-12: $31.84 per share

- 2023-01: $36.83 per share

- 2023-02: $38.07 per share

- 2023-03: $39.28 per share

- 2023-04: $41.93 per share

- 2023-05: $36.12 per share

- 2023-06: $40.02 per share

- 2023-07: $41.52 per share

- 2023-08: $37.09 per share

- 2023-09: $34.16 per share

- 2023-10: $30.41 per share

- 2023-11: $31.75 per share

- 2023-12: $35.59 per share

- 2024-01: $34.75 per share

- 2024-02: $32.68 per share

- 2024-03: $33.19 per share

- 2024-04: $30.01 per share

- 2024-05: $28.01 per share

- 2024-06: $24.91 per share

- 2024-07: $27.14 per share

- 2024-08: $25.29 per share

- 2024-09: $27.06 per share

- 2024-10: $23.17 per share

- 2024-11: $19.65 per share

- 2024-12: $18.98 per share

- 2025-01: $19.76 per share

- 2025-02: $16.55 per share

- 2025-03: $14.94 per share

- 2025-04: $13.90 per share

- 2025-05: $15.98 per share

- 2025-06: $15.88 per share

- 2025-07: $14.31 per share

- 2025-08: $14.30 per share

- 2025-09: $12.69 per share

- 2025-10: $12.61 per share

- 2025-11: $11.34 per share

- 2025-12: $11.43 per share

- 2026-01: $12.47 per share

- 2026-02: $14.68 per share

- 2026-03: $11.60 per share

- 2026-04: $11.75 per share

- 2026-05: $10.47 per share

- 2026-06: $10.61 per share

- 2026-07: $13.37 per share

- 2026-08: $11.17 per share

- 2026-09: $8.86 per share

- 2026-10: $8.83 per share

## Annual estimated value (USD per share)

- FY2016: low $25.01 per share, central $30.51 per share, high $35.35 per share

- FY2017: low $22.95 per share, central $25.97 per share, high $29.99 per share

- FY2018: low $22.97 per share, central $25.99 per share, high $30.02 per share

- FY2019: low $23.58 per share, central $26.63 per share, high $30.69 per share

- FY2020: low $10.37 per share, central $11.57 per share, high $13.16 per share

- FY2021: low $12.10 per share, central $13.61 per share, high $15.62 per share

- FY2022: low $11.70 per share, central $13.13 per share, high $15.03 per share

- FY2023: low $11.85 per share, central $13.32 per share, high $15.28 per share

- FY2024: low $4.16 per share, central $4.60 per share, high $5.18 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/818479/000081847926000075/xray-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.