olivLaw · US equity research
DENTSPLY SIRONA Inc. XRAY
Dental Equipment & Supplies · SIC 3843 · Vertical: Instruments, medical and optical goods (SIC 384x)
DENTSPLY SIRONA is the world's largest diversified maker of professional dental products and technologies, spanning connected equipment, dental consumables and continence care. The company is in a transformation phase, with stable quarterly sales but pressured margins, and management has maintained its 2026 outlook.
At the close of 04 Nov 2026, DENTSPLY SIRONA Inc. (XRAY) stock was 10.65 USD (+9.46% on the day), with market capitalisation 2.1 bn USD, dividend yield 6.01%, beta 1.07, 52-week range 8.42–14.68 USD. Latest reported quarter (Q2 2026): revenue of 898.0 m USD (−4.1% YoY), net income of 37.0 m USD, diluted EPS 0.18 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.0
- strong (55–70)
- Bollinger (20, 2)
- 8.02 – 10.30
- above the upper band · %B 1.15 · band width 24.9%
- SMA 50 / 200
- 9.69 / 11.32
- mixed trend
- MACD (12, 26, 9)
- 0.14 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +24.4% | −1.1% | +25.5 pp | — |
| 3 months | −22.7% | −0.5% | −22.3 pp | — |
| 6 months | −4.4% | +4.4% | −8.8 pp | — |
| Year to date | −6.8% | +12.3% | −19.1 pp | — |
| 1 year | −14.7% | +13.5% | −28.3 pp | −4.3% |
| 3 years | −63.5% | +76.4% | −140.0 pp | +7.3% |
| 5 years | −80.9% | +63.7% | −144.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 951.0 m | 905.0 m | 879.0 m | 936.0 m | 904.0 m | 961.0 m | 880.0 m | 898.0 m |
| Cost of revenue | 456.0 m | 459.0 m | 413.0 m | 446.0 m | 463.0 m | 518.0 m | 453.0 m | 405.0 m |
| Gross profit | 495.0 m | 446.0 m | 466.0 m | 490.0 m | 441.0 m | 443.0 m | 427.0 m | 493.0 m |
| Research & development | 40.0 m | 42.0 m | 36.0 m | 37.0 m | 37.0 m | 40.0 m | 44.0 m | 45.0 m |
| SG&A | 390.0 m | 401.0 m | 358.0 m | 342.0 m | 355.0 m | 383.0 m | 351.0 m | 364.0 m |
| Operating income | -462.0 m | -509.0 m | 63.0 m | -128.0 m | -218.0 m | -139.0 m | -35.0 m | 82.0 m |
| Depreciation & amortisation | 89.0 m | 88.0 m | 79.0 m | 88.0 m | 92.0 m | 93.0 m | 79.0 m | 85.0 m |
| Interest expense | 18.0 m | 16.0 m | 19.0 m | 24.0 m | 23.0 m | 22.0 m | 24.0 m | 22.0 m |
| Pre-tax income | -478.0 m | -523.0 m | 44.0 m | -153.0 m | -230.0 m | -147.0 m | -42.0 m | 72.0 m |
| Income tax | 17.0 m | -95.0 m | 25.0 m | -109.0 m | 198.0 m | -2.0 m | -32.0 m | 36.0 m |
| Net income | -494.0 m | -430.0 m | 20.0 m | -45.0 m | -427.0 m | -146.0 m | -10.0 m | 37.0 m |
| Diluted EPS | -2.46 | -2.16 ≈ | 0.10 | -0.22 | -2.14 | -0.73 ≈ | -0.05 | 0.18 |
| Operating cash flow | 141.0 m ≈ | 87.0 m | 7.0 m | 48.0 m ≈ | 79.0 m ≈ | 101.0 m | 40.0 m | 99.0 m ≈ |
| Capex | 43.0 m ≈ | 51.0 m | 19.0 m | 32.0 m ≈ | 39.0 m ≈ | 41.0 m | 52.0 m | 44.0 m ≈ |
| Dividends paid | 33.0 m ≈ | 31.0 m | 32.0 m | 32.0 m ≈ | 32.0 m ≈ | 32.0 m | 32.0 m | 0 ≈ |
| Share repurchases | 100.0 m ≈ | 0 | — | — | 0 ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.0 bn | 4.0 bn | 3.3 bn | 4.2 bn | 3.9 bn | 4.0 bn | 3.8 bn | 3.7 bn |
| Revenue YoY | −0.2% | +0.9% | −17.0% | +26.7% | −7.3% | +1.1% | −4.3% | −3.0% |
| Net income | -1.0 bn | 256.0 m | -73.0 m | 411.0 m | -950.0 m | -132.0 m | -910.0 m | -598.0 m |
| Net income YoY | unavailable | unavailable | −128.5% | unavailable | −331.1% | unavailable | unavailable | unavailable |
| Diluted EPS | -4.51 | 1.14 | -0.33 | 1.87 | -4.41 | -0.62 | -4.48 | -3.00 |
| Diluted EPS YoY | unavailable | unavailable | −128.9% | unavailable | −335.8% | unavailable | unavailable | unavailable |
| net % | -25.4% | 6.4% | -2.2% | 9.7% | -24.2% | -3.3% | -24.0% | -16.3% |
| Free cash flow | 317.0 m | 516.0 m | 562.0 m | 515.0 m | 368.0 m | 228.0 m | 281.0 m | 104.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 326.0 m USD
- Financial debt
- 2.3 bn USD
- Net debt
- 2.0 bn USD
- Equity
- 1.3 bn USD
- Total assets
- 5.4 bn USD
- Debt / equity
- 1.74x
- Current ratio
- 1.51x
- ROE
- -36.4%
- ROA
- -10.7%
- FCF margin
- 2.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.3 bn | 4.2 bn | 3.9 bn | 4.0 bn | 3.8 bn | 3.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 1.7 bn | 1.9 bn | 1.8 bn | 1.9 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 1.7 bn | 2.3 bn | 2.1 bn | 2.1 bn | 2.0 bn | 1.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 123.0 m | 171.0 m | 174.0 m | 184.0 m | 165.0 m | 150.0 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 1.3 bn | 1.6 bn | 1.6 bn | 1.6 bn | 1.6 bn | 1.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -3.0 m | 608.0 m | -937.0 m | -85.0 m | -879.0 m | -422.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 334.0 m | 347.0 m | 328.0 m | 343.0 m | 349.0 m | 352.0 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 331.0 m ≈ | 955.0 m ≈ | -609.0 m ≈ | 258.0 m ≈ | -530.0 m ≈ | -70.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 48.0 m | 61.0 m | 65.0 m | 81.0 m | 69.0 m | 88.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -50.0 m | 545.0 m | -1.1 bn | -175.0 m | -936.0 m | -486.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 23.0 m | 134.0 m | -105.0 m | -43.0 m | -26.0 m | 112.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -73.0 m | 411.0 m | -950.0 m | -132.0 m | -910.0 m | -598.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -0.33 | 1.87 | -4.41 | -0.62 | -4.48 | -3.00 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 219.2 m | 220.2 m | 215.5 m | 212.0 m | 203.2 m | 199.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.40 | 0.43 | 0.50 | 0.56 | 0.64 | 0.64 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 438.0 m | 339.0 m | 365.0 m | 334.0 m | 272.0 m | 326.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 476.0 m | 515.0 m | 627.0 m | 624.0 m | 564.0 m | 642.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 1.8 bn | 1.9 bn | 1.9 bn | 2.0 bn | 1.7 bn | 2.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 791.0 m | 773.0 m | 761.0 m | 800.0 m | — | — | SEC (XBRL)· 02 May 2024verified |
| Goodwill | 4.0 bn | 4.0 bn | 2.7 bn | 2.4 bn | 1.6 bn | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 2.5 bn | 2.3 bn | 1.9 bn | 1.7 bn | 1.2 bn | 974.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 9.4 bn | 9.2 bn | 7.6 bn | 7.4 bn | 5.8 bn | 5.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 302.0 m | 262.0 m | 279.0 m | 305.0 m | 241.0 m | 300.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 299.0 m | 182.0 m | 118.0 m | 322.0 m | 549.0 m | 313.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 2.0 bn | 1.9 bn | 1.8 bn | 1.8 bn | 1.6 bn | 2.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 1.4 bn | 1.3 bn | 1.2 bn | 1.4 bn | 1.6 bn | 1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 4.4 bn | 4.2 bn | 3.8 bn | 4.1 bn | 3.8 bn | 4.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 4.9 bn | 5.0 bn | 3.8 bn | 3.3 bn | 1.9 bn | 1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 649.0 m | 657.0 m | 517.0 m | 377.0 m | 461.0 m | 235.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 87.0 m | 142.0 m | 149.0 m | 149.0 m | 180.0 m | 131.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 562.0 m ≈ | 515.0 m ≈ | 368.0 m ≈ | 228.0 m ≈ | 281.0 m ≈ | 104.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -1.1 bn | -358.0 m | -138.0 m | -89.0 m | -197.0 m | -132.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 476.0 m | -379.0 m | -329.0 m | -307.0 m | -302.0 m | -80.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 88.0 m | 92.0 m | 104.0 m | 116.0 m | 126.0 m | 128.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 140.0 m | 200.0 m | 150.0 m | 300.0 m | 250.0 m | 0 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 31 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet14
- Valuation37
- Quality34
- Growth0
- Returns74
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.88 – 21.83 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)6.88 – 21.83 (Mid 11.93)WACC 7.1% · starting FCFF 219.4 m USD · terminal value share of EV 80%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -4.6%
- Peers: EV/EBITDAunavailable · insufficient data
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)8.41 – 11.31 (Mid 9.65)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 31/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -7.1% | 33 (vs peers) | 14% |
| Net margin · Quality | -15.0% | 36 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -2.1% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 50.9x | 0 (vs peers) | 14% |
| Interest coverage · Balance sheet | -3.4x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.6x | 69 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 105.3x | 0 (vs peers) | 14% |
| FCF yield · Valuation | 6.7% | 84 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 5.1% | 73 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 67.1% | 76 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality34/100 · 2/3 factors with a value
- Returns74/100 · 2/2 factors with a value
- Valuation37/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DENTSPLY SIRONA Inc. (XRAY). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 3.7 bn USD in 2025; YoY growth -3.0%; net margin -15.0%; ROE -33.0%; net debt/EBITDA 50.9x.
The estimated value range is 7.64–16.57 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 10.79 USD, the price of 10.65 USD leaves a potential of 1.3% (value / price − 1) and a margin of safety of 1.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 31/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 6.7%
- Shareholder yield (distributions): 5.1%
- Payout ratio (FCF): 67.1%
What contradicts it
- Revenue CAGR 3Y: -2.1%
- Net debt / EBITDA: 50.9x
- Interest coverage: -3.4x
- EV/EBITDA: 105.3x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM).
Versus the vertical median
Instruments, medical and optical goods (SIC 384x) · same industry group (3-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ISRGIntuitive Surgical, Inc. | 167.1 bn | 58.3 | 18.0% | 25.5% | +20.5% | −16% / +55% |
| MDTMedtronic plc | 134.3 bn | 25.8 | 10.7% | 13.9% | +8.4% | −0% / +32% |
| SYKStryker Corp | 129.3 bn | 36.2 | 16.0% | 13.8% | +11.2% | −8% / +15% |
| MMM3m Company | 100.2 bn | 28.9 | 80.8% | 14.0% | +1.5% | +13% / +134% |
| BSXBoston Scientific Corporation | 66.4 bn | 19.4 | 14.3% | 16.6% | +19.9% | −55% / −18% |
| EWEdwards Lifesciences Corporation | 57.1 bn | 56.2 | 9.7% | 15.3% | +11.5% | +15% / +47% |
| BDXBecton, Dickinson And Company | 57.0 bn | 63.2 | 3.8% | 4.0% | +8.2% | +37% / +13% |
| GEHCGe Healthcare Technologies Inc. | 38.8 bn | 18.1 | 19.9% | 10.0% | +4.8% | +7% / +25% |
| RMDResMed Inc. | 33.8 bn | 21.9 | 26.4% | 27.8% | +9.9% | −6% / +52% |
| DXCMDexcom, Inc. | 33.0 bn | 34.8 | 37.7% | 19.4% | +15.6% | +39% / −23% |
| WSTWest Pharmaceutical Services, Inc. | 28.5 bn | 45.9 | 21.2% | 18.8% | +6.3% | +47% / +17% |
| STESTERIS plc | 24.2 bn | 30.0 | 11.4% | 13.3% | +8.7% | −7% / +23% |
| ZBHZimmer Biomet Holdings, Inc. | 20.8 bn | 27.9 | 6.0% | 9.0% | +7.2% | +13% / −5% |
| GMEDGlobus Medical, Inc. | 11.7 bn | 22.3 | 11.8% | 17.0% | +16.7% | −4% / +94% |
| MSAMsa Safety Inc | 6.8 bn | 22.8 | 22.1% | 15.0% | +3.7% | +10% / +2% |
| TFXTeleflex Incorporated | 6.4 bn | — | -28.9% | -45.8% | +17.2% | +31% / −34% |
| ICUIIcu Medical Inc | 4.3 bn | 144.2 | 1.4% | 1.4% | −6.3% | +16% / +97% |
| XRAYDENTSPLY SIRONA Inc. | 2.1 bn | — | -33.0% | -15.0% | −3.0% | −15% / −64% |
| ATECAlphatec Holdings, Inc. | 1.3 bn | — | -1,888.0% | -10.3% | +25.0% | −63% / −30% |
| SIBNSi-Bone, Inc. | 1.1 bn | — | -7.7% | -6.2% | +20.2% | +28% / +32% |
| CERSCerus Corp | 487.7 m | — | -10.7% | -2.9% | +16.1% | +37% / +50% |
| SIShoulder Innovations, Inc. | 437.4 m | — | -151.9% | -58.3% | +49.6% | +36% / unavailable |
| OFIXOrthofix Medical Inc. | 395.9 m | — | -13.9% | -7.4% | +2.9% | −40% / −12% |
| CLPTClearPoint Neuro, Inc. | 325.7 m | — | -167.5% | -79.4% | +17.8% | −30% / +76% |
| TMCITreace Medical Concepts, Inc. | 292.7 m | — | -72.0% | -29.0% | +1.6% | +51% / −49% |
1- and 3-year price returns: for XRAY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
DENTSPLY SIRONA is the world's largest diversified maker of professional dental products and technologies, spanning connected equipment, dental consumables and continence care. The company is in a transformation phase, with stable quarterly sales but pressured margins, and management has maintained its 2026 outlook 3.
SWOT
Strengths
- The company has a complete dental portfolio, well-established brands and a global sales and distribution network 1.
- The DS Core platform and integrated digital solutions give it an advantage in clinic workflows 1.
- The company keeps investing in research and development and clinical education, which supports innovation 1.
Weaknesses
Opportunities
Threats
Risks
- Cybersecurityhigh
Cloud platforms and connected scanners could be targeted by attacks, and incidents could bring high costs and disrupt operations 1.
- Distributor concentrationhigh
A limited number of distributors generates a large share of revenue, and changes in their stock levels can affect quarterly results 1.
- Medical device and data regulationmedium
Products are medical devices under FDA and EU MDR rules, and data and AI regulation could raise compliance costs 1.
- Tariffs and international trademedium
Imports from China and manufacturing in Europe could be hit by tariffs, raising costs or reducing demand 12.
- Geopolitical exposuremedium
Operations in Israel and sales in Russia and Ukraine remain exposed to sanctions and restrictions on moving cash 12.
Investment thesis
What would need to be true (bull case)
- If the planned return to growth materializes with a stronger digital portfolio, the company could recover margins lost in recent years 3.
- As a market leader with a complete range and global network, it may be able to benefit from the consolidation of dental clinics 1.
- Tariff refunds received in the second quarter could help improve cash flow 2.
What would break the thesis
- Repeated net losses and large impairments suggest performance could stay weak if segment pressure persists 1.
- Dependence on distributors and changes in their stock could make quarterly results hard to predict 1.
- Weak macroeconomics and trade uncertainty could prolong low demand, especially in the US 2.
What to watch
- Delivery of the net sales and adjusted EPS outlook2026
- Trend in gross margin and adjusted EBITDA after restructuringQ2 2026
- Effect of tariffs and IEEPA refunds on costsQ3 2026
- Debt reduction and operating cash flow trendnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company develops, manufactures and markets dental equipment, cloud software (the DS Core platform), implants, aligners, dental consumables and urology and enterology products, selling them in about 140 countries 1. Headquarters are in Charlotte, North Carolina, and shares trade on Nasdaq under XRAY 1. For fiscal 2025, net sales decreased 3.0% and the net loss was 598 million USD, mainly due to smaller impairments than in the prior year 1.
The four reportable segments reflect a strategy of combining digital technology with consumables, and about two-thirds of dental consumable and equipment products are sold through third-party distributors 1. Distributor concentration is high: Henry Schein accounted for 13% of net sales in 2025, and the company plans to diversify its US distributor base starting in 2026 1.
In the first quarter of 2026 the company reported net sales of 880 million USD and a GAAP gross margin of 48.5%, reiterated its 2026 outlook, and began reducing debt and improving working capital 3.
Segments
Connected Technology Solutions
The segment covers imaging equipment, treatment centers, intraoral scanners, 3-D printers and the CEREC system, integrated with DS Core. In Q1 2026 Americas sales were 246 million USD, up 4.4% as reported 3.
Essential Dental Solutions
The segment includes endodontic, restorative and preventive consumables plus small equipment. It was the largest segment in Americas in Q1 2026 at 350 million USD, though down 0.9% as reported 3.
Market context
The company expects the dental market to grow over the long term because of aging populations, demand for aesthetics and aligners, and expansion in emerging markets 1. The market remains fragmented, though it is consolidating through dental support organizations, mainly in the US 1.
In the short term, weak macroeconomic conditions, tariff uncertainty and inflation could reduce equipment demand if clinics struggle to finance purchases, with the US most affected 2.
Trends
- Digitalization of dental workflowstailwind
Demand for integrated solutions, scanners, CAD/CAM and cloud platforms is rising, and DS Core is being extended with AI features, which could support equipment sales if adoption continues 13.
- Macroeconomic pressure and discretionary spendingheadwind
Inflation, trade uncertainty and lower spending on elective procedures weigh on clinics, especially in the US, and could slow equipment purchases 12.
- Tariffs and trade policymixed
US tariffs could raise import costs, but the company received refunds of about 44 million USD in Q2 2026, which could partly offset the impact 2.
- Distribution consolidationmixed
New distribution agreements, including with Patterson and other distributors, may support growth, but changes in distributor stock can cause quarterly swings 13.
Competitive position
Competition is based on performance, quality, price, customer experience and innovation, and the number of competitors varies by product and region 1. No single rival matches DENTSPLY SIRONA's full product range, though many companies make similar products 1.
Distributors with their own priorities may introduce competing products at lower price points, which could reduce the company's market share if they gain significant ground 1.
- Makers of dental equipment and technology
The sources refer generally to many producers of similar products without naming firms; the company stresses that none offers its full range 1.
- Distributors with private-label and low-price products
Distributors can launch competing products at lower prices, which may affect market prices 1.
- Makers of continence care devices
In the Wellspect segment, competition comes from catheter and irrigation makers, though the sources do not detail them 1.
- Makers of orthodontic aligners
Competition for tooth alignment solutions remains intense, and the sources do not name the rivals 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Dentsply Sirona (XRAY) Swings Back To Profit While Sales Keep SlidingYahoo Finance — News · 03 Sept 2026 · EN
The latest news item in our archive is from 03 Sept 2026; the newest SEC filing is from 09 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report09 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report (amendment)07 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Financial statements and exhibits
- Current report11 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report04 Jun 2026Shareholder vote
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement23 Apr 2026
- Annual report26 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / DENTSPLY SIRONA Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / DENTSPLY SIRONA Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / DENTSPLY SIRONA Inc. · 05 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.