DENTSPLY SIRONA Inc. (XRAY)
NEUTRALFundamental
51
Price
$10.68
Market Cap
$2.22B
Part 1 · What the company is worth
Overview
Dentsply Sirona makes the equipment and consumable products dentists use every day: imaging systems, treatment chairs, drills and handpieces, plus the fillings, cements, orthodontic aligners and implants that go into patients' mouths. It sells almost entirely through the practices that treat patients, not directly to consumers, and its product groups span everything from a single filling to a full digital dental chair, mostly through independent distributors.
How it makes money
Revenue comes from selling hardware and consumables to dental and orthodontic practices, largely through independent distributors such as Henry Schein and Patterson Companies rather than directly. Equipment like imaging systems and treatment chairs is a one-time or infrequent capital purchase; consumables like fillings, cements and aligner materials are repeat purchases tied to how many patients a practice treats. The distributor relationship means Dentsply Sirona's own sales force influences demand but rarely closes the final sale.
What drives demand
Moderately cyclicalRoutine dental care is fairly steady — people keep needing fillings and cleanings regardless of the economy — which supports demand for consumables. But the equipment side is more discretionary: practices can defer buying a new imaging system or chair in a weak economy, so Dentsply Sirona's results move with dental-practice capital spending as much as with patient volume.
Key risks
- Distributor concentration — Two distributors, Henry Schein and Patterson, together account for around a fifth or more of net sales; losing or straining either relationship would disrupt how products reach practices.
- Product liability and recalls — Dental devices and materials carry inherent liability and recall risk; a quality issue with a widely used product could trigger a costly recall and reputational damage.
- Regulatory compliance across markets — The company operates under extensive and changing medical-device and product regulations in many countries, and failing to comply can bring civil or criminal penalties.
- Litigation and IP disputes — The company faces ongoing litigation risk, including securities claims, government investigations and patent disputes that can be costly to defend regardless of outcome.
Customer concentration
Top customers account for 13% of revenue
For 2025, distributor Henry Schein accounted for 13% of net sales and Patterson Companies for just under 10%; Dentsply Sirona sells most of its products through a small number of large distributors rather than directly to practices.
The case for
Buyers argue that Dentsply Sirona's product lines make it one of the few suppliers able to equip an entire dental practice, that recurring consumables sales cushion swings in equipment demand, and that recent segment reshuffling and cost cuts position the company to improve margins once dental capital spending recovers.
The case against
Sellers worry that the company competes in a fragmented dental-products market with no single dominant brand, that two distributors control a meaningful share of how its products reach practices, and that recent goodwill impairments in two of its segments signal the underlying businesses are worth less than once assumed.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$3.64B
Trailing 12 months (through 6/30/2026)
Net Income
$-546M
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$104M
Total Equity
$1.34B
Total Liabilities
$4.09B
Current Ratio
1.63
Interest Coverage
3.41
Debt/EBITDA
-
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$31.75
Current Price
$10.68
Margin of Safety
+66.4%
Fair Value Range
$20.63 - $42.86
Estimation Methods
Valuation Metrics
P/E Ratio
-
ROE
-44.7%
P/B Ratio
1.61
P/FCF
15.18
Gross Margin
49.5%
ROIC
-6.1%
Profitability Radar
Value Creation (Economic Moat)
ROIC
-6.1%
WACC
6.1%
ROIC − WACC
-12.2 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (12)
- Gross Margin 49.5%
- P/FCF 15.18
- P/B Ratio 1.61
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- DCF valuation (Undervalued)
- Earnings Surprise avg 4.3%
- Share Dilution -1.9%
- Net Margin Trend -15.0% vs -25.9%
- Piotroski F-Score 6/9
Failed (10)
- EPS shows upward trend
- Price CAGR -15.34%
- ROIC -6.1%
- Operating Margin -8.5%
- CapEx intensity
- Return on Tangible Assets
- Low reliance on intangibles
- ROE -39.8%
- Revenue Growth 5Y 2.0%
- Analyst Consensus 35% Buy
Unavailable (5)
- Dividend Payout NaN%
- Debt/EBITDA
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
Low quality: investigate accounting
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Daniel T. Scavilla | President, CEO, Interim Principal Financial Officer & Director | 60 |
| Ms. Andrea L. Frohning | Senior VP & Chief Human Resources Officer | 55 |
| Mr. Robert Anthony Johnson | Senior VP & Chief Supply Chain Officer | 56 |
| Mr. Aldo M. Denti | Executive VP & Chief Commercial Officer | 57 |
| Mr. John C. Fortson | Executive VP & CFO | 58 |
| Mr. Kevin J. Czerney | Vice President & Chief Accounting Officer | 41 |
| Mr. Kevin Boyle | Senior VP & Chief Technology Officer | - |
| Wade Moody | Senior Manager of Investor Relations | - |
| Ms. Lindi Barton-Brobst | Senior VP & General Counsel | - |
| Ms. Emily P. Miner | Senior Vice President & Chief Quality Officer | - |
Audit Risk
1
Board Risk
3
Compensation Risk
5
Shareholder Rights Risk
1
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for XRAY, sourced from Markets Gazette.
- 3/13/2026POSITIVEIs Dentsply Sirona Stock a Buy After a Company Director Purchased 15,000 Shares?
A director at Dentsply Sirona Inc. has purchased 15,000 shares, signaling strong insider confidence in the dental technology firm. This move comes after a period of share price decline for the company, which is known for its robust recurring revenue streams. The insider transaction suggests that at least one key executive believes the stock is undervalued and poised for a recovery. Investors often view significant insider buying as a positive indicator, potentially preceding a turnaround or a period of sustained growth.
- 2/27/2026NEUTRALDENTSPLY SIRONA (XRAY) Q4 2025 Earnings Transcript
The market eagerly anticipates the release of the Q4 2025 earnings call transcript for DENTSPLY SIRONA (XRAY). While the specific content is not yet available, investor attention remains high for this crucial event. Quarterly earnings reports are fundamental for assessing a company's financial health, its performance against expectations, and the future outlook provided by management. Analysts and investors will be looking for insights into revenue, profitability, and, critically, guidance for upcoming periods. The current lack of details keeps the stock in a holding pattern, with potential significant movements once key information is disclosed. The transparency and data provided in these transcripts are essential for shaping investment decisions and understanding DENTSPLY SIRONA's strategic trajectory in the dental technology sector.
via Markets Gazette