Dentsply Sirona (XRAY)
Market Price (12/4/2025): $11.29 | Market Cap: $2.3 BilSector: Health Care | Industry: Health Care Supplies
Dentsply Sirona (XRAY)
Market Price (12/4/2025): $11.29Market Cap: $2.3 BilSector: Health CareIndustry: Health Care Supplies
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Attractive yieldDividend Yield is 3.8% | Weak multi-year price returns2Y Excs Rtn is -112%, 3Y Excs Rtn is -133% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84% |
| Low stock price volatilityVol 12M is 42% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.5%, Rev Chg QQuarterly Revenue Change % is -4.9% | |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, Aging Population & Chronic Disease, and Precision Medicine. Themes include AI in Healthcare Management, Show more. | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -35% |
| Attractive yieldDividend Yield is 3.8% |
| Low stock price volatilityVol 12M is 42% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, Aging Population & Chronic Disease, and Precision Medicine. Themes include AI in Healthcare Management, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -112%, 3Y Excs Rtn is -133% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.5%, Rev Chg QQuarterly Revenue Change % is -4.9% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -35% |
Valuation, Metrics & Events
XRAY Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Dentsply Sirona (XRAY) experienced a stock decline of approximately 19.7% during the period from August 31, 2025, to December 4, 2025, driven by several key factors:
**1. Lower-than-Expected Q3 2025 Earnings and Reduced Guidance.** The company reported third-quarter 2025 adjusted earnings per share (EPS) of $0.37, which significantly missed the consensus estimate of $0.46, falling 17.7% below expectations. This earnings miss was a primary catalyst for negative market reaction. Compounding this, management lowered its full-year 2025 adjusted EPS guidance to a midpoint of $1.60, further impacting investor confidence.
**2. Decline in Q3 2025 Revenue and Overall Weak Performance.** Dentsply Sirona's third-quarter 2025 sales declined by 4.9% year-over-year, and by 8% at constant currency, to $904 million. This revenue contraction, despite narrowly beating analyst estimates, highlighted ongoing operational and strategic challenges, including weak performance across most segments, such as a 15% fall in Orthodontic and Implant Solutions sales.
**3. Negative Market Reaction to Financial Results.** The market's response to the Q3 2025 earnings release was sharply negative, with the stock experiencing a significant decline, including a pre-market drop of over 12% following the announcement. Investors focused more heavily on the earnings miss and the year-over-year sales decline rather than the modest revenue beat.
**4. Leadership Changes and Increased Uncertainty.** The unexpected departure of CFO Matt Garth after just five months in the role added to investor concerns and contributed to market uncertainty around the company's strategic direction. This change, along with others, prompted analyst downgrades of the stock.
**5. Continued Challenges in Constant Currency Revenue Growth and Declining EPS Trends.** Leading up to and during the period, Dentsply Sirona consistently struggled with constant currency revenue growth, failing to grow this metric over the prior two years. Additionally, the company's EPS had been trending down, declining 7.4% annually over the last five years, indicating long-standing profitability challenges and difficulties in adjusting its fixed cost base to shrinking demand.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| XRAY Return | -7% | 7% | -42% | 14% | -45% | -39% | -78% |
| Peers Return | 37% | 23% | -30% | 19% | -18% | -17% | -4% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| XRAY Win Rate | 58% | 42% | 33% | 67% | 25% | 30% | |
| Peers Win Rate | 60% | 55% | 42% | 53% | 40% | 50% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| XRAY Max Drawdown | -44% | -7% | -51% | -13% | -51% | -46% | |
| Peers Max Drawdown | -42% | -9% | -42% | -11% | -24% | -30% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: ZBH, ALGN, HSIC, CNMD, WST. See XRAY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)
How Low Can It Go
| Event | XRAY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -61.2% | -25.4% |
| % Gain to Breakeven | 157.6% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -47.5% | -33.9% |
| % Gain to Breakeven | 90.3% | 51.3% |
| Time to Breakeven | 350 days | 148 days |
| 2018 Correction | ||
| % Loss | -50.0% | -19.8% |
| % Gain to Breakeven | 99.8% | 24.7% |
| Time to Breakeven | 918 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -53.1% | -56.8% |
| % Gain to Breakeven | 113.2% | 131.3% |
| Time to Breakeven | 1696 days | 1480 days |
Compare to ZBH, ALGN, HSIC, CNMD, WST
In The Past
Dentsply Sirona's stock fell -61.2% during the 2022 Inflation Shock from a high on 5/10/2021. A -61.2% loss requires a 157.6% gain to breakeven.
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Asset Allocation
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Latest Trefis Analyses
Trade Ideas
Select past ideas related to XRAY. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11142025 | CRL | Charles River Laboratories International | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 10.0% | 10.0% | -3.7% |
| 11142025 | GDRX | GoodRx | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -7.7% | -7.7% | -11.8% |
| 11142025 | ASTH | Astrana Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 6.9% | 6.9% | -5.5% |
| 11142025 | SGRY | Surgery Partners | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 11.5% | 11.5% | -1.4% |
| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.9% | 8.9% | -5.1% |
| 04302022 | XRAY | Dentsply Sirona | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -22.2% | 6.5% | -32.4% |
| 03312020 | XRAY | Dentsply Sirona | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 10.6% | 65.7% | -8.7% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11142025 | CRL | Charles River Laboratories International | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 10.0% | 10.0% | -3.7% |
| 11142025 | GDRX | GoodRx | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -7.7% | -7.7% | -11.8% |
| 11142025 | ASTH | Astrana Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 6.9% | 6.9% | -5.5% |
| 11142025 | SGRY | Surgery Partners | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 11.5% | 11.5% | -1.4% |
| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.9% | 8.9% | -5.1% |
| 04302022 | XRAY | Dentsply Sirona | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -22.2% | 6.5% | -32.4% |
| 03312020 | XRAY | Dentsply Sirona | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 10.6% | 65.7% | -8.7% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Dentsply Sirona
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 82.99 |
| Mkt Cap | 10.0 |
| Rev LTM | 3,803 |
| Op Inc LTM | 617 |
| FCF LTM | 368 |
| FCF 3Y Avg | 414 |
| CFO LTM | 596 |
| CFO 3Y Avg | 662 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.1% |
| Rev Chg 3Y Avg | 1.2% |
| Rev Chg Q | 6.0% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Mgn LTM | 12.0% |
| Op Mgn 3Y Avg | 13.0% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 14.5% |
| CFO/Rev 3Y Avg | 13.9% |
| FCF/Rev LTM | 11.8% |
| FCF/Rev 3Y Avg | 10.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.0 |
| P/S | 1.7 |
| P/EBIT | 13.6 |
| P/E | 23.3 |
| P/CFO | 12.7 |
| Total Yield | 4.5% |
| Dividend Yield | 0.6% |
| FCF Yield 3Y Avg | 4.7% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.3% |
| 3M Rtn | -1.3% |
| 6M Rtn | -5.8% |
| 12M Rtn | -24.4% |
| 3Y Rtn | -22.1% |
| 1M Excs Rtn | 0.3% |
| 3M Excs Rtn | -7.0% |
| 6M Excs Rtn | -20.5% |
| 12M Excs Rtn | -38.3% |
| 3Y Excs Rtn | -91.4% |
Comparison Analyses
Segment Financials
Revenue by Segment
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Essential Dental Solutions | 1,468 | 1,427 | |||
| Connected Technology Solutions | 1,169 | 1,219 | |||
| Orthodontic and Implant Solutions | 1,040 | 1,006 | |||
| Wellspect Healthcare | 288 | 270 | |||
| Consumables | 1,727 | 1,381 | 1,746 | ||
| Technologies & Equipment | 2,504 | 1,961 | 2,283 | ||
| Total | 3,965 | 3,922 | 4,231 | 3,342 | 4,029 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Essential Dental Solutions | 478 | 467 | |||
| Orthodontic and Implant Solutions | 156 | 193 | |||
| Connected Technology Solutions | 101 | 161 | |||
| Wellspect Healthcare | 87 | 73 | |||
| Depreciation resulting from the fair value step-up of property, plant, and equipment from business | -3 | -3 | -6 | -6 | -7 |
| Restructuring and other costs | -67 | -14 | -17 | -77 | -81 |
| Amortization of intangible assets | -211 | -209 | -222 | -192 | -189 |
| Goodwill and intangible asset impairments | -307 | -1,287 | |||
| Unallocated corporate costs | -319 | ||||
| All Other | -318 | -229 | -281 | -269 | |
| Consumables | 539 | 314 | 440 | ||
| Goodwill Impairment | 0 | -157 | 0 | ||
| Intangible asset impairments | 0 | ||||
| Technologies & Equipment | 543 | 387 | 467 | ||
| Total | -85 | -937 | 608 | -12 | 361 |
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11062025 | 10-Q 9/30/2025 |
| 6302025 | 8072025 | 10-Q 6/30/2025 |
| 3312025 | 5082025 | 10-Q 3/31/2025 |
| 12312024 | 2272025 | 10-K 12/31/2024 |
| 9302024 | 11072024 | 10-Q 9/30/2024 |
| 6302024 | 7312024 | 10-Q 6/30/2024 |
| 3312024 | 5022024 | 10-Q 3/31/2024 |
| 12312023 | 2292024 | 10-K 12/31/2023 |
| 9302023 | 11022023 | 10-Q 9/30/2023 |
| 6302023 | 8072023 | 10-Q 6/30/2023 |
| 3312023 | 5032023 | 10-Q 3/31/2023 |
| 12312022 | 3012023 | 10-K 12/31/2022 |
| 9302022 | 11142022 | 10-Q 9/30/2022 |
| 6302022 | 11072022 | 10-Q 6/30/2022 |
| 3312022 | 11072022 | 10-Q 3/31/2022 |
| 12312021 | 3012022 | 10-K 12/31/2021 |
External Quote Links
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |