Tearsheet

Dentsply Sirona (XRAY)


Market Price (12/4/2025): $11.29 | Market Cap: $2.3 Bil
Sector: Health Care | Industry: Health Care Supplies

Dentsply Sirona (XRAY)


Market Price (12/4/2025): $11.29
Market Cap: $2.3 Bil
Sector: Health Care
Industry: 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


0 Attractive yield
Dividend Yield is 3.8%
Weak multi-year price returns
2Y Excs Rtn is -112%, 3Y Excs Rtn is -133%
Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84%
1 Low stock price volatility
Vol 12M is 42%
  Weak revenue growth
Rev 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%
2 Megatrend and thematic drivers
Megatrends 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 negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -35%
0 Attractive yield
Dividend Yield is 3.8%
1 Low stock price volatility
Vol 12M is 42%
2 Megatrend and thematic drivers
Megatrends include Digital Health & Telemedicine, Aging Population & Chronic Disease, and Precision Medicine. Themes include AI in Healthcare Management, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -112%, 3Y Excs Rtn is -133%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84%
5 Weak revenue growth
Rev 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%
6 Yield minus risk free rate is negative
ERPEquity 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.

Show more

Stock Movement Drivers

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
XRAY Return-7%7%-42%14%-45%-39%-78%
Peers Return37%23%-30%19%-18%-17%-4%
S&P 500 Return16%27%-19%24%23%16%112%

Monthly Win Rates [3]
XRAY Win Rate58%42%33%67%25%30% 
Peers Win Rate60%55%42%53%40%50% 
S&P 500 Win Rate58%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

Unique KeyEventXRAYS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-61.2%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven157.6%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-47.5%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven90.3%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven350 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-50.0%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven99.8%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven918 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-53.1%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven113.2%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1696 days1480 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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Dentsply Sirona (XRAY)

Better Bets than Dentsply Sirona (XRAY)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to XRAY. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
CRL_11142025_Dip_Buyer_FCFYield11142025CRLCharles River Laboratories InternationalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
10.0%10.0%-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE11142025GDRXGoodRxDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-7.7%-7.7%-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11142025ASTHAstrana HealthDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
6.9%6.9%-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11142025SGRYSurgery PartnersDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
11.5%11.5%-1.4%
TFX_11072025_Dip_Buyer_FCFYield11072025TFXTeleflexDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
8.9%8.9%-5.1%
XRAY_4302022_Dip_Buyer_FCFYield04302022XRAYDentsply SironaDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-22.2%6.5%-32.4%
XRAY_3312020_Dip_Buyer_FCFYield03312020XRAYDentsply SironaDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
10.6%65.7%-8.7%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
CRL_11142025_Dip_Buyer_FCFYield11142025CRLCharles River Laboratories InternationalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
10.0%10.0%-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE11142025GDRXGoodRxDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-7.7%-7.7%-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11142025ASTHAstrana HealthDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
6.9%6.9%-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11142025SGRYSurgery PartnersDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
11.5%11.5%-1.4%
TFX_11072025_Dip_Buyer_FCFYield11072025TFXTeleflexDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
8.9%8.9%-5.1%
XRAY_4302022_Dip_Buyer_FCFYield04302022XRAYDentsply SironaDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-22.2%6.5%-32.4%
XRAY_3312020_Dip_Buyer_FCFYield03312020XRAYDentsply SironaDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
10.6%65.7%-8.7%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Dentsply Sirona

Peers to compare with:

Financials

XRAYZBHALGNHSICCNMDWSTMedian
NameDentsply.Zimmer B.Align Te.Henry Sc.Conmed West Pha. 
Mkt Price11.3493.10155.0072.8844.35284.3182.99
Mkt Cap2.318.411.28.81.420.510.0
Rev LTM3,6248,0113,98312,9381,3473,0183,803
Op Inc LTM2351,497604764118631617
FCF LTM801,409567356149379368
FCF 3Y Avg2211,156542455118374414
CFO LTM2211,686656535168694596
CFO 3Y Avg3711,502680644135721662

Growth & Margins

XRAYZBHALGNHSICCNMDWSTMedian
NameDentsply.Zimmer B.Align Te.Henry Sc.Conmed West Pha. 
Rev Chg LTM-7.1%5.5%0.6%3.5%4.6%4.9%4.1%
Rev Chg 3Y Avg-3.5%5.1%1.0%0.9%8.1%1.3%1.2%
Rev Chg Q-4.9%9.7%1.8%5.2%6.7%7.7%6.0%
QoQ Delta Rev Chg LTM-1.3%2.3%0.4%1.3%1.6%1.9%1.4%
Op Mgn LTM6.5%18.7%15.2%5.9%8.8%20.9%12.0%
Op Mgn 3Y Avg6.8%19.1%16.0%5.7%10.0%21.8%13.0%
QoQ Delta Op Mgn LTM-0.4%-0.1%-0.9%-0.1%-4.2%-0.1%-0.3%
CFO/Rev LTM6.1%21.0%16.5%4.1%12.4%23.0%14.5%
CFO/Rev 3Y Avg9.6%19.6%17.4%5.1%10.4%24.6%13.9%
FCF/Rev LTM2.2%17.6%14.2%2.8%11.1%12.6%11.8%
FCF/Rev 3Y Avg5.7%15.1%13.9%3.6%9.1%12.7%10.9%

Valuation

XRAYZBHALGNHSICCNMDWSTMedian
NameDentsply.Zimmer B.Align Te.Henry Sc.Conmed West Pha. 
Mkt Cap2.318.411.28.81.420.510.0
P/S0.72.42.30.61.16.31.7
P/EBIT-3.215.015.011.912.331.313.6
P/E-2.924.224.020.422.738.523.3
P/CFO11.511.613.814.98.727.312.7
Total Yield-31.0%5.1%4.2%4.9%6.1%2.8%4.5%
Dividend Yield3.8%1.0%0.0%0.0%1.7%0.2%0.6%
FCF Yield 3Y Avg4.3%5.5%3.7%5.0%6.3%1.7%4.7%
D/E1.00.40.00.40.60.00.4
Net D/E0.80.3-0.10.40.6-0.00.4

Returns

XRAYZBHALGNHSICCNMDWSTMedian
NameDentsply.Zimmer B.Align Te.Henry Sc.Conmed West Pha. 
1M Rtn-9.7%-6.8%11.9%12.7%-1.1%1.7%0.3%
3M Rtn-17.4%-11.2%17.1%8.6%-15.8%14.3%-1.3%
6M Rtn-28.0%2.3%-13.9%3.5%-21.0%34.7%-5.8%
12M Rtn-39.1%-15.1%-33.8%-3.1%-40.0%-11.4%-24.4%
3Y Rtn-61.3%-22.3%-21.9%-12.5%-49.3%17.2%-22.1%
1M Excs Rtn-9.6%-6.8%11.9%12.8%-1.1%1.7%0.3%
3M Excs Rtn-25.2%-16.3%9.7%2.2%-23.9%9.6%-7.0%
6M Excs Rtn-42.7%-12.4%-28.6%-11.2%-35.7%20.0%-20.5%
12M Excs Rtn-53.4%-29.7%-47.0%-19.0%-52.8%-26.0%-38.3%
3Y Excs Rtn-132.6%-91.6%-91.1%-82.0%-116.3%-45.0%-91.4%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Essential Dental Solutions1,4681,427   
Connected Technology Solutions1,1691,219   
Orthodontic and Implant Solutions1,0401,006   
Wellspect Healthcare288270   
Consumables  1,7271,3811,746
Technologies & Equipment  2,5041,9612,283
Total3,9653,9224,2313,3424,029


Operating Income by Segment
$ Mil20242023202220212020
Essential Dental Solutions478467   
Orthodontic and Implant Solutions156193   
Connected Technology Solutions101161   
Wellspect Healthcare8773   
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  539314440
Goodwill Impairment  0-1570
Intangible asset impairments  0  
Technologies & Equipment  543387467
Total-85-937608-12361


Price Behavior

Short Interest

Short Interest: As Of Date11142025
Short Interest: Shares Quantity13,457,231
Short Interest: % Change Since 1031202528.8%
Average Daily Volume4,725,201
Days-to-Cover Short Interest2.85
Basic Shares Quantity199,500,000
Short % of Basic Shares6.7%

SEC Filings

Expand for More

Report DateFiling DateFiling
93020251106202510-Q 9/30/2025
6302025807202510-Q 6/30/2025
3312025508202510-Q 3/31/2025
12312024227202510-K 12/31/2024
93020241107202410-Q 9/30/2024
6302024731202410-Q 6/30/2024
3312024502202410-Q 3/31/2024
12312023229202410-K 12/31/2023
93020231102202310-Q 9/30/2023
6302023807202310-Q 6/30/2023
3312023503202310-Q 3/31/2023
12312022301202310-K 12/31/2022
93020221114202210-Q 9/30/2022
63020221107202210-Q 6/30/2022
33120221107202210-Q 3/31/2022
12312021301202210-K 12/31/2021