Dentsply Sirona (XRAY)


Market Price (8/23/2026): $10.92 | Market Cap: $2.2 BilSector: Health Care | Industry: Health Care Supplies

Dentsply Sirona (XRAY)


Market Price (8/23/2026): $10.92
Market Cap: $2.2 Bil
Sector: Health Care
Industry: Health Care Supplies

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Attractive yield
Dividend Yield is 4.4%, FCF Yield is 6.6%

Low stock price volatility
Vol 12M is 47%

Megatrend and thematic drivers
Megatrends include Digital Health & Telemedicine, Aging Population & Chronic Disease, and Precision Medicine. Themes include AI in Healthcare Management, Show more.

Weak multi-year price returns
2Y Excs Rtn is -93%, 3Y Excs Rtn is -143%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 95%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.5%, Rev Chg QQuarterly Revenue Change % is -4.1%

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 -25%

Key risks
XRAY key risks include [1] weakened demand and significant competitive pressure in its U.S. Show more.

0 Attractive yield
Dividend Yield is 4.4%, FCF Yield is 6.6%
1 Low stock price volatility
Vol 12M is 47%
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 -93%, 3Y Excs Rtn is -143%
4 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 95%
6 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.5%, Rev Chg QQuarterly Revenue Change % is -4.1%
7 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 -25%
8 Key risks
XRAY key risks include [1] weakened demand and significant competitive pressure in its U.S. Show more.

XRAY in ETFs

Weight = XRAY's share of each fund

VTI0.00%
ITOT0.00%
IWM0.07%
IJH0.06%
VB0.03%
IWN0.15%
IJJ0.13%
MDYV0.13%
+13 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 8/20/2026

Dentsply Sirona (XRAY) stock has lost about 5% since 4/30/2026 because of the following key factors:

1. Continued Revenue Decline Despite Q2 Earnings Beat.

Dentsply Sirona reported net sales of $898 million for fiscal Q2 2026 (ended June 30, 2026), which, while exceeding analyst estimates of $890 million, represented a 4.1% year-over-year decline, or 6.3% on a constant currency basis. This followed a constant-currency sales decline of 6.7% in fiscal Q1 2026 (ended March 31, 2026). Despite adjusted earnings per share (EPS) of $0.52 for fiscal Q2 2026 beating analyst expectations of $0.35 by 48.57%, the stock experienced a downturn, indicating investor concern over the underlying sales performance.

2. Cautious Full-Year Revenue Outlook.

Adding to investor apprehension, Dentsply Sirona reiterated its full-year 2026 net sales guidance in the range of $3.5 billion to $3.6 billion during its fiscal Q2 2026 earnings call. The midpoint of this guidance fell below the consensus analyst estimate of $3.6 billion, signalling a conservative outlook for future revenue growth and suggesting that current restructuring efforts and external pressures continue to impact performance.

Show more
Updated on 8/20/2026

Dentsply Sirona (XRAY) stock has lost about 5% since 4/30/2026 because of the following key factors:

1. Continued Revenue Decline Despite Q2 Earnings Beat.

Dentsply Sirona reported net sales of $898 million for fiscal Q2 2026 (ended June 30, 2026), which, while exceeding analyst estimates of $890 million, represented a 4.1% year-over-year decline, or 6.3% on a constant currency basis. This followed a constant-currency sales decline of 6.7% in fiscal Q1 2026 (ended March 31, 2026). Despite adjusted earnings per share (EPS) of $0.52 for fiscal Q2 2026 beating analyst expectations of $0.35 by 48.57%, the stock experienced a downturn, indicating investor concern over the underlying sales performance.

2. Cautious Full-Year Revenue Outlook.

Adding to investor apprehension, Dentsply Sirona reiterated its full-year 2026 net sales guidance in the range of $3.5 billion to $3.6 billion during its fiscal Q2 2026 earnings call. The midpoint of this guidance fell below the consensus analyst estimate of $3.6 billion, signalling a conservative outlook for future revenue growth and suggesting that current restructuring efforts and external pressures continue to impact performance.

3. Persistent Weakness in Core Dental Market and Increased Competition.

The observed year-over-year sales decreases were primarily driven by a softness in Dentsply Sirona's core dental business, reflecting ongoing challenges in broader dental-market demand and utilization. The company also faces heightened competition, particularly as its premium CAD/CAM products contend with a wider availability of more affordable digital dental solutions, leading to a more fragmented and competitive market landscape.

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Stock Movement Drivers

Fundamental Drivers

The -7.1% change in XRAY stock from 4/30/2026 to 8/22/2026 was primarily driven by a -6.1% change in the company's P/S Multiple.
(LTM values as of)43020268222026Change
Stock Price ($)11.7510.92-7.1%
Change Contribution By: 
Total Revenues ($ Mil)3,6803,643-1.0%
P/S Multiple0.60.6-6.1%
Shares Outstanding (Mil)2002000.0%
Cumulative Contribution-7.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/22/2026
ReturnCorrelation
XRAY-7.1% 
Market (SPY)6.5%10.2%
Sector (XLV)19.6%25.8%

Fundamental Drivers

The -12.4% change in XRAY stock from 1/31/2026 to 8/22/2026 was primarily driven by a -12.8% change in the company's P/S Multiple.
(LTM values as of)13120268222026Change
Stock Price ($)12.4710.92-12.4%
Change Contribution By: 
Total Revenues ($ Mil)3,6243,6430.5%
P/S Multiple0.70.6-12.8%
Shares Outstanding (Mil)200200-0.1%
Cumulative Contribution-12.4%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/22/2026
ReturnCorrelation
XRAY-12.4% 
Market (SPY)11.0%31.4%
Sector (XLV)13.3%39.9%

Fundamental Drivers

The -21.6% change in XRAY stock from 7/31/2025 to 8/22/2026 was primarily driven by a -19.7% change in the company's P/S Multiple.
(LTM values as of)73120258222026Change
Stock Price ($)13.9210.92-21.6%
Change Contribution By: 
Total Revenues ($ Mil)3,7193,643-2.0%
P/S Multiple0.70.6-19.7%
Shares Outstanding (Mil)199200-0.3%
Cumulative Contribution-21.6%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/22/2026
ReturnCorrelation
XRAY-21.6% 
Market (SPY)22.2%35.0%
Sector (XLV)35.6%41.9%

Fundamental Drivers

The -71.5% change in XRAY stock from 7/31/2023 to 8/22/2026 was primarily driven by a -71.3% change in the company's P/S Multiple.
(LTM values as of)73120238222026Change
Stock Price ($)38.2710.92-71.5%
Change Contribution By: 
Total Revenues ($ Mil)3,9313,643-7.3%
P/S Multiple2.10.6-71.3%
Shares Outstanding (Mil)2142007.4%
Cumulative Contribution-71.5%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/22/2026
ReturnCorrelation
XRAY-71.5% 
Market (SPY)73.2%35.7%
Sector (XLV)36.3%37.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
XRAY Return7%-42%14%-45%-37%-6%-77%
Peers Return12%-23%-2%-4%2%13%-7%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
XRAY Win Rate42%33%67%25%33%62% 
Peers Win Rate50%45%45%48%53%62% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
XRAY Max Drawdown-30%-54%-35%-53%-50%-34% 
Peers Max Drawdown-21%-40%-39%-28%-29%-21% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ALGN, NVST, ZBH, HSIC, MMM. 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] 2026 data is for the year up to 8/21/2026 (YTD)

How Low Can It Go

EventXRAYS&P 500
2020 COVID-19 Crash
  % Loss-45.6%-33.7%
  % Gain to Breakeven83.7%50.9%
  Time to Breakeven291 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-11.1%-12.2%
  % Gain to Breakeven12.5%13.9%
  Time to Breakeven12 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-26.3%-17.9%
  % Gain to Breakeven35.7%21.8%
  Time to Breakeven136 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-21.3%-15.4%
  % Gain to Breakeven27.1%18.2%
  Time to Breakeven175 days125 days
2008-2009 Global Financial Crisis
  % Loss-51.4%-53.4%
  % Gain to Breakeven105.9%114.4%
  Time to Breakeven1521 days1085 days

Compare to ALGN, NVST, ZBH, HSIC, MMM

In The Past

Dentsply Sirona's stock fell -3.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 3.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventXRAYS&P 500
2020 COVID-19 Crash
  % Loss-45.6%-33.7%
  % Gain to Breakeven83.7%50.9%
  Time to Breakeven291 days140 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-26.3%-17.9%
  % Gain to Breakeven35.7%21.8%
  Time to Breakeven136 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-21.3%-15.4%
  % Gain to Breakeven27.1%18.2%
  Time to Breakeven175 days125 days
2008-2009 Global Financial Crisis
  % Loss-51.4%-53.4%
  % Gain to Breakeven105.9%114.4%
  Time to Breakeven1521 days1085 days

Compare to ALGN, NVST, ZBH, HSIC, MMM

In The Past

Dentsply Sirona's stock fell -3.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 3.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Dentsply Sirona (XRAY)

Dentsply Sirona Inc. (XRAY) is a global leader specializing in the professional dental market. The company is dedicated to designing, developing, manufacturing, and distributing a comprehensive range of dental products and technologies. It serves dental professionals worldwide, providing integrated and innovative solutions across nearly every aspect of modern dentistry.

The company's extensive product portfolio encompasses essential dental equipment, including treatment centers, advanced imaging equipment, motorized dental handpieces, and various lab equipment. A significant area of focus is digital dentistry, where Dentsply Sirona offers CAD/CAM products, intraoral scanners for digital impressions, and milling units. Additionally, the company is prominent in orthodontics with clear aligner solutions such as SureSmile and Byte, and provides a full suite of dental implant products, endodontic instruments and materials, and restorative solutions like prosthetics and dental ceramics.

Beyond major equipment and systems, Dentsply Sirona also supplies a broad array of small equipment, including intraoral curing light systems and ultrasonic scalers, alongside a wide range of essential dental supplies. These consumables include dental anesthetics, prophylaxis paste, impression materials, teeth whiteners, and topical fluoride. Through this comprehensive offering, Dentsply Sirona aims to support dental practices, laboratories, and specialists globally with advanced tools, materials, and technologies for patient care.

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  • The 'Johnson & Johnson' or 'Medtronic' of the dental industry.
  • Grainger for dental professionals.

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  • Dental Equipment: Comprehensive range including treatment centers, imaging equipment, handpieces, and laboratory apparatus.
  • Dental CAD/CAM Products: Digital dentistry solutions encompassing scanners, mills, and related services for restorations.
  • Orthodontic Solutions: Clear aligner technologies (SureSmile, Byte) and auxiliary devices like VPro for tooth movement.
  • Dental Implant Systems: Implants, bone regeneration solutions, and educational support for implantology.
  • Urology & Healthcare Consumables: Specialty urology catheters and various other healthcare-related consumable products.
  • Endodontic Instruments & Materials: Specialized tools and supplies for root canal treatments, such as files, sealers, and drills.
  • Restorative Dental Products: Prosthetics including artificial teeth, dental ceramics, digital dentures, and crown/bridge materials.
  • Dental Supplies: Consumables like anesthetics, whitening agents, sealants, impression materials, and fluoride treatments.
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The major customers of Dentsply Sirona (XRAY) are primarily other companies within the professional dental market. While the company sells directly to a vast and fragmented network of individual dental practices, clinics, and laboratories globally, its major customers, particularly those identifiable as public companies acting as key intermediaries and large purchasers in the supply chain, are dental distributors. These distributors purchase a broad range of Dentsply Sirona's products for resale to dental professionals and laboratories worldwide.

  • Henry Schein, Inc. (Symbol: HSIC)
  • Patterson Companies, Inc. (Symbol: PDCO)

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Daniel Scavilla President and Chief Executive Officer

Daniel Scavilla was appointed President and Chief Executive Officer of Dentsply Sirona, effective August 1, 2025. He previously served as President and CEO of Globus Medical, where he led the acquisition of NuVasive in a $3 billion all-stock deal and oversaw the integration of the two companies to form the world's second-largest spine technology company. Prior to that, he held various executive leadership roles at Globus Medical, including Chief Financial Officer, Executive Vice President, Chief Commercial Officer, and President, Trauma, where he scaled manufacturing and distribution and launched the Orthopedics and Trauma business unit. Before joining Globus Medical in 2015, Mr. Scavilla spent 28 years in financial and operational leadership positions at Johnson & Johnson.

Daniel Scavilla Interim Principal Financial Officer

In addition to his role as CEO, Daniel Scavilla was appointed interim principal financial officer for SEC reporting purposes, effective November 7, 2025, following the departure of Matthew Garth.

Aldo M. Denti Executive Vice President, Chief Commercial Officer

Aldo M. Denti was appointed Executive Vice President, Chief Commercial Officer in October 2025. Prior to joining Dentsply Sirona, he held leadership positions at Johnson & Johnson MedTech.

Andrea Frohning Senior Vice President, Chief Human Resources Officer

Andrea Frohning serves as the Senior Vice President and Chief Human Resources Officer for Dentsply Sirona.

Richard C. Rosenzweig Executive Vice President, Corporate Development, General Counsel and Secretary

Richard C. Rosenzweig holds the position of Executive Vice President, Corporate Development, General Counsel and Secretary at Dentsply Sirona.

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Dentsply Sirona (XRAY) faces several key business risks in the dynamic global dental market.

1. Intense Competition and Dependence on Continuous Innovation

Dentsply Sirona operates in a highly competitive market where numerous players vie for market share based on product performance, quality, safety, ease of use, and price. To maintain its competitive advantage, the company must continuously innovate and offer superior products and services, requiring ongoing investment and strategic focus. The dental industry is characterized by rapid technological advancements, especially in areas like digital dentistry (e.g., CAD/CAM, digital impressions, clear aligners), and the company's success hinges on its ability to keep pace with these changes. This reliance on continuous innovation demands significant investment and resources, which could strain the company's financials if not managed effectively.

2. Regulatory Challenges and Compliance

The medical device industry, including dental products, is subject to stringent regulations globally from authorities such as the U.S. Food and Drug Administration (FDA) and the European Union's Medical Device Regulation. Changes in these regulatory frameworks can impose additional compliance costs, impact the company's ability to market its products, and lead to disruptions in business operations. Dentsply Sirona has faced concerns and investigations related to regulatory compliance and internal financial reporting in the past, including a voluntary suspension of sales and marketing for its Byte Aligners and Impression Kits due to a review of regulatory requirements.

3. Operational and Financial Execution Challenges

Dentsply Sirona has encountered significant operational and financial challenges. These include substantial non-cash impairment charges for goodwill and intangible assets, particularly in its Orthodontic and Implant Solutions segment, signaling performance issues and weakened demand in critical business areas. The company has also faced weakened demand in the U.S. market and experienced financial pressure from tariffs, impacting its financial results and gross margins and leading to revised earnings outlooks. Furthermore, the company is undergoing a global Enterprise Resource Planning (ERP) system rollout, which carries inherent execution risks, and is implementing restructuring programs to achieve cost savings, the successful execution of which is crucial for improving financial performance.

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The addressable markets for Dentsply Sirona's main products and services are as follows:
  • Dental Equipment: The global dental equipment market size was valued at approximately USD 11.95 billion in 2024. The market is projected to reach around USD 22.1 billion by 2034, growing at a CAGR of 6.34% between 2025 and 2034.
  • Dental CAD/CAM Products: The global dental CAD/CAM market size reached USD 3.3 billion in 2024. It is expected to reach USD 7.0 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 8.2% from 2025 to 2033.
  • Orthodontic Products (Clear Aligners): The global clear aligners market size was estimated at USD 8.29 billion in 2025. It is projected to reach USD 56.81 billion by 2033, growing at a CAGR of 26.95% from 2026 to 2033.
  • Dental Implant Products: The global dental implants market size was estimated at USD 5.56 billion in 2025. This market is projected to reach USD 11.02 billion by 2033, with a CAGR of 9.02% from 2026 to 2033.
  • Endodontic Products: The global endodontics market was valued at USD 2.3 billion in 2025. It is expected to grow to USD 4 billion by 2035, at a CAGR of 5.2% during the forecast period.
  • Restorative Products (Dental Prosthetics, Artificial Teeth, Dental Ceramics, Crown and Bridge Porcelain Products): The global dental restoration materials market size was valued at USD 22.89 billion in 2024. It is expected to reach USD 38.22 billion by 2032, at a CAGR of 6.62% during the forecast period. The global restorative dentistry market, which includes these products, was estimated at USD 22.4 billion in 2024.
  • Dental Supplies and Small Equipment (including dental anesthetics, prophylaxis paste, dental sealants, impression materials, teeth whiteners, topical fluoride, intraoral curing light systems, dental diagnostic systems, and ultrasonic scalers and polishers): The global dental consumables market size was valued at USD 36.76 billion in 2024. It is projected to reach USD 81.55 billion by 2034, growing at a CAGR of 8.3% from 2025 to 2034.
  • Urology Catheters and other healthcare-related consumable products: null

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Dentsply Sirona (XRAY) anticipates driving future revenue growth over the next 2-3 years through a multi-faceted "Return to Growth" action plan. This plan focuses on several key areas:

  1. Increased Investment in Research & Development and Innovation: The company plans to significantly increase its R&D investment, with a double-digit rise in 2026, to accelerate innovation across its core product lines. This includes modernizing its Essential Dental Solutions (EDS) portfolio with advanced technologies like artificial intelligence (AI) and robotics, as well as enhancing platforms like DS Core.
  2. Strengthening Dealer Relationships and Optimizing the Supply Chain: Dentsply Sirona is focused on enhancing its relationships with dealer partners by simplifying deal structures and transitioning to a volume-based approach. A shift to a dropship model is also underway to streamline inventory management and purchasing processes for both the company and its dealers.
  3. Targeted Market Penetration and Enhanced Clinical Education: The company is prioritizing the improvement of its U.S. business, which is a key focus for restoring overall health. Strategic efforts include a new implant strategy that emphasizes re-establishing dealer relationships and expanding clinical and sales representative education programs. Additionally, Dentsply Sirona is forming a dedicated team to better penetrate the Dental Service Organization (DSO) market segment and is increasing investments in Wellspect market penetration.

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Share Repurchases

  • Dentsply Sirona initiated a $150 million accelerated share repurchase program in March 2022.
  • In February 2026, the company announced the elimination of its quarterly dividend to redirect capital towards debt retirement and opportunistic share repurchases.
  • The strategy for capital reallocation prioritizes debt retirement initially, with share repurchases to follow as cash flow permits.

Share Issuance

  • No specific dollar amounts for large-scale share issuances by the company were found within the last 3-5 years.

Inbound Investments

  • No information on large inbound investments (e.g., from strategic partners or private equity firms directly into the company) was found for the specified period.

Outbound Investments

  • Dentsply Sirona expanded and renewed distribution partnerships with Burkhart Dental Supply, Patterson Dental, and Benco Dental to enhance the availability of its full technology portfolio, including CEREC systems, Primescan scanners, and imaging systems, across the U.S.
  • The company plans a double-digit increase in R&D investment in 2026 to accelerate innovation across key product lines as part of its "Return to Growth" action plan.

Capital Expenditures

  • Capital expenditures in Q4 2025 were $41.0 million.
  • For the full year 2025, capital expenditures amounted to -$131.0 million (representing cash outflow).
  • In 2025, 51% of the company's strategic capital deployed was allocated to capital expenditures.

Better Bets vs. Dentsply Sirona (XRAY)

Peer Outperformance in Health Care Supplies

XRAY has trailed 91% of its 11 Health Care Supplies peers over 5Y. Among the peers that beat it is ICUI. Health Care Supplies ranks 6th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Health Care Supplies constituents that XRAY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
9%
of 11 industry peers · -23.4% return
3Y
9%
of 11 industry peers · -68.6% return
5Y
9%
of 11 industry peers · -79.8% return
Health Care Supplies peers with revenue growth within 4pp of XRAY's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
XRAY Dentsply Sirona -2.5% -4.0x -23.4%-68.6%-79.8%
ICUI ICU Medical -1.9% 151.9x 42.6%32.5%-7.1% +73pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Health Care Supplies is XRAY's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 7 9.5%83.4%124.2% CAH 390% · MCK 336% · COR 180%
Health Care Services 20 20.6%45.3%9.4% HIMS 364% · RDNT 152% · DGX 79%
Managed Health Care 8 29.7%-3.2%0.4% OSCR 147% · HQY 66% · ELV 14%
Health Care Facilities 24 7.9%-1.7%-16.4% THC 285% · NHC 262% · ENSG 121%
Health Care Equipment 51 -4.5%-5.0%-17.0% POCI 11300% · UFPT 372% · GKOS 270%
Health Care Supplies ← 12 33.9%-13.2%-26.0% LNTH 288% · HAE 79% · MMSI 29%
Pharmaceuticals 63 4.5%4.6%-36.8% LQDA 2519% · INDV 1253% · ETON 1220%
Health Care Technology 21 -19.9%-55.1%-71.3% SPOK 108% · HSTM -4% · VEEV -23%
Life Sciences Tools & Services 108 -2.5%-28.7%-71.8% SNWV 1782% · MEDP 246% · ELMD 241%
Biotechnology 365 7.8%-24.9%-78.0% BRTX 107550% · CELZ 1771% · DNTH 1536%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

XRAYALGNNVSTZBHHSICMMMMedian
NameDentsply.Align Te.Envista Zimmer B.Henry Sc.3M  
Mkt Price10.92162.5527.20100.9888.50178.9694.74
Mkt Cap2.211.64.419.410.093.010.8
Rev LTM3,6434,1402,8568,50913,60225,1806,324
Op Inc LTM1846522971,3907785,126715
FCF LTM1436342481,4025133,985573
FCF 3Y Avg2155572641,3074472,093502
CFO LTM3197563031,7437004,899728
CFO 3Y Avg3766703091,6436353,194652

Growth & Margins

XRAYALGNNVSTZBHHSICMMMMedian
NameDentsply.Align Te.Envista Zimmer B.Henry Sc.3M  
Rev Chg LTM-0.8%4.4%11.9%8.6%6.5%2.3%5.4%
Rev Chg 3Y Avg-2.5%3.5%3.6%5.8%2.6%3.2%3.3%
Rev Chg Q-4.1%4.3%7.1%4.8%6.7%2.5%4.6%
QoQ Delta Rev Chg LTM-1.0%1.1%1.7%1.2%1.6%0.6%1.1%
Op Inc Chg LTM-27.0%2.3%62.9%-5.8%0.9%7.0%1.6%
Op Inc Chg 3Y Avg-12.4%4.9%3.7%1.4%0.2%852.4%2.6%
Op Mgn LTM5.1%15.8%10.4%16.3%5.7%20.4%13.1%
Op Mgn 3Y Avg6.3%16.4%8.7%18.4%5.5%13.5%11.1%
QoQ Delta Op Mgn LTM-0.7%0.6%1.0%-0.5%0.1%0.6%0.3%
CFO/Rev LTM8.8%18.3%10.6%20.5%5.1%19.5%14.4%
CFO/Rev 3Y Avg10.0%16.6%11.7%20.7%4.9%12.8%12.3%
FCF/Rev LTM3.9%15.3%8.7%16.5%3.8%15.8%12.0%
FCF/Rev 3Y Avg5.7%13.8%10.0%16.4%3.5%8.4%9.2%

Valuation

XRAYALGNNVSTZBHHSICMMMMedian
NameDentsply.Align Te.Envista Zimmer B.Henry Sc.3M  
Mkt Cap2.211.64.419.410.093.010.8
P/S0.62.81.52.30.73.71.9
P/Op Inc11.917.814.814.012.918.114.4
P/EBIT-8.517.816.315.914.119.516.1
P/E-4.028.146.424.124.931.026.5
P/CFO6.815.414.611.114.319.014.4
Total Yield-20.6%3.6%2.2%5.1%4.0%4.9%3.8%
Dividend Yield4.4%0.0%0.0%1.0%0.0%1.7%0.5%
FCF Yield 3Y Avg6.1%4.0%7.9%7.1%5.1%3.3%5.6%
D/E1.10.00.40.40.40.10.4
Net D/E1.0-0.10.10.40.40.10.2

Returns

XRAYALGNNVSTZBHHSICMMMMedian
NameDentsply.Align Te.Envista Zimmer B.Henry Sc.3M  
1M Rtn-14.2%-3.4%3.9%12.6%4.7%5.5%4.3%
3M Rtn7.0%-0.6%16.1%18.4%19.3%17.4%16.7%
6M Rtn-12.9%-14.5%-6.6%2.8%11.2%7.7%-1.9%
12M Rtn-23.4%8.7%25.2%-5.3%27.2%14.9%11.8%
3Y Rtn-68.6%-54.8%-17.0%-9.6%16.0%132.0%-13.3%
1M Excs Rtn-17.7%-7.0%0.3%9.0%1.1%1.9%0.7%
3M Excs Rtn6.9%-3.4%12.0%15.6%17.3%15.6%13.8%
6M Excs Rtn-24.0%-25.5%-17.7%-8.3%0.2%-3.4%-13.0%
12M Excs Rtn-41.3%-6.8%11.3%-23.5%8.9%-2.2%-4.5%
3Y Excs Rtn-142.5%-128.9%-91.2%-88.4%-57.5%58.5%-89.8%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Essential Dental Solutions1,4691,4541,4681,4271,516
Connected Technology Solutions1,0361,0621,1691,2191,348
Orthodontic and Implant Solutions8509731,0401,0061,064
Wellspect Healthcare325304288270303
Total3,6803,7933,9653,9224,231


Operating Income by Segment
$ Mil20252024202320222021
Essential Dental Solutions514479478467511
Orthodontic and Implant Solutions10880156193217
Wellspect Healthcare10298877387
Connected Technology Solutions5270101161267
Depreciation resulting from the fair value step-up of property, plant, and equipment from business-2-3-3-3-6
Restructuring and other costs-24-53-67-14-17
Amortization of intangible assets-211-216-211-209-222
Unallocated corporate costs-311-320-319-318 
Goodwill and intangible asset impairments-650-1,014-307-1,2870
All Other    -229
Total-422-879-85-937608


Assets by Segment
$ Mil20222021202020192018
Technologies & Equipment5,5186,9027,0145,9276,380
Consumables1,9282,1232,1702,4432,158
All Other197214166233148
Total7,6439,2399,3508,6038,687


Price Behavior

Price Behavior
Market Price$10.92 
Market Cap ($ Bil)2.2 
First Trading Date04/25/1991 
Distance from 52W High-25.6% 
   50 Days200 Days
DMA Price$11.99$11.71
DMA Trendindeterminateup
Distance from DMA-8.9%-6.8%
 3M1YR
Volatility49.1%46.4%
Downside Capture59.07162.25
Upside Capture82.7997.46
Correlation (SPY)8.8%35.7%
XRAY Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta-0.360.070.141.091.260.97
Up Beta-2.52-1.12-1.151.111.500.97
Down Beta-1.390.450.161.290.920.85
Up Capture252%116%78%107%117%40%
Bmk +ve Days11223567138427
Stock +ve Days14263666122367
Down Capture-126%-52%29%103%132%106%
Bmk -ve Days11212859114326
Stock -ve Days8172760129376

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with XRAY
XRAY-21.4%46.6%-0.37-
Sector ETF (XLV)28.8%16.0%1.3941.1%
Equity (SPY)21.1%12.9%1.2236.0%
Gold (GLD)37.5%28.8%1.1016.8%
Commodities (DBC)43.2%20.2%1.66-14.3%
Real Estate (VNQ)12.9%13.8%0.6443.9%
Bitcoin (BTCUSD)-31.6%44.1%-0.7318.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with XRAY
XRAY-27.0%38.4%-0.72-
Sector ETF (XLV)7.1%15.1%0.2839.7%
Equity (SPY)12.9%17.2%0.5740.8%
Gold (GLD)20.6%18.6%0.9010.9%
Commodities (DBC)10.4%19.6%0.415.3%
Real Estate (VNQ)2.3%18.9%0.0240.5%
Bitcoin (BTCUSD)10.4%52.8%0.3818.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with XRAY
XRAY-14.7%35.3%-0.35-
Sector ETF (XLV)10.7%16.7%0.5244.1%
Equity (SPY)15.2%17.9%0.7245.5%
Gold (GLD)12.7%16.2%0.645.8%
Commodities (DBC)8.0%18.0%0.3611.4%
Real Estate (VNQ)5.0%20.7%0.2043.2%
Bitcoin (BTCUSD)63.1%66.1%1.0313.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity23.6 Mil
Short Interest: % Change Since 7152026-21.2%
Average Daily Volume5.0 Mil
Days-to-Cover Short Interest4.8 days
Basic Shares Quantity199.7 Mil
Short % of Basic Shares11.8%

Earnings Returns History

Updated 8/7/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/2026-2.0%-3.3%-13.1%
2/26/202615.5%4.9%-9.8%
11/6/2025-12.7%-14.1%-12.0%
7/21/2025-0.3%2.2%-11.6%
5/8/202516.3%20.2%16.5%
2/27/2025-8.8%-14.1%-16.9%
11/7/2024-28.0%-27.6%-20.4%
7/31/20241.3%-9.8%-7.7%
...
SUMMARY STATS   
# Positive8108
# Negative181618
Median Positive7.8%4.3%9.6%
Median Negative-6.5%-6.9%-10.2%
Max Positive16.3%20.2%17.1%
Max Negative-28.0%-27.6%-20.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/2026-2.0%-3.3%-13.1%
2/26/202615.5%4.9%-9.8%
11/6/2025-12.7%-14.1%-12.0%
7/21/2025-0.3%2.2%-11.6%
5/8/202516.3%20.2%16.5%
2/27/2025-8.8%-14.1%-16.9%
11/7/2024-28.0%-27.6%-20.4%
7/31/20241.3%-9.8%-7.7%
5/2/2024-6.0%-7.9%-7.2%
2/29/2024-1.9%0.3%0.2%
1/9/20241.8%0.1%-6.1%
11/2/2023-7.5%-10.2%5.5%
8/2/2023-3.4%-5.4%-8.8%
5/3/2023-3.8%-2.8%-10.5%
2/28/202310.2%13.7%9.3%
1/11/20235.4%10.8%9.9%
11/14/2022-5.3%-2.9%-1.2%
8/4/20222.6%3.5%-11.4%
5/10/2022-7.3%-2.5%1.9%
2/28/2022-7.8%-10.4%-14.9%
11/4/2021-7.2%-5.9%-14.4%
8/5/2021-7.1%-8.4%-3.1%
5/6/2021-0.3%-2.8%-1.9%
3/1/202112.5%13.1%17.1%
11/5/2020-3.1%3.6%11.7%
8/6/2020-7.7%-4.0%-4.9%
SUMMARY STATS   
# Positive8108
# Negative181618
Median Positive7.8%4.3%9.6%
Median Negative-6.5%-6.9%-10.2%
Max Positive16.3%20.2%17.1%
Max Negative-28.0%-27.6%-20.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/05/202610-Q
12/31/202502/26/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/07/202410-Q
06/30/202407/31/202410-Q
03/31/202405/02/202410-Q
12/31/202302/29/202410-K
09/30/202311/02/202310-Q
06/30/202308/07/202310-Q
03/31/202305/03/202310-Q
12/31/202203/01/202310-K
09/30/202211/14/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/05/202610-Q
12/31/202502/26/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/07/202410-Q
06/30/202407/31/202410-Q
03/31/202405/02/202410-Q
12/31/202302/29/202410-K
09/30/202311/02/202310-Q
06/30/202308/07/202310-Q
03/31/202305/03/202310-Q
12/31/202203/01/202310-K
09/30/202211/14/202210-Q
06/30/202211/07/202210-Q
03/31/202211/07/202210-Q
12/31/202103/01/202210-K
09/30/202111/04/202110-Q
06/30/202108/05/202110-Q
03/31/202105/06/202110-Q
12/31/202003/01/202110-K
09/30/202011/05/202010-Q
06/30/202008/06/202010-Q
03/31/202005/11/202010-Q
12/31/201903/02/202010-K
09/30/201911/07/201910-Q

Recent Forward Guidance

Updated 7/27/2026

Latest: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net Sales3.50 Bil3.55 Bil3.60 Bil0 AffirmedGuidance: 3.55 Bil for 2026
2026 Adjusted EPS1.41.451.50 AffirmedGuidance: 1.45 for 2026

Prior: Q4 2025 Earnings Reported 2/26/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue3.50 Bil3.55 Bil3.60 Bil-2.7% Lower NewGuidance: 3.65 Bil for 2025
2026 Adjusted EPS1.41.451.5-9.4% Lower NewGuidance: 1.6 for 2025
2026 Restructuring Charges55.00 Mil60.00 Mil65.00 Mil   
2026 Annualized Cost Savings 120.00 Mil    

Insider Activity

Updated 8/11/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Hosein, Clyde DirectBuy61620269.986,50064,902704,696Form
2Gladden, Brian T DirectBuy615202610.029,985100,000619,413Form
3McKeon, Brian P a TrustBuy615202610.1210,000101,200101,200Form
4Holden, Betsy D DirectBuy61520269.8810,08699,692865,144Form
5Barber, Michael J DirectBuy61520269.8815,175150,005552,997Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Hosein, Clyde DirectBuy61620269.986,50064,902704,696Form
2Gladden, Brian T DirectBuy615202610.029,985100,000619,413Form
3McKeon, Brian P a TrustBuy615202610.1210,000101,200101,200Form
4Holden, Betsy D DirectBuy61520269.8810,08699,692865,144Form
5Barber, Michael J DirectBuy61520269.8815,175150,005552,997Form
6Lucier, Gregory T a TrustBuy309202612.4515,000186,675808,925Form
7Forbes, James D DirectBuy309202612.485,00062,400124,800Form
8Lucier, Gregory T a TrustBuy303202614.0322,445314,858701,400Form
9Forbes, James D DirectBuy303202613.475,00067,34567,345Form
10Lucier, Gregory T a TrustBuy303202614.2427,555392,521392,521Form
11Lucier, Gregory T DirectSell1210202511.1482,200  Form
12Varon, Leslie F DirectBuy1125202510.719,33799,999614,143Form

Investor Activity (13F)

Updated Aug 23, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Southpoint Capital Advisors LP$116.0 Mil2.4%41New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Southpoint Capital Advisors LP$116.0 Mil2.4%41New13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Southpoint Capital Advisors LP$116.0 Mil2.4%41New13F
Core Cache Last Updated: 8/22/2026