DENTSPLY SIRONA Inc (XRAY)
NASDAQ:XRAY
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DENTSPLY SIRONA
(NASDAQ:XRAY)
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Rating:52Neutral
Price Target:
$12.00
▼(-4.08% Downside)
Action:ReiteratedDate:02/28/26
The score is primarily constrained by weak financial performance—persistent losses, flat-to-down revenue, and higher leverage—despite positive operating/free cash flow. Technicals are a modest positive with price above key moving averages, while valuation is mixed due to a negative P/E even as dividend yield is high. The latest earnings call adds guarded support via a defined turnaround plan and cost savings targets, but near-term sales headwinds and execution risk remain key overhangs.
Positive Factors
Recurring + Capital Revenue Mix
Dentsply Sirona's blended model of capital equipment, digital workflows and repeat consumables creates durable revenue streams. Capital sales drive adoption of installed bases that generate recurring consumable, service and software revenues, supporting long-term customer lock-in and predictable aftermarket cash flow.
Negative Factors
Rising Leverage and Weaker Equity
Material increase in leverage and a diminished equity base constrain financial flexibility, raising refinancing and interest coverage risks if cash generation falters. Elevated net-debt metrics limit ability to pursue large strategic M&A and increase sensitivity to cyclical revenue downside over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring + Capital Revenue Mix
Dentsply Sirona's blended model of capital equipment, digital workflows and repeat consumables creates durable revenue streams. Capital sales drive adoption of installed bases that generate recurring consumable, service and software revenues, supporting long-term customer lock-in and predictable aftermarket cash flow.
Read all positive factors
DENTSPLY SIRONA (XRAY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.37B
Dividend Yield5.61%
Average Volume (3M)3.65M
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue Growth-2.98%
EPS Growth34.18%
CountryUS
Employees14,000
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.27
Shares Outstanding200,320,500
10 Day Avg. Volume2,898,095
30 Day Avg. Volume3,645,346
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)1.70
Price to Sales (P/S)0.62
P/FCF Ratio21.91
Enterprise Value/Market Cap1.88
Enterprise Value/Revenue1.21
Enterprise Value/Gross Profit2.41
Enterprise Value/Ebitda-98.70
Forecast
1Y Price Target
$14.27Price Target Upside14.09% Upside
Rating ConsensusHold
Number of Analyst Covering13
EPS Forecast (FY)1.43
Revenue Forecast (FY)$3.58B
DENTSPLY SIRONA Business Overview & Revenue Model
Company Description
DENTSPLY SIRONA Inc. manufactures and sells various dental products and technologies for professional dental market worldwide. The company operates through two segments, Technologies & Equipment, and Consumables. The Technologies & Equipment segme...
How the Company Makes Money
DENTSPLY SIRONA makes money primarily by selling dental equipment, digital technology solutions, and recurring-use consumable products to dental practices and laboratories. Its revenue model blends (1) capital equipment sales—higher-priced, less f...
DENTSPLY SIRONA Key Performance Indicators (KPIs)
Any
Adjusted Operating Income by Segment
Reveals profitability across different business segments, highlighting which areas drive earnings and where operational efficiencies or challenges exist.
Reveals profitability across different business segments, highlighting which areas drive earnings and where operational efficiencies or challenges exist.
Data provided by:
The Fly
The FlyDENTSPLY SIRONA Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Neutral
The call conveyed a mixed but constructive tone: management reported a solid Q4 finish and full-year margin improvement while acknowledging material topline pressures (FY revenue decline, implant and CAD/CAM weakness), a sizable goodwill impairment and tariff headwinds. Leadership laid out a detailed 24-month Return to Growth plan with increased R&D and commercial investments, a $120M run-rate cost savings target, strategic hires, dealership agreements and a capital allocation shift (dividend elimination) to prioritize debt reduction and buybacks. Near-term execution risks (restructuring charges, inventory model transition, Byte comparability) and persistent volume weakness temper optimism but the strategy and financial actions provide a clear roadmap to restore growth and improve cash generation over time.Positive Updates
Q4 Revenue and Sequential Momentum
Q4 2025 revenue of $961M, reported sales increase of 6.2% and constant-currency growth of 2.5% (note: benefited from ~570 bps of onetime Byte refund/distributor pre-buys tailwind and +370 bps FX headwind/benefit mix). Management expects positive sequential sales momentum in H2 2026.
Negative Updates
Full-Year and Segment Revenue Pressure
Full year 2025 sales $3.68B, reported decline of 3% and constant-currency decline of 4.3%. Key headwinds included lower volumes for CAD/CAM and implants across regions; CTS constant-currency sales down 1.9% in Q4; IPS (implants) declined high single digits.
Read all updates
Q4-2025 Updates
Positive
Negative
Q4 Revenue and Sequential Momentum
Q4 2025 revenue of $961M, reported sales increase of 6.2% and constant-currency growth of 2.5% (note: benefited from ~570 bps of onetime Byte refund/distributor pre-buys tailwind and +370 bps FX headwind/benefit mix). Management expects positive sequential sales momentum in H2 2026.
Read all positive updates
Company Guidance
Management guided 2026 net sales of $3.5–$3.6 billion (operational growth of –3% to –1%), explicitly excluding a 2.1% Byte headwind and a one‑time dealer capital equipment sell‑through (management estimated roughly $30 million), and expects positive sequential sales momentum in H2 with a goal of a U.S. turnaround by Q4; adjusted EPS is guided to $1.40–$1.50, reflecting accelerated investments (double‑digit R&D increase, with R&D moving from ~4% toward ~5% of sales and 6% “in sights”), higher commercial and clinical spend and Wellspect investment. To fund the plan the company eliminated its $128 million annual dividend and will prioritize debt reduction and disciplined share repurchases while targeting investment‑grade metrics; it also announced a restructuring to unlock approximately $120 million of annual run‑rate savings (with $55–65 million of one‑time charges, mostly cash in 2026–27). Management framed these targets against 2025 results (FY sales $3.68B, adjusted EPS $1.60, adjusted EBITDA >18%, FY operating cash flow $235M, FCF $104M, cash $326M, net debt/EBITDA 3.0) and noted tariff and Byte-related items (tariffs ≈$23M FY 2025; Byte contributed ≈$0.13 to 2025 EPS) that will affect comparability in 2026.DENTSPLY SIRONA Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
41
Neutral
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.68B | 3.79B | 3.96B | 3.92B | 4.23B |
| Gross Profit | 1.84B | 1.96B | 2.09B | 2.13B | 2.35B |
| EBITDA | -46.00M | -518.00M | 249.00M | -662.00M | 952.00M |
| Net Income | -598.00M | -910.00M | -132.00M | -950.00M | 411.00M |
Balance Sheet | |||||
| Total Assets | 5.43B | 5.75B | 7.37B | 7.64B | 9.24B |
| Cash, Cash Equivalents and Short-Term Investments | 326.00M | 272.00M | 334.00M | 365.00M | 339.00M |
| Total Debt | 2.47B | 2.27B | 2.30B | 2.15B | 2.29B |
| Total Liabilities | 4.09B | 3.81B | 4.08B | 3.83B | 4.24B |
| Stockholders Equity | 1.34B | 1.94B | 3.29B | 3.81B | 5.00B |
Cash Flow | |||||
| Free Cash Flow | 104.00M | 281.00M | 228.00M | 368.00M | 515.00M |
| Operating Cash Flow | 235.00M | 461.00M | 377.00M | 517.00M | 657.00M |
| Investing Cash Flow | -132.00M | -197.00M | -89.00M | -138.00M | -358.00M |
| Financing Cash Flow | -80.00M | -302.00M | -307.00M | -329.00M | -379.00M |
DENTSPLY SIRONA Technical Analysis
Positive
12.51
Price Trends
12.38
Positive
12.04
Positive
12.66
Negative
Market Momentum
<0.01
Negative
58.08
Neutral
73.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XRAY, the sentiment is Positive. The current price of 12.51 is above the 20-day moving average (MA) of 11.72, above the 50-day MA of 12.38, and below the 200-day MA of 12.66, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 58.08 is Neutral, neither overbought nor oversold. The STOCH value of 73.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for XRAY.
DENTSPLY SIRONA Risk Analysis
DENTSPLY SIRONA disclosed 26 risk factors in its most recent earnings report. DENTSPLY SIRONA reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
DENTSPLY SIRONA Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $162.13B | 49.79 | 17.01% | ― | 21.43% | 20.38% | |
73 Outperform | $29.87B | ― | 24.81% | 0.92% | 10.28% | 16.40% | |
68 Neutral | $42.51B | 28.46 | 6.93% | 2.13% | 6.22% | 1.52% | |
52 Neutral | $2.37B | -3.81 | -35.24% | 5.61% | -2.98% | 34.18% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $8.88B | -144.20 | -13.78% | 2.75% | -4.79% | -78.01% |
* Healthcare Sector Average
XRAY
DENTSPLY SIRONA
11.81
-1.52
-11.41%
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DENTSPLY SIRONA Corporate Events
Business Operations and StrategyExecutive/Board Changes
Dentsply Sirona Expands Board with Two New Directors
Positive
Feb 24, 2026
On February 23, 2026, Dentsply Sirona’s board voted to expand its size from 11 to 13 members and, effective February 27, 2026, appointed veteran healthcare investment banker James D. Forbes and longtime public company CFO Brian P. McKeon as ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.