DENTSPLY SIRONA (XRAY) AI Stock Analysis

• Market Cap: $2.93B
• Dividend Yield: 5.61%
• Average Volume (3M): 4.47M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.61
• Revenue Growth: -7.08%
• EPS Growth: -113.81%
• Country: US
• Employees: 14,000
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 0.27
• Shares Outstanding: 199,551,970
• 10 Day Avg. Volume: 5,160,908
• 30 Day Avg. Volume: 4,472,507
• PEG Ratio: 0.12
• Price to Book (P/B): 1.70
• Price to Sales (P/S): 0.62
• P/FCF Ratio: 21.91
• Enterprise Value/Market Cap: 1.71
• Enterprise Value/Revenue: 1.37
• Enterprise Value/Gross Profit: 2.73
• Enterprise Value/Ebitda: -111.65
• 1Y Price Target: $14.20
• Price Target Upside: -3.27% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 13
• EPS Forecast (FY): 1.47
• Revenue Forecast (FY): $3.68B

• Rating: 52 Neutral
• Price Target: $15.00 ▲(2.18% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 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

Diversified product portfolio

Dentsply Sirona’s broad product set across equipment, digital imaging, CAD/CAM and consumables creates recurring revenue and cross-sell opportunities. This diversified portfolio reduces reliance on any single segment and supports durable clinical and dealer relationships that underpin sustainable revenue streams.

Consistent cash generation

Steady positive operating cash flow and a return to positive free cash flow in 2025 provide internal funding to support the turnaround plan, de-leveraging and selective reinvestment. Reliable cash generation strengthens financial flexibility versus peers with weaker cash profiles.

Governance & distribution support for execution

Recent board refresh, formation of a Growth/Value committee and renewal of strategic distribution ties bolster execution capacity. Enhanced board expertise plus Patterson distribution continuity improve oversight, commercial reach and the odds of successfully executing the multi-year turnaround.

Negative Factors

Elevated leverage

Materially higher leverage reduces balance-sheet flexibility and increases interest and covenant sensitivity. With net debt/EBITDA ~3.0x and constrained equity, the company faces less room for strategic missteps and must prioritize debt reduction, which can limit investment capacity during the recovery.

Weak revenue trend & sustained losses

Prolonged top-line stagnation paired with recurring losses erodes profitability and equity, hampering reinvestment and long-term returns. Persistent volume weakness in key categories suggests structural demand challenges that could delay meaningful margin recovery and return-to-growth targets.

Restructuring & external headwinds

Significant impairments, tariff-driven margin pressure and near-term restructuring charges increase earnings volatility and raise the bar for management execution. The planned cost saves require precise implementation; failure or slower realization would prolong leverage and cash constraints.

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 segment provides dental equipment, such as treatment centers, imaging equipment, motorized dental handpieces, and other instruments for dental practitioners and specialists; dental CAD/CAM technologies for dental offices to support various digital dental procedures, including dental restorations; dentist-directed clear aligner solutions, SureSmile, and direct-to-consumer clear aligner solutions, as well as high frequency vibration technology device; implants; and urology catheters and other healthcare-related consumable products. The Consumables segment offers endodontic products comprising drills, filers, sealers, irrigation needles, and other tools or single-use solutions, which support root canal procedures; restorative products that include artificial teeth, dental ceramics, digital dentures, precious metal dental alloys, and crown and bridge porcelain products. It also provides small equipment products, which comprise intraoral curing light systems, dental diagnostic systems, and ultrasonic scalers and polishers, as well as dental anesthetics, prophylaxis paste, dental sealants, impression materials, teeth whiteners, and topical fluoride. The company was founded in 1877 and is headquartered in Charlotte, North Carolina.

How the Company Makes Money

DENTSPLY SIRONA generates revenue through multiple streams, primarily by selling dental equipment and consumables to dental professionals and clinics. Their revenue model includes direct sales of products, as well as service and support contracts for their equipment. Key revenue streams include sales of imaging systems, CAD/CAM technology, and restorative materials. The company also benefits from partnerships with dental practices and educational institutions, which help to promote their products and expand their market reach. Additionally, DENTSPLY SIRONA invests in research and development to innovate and introduce new products, thereby driving future revenue growth.

DENTSPLY SIRONA Financial Statement Overview

Summary

Muted revenue trend since 2021 and sustained net losses weigh heavily, while leverage has increased materially (debt-to-equity rising to ~1.81 in 2025). Offsetting factors include consistently positive operating cash flow and positive free cash flow in 2025, but cash generation is still modest relative to the earnings deficit.

Income Statement

Revenue has been essentially flat to slightly down since 2021 (from $4.23B in 2021 to $3.68B in 2025), showing limited top-line momentum. Profitability has deteriorated materially: net results were profitable in 2021 ($411M) but have been consistently negative in most subsequent years, including a large loss in 2025 (-$598M) despite a still-solid ~50% gross margin. While 2025 improved versus the very weak 2024 operating performance, earnings remain deeply negative, which keeps overall income-statement quality pressured.

Balance Sheet

Leverage has risen meaningfully as equity has declined: debt-to-equity increased from ~0.70 (2023) to ~1.81 (2025), indicating a more debt-heavy capital structure. Total debt is elevated at ~$2.42B against ~$1.34B of equity in 2025, reducing balance-sheet flexibility. Returns on equity are strongly negative in recent years (2025 ROE about -45%), reflecting losses and a weaker equity base; the main positive is that total assets remain substantial (~$5.43B in 2025), but the trajectory in equity and leverage is a clear risk.

Cash Flow

Cash generation is a relative bright spot: operating cash flow remained positive in every year shown and was $235M in 2025, with free cash flow also positive at $104M. However, cash flow has been volatile and generally lower versus earlier years (free cash flow of $515M in 2021), and the ability of operating cash flow to cover earnings remains weak in 2025 given the sizable net loss. The strong rebound in 2025 free cash flow growth (up 30%) is encouraging, but the overall level is still modest for the company’s revenue scale.

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	2.42B	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

• Technical Analysis Sentiment: Positive
• Last Price: 14.68
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 14.68 is above the 20-day moving average (MA) of 12.80, above the 50-day MA of 12.27, and above the 200-day MA of 13.25, indicating a neutral trend. The MACD of 0.11 indicates Positive momentum. The RSI at 50.71 is Neutral, neither overbought nor oversold. The STOCH value of 46.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for XRAY.

DENTSPLY SIRONA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RMD	78 Outperform	$37.33B	25.33	25.68%	0.92%	9.36%	29.56%
ISRG	76 Outperform	$178.81B	63.93	16.67%	―	22.18%	21.37%
BDX	68 Neutral	$50.25B	28.83	6.96%	2.13%	8.23%	-2.04%
HOLX	66 Neutral	$16.82B	31.27	10.86%	―	1.74%	-25.29%
XRAY	52 Neutral	$2.93B	-4.90	-44.44%	5.61%	-7.08%	-113.81%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BAX	47 Neutral	$10.48B	-12.13	-13.75%	2.75%	-21.20%	-325.40%

DENTSPLY SIRONA Corporate Events

Dentsply Sirona Expands Board with Two New Directors

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 new directors. Forbes will join the Compensation & Human Capital Committee, while McKeon will serve on the Audit and Finance Committee and the Science and Technology Committee, and both will receive the same compensation as other non-employee directors.

The company framed the appointments as a key step in reinforcing board-level financial, strategic, and governance expertise to support execution of its Return-to-Growth action plan and long-term value creation efforts. As part of an ongoing board refresh, 15-year director Willie A. Deese informed the company on February 23, 2026, that he will retire and not stand for re-election at this year’s annual shareholders’ meeting, a move the board said was not due to any disagreement with the company.

The most recent analyst rating on (XRAY) stock is a Buy with a $17.00 price target. To see the full list of analyst forecasts on DENTSPLY SIRONA stock, see the XRAY Stock Forecast page.

Dentsply Sirona Renews Patterson Dental Technology Distribution Deal

On January 14, 2026, Dentsply Sirona and Patterson Dental announced the renewal of their U.S. dental technology distribution agreement, a non-exclusive arrangement that continues Patterson’s role in distributing Dentsply Sirona’s dental equipment across the United States. The renewed partnership is positioned as a strategic move to accelerate growth, expand access to integrated digital dentistry solutions, and support wider adoption of connected technologies linking devices, software, and services. Patterson Dental’s customers will maintain access to Dentsply Sirona’s full technology portfolio, including the CEREC system, Primescan intraoral scanners, and Axeos and Orthophos imaging systems, with both companies emphasizing that the agreement is designed to help dental practices operate more efficiently, enhance patient outcomes, and reinforce their competitive positioning in an increasingly digital and rapidly evolving dental market.

The most recent analyst rating on (XRAY) stock is a Hold with a $13.00 price target. To see the full list of analyst forecasts on DENTSPLY SIRONA stock, see the XRAY Stock Forecast page.

Dentsply Sirona adds director and forms growth committee

On January 10, 2026, Dentsply Sirona expanded its Board of Directors from 10 to 11 members and appointed Donald (Don) Zurbay as a director and member of the Audit and Finance Committee, citing his extensive leadership experience in the dental and healthcare sectors, including his recent role as President and CEO of Patterson Companies and prior CFO role at St. Jude Medical. In tandem with this appointment, the Board formed a four-member, ad hoc Growth and Value Creation Committee, co-chaired by Chairman Gregory T. Lucier and President & CEO Daniel T. Scavilla, to oversee execution of the company’s Return-to-Growth action plan announced in November 2025, signaling a reinforced governance structure aimed at accelerating growth, sharpening capital allocation, and enhancing accountability to support long-term value creation for stakeholders.

The most recent analyst rating on (XRAY) stock is a Hold with a $12.00 price target. To see the full list of analyst forecasts on DENTSPLY SIRONA stock, see the XRAY Stock Forecast page.

Dentsply Sirona Amends Credit Facilities to Enhance Flexibility

On December 24, 2025, Dentsply Sirona amended its revolving credit facility and several private note purchase agreements to reset key financial covenants and update leverage thresholds. The changes introduce stepped maximum total and senior leverage ratios through September 2027, tighten restrictions on restricted payments, cap EBITDA add-backs related to the company’s efficiency initiatives through year-end 2026, and exclude swap obligations from debt calculations, while adding interest rate adjustments tied to leverage levels. These moves are designed to help the company remain in material compliance with its debt covenants as it executes its cost-efficiency programs and manages its capital structure, potentially providing greater financial flexibility but also imposing stricter discipline on leverage and shareholder distributions.

The most recent analyst rating on (XRAY) stock is a Hold with a $12.00 price target. To see the full list of analyst forecasts on DENTSPLY SIRONA stock, see the XRAY Stock Forecast page.