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Maker of dental equipment, consumables and technology, including imaging systems, implants and restorative materials.
Maker of dental equipment, consumables and technology, including imaging systems, implants and restorative materials.
Consumables used in every dental procedure bring repeat sales, while equipment such as scanners and milling machines is a bigger-ticket, less frequent purchase. Most sales go through large dental dealers like Henry Schein and Patterson, so those distributors matter. It was formed in 2016 when Dentsply merged with Sirona.
Moat: narrow (brand, installed base, distribution). Broad, long-established dental brand portfolio with wide distribution, though facing share pressure.
Headquarters: Charlotte, North Carolina · Founded: 1899 · Employees: 14,000
Size DENTSPLY SIRONA (XRAY) is a United States Health Care company (Medical Specialties) with a market value of $1.89B, the 1836th largest of 3,117 United States companies the cockpit tracks. Shares closed at $9.46 on 6 Nov 2026.
Performance Over six months the shares fell 14.0%, against -4.2% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue fell 0.8% over the last twelve months (peer median +11.6%); the operating margin is 5.1% (peer median 11.5%).
Valuation It trades at 7.3× forward earnings against a peer median of 38.8× (cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.9 points below its cost of capital (7.1% WACC).
Credit DENTSPLY SIRONA has 2 bonds outstanding ($1.30B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 126 bp.
Short interest Short interest is 15.0% of the free float (15 Oct 2026).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.64B | $3.68B | $3.79B | $3.96B | $3.92B |
| Revenue growth | — | -3% | -4% | +1% | — |
| Gross profit | $1.80B | $1.84B | $1.97B | $2.09B | $2.13B |
| EBITDA | $534M | $605M | $579M | $638M | $695M |
| Net income | -$546M | -$598M | -$910M | -$132M | -$950M |
| Free cash flow | $143M | $104M | $281M | $228M | $368M |
| Capital expenditure | $176M | $131M | $180M | $149M | $149M |
| Total debt | $2.31B | $2.47B | $2.27B | $2.30B | $2.15B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| DENTSPLY SIRONA XRAY | $1.89B | -14% | -1% | 5% | 7.3× | 10.2% |
| Align Technology ALGN | $11.8B | -2% | +4% | 19% | 13.9× | 11.4% |
| Envista NVST | $4.04B | +4% | +12% | 11% | 15.6× | 6.8% |
| Straumann STMN.SW | $20.4B | +25% | +2% | 21% | 31.9× | 15.2% |
| Henry Schein HSIC | $9.51B | +22% | +6% | 6% | 14.8× | 9.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | XRAY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.9% | -0.5% | 6th highest of 21 |
| 6-month return | -14.0% | -4.2% | 5th lowest of 21 |
| Distance from 52-week high | -35.9% | -28.8% | 8th lowest of 21 |
| Revenue growth (TTM) | -0.8% | +11.6% | 2nd lowest of 21 |
| Operating margin | 5.1% | 11.5% | 6th lowest of 21 |
| Forward P/E | 7.3× | 38.8× | cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 10.2% | 13.2% | 7th least demanding of 15 |
| Growth delivered (Del g) | +1.9% | +12.2% | 3rd lowest of 15 |
| Hurdle (Req g minus delivered) | +8.3 pp | -7.8 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | -2.9 pp | +1.1 pp | 9th lowest of 21 |
| EV / EBITDA | 7.4× | 18.8× | 3rd cheapest of 12 |
| Net debt / EBITDA | 3.9× | -1.1× | 2nd most indebted of 13 |
| Bond spread | 126 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| DENTSPLY SIRONA XRAY | United States | $1.89B | -14% | -1% | 5% | 7.3× | 10.2% | +1.9% |
| Draegerwerk AG & Co. KGaA DRW8.DE | Germany | $1.89B | +17% | +5% | 7% | 9.4× | -12.6% | +0.4% |
| Inspire Medical Systems INSP | United States | $1.85B | +45% | 0% | 2% | 45.4× | 30.9% | +51.2% |
| SKAN SKAN.SW | Switzerland | $1.92B | +49% | +9% | 11% | 49.8× | 13.8% | +11.7% |
| LeMaitre Vascular LMAT | United States | $1.85B | -25% | +12% | 29% | 26.2× | 2.9% | +14.0% |
| Inner Mongolia Furui Medical Science 300049.SZ | China | $1.85B | -5% | +11% | 25% | 53.2× | 6.6% | +14.6% |
| Medartis MED.SW | Switzerland | $1.83B | +47% | +30% | 2% | 74.2× | n/a | n/a |
| Veracyte VCYT | United States | $1.94B | -40% | +17% | 17% | 14.9× | 15.1% | +34.5% |
| Mehow Innovative 301363.SZ | China | $1.95B | -14% | +10% | 21% | 38.8× | 18.9% | +12.9% |
| Shandong Weigao Group Medical Polymer 1066.HK | Hong Kong | $1.96B | -4% | +7% | 14% | 8.8× | -11.8% | +2.1% |
| JEOL 6951.T | Japan | $1.98B | -3% | -18% | 11% | 14.2× | 21.3% | +10.2% |
| Wuxi Unicomp Technology 688531.SS | China | $1.80B | -36% | +53% | 12% | 40.7× | n/a | n/a |
| Establishment Labs ESTA | United States | $2.00B | -7% | +38% | -7% | n/a | n/a | n/a |
| Fukuda Denshi 6960.T | Japan | $1.75B | -5% | 0% | 19% | 14.6× | -3.2% | -1.0% |
| Embla Medical hf EMBLA.CO | Denmark | $1.75B | +3% | +6% | 14% | 17.9× | -1.8% | +8.3% |
| Angelalign Technology 6699.HK | Hong Kong | $1.74B | -7% | +84% | 9% | 52.1× | 18.1% | +25.8% |
| Poly Medicure POLYMED.NS | India | $1.73B | -4% | +18% | 17% | 40.6× | n/a | n/a |
| Kestra Medical Technologies KMTS | United States | $1.72B | +37% | +61% | -134% | n/a | n/a | n/a |
| Cofoe Medical Technology 301087.SZ | China | $1.71B | -5% | +33% | 10% | 26.9× | 12.5% | +7.4% |
| Butterfly Network BFLY | United States | $1.70B | +53% | +39% | -36% | n/a | n/a | n/a |
| ChemoMetec A/S CHEMM.CO | Denmark | $1.69B | +124% | +3% | 49% | 52.0× | 17.9% | +12.7% |
DENTSPLY SIRONA has 2 bonds outstanding with $1.30B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 5.82%, a spread of 126 bp over government bonds.