At a glance
Dentsply Sirona Inc is worth $1.88B. Revenue fell 3.0% to $3.68B in fiscal 2025, at a loss; over 5 years it has grown 2.0% a year. It pays a 1.69% dividend yield, and returned $1.47B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −26.8% over the past year with dividends reinvested and −28.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 45.6% in the 2020 crash (S&P 500: 33.7%) and 51.7% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Dentsply Sirona describes itself as the world's largest diversified maker of professional dental products and technologies. It sells to dentists, specialists and dental labs. Its products range from dental chairs and 2D and 3D imaging systems to root canal files, crown materials, implants and SureSmile clear aligners. A smaller unit, Wellspect Healthcare, makes catheters and irrigation systems for people with bladder and bowel problems. The company is based in Charlotte, North Carolina. It sells in about 140 countries and has a long-established presence in Europe.
In the year ended December 31, 2025, net sales were $3.68 billion. Essential Dental Solutions brought in 39.9%. This segment covers the consumables and small equipment dentists use to treat patients. Connected Technology Solutions made up 28.2%. It includes imaging, treatment centers and CAD/CAM (computer-aided design and manufacturing) tools such as intraoral scanners and CEREC, which lets dentists finish restorations in a single visit. Orthodontic and Implant Solutions contributed 23.1%, and Wellspect 8.8%.
About two-thirds of its dental products reach customers through third-party distributors. Henry Schein alone accounted for 13% of 2025 net sales. In some markets, implants, aligners and root canal products are sold directly to dentists and labs. Its scanners, mills and other digital tools link to DS Core, a cloud platform that connects devices for tasks such as treatment planning.
Price history
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XRAY -26.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Essential Dental Solutions | $1.47B | 39.9% |
| Connected Technology Solutions | $1.04B | 28.2% |
| Orthodontic and Implant Solutions | $850.0M | 23.1% |
| Wellspect Healthcare | $325.0M | 8.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $898.0M, down 4.1% from a year earlier, and net income was $37.0M.
- For fiscal 2025, revenue was $3.68B (-3.0% year over year; +2.0% a year from FY2020 to FY2025) with a -16.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.0% watch |
|---|---|
| Operating margin | -11.5% weak |
| Free cash flow margin | 2.8% watch |
| Return on equity (FY2025) | -44.7% weak |
| Return on assets (FY2025) | -11% weak |
| Net cash (cash minus debt) | $-1.99B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.34B | $-73.0M | $562.0M |
| FY2021 | $4.23B | $411.0M | $515.0M |
| FY2022 | $3.92B | $-950.0M | $368.0M |
| FY2023 | $3.96B | $-132.0M | $228.0M |
| FY2024 | $3.79B | $-910.0M | $281.0M |
| FY2025 | $3.68B | $-598.0M | $104.0M |
Valuation snapshot
| Market value | $1.88B |
|---|---|
| P/E ratio | — |
| Dividend yield | 1.69% |
Rank among 1514 US companies
Market value at each year end
Dentsply Sirona’s market value went from $13.33B at the end of 2016 to $1.88B on Oct 28, 2026, down 86%; since the end of 2025 it is down 17%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.88B | -17.5% |
| 2025 | $2.28B | -39.5% |
| 2024 | $3.77B | -50.0% |
| 2023 | $7.54B | +10.2% |
| 2022 | $6.84B | -43.9% |
| 2021 | $12.20B | +6.6% |
| 2020 | $11.44B | -9.1% |
| 2019 | $12.59B | +52.0% |
| 2018 | $8.28B | -45.2% |
| 2017 | $15.12B | +13.4% |
| 2016 | $13.33B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| XRAY price data to Oct 28, 2026 | -17.4% | -26.8% | -30.7% | -28.8% | -15.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -17.4% |
| 2025 | -36.9% |
| 2024 | -45.3% |
| 2023 | +13.5% |
| 2022 | -42.1% |
| 2021 | +7.3% |
| 2020 | -6.6% |
| 2019 | +53.1% |
| 2018 | -43.0% |
| 2017 | +14.7% |
| 2016 | -4.6% |
| 2015 | +14.8% |
| 2014 | +10.5% |
| 2013 | +23.1% |
| 2012 | +13.9% |
| 2011 | +3.0% |
| 2010 | -2.3% |
| 2009 | +25.4% |
| 2008 | -36.9% |
| 2007 | +51.5% |
| 2006 | +11.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 48.7% over that stretch · deepest drop along the way 52.8%, back to its old high 54.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.6% over that stretch · deepest drop along the way 45.6%, back to its old high 9.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 50.2% over that stretch · deepest drop along the way 51.7%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 5 open-market purchases ($516K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 11, 2026 | Michael J Barber Director | buy | $150K |
| Jun 12, 2026 | Brian P Mckeon Director | buy | $101K |
| Jun 15, 2026 | Brian T Gladden Director | buy | $100K |
| Jun 11, 2026 | Betsy D Holden Director | buy | $100K |
| Jun 15, 2026 | Clyde Hosein Director | buy | $65K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.6% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.36% | Mar 31, 2026 |
| Vanguard Capital Management | 5.27% | Mar 31, 2026 |
| AQR Capital Management, LLC | 5.22% | Jun 30, 2026 |
| Nuance Investments LLC | 4.52% | Mar 31, 2025 |
| Lazard Asset Management LLC | 4.4% | Dec 31, 2025 |
| Southpoint Master Fund, LP | 3.5% | Jun 30, 2026 |
| First Eagle Investment Management, LLC | 0.4% | Jun 30, 2026 |
| T. Rowe Price Associates, Inc. | 0.1% | Sep 30, 2025 |
ETFs with the most weight in XRAY
| PRNT 3D Printing ETF | 3.33% |
| BSMC Brandes U.S. Small-Mid Cap Value ETF | 2.01% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.69% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.52% |
| NIXT Research Affiliates Deletions ETF | 0.36% |
| BTAL AGF U.S. Market Neutral Anti-Beta Fund | 0.3% |
| SMLF iShares U.S. Small‑Cap Equity Factor ETF | 0.27% |
| GVLU Gotham 1000 Value ETF | 0.27% |
What could go wrong
- Heavy reliance on a few distributors. About two-thirds of its dental products are sold through third-party distributors, and Henry Schein alone made up 13% of 2025 net sales. Distributors' own priorities can clash with the company's plans.
- Fallout from the 2022 internal investigation. A 2022 internal investigation examined certain financial reporting matters. It is complete, but the company warns it may still face lawsuits, regulatory examinations or court orders tied to it.
- More write-downs of past acquisitions. The company has already booked large write-downs of goodwill (the premium paid for past acquisitions) and other intangible assets, and warns more may follow. Such charges reduce reported earnings.
- Debt load and credit ratings. Total debt was $2.22 billion against $239 million of cash as of June 30, 2026. The company warns its debt could strain its finances and ratings changes could raise borrowing costs.
- Restructuring may not deliver. The company has carried out and announced restructuring and other business overhauls, and warns the expected benefits may not arrive. That matters for a business whose sales fell 3% in 2025 and that posted a net loss.
- Cyberattacks on cloud-connected products. Its DS Core cloud platform and cloud-based Primescan 2 scanner create new openings for hackers. The company has had past cyber incidents and warns that a serious breach could disrupt operations and bring fines.
Recent events
- Major agreement signed; New debt or financial obligation
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Other company announcement
For income and retirement investors
Dentsply Sirona pays a modest dividend, but the increases have stopped. Dividends per share rose each year from $0.40 in 2020 to $0.64 in 2024, then held at $0.64 in 2025. The company had a net loss in 2025. It paid $128 million in dividends, or 123% of its $104 million in free cash flow (the cash left after running and investing in the business). The yield was 1.69% as of October 28, 2026. Buybacks totaled $900 million from 2021 to 2025, but the company made none in 2025.
The share price has fallen sharply in downturns. It dropped 52.8% in the 2008 financial crisis and did not recover until September 2013. It fell 45.6% in the 2020 COVID crash and recovered by January 2021. It lost 51.7% in the 2022 bear market and had not recovered as of October 28, 2026, when it was down 82% over five years. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Dentsply Sirona make money?
Dentsply Sirona makes money selling dental supplies and equipment to dentists, specialists and dental labs in about 140 countries, mostly through distributors. It also sells continence care products under its Wellspect brand. Net sales were $3.68 billion in the year ended December 31, 2025. Consumables such as root canal and restorative products brought in 39.9%, imaging and CAD/CAM equipment 28.2%, implants and aligners 23.1%, and Wellspect 8.8%. The distributor Henry Schein accounted for 13% of net sales.
Does Dentsply Sirona raise its dividend every year?
No, not every year. It raised dividends per share each year from $0.40 in 2020 to $0.64 in 2024, then held at $0.64 in 2025. The yield was 1.69% as of October 28, 2026. In 2025 the company paid $128 million in dividends but produced only $104 million of free cash flow (the cash left after running and investing in the business). That means the cash the business generated did not fully cover the payout that year.
Is Dentsply Sirona profitable?
Not on a full-year basis. For the year ended December 31, 2025, it posted a net loss of $598 million on $3.68 billion of revenue. It reported net losses in five of the six years from 2020 through 2025. Gross margin was 50%, but operating margin was negative 11.5%. Its 10-K notes large past write-downs of goodwill and other intangible assets. In the quarter ended June 30, 2026, it earned $37 million, while revenue fell 4.1% from a year earlier.
How much debt does Dentsply Sirona have?
Dentsply Sirona had $2.22 billion of total debt and $239 million of cash and investments as of June 30, 2026. That leaves net debt (debt minus cash) of about $1.99 billion. Shareholders' equity was $1.35 billion. The company's stock market value was about $1.88 billion as of October 28, 2026. Its 10-K warns that the debt could strain its finances and that credit rating changes could raise borrowing costs. A filing dated October 9, 2026 reported a major agreement and a new financial obligation.
How has Dentsply Sirona stock performed over the long term?
Poorly over most long periods. As of October 28, 2026, the share price was down 26.8% over one year, 82% over five years and 81% over ten years. It fell 42% in 2022, 45% in 2024 and 37% in 2025. It was down 17.4% for 2026 through October 28. Its worst peak-to-trough drop in 21 years of price history was 86.4%. Over the year to October 28, 2026, its beta of 1.15 meant it moved slightly more than the overall market.