# DENTSPLY SIRONA Inc. (XRAY)

> Source: Nexqual · https://nexqual.com/XRAY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, DENTSPLY SIRONA Inc. (XRAY), nexqual.com/XRAY" · informational, not investment advice.

**Price:** USD 9.5 (+4.63% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.08 · day 9.1–9.55 · 52w 8.32–14.76 · market cap $1.89B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.64B, net income -$546M (-15.0% margin), free cash flow $143M (SEC filings).
- 3 of 80 tracked superinvestors hold XRAY (13F, Q2 2026): 0 new, 2 added, 1 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $516K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.76 on a 1–5 scale) (17 analysts), mean target USD 12.53 (range 9–17).
- Total return with dividends: 1Y -26.8% vs S&P 500 +14.9%; 5Y -81.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.31, revenue estimate $862M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.23B | $3.92B | $3.96B | $3.79B | $3.68B | $3.64B |
| Gross profit | $2.35B | $2.13B | $2.09B | $1.96B | $1.84B | — |
| Operating income | $608M | -$937M | -$85.0M | -$879M | -$422M | -$310M |
| Net income | $411M | -$950M | -$132M | -$910M | -$598M | -$546M |
| EPS (diluted) | $1.87 | -$4.41 | -$0.62 | -$4.48 | -$3.00 | — |
| Free cash flow | $515M | $368M | $228M | $281M | $104M | $143M |
| Gross margin | 55.5% | 54.2% | 52.6% | 51.6% | 50.0% | — |
| Operating margin | 14.4% | -23.9% | -2.1% | -23.2% | -11.5% | -8.5% |
| Net margin | 9.7% | -24.2% | -3.3% | -24.0% | -16.3% | -15.0% |
| Revenue growth | +26.7% | -7.3% | +1.1% | -4.3% | -3.0% | — |
| Cash + short-term investments | $339M | $365M | $334M | $272M | $326M | — |
| Total debt | $1.92B | $1.87B | $1.91B | $1.75B | $2.28B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.5x · EV/EBITDA 99.5x · EV/Sales 1.1x · P/FCF 13.2x · P/B 1.4x · FCF yield 7.55% · Earnings yield -28.83% · Dividend yield (paid, TTM) 5.07% · Net debt $1.99B · EV $3.88B

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold XRAY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Alex Roepers | Atlantic Investment Management | 12.18% | $23.4M | Added +261.1% |
| John Rogers | Ariel Investments | 0.85% | $85.2M | Added +25.7% |
| First Eagle Investment | First Eagle Investment Management | 0.02% | $9.0M | Reduced -94.4% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
5 purchases, $516K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-15 | Hosein Clyde | Director | 6,500 | $65K | 9.98 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-15 | Gladden Brian T | Director | 9,985 | $100K | 10.02 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-12 | McKeon Brian P | Director | 10,000 | $101K | 10.12 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-11 | Holden Betsy D | Director | 10,086 | $100K | 9.88 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-11 | Barber Michael J | Director | 15,175 | $150K | 9.88 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.76 on a 1–5 scale), 17 analysts; mean target USD 12.53 (low 9, high 17).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Mizuho | Target lowered | Neutral | $14 → $12 |
| 2026-10-14 | Leerink Partners | Target lowered | Market Perform | $14 → $10 |
| 2026-10-09 | Piper Sandler | Target lowered | Neutral | $14 → $12 |
| 2026-09-17 | BMO Capital | Target lowered | Market Perform | $13 → $10 |
| 2026-08-24 | Barclays | Target raised | Underweight | $9 → $11 |
| 2026-07-29 | Piper Sandler | Target raised | Neutral | $13 → $14 |
| 2026-07-09 | BMO Capital | Initiated | Market Perform | $12 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -26.8% | -81.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -26.9% | -28.9% |
| Volatility (annualized) | 47.9% | 38.5% |
| Max drawdown | -42.6% (Feb 2026→Oct 2026) | -83.8% (Feb 2022→Oct 2026) |

## Peers (Medical Instruments & Supplies)
LMAT (LeMaitre Vascular, Inc.) USD 85.33 +1.98% · KMTS (Kestra Medical Technologies, Lt) USD 28.32 +3.70% · ATRC (AtriCure, Inc.) USD 59.3 +2.83% · WRBY (Warby Parker Inc.) USD 25.67 +0.16% · PLSE (Pulse Biosciences, Inc) USD 52.68 +2.67% · NVST (Envista Holdings Corporation) USD 23.97 +3.36%

## More
Full page: https://nexqual.com/XRAY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Essential Dental Solutions | $376.0M | 41.9% | -2.8% | $158.0M | 42.0% |
| Connected Technology Solutions | $239.0M | 26.6% | -1.6% | -$2.0M | -0.8% |
| Orthodontic and Implant Solutions | $197.0M | 21.9% | -12.8% | $21.0M | 10.7% |
| Wellspect Healthcare | $86.0M | 9.6% | +7.5% | $24.0M | 27.9% |
| Total revenue | $898.0M | 100% | — | $201.0M | 22.4% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Implants & Prosthetics | $157.0M | 17.5% | -3.7% |
| Equipment & Instruments | $137.0M | 15.3% | +0.7% |
| CADCAM | $102.0M | 11.4% | -4.7% |
| Orthodontics | $40.0M | 4.5% | -36.5% |
| Total revenue | $898.0M | 100% | — |
The lines above cover 48.6% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| EMEA | $452.0M | 50.3% | +0.4% |
| Americas | $316.0M | 35.2% | -10.7% |
| APAC | $130.0M | 14.5% | -1.5% |
| Total revenue | $898.0M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 13% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Company outlook (8-K filed 2026-05-05)

- "The Company is maintaining its 2026 outlook for net sales in the range of $3.5 billion to $3.6 billion and adjusted EPS in the range of $1.40 to $1.50."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.31 | $0.37 | -16.7% | $862.4M | 16 |
| Next quarter (ends 2026-12-31) | $0.46 | $0.43 | +5.5% | $935.1M | 16 |
| Current fiscal year (ends 2026-12-31) | $1.49 | $1.42 | +5.2% | $3.57B | 17 |
| Next fiscal year (ends 2027-12-31) | $1.49 | $1.55 | -3.8% | $3.61B | 17 |