Detailed financial statements for DENTSPLY SIRONA Inc. (XRAY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
DENTSPLY SIRONA Inc. develops, manufactures, and markets dental equipment supported by cloud-enabled solutions, dental products, and healthcare consumable products in urology and enterology worldwide. It operates through four segments: Connected Technology Solutions, Essential Dental Solutions, Orthodontic and Implant Solutions, and Wellspect Healthcare.
Analysis Summary
DENTSPLY SIRONA Inc. reported revenue of $3.68B in the most recent fiscal year, growing at a 5-year CAGR of 2.0%.
Trailing-twelve-month margins: gross margin 49.5%, operating margin 11.7%, net margin -15.0%. Free cash flow grew at -28.6% CAGR over 5 years.
At $10.65 (closing price, November 4, 2026), XRAY has negative trailing earnings (P/E not meaningful) and an ROE of -39.81%. Market capitalisation stands at $2.1B.
Balance sheet quality for XRAY: debt-to-equity ratio of 1.71, current ratio of 1.63 over the last 12 months, net debt of $2.14B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.75B | $3.99B | $3.99B | $4.02B | $3.34B | $4.23B | $3.92B | $3.96B | $3.79B | $3.68B |
| Cost of Revenue | $1.74B | $1.80B | $1.92B | $1.86B | $1.68B | $1.88B | $1.79B | $1.88B | $1.83B | $1.84B |
| Gross Profit | $2.00B | $2.19B | $2.07B | $2.16B | $1.66B | $2.35B | $2.13B | $2.09B | $1.96B | $1.84B |
| Research & Development | $128.5M | $151.7M | $160.5M | $143.0M | $123.0M | $171.0M | $174.0M | $184.0M | $165.0M | $150.0M |
| Selling, General & Admin | $1.52B | $1.67B | $1.72B | $1.59B | $1.30B | $1.55B | $1.59B | $1.61B | $1.60B | $1.44B |
| Operating Expenses | $1.52B | $1.67B | $1.72B | $1.81B | $1.66B | $1.74B | $3.06B | $2.17B | $2.84B | $1.59B |
| Operating Income | $454.7M | -$1.59B | -$958.1M | $353.0M | -$3.0M | $608.0M | -$937.0M | -$85.0M | -$879.0M | $252.0M |
| EBITDA | $770.5M | -$1.25B | -$585.3M | $688.0M | $330.0M | $952.0M | -$662.0M | $249.0M | -$518.0M | -$46.0M |
| Interest Expense | $35.9M | $38.3M | $37.3M | $29.4M | $62.0M | $61.0M | $65.0M | $81.0M | $69.0M | $88.0M |
| Pre-tax Income | $440.9M | -$1.63B | -$958.4M | $338.0M | -$50.0M | $545.0M | -$1.05B | -$175.0M | -$936.0M | -$486.0M |
| Income Tax | $9.5M | -$53.2M | $52.5M | $82.0M | $23.0M | $134.0M | -$105.0M | -$43.0M | -$26.0M | $112.0M |
| Net Income | $429.9M | -$1.55B | -$1.01B | $256.0M | -$73.0M | $411.0M | -$950.0M | -$132.0M | -$910.0M | -$598.0M |
| EPS | $1.97 | -$6.86 | -$4.51 | $1.18 | -$0.38 | $1.88 | -$4.41 | -$0.62 | -$4.48 | -$3.00 |
| EPS (Diluted) | $1.94 | -$6.86 | -$4.51 | $1.17 | -$0.38 | $1.87 | -$4.41 | -$0.62 | -$4.48 | -$3.00 |
| Shares Outstanding (Diluted) | 221.6 M | 229.4 M | 224.3 M | 224.4 M | 219.2 M | 220.2 M | 215.5 M | 212.0 M | 203.2 M | 199.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $904.0M | $961.0M | $880.0M | $898.0M |
| Gross Profit | $441.0M | $443.0M | $427.0M | $493.0M |
| Operating Income | $46.0M | $268.0M | $30.0M | $82.0M |
| EBITDA | -$115.0M | -$32.0M | $61.0M | $179.0M |
| Net Income | -$427.0M | -$146.0M | -$10.0M | $37.0M |
| EPS | -$2.14 | -$0.73 | -$0.05 | $0.18 |
| EPS (Diluted) | -$2.14 | -$0.73 | -$0.05 | $0.18 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $383.9M | $320.6M | $309.6M | $405.0M | $438.0M | $339.0M | $365.0M | $334.0M | $272.0M | $326.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $636.0M | $746.2M | $701.9M | $828.0M | $706.0M | $803.0M | $685.0M | $756.0M | $606.0M | $688.0M |
| Inventory | $517.1M | $623.1M | $598.9M | $562.0M | $476.0M | $515.0M | $627.0M | $624.0M | $564.0M | $642.0M |
| Total Current Assets | $1.88B | $2.00B | $1.89B | $2.00B | $1.80B | $1.85B | $1.89B | $1.97B | $1.75B | $2.02B |
| Property, Plant & Equipment | $799.8M | $876.0M | $870.6M | $961.0M | $967.0M | $971.0M | $961.0M | $978.0M | $902.0M | $1.00B |
| Goodwill | $5.95B | $4.52B | $3.43B | $3.40B | $3.99B | $3.98B | $2.69B | $2.44B | $1.60B | $1.15B |
| Intangible Assets | $2.96B | $2.83B | $2.42B | $2.18B | $2.50B | $2.32B | $1.90B | $1.71B | $1.21B | $974.0M |
| Total Assets | $11.66B | $10.38B | $8.69B | $8.60B | $9.35B | $9.24B | $7.64B | $7.37B | $5.75B | $5.43B |
| Accounts Payable | $223.0M | $284.4M | $283.9M | $308.0M | $302.0M | $262.0M | $279.0M | $305.0M | $241.0M | $300.0M |
| Short-term Debt | $21.1M | $30.1M | $92.4M | $2.0M | $299.0M | $182.0M | $118.0M | $322.0M | $549.0M | $360.0M |
| Total Current Liabilities | $771.0M | $946.6M | $1.01B | $995.0M | $1.37B | $1.26B | $1.17B | $1.43B | $1.59B | $1.34B |
| Long-term Debt | $1.51B | $1.61B | $1.56B | $1.43B | $1.98B | $1.91B | $1.83B | $1.80B | $1.59B | $2.02B |
| Total Liabilities | $3.53B | $3.74B | $3.55B | $3.51B | $4.42B | $4.24B | $3.83B | $4.08B | $3.81B | $4.09B |
| Retained Earnings | $3.95B | $2.32B | $1.23B | $1.40B | $1.20B | $1.51B | $456.0M | $205.0M | -$835.0M | -$1.56B |
| Total Equity | $8.11B | $6.63B | $5.12B | $5.09B | $4.93B | $5.00B | $3.81B | $3.29B | $1.94B | $1.34B |
| Total Debt | $1.51B | $1.61B | $1.66B | $1.60B | $2.46B | $2.29B | $2.15B | $2.30B | $2.27B | $2.47B |
| Net Debt | $1.13B | $1.29B | $1.35B | $1.19B | $2.02B | $1.96B | $1.78B | $1.97B | $2.00B | $2.14B |
| Working Capital | $1.11B | $1.06B | $874.7M | $1.00B | $426.0M | $591.0M | $723.0M | $548.0M | $157.0M | $680.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $363.0M | $326.0M | $190.0M | $239.0M |
| Total Assets | $5.65B | $5.43B | $5.23B | $5.20B |
| Total Liabilities | $4.17B | $4.09B | $3.91B | $3.85B |
| Total Equity | $1.48B | $1.34B | $1.32B | $1.35B |
| Total Debt | $2.48B | $2.47B | $2.33B | $2.31B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $431.4M | -$1.57B | -$1.01B | $263.1M | -$73.0M | $411.0M | -$950.0M | -$132.0M | -$910.0M | -$598.0M |
| Depreciation & Amortization | $271.7M | $316.4M | $330.8M | $323.0M | $334.0M | $346.0M | $328.0M | $343.0M | $349.0M | $352.0M |
| Stock-based Compensation | $41.3M | $48.0M | $21.0M | $66.2M | $47.0M | $48.0M | $59.0M | $46.0M | $39.0M | $33.0M |
| Change in Working Capital | -$43.2M | -$144.8M | -$33.2M | -$19.8M | $200.0M | -$126.0M | -$78.0M | -$56.0M | $95.0M | -$222.0M |
| Operating Cash Flow | $563.4M | $601.9M | $499.8M | $632.8M | $649.0M | $657.0M | $517.0M | $377.0M | $461.0M | $235.0M |
| Capital Expenditure | -$126.1M | -$151.0M | -$188.0M | -$122.9M | -$87.0M | -$142.0M | -$149.0M | -$149.0M | -$180.0M | -$131.0M |
| Acquisitions | -$335.7M | -$145.9M | -$130.5M | $8.4M | -$1.08B | -$220.0M | 0 | $13.0M | 0 | 0 |
| Stock Repurchased | -$813.9M | -$401.4M | -$250.0M | -$260.0M | -$228.0M | -$200.0M | -$150.0M | -$300.0M | -$250.0M | 0 |
| Dividends Paid | -$64.6M | -$78.3M | -$78.6M | -$80.9M | -$88.0M | -$92.0M | -$104.0M | -$116.0M | -$126.0M | -$128.0M |
| Free Cash Flow | $437.3M | $450.9M | $311.8M | $509.9M | $562.0M | $515.0M | $368.0M | $228.0M | $281.0M | $104.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $79.0M | $101.0M | $40.0M | $99.0M |
| Capital Expenditure | -$39.0M | -$41.0M | -$52.0M | -$44.0M |
| Free Cash Flow | $40.0M | $60.0M | -$12.0M | $55.0M |
| Dividends Paid | -$32.0M | -$32.0M | -$32.0M | 0 |
| Stock-based Compensation | $6.0M | $8.0M | $8.0M | $9.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.6% | -0.2% | +0.9% | -17.0% | +26.7% | -7.3% | +1.1% | -4.3% | -3.0% | |
| Net Income Growth (YoY) | -460.5% | +34.8% | +125.3% | -128.5% | +663.0% | -331.1% | +86.1% | -589.4% | +34.3% | |
| EPS Growth (YoY) | -448.2% | +34.3% | +126.2% | -132.2% | +594.7% | -334.6% | +85.9% | -622.6% | +33.0% | |
| Shares Change (YoY) | +3.5% | -2.2% | +0.0% | -2.3% | +0.5% | -2.1% | -1.6% | -4.2% | -1.9% | |
| FCF Growth (YoY) | +3.1% | -30.8% | +63.5% | +10.2% | -8.4% | -28.5% | -38.0% | +23.2% | -63.0% | |
| Gross Margin | 53.4% | 54.8% | 51.9% | 53.8% | 49.6% | 55.5% | 54.2% | 52.6% | 51.6% | 50.0% |
| Operating Margin | 12.1% | -39.7% | -24.0% | 8.8% | -0.1% | 14.4% | -23.9% | -2.1% | -23.2% | 6.8% |
| EBITDA Margin | 20.6% | -31.3% | -14.7% | 17.1% | 9.9% | 22.5% | -16.9% | 6.3% | -13.7% | -1.2% |
| Net Margin | 11.5% | -38.8% | -25.4% | 6.4% | -2.2% | 9.7% | -24.2% | -3.3% | -24.0% | -16.2% |
| FCF Margin | 11.7% | 11.3% | 7.8% | 12.7% | 16.8% | 12.2% | 9.4% | 5.8% | 7.4% | 2.8% |
| Effective Tax Rate | 2.2% | 3.3% | -5.5% | 24.3% | -46.0% | 24.6% | 10.0% | 24.6% | 2.8% | -23.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.97 | $1.97 | $1.39 | $2.27 | $2.56 | $2.34 | $1.71 | $1.08 | $1.38 | $0.52 |
| Dividends Per Share | $0.29 | $0.34 | $0.35 | $0.36 | $0.40 | $0.42 | $0.48 | $0.55 | $0.62 | $0.64 |
| Shares Outstanding (Basic) | 218.0 M | 229.3 M | 224.2 M | 223.1 M | 219.2 M | 218.4 M | 215.5 M | 212.0 M | 203.2 M | 199.4 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -39.81% |
| Return on Invested Capital | 10.03% |
| Return on Assets | -10.49% |
| Gross Margin | 49.52% |
| Operating Margin | 11.69% |
| Net Margin | -14.99% |
Financial Health
| Debt / Equity | 1.71 |
| Current Ratio | 1.63 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.91 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 29.30 | -9.60 | -8.25 | 47.96 | -137.79 | 29.68 | -7.22 | -57.40 | -4.24 | -3.81 |
| P/B | 1.55 | 2.28 | 1.63 | 2.48 | 2.33 | 2.44 | 1.80 | 2.29 | 1.99 | 1.70 |
| P/S | 3.36 | 3.78 | 2.09 | 3.14 | 3.44 | 2.88 | 1.75 | 1.90 | 1.02 | 0.62 |
| Gross Margin | 53.4% | 54.8% | 51.9% | 53.8% | 49.6% | 55.5% | 54.2% | 52.6% | 51.6% | 50.0% |
| Operating Margin | 12.1% | -39.7% | -24.0% | 8.8% | -0.1% | 14.4% | -23.9% | -2.1% | -23.2% | 6.8% |
| Net Margin | 11.5% | -38.8% | -25.4% | 6.4% | -2.2% | 9.7% | -24.2% | -3.3% | -24.0% | -16.2% |
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