Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026

Dentsply Sirona Inc. (XRAY)

A forensic read on Dentsply Sirona Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

-0.0

Distress distance

Clean

Earnings quality

Forensic signals

-4.4

P / E (ttm)

-44.7%

ROE

$2.4B

Market cap

5.50%

Dividend yield

-3.0%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Dentsply Sirona Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.0, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-8.4%

FY2025

Return on invested capital. Return on invested capital is -8.4% in the latest fiscal year and rising from -12% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

123% of FCF

FY2025

Shareholder returns. Returned $128M to shareholders (buybacks + dividends) in FY2025 — 123% of free cash flow, but 54% of operating cash flow. Returns run ahead of free cash flow, with the gap funded by debt or cash reserves rather than the cash the business itself throws off; the payout itself is still covered by operating cash. Counting the $33M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 155%.

$2.9B

FY2020–FY2025

Goodwill impairments. Took $2.9B of goodwill writedowns across 5 years (FY2023 ($291M), FY2024 ($773M), FY2025 ($525M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$3.68B

Revenue Growth YoY-3.0%

Revenue CAGR (3yr)-2.1%

Net Margin-16.2%

Free Cash Flow$104.0M

Return on Equity-44.7%

Debt / Equity1.68x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.