Forensic Analysis · Industrial & Scientific Instruments · as of Nov 8, 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
-0.3
Distress distance
Clean
Earnings quality
3
Forensic signals
-36.5%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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 -0.3, 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
-8.3%
FY2025
Return on invested capital.Return on invested capital is -8.3% in the latest fiscal year, against -1.2% in FY2023, having run between -14.3% and -1.2% across FY2023–FY2025 with no direction held. After-tax operating profit was ($67M) in FY2023 and ($333M) in FY2025, with operating income at -2.1% of revenue in FY2023, -23.2% in FY2024 and -11.5% in FY2025. The capital base behind it came down -30% across FY2023–FY2025, from $5.7B to $4.0B, so this return is struck on a smaller base than it started on. FY2023's operating profit carried a $291M goodwill write-off and a $67M restructuring charge that took about 5.0 points off that year's return, and FY2025's carried a $525M goodwill write-off and a $24M restructuring charge that took about 10.8 points off the latest; so, net of each other, the two charges take about 5.8 points off the -7.1-point change across FY2023–FY2025. FY2024's operating profit carried a $773M goodwill write-off and a $53M restructuring charge that alone took about 13.4 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
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%.
$1.6B
FY2023–FY2025
Goodwill impairments.Took $1.6B of goodwill writedowns across 3 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 (2yr)-3.7%
Net Margin-16.2%
Free Cash Flow$104.0M
Return on Equity-36.5%
Debt / Equity1.68x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Dentsply Sirona Inc.'s actual 10-K/10-Q/8-K filings?