Forensic Analysis · General / Diversified · as of Jun 27, 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
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-41.2%
ROE
$2.2B
Market cap
5.50%
Dividend yield
DENTSPLY SIRONA Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -0.3, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-8%Return on invested capital.Return on invested capital is -8% and rising from -12% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 32% of free cash flow in FY2025 — about $0.17 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
127dInventory days.Days inventory outstanding moved from 112 to 127 FY2024→FY2025 (against cost of goods sold; inventory +14% vs +0% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
123% of FCFShareholder 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 because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep.
$2.9BGoodwill impairments.Took $2.9B of goodwill writedowns across 5 year(s) (FY2023 ($291M), FY2024 ($773M), FY2025 ($525M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-16.2%
Debt / Equity1.68x
Free Cash Flow$104.0M
Latest Revenue$3.68B
Return on Equity-44.7%
Revenue Growth YoY-3.0%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on DENTSPLY SIRONA Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about XRAY's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown