Latest Ratios: P/E Ratio -3.3x · EV/EBITDA 6.8x · ROE -36.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $2.3B | $3.9B | $7.5B | $6.9B | $12.3B | $11.5B | $12.7B | $8.3B | $15.1B | $12.8B |
| Enterprise Value | $4.1B | $4.4B | $5.9B | $9.5B | $8.6B | $14.2B | $13.5B | $13.9B | $9.7B | $16.4B | $13.9B |
| P/E Ratio → | -3.26 | — | — | — | — | 29.83 | — | 48.37 | — | — | 29.76 |
| P/S Ratio | 0.53 | 0.62 | 1.02 | 1.90 | 1.75 | 2.90 | 3.44 | 3.16 | 2.09 | 3.78 | 3.42 |
| P/B Ratio | 1.46 | 1.70 | 1.98 | 2.29 | 1.80 | 2.46 | 2.33 | 2.49 | 1.63 | 2.27 | 1.57 |
| P/FCF | 18.84 | 21.91 | 13.73 | 33.09 | 18.65 | 23.85 | 20.42 | 24.90 | 26.77 | 33.49 | 29.25 |
| P/OCF | 8.34 | 9.70 | 8.37 | 20.01 | 13.27 | 18.70 | 17.68 | 20.07 | 16.70 | 25.09 | 22.71 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.20 | 1.54 | 2.40 | 2.20 | 3.37 | 4.04 | 3.45 | 2.43 | 4.10 | 3.72 |
| EV / EBITDA | 6.79 | 7.32 | — | 36.86 | — | 14.93 | 40.77 | 20.55 | — | — | 19.16 |
| EV / EBIT | 16.27 | — | — | — | — | 23.50 | — | 38.06 | — | — | 29.19 |
| EV / FCF | — | 42.51 | 20.84 | 41.71 | 23.49 | 27.65 | 24.01 | 27.25 | 31.09 | 36.35 | 31.83 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.0% | 50.0% | 51.6% | 52.6% | 54.2% | 55.5% | 49.6% | 53.8% | 51.9% | 54.8% | 53.4% |
| Operating Margin | 6.8% | 6.8% | -23.2% | -2.1% | -23.9% | 14.4% | -0.1% | 8.8% | -24.0% | -39.7% | 12.1% |
| Net Profit Margin | -16.3% | -16.3% | -24.0% | -3.3% | -24.2% | 9.7% | -2.2% | 6.4% | -25.4% | -38.8% | 11.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -36.4% | -36.4% | -34.8% | -3.7% | -21.6% | 8.3% | -1.5% | 5.0% | -17.2% | -21.0% | 8.2% |
| ROA | -10.7% | -10.7% | -13.9% | -1.8% | -11.3% | 4.4% | -0.8% | 3.0% | -10.6% | -14.1% | 5.4% |
| ROIC | 5.1% | 5.1% | -14.3% | -1.2% | -11.2% | 6.6% | -0.0% | 4.1% | -10.0% | -13.8% | 5.5% |
| ROCE | 6.1% | 6.1% | -17.4% | -1.4% | -13.0% | 7.6% | -0.0% | 4.6% | -11.2% | -15.6% | 6.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.84 | 1.84 | 1.17 | 0.70 | 0.56 | 0.46 | 0.50 | 0.31 | 0.32 | 0.24 | 0.19 |
| Debt / EBITDA | 4.09 | 4.09 | — | 8.91 | — | 2.40 | 7.42 | 2.37 | — | — | 2.08 |
| Net Debt / Equity | — | 1.60 | 1.03 | 0.60 | 0.47 | 0.39 | 0.41 | 0.23 | 0.26 | 0.19 | 0.14 |
| Net Debt / EBITDA | 3.55 | 3.55 | — | 7.62 | — | 2.05 | 6.09 | 1.77 | — | — | 1.55 |
| Debt / FCF | — | 20.60 | 7.12 | 8.62 | 4.84 | 3.80 | 3.59 | 2.34 | 4.32 | 2.86 | 2.58 |
| Interest Coverage | -4.52 | -4.52 | -12.57 | -1.16 | -15.23 | 9.93 | -0.06 | 12.41 | -24.69 | -40.93 | 13.28 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.51 | 1.51 | 1.10 | 1.38 | 1.62 | 1.47 | 1.31 | 2.01 | 1.86 | 2.12 | 2.44 |
| Quick Ratio | 1.03 | 1.03 | 0.74 | 0.95 | 1.08 | 1.06 | 0.96 | 1.45 | 1.27 | 1.46 | 1.77 |
| Cash Ratio | 0.24 | 0.24 | 0.17 | 0.23 | 0.31 | 0.27 | 0.32 | 0.41 | 0.31 | 0.34 | 0.50 |
| Asset Turnover | — | 0.68 | 0.66 | 0.54 | 0.51 | 0.46 | 0.36 | 0.47 | 0.46 | 0.38 | 0.32 |
| Inventory Turnover | 2.87 | 2.87 | 3.25 | 3.01 | 2.86 | 3.66 | 3.54 | 3.31 | 3.20 | 2.90 | 3.37 |
| Days Sales Outstanding | — | 68.24 | 58.32 | 69.59 | 63.75 | 69.27 | 77.18 | 75.14 | 64.27 | 68.20 | 61.98 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.6% | 5.6% | 3.3% | 1.5% | 1.5% | 0.7% | 0.8% | 0.6% | 0.9% | 0.5% | 0.5% |
| Payout Ratio | — | — | — | — | — | 22.4% | — | 31.6% | — | — | 15.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 3.4% | — | 2.1% | — | — | 3.4% |
| FCF Yield | 5.3% | 4.6% | 7.3% | 3.0% | 5.4% | 4.2% | 4.9% | 4.0% | 3.7% | 3.0% | 3.4% |
| Buyback Yield | 0.0% | 0.0% | 6.5% | 4.0% | 2.2% | 1.6% | 2.0% | 2.0% | 3.0% | 2.7% | 6.4% |
| Total Shareholder Yield | 6.6% | 5.6% | 9.7% | 5.5% | 3.7% | 2.4% | 2.8% | 2.7% | 3.9% | 3.2% | 6.9% |
| Shares Outstanding | — | $199M | $203M | $212M | $216M | $220M | $219M | $224M | $224M | $229M | $222M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying XRAY stock.
DENTSPLY SIRONA Inc.'s current P/E ratio is -3.3x. The historical average is 26.9x.
DENTSPLY SIRONA Inc.'s current EV/EBITDA is 6.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.3x.
DENTSPLY SIRONA Inc.'s return on equity (ROE) is -36.4%. The historical average is 6.8%.
Based on historical data, DENTSPLY SIRONA Inc. is trading at a P/E of -3.3x. Compare with industry peers and growth rates for a complete picture.
DENTSPLY SIRONA Inc.'s current dividend yield is 6.56%.
DENTSPLY SIRONA Inc. has 50.0% gross margin and 6.8% operating margin.
DENTSPLY SIRONA Inc.'s Debt/EBITDA ratio is 4.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Goodwill impairment and negative retained earnings
Metrics are mathematically derived from official filings.
Margin Volatility Masks Underlying Erosion
Gross margin swung from 46.1% to 54.9% over ten quarters, with 2026Q2 at 54.9%, yet operating margin of 9.1% remains thin, per company filings.
The gross margin recovery in 2026Q2 appears to reflect cost actions rather than pricing power, as revenue declined 4.1% year-over-year. Operating margin of 9.1% is well below the 27.9% seen in 2025Q4, which was likely inflated by one-time gains. Net margin of 4.1% in 2026Q2 is positive but fragile, given six of the last ten quarters were negative, suggesting the underlying earning power is strained.
Return on Capital Decaying Amid Restructuring
ROIC improved to 1.8% in 2026Q2 from -9.0% in 2024Q4, but remains far below cost of capital, as per reported financials.
The improvement in ROIC is largely due to a shrinking asset base (total assets down 27% since 2024Q1) rather than operational efficiency. ROE of 2.8% in 2026Q2 is positive but negligible, and the ten-quarter trend shows deep negative returns in 2024Q4 and 2025Q3, indicating the company is not compounding returns. The erosion of equity to $1.4B from $3.3B suggests that returns on capital are unlikely to recover without significant margin expansion.
Working Capital Cycle Lengthens as Inventory Builds
Cash conversion cycle extended to 153 days in 2026Q2 from 121 days in 2024Q1, driven by DIO rising to 149 days, per SEC filings.
Inventory days outstanding have increased from 117 to 149 over ten quarters, indicating slower inventory turnover, which may signal demand weakness or product obsolescence. DSO has remained relatively stable around 63 days, while DPO has hovered near 55 days, suggesting limited supplier leverage. The lengthening CCC ties up cash and may pressure liquidity, especially given the thin cash buffer of $239M.
Leverage Rising as Equity Erodes
Debt-to-equity climbed to 1.71 in 2026Q2 from 0.68 in 2024Q1, while D/EBITDA hit 9.40, per balance sheet data.
The increase in leverage is primarily due to equity erosion from cumulative losses, not new borrowing, as total debt remained near $2.3B. Interest coverage of 4.27 in 2026Q2 is positive but down from 3.74 in 2025Q1, and the negative coverage in several quarters indicates vulnerability. With D/EBITDA at 9.40, the company appears highly levered relative to its earnings, and refinancing risk may be elevated if earnings do not stabilize.
Liquidity Improves but Cash Cushion Thin
Current ratio improved to 1.63 in 2026Q2 from 1.10 in 2025Q1, but cash of $239M remains low, per financial statements.
The current ratio improvement is partly due to a shrinking asset base and reduced current liabilities, but the quick ratio of 1.07 indicates reliance on inventory. Under stress, the cash buffer appears insufficient to cover near-term obligations, especially with negative operating cash flow in some quarters. The company's ability to weather a downturn may depend on access to credit, which is not assured given the high leverage.
Misapplied P/E Obscures Earnings Distortions
The trailing P/E of -3.86 is meaningless due to negative earnings, while forward P/E of 8.17 may mislead, as per valuation data.
The most commonly misapplied ratio for XRAY is the P/E, because net income has been negative in six of the last ten quarters, driven by non-cash impairments. The forward P/E of 8.17 appears cheap, but it relies on analyst estimates that may not capture further write-downs or margin pressure. A more appropriate metric is EV/EBITDA, which at 7.39 is below peers like ALGN (15.09) and HSIC (12.87), but this may reflect the market's skepticism about earnings quality. Investors should focus on EV/EBITDA adjusted for one-time charges and the sustainability of EBITDA, given the volatile operating margins.