Revenue growth remains stagnant at 0.1% in 2026Q1, while gross margins have compressed to 48.5% from historical peaks exceeding 53%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.68B | 3.68B | 3.79B | 3.96B | 3.92B | 4.23B | 3.34B | 4.02B | 3.99B | 3.99B | 3.75B | 2.67B | 2.92B | 2.95B | 2.93B | 2.54B | 2.22B | 2.16B | 2.19B | 2.01B | 1.81B | 1.72B | 1.69B | 1.57B | 1.51B | 1.13B | 889.8M | 830.9M | 795.1M | 720.8M | 656.6M |
| Revenue Growth % | -1.02% | -2.98% | -4.34% | 1.1% | -7.3% | 26.71% | -16.98% | 0.9% | -0.18% | 6.62% | 40.05% | -8.5% | -0.95% | 0.76% | 15.4% | 14.26% | 2.83% | -1.54% | 9.15% | 11.01% | 5.56% | 1.23% | 7.85% | 3.78% | 34.07% | 26.89% | 7.09% | 4.5% | 10.31% | 9.78% | 14.79% |
| Cost of Goods Sold | 1.88B | 1.84B | 1.83B | 1.88B | 1.79B | 1.88B | 1.68B | 1.86B | 1.92B | 1.8B | 1.74B | 1.16B | 1.32B | 1.37B | 1.37B | 1.26B | 1.09B | 1.05B | 1.04B | 969.05M | 881.49M | 846.12M | 847.71M | 797.72M | 780.84M | 559.42M | 384.84M | 359.3M | 341.2M | 319.6M | 303.8M |
| COGS % of Revenue | - | 50% | 48.38% | 47.39% | 45.77% | 44.53% | 50.4% | 46.2% | 48.13% | 45.2% | 46.58% | 43.27% | 45.26% | 46.54% | 46.85% | 49.82% | 49.12% | 48.55% | 47.49% | 48.22% | 48.69% | 49.33% | 50.04% | 50.78% | 51.58% | 49.55% | 43.25% | 43.24% | 42.91% | 44.34% | 46.27% |
| Gross Profit | 1.8B | 1.84B | 1.96B | 2.09B | 2.13B | 2.35B | 1.66B | 2.16B | 2.07B | 2.19B | 2B | 1.52B | 1.6B | 1.58B | 1.56B | 1.27B | 1.13B | 1.11B | 1.15B | 1.04B | 929.01M | 869.02M | 846.52M | 773.2M | 732.9M | 569.67M | 504.95M | 471.6M | 453.9M | 401.2M | 352.8M |
| Gross Margin % | 48.93% | 50% | 51.62% | 52.61% | 54.23% | 55.47% | 49.6% | 53.8% | 51.87% | 54.8% | 53.42% | 56.73% | 54.74% | 53.46% | 53.15% | 50.18% | 50.88% | 51.45% | 52.51% | 51.78% | 51.31% | 50.67% | 49.96% | 49.22% | 48.42% | 50.45% | 56.75% | 56.76% | 57.09% | 55.66% | 53.73% |
| Gross Profit Growth % | - | -6.03% | -6.14% | -1.93% | -9.37% | 41.73% | -23.47% | 4.65% | -5.52% | 9.38% | 31.88% | -5.16% | 1.42% | 1.35% | 22.22% | 12.68% | 1.7% | -3.53% | 10.68% | 12.03% | 6.9% | 2.66% | 9.48% | 5.5% | 28.65% | 12.82% | 7.07% | 3.9% | 13.14% | 13.72% | 16.71% |
| Operating Expenses | 1.58B | 1.59B | 2.84B | 2.17B | 3.06B | 1.74B | 1.66B | 1.81B | 1.72B | 1.67B | 1.52B | 1.08B | 1.14B | 1.14B | 1.15B | 936.85M | 738.9M | 723.23M | 739.17M | 680.54M | 602.98M | 563.34M | 544.26M | 501.52M | 479.13M | 391.31M | 341.09M | 322M | 312.6M | 268.7M | 233.3M |
| OpEx % of Revenue | - | 43.15% | 74.8% | 54.75% | 78.12% | 41.1% | 49.69% | 45.03% | 43.13% | 41.94% | 40.66% | 40.28% | 39.11% | 38.8% | 39.23% | 36.92% | 33.27% | 33.48% | 33.69% | 33.86% | 33.3% | 32.85% | 32.12% | 31.92% | 31.65% | 34.66% | 38.33% | 38.75% | 39.32% | 37.28% | 35.53% |
| Selling, General & Admin | 1.44B | 1.44B | 1.6B | 1.61B | 1.59B | 1.55B | 1.3B | 1.59B | 1.72B | 1.67B | 1.52B | 1.08B | 1.14B | 1.14B | 1.15B | 936.85M | 738.9M | 723.23M | 739.17M | 675.37M | 606.41M | 563.34M | 544.26M | 501.52M | 479.13M | 386.24M | 299.73M | 282.4M | 275.1M | 236.3M | 205.2M |
| SG&A % of Revenue | - | 39.08% | 42.31% | 40.68% | 40.52% | 36.66% | 38.99% | 39.46% | 43.13% | 41.94% | 40.66% | 40.28% | 39.11% | 38.8% | 39.23% | 36.92% | 33.27% | 33.48% | 33.69% | 33.6% | 33.49% | 32.85% | 32.12% | 31.92% | 31.65% | 34.21% | 33.69% | 33.99% | 34.6% | 32.78% | 31.25% |
| Research & Development | 158M | 150M | 165M | 184M | 174M | 171M | 123M | 143M | 160.5M | 151.7M | 128.5M | 74.9M | 80.8M | 85.1M | 85.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 4.08% | 4.35% | 4.64% | 4.44% | 4.04% | 3.68% | 3.56% | 4.03% | 3.8% | 3.43% | 2.8% | 2.76% | 2.88% | 2.92% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 1.07B | 374M | 1.3B | 17M | 234M | 81M | 1.33B | 2.07B | 44.1M | 81.2M | 11.1M | 13.4M | -490K | 0 | 0 | 0 | 0 | 0 | -3.43M | 0 | 0 | 0 | 0 | 5.07M | 41.36M | 39.6M | 37.5M | 32.4M | 28.1M |
| Operating Income | 151M | 252M | -879M | -85M | -937M | 608M | -3M | 353M | -958.1M | -1.59B | 454.7M | 375.2M | 445.6M | 419.17M | 381.94M | 300.73M | 380.27M | 381.19M | 380.42M | 354.89M | 314.79M | 72.92M | 295.13M | 267.98M | 256.5M | 178.36M | 163.86M | 149.6M | 141.3M | 132.5M | 119.5M |
| Operating Margin % | 4.1% | 6.85% | -23.17% | -2.14% | -23.89% | 14.37% | -0.09% | 8.78% | -24.03% | -39.7% | 12.14% | 14.03% | 15.25% | 14.21% | 13.04% | 11.85% | 17.12% | 17.65% | 17.34% | 17.66% | 17.39% | 4.25% | 17.42% | 17.06% | 16.94% | 15.8% | 18.42% | 18% | 17.77% | 18.38% | 18.2% |
| Operating Income Growth % | - | 128.67% | -934.12% | 90.93% | -254.11% | 20366.67% | -100.85% | 136.84% | 39.56% | -448.65% | 21.19% | -15.8% | 6.31% | 9.75% | 27% | -20.92% | -0.24% | 0.2% | 7.19% | 12.74% | 331.69% | -75.29% | 10.13% | 4.48% | 43.81% | 8.85% | 9.53% | 5.87% | 6.64% | 10.88% | 18.67% |
| EBITDA | 424M | 604M | -530M | 258M | -609M | 954M | 331M | 676M | -627.3M | -1.27B | 726.4M | 498.1M | 574.68M | 547.07M | 511.14M | 385.76M | 446.61M | 446.36M | 437.35M | 405.18M | 362.23M | 123.48M | 344.43M | 313.64M | 300.36M | 232.7M | 205.22M | 189.2M | 178.8M | 164.9M | 147.6M |
| EBITDA Margin % | 11.52% | 16.41% | -13.97% | 6.51% | -15.53% | 22.55% | 9.91% | 16.81% | -15.74% | -31.77% | 19.39% | 18.63% | 19.66% | 18.54% | 17.45% | 15.2% | 20.11% | 20.67% | 19.94% | 20.16% | 20.01% | 7.2% | 20.33% | 19.97% | 19.84% | 20.61% | 23.06% | 22.77% | 22.49% | 22.88% | 22.48% |
| EBITDA Growth % | 182.17% | 213.96% | -305.43% | 142.36% | -163.84% | 188.22% | -51.04% | 207.76% | 50.56% | -274.68% | 45.83% | -13.33% | 5.05% | 7.03% | 32.5% | -13.62% | 0.06% | 2.06% | 7.94% | 11.86% | 193.34% | -64.15% | 9.81% | 4.42% | 29.08% | 13.39% | 8.47% | 5.82% | 8.43% | 11.72% | 20.79% |
| D&A (Non-Cash Add-back) | 273M | 352M | 349M | 343M | 328M | 346M | 334M | 323M | 330.8M | 316.4M | 271.7M | 122.9M | 129.08M | 127.9M | 129.2M | 85.03M | 66.34M | 65.17M | 56.93M | 50.29M | 47.43M | 50.56M | 49.3M | 45.66M | 43.86M | 54.33M | 41.36M | 39.6M | 37.5M | 32.4M | 28.1M |
| EBIT | -461M | -398M | -867M | -94M | -990M | 606M | -4M | 365M | -921M | -1.57B | 476.8M | 385.6M | 446.17M | 416.98M | 387.53M | 299.93M | 373.65M | 385.25M | 388M | 381.92M | 326.03M | 305.68M | 302.25M | 271.68M | 253.77M | 178.36M | 163.86M | 149.6M | 141.2M | 132.5M | 119.5M |
| Net Interest Income | -66M | -88M | -69M | -81M | -65M | -61M | -61M | -27M | -35M | -35.9M | -33.9M | -53.7M | -41.3M | -41.5M | -48.09M | -35.58M | -20.84M | -16.86M | -15.44M | 2.65M | 1.68M | -8.77M | -19.63M | -24.2M | 0 | 0 | -9.29M | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 2.4M | 2.1M | 2.4M | 2M | 2.2M | 5.59M | 8.12M | 8.76M | 9.46M | 4.25M | 5.03M | 17.09M | 26.43M | 12.48M | 9.01M | 5.47M | 1.87M | 0 | 0 | 862K | 0 | 0 | 0 | 0 |
| Interest Expense | 90M | 88M | 69M | 81M | 65M | 61M | 62M | 29.4M | 37.3M | 38.3M | 35.9M | 55.9M | 46.91M | 49.63M | 56.85M | 44.62M | 25.09M | 17.83M | 32.53M | 11.98M | 10.8M | 17.77M | 25.1M | 26.08M | 38.18M | 0 | 10.15M | 8.5M | 157.1M | 8.1M | 6M |
| Other Income/Expense | -723M | -738M | -57M | -90M | -118M | -63M | -47M | -15M | -400K | -41.2M | -13.8M | -45.5M | -41.23M | -49.87M | -51.26M | -44.62M | -22.62M | -17.83M | -24.95M | 3.24M | 43K | -234.64M | -20.98M | -16.79M | -35.52M | 6.76M | -12.06M | -11.5M | -86.1M | -10.4M | -8.6M |
| Pretax Income | -572M | -486M | -936M | -175M | -1.05B | 545M | -50M | 338M | -958.4M | -1.63B | 440.9M | 329.7M | 404.37M | 369.33M | 330.68M | 256.11M | 357.66M | 363.36M | 355.47M | 358.13M | 314.84M | 71.04M | 274.15M | 251.2M | 220.99M | 185.13M | 151.8M | 138.1M | 55.1M | 122.1M | 110.9M |
| Pretax Margin % | -15.54% | -13.21% | -24.68% | -4.41% | -26.9% | 12.88% | -1.5% | 8.4% | -24.04% | -40.73% | 11.77% | 12.33% | 13.84% | 12.52% | 11.29% | 10.09% | 16.1% | 16.82% | 16.2% | 17.82% | 17.39% | 4.14% | 16.18% | 15.99% | 14.6% | 16.4% | 17.06% | 16.62% | 6.93% | 16.94% | 16.89% |
| Income Tax | 55M | 112M | -26M | -43M | -105M | 134M | 23M | 82M | 52.5M | -53.2M | 9.5M | 77M | 81.12M | 52.15M | 8.92M | -11.02M | 89.22M | 88.94M | 71.6M | 98.48M | 91.12M | 25.63M | 63.87M | 81.34M | 73.03M | 63.63M | 50.78M | 48.2M | 20.3M | 47.5M | 43.7M |
| Effective Tax Rate % | -9.62% | -23.05% | 2.78% | 24.57% | 9.95% | 24.59% | -46% | 24.26% | -5.48% | 3.27% | 2.15% | 23.35% | 20.06% | 14.12% | 2.7% | -4.3% | 24.95% | 24.48% | 20.14% | 27.5% | 28.94% | 36.07% | 23.3% | 32.38% | 33.05% | 34.37% | 33.45% | 34.9% | 36.84% | 38.9% | 39.4% |
| Net Income | -628M | -598M | -910M | -132M | -950M | 411M | -73M | 256M | -1.01B | -1.55B | 429.9M | 251.2M | 322.85M | 313.19M | 314.21M | 244.52M | 265.71M | 274.26M | 283.87M | 259.65M | 223.72M | 45.41M | 253.16M | 174.18M | 147.95M | 121.5M | 101.02M | 89.9M | 34.8M | 74.6M | 67.2M |
| Net Margin % | -17.06% | -16.25% | -23.99% | -3.33% | -24.22% | 9.71% | -2.19% | 6.37% | -25.36% | -38.81% | 11.48% | 9.39% | 11.05% | 10.61% | 10.73% | 9.64% | 11.96% | 12.7% | 12.94% | 12.92% | 12.36% | 2.65% | 14.94% | 11.09% | 9.77% | 10.76% | 11.35% | 10.82% | 4.38% | 10.35% | 10.23% |
| Net Income Growth % | 30.84% | 34.29% | -589.39% | 86.11% | -331.14% | 663.01% | -128.52% | 125.32% | 34.77% | -460.55% | 71.14% | -22.19% | 3.08% | -0.32% | 28.5% | -7.97% | -3.12% | -3.39% | 9.33% | 16.06% | 392.63% | -82.06% | 45.34% | 17.73% | 21.78% | 20.27% | 12.36% | 158.33% | -53.35% | 11.01% | 24.44% |
| Net Income (Continuing) | -627M | -598M | -910M | -132M | -950M | 411M | -73M | 256M | -1.01B | -1.55B | 431.4M | 251.1M | 322.9M | 318.2M | 321.76M | 247.45M | 268.43M | 274.41M | 283.27M | 259.71M | 223.86M | 45.41M | 210.29M | 169.85M | 147.95M | 121.5M | 101.02M | 89.9M | 34.8M | 74.6M | 67.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 223K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 1M | 1M | 1M | 1M | 1M | 3M | 2M | 11.9M | 11.6M | 11.6M | 1.4M | 919K | 42.92M | 40.74M | 36.07M | 70.53M | 74.85M | 0 | 296K | 222K | 188K | 600K | 418K | 1.26M | 437K | 4.56M | 2.5M | 2.7M | 4M | 4.3M |
| EPS (Diluted) | -3.14 | -3.00 | -4.48 | -0.62 | -4.41 | 1.87 | -0.38 | 1.17 | -4.51 | -6.86 | 1.94 | 1.76 | 2.24 | 2.16 | 2.18 | 1.70 | 1.82 | 1.83 | 1.87 | 1.68 | 1.41 | 0.28 | 1.55 | 1.09 | 0.93 | 0.77 | 0.65 | 0.56 | 0.22 | 0.46 | 0.42 |
| EPS Growth % | 30.61% | 33.04% | -622.58% | 85.94% | -335.83% | 592.11% | -132.48% | 125.94% | 34.26% | -453.61% | 10.23% | -21.43% | 3.7% | -0.92% | 28.24% | -6.59% | -0.55% | -2.14% | 11.31% | 19.15% | 403.57% | -81.94% | 42.2% | 17.2% | 20.78% | 18.46% | 16.07% | 154.55% | -52.17% | 9.52% | 27.27% |
| EPS (Basic) | - | -3.00 | -4.48 | -0.62 | -4.41 | 1.88 | -0.38 | 1.18 | -4.51 | -6.86 | 1.97 | 1.79 | 2.28 | 2.20 | 2.22 | 1.73 | 1.85 | 1.85 | 1.90 | 1.71 | 1.44 | 0.29 | 1.58 | 1.11 | 0.95 | 0.78 | 0.65 | 0.57 | 0.22 | 0.46 | 0.42 |
| Diluted Shares Outstanding | 199.9M | 199.4M | 203.2M | 212M | 215.5M | 220.2M | 219.2M | 224.4M | 224.3M | 229.4M | 221.6M | 142.5M | 144.2M | 145M | 143.94M | 143.55M | 145.99M | 150.1M | 151.68M | 154.72M | 158.27M | 162.02M | 164.03M | 161.29M | 159.99M | 157.95M | 157.12M | 158.73M | 160.79M | 162.69M | 161.52M |
| Basic Shares Outstanding | 199.9M | 199.4M | 203.2M | 212M | 215.5M | 218.4M | 219.2M | 223.1M | 224.17M | 229.29M | 218M | 140M | 141.7M | 142.7M | 141.85M | 141.39M | 143.98M | 148.32M | 149.07M | 151.71M | 155.23M | 159.19M | 160.77M | 157.65M | 156.36M | 155.34M | 155.57M | 158.26M | 159.99M | 161.81M | 161.52M |
| Dividend Payout Ratio | - | - | - | - | - | 22.38% | - | 31.64% | - | - | 15.03% | 15.92% | 11.55% | 11.11% | 10% | 11.71% | 10.94% | 10.88% | 9.49% | 9.68% | 9.77% | 42.15% | 6.25% | 8.61% | 9.7% | 11.71% | 12.87% | 13.19% | 31.61% | 13.67% | 13.24% |
Persistent Structural Impairment Charges
According to recent quarterly filings, XRAY's revenue growth has struggled to maintain positive momentum, with the most recent period showing a marginal 0.1% increase, reflecting the broader challenges in sustaining demand across its core dental equipment and consumables segments in a high-interest rate environment.
The lack of meaningful top-line expansion suggests that the company is struggling to offset the cyclical downturn in dental office capital expenditures. Investors should monitor whether this stagnation is a temporary reflection of macroeconomic headwinds or a more permanent loss of market share to value-tier competitors.
As reported in financial statements, XRAY's gross margin has compressed to 48.5% in 2026Q1, down from historical peaks above 53%, indicating that the company is facing significant difficulty in maintaining pricing power amidst intensifying competition and rising input costs for its specialized dental hardware.
This margin contraction implies that the company's premium positioning is being challenged, potentially forcing management to choose between volume loss or further price concessions. The inability to defend these margins suggests that the competitive moat provided by the CEREC ecosystem may be narrowing in the face of commoditization.
Based on XRAY's reported figures, the persistent gap between operating income and net income, highlighted by a net loss of $10 million in 2026Q1, suggests that recurring non-cash charges and restructuring costs continue to severely distort the company's underlying operational profitability and earnings potential.
The frequent appearance of large negative net income figures indicates that the company is likely still absorbing the impact of past acquisition failures, such as the Byte divestiture. This pattern warrants further investigation into whether these charges are truly non-recurring or if they represent a fundamental flaw in capital allocation strategy.
Data from recent income statements reveals that SG&A expenses remain stubbornly high at $351 million, representing a significant portion of revenue that prevents the company from achieving consistent operating leverage, even during periods where gross profit shows signs of stabilization or slight recovery.
The failure to scale SG&A relative to revenue suggests that the company's current organizational structure is bloated and potentially inefficient. Management's inability to streamline these costs implies that the integration of disparate business units remains a significant drag on the firm's path to sustainable profitability.
As evidenced by the volatile net margin profile, which reached a low of -51.9% in 2024Q3, the primary risk for investors is that the company's current restructuring efforts may fail to address the fundamental decline in its high-margin equipment segment's long-term competitive relevance.
Short-sellers would likely focus on the recurring nature of these impairments as evidence that the company's asset base is overvalued. If the firm cannot demonstrate a clear path to positive net margins, the market may continue to apply a significant discount to its valuation relative to more stable peers.
Quick answers to the most common questions about buying XRAY stock.
For fiscal year 2025, DENTSPLY SIRONA Inc. (XRAY) reported total revenue of $3.68B. This represents a 460.5% increase compared to $656.6M in 1996.
DENTSPLY SIRONA Inc. (XRAY) reported a net loss of $598.0M for the fiscal year ending 2025.
DENTSPLY SIRONA Inc. (XRAY) reported an operating income of $252.0M, resulting in an operating profit margin of 6.8%. This margin reflects the operational efficiency of the business before interest and taxes.
DENTSPLY SIRONA Inc. (XRAY) generated $1.84B in gross profit for the year, representing a gross profit margin of 50.0%. This demonstrates the company's core pricing power and production efficiency.