Capital investment and capacitymixed · 5 filings
“Cash used in investing activities increased compared to the six months ended June 30, 2025, primarily driven by higher capital expenditures.”10-Q · Aug 6, 2026 ↗
DENTSPLY SIRONA Inc.
XRAY
Market read
DENTSPLY SIRONA Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 32 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
What changed
- Operating income moved from a loss to a profit in the comparable period.
- Revenue decreased 4.1% versus the comparable filing period.
Company-0.5% todayVolume comparison unavailable
Market group0 of 32 activeConsumer Cyclicals · unavailable
Disclosed network0 of 3 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Cash used in investing activities increased in the six months ended June 30, primarily because capital expenditures rose 88.2% year over year.
- The latest three months included lower volumes in OIS, CTS, and EDS, plus unfavorable pricing in EMEA and APAC, partly offset by Americas pricing and new Wellspect products.
Invalidation: The isolated read changes if XRAY's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 32 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
Evidence that supports
- Operating income moved from a loss to a profit in the comparable period.
Evidence that challenges
- Revenue decreased 4.1% versus the comparable filing period.
- Cash declined 120.0M versus the comparable period.
What would clarify the read
- Cash used in investing activities increased in the six months ended June 30, primarily because capital expenditures rose 88.2% year over year.
- The latest three months included lower volumes in OIS, CTS, and EDS, plus unfavorable pricing in EMEA and APAC, partly offset by Americas pricing and new Wellspect products.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements226
Verified relationships3
Evidence supporting the case
- Operating margin changed +11.7 percentage points in the latest annual period.
- Net margin changed +7.7 percentage points in the latest annual period.
- Product pipeline and R&D has repeated favorable evidence across 5 filings.
Evidence challenging the case
- Latest annual revenue changed -3.0% year over year.
- Capital investment and capacity has repeated adverse evidence across 5 filings.
- Demand and volume has repeated adverse evidence across 5 filings.
- Input and raw-material costs has repeated adverse evidence across 5 filings.
- Restructuring and cost reductions has repeated adverse evidence across 5 filings.
- Tariffs and trade policy has repeated adverse evidence across 5 filings.
- Industry cycle and competition has repeated adverse evidence across 3 filings.
Questions before a position
- EV/sales is 56% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
10.466m-11.4%12m-23.7%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$4.2B+26.7%$1.87+0.5%
2022-12-31$3.9B-7.3%$-4.41-2.1%
2023-12-31$4.0B+1.1%$-0.62-1.6%
2024-12-31$3.8B-4.3%$-4.48-4.2%
2025-12-31$3.7B-3.0%$-3.00-1.9%
What management says matters
Persistent and emerging business drivers
Credit and interest ratesmixed · 5 filings
“Interest expense, net for the six months ended June 30, 2026 increased compared to the six months ended June 30, 2025 primarily due to higher borrowing costs experienced during the first quarter of 2026.”10-Q · Aug 6, 2026 ↗
Demand and volumemixed · 5 filings
“The decrease in segment adjusted operating income for the six months ended June 30, 2026 is due to unfavorable product mix, lower volumes, and unfavorable pricing.”10-Q · Aug 6, 2026 ↗
Input and raw-material costsnegative · 5 filings
“The decrease in segment adjusted operating income for the six months ended June 30, 2026 is due to unfavorable product mix and a one time write-off resulting from a change in manufacturing process.”10-Q · Aug 6, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.6× · EV/sales 1.0×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
10.46-0.5% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for XRAY. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
The latest filing shows material pressure
10-Q filed 2026-08-06 against the comparable filing from 2025-08-07.
OperationsmixedEvidence score 0
liquiditycautiousEvidence score -1
valuationdiscount
Capital and cash conversion
Inventory built faster than revenue
Inventory growth exceeded revenue growth and inventory intensity increased.
- Capital spending YoY
- +88.2%
- Capital spending / revenue
- +5.4%
- Free-cash-flow margin
- +2.4%
- FCF margin change
- +2.2 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Operating income moved from a loss to a profit in the comparable period.
What weakened
- Revenue decreased 4.1% versus the comparable filing period.
- Cash declined 120.0M versus the comparable period.
Filing receipts
“The increase was partially offset by lower volumes in the OIS and EDS segments, unfavorable product mix, higher expenses related to tariffs, and the unfavorable pricing as noted in the Net Sales by Segment section.”
“NM - Not meaningful Interest expense, net Interest expense, net for the three months ended June 30, 2026 decreased compared to the three months ended June 30, 2025 primarily due to lower average debt balances and higher interest income, primarily attributable to the interest income related to tariff refunds.”
“The decrease was partially offset by favorable pricing in the Americas, higher volumes of CTS products in APAC, and higher volumes of Wellspect products driven by new product introductions.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind XRAY
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
HSIC10.0% of XRAYcustomerFeb 26, 2026 ▾
“Customers that accounted for 10% or more of net sales or accounts receivable for the year ended December 31, 2025 were as follows: 2025 % of net sales % of accounts receivable Henry Schein, Inc.”
PTENPatterson-UTI Energy, Inc.supplierFeb 26, 2026 ▾
“Recent Developments As previously disclosed in the Company’s Current Report on Form 8-K filed January 14, 2026, the Company entered into new non-exclusive distribution agreements with Patterson Dental Holdings, a leading supplier of products and services to t…”
Depended on by
SOLVSolventum CorporationcompetitorFeb 27, 2026 ▾
“Principal multinational competitors within the oral care market include Dentsply Sirona, Envista, and Straumann, all of which compete with both dental and orthodontic solutions, and Ivoclar, which competes with only dental solution offerings, and Align Techno…”
Filing peers
No filing peers are available for this name yet.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
XRAY is currently a Follower in the organic co-movement group Consumer Cyclicals. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.