Free cash flow has turned negative to -$12 million in 2026Q1, reflecting a significant disconnect between accounting results and cash-generating capacity.
| 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 |
|---|
| Cash from Operations | 268M | 235M | 461M | 377M | 517M | 657M | 649M | 632.8M | 499.8M | 601.9M | 563.4M | 497.4M | 560.4M | 417.85M | 369.69M | 393.47M | 362.32M | 362.49M | 335.98M | 387.7M | 271.86M | 232.77M | 306.26M | 257.99M | 172.98M | 211.07M | 145.62M | 121.3M | 93.7M | 94.3M | 83.2M |
| Operating CF Margin % | - | 6.39% | 12.15% | 9.51% | 13.18% | 15.53% | 19.44% | 15.73% | 12.54% | 15.07% | 15.04% | 18.6% | 19.17% | 14.16% | 12.62% | 15.5% | 16.31% | 16.78% | 15.32% | 19.29% | 15.02% | 13.57% | 18.08% | 16.42% | 11.43% | 18.69% | 16.37% | 14.6% | 11.78% | 13.08% | 12.67% |
| Operating CF Growth % | 366.63% | -49.02% | 22.28% | -27.08% | -21.31% | 1.23% | 2.56% | 26.61% | -16.96% | 6.83% | 13.27% | -11.24% | 34.12% | 13.03% | -6.04% | 8.6% | -0.05% | 7.89% | -13.34% | 42.61% | 16.79% | -24% | 18.71% | 49.14% | -18.04% | 44.94% | 20.05% | 29.46% | -0.64% | 13.34% | 23.26% |
| Net Income | -628M | -598M | -910M | -132M | -950M | 411M | -73M | 263.1M | -1.01B | -1.57B | 431.4M | 251.1M | 322.91M | 318.16M | 318.49M | 247.45M | 267.33M | 274.41M | 283.87M | 259.65M | 223.72M | 45.41M | 210.29M | 169.85M | 147.95M | 121.5M | 101.02M | 89.9M | 34.8M | 74.6M | 67.2M |
| Depreciation & Amortization | 353M | 352M | 349M | 343M | 328M | 346M | 334M | 322.8M | 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 |
| Stock-Based Compensation | 16M | 33M | 39M | 46M | 59M | 48M | 47M | 66.2M | 21M | 48M | 41.3M | 25.6M | 25.43M | 25.1M | 22.19M | 20.95M | 18.8M | 16.28M | 17.29M | 14.09M | 19.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -31M | 30M | -136M | -130M | -228M | -25M | -62M | -37.4M | -62M | -143.8M | -110.1M | 15.8M | 15.39M | -31.56M | -78.54M | -88.4M | 1.39M | 195K | 13.37M | 25.57M | 53.7M | -91.78M | 7.06M | 32.41M | -6.02M | 6.45M | 4.25M | 5.9M | -22.1M | -1.8M | -3M |
| Other Non-Cash Items | 668M | 640M | 1.02B | 339M | 1.39B | 3M | 203M | 50M | 1.26B | 2.08B | -15M | 43.9M | 21.2M | 38.5M | 15.79M | 29.64M | -5.33M | -13.78M | -6.97M | -21.16M | 21.3M | 233.23M | -57.99M | 5.83M | 9.77M | -20.32M | 2.76M | 2.13M | 72.61M | 800K | 700K |
| Working Capital Changes | -111M | -222M | 95M | -89M | -78M | -126M | 200M | -19.8M | -33.2M | -144.8M | -43.2M | 38.1M | 46.48M | -60.22M | -38.55M | 95.99M | 5.38M | 20.21M | -28.51M | 46.75M | -74.29M | -3.67M | 55.82M | 4.24M | -22.58M | 49.11M | -3.76M | -14.6M | -27.5M | -11.7M | -9.8M |
| Change in Receivables | 0 | -91M | 104M | -58M | 85M | -117M | 131M | -91.4M | 23.5M | -63.4M | -75.1M | -900K | 7.2M | -32.53M | -12.59M | 1.47M | 5.12M | -3.74M | -3.69M | 9.03M | -19.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -14M | -17M | 17M | 6M | -141M | -64M | 123M | 13.7M | -19.9M | -62.9M | 65.4M | 32.1M | 21.03M | -25.37M | -36.79M | 21.5M | -9.31M | 27.71M | -32.82M | -716K | -10.78M | -7.46M | 4.1M | 15.2M | -8.94M | 14.76M | -1.22M | 4.4M | -5.6M | 1.7M | 300K |
| Change in Payables | -1M | 11M | -30M | 14M | 30M | -49M | -28M | 26.1M | 7.1M | 44.2M | 7.2M | 8.8M | 10.04M | -36.73M | 12.84M | 10.82M | 2.17M | -4.95M | 5.43M | -7.39M | -6.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -168M | -132M | -197M | -89M | -138M | -358M | -1.11B | -68.4M | -253.3M | -286.4M | 60M | -54.9M | 138.69M | 260.23M | -115.02M | -1.89B | -129.49M | -53.4M | -47.8M | -299.39M | -76.29M | -42.47M | 25.61M | -69.38M | -84.5M | -814.69M | -44.63M | -35.5M | -142.4M | -111.2M | -98.7M |
| Capital Expenditures | -164M | -131M | -180M | -149M | -149M | -142M | -87M | -122.9M | -188M | -151M | -126.1M | -72M | -105.77M | -101.42M | -95.4M | -74.25M | -45.84M | -56.49M | -78.92M | -65.83M | -52.61M | -45.29M | -56.26M | -78.99M | -57.45M | -49.34M | -28.43M | -36.7M | -139.9M | -108.9M | -23.8M |
| CapEx % of Revenue | 4.46% | 3.56% | 4.75% | 3.76% | 3.8% | 3.36% | 2.61% | 3.06% | 4.72% | 3.78% | 3.37% | 2.69% | 3.62% | 3.44% | 3.26% | 2.93% | 2.06% | 2.62% | 3.6% | 3.28% | 2.91% | 2.64% | 3.32% | 5.03% | 3.8% | 4.37% | 3.19% | 4.42% | 17.6% | 15.11% | 3.62% |
| Acquisitions | -1M | 0 | 0 | 13M | 0 | -220M | -1.08B | 8.4M | -130.5M | -145.9M | -335.7M | -54M | -2.04M | -66.25M | -4.86M | -1.79B | -35.56M | -2.99M | -117.3M | -101.49M | -32.08M | -18.1M | -17.16M | -15.04M | -49.8M | -812.52M | -14.99M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4M | -1M | -17M | 47M | -2M | 2M | 1M | -117M | -179.3M | -144.5M | 399.5M | -105.8M | -106.1M | -99.9M | -95.94M | -89.84M | -93.93M | -50.63M | -78.32M | 6.33M | 8.18M | 24.39M | 13.55M | 6.05M | 22.76M | 47.17M | -1.21M | -1.43M | -4.13M | -2.3M | -74.9M |
| Cash from Financing | -322M | -80M | -302M | -307M | -329M | -379M | 476M | -466.1M | -249.8M | -400.8M | -526.2M | -302.9M | 336.18M | 161.69M | -255.61M | 1B | -101.4M | -71.42M | -229.09M | 3.24M | -612.57M | -212.37M | -16.07M | -60.77M | -99.37M | 624.9M | -99.11M | -83M | 51.4M | 23.7M | 19.3M |
| Debt Issued (Net) | -107M | 54M | 90M | 119M | -60M | -102M | 749M | -200.8M | 51M | -3.4M | 299M | -116.8M | -84.9M | -19.5M | -228.91M | 1.12B | 116.82M | 20.22M | -106.14M | 96.79M | -362.01M | -60.25M | -21.53M | -73.38M | -94.01M | 623.5M | -53.44M | -73.63M | 98.15M | 27.2M | 29.1M |
| Equity Issued (Net) | 0 | 0 | -250M | -300M | -150M | -200M | -228M | -260M | -250M | -401.4M | -813.9M | -112.7M | -163.2M | -118M | -38.84M | -79.5M | -223.99M | -78.72M | -112.63M | -125.42M | -240.16M | -132.98M | 7.62M | 16.87M | 9.05M | 7.14M | -32.67M | 285K | -38.23M | 6.8M | -2.3M |
| Dividends Paid | -128M | -128M | -126M | -116M | -104M | -92M | -88M | -80.9M | -78.6M | -78.3M | -64.6M | -40M | -37.39M | -34.87M | -31.43M | -28.63M | -29.08M | -29.84M | -26.95M | -25.13M | -21.86M | -19.14M | -15.82M | -15M | -14.36M | -14.23M | -13M | -11.9M | -11M | -10.2M | -8.9M |
| Share Repurchases | 0 | 0 | -250M | -300M | -150M | -200M | -228M | -260M | -250M | -401.4M | -813.9M | -112.7M | -163.2M | -118M | -38.84M | -79.5M | -223.99M | -78.72M | -112.63M | -125.42M | -293.77M | -164.76M | -37.7M | 0 | 0 | -875K | -40.09M | -3.89M | -42.05M | -900K | -3.8M |
| Other Financing | -87M | -6M | -16M | -10M | -15M | 15M | 43M | 75.6M | 27.8M | 82.3M | 53.3M | -33.4M | -50.66M | 10.67M | 43.56M | -14.28M | 34.85M | 16.91M | 16.64M | 57.01M | 11.46M | 0 | 13.66M | 0 | -53K | 8.49M | 0 | 0 | 46K | -100K | 1.4M |
| Net Change in Cash | -208M | 54M | -62M | -31M | 26M | -99M | 33M | 95.3M | -11M | -63.3M | 99.3M | 133M | 76.69M | -5.18M | 3M | -462.91M | 89.69M | 246.36M | 34.61M | 104.32M | -368.92M | -71.84M | 342.61M | 138.1M | -8.06M | 18.28M | 4.01M | -1.4M | -1.2M | 4.2M | 1.7M |
| Free Cash Flow | 104M | 104M | 281M | 228M | 368M | 515M | 562M | 509.9M | 311.8M | 450.9M | 437.3M | 425.4M | 454.63M | 316.43M | 274.28M | 319.21M | 316.48M | 305.99M | 257.06M | 321.87M | 219.24M | 187.48M | 250M | 179M | 115.53M | 161.73M | 117.2M | 84.6M | -46.2M | -14.6M | 59.4M |
| FCF Margin % | 2.83% | 2.83% | 7.41% | 5.75% | 9.38% | 12.17% | 16.83% | 12.68% | 7.82% | 11.29% | 11.68% | 15.91% | 15.56% | 10.72% | 9.37% | 12.58% | 14.25% | 14.17% | 11.72% | 16.01% | 12.11% | 10.93% | 14.76% | 11.39% | 7.63% | 14.32% | 13.17% | 10.18% | -5.81% | -2.03% | 9.05% |
| FCF Growth % | -62.59% | -62.99% | 23.25% | -38.04% | -28.54% | -8.36% | 10.22% | 63.53% | -30.85% | 3.11% | 2.8% | -6.43% | 43.68% | 15.36% | -14.08% | 0.86% | 3.43% | 19.03% | -20.13% | 46.81% | 16.94% | -25.01% | 39.67% | 54.94% | -28.57% | 38% | 38.53% | 283.12% | -216.44% | -124.58% | 19.04% |
| FCF per Share | 0.52 | 0.52 | 1.38 | 1.08 | 1.71 | 2.34 | 2.56 | 2.27 | 1.39 | 1.97 | 1.97 | 2.99 | 3.15 | 2.18 | 1.91 | 2.22 | 2.17 | 2.04 | 1.69 | 2.08 | 1.39 | 1.16 | 1.52 | 1.11 | 0.72 | 1.02 | 0.75 | 0.53 | -0.29 | -0.09 | 0.37 |
| FCF Conversion (FCF/Net Income) | -0.17x | -0.39x | -0.51x | -2.86x | -0.54x | 1.60x | -8.89x | 2.47x | -0.49x | -0.39x | 1.31x | 1.98x | 1.74x | 1.33x | 1.18x | 1.61x | 1.36x | 1.32x | 1.18x | 1.49x | 1.22x | 5.13x | 1.21x | 1.48x | 1.17x | 1.74x | 1.44x | 1.35x | 2.69x | 1.26x | 1.24x |
| Interest Paid | 0 | 0 | 91M | 97M | 70M | 64M | 45M | 30M | 35M | 37M | 36.7M | 54.9M | 47.8M | 50.5M | 60.17M | 34.05M | 21.86M | 23.23M | 34.22M | 21.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 74M | 177M | 122M | 148M | 82M | 112M | 105M | 122.7M | 112.3M | -71.4M | -48.7M | 49.8M | 109.54M | 58.65M | 64.79M | 76.21M | 66.7M | 38.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Cash Flow Volatility
According to recent financial disclosures, XRAY's operating cash flow to net income ratio has frequently turned negative, with the 2026Q1 figure of -4.00 highlighting a profound disconnect between reported accounting losses and the actual cash-generating capacity of the underlying dental equipment and consumables business model.
The persistent divergence between net income and operating cash flow suggests that non-cash charges, likely related to restructuring and asset impairments, are masking the true operational cash profile. Investors should monitor whether this gap narrows as the company attempts to stabilize its cost structure, as current figures imply that accounting earnings are not a reliable proxy for cash liquidity.
As reported in quarterly filings, XRAY's free cash flow has exhibited extreme volatility, swinging from a peak of $156 million in 2024Q2 to a deficit of $12 million in 2026Q1, indicating that the company struggles to maintain consistent cash generation amidst its ongoing operational restructuring efforts.
The inability to sustain positive free cash flow suggests that the company's capital-intensive business model is highly sensitive to cyclical demand shifts and internal integration costs. This inconsistency warrants further investigation into whether the current cash burn is a temporary byproduct of strategic realignment or a sign of structural margin degradation.
Based on the provided data, XRAY's capital expenditure as a percentage of revenue reached 5.9% in 2026Q1, reflecting a sustained commitment to maintaining its manufacturing footprint despite the company's broader struggle to achieve consistent profitability across its core dental technology and equipment segments.
High capital intensity relative to revenue suggests that the company must continue to invest heavily in its specialized manufacturing and R&D to defend its market position. If these investments do not yield a corresponding improvement in operating margins, the company may face increasing pressure on its liquidity profile.
Data from recent financial statements reveals significant fluctuations in working capital, including a $113 million outflow in 2025Q2, which suggests that the company's cash conversion cycle remains highly sensitive to inventory management and the timing of collections within its global dental distribution network.
These erratic working capital movements imply that the company may be struggling to optimize its supply chain or manage customer payment terms effectively during periods of market volatility. Investors should monitor these trends closely, as they may indicate underlying inefficiencies in how the company manages its inventory of high-ticket dental hardware.
Quick answers to the most common questions about buying XRAY stock.
DENTSPLY SIRONA Inc. (XRAY) generated $235.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DENTSPLY SIRONA Inc. (XRAY) generated $104.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
DENTSPLY SIRONA Inc. (XRAY) spent $131.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, DENTSPLY SIRONA Inc. (XRAY) returned $128.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.