Latest Ratios: P/E Ratio -3.9x · EV/EBITDA 7.4x · 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 | $2.3B | $2.3B | $3.9B | $7.5B | $6.9B | $12.3B | $11.5B | $12.7B | $8.3B | $15.1B | $12.8B |
| Enterprise Value | $4.5B | $4.4B | $5.9B | $9.5B | $8.6B | $14.2B | $13.5B | $13.9B | $9.7B | $16.4B | $13.9B |
| P/E Ratio → | -3.88 | — | — | — | — | 29.83 | — | 48.37 | — | — | 29.76 |
| P/S Ratio | 0.63 | 0.62 | 1.02 | 1.90 | 1.75 | 2.90 | 3.44 | 3.16 | 2.09 | 3.78 | 3.42 |
| P/B Ratio | 1.73 | 1.70 | 1.98 | 2.29 | 1.80 | 2.46 | 2.33 | 2.49 | 1.63 | 2.27 | 1.57 |
| P/FCF | 22.44 | 21.91 | 13.73 | 33.09 | 18.65 | 23.85 | 20.42 | 24.90 | 26.77 | 33.49 | 29.25 |
| P/OCF | 9.93 | 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 | 7.41 | 7.32 | — | 36.86 | — | 14.93 | 40.77 | 20.55 | — | — | 19.16 |
| EV / EBIT | 17.76 | — | — | — | — | 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 | 5.5% | 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 | 4.5% | 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 | 5.5% | 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 |
Persistent Structural Impairment Charges
Based on recent market data, XRAY trades at a P/S multiple of 0.60, which appears to reflect a significant discount relative to peers like Align Technology, suggesting that investors are pricing in substantial execution risk regarding the company's ability to return to sustainable, profitable growth.
The negative TTM P/E ratio highlights the distortion caused by recurring impairment charges, rendering traditional earnings-based valuation metrics currently ineffective for assessing the firm's intrinsic value. Investors should monitor the forward P/E of 7.76 as a potential indicator of market expectations for a recovery, though this remains highly speculative given the ongoing volatility in net margins.
According to reported financial statements, XRAY's ROIC has trended into negative territory, reaching -0.8% in 2026Q1, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of capital, a stark reversal from historical performance levels.
The persistent decay in ROIC suggests that the capital deployed toward acquisitions and manufacturing upgrades has not yet yielded the anticipated operational synergies. This trend warrants further investigation into whether the current asset base is fundamentally overvalued or if the company's core business model requires a more aggressive rationalization of its capital-intensive segments.
As reported in recent filings, XRAY's cash conversion cycle has remained elevated at 141 days in 2026Q1, primarily driven by a high days inventory outstanding of 129 days, which suggests significant inefficiencies in managing the flow of specialized dental equipment and consumables through the global supply chain.
The inability to compress the cash conversion cycle indicates that the company may be holding excessive inventory to mitigate supply chain risks or that its distribution channels are experiencing slower sell-through rates. This inefficiency ties up critical liquidity and limits the company's flexibility to respond to shifting demand in the dental office CAPEX cycle.
Based on the latest quarterly data, XRAY's debt-to-equity ratio has climbed to 1.77, a concerning increase from 0.70 in 2023Q4, which indicates that the company's financial leverage is rising precisely as its equity base is being eroded by persistent net losses and asset impairment charges.
The rising leverage profile suggests that the company's reliance on debt financing is becoming more pronounced, potentially limiting future strategic flexibility and increasing interest expense burdens. Investors should monitor the interest coverage ratio, which has frequently turned negative, signaling that debt service capacity is becoming increasingly strained under current operational conditions.
The P/E ratio is the most commonly misapplied metric for XRAY, as it fails to account for the massive, non-cash impairment charges that frequently distort net income, thereby providing a misleading picture of the company's actual cash-generating ability and underlying operational health.
Analysts should instead focus on EV/EBITDA or free cash flow yield to better understand the core earning power of the business, as these metrics are less sensitive to the accounting-driven volatility of the income statement. Relying on P/E in this context obscures the reality that the company's primary challenge is operational restructuring rather than a simple cyclical earnings dip.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying XRAY stock.
DENTSPLY SIRONA Inc.'s current P/E ratio is -3.9x. The historical average is 26.9x.
DENTSPLY SIRONA Inc.'s current EV/EBITDA is 7.4x. 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 -3.9x. Compare with industry peers and growth rates for a complete picture.
DENTSPLY SIRONA Inc.'s current dividend yield is 5.51%.
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.