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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
Dentsply Sirona reported revenue of $3.7B in the fiscal year ended Dec 2025, down 3.0% from the year before. Operating income was −$422M, an operating margin of −11.5%, and net income was −$598M. Operating cash flow of $235M less capital expenditure of $131M left free cash flow of $104M. Net debt was $1.9B.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,231 | 3,922 | 3,965 | 3,793 | 3,680 |
| Cost of revenue | 1,884 | 1,795 | 1,879 | 1,835 | 1,840 |
| Gross profit | 2,347 | 2,127 | 2,086 | 1,958 | 1,840 |
| Research & development | 171 | 174 | 184 | 165 | 150 |
| Selling, general & admin | 1,551 | 1,589 | 1,613 | 1,605 | 1,438 |
| Operating income | 608 | −937 | −85.0 | −879 | −422 |
| Interest expense | 61.0 | 65.0 | 81.0 | 69.0 | 88.0 |
| Pre-tax income | 545 | −1,055 | −175 | −936 | −486 |
| Income tax | 134 | −105 | −43.0 | −26.0 | 112 |
| Net income | 411 | −950 | −132 | −910 | −598 |
| Diluted EPS | 1.87 | −4.41 | −0.62 | −4.48 | −3.00 |
| Diluted shares | 220 | 216 | 212 | 203 | 199 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 339 | 365 | 334 | 272 | 326 |
| Receivables | 750 | 632 | 695 | 556 | 688 |
| Inventory | 515 | 627 | 624 | 564 | 642 |
| Current assets | 1,852 | 1,893 | 1,973 | 1,746 | 2,023 |
| Net PP&E | 773 | 761 | 800 | 766 | 861 |
| Goodwill | 3,976 | 2,688 | 2,438 | 1,597 | 1,148 |
| Total assets | 9,239 | 7,643 | 7,370 | 5,753 | 5,429 |
| Payables | 262 | 279 | 305 | 241 | 300 |
| Deferred revenue | 68.0 | 84.0 | 91.0 | 95.0 | 74.0 |
| Current liabilities | 1,261 | 1,170 | 1,425 | 1,589 | 1,343 |
| Short-term debt | 1.0 | 1.0 | 77.0 | 128 | 228 |
| Long-term debt | 1,913 | 1,826 | 1,796 | 1,586 | 2,015 |
| Total liabilities | 4,242 | 3,831 | 4,076 | 3,810 | 4,089 |
| Shareholders' equity | 4,996 | 3,811 | 3,293 | 1,942 | 1,339 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 657 | 517 | 377 | 461 | 235 |
| Capital expenditure | 142 | 149 | 149 | 180 | 131 |
| Free cash flow | 515 | 368 | 228 | 281 | 104 |
| Depreciation & amortisation | 347 | 328 | 343 | 349 | 352 |
| Stock-based compensation | 48.0 | 59.0 | 46.0 | 39.0 | 33.0 |
| Acquisitions | 248 | 0.0 | – | – | – |
| Share buybacks | 200 | 150 | 300 | 250 | 0.0 |
| Dividends paid | 92.0 | 104 | 116 | 126 | 128 |
| Dividend per share | 0.43 | 0.50 | 0.56 | 0.64 | 0.64 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −7.3% | 1.1% | −4.3% | −3.0% |
| Operating income growth (YoY) | – | −254.1% | – | – | – |
| EPS growth (YoY) | – | −335.8% | – | – | – |
| Gross margin | 55.5% | 54.2% | 52.6% | 51.6% | 50.0% |
| Operating margin | 14.4% | −23.9% | −2.1% | −23.2% | −11.5% |
| Net margin | 9.7% | −24.2% | −3.3% | −24.0% | −16.3% |
| Return on equityBlank when equity is negative | 8.2% | −24.9% | −4.0% | −46.9% | −44.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.6% | −14.5% | −1.4% | −21.1% | −10.3% |
| Free cash flow margin | 12.2% | 9.4% | 5.8% | 7.4% | 2.8% |
| Cash conversion (CFO ÷ net income) | 1.60x | −0.54x | −2.86x | −0.51x | −0.39x |
| Receivable days | 65 | 59 | 64 | 54 | 68 |
| Inventory days | 100 | 127 | 121 | 112 | 127 |
| Payable days | 51 | 57 | 59 | 48 | 60 |
| Interest cover | 9.97x | −14.4x | −1.05x | −12.7x | −4.80x |
| Debt ÷ equity | 0.38x | 0.48x | 0.57x | 0.88x | 1.68x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,575 | 1,462 | 1,539 | 1,442 | 1,917 |
| Current ratio | 1.47x | 1.62x | 1.38x | 1.10x | 1.51x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.