MeritValue

DENTSPLY SIRONA Inc.

XRAYdata completeness 100%19 fiscal years on file
The thesis, from the filings

DENTSPLY SIRONA Inc. earns about -5% on invested capital, and has bought back 9% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$4.23B1$3.92B2$3.97B3$3.79B3$3.68B3
Net income$411M4−$950M5−$132M6−$910M6−$598M6
Operating cash flow$657M7$517M8$377M9$461M9$235M9
Capital expenditure$142M10$149M10$149M11$180M11$131M11
Free cash flow (derived)$515M7$368M8$228M9$281M9$104M9
Total debt$4.02B12$3.82B13$4.1B14$4.01B15$4.83B15
Cash & equivalents$339M16$365M17$334M18$272M19$326M19
Diluted shares220.2M215.5M212.0M203.2M199.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$67.15
your share of equity
Profit it earned you last year
−$29.99
Free cash flow it threw off
$5.22
Debt you’d be carrying
$242.33

10 shares is a claim on $67.15 of net worth that earned you −$29.99 and generated $5.22 of cash last year, against $242.33 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-5% avg · 5y
FY21 5%FY22 -11%FY23 -1%FY24 -13%FY25 -7%

It earned an average -5% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−9% shares · 5y

Share count is down 9% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 20% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$228M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$228M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000818479-24-000021 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000818479-25-000035 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000818479-26-000075 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000818479-24-000021 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000818479-25-000035 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000818479-26-000075 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000818479-24-000021 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000818479-25-000035 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000818479-26-000075 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2021-12-31 · accession 0000818479-23-000062 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000818479-26-000075 (PaymentsToAcquireProductiveAssets)
  12. 10-K/A · period ending 2021-12-31 · accession 0000818479-23-000062 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-12-31 · accession 0000818479-24-000021 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0000818479-25-000035 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0000818479-26-000075 (LongTermDebtNoncurrent)
  16. 10-K/A · period ending 2021-12-31 · accession 0000818479-23-000062 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000818479-24-000021 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000818479-25-000035 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0000818479-26-000075 (CashAndCashEquivalentsAtCarryingValue)