XRAYDENTSPLY SIRONA Inc.

Dental Equipment & Supplies

Revenue: $3.7B; 3.0% YoY
Operating margin: -11.5%; 51% YoY
EBITDA: −$70M; 87% YoY
Market cap: $1.9B
Employees: 14,000; $263K revenue each
Net debt / EBITDA: —; $2.0B net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
54% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$263K · 24th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 57th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$724K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.2B	$3.9B	$4.0B	$3.8B	$3.7B	3.0%
Operating income	$608M	−$937M	−$85M	−$879M	−$422M	52%
Net income	$411M	−$950M	−$132M	−$910M	−$598M	34%
Operating cash flow	$657M	$517M	$377M	$461M	$235M	49%
Capex	$142M	$149M	$149M	$180M	$131M	27%
Stock-based comp	$48M	$59M	$46M	$39M	$33M	15%
Buybacks	$200M	$150M	$300M	$250M	$0	100%
Dividends	$92M	$104M	$116M	$126M	$128M	1.6%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2M · 11
Open-market sells, 12 mo: $916K · 1
Net: $724K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	24	148
FY2024	—	—	39	129
FY2023	—	—	71	126
FY2022	—	—	62	124
FY2021	—	—	107	126