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The Moat Index

DENTSPLY SIRONA Inc.

XRAY · Healthcare · $2.8B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

45/ 100
Shallow moat

The four filters

Pricing power88

Median gross margin 53.0% over 10y, very stable.

Returns on capital0

Median ROIC -5.7%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -5x.

Capital discipline64

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$14.06
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

DENTSPLY SIRONA Inc. booked $3.7B of revenue in FY2025 in the Healthcare sector and kept 50.0% of it as gross profit — a solid-margin business by that measure. After every other cost, −16.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $2.0B (FY2007) to $3.7B (FY2025) — about 3.4% a year compounded over 18 years.

It earned −10.0% on invested capital in FY2025, with a median of 6.8% across 19 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $2.3B of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

The share count rose 32.3% between FY2007 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 64/100.

Put together: Pricing Power is the strongest of the four filters (88/100) and Returns on Capital the weakest (0/100), which is how XRAY lands at 45/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2006–FY2025 · 20 fiscal years, normalized from XRAY’s SEC filings

RevenueSales, as filed$3.7B FY2025
$0$2B$4B2006201320202025
Gross marginRevenue kept after cost of goods50.0% FY2025
0%20%40%2006201320202025
Return on invested capitalOperating profit on the capital employed−10.0% FY2025
−20%0%20%2006201320202025
Owner earningsCash an owner could take out−$377.0M FY2025
−$1B$02006201320202025

Gaps in a line mean that item isn’t in XRAY’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.8 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — XRAY has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#171 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #169ADUS Addus HomeCare Corp45.0Shallow moat
  2. #170ZLAB ZAI LAB LIMITED44.9Shallow moat
  3. #172VCEL VERICEL CORPORATION44.8Shallow moat
  4. #173AYTU AYTU BIOPHARMA, INC44.8Shallow moat

Compare XRAY with its nearest peers →All Healthcare companies on the Index →

Common questions about XRAY

Does DENTSPLY SIRONA Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores DENTSPLY SIRONA Inc. (XRAY) 44.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 88, returns on capital 0, balance-sheet safety 28, capital discipline 64.
How has XRAY's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 44.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell XRAY. See the disclaimer.

DENTSPLY SIRONA Inc. (XRAY) Moat Score — The Moat Index · Buy Like Buffett