The business behind the dividend
| Measure | XRAY | Median | Formula |
|---|---|---|---|
| Return on equity | -44.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -11.8% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-377.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $104.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -11.5% | 14.3% | Operating income ÷ revenue |
| Net margin | -16.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.68x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -4.80x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.51x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.96x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -15.3% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -44.7% | -46.9% | -4.0% | -24.9% | 8.2% | -1.5% | 5.0% | -19.7% | -23.4% | 5.3% | -19.7% |
| Return on capital employed | -11.8% | -24.0% | -1.6% | -16.6% | 8.8% | -0.0% | 5.4% | -14.3% | -19.0% | 4.7% | -11.8% |
| Operating margin | -11.5% | -23.2% | -2.1% | -23.9% | 14.4% | -0.1% | 8.8% | -24.0% | -39.1% | 12.1% | -11.5% |
| Net margin | -16.2% | -24.0% | -3.3% | -24.2% | 9.7% | -2.2% | 6.4% | -25.4% | -38.8% | 11.5% | -16.2% |
| Debt to equity | 1.68x | 0.88x | 0.57x | 0.48x | 0.38x | 0.46x | 0.28x | 0.31x | 0.24x | 0.19x | 0.38x |
| Current ratio | 1.51x | 1.10x | 1.38x | 1.62x | 1.47x | 1.31x | 2.01x | 1.86x | 2.10x | 2.27x | 1.51x |
| Cash conversion | — | — | — | — | 1.60x | — | 2.50x | — | — | 1.31x | 1.60x |
How it compares in health care
Among the 60 health care companies here measured on free cash flow, Dentsply Sirona pays out less than 0 of them. The median for that group is 29.8%, against this company’s 123.1%.
Closest on free cash flow
- Pfizer (PFE) 107.7%
- PERRIGO (PRGO) 109.8%
- 3M (MMM) 111.9%
- Humana (HUM) 114.7%
Same sector and same denominator, so the figures are comparable. All 76 in health care →