Dentsply Sirona Inc
XRAYHeld by 3 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- -3.0%
- Net margin
- -16.3%
- ROE
- -44.7%
- FCF margin
- 2.8%
Valuation · value band
Valuation
No usable market price is available, so this page does not place price on the value gauge.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
· reproduction $3.59
Moat Below asset base.
Graham earnings-power value (normalized NOPAT)
Normalized operating earnings net of maintenance capex are non-positive over the years shown; earnings power cannot be capitalized.
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 52% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value
Normalized owner earnings are non-positive over the years shown; earnings power cannot be capitalized.
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 52% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Net debt or owner earnings is unavailable, so no adjustment is made.
Reproduction value = tangible net assets $-657.00M + capitalized R&D $373.40M（FY 2026, 2024, 2023, 2022） = $3.59 / sh. Reproduction value = intangible-inclusive net reproduction (tangible net assets + acquired-intangible reset proxy + capitalized R&D), ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.
Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 1% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
How to read intrinsic valueSEC 13F · holders
Superinvestors Holding This Security
3 holders · $112.5M combined · this quarter +1 opened / -0 exited
- Value$85.2MWeight (prev→now)0.8% → 0.8% ▲
- Value$23.4MWeight (prev→now)4.1% → 12.2% ▲
- Value$3.9MWeight (prev→now)New · 0.0%
SEC 13F · notes
Written summary
Written summary
Dentsply Sirona Inc (XRAY) is held by 3 of the superinvestors tracked on Compounder, with a combined $112.5M in reported 13F value. The largest position belongs to John Rogers, where it makes up 0.8% of the portfolio.
Other notable holders by value include Alex Roepers (12.2% of its book) and Ray Dalio (0.0% of its book).
Over the latest quarter, 1 of the tracked filers opened a new position in XRAY, 2 added to existing ones, 0 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Dentsply Sirona Inc (XRAY) also commonly hold →
- Jones Lang Lasalle IncJLL2 holders
- Generac Holdings IncGNRC2 holders
- Middleby CorpMIDD2 holders
- Zebra Technologies Corp-Cl AZBRA2 holders
- Envista Holdings CorpNVST2 holders
- Prestige Consumer HealthcarePBH2 holders
See which stocks look cheap against a conservative value band. Browse all valued stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
Stay Updated
New-quarter 13F moves and valuation updates, to your inbox.