@njx58 Some of the analysis in the report are a bit confusing and make me want to do more research into the study and the results.

However, in the discussion it summarizes: "In this long-term study, we demonstrated that only 16% of total fractures in women and 15% of total fractures in men were attributable to low BMD (defined as BMD T-score ≤−2.5). When low BMD was combined with advancing age, the two factors accounted for approximately one-third of all fractures. In other words, advancing age and osteoporosis did not capture 65% of all fracture cases."

it has recently been shown that a majority of fractures actually occur in those without osteoporotic BMD. In this study we confirmed that observation. Indeed, almost 73% of women and 94% of men who had sustained a fracture did not have osteoporotic BMD at baseline."