Henry Schein Inc

Wholesale-Medical, Dental & Hospital Equipment & Supplies

HSICMixed8 of 10 basics passed

$83.99

-0.76%

Market cap $9.36B

$83.99

-0.76%

Market cap $9.36B

Henry Schein Inc is a solutions company for healthcare professionals. It offers healthcare equipment, products, and services to office-based dental and medical practitioners, as well as alternative sites of care.

It is a $9.36B industrial company. Revenue grew 6.5% over the last year, it keeps 3¢ of every dollar of sales as profit, and its net debt equals ~5.1 years of free cash flow. It trades at 23.2× earnings — in the most expensive third of its own history.

Website: henryschein.com
Location: Melville, NY
Employees: 25 000
Sector: Industrials

Share price · 3 years

$74.20 → $83.99+13.2%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $13.6B
Profit: keeps 3¢ of every $1 sold; $403M
Free cash flow: cash left after running the business; $569M
Net debt: debt minus cash on hand; $2.92B
P/E: years of profit in the price; 23.2
EPS: earnings per share, TTM; $3.31
Shares: down 26% since 2016 — buybacks; 121.7M
Volatility: beta vs the market — under 1 swings less; 0.86

Revenue, last 10 years

52-week range

Low $62.03$83.99High $90.86

Today's price is 76% of the way from the year's low to its high.

P/E vs its history5y

23.2×median 21.9×

Higher than 69% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

23.2×

32%

P/S

0.7×

84%

EV/EBITDA

18.0×

45%

P/B

2.0×

100%

FCF yield

6.1%

72%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Standing in Industrials

Size$9.36Btop 83%
Revenue growth+1%top 64%
Net margin3%top 88%
Return on equity12%top 75%
P/E23.2×top 37%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong quality; Growth and Profitability lag behind.

Valuation70

P/E vs own history69th pct · 5/25
FCF yield6.1% · 20/25
P/S0.7x · 25/25
EV/EBITDA13.3x · 20/25

Growth37

Revenue CAGR1.5% · 6/25
Net income CAGR-10.9% · 0/25
EPS CAGR ~5Y3.0% · 6/25
Fwd implied growth54.4% · 25/25

Profitability35

ROIC8.4% · 12/25
ROE12.4% · 12/25
Net margin3.0% · 6/25
Operating margin5.0% · 5/25

Health60

Altman Z2.07 · 18/25
Current ratio1.32 · 12/25
Interest coverage5.6x · 18/25
Net cash / debtD/A 26% · 12/25

Quality85

Piotroski F4/9 · 10/25
Beneish M-2.54 · 25/25
FCF conversion141% · 25/25
Margin stabilityσ 1.1% · 25/25

Moat63

ROIC >12% years7/10 yrs · 20/25
Median gross margin30.0% · 6/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 3.0% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2023Acquisition
Henry Schein acquired Biotech Dental, a provider of dental implants, clear aligners
2022Acquisition
Henry Schein acquired Condor Dental, a dental distribution company
FY2019Financial
Best year on record
$695M net income
2019Milestone
Henry Schein spun off the company's animal health business and merged it with Vets First Choice to…
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $10B
$11.6B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
2016Acquisition
Zahn Dental, Henry Schein's laboratory supply business, acquired Custom Automated Prosthetics in June 2016
2013Milestone
Butler Schein Animal Health was rebranded as Henry Schein Animal Health in 2013
2004Acquisition
Henry Schein announced the acquisition of demedis GmbH and Euro Dental Holding GmbH in June 2004
1997Acquisition
Henry Schein acquired Sullivan Dental Products and Dentrix Dental Systems, making it the world's largest…
1995IPO
Securities and Exchange Commission in 1995 to sell 6.2 million shares in an initial public offering with William…
1989Acquisition
Between 1989 and 2016, Henry Schein purchased approximately 200 companies
1971Acquisition
Marvin Schein, Henry Schein's son, took over management of daily operations in 1971

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$10 708 today — price return only

$13.2B revenue in FY2025

Revenue up 6.5% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

25 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Interest covered 5.6× by operating earnings

Watch-outs

Net debt would take ~6.4 years of free cash flow to repay
Net debt equals ~5.1 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 10 checks passed

Revenue growing — the company sells more than a year ago+6.5% YoY
Profitable — makes more than it spends$403M TTM
Profit growing — earnings are higher than last year-5.7% YoY
Generates cash — cash left after running and investing$569M TTM
Debt under control — could handle its obligations~5.1y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$9.36B market cap
Not printing shares — share count not ballooning — you keep your slice-15.1% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 2.1 — grey
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 23.2

Peer comparisonHenry Schein Inc vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
HSIC this company	$9.4B	23.2	+6.5%	3.0%	Mixed
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: HSIC vs LRCX · HSIC vs CAT · HSIC vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 7Buy 8Hold 9Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $13.6B · net income $403M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$13.6B

YoY 6.5%

Net income (TTM)

$403M

Margin 3.0%

Gross margin

31.3%

Operating margin

5.0%

P/E ratio

23.2

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	10.1	12.4	12.6	12.3	12.7	13.2
Gross profit	2.8	3.7	3.8	3.9	4.0	4.1
Operating income (EBIT)	0.5	0.9	0.7	0.6	0.6	0.7
Net income	0.4	0.6	0.5	0.4	0.4	0.4
EPS (diluted)	2.82	4.45	3.91	3.16	3.05	3.27

Cash flowFree cash flow $569M · operating cash flow $700M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$569M

Margin 4.2%

Operating cash flow (TTM)

$700M

FCF margin

4.2%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.6	0.7	0.6	0.5	0.8	0.7
Capital expenditure	-0.0	-0.1	-0.1	-0.1	-0.1	-0.1
Free cash flow	0.6	0.6	0.5	0.4	0.7	0.6
FCF margin	5.4%	5.1%	4.0%	2.9%	5.5%	4.3%

Balance sheetAssets $11.2B · net debt $2.92B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $11.2B of assets is financed

66%

34%

Liabilities $6.42B — borrowed moneyEquity $3.25B — owners' stake

Cash vs debt

Total debt $3.07B − cash $156M = net debt $2.92B

Cash on hand covers 5% of debt.

Altman Z-Score

2.07

Grey zone

Debt repayment

6.4 yrs

Years of free cash flow to clear net debt

Interest coverage

5.6x

EBIT ÷ interest expense

ROE

12.4%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.4	0.1	0.1	0.2	0.1	0.2
Total assets	7.8	8.5	8.6	10.6	10.2	11.2
Total liabilities	3.5	3.8	3.9	5.4	5.4	6.4
Total debt	0.6	0.9	1.1	2.2	2.5	3.1
Equity	3.3	3.4	3.4	3.7	3.4	3.2
Net debt	0.2	0.7	1.0	2.0	2.4	2.9

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of HSIC on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $83.99 · market cap $9.36B.