# Henry Schein Inc (HSIC) — Stock CV

Henry Schein Inc 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.

> 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.

## Identity

- **Ticker**: HSIC
- **Sector**: Industrials
- **Industry**: Wholesale-Medical, Dental & Hospital Equipment & Supplies
- **Headquarters**: MELVILLE, NY
- **Employees**: 25 000
- **Website**: https://www.henryschein.com
- **Market cap**: $9.36B
- **Last price**: $83.99
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $13.6B
- **Net income**: $403M
- **Free cash flow**: $569M
- **Net debt**: $2.92B
- **P/E**: 23.2
- **Revenue growth (YoY)**: 6.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 70 |
| Growth | 37 |
| Profitability | 35 |
| Health | 60 |
| Quality | 85 |
| Moat | 63 |

## Qualifications (beginner checklist) — 8 of 10 passed

- [x] Revenue growing — +6.5% YoY
- [x] Profitable — $403M TTM
- [ ] Profit growing — -5.7% YoY
- [x] Generates cash — $569M TTM
- [ ] Debt under control — ~5.1y of cash flow to repay
- [x] Established company — $9.36B market cap
- [x] Not printing shares — -15.1% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 2.1 — grey
- [x] Valuation not extreme — P/E 23.2

## Experience (career milestones)

- **2023** — Henry Schein acquired Biotech Dental, a provider of dental implants, clear aligners
- **2022** — Henry Schein acquired Condor Dental, a dental distribution company
- **FY2019** — Best year on record: $695M net income
- **2019** — Henry Schein spun off the company's animal health business and merged it with Vets First Choice to…
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $11.6B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2016** — Zahn Dental, Henry Schein's laboratory supply business, acquired Custom Automated Prosthetics in June 2016
- **2013** — Butler Schein Animal Health was rebranded as Henry Schein Animal Health in 2013
- **2004** — Henry Schein announced the acquisition of demedis GmbH and Euro Dental Holding GmbH in June 2004
- **1997** — Henry Schein acquired Sullivan Dental Products and Dentrix Dental Systems, making it the world's largest…
- **1995** — Securities and Exchange Commission in 1995 to sell 6.2 million shares in an initial public offering with William…
- **1989** — Between 1989 and 2016, Henry Schein purchased approximately 200 companies
- **1971** — Marvin Schein, Henry Schein's son, took over management of daily operations in 1971

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $12.4B | $631M | $631M |
| FY2022 | $12.6B | $538M | $506M |
| FY2023 | $12.3B | $416M | $353M |
| FY2024 | $12.7B | $390M | $700M |
| FY2025 | $13.2B | $398M | $573M |

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Source: https://stockcv.com/HSIC — derived from company filings; may be delayed or incomplete. Information, not investment advice.