A Business at a Glance
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HENRY SCHEIN INC
HSIC
$10.4B
Mkt Cap
$85.47
+1.11%
HENRY SCHEIN INC (HSIC) has a current P/E ratio of 25.5, compared to its historical median P/E of 22.3. The stock is currently considered Fair based on its historical valuation range.
HENRY SCHEIN INC (HSIC) has a 5-year average return on invested capital (ROIC) of 9.7%. This is below average and may indicate limited pricing power.
HENRY SCHEIN INC (HSIC) has a market capitalization of $9.8B. It is classified as a mid-cap stock.
HENRY SCHEIN INC (HSIC) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 8.32%.
Based on historical P/E analysis, HENRY SCHEIN INC (HSIC) appears fair. The current P/E of 25.5 is 14% above its historical median of 22.3. The estimated fair value CAGR (P/E method) is -3.2%.
HENRY SCHEIN INC (HSIC) operates in the Wholesale-Medical, Dental & Hospital Equipment & Supplies industry, within the Consumer Cyclical sector.
HENRY SCHEIN INC (HSIC) reported annual revenue of $13.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Henry Schein, Inc. is a global solutions company and the world's largest provider of health care products and services to office-based dental and medical practitioners, as well as alternate sites of care including ambulatory surgery centers, government clinics, and home health providers. The company operates through three segments: Global Distribution and Value-Added Services (distributing branded and corporate-brand merchandise, equipment, and value-added services such as financial services and consulting); Global Specialty Products (manufacturing and selling dental implants, biomaterials, endodontic, orthodontic, and orthopedic products); and Global Technology (practice management software, e-services, and related products). Henry Schein serves more than one million customers worldwide through a network of 38 strategically located distribution centers and 17 manufacturing facilities, stocking over 300,000 products and leveraging omni-channel marketing including field sales consultants, e-commerce platforms (henryschein.com), telesales, and digital channels. The company's competitive advantages include 94 years of brand heritage, cost-effective purchasing through supplier consolidation, efficient distribution infrastructure, and a single-source supply model that serves customers ranging from sole practitioners to large group practices and dental support organizations. With approximately 48% of its 25,000-person workforce based in the United States and 52% internationally, Henry Schein operates in 34 countries and territories, positioning it as the only global distributor of supplies and equipment to dental practices.
【Strategic value creation acceleration】 Management is executing a multi-year value creation program targeting over $200 million in operating income improvement through both cost savings and gross margin optimization, with an expected annual run-rate benefit of over $125 million by the end of 2026. The company expects earnings growth to be weighted toward the second half of 2026 as these initiatives mature, supported by continued strength in dental equipment sales driven by dental support organization investment and confidence in the market. Management anticipates improved growth in the Global Specialty Products segment as the year progresses, with dental implant products approaching 50% of operating income by the end of 2027, while the Global Technology Group continues to deliver solid results. The company is implementing measures to mitigate the impact of rising oil prices and tariffs on freight costs and product pricing, and remains confident in achieving its long-term financial goals of high single-digit to low double-digit earnings growth.
| Metric | Target | Period |
|---|---|---|
| Total sales growth | 3%-5% | FY2026 |
| Non-GAAP diluted EPS | $5.23-$5.37 | FY2026 |
| Adjusted EBITDA growth | mid-single digits | FY2026 |
| Operating income improvement run rate | over $125 million | End of 2026 |
Total sales growth (FY2026): “Total sales growth is expected to be approximately 3%-5% over 2025.”
Non-GAAP diluted EPS (FY2026): “We expect non-GAAP diluted EPS attributable to Henry Schein, Inc. to be in the range of $5.23-$5.37.”
Adjusted EBITDA growth (FY2026): “Adjusted EBITDA is expected to grow in the mid-single digits versus 2025 adjusted EBITDA of $1.1 billion.”
Operating income improvement run rate (End of 2026): “We expect these initiatives to achieve annual run rate operating income improvement of over $125 million by the end of 2026.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Operating Segments | — | $10.97B | $10.56B | $10.76B | $11.14B | 46% |
Global Distribution and Value-Added Services | — | $10.95B | $10.53B | $10.73B | $11.12B | 46% |
Global Specialty Products | — | $1.15B | $1.21B | $1.31B | $1.39B | 6% |
Global Technology | — | $549M | $602M | $630M | $675M | 3% |
Technology and Value-Added Services | $647M | $723M | $806M | — | — | — |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 13.4B | 13.2B | 12.7B | 12.3B | 12.6B | 12.4B |
| Net Income | 395M | 398M | 390M | 416M | 538M | 631M |
| EPS | $3.36 | $3.27 | $3.05 | $3.16 | $3.91 | $4.45 |
| Free Cash Flow | 445M | 573M | 700M | 353M | 506M | 631M |
| ROIC | 7.8% | 7.3% | 6.6% | 8.5% | 11.3% | 14.9% |
| Gross Margin | 31.2% | 31.1% | 31.7% | 31.3% | 30.3% | 29.6% |
| Debt/Equity | 1.04 | 1.06 | 0.85 | 0.75 | 0.43 | 0.36 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 660M | 653M | 621M | 615M | 747M | 852M |
| Operating Margin | 4.9% | 5.0% | 4.9% | 5.0% | 5.9% | 6.9% |
| ROE | 12.1% | 12.0% | 11.1% | 11.7% | 15.7% | 18.6% |
| Shares Outstanding | 114M | 122M | 128M | 132M | 138M | 142M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 10.4B | 10.6B | 11.6B | 12.5B | 13.2B | 10.0B | 10.1B | 12.4B | 12.6B | 12.3B | 12.7B | 13.2B | 13.4B |
| Gross Margin | 28.1% | 28.3% | 27.9% | 22.0% | 22.0% | 31.0% | 27.8% | 29.6% | 30.3% | 31.3% | 31.7% | 31.1% | 31.2% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 2.2B | 2.2B | 2.4B | 2.1B | 2.2B | 2.4B | 2.1B | 2.6B | 2.8B | 3.0B | 3.0B | 3.1B | 3.2B |
| EBIT | 715M | 734M | 772M | 670M | 601M | 718M | 535M | 852M | 747M | 615M | 621M | 653M | 660M |
| Op. Margin | 6.9% | 6.9% | 6.7% | 5.4% | 4.5% | 7.2% | 5.3% | 6.9% | 5.9% | 5.0% | 4.9% | 5.0% | 4.9% |
| Net Income | 466M | 479M | 507M | 406M | 536M | 695M | 404M | 631M | 538M | 416M | 390M | 398M | 395M |
| Net Margin | 4.5% | 4.5% | 4.4% | 3.3% | 4.1% | 7.0% | 4.0% | 5.1% | 4.3% | 3.4% | 3.1% | 3.0% | 3.0% |
| Non-Recurring | 0 | 35M | 46M | 0 | 63M | 15M | 32M | 8.0M | 148M | 80M | 123M | 121M | 92M |
| Returns on Capital | |||||||||||||
| ROIC | 13.6% | 14.4% | 14.8% | 11.5% | 10.5% | 11.3% | 11.7% | 14.9% | 11.3% | 8.5% | 6.6% | 7.3% | 7.8% |
| ROE | 16.6% | 16.8% | 17.9% | 14.5% | 18.6% | 23.3% | 12.7% | 18.6% | 15.7% | 11.7% | 11.1% | 12.0% | 12.1% |
| ROA | 7.9% | 7.6% | 7.6% | 5.5% | 6.5% | 8.9% | 5.4% | 7.8% | 6.3% | 4.3% | 3.8% | 3.7% | 3.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 593M | 616M | 643M | 546M | 685M | 654M | 599M | 710M | 602M | 500M | 848M | 712M | 578M |
| Free Cash Flow | 510M | 544M | 572M | 483M | 613M | 578M | 550M | 631M | 506M | 353M | 700M | 573M | 445M |
| Owner Earnings | 394M | 412M | 415M | 375M | 508M | 424M | 404M | 422M | 336M | 213M | 512M | 362M | 222M |
| CapEx | 82M | 72M | 70M | 62M | 71M | 76M | 49M | 79M | 96M | 147M | 148M | 139M | 133M |
| Maint. CapEx | 152M | 159M | 170M | 134M | 144M | 185M | 186M | 210M | 212M | 248M | 297M | 311M | 319M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 152M | 159M | 170M | 134M | 144M | 185M | 186M | 210M | 212M | 248M | 297M | 311M | 319M |
| CapEx/OCF | 13.9% | 12.2% | 10.9% | 14.9% | 10.4% | 11.7% | 8.2% | 11.1% | 15.9% | 29.4% | 17.5% | 19.5% | 23.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 300M | 300M | 550M | 450M | 200M | 525M | 74M | 401M | 485M | 250M | 385M | 850M | 814M |
| Buyback Yield | 2.5% | 2.2% | 4.4% | 5.1% | 2.1% | 5.3% | 0.8% | 3.7% | 4.4% | 2.5% | 4.3% | 9.2% | 8.3% |
| Stock-Based Comp | 46M | 45M | 58M | 37M | 33M | 45M | 9.0M | 78M | 54M | 39M | 39M | 39M | 37M |
| Debt Repayment | 228M | 201M | 15M | 59M | 25M | 261M | 611M | 122M | 59M | 468M | 318M | 44M | 44M |
| Balance Sheet | |||||||||||||
| Net Debt | 459M | 409M | 719M | 750M | 1.9B | 892M | 160M | 981M | 1.3B | 2.4B | 2.6B | 3.1B | 3.1B |
| Cash & Equiv. | 89M | 72M | 62M | 175M | 80M | 106M | 421M | 118M | 117M | 171M | 122M | 156M | 276M |
| Long-Term Debt | 543M | 464M | 715M | 924M | 980M | 623M | 516M | 811M | 1.0B | 1.9B | 1.8B | 2.3B | 2.3B |
| Debt/Equity | 0.19 | 0.17 | 0.28 | 0.33 | 0.66 | 0.33 | 0.30 | 0.36 | 0.43 | 0.75 | 0.85 | 1.06 | 1.04 |
| Interest Coverage | 29.7 | 28.2 | 24.2 | 13.1 | 7.9 | 14.1 | 13.0 | 31.6 | 21.3 | 7.1 | 4.7 | 4.4 | 4.3 |
| Equity | 2.8B | 2.9B | 2.8B | 2.8B | 3.0B | 3.0B | 3.3B | 3.4B | 3.4B | 3.7B | 3.4B | 3.2B | 3.3B |
| Total Assets | 6.1B | 6.5B | 6.8B | 7.9B | 8.5B | 7.2B | 7.8B | 8.5B | 8.6B | 10.6B | 10.2B | 11.2B | 11.3B |
| Total Liabilities | 2.8B | 3.1B | 3.4B | 4.2B | 4.6B | 3.2B | 3.5B | 3.8B | 3.9B | 5.4B | 5.4B | 6.4B | 6.5B |
| Intangibles | 644M | 593M | 621M | 670M | 376M | 573M | 479M | 668M | 587M | 916M | 1.0B | 1.0B | 1.0B |
| Retained Earnings | 2.6B | 2.9B | 3.0B | 2.9B | 3.2B | 3.1B | 3.5B | 3.6B | 3.7B | 3.9B | 3.8B | 3.3B | 3.3B |
| Working Capital | 1.1B | 1.1B | 1.0B | 1.3B | 956M | 1.2B | 1.5B | 1.5B | 1.8B | 1.8B | 1.2B | 1.2B | 1.2B |
| Current Assets | 2.9B | 3.2B | 3.3B | 4.1B | 4.2B | 3.2B | 3.8B | 3.8B | 4.0B | 4.5B | 4.0B | 4.5B | 4.5B |
| Current Liabilities | 1.8B | 2.1B | 2.3B | 2.8B | 3.2B | 2.0B | 2.3B | 2.3B | 2.2B | 2.7B | 2.8B | 3.2B | 3.3B |
| Per Share Data | |||||||||||||
| EPS | 2.72 | 2.91 | 1.55 | 2.57 | 3.49 | 4.65 | 2.82 | 4.45 | 3.91 | 3.16 | 3.05 | 3.27 | 3.36 |
| Owner EPS | 2.30 | 2.50 | 1.27 | 2.37 | 3.31 | 2.84 | 2.82 | 2.98 | 2.44 | 1.62 | 4.00 | 2.97 | 1.94 |
| Book Value | 16.42 | 17.50 | 8.54 | 17.78 | 19.29 | 20.07 | 23.37 | 24.15 | 25.04 | 27.76 | 26.54 | 26.66 | 28.54 |
| Cash Flow/Share | 3.46 | 3.73 | 1.97 | 3.45 | 4.46 | 4.38 | 4.18 | 5.01 | 4.38 | 3.80 | 6.63 | 5.85 | 6.24 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 171.4M | 164.8M | 327.0M | 158.1M | 153.5M | 149.4M | 143.3M | 141.8M | 137.6M | 131.6M | 127.9M | 121.7M | 114.4M |
| Valuation | |||||||||||||
| P/E Ratio | 25.3 | 27.9 | 24.6 | 21.5 | 17.5 | 14.3 | 23.5 | 17.3 | 20.3 | 24.1 | 23.1 | 23.3 | 25.4 |
| P/FCF | 18.1 | 18.8 | 34.1 | 18.1 | 15.3 | 17.2 | 17.2 | 17.3 | 21.6 | 28.4 | 12.9 | 16.2 | 22.0 |
| EV/EBIT | 17.2 | 19.1 | 17.5 | 11.7 | 18.8 | 15.1 | 18.0 | 13.9 | 16.3 | 20.2 | 18.7 | 19.0 | 19.6 |
| Price/Book | 4.2 | 4.6 | 4.5 | 3.1 | 3.2 | 3.3 | 2.8 | 3.2 | 3.2 | 2.7 | 2.7 | 2.9 | 3.0 |
| Price/Sales | 1.0 | 1.1 | 1.2 | 0.8 | 0.7 | 1.0 | 0.9 | 0.8 | 0.9 | 0.8 | 0.7 | 0.7 | 0.7 |
| FCF Yield | 4.3% | 4.1% | 4.6% | 5.5% | 6.5% | 5.8% | 5.8% | 5.8% | 4.6% | 3.5% | 7.8% | 6.2% | 4.6% |
| Market Cap | 11.8B | 13.3B | 12.4B | 8.7B | 9.4B | 9.9B | 9.5B | 10.9B | 10.9B | 10.0B | 9.0B | 9.3B | 9.8B |
| Avg. Price | 46.81 | 56.18 | 64.24 | 65.20 | 59.95 | 64.30 | 61.99 | 74.01 | 78.74 | 76.89 | 71.64 | 70.45 | 85.47 |
| Year-End Price | 53.88 | 62.15 | 59.71 | 55.34 | 61.11 | 66.58 | 66.22 | 76.87 | 79.46 | 76.06 | 70.42 | 76.13 | 85.47 |
HENRY SCHEIN INC passes 3 of 9 quality checks, indicating weak fundamentals.
HENRY SCHEIN INC trades at 25.5x trailing earnings, compared to its 15-year median P/E of 22.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 17.1x vs a median of 17.3x. The company's 5-year average ROIC is 9.7% with a gross margin of 30.8%. Total shareholder yield (buybacks) is 8.3%. At current prices, the estimated annualized return to fair value is +1.2%.
HENRY SCHEIN INC (HSIC) has a net profit margin of 3.0%. This is a modest margin.
HENRY SCHEIN INC (HSIC) generated $573 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HENRY SCHEIN INC (HSIC) has a debt-to-equity ratio of 1.06. This indicates moderate leverage.
HENRY SCHEIN INC (HSIC) reported earnings per share (EPS) of $3.27 in its most recent fiscal year.
HENRY SCHEIN INC (HSIC) has a return on equity (ROE) of 12.0%. This indicates moderate shareholder returns.
HENRY SCHEIN INC (HSIC) has a 5-year average gross margin of 30.8%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for HENRY SCHEIN INC (HSIC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HENRY SCHEIN INC (HSIC) has a book value per share of $26.66, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a multi-year value creation program targeting over $200 million in operating income improvement through both cost savings and gross margin optimization, with an expected annual run-rate benefit of over $125 million by the end of 2026. The company expects earnings growth to be weighted toward the second half of 2026 as these initiatives mature, supported by continued strength in dental equipment sales driven by dental support organization investment and confidence in the market. Management anticipates improved growth in the Global Specialty Products segment as the year progresses, with dental implant products approaching 50% of operating income by the end of 2027, while the Global Technology Group continues to deliver solid results. The company is implementing measures to mitigate the impact of rising oil prices and tariffs on freight costs and product pricing, and remains confident in achieving its long-term financial goals of high single-digit to low double-digit earnings growth.
Based on recent SEC filings and earnings calls, HENRY SCHEIN INC (HSIC) has provided the following forward guidance: Total sales growth: 3%-5% (FY2026); Non-GAAP diluted EPS: $5.23-$5.37 (FY2026); Adjusted EBITDA growth: mid-single digits (FY2026); Operating income improvement run rate: over $125 million (End of 2026).