NASDAQ: HSIC · Health Care Distributors
Henry Schein
Henry Schein, based in Melville, New York, believes it is the world’s largest provider of health care products and services to office-based dental and medical practitioners and alternate sites of care, and the only global distributor of supplies and equipment to dental practices. 2025 net sales rose 4.0% to $13,184 million: Global Distribution and Value-Added Services $11,138 million (dental $6,868 million, medical $4,270 million), Global Specialty Products (dental implants, biomaterials, endodontic, orthodontic and orthopedic products) $1,544 million and Global Technology (practice software) $675 million. Net income was $398 million. KKR invested $250 million in 2025 under a strategic partnership, and former Thermo Fisher executive Frederick Lowery succeeded long-time CEO Stanley Bergman in March 2026. Henry Schein pays no dividend and returns cash through buybacks.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 09:04 (SEC EDGAR) · Source 10-K filed: February 24, 2026
Built on10-K FY2025 · filed 2026-02-2410-Q (quarter ended 2026-09-26) · filed 2026-11-03Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 5.4%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 5.0%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +1.0 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.2x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.79x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 23.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.53
Higher than 28% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 14% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 40% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 60% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 63% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-26
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$86.77close on 2026-11-04
Market cap$10.05B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 23.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 3.1x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 12.7x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 5.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 23.3x
Earnings: trailing 12 months to 2026-09-26
At FY2025 year-end: 2.7x
Book value at FY2025 year-end
At FY2025 year-end: 11.4x
EBITDA for FY2025
At FY2025 year-end: 6.5%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 26, 2026.
- Revenue$3.34B → $3.47B (vs. a year earlier)↑ +4.0%$3.34B → $3.47B (vs. a year earlier)
- Operating margin4.9% → 5.6% (vs. a year earlier)↑ +0.6 pts4.9% → 5.6% (vs. a year earlier)
- Net income$101M → $119M (vs. a year earlier)↑ +17.8%$101M → $119M (vs. a year earlier)
- Diluted EPS$0.84 → $1.06 (vs. a year earlier)↑ +26.2%$0.84 → $1.06 (vs. a year earlier)
- Cash$157M → $184M (vs. previous quarter-end)↑ +17.2%$157M → $184M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 3, 2026.
Management outlook ↑ Raised
Raised its 2026 financial guidance. Source sentence
Henry Schein today raised its financial guidance for 2026.
Key changes
GAAP EPS up 26.2%. Source sentence
GAAP earnings per share grew 26.2% versus the prior year.
Total sales up 4.0%. Source sentence
4.0% total sales growth, driven by 8.6% U.S. dental merchandise sales growth due primarily to volume
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- HENRY SCHEIN INC
- Headquarters
- MELVILLE, NY
- Incorporated in
- Delaware
- Fiscal year end
- 12/26
- Exchange & ticker
- NASDAQ: HSIC
- Industry
- Health Care Distributors
- CIK
- 1000228
Workforce (as of FY2025 year-end)
Employees
25,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 59 days after quarter end (Feb 24, 2026; Feb 25, 2025; Feb 27, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 26.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 37–59 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 26, 2026 | Nov 3, 2026 (+38 days) | Nov 3, 2026 10-Q (+38 days) |
| Q2 FY2026 | Jun 27, 2026 | Aug 4, 2026 (+38 days) | Aug 4, 2026 10-Q (+38 days) |
| Q1 FY2026 | Mar 28, 2026 | May 5, 2026 (+38 days) | May 5, 2026 10-Q (+38 days) |
| Q4 FY2025 | Dec 27, 2025 | Feb 24, 2026 (+59 days) | Feb 24, 2026 10-K (+59 days) |
| Q3 FY2025 | Sep 27, 2025 | Nov 4, 2025 (+38 days) | Nov 4, 2025 10-Q (+38 days) |
| Q2 FY2025 | Jun 28, 2025 | Aug 5, 2025 (+38 days) | Aug 5, 2025 10-Q (+38 days) |
| Q1 FY2025 | Mar 29, 2025 | May 5, 2025 (+37 days) | May 5, 2025 10-Q (+37 days) |
| Q4 FY2024 | Dec 28, 2024 | Feb 25, 2025 (+59 days) | Feb 25, 2025 10-K (+59 days) |
| Q3 FY2024 | Sep 28, 2024 | Nov 5, 2024 (+38 days) | Nov 5, 2024 10-Q (+38 days) |
| Q2 FY2024 | Jun 29, 2024 | Aug 6, 2024 (+38 days) | Aug 6, 2024 10-Q (+38 days) |
| Q1 FY2024 | Mar 30, 2024 | May 7, 2024 (+38 days) | May 7, 2024 10-Q (+38 days) |
| Q4 FY2023 | Dec 30, 2023 | Feb 27, 2024 (+59 days) | Feb 28, 2024 10-K (+60 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Global Distribution and Value-Added Services
Dental merchandise and equipment
Infection control, handpieces, impression materials and other consumables ($4,831M) plus dental equipment ($1,799M).
Global Distribution and Value-Added Services
Medical distribution
Supplies and equipment for physician offices and alternate care sites ($4,270M).
Global Specialty Products
Dental implants, endodontics, orthodontics
Dental implant and biomaterial products and endodontic, orthodontic and orthopedic products it manufactures and sells.
Global Technology
Practice management software
Software, e-services and related technology for dental and medical practices.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Dental and medical distribution
Office-based dental and medical practitioners
U.S. share
—
Not disclosedWorldwide share
World’s largest (company belief)
Company-disclosed“We believe we are the world’s largest provider of health care products and services primarily to office-based dental and medical practitioners.”
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Net sales $13,184M (+4.0%); operating income $653M; net income $398M; EPS $3.27.
Source: Form 10-K (FY2025)
Q2 2026
Net sales $3,458M versus $3,240M; net income attributable to Henry Schein $94M versus $86M.
Source: Form 10-Q (quarter ended 2026-06-27)
CEO succession
Frederick Lowery, formerly of Thermo Fisher Scientific, became CEO on March 2, 2026.
Source: Form 8-K (2026-01-12) — Item 5.02 Frederick Lowery appointed CEO
CFO transition
Ronald South moves to Senior Advisor on November 4, 2026; Emmanuel Caprais joined as Senior Financial Advisor.
Source: Form 8-K (2026-10-08) — Item 5.02 CFO transition
Capex ÷ D&A (FY2025)
0.45x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$139M ÷ $311M = 0.45x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$2.17B
Latest year: $199M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $49M in FY2020 to $139M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$13.18B
As reported in the 10-K
Revenue CAGR (5 years)
+5.4%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($13,184M ÷ $10,119M) ^ (1÷5) − 1 = 5.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
5.0%
-0.3pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$653M ÷ $13,184M × 100 = 5.0%
ROE (FY2025)
12.0%▲favorable
6-year average: 13.5%
As reported in the 10-K
P/B (FY2025 end)
2.72x
formulafiscal year-end closing price ÷ book value per share
e.g.$76.13 ÷ $28.03 = 2.72x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
11.4x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($8,814M + $2,310M − $156M) ÷ ($653M + $311M) = 11.4x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +5.4% a year over 5 years (strong growth)
From $10.12B in FY2020 to $13.18B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Operating margin held roughly flat: 5.3% → 5.0%
How much operating profit is left per $100 of revenue. It moved -0.3 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 28.9% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 13.5% over 6 years (latest: 12.0%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- KKR
07 · what it does
Key activities
- Dental and medical distribution
- Specialty dental products
- Practice technology (software, e-services)
- Value-added services (financing, education, consulting)
06 · what it draws on
Key resources
- More than 25,000 employees (about 48% in the U.S.)
- Global distribution network
- Corporate brand and specialty product manufacturing
02 · why customers buy
Value propositions
- More than 300,000 branded and corporate brand products, with services and software that improve practice workflow.
04 · how it keeps them
Customer relationships
- A customer service policy focused on exceptional order fulfillment, monitored through surveys and focus groups.
03 · how it reaches them
Channels
- Its own sales force, distribution network and online commerce.
01 · who it serves
Customer segments
- Office-based dentists, physicians and alternate care sites; no customer above 2% of sales
09 · where money goes
Cost structure
FY2025, share of revenue ($13.18B)
- Cost of revenue68.9%
- Selling, general & administrative23.4%
- Other operating costs2.8%
Operating profit left: 5.0% of revenue. Depreciation & amortization (inside the costs above): $311M. Capital spending: $139M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Global Dental $6,868M
- Global Medical $4,270M
- Global Specialty Products $1,544M
- Global Technology $675M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Distributes national-brand and corporate-brand supplies and equipment to dental and medical practices, sells its own specialty dental products, and licenses practice management software and services.
01 what it draws on
Inputs & resources
- More than 25,000 employees (about 48% in the U.S.)
- Global distribution network
- Corporate brand and specialty product manufacturing
02 what it does
Activities
- Dental and medical distribution
- Specialty dental products
- Practice technology (software, e-services)
- Value-added services (financing, education, consulting)
03 who it serves
Customers
- Office-based dentists, physicians and alternate care sites; no customer above 2% of sales
04 how money comes in
How it earns
- Global Dental $6,868M
- Global Medical $4,270M
- Global Specialty Products $1,544M
- Global Technology $675M (2025)
How the business makes money
- Gross margin 2025: distribution 25.0%, specialty products 54.8%, technology 67.7%.
- KKR funds bought 3,285,151 shares for $250M (about $76.10/share) in May 2025.
- Buyback authorization totals $6.8B including $750M added in September 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Henry Schein’s customers depend on reimbursement, and the DEA and FDA regulate its distribution.
Regulated prices & reimbursement
Government reimbursement
Laws reducing reimbursement for practitioners could hurt it and its customers.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Approvals & licenses
DEA and FDA oversight
The DEA, FDA and state authorities can suspend or limit distribution.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Government as customer
Government programs and contracts
Some businesses hold contracts with government agencies.
Supports and constrainsTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Global Dental (distribution)
6,868 (51%)Global Medical (distribution)
4,270 (32%)Global Specialty Products
1,544 (12%)Global Technology
675 (5%)
Source: Form 10-K (FY2025) Segment net sales before $173M of eliminations; total $13,184M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Capital tie / equity stake
KKR
Strategic investment of $250M (May 2025) and Strategic Partnership Agreement; two independent directors joined the Board under the agreement.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Dental and medical practitioners and alternate sites of care worldwide.
Named by the company
No single customer accounted for more than 2% of net sales in 2023–2025.
Suppliers
Manufacturers of dental and medical supplies and equipment.
Named by the company
No single supplier is named as material.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Henry Schein names its main U.S. dental and medical distribution competitors; outside the U.S. it competes mainly with local and regional companies.
Competitors named in the 10-K
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 10,119 | 12,401 | 12,647 | 12,339 | 12,673 | 13,184 |
| Operating income | 535 | 852 | 747 | 615 | 621 | 653 |
| Pretax income | 500 | 831 | 721 | 542 | 513 | 533 |
| Net income (attributable) | 404 | 631 | 538 | 416 | 390 | 398 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 22.6% | 2.0% | -2.4% | 2.7% | 4.0% |
| Operating margincalcoperating income ÷ revenue × 100 | 5.3% | 6.9% | 5.9% | 5.0% | 4.9% | 5.0% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 4.0% | 5.1% | 4.3% | 3.4% | 3.1% | 3.0% |
| Balance sheet ($M) | ||||||
| Total assets | 7,773 | 8,481 | 8,607 | 10,573 | 10,218 | 11,215 |
| Total equity | 3,984 | 4,063 | 4,095 | 4,289 | 4,031 | 3,899 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 516 | 873 | 1,149 | 1,937 | 1,830 | 2,310 |
| Equity ratio | 43.1% | 40.4% | 40.0% | 34.6% | 33.2% | 28.9% |
| ROE | 12.1% | 18.6% | 15.7% | 11.7% | 11.1% | 12.0% |
| Cash flow ($M) | ||||||
| Operating CF | 599 | 710 | 602 | 500 | 848 | 712 |
| Investing CF | -115 | -677 | -276 | -1,135 | -430 | -400 |
| Financing CF | -187 | -333 | -315 | 701 | -510 | -188 |
| Free cash flowcalccash flow from operations − capital expenditures | 550 | 631 | 506 | 353 | 700 | 573 |
| Cash and equivalents | 421 | 118 | 117 | 171 | 122 | 156 |
| Per share & other | ||||||
| EPS ($) | 2.82 | 4.45 | 3.91 | 3.16 | 3.05 | 3.27 |
| BVPS ($) | 23.50 | 24.97 | 26.15 | 28.28 | 27.33 | 28.03 |
| P/E (x) | 23.3 | 16.8 | 20.4 | 24.0 | 23.1 | 23.3 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 13.1 | 10.4 | 12.1 | 13.4 | 11.4 | 11.4 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.80 | 3.00 | 3.05 | 2.68 | 2.58 | 2.72 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-26 | $3.47B+4.0% | $193M+17.7% | $119M+17.8% | $1.06 |
| 2026-06-27 | $3.46B+6.7% | $171M+13.2% | $94M+9.3% | $0.82 |
| 2026-03-28 | $3.37B+6.3% | $182M+4.0% | $107M-2.7% | $0.92 |
| 2025-12-27 † | $3.44B+7.7% | $163M+5.2% | $101M+7.4% | — |
| 2025-09-27 | $3.34B | $164M | $101M | $0.84 |
| 2025-06-28 | $3.24B | $151M | $86M | $0.70 |
| 2025-03-29 | $3.17B | $175M | $110M | $0.88 |
| 2024-12-28 † | $3.19B | $155M | $94M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
8.3%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$653M × (1 − 23.5%) ÷ $6,035M × 100 = 8.3%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
7.26%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $8.81B ÷ ($8.81B + $2.31B) = 79.2%
e.g.Debt weight: $2.31B ÷ ($8.81B + $2.31B) = 20.8%
e.g.WACC: 7.9% × 79.2% + 6.5% × (1 − 23.5%) × 20.8% = 7.26%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.1%–8.7% and ROIC − WACC runs −0.4 to +2.1 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 7.26% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.53 (price-derived adjusted beta, but correlation with the market is low (R² 0.03), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.87%
- Cost of debt
- 6.49%
- Tax rate
- 23.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 79% : 21%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 7.26%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.53 (price-derived adjusted beta. Raw β 0.30, R² 0.03, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.303 + 0.33 = 0.533
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.53 × 5.5% = 7.9%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
2.6%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.3% − 4.7%
Past FCF growth (FY2020–FY2025)
+0.8%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+5.4%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $573M (operating CF − capex); enterprise value $12.2B = market cap $10.05B (latest close, 2026-11-04) + debt $2.31B − cash and short-term investments $156M; r = WACC of 7.3% using this page’s default assumptions (β 0.53, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$12.19B
FCF $573M ÷ (7.3% − 2.6%)
Theoretical ÷ actual enterprise value
1.00x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.3% | 6.3% | 7.3% | 8.3% | 9.3% |
|---|---|---|---|---|---|
| 0% | 0.89x | 0.75x | 0.64x | 0.57x | 0.51x |
| 2% | 1.42x | 1.09x | 0.89x | 0.75x | 0.64x |
| 4% | 3.61x | 2.04x | 1.42x | 1.09x | 0.89x |
| 6% | — | 15.66x | 3.61x | 2.04x | 1.42x |
| 8% | — | — | — | 15.66x | 3.61x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.48x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.9%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 123%
Most profit comes from core operations.
- ✓
Days sales outstanding: 51 → 43 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$712M ÷ $398M = 1.79x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$653M ÷ $533M × 100 = 123%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,482M + $1,651M) ÷ 2 ÷ $13,184M × 365 = 43 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($1,810M + $2,002M) ÷ 2 ÷ $9,079M × 365 = 77 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- 0.9%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- 0.9%
- Institutional-ownership rank
- 11 of 416
- Beta (adjusted)
- 0.53
Reported total 110.3%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 2% of covered companies have more
above 1 = swings more than the market
- 122.9M shares reported by 564 13F filers ÷ 111.4M shares outstanding on 2026-07-27. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-08 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-27)
19
Strengths & weaknessesSite analysis
Strengths
1. Global leadership
Believes it is the world’s largest provider to office-based dental and medical practitioners and the only global dental distributor.
Evidence: Form 10-K (FY2025)
2. Higher-margin growth
Specialty Products sales grew 6.7% and Technology 7.1% in 2025.
Evidence: Form 10-K (FY2025)
3. Diversified customers
No single customer exceeded 2% of net sales.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Flat profits
Net income fell from $631M (2021) to $398M (2025).
Evidence: Form 10-K (FY2025)
2. Rising debt
Interest-bearing debt rose from $516M (2020) to $2,310M (2025).
Evidence: Form 10-K (FY2025)
3. Low distribution margins
Distribution gross margin was 25.0% in 2025.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
23.3x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
6.5%
(Operating CF − capex) ÷ market cap
1. Market leadership
Leading dental and medical distributor with higher-margin specialty and software businesses.
- What has to hold
- Margins expand under new leadership.
- The other side
- Competitive pricing.
Evidence: Form 10-K (FY2025)
2. Buybacks
Share count fell from 142M (2020) to 116M (2025).
- What has to hold
- Cash flow funds buybacks.
- The other side
- Higher debt.
Evidence: Form 10-K (FY2025)
Henry Schein pays no cash dividend.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.2x
$156M vs. $797M
Interest coverage (operating income ÷ interest expense)
4.4x
$653M vs. $150M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -2.4% in FY2023 ($12.65B → $12.34B) | Yes, by FY2024 |
| Operating income | -17.7% in FY2023 ($747M → $615M) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income stayed between $390M and $631M in every year 2020–2025.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Henry Schein’s main disclosed matter is fewer than ten remaining opioid lawsuits, stayed in the national MDL; opioids were less than 0.4% of 2025 sales.
1 open matter
Opioid-related lawsuits
PendingLawsuitPlaintiffs v. Henry Schein and other supply-chain entities (MDL No. 2804)
Fewer than ten remaining lawsuits allege supply-chain entities failed to monitor and restrict improper opioid distribution; they are consolidated in In re National Prescription Opiate Litigation (MDL No. 2804) and stayed.
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025) — Legal Proceedings, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Distributor competition
- Company disclosure (summarized from the 10-K)
- Competes with Patterson Dental and Benco in U.S. dental, McKesson and Medline in medical, and manufacturers selling direct.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Governance & key people
Leadership transition
- Company disclosure (summarized from the 10-K)
- New CEO from March 2026; COO, Chief Strategic Officer and CFO transitions in late 2026.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Law & regulation
Health care regulation
- Company disclosure (summarized from the 10-K)
- Subject to FDA, DEA and other health care regulations; opioid lawsuits remain stayed in the MDL.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Information security
Cyber threats
- Company disclosure (summarized from the 10-K)
- Health care companies are targeted by threat actors.
- Company’s stated mitigation
- The OCS is a cross-functional, enterprise-wide management team, which continuously evaluates our global cybersecurity program’s effectiveness and is focused on maintaining and protecting our information systems.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Demand & macro
Practice spending
- Company disclosure (summarized from the 10-K)
- Dental equipment demand depends on practitioners’ capital spending.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
have taken necessary steps to protect our proprietary rights, but no assurance
successfully enforce or protect our rights in the event that they are infringed
At Henry Schein, we have long recognized that as a purpose-driven company, our commitment to creating shared
trusted relationships with the key stakeholders who make up our Mosaic of
(TSMs), customers, suppliers, stockholders, and society, helps drive our Company’s sustained growth, amplifies
our collective strengths, and brings to life our vision of making the world healthier, together.
creating an understanding of how to sustain a meaningful, inclusive, and learning
TSM roundtables, to garner feedback from our TSMs on their employee experience.
No longer in the text (4)
At Henry Schein, we understand that our long-term growth is enhanced
economic value for the Company’s sustained growth and continued success as a trusted partner and leader
continuing to evaluate our pay equity for the majority of the U.S. Read more
workforce, which
continuing to drive a culture of wellness and engagement for our TSMs by
104 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 24, 2026 ↗ with the 10-K filed Feb 25, 2025 ↗.
25
What to watch going forwardSite analysis
- New CEO Frederick Lowery’s strategy and leadership changes.
- KKR partnership and value creation initiatives.
- Specialty products and technology growth.
- Debt levels and buybacks.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 09:04 (SEC EDGAR) · Source 10-K filed: February 24, 2026
Built on10-K FY2025 · filed 2026-02-24Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Henry Schein’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.