BrightSpring Health Services vs Henry Schein
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The short version
- Henry Schein is the larger business, with $13.2B of revenue in fiscal 2025 against $12.9B for BrightSpring Health Services.
- BrightSpring Health Services grew revenue faster (28.2%, against 4.0%).
- Henry Schein kept more of each dollar of sales as operating profit (5.0% operating margin, against 2.3%).
- Henry Schein turned more of its sales into free cash flow (4.4% FCF margin, against 3.1%).
- Henry Schein earned a higher return on the capital invested in it (7.5%, against 5.3%).
- Investors pay more for each dollar of BrightSpring Health Services’s earnings: a P/E of 36.2x against 24.8x for Henry Schein.
| Latest fiscal year | BTSG · FY25 | HSIC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.2B | $9.7B |
| Revenue | $12.9B | $13.2B |
| Free cash flow | $395M | $573M |
| Net income | $191M | $398M |
| Growth | ||
| Revenue growth | 28.2% | 4.0% |
| 5-year growth | — | 5.4% |
| Share count change | 13.9% | −4.7% |
| Profitability | ||
| Gross margin | 11.8% | 31.1% |
| Operating margin | 2.3% | 5.0% |
| Net margin | 1.5% | 3.0% |
| FCF margin | 3.1% | 4.4% |
| Return on capital | 5.3% | 7.5% |
| Return on equity | 10.8% | 12.0% |
| Balance sheet | ||
| Net debt | $2.4B | $3.0B |
| Net debt / EBITDA | 5.3x | 3.1x |
| Dividends and buybacks | $43.2M | $850M |
| Valuation & quality | ||
| P/E | 36.2x | 24.8x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
BTSG —
HSIC $11.6B
FY17
BTSG —
HSIC $12.5B
FY18
BTSG —
HSIC $13.2B
FY19
BTSG —
HSIC $10.0B
FY20
BTSG —
HSIC $10.1B
FY21
BTSG —
HSIC $12.4B
FY22
BTSG $7.7B
HSIC $12.6B
FY23
BTSG $7.7B
HSIC $12.3B
FY24
BTSG $10.1B
HSIC $12.7B
FY25
BTSG $12.9B
HSIC $13.2B
BTSG
HSIC
Operating margin
FY16
BTSG —
HSIC 6.7%
FY17
BTSG —
HSIC 5.4%
FY18
BTSG —
HSIC 4.6%
FY19
BTSG —
HSIC 7.2%
FY20
BTSG —
HSIC 5.3%
FY21
BTSG —
HSIC 6.9%
FY22
BTSG 2.4%
HSIC 5.9%
FY23
BTSG 0.8%
HSIC 5.0%
FY24
BTSG 1.1%
HSIC 4.9%
FY25
BTSG 2.3%
HSIC 5.0%
BTSG
HSIC
Free cash flow
FY16
BTSG —
HSIC $572M
FY17
BTSG —
HSIC $483M
FY18
BTSG —
HSIC $613M
FY19
BTSG —
HSIC $578M
FY20
BTSG —
HSIC $550M
FY21
BTSG —
HSIC $631M
FY22
BTSG −$74.8M
HSIC $506M
FY23
BTSG $137M
HSIC $353M
FY24
BTSG −$57.1M
HSIC $700M
FY25
BTSG $395M
HSIC $573M
BTSG
HSIC
Return on capital
FY16
BTSG —
HSIC 16.1%
FY17
BTSG —
HSIC 9.6%
FY18
BTSG —
HSIC 10.7%
FY19
BTSG —
HSIC 11.3%
FY20
BTSG —
HSIC 10.2%
FY21
BTSG —
HSIC 14.3%
FY22
BTSG —
HSIC 11.5%
FY23
BTSG —
HSIC 8.3%
FY24
BTSG 2.1%
HSIC 7.2%
FY25
BTSG 5.3%
HSIC 7.5%
BTSG
HSIC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.