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Henry Schein

HSIC Nasdaq Health Care Distributors Financials FY2016–FY2025

Henry Schein's revenue rose 4.0% to $13.2 billion in fiscal 2025. Its operating margin was 5.0%, about the same as 4.9% a year earlier. Free cash flow was $573 million, down 18.1%. It paid out $850 million in dividends and buybacks, 148% of free cash flow. The diluted share count fell 4.7%.

Last close · Oct 23, 2026

$84.96

1.2%
Value it Compare
Revenue Total sales reported in the income statement.
$13.2B
4.0% vs prior year
Operating margin Operating income as a share of revenue.
5.0%
0.0 pts
Net income Profit after all expenses, interest and tax.
$398M
2.1%
Free cash flow Cash from operations minus capital spending.
$573M
18.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.5%
0.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$9.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
24.8x
On $3.43 EPS (TTM)

What Henry Schein does

No business description yet.

Legal name
HENRY SCHEIN, INC.
Fiscal year ends
December 27, 2025
Latest annual report
—
Accession · CIK
0001000228-26-000013
0001000228

Revenue and margins

Henry Schein had $13.2B of revenue in fiscal 2025, up 4.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 0.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $573M in fiscal 2025, 4.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Henry Schein returned $850M to shareholders in fiscal 2025, 148% of free cash flow. The diluted share count fell 4.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Henry Schein yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.0B and divides by 121.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 24.8x · peers 30.7x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Henry Schein can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $118M$117M$171M$122M$156M
Debt incl. finance leases $880M$1.2B$2.4B$2.5B$3.1B
Net debt / EBITDA 0.7x1.1x2.5x2.6x3.1x
Debt / equity 0.3x0.3x0.6x0.8x1.0x
Interest coverage 31.6x21.3x7.1x4.7x4.4x
Current ratio 1.7x1.8x1.7x1.4x1.4x
Quick ratio 0.9x0.9x1.0x0.8x0.8x
Total assets $8.5B$8.6B$10.6B$10.2B$11.2B
Total liabilities $3.8B$3.9B$5.4B$5.4B$6.4B
Shareholders' equity $3.4B$3.4B$3.7B$3.4B$3.2B
Net debt (− = net cash) $762M$1.0B$2.2B$2.4B$3.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.7M

1 insider

Sold, 12 months

$8.6M

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
May 11, 2026 William K DanielDirector Bought 10,000 $69.19 $0.7M Form 4
Mar 19, 2026 Thomas C PopeckCEO, Henry Schein Products Sold 1,355 $72.79 $0.1M Form 4
Mar 10, 2026 Kurt P KuehnDirector Sold 2,844 $78.96 $0.2M Form 4
Mar 5, 2026 Philip A LaskawyDirector Sold 2,844 $80.36 $0.2M Form 4
Mar 4, 2026 Mark E MlotekEVP, Chief Strategic Officer Sold 5,925 $80.80 $0.5M Form 4
Mar 2, 2026 Stanley M BergmanChairman, CEO, Director Sold 43,812 $81.31 $3.6M Form 4
Feb 27, 2026 Stanley M BergmanChairman, CEO, Director Sold 10,785 $81.20 $0.9M Form 4
Feb 26, 2026 Stanley M BergmanChairman, CEO, Director Sold 38,346 $81.01 $3.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 96 / 96 / 9
Accruals ratio −0.9%−4.4%−2.9%
Altman Z'' 3.533.162.71

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Henry Schein HSIC $9.7B 4.0% 5.0% 4.4% 7.5% 24.8x 6
Cardinal Health CAH $59.1B 14.2% 1.0% 1.8% — 34.5x 6 Compare →
Cencora COR $64.2B 9.3% 0.8% 1.0% — 24.6x 7 Compare →
McKesson MCK $119.3B 12.4% 1.5% 1.4% — 26.8x 6 Compare →
BrightSpring Health Services BTSG $13.2B 28.2% 2.3% 3.1% 5.3% 36.2x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $11.6B $12.5B $13.2B $10.0B $10.1B $12.4B $12.6B $12.3B $12.7B $13.2B
Gross profit $3.2B $2.7B $2.9B $3.1B $2.8B $3.7B $3.8B $3.9B $4.0B $4.1B
Operating income $772M $670M $601M $718M $535M $852M $747M $615M $621M $653M
Interest expense $31.9M $51.1M $76.0M $50.8M $41.0M $27.0M $35.0M $87.0M $131M $150M
Pretax income $756M $630M $537M $680M $500M $831M $721M $542M $513M $533M
Income tax $218M $309M $107M $160M $95.0M $198M $170M $120M $128M $126M
Net income $507M $406M $536M $695M $404M $631M $538M $416M $390M $398M
Diluted EPS $3.10 $2.57 $3.49 $4.65 $2.82 $4.45 $3.91 $3.16 $3.05 $3.27
Diluted shares 0.16B 0.16B 0.15B 0.15B 0.14B 0.14B 0.14B 0.13B 0.13B 0.12B
Cash flow
Cash from operations $643M $546M $685M $654M $599M $710M $602M $500M $848M $712M
Capital expenditure $70.2M $62.4M $71.3M $76.2M $49.0M $79.0M $96.0M $147M $148M $139M
Free cash flow $572M $483M $613M $578M $550M $631M $506M $353M $700M $573M
Depreciation and amortization $170M $134M $144M $185M $186M $210M $212M $248M $297M $311M
Stock-based compensation $58.2M $36.8M $32.6M $44.9M $9.0M $78.0M $54.0M $39.0M $39.0M $39.0M
Acquisitions $229M $181M $53.2M $656M $60.0M $571M $158M $955M $230M $199M
Share buybacks $550M $450M $200M $525M $74.0M $401M $485M $250M $385M $850M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $550M $450M $200M $525M $74.0M $401M $485M $250M $385M $850M
Balance sheet
Cash and short-term investments $62.4M $175M $80.2M $106M $421M $118M $117M $171M $122M $156M
Total debt $781M $924M $2.0B $757M $699M $873M $1.1B $2.4B $2.5B $3.1B
Finance lease liabilities $0.0M $0.0M $3.9M $5.4M $6.0M $7.0M $10.0M $8.0M $6.0M $7.0M
Current assets $3.3B $4.1B $4.2B $3.2B $3.8B $3.8B $4.0B $4.5B $4.0B $4.5B
Current liabilities $2.3B $2.8B $3.2B $2.0B $2.3B $2.3B $2.2B $2.7B $2.8B $3.2B
Inventory $1.7B $1.9B $1.4B $1.4B $1.5B $1.9B $2.0B $1.8B $1.8B $2.0B
Property and equipment, net $334M $375M $314M $330M $342M $367M $383M $498M $531M $621M
Total assets $6.8B $7.9B $8.5B $7.2B $7.8B $8.5B $8.6B $10.6B $10.2B $11.2B
Total liabilities $3.4B $4.2B $4.6B $3.2B $3.5B $3.8B $3.9B $5.4B $5.4B $6.4B
Shareholders' equity $2.8B $2.8B $3.0B $3.0B $3.3B $3.4B $3.4B $3.7B $3.4B $3.2B
Margins
Gross margin 27.9% 22.0% 22.1% 31.0% 27.8% 29.6% 30.3% 31.3% 31.7% 31.1%
Operating margin 6.7% 5.4% 4.6% 7.2% 5.3% 6.9% 5.9% 5.0% 4.9% 5.0%
EBITDA margin 8.1% 6.5% 5.6% 9.0% 7.1% 8.6% 7.6% 7.0% 7.2% 7.3%
Net margin 4.4% 3.3% 4.1% 7.0% 4.0% 5.1% 4.3% 3.4% 3.1% 3.0%
FCF margin 5.0% 3.9% 4.7% 5.8% 5.4% 5.1% 4.0% 2.9% 5.5% 4.4%
Returns
Return on capital 16.1% 9.6% 10.7% 11.3% 10.2% 14.3% 11.5% 8.3% 7.2% 7.5%
Return on capital employed 17.4% 14.1% 11.6% 13.8% 10.1% 14.6% 11.9% 8.6% 8.1% 8.5%
Return on equity 17.9% 14.5% 18.6% 23.3% 12.7% 18.6% 15.7% 11.7% 11.1% 12.0%
Return on assets 7.6% 5.5% 6.6% 8.9% 5.4% 7.8% 6.3% 4.3% 3.8% 3.7%
Growth
Revenue growth 8.9% 7.7% 5.9% −24.4% 1.3% 22.6% 2.0% −2.4% 2.7% 4.0%
Net income growth 5.8% −19.8% 31.9% 29.6% −41.9% 56.2% −14.7% −22.7% −6.3% 2.1%
EPS growth 8.8% −17.1% 35.8% 33.2% −39.4% 57.8% −12.1% −19.2% −3.5% 7.2%
FCF growth 5.3% −15.6% 27.0% −5.8% −4.8% 14.7% −19.8% −30.2% 98.3% −18.1%
Share count change −2.7% −3.4% −2.8% −2.9% −3.9% −1.1% −2.8% −4.4% −3.0% −4.7%
Financial health
Net debt / EBITDA 0.8x 0.9x 2.5x 0.7x 0.4x 0.7x 1.1x 2.5x 2.6x 3.1x
Debt / equity 0.3x 0.3x 0.7x 0.3x 0.2x 0.3x 0.3x 0.6x 0.8x 1.0x
Interest coverage 24.2x 13.1x 7.9x 14.1x 13.1x 31.6x 21.3x 7.1x 4.7x 4.4x
Current ratio 1.4x 1.4x 1.3x 1.6x 1.7x 1.7x 1.8x 1.7x 1.4x 1.4x
Quick ratio 0.7x 0.8x 0.9x 0.9x 1.0x 0.9x 0.9x 1.0x 0.8x 0.8x
Capital allocation
Capex / revenue 0.6% 0.5% 0.5% 0.8% 0.5% 0.6% 0.8% 1.2% 1.2% 1.1%
Stock comp / revenue 0.5% 0.3% 0.3% 0.5% 0.1% 0.6% 0.4% 0.3% 0.3% 0.3%
Payouts / FCF 96.1% 93.2% 32.6% 90.9% 13.5% 63.6% 95.9% 70.8% 55.0% 148.3%
Quality scores
Piotroski F-score 5.0 6.0 6.0 7.0 7.0 8.0 6.0 5.0 6.0 6.0
Altman Z'' 4.1 3.5 3.2 4.4 4.4 4.4 4.4 3.5 3.2 2.7
Accruals ratio −2.0% −1.9% −1.8% 0.5% −2.6% −1.0% −0.8% −0.9% −4.4% −2.9%

Source: SEC EDGAR XBRL filings (CIK 0001000228). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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