Cencora vs Henry Schein
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The short version
- Cencora is the larger business, with $321.3B of revenue in fiscal 2025 against $13.2B for Henry Schein, about 24 times as much.
- Cencora grew revenue faster (9.3%, against 4.0%).
- Henry Schein kept more of each dollar of sales as operating profit (5.0% operating margin, against 0.8%).
- Henry Schein turned more of its sales into free cash flow (4.4% FCF margin, against 1.0%).
- Investors pay more for each dollar of Henry Schein’s earnings: a P/E of 24.8x against 24.6x for Cencora.
| Latest fiscal year | COR · FY25 | HSIC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $64.2B | $9.7B |
| Revenue | $321.3B | $13.2B |
| Free cash flow | $3.2B | $573M |
| Net income | $1.6B | $398M |
| Growth | ||
| Revenue growth | 9.3% | 4.0% |
| 5-year growth | 11.1% | 5.4% |
| Share count change | −2.5% | −4.7% |
| Profitability | ||
| Gross margin | 3.6% | 31.1% |
| Operating margin | 0.8% | 5.0% |
| Net margin | 0.5% | 3.0% |
| FCF margin | 1.0% | 4.4% |
| Return on capital | — | 7.5% |
| Return on equity | — | 12.0% |
| Balance sheet | ||
| Net debt | $3.3B | $3.0B |
| Net debt / EBITDA | 0.9x | 3.1x |
| Dividends and buybacks | $873M | $850M |
| Valuation & quality | ||
| P/E | 24.6x | 24.8x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
COR $146.8B
HSIC $11.6B
FY17
COR $153.1B
HSIC $12.5B
FY18
COR $167.9B
HSIC $13.2B
FY19
COR $179.6B
HSIC $10.0B
FY20
COR $189.9B
HSIC $10.1B
FY21
COR $214.0B
HSIC $12.4B
FY22
COR $238.6B
HSIC $12.6B
FY23
COR $262.2B
HSIC $12.3B
FY24
COR $294.0B
HSIC $12.7B
FY25
COR $321.3B
HSIC $13.2B
COR
HSIC
Operating margin
FY16
COR 1.0%
HSIC 6.7%
FY17
COR 0.7%
HSIC 5.4%
FY18
COR 0.9%
HSIC 4.6%
FY19
COR 0.6%
HSIC 7.2%
FY20
COR −2.7%
HSIC 5.3%
FY21
COR 1.1%
HSIC 6.9%
FY22
COR 1.0%
HSIC 5.9%
FY23
COR 0.9%
HSIC 5.0%
FY24
COR 0.7%
HSIC 4.9%
FY25
COR 0.8%
HSIC 5.0%
COR
HSIC
Free cash flow
FY16
COR $2.7B
HSIC $572M
FY17
COR $1.0B
HSIC $483M
FY18
COR $1.1B
HSIC $613M
FY19
COR $2.0B
HSIC $578M
FY20
COR $1.8B
HSIC $550M
FY21
COR $2.2B
HSIC $631M
FY22
COR $2.2B
HSIC $506M
FY23
COR $3.5B
HSIC $353M
FY24
COR $3.0B
HSIC $700M
FY25
COR $3.2B
HSIC $573M
COR
HSIC
Return on capital
FY16
COR —
HSIC 16.1%
FY17
COR —
HSIC 9.6%
FY18
COR 36.4%
HSIC 10.7%
FY19
COR 22.7%
HSIC 11.3%
FY20
COR —
HSIC 10.2%
FY21
COR —
HSIC 14.3%
FY22
COR —
HSIC 11.5%
FY23
COR —
HSIC 8.3%
FY24
COR —
HSIC 7.2%
FY25
COR —
HSIC 7.5%
COR
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.