Henry Schein vs McKesson
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The short version
- McKesson is the larger business, with $403.4B of revenue in fiscal 2026 against $13.2B for Henry Schein, about 31 times as much.
- McKesson grew revenue faster (12.4%, against 4.0%).
- Henry Schein kept more of each dollar of sales as operating profit (5.0% operating margin, against 1.5%).
- Henry Schein turned more of its sales into free cash flow (4.4% FCF margin, against 1.4%).
- Investors pay more for each dollar of McKesson’s earnings: a P/E of 26.8x against 24.8x for Henry Schein.
| Latest fiscal year | HSIC · FY25 | MCK · FY26 |
|---|---|---|
| Size | ||
| Market cap | $9.7B | $119.3B |
| Revenue | $13.2B | $403.4B |
| Free cash flow | $573M | $5.7B |
| Net income | $398M | $4.8B |
| Growth | ||
| Revenue growth | 4.0% | 12.4% |
| 5-year growth | 5.4% | 11.1% |
| Share count change | −4.7% | −3.1% |
| Profitability | ||
| Gross margin | 31.1% | 3.6% |
| Operating margin | 5.0% | 1.5% |
| Net margin | 3.0% | 1.2% |
| FCF margin | 4.4% | 1.4% |
| Return on capital | 7.5% | — |
| Return on equity | 12.0% | — |
| Balance sheet | ||
| Net debt | $3.0B | $2.7B |
| Net debt / EBITDA | 3.1x | 0.4x |
| Dividends and buybacks | $850M | $5.1B |
| Valuation & quality | ||
| P/E | 24.8x | 26.8x |
| Piotroski F-score | 6 | 6 |
Revenue
FY17
HSIC $12.5B
MCK $198.5B
FY18
HSIC $13.2B
MCK $208.4B
FY19
HSIC $10.0B
MCK $214.3B
FY20
HSIC $10.1B
MCK $231.1B
FY21
HSIC $12.4B
MCK $238.2B
FY22
HSIC $12.6B
MCK $264.0B
FY23
HSIC $12.3B
MCK $276.7B
FY24
HSIC $12.7B
MCK $309.0B
FY25
HSIC $13.2B
MCK $359.1B
FY26
HSIC —
MCK $403.4B
HSIC
MCK
Operating margin
FY17
HSIC 5.4%
MCK 3.6%
FY18
HSIC 4.6%
MCK 0.4%
FY19
HSIC 7.2%
MCK 0.4%
FY20
HSIC 5.3%
MCK 1.1%
FY21
HSIC 6.9%
MCK −2.1%
FY22
HSIC 5.9%
MCK 0.8%
FY23
HSIC 5.0%
MCK 1.6%
FY24
HSIC 4.9%
MCK 1.3%
FY25
HSIC 5.0%
MCK 1.2%
FY26
HSIC —
MCK 1.5%
HSIC
MCK
Free cash flow
FY17
HSIC $483M
MCK $4.3B
FY18
HSIC $613M
MCK $3.9B
FY19
HSIC $578M
MCK $3.6B
FY20
HSIC $550M
MCK $4.0B
FY21
HSIC $631M
MCK $4.1B
FY22
HSIC $506M
MCK $4.0B
FY23
HSIC $353M
MCK $4.8B
FY24
HSIC $700M
MCK $3.9B
FY25
HSIC $573M
MCK $5.5B
FY26
HSIC —
MCK $5.7B
HSIC
MCK
Return on capital
FY17
HSIC 9.6%
MCK 36.2%
FY18
HSIC 10.7%
MCK 4.7%
FY19
HSIC 11.3%
MCK 3.2%
FY20
HSIC 10.2%
MCK 22.5%
FY21
HSIC 14.3%
MCK —
FY22
HSIC 11.5%
MCK —
FY23
HSIC 8.3%
MCK —
FY24
HSIC 7.2%
MCK —
FY25
HSIC 7.5%
MCK —
FY26
HSIC —
MCK —
HSIC
MCK
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.