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Henry Schein (HSIC) stock

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NASDAQ: HSIC Nasdaq Health Care Distributors Next results ~November 3, 2026

B+ Fundamentals grade

Henry Schein is a US-listed company in the health care distributors industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$66

Cash-flow model

Base case. Range ~$41–$99 across our lower- and higher-growth cases (-0.5%–9.5% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 31% above our base value.

Price used: $86.62, November 2, 2026

Henry Schein valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 5 selling1 purchase and 10 sales by directors and officers, last 12 monthsInsider trades
  • Funds230 adding, 281 cuttingOf 65 active managers that changed their stake, 28 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Henry Schein files

Where Henry Schein stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $13.6bn, up 6.5% on a year earlier, faster than 5.6% a quarter earlier. Free-cash-flow margin rose to 4.2% from 3.0% a year earlier. The diluted share count is down 6.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 3 financial-health checks. Our cash-flow model value is $72.91 a share, against a share price of $84.59. At that price, our model says the market is pricing in about 6.9% a year of cash-flow growth for five years, faster than the 1.9% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Henry Schein's trailing-twelve-month revenue grew 6.5% year on year, with a free-cash-flow margin of 4.2%. Where it stands out: gross margin of 31.3% ranks 1 of 6 health care distributors companies we cover. Where it lags: long-term debt as % of assets of 20.2% ranks 5 of 5 health care distributors companies we cover.

Our discounted-cash-flow model values the business at ~$66 per share in the base case (~$41–$99 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 50.1% while net income grew 3.6%: a 47pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 6.1% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $86.62 is 24% above our value per share of $66.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 20.2% ranks 5 of 5 health care distributors companies we cover (median 13.7%).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 0.3% ranks 4 of 5 health care distributors companies we cover (median 0.1%).
  • Short interest rising. Shares sold short rose 19% in a month to 9.8% of tradable shares.

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$1.27 against an average estimate of $1.24: beat by 2.5%
Revenue
$3.46bn, up 6.7% on a year earlier
Share reaction
+3.6% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
non-GAAP diluted EPS $5.29 to $5.39 (2026); total sales growth growth 4.5% to 5.5% (2026)
Next report
November 3, 2026; average EPS estimate $1.36

Henry Schein's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.0%
  • 1 week+2.5%
  • 1 month+2.0%
  • This year+14.6%
  • 1 year+37.1%
  • 5 years+9.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$13.6B
Operating margin
5.0%
Net margin
3.0%
EPS (TTM, diluted)
$3.43

Growth

Revenue growth
+6.5%
Change in growth rate
+0.8 pts
Share count change
−6.1%

Cash

Free cash flow (TTM)
$569M
FCF margin
4.2%
Stock pay % of revenue
0.3%

Earnings

Last results
November 3, 2026
Next results (est.)
February 23, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Announcement
  4. Agreement
  5. Results
  6. Guidance
  7. Announcement
  8. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Henry Schein valuation models and calculator

What the price is pricing in

The share price implies about 7.3% a year of cash-flow growth for five years.That is faster than the 1.9% a year revenue growth Henry Schein has delivered.

  • Priced in7.3%
  • Last 12 months6.5%
  • 3 years a year2.6%
  • 5 years a year1.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($84.33, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$66
Price used
$84.33close November 3, 2026
Implied change
▼ 22%
Uncertainty
High

How we got here: a discounted-cash-flow model of Henry Schein's free cash flow after stock-based pay with after-tax interest added back ($596M, FY2026 Q2 TTM), growing 4.1% and 4.3% in the next two years (forecasts, guidance and its record), then back to 4.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$41–~$99 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Henry Schein's free cash flow after stock-based pay ( $596M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Henry Schein as an operating company, with every model that fits that kind of business. Cost of equity 7.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.6 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$66 ~$41–$99 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$56 ~$100–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$61 ~$39–$99 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$61 ~$50–$78 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$62 ~$56–$66 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Henry Schein with Health Care Distributors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −34%
  • Revenue growth 5 points higher ▲ +44%
  • Free-cash-flow margin 1 point lower ▼ −27%
  • Last year's free-cash-flow margin change, if it persists ▲ +48%
  • Discount rate 1 point higher ▼ −20%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $41$69$105$153$216$297
8.5% $23$43$70$104$148$206
10% $13$28$48$74$108$152

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$61.60$59.49$54.81$61.11$66.58$65.83$74.93$79.87$75.71$70.42$76.13$86.62
Market value$10.4bn$9.7bn$8.7bn$9.4bn$9.9bn$9.4bn$10.6bn$11.0bn$10.0bn$9.0bn$9.3bn$10.2bn
+ Net debt (− = net cash)$738m$1.2bn$1.5bn$1.9bn$651m$278m$755m$1.0bn$2.2bn$2.4bn$3.0bn$3.3bn
Enterprise value$11.1bn$10.9bn$10.2bn$11.3bn$10.6bn$9.7bn$11.4bn$12.0bn$12.2bn$11.4bn$12.2bn$13.5bn
Multiples
Price / sales 1.0x0.8x0.7x0.7x1.0x0.9x0.9x0.9x0.8x0.7x0.7x0.7x
Price / earnings 21.6x19.2x21.3x17.5x14.3x23.4x16.8x20.5x24.0x23.1x23.3x25.2x
Price / free cash flow 19.1x17.0x17.9x15.3x17.2x17.2x16.8x21.7x28.3x12.9x16.2x17.9x
EV / EBITDA 12.4x11.6x12.7x15.2x11.7x13.5x10.7x12.5x14.1x12.4x12.7x13.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

58 /100

Moderate moat

How hard Henry Schein's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Cash operating profit has been a median 8.9% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 29.3%, moving by 2.9 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 5.3%; its worst year was 4.4%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 4.3% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 18.0% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (63 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $3.5bn and EPS of $1.36 (range $1.30 to $1.45) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.39 +8% $13.9bn +5%
Next $5.99 +11% $14.4bn +4%

Next year's EPS estimate has moved +1.5% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.8% on 90 days ago. In the last 30 days, 1 analyst raised Henry Schein's forecast and 1 cut it.

Consensus EPS forecast Henry Schein, last 90 days
$5.20 $5.40 $5.60 $5.80 $6.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.34 Current fiscal year, 60 days ago: $5.38 Current fiscal year, 30 days ago: $5.38 Current fiscal year, 7 days ago: $5.39 Current fiscal year, Now: $5.39 $5.39 Next fiscal year, 90 days ago: $5.90 Next fiscal year, 60 days ago: $6.00 Next fiscal year, 30 days ago: $5.99 Next fiscal year, 7 days ago: $5.99 Next fiscal year, Now: $5.99 $5.99

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.34$5.90
60 days ago $5.38$6.00
30 days ago $5.38$5.99
7 days ago $5.39$5.99
Now $5.39$5.99

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.24 $1.27 +2.5%
Mar 2026 $1.22 $1.32 +8.4%
Dec 2025 $1.29 $1.34 +3.5%
Sept 2025 $1.28 $1.38 +7.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • total sales growth 2026 4.5% growth to 5.5% growth Raised
    “Raises guidance for 2026 to the following: non-GAAP diluted EPS to $5.29 to $5.39, Adjusted EBITDA growth to mid to high-single digits, and sales growth to 4.5% to 5.5%” source
  • non-GAAP diluted EPS 2026 $5.29 to $5.39 Non-GAAP Raised
    “Raises guidance for 2026 to the following: non-GAAP diluted EPS to $5.29 to $5.39, Adjusted EBITDA growth to mid to high-single digits, and sales growth to 4.5% to 5.5%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Henry Schein's revenue by +4.1% next year and +4.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.0%, weight 56%) , management guidance (+3.8%, weight 19%) and the company's own record (+4.5%, weight 25%) . How the weights are set.

Analyst recommendations

16 analysts, Oct 2026
Buy850%
Hold744%
Sell16%

Monthly trend

  1. Oct 202644716
  2. Sep 202644716
  3. Aug 202645717
  4. Jul 202645717

Counts of recommendations published by analysts covering Henry Schein, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.8%
of tradable shares
Days to cover
6.93
at average volume
Short interest, 1 month
+19%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.8%
of shares
Employees
25,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +37.1%

$63.20 on October 31, 2025 to $86.62

ThenNowEffect
Revenue (last 12 months) $12.8bn $13.6bn +6.5%
Net margin 3.0% 3.0% −2.7%
P/E multiple 20.3x 25.2x +24.3%
Share count 125m 117m +6.5%

Biggest factor: p/e multiple.

Last 3 years +38.8%

$62.40 on November 3, 2023 to $86.62

ThenNowEffect
Revenue (last 12 months) $12.6bn $13.6bn +8.0%
Net margin 3.6% 3.0% −18.5%
P/E multiple 18.3x 25.2x +37.8%
Share count 134m 117m +14.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HSIC+16%+3%−5%−9%+9%+15%
Industry peers (median)+44%+35%+24%+10%+45%−10%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HSIC58%50%42%42%50%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HSIC−17%−29%−31%−21%−24%−17%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 41% from February 19, 2020 to March 23, 2020. Getting back needed a 71% gain, reached on January 12, 2021, 295 days after the low.

Price behaviour

52-week range
$64.64 – $90.86
From 52-week high
−4.7%
vs 50-day average
+0.2%
vs 200-day average
+6.8%
Volatility (1 year)
26%
Beta vs S&P 500
0.46

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 4 down
typical move ±4.6%
After a week
5 up, 6 down
typical move ±5.6%
After a month
7 up, 4 down
typical move ±5.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +3.6% +1.6% +3.1% +4.5%
May 5, 2026 +0.6% +2.2% −3.7% +5.9%
February 24, 2026 +1.7% +1.6% −0.4% −7.8%
November 4, 2025 +11.4% −0.8% +13.3% +13.5%
August 5, 2025 −5.3% +0.3% −3.6% −3.2%
May 5, 2025 +1.4% −1.4% +7.9% +7.8%
February 25, 2025 −6.6% −0.4% −9.4% −10.2%
January 29, 2025 +5.2% +0.1% +7.6% −5.2%
November 5, 2024 −3.2% +3.7% −6.7% +0.2%
August 6, 2024 −5.4% +0.2% −0.2% +0.4%
May 7, 2024 +6.2% +0.1% +6.2% +0.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Henry Schein’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: High uncertainty.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Henry Schein in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Henry Schein
$12B $12.5B $13B $13.5B $14B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $12.7B Revenue (TTM), FY23 Q4: $12.3B Revenue (TTM), FY24 Q1: $12.5B Revenue (TTM), FY24 Q2: $12.5B Revenue (TTM), FY24 Q3: $12.5B Revenue (TTM), FY24 Q4: $12.7B Revenue (TTM), FY25 Q1: $12.7B Revenue (TTM), FY25 Q2: $12.8B Revenue (TTM), FY25 Q3: $12.9B Revenue (TTM), FY25 Q4: $13.2B Revenue (TTM), FY26 Q1: $13.4B Revenue (TTM), FY26 Q2: $13.6B $13.6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $12.7B
FY23 Q4 $12.3B
FY24 Q1 $12.5B
FY24 Q2 $12.5B
FY24 Q3 $12.5B
FY24 Q4 $12.7B
FY25 Q1 $12.7B
FY25 Q2 $12.8B
FY25 Q3 $12.9B
FY25 Q4 $13.2B
FY26 Q1 $13.4B
FY26 Q2 $13.6B
Revenue growth, TTM YoY Henry Schein
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 0.7% Revenue growth, TTM YoY, FY23 Q4: -2.4% Revenue growth, TTM YoY, FY24 Q1: -0.6% Revenue growth, TTM YoY, FY24 Q2: -0.9% Revenue growth, TTM YoY, FY24 Q3: -1.5% Revenue growth, TTM YoY, FY24 Q4: 2.7% Revenue growth, TTM YoY, FY25 Q1: 1.8% Revenue growth, TTM YoY, FY25 Q2: 2.3% Revenue growth, TTM YoY, FY25 Q3: 3.5% Revenue growth, TTM YoY, FY25 Q4: 4.0% Revenue growth, TTM YoY, FY26 Q1: 5.6% Revenue growth, TTM YoY, FY26 Q2: 6.5% 6.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 0.7%
FY23 Q4 -2.4%
FY24 Q1 -0.6%
FY24 Q2 -0.9%
FY24 Q3 -1.5%
FY24 Q4 2.7%
FY25 Q1 1.8%
FY25 Q2 2.3%
FY25 Q3 3.5%
FY25 Q4 4.0%
FY26 Q1 5.6%
FY26 Q2 6.5%
Operating margin (TTM) Henry Schein
4% 4.5% 5% 5.5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 5.1% Operating margin (TTM), FY23 Q4: 5.0% Operating margin (TTM), FY24 Q1: 4.7% Operating margin (TTM), FY24 Q2: 4.4% Operating margin (TTM), FY24 Q3: 4.0% Operating margin (TTM), FY24 Q4: 4.9% Operating margin (TTM), FY25 Q1: 5.1% Operating margin (TTM), FY25 Q2: 5.0% Operating margin (TTM), FY25 Q3: 5.0% Operating margin (TTM), FY25 Q4: 5.0% Operating margin (TTM), FY26 Q1: 4.9% Operating margin (TTM), FY26 Q2: 5.0% 5.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 5.1%
FY23 Q4 5.0%
FY24 Q1 4.7%
FY24 Q2 4.4%
FY24 Q3 4.0%
FY24 Q4 4.9%
FY25 Q1 5.1%
FY25 Q2 5.0%
FY25 Q3 5.0%
FY25 Q4 5.0%
FY26 Q1 4.9%
FY26 Q2 5.0%
FCF margin (TTM) Henry Schein
2% 3% 4% 5% 6% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 5.1% FCF margin (TTM), FY23 Q4: 2.9% FCF margin (TTM), FY24 Q1: 4.1% FCF margin (TTM), FY24 Q2: 4.3% FCF margin (TTM), FY24 Q3: 3.7% FCF margin (TTM), FY24 Q4: 5.5% FCF margin (TTM), FY25 Q1: 4.3% FCF margin (TTM), FY25 Q2: 3.0% FCF margin (TTM), FY25 Q3: 3.1% FCF margin (TTM), FY25 Q4: 4.3% FCF margin (TTM), FY26 Q1: 3.3% FCF margin (TTM), FY26 Q2: 4.2% 4.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 5.1%
FY23 Q4 2.9%
FY24 Q1 4.1%
FY24 Q2 4.3%
FY24 Q3 3.7%
FY24 Q4 5.5%
FY25 Q1 4.3%
FY25 Q2 3.0%
FY25 Q3 3.1%
FY25 Q4 4.3%
FY26 Q1 3.3%
FY26 Q2 4.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Henry Schein took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $13.2B
  2. Cost of revenue $9.1B · 68.9%
  3. Gross profit $4.1B · 31.1%
  4. Selling, general and admin $3.1B · 23.4%
  5. Other operating costs $368M · 2.8%
  6. Operating income $653M · 5.0%
  7. Income tax $126M · 1.0%
  8. Interest and other $129M · 1.0%
  9. Net income $398M · 3.0%

Shares of revenue. Source: Henry Schein's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 6.5 7.5 8.5 8.9 9.6 10.4 10.6 11.6 12.5 13.2 10.0 10.1 12.4 12.6 12.3 12.7 13.2 13.6
Gross profit 1.9 2.2 2.4 2.5 2.7 2.9 3.0 3.2 2.7 2.9 3.1 2.8 3.7 3.8 3.9 4.0 4.1 4.3
EBITDA 0.5 0.6 0.7 0.7 0.8 0.9 0.9 0.9 0.8 0.7 0.9 0.7 1.1 1.0 0.9 0.9 1.0 1.0
Operating income 0.5 0.5 0.6 0.6 0.7 0.7 0.7 0.8 0.7 0.6 0.7 0.5 0.9 0.7 0.6 0.6 0.7 0.7
Net income 0.3 0.3 0.4 0.4 0.4 0.5 0.5 0.5 0.4 0.5 0.7 0.4 0.6 0.5 0.4 0.4 0.4 0.4
Diluted EPS $1.72 $1.75 $1.99 $2.16 $2.46 $2.72 $2.85 $3.10 $2.57 $3.49 $4.65 $2.82 $4.45 $3.91 $3.16 $3.05 $3.27 $3.43
Growth (year on year)
Revenue +2.5% +15.1% +13.3% +4.8% +6.9% +8.5% +2.5% +8.9% +7.7% +5.9% −24.4% +1.3% +22.6% +2.0% −2.4% +2.7% +4.0% +6.5%
EBITDA +9.7% +14.1% +12.2% +6.6% +8.2% +7.7% +3.0% +5.4% −14.6% −7.4% +21.4% −20.2% +47.3% −9.7% −10.0% +6.4% +5.0% +7.5%
Operating income +10.7% +12.3% +11.7% +6.3% +9.4% +5.6% +2.6% +5.1% −13.2% −10.3% +19.6% −25.5% +59.3% −12.3% −17.7% +1.0% +5.2% +6.6%
Net income +29.9% +4.7% +12.9% +5.6% +11.2% +8.0% +2.8% +5.8% −19.8% +31.9% +29.6% −41.8% +56.2% −14.7% −22.7% −6.3% +2.1% +3.6%
Diluted EPS +30.8% +1.5% +13.8% +8.8% +14.1% +10.3% +4.8% +8.8% −17.1% +35.8% +33.2% −39.4% +57.8% −12.1% −19.2% −3.5% +7.2% +10.3%
Margins
Gross margin 29.3% 28.8% 28.3% 28.0% 27.8% 28.1% 28.3% 27.9% 22.0% 22.0% 31.0% 27.8% 29.6% 30.3% 31.3% 31.7% 31.1% 31.3%
EBITDA margin 8.3% 8.3% 8.2% 8.3% 8.4% 8.4% 8.4% 8.1% 6.4% 5.6% 9.0% 7.1% 8.6% 7.6% 7.0% 7.2% 7.3% 7.4%
Operating margin 7.1% 6.9% 6.8% 6.9% 7.1% 6.9% 6.9% 6.7% 5.4% 4.5% 7.2% 5.3% 6.9% 5.9% 5.0% 4.9% 5.0% 5.0%
Net margin 4.8% 4.3% 4.3% 4.3% 4.5% 4.5% 4.5% 4.4% 3.3% 4.1% 7.0% 4.0% 5.1% 4.3% 3.4% 3.1% 3.0% 3.0%
Free-cash-flow margin 5.3% 4.7% 6.0% 4.0% 6.3% 4.9% 5.1% 4.9% 3.9% 4.6% 5.8% 5.4% 5.1% 4.0% 2.9% 5.5% 4.3% 4.2%
Cash flow
Cash from operations 0.4 0.4 0.6 0.4 0.7 0.6 0.6 0.6 0.5 0.7 0.7 0.6 0.7 0.6 0.5 0.8 0.7 0.7
Capital spending 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow 0.3 0.4 0.5 0.4 0.6 0.5 0.5 0.6 0.5 0.6 0.6 0.6 0.6 0.5 0.4 0.7 0.6 0.6
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0
Free cash flow after stock pay 0.3 0.3 0.5 0.3 0.6 0.5 0.5 0.5 0.4 0.6 0.5 0.5 0.6 0.5 0.3 0.7 0.5 0.5
Balance sheet
Cash 0.5 0.2 0.1 0.1 0.2 0.1 0.1 0.1 0.2 0.1 0.1 0.4 0.1 0.1 0.2 0.1 0.2 0.2
Total debt 0.3 0.4 0.4 0.5 0.5 0.7 0.8 1.2 1.7 1.9 0.8 0.7 0.9 1.1 2.4 2.5 3.1 3.5
Net debt (negative = net cash) −0.2 0.3 0.3 0.4 0.3 0.6 0.7 1.2 1.5 1.9 0.7 0.3 0.8 1.0 2.2 2.4 3.0 3.3
Diluted shares 181m 187m 185m 180m 175m 171m 168m 164m 158m 154m 149m 143m 142m 138m 132m 128m 122m 117m
Returned to shareholders
Buybacks 0.0 0.1 0.2 0.3 0.3 0.3 0.3 0.6 0.5 0.2 0.5 0.1 0.4 0.5 0.3 0.4 0.9 0.7
Total returned 0.0 0.1 0.2 0.3 0.3 0.3 0.3 0.6 0.5 0.2 0.5 0.1 0.4 0.5 0.3 0.4 0.9 0.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · June 27, 2026
What it owns · $11.4bn
Short-term assets $4.6bnLonger-term assets $6.8bn
What it owes, and who funded it · $9.8bn
Short-term liabilities $3.5bnLonger-term liabilities $3.2bnShareholders' equity $3.2bn
  • Short-term assets cover short-term liabilities $4.6bn of assets due within a year against $3.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.6bn short-term assets against $3.2bn of longer-dated liabilities.
  • More cash than debt $157m of cash against $3.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 105% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 24% to 105% over five years.
  • A year's operating cash flow covers at least 20% of debt $700m of operating cash flow against $3.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $680m against $159m of interest.

From Henry Schein's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$728M
Returned to shareholders
128%
of free cash flow
Buybacks, last 3 fiscal years
$1.5B
Diluted share count
−6.1%
year over year
Total shareholder yield
7.5%
dividends 0.0% + buybacks 7.5% of market value
Sales & admin spending
23.6%
of revenue
Days sales outstanding
47 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care distributors
Last 12 months unless stated HSIC YI COR MCK COSM HKPD Median
Revenue, last 12 months $13.6bn $1.7bn $332.8bn $411.0bn $74m $13m $7.7bn
Revenue growth, last 12 months 6.5% −12.7% 5.1% 8.8% 33.8% −33.9% 5.8%
Revenue growth, 3-year average 2.6% — 9.4% 13.1% 14.8% — 11.2%
Revenue growth, latest quarter 6.7% — 5.1% 7.7% 28.8% — 7.2%
Gross margin 31.3% 5.8% 4.0% 3.6% 10.3% 10.3% 8.0%
Operating margin 5.0% −0.0% 0.9% 1.6% −24.9% −17.8% 0.4%
Operating margin, 3-year average 4.8% −10.6% 0.9% 1.3% −29.5% — 0.9%
Net margin 3.0% −0.5% 0.8% 1.1% −33.1% −8.5% 0.1%
Cash from operations / revenue 5.1% 0.9% 1.4% 1.7% −13.3% −5.6% 1.2%
Free-cash-flow margin 4.2% 0.9% 1.2% 1.6% −13.5% −5.9% 1.1%
Free-cash-flow margin, 3-year average 3.8% −9.0% 1.0% 1.4% −12.4% — 1.0%
Stock pay / revenue 0.3% 0.1% 0.0% 0.1% 2.3% — 0.1%
Change in share count −6.1% 1.3% −0.5% −3.4% 79.3% 60.2% 0.4%

Median of all 6 companies we cover in health care distributors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

6 health care distributors companies
Measure Company Peer median Rank
Revenue growth Growth 6.5% 6.5% 3 of 6
Change in growth rate Growth +0.8pp -0.9pp 2 of 6
Gross margin Profitability 31.3% 10.3% 1 of 6
Operating margin Profitability 5.0% 0.9% 1 of 6
Net margin Profitability 3.0% 0.8% 1 of 6
Free-cash-flow margin Cash generation 4.2% 1.2% 1 of 6
Stock pay as % of revenue Cash generation 0.3% 0.1% 4 of 5
Long-term debt as % of assets Balance sheet 20.2% 13.7% 5 of 5
Change in share count Balance sheet -6.1% 1.3% 1 of 6
Days sales outstanding Balance sheet 47 days 47 days 3 of 5

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 27, 2025
Segments
Line of business Revenue Share YoY
Global Distribution and Value Added Services $11.1B 84.3% ▲ 3.6%
Global Specialty Products $1.4B 10.5% ▲ 5.7%
Global Technology $675M 5.1% ▲ 7.1%
Geography
Region Revenue Share YoY
United States $9.1B 69.0% ▲ 3.1%
Outside the US $4.1B 31.0% ▲ 6.2%

From Henry Schein's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$10.3B
Institutions reporting
558
Shares held vs prior quarter
▲ 2.2%
Positions opened / closed
56 / 62

Top buyers and sellers, Q2 2026: 230 institutions bought and 281 sold ; the biggest buyer was Citadel Advisors LLC (+2.9M shares) and the biggest seller Invesco Ltd (−1.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Kohlberg Kravis Roberts & Co. L.P. $1.3B 15.7M 12.7% 0.0%
FMR LLC $631M 7.6M 6.2% ▲ 32.0%
Blackrock, Inc. $587M 7.0M 5.7% 0.0%
Artisan Partners Limited Partnership $540M 6.5M 5.3% ▼ 1.6%
Vanguard Capital Management LLC $530M 6.3M 5.2% ▼ 1.2%
Jpmorgan Chase & Co $366M 4.3M 3.6% ▼ 4.8%
State Street Corp $360M 4.3M 3.5% ▼ 1.7%
Vanguard Portfolio Management LLC $345M 4.1M 3.4% ▼ 1.5%
American Century Companies Inc $289M 3.5M 2.8% ▼ 3.8%
Dimensional Fund Advisors LP $283M 3.4M 2.8% ▲ 18.1%
Southpoint Capital Advisors LP $276M 3.3M 2.7% ▲ 3.1%
Invesco Ltd. $263M 3.2M 2.6% ▼ 35.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Henry Schein's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $691,900 1 trade by 1 insider, last 12 months Insider sales History → $8.6M 10 trades by 5 insiders · 0% under pre-set plans
Net ▼ $7.9M net selling
Insider Date Trade Shares Price Value
Daniel William K Director May 11, 2026 Buy 10,000 $69.19 $691,900
Popeck Thomas C CEO, Henry Schein Products March 19, 2026 Sell 1,355 $72.79 $98,630
Kuehn Kurt P Director March 10, 2026 Sell 2,844 $78.96 $224,565
Laskawy Philip A Director March 5, 2026 Sell 2,844 $80.36 $228,544
Mlotek Mark E EVP, Chief Strategic Officer March 4, 2026 Sell 1,825 $80.81 $147,480
Mlotek Mark E EVP, Chief Strategic Officer March 4, 2026 Sell 4,100 $80.80 $331,260
Bergman Stanley M Chairman, CEO March 2, 2026 Sell 19,954 $81.31 $1.6M
Bergman Stanley M Chairman, CEO March 2, 2026 Sell 23,858 $81.31 $1.9M
Bergman Stanley M Chairman, CEO February 27, 2026 Sell 10,785 $81.20 $875,742
Bergman Stanley M Chairman, CEO February 26, 2026 Sell 7,212 $81.51 $587,850
Bergman Stanley M Chairman, CEO February 26, 2026 Sell 31,134 $80.90 $2.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 19 trades and filings

No trades in Henry Schein disclosed in the last 12 months; 19 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Purchase, $1,001 - $15,000, traded April 8, 2025, filed May 8, 2025
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded April 1, 2025, filed May 14, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded March 31, 2025, filed April 7, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 23, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • August 4, 2026
  • May 5, 2026
  • February 24, 2026
  • November 4, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on Henry Schein was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Henry Schein in brief

What does Henry Schein do?
Henry Schein is a US-listed company in the health care distributors industry. Its financial year ends in December.
What is Henry Schein's stock ticker?
Henry Schein trades under the ticker HSIC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Henry Schein's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Henry Schein reported revenue of $13.6B, 6.5% higher than a year earlier, according to its SEC filings.
What is Henry Schein's free cash flow?
Henry Schein's free-cash-flow margin is 4.2% of revenue over the trailing twelve months, ranking 1 of the 6 health care distributors companies we cover.
What is Henry Schein's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Henry Schein's free cash flow after stock-based pay gives ~$66 per share in the base case, and ~$41–$99 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Henry Schein's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Kohlberg Kravis Roberts & Co. L.P., FMR LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Henry Schein buying back stock, and does it pay a dividend?
Henry Schein spent $728M on share repurchases over the trailing twelve months, and its diluted share count fell 6.1% over the year.
What is Henry Schein's market cap?
On November 2, 2026, Henry Schein's market capitalisation was about $10.2B, with a price-to-earnings ratio of 25.2 and net debt of $3.3B. Market figures come from third-party market data and may be delayed.
How much debt does Henry Schein have?
Henry Schein's debt-to-equity ratio is 105.3%, from its latest balance sheet (24.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Henry Schein's competitors?
In our Health Care Distributors peer group, the companies closest to Henry Schein are 111, Inc., Cencora, McKesson, Cosmos Health Inc. and Cellyan Biotechnology Co., Ltd. The side-by-side comparison below sets their revenue, margins and growth against Henry Schein's.
Are insiders buying or selling Henry Schein stock?
Over the last 12 months, Henry Schein's directors and officers reported 1 open-market purchases and 10 sales on Form 4. The insider trading page charts every trade.
When is Henry Schein's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Henry Schein announces its own schedule.