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Henry Schein key statistics and ratios

In fiscal 2025, Henry Schein had return on equity of 12.0%, an operating margin of 5.0%, debt equal to 95.7% of equity and a current ratio of 1.38. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin29.3%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%31.6%
Operating margin7.1%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%5.2%
Net margin4.8%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%3.1%
Free-cash-flow margin5.3%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%4.1%
Return on equity14.4%14.2%15.2%15.4%16.0%16.6%16.8%17.9%14.5%18.6%23.3%12.7%18.6%15.7%11.7%11.1%12.0%13.1%
Return on assets8.1%7.8%7.9%7.7%7.9%7.9%7.6%7.6%5.5%6.5%8.9%5.4%7.8%6.3%4.3%3.8%3.7%3.7%
Asset turnover1.701.801.841.771.741.761.681.731.701.611.281.361.531.481.291.221.231.21
Current ratio2.051.861.791.841.831.641.501.441.441.301.581.661.671.791.671.421.381.33
Debt to equity12.4%18.3%18.1%20.4%17.4%26.0%28.1%43.6%59.3%65.5%25.2%20.9%25.5%33.3%64.3%74.7%95.7%111.6%
Interest cover (operating income ÷ interest)19.9x15.5x19.2x20.0x24.6x29.7x28.2x24.2x13.1x7.9x14.1x13.0x31.6x21.3x7.1x4.7x4.4x4.3x
Effective tax rate28.2%31.9%31.7%31.1%28.7%30.4%29.3%28.8%49.1%20.0%23.4%19.0%23.8%23.6%22.1%25.0%23.6%24.3%
SG&A as % of revenue22.2%21.8%21.5%21.0%20.7%21.2%21.1%20.8%16.6%16.8%23.6%20.6%21.2%21.9%24.0%23.9%23.4%23.8%
Capital spending as % of revenue0.8%0.5%0.5%0.6%0.6%0.8%0.7%0.6%0.5%0.5%0.8%0.5%0.6%0.8%1.2%1.2%1.1%0.9%
Free cash flow ÷ net income111.3%109.4%138.6%92.0%139.9%109.5%113.5%112.9%118.9%114.5%83.2%136.1%100.0%94.1%84.9%179.5%144.0%132.8%
Dividends and buybacks ÷ free cash flow0.0%16.2%39.3%84.0%49.7%58.8%55.1%96.1%93.1%32.6%90.9%13.5%63.5%95.8%70.8%55.0%148.3%116.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · September 26, 2026
What it owns · $11.5bn
Short-term assets $4.8bnLonger-term assets $6.7bn
What it owes, and who funded it · $9.9bn
Short-term liabilities $3.6bnLonger-term liabilities $3.2bnShareholders' equity $3.2bn
  • Short-term assets cover short-term liabilities $4.8bn of assets due within a year against $3.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.8bn short-term assets against $3.2bn of longer-dated liabilities.
  • More cash than debt $184m of cash against $3.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 107% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 22% to 107% over five years.
  • A year's operating cash flow covers at least 20% of debt $687m of operating cash flow against $3.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $709m against $163m 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.

Moat

57 /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 10 / 20

    Cash operating profit has been a median 8.4% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 29.6%, moving by 3.1 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 5.2%; its worst year was 4.0%.

  • 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 19.2% 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 (62 before it).

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

Compare with peers

Head to head: HSIC vs YICOR vs HSICHSIC vs MCKCOSM vs HSIC

More: Health Care Distributors stocks compared, Health Care sector, rankings of US companies

Figures from Henry Schein's SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Henry Schein.