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Friday 6 November 2026
Export HSIC’s income statement to Excel — free account
Henry Schein, Inc.
HSIC Healthcare Medical Distribution
Henry Schein, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $13.2 billion, up 4.03% from fiscal 2024.
- Revenue
- +3.95%
- EPS
- +34.8%
- Free cash flow
- −7.09%
- Total debt
- +15.6%
Quarter to September 2026, against a year earlier
86.88
1.57
+1.84%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 11,572 | 8,883 | 9,418 | 9,986 | 10,119 | 12,401 | 12,647 | 12,339 | 12,673 | 13,184 | 13,734 | +1.5% | 13,865 | 14,419 | 14,996 | +4.4% | |
| Gross margin, % | 27.88 | 30.92 | 30.91 | 30.95 | 27.83 | 29.63 | 30.29 | 31.28 | 31.69 | 31.14 | 31.59 | +3.3 pt | ||||||
| EBT | 756 | 630 | 537 | 680 | 500 | 831 | 721 | 542 | 513 | 533 | 580 | (3.8%) | ||||||
| EBT margin, % | 6.53 | 7.09 | 5.70 | 6.81 | 4.94 | 6.70 | 5.70 | 4.39 | 4.05 | 4.04 | 4.22 | (2.5) pt | ||||||
| Net income | 556 | 459 | 562 | 719 | 420 | 660 | 566 | 436 | 398 | 419 | 443 | (3.1%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 71.59 | 56.66 | 61.69 | 67.56 | 71.01 | 88.52 | 92.95 | 94.47 | 99.95 | 109.13 | 123.43 | +4.8% | |||||
| Earnings | 3.14 | 2.59 | 3.51 | 4.70 | 2.83 | 4.51 | 3.95 | 3.18 | 3.07 | 3.29 | 3.75 | +0.5% | ||||||
| Cash flow | 3.98 | 3.48 | 4.49 | 4.43 | 4.20 | 5.07 | 4.42 | 3.83 | 6.69 | 5.89 | 6.17 | +4.5% | ||||||
| Capex | (0.43) | (0.40) | (0.47) | (0.52) | (0.34) | (0.56) | (0.71) | (1.13) | (1.17) | (1.15) | (1.15) | +11.4% | ||||||
| Free cash flow | 3.54 | 3.08 | 4.02 | 3.91 | 3.86 | 4.50 | 3.72 | 2.70 | 5.52 | 4.74 | 5.02 | +3.3% | ||||||
| Book value | 17.33 | 18.01 | 23.20 | 24.56 | 27.96 | 29.00 | 30.10 | 32.84 | 31.79 | 32.27 | 34.30 | +7.2% | ||||||
| Shares, m | 162 | 157 | 153 | 148 | 143 | 140 | 136 | 131 | 127 | 121 | 115 | (3.2%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 19.32 | 21.57 | 17.30 | 14.11 | 23.63 | 17.23 | 20.25 | 23.76 | 22.54 | 22.90 | 22.76 | 20.3 | |||||
| P/S | 0.84 | 0.98 | 0.99 | 0.99 | 0.94 | 0.88 | 0.86 | 0.80 | 0.69 | 0.69 | 0.69 | 0.9 | ||||||
| P/B | 3.49 | 3.08 | 2.63 | 2.72 | 2.39 | 2.67 | 2.64 | 2.30 | 2.18 | 2.34 | 2.49 | 2.6 | ||||||
| EV/Sales | 0.91 | 1.06 | 1.09 | 1.05 | 0.96 | 0.93 | 0.93 | 0.96 | 0.83 | 0.86 | 0.86 | 1.0 | ||||||
| EV/FCF | 18.34 | 19.54 | 16.68 | 18.15 | 17.70 | 18.33 | 23.24 | 33.39 | 15.05 | 19.75 | 21.19 | 20.0 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 643 | 546 | 685 | 654 | 599 | 710 | 602 | 500 | 848 | 712 | 687 | +1.1% | |||||
| Capex | (70) | (62) | (71) | (76) | (49) | (79) | (96) | (147) | (148) | (139) | (128) | +7.9% | ||||||
| Free cash flow | 572 | 483 | 613 | 578 | 550 | 631 | 506 | 353 | 700 | 573 | 559 | 0.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,022 | 1,257 | 956 | 1,188 | 1,508 | 1,537 | 1,764 | 1,805 | 1,180 | 1,236 | 1,178 | +2.1% | |||||
| Net debt | 719 | 750 | 932 | 627 | 204 | 704 | 929 | 1,916 | 1,764 | 2,187 | 2,340 | +13.2% | ||||||
| Shareholders’ equity | 2,801 | 2,824 | 3,542 | 3,630 | 3,984 | 4,063 | 4,095 | 4,289 | 4,031 | 3,899 | 3,817 | +3.7% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 7.64 | 5.56 | 6.55 | 8.88 | 5.41 | 7.76 | 6.30 | 4.34 | 3.75 | 3.71 | 3.72 | (3.9) pt | |||||
| ROIC | 13.70 | 11.71 | 8.39 | 10.55 | 7.98 | 11.17 | 9.29 | 6.19 | 6.70 | 6.71 | 7.20 | (7.0) pt | ||||||
| ROE | 17.82 | 14.45 | 16.84 | 19.37 | 10.61 | 15.68 | 13.19 | 9.92 | 9.38 | 10.04 | 10.74 | (7.8) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 21,000 | 22,000 | 18,000 | 19,000 | 19,000 | 21,600 | 22,000 | 25,000 | 25,000 | 25,000 | — | +2.0% | |||||
| Revenue/emp, $m | 0.55 | 0.40 | 0.52 | 0.53 | 0.53 | 0.57 | 0.57 | 0.49 | 0.51 | 0.53 | — | (0.5%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Global Distribution and Value-Added Services | 11,138 | 84.48% |
|---|---|---|
| Global Specialty Products | 1,544 | 11.71% |
| Global Technology | 675 | 5.12% |
| Gross margin | 31.14% | |
| Operating margin | 4.95% | |
| Pre-tax margin | 4.04% |
Henry Schein, Inc. vs peers in Medical Distribution (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MCK McKesson Corporation | $125.0B | 27.5× | 25.4× | +7.57% (above 0%: growing) | +16.98% (above 0%: growing) | +32.51% (above 0%: growing) | 3.57% | 1.45% | Compare |
| COR Cencora, Inc. | $64.8B | 18.8× | 17.5× | +5.52% (above 0%: growing) | n/m | −7.81% (below 0%: shrinking) | 4.08% | 1.03% | Compare |
| CAH Cardinal Health, Inc. | $62.0B | 34.5× | 24.5× | +5.47% (above 0%: growing) | +26.34% (above 0%: growing) | +10.87% (above 0%: growing) | 3.85% | 1.12% | Compare |
| HSIC Henry Schein, Inc. | $9.4B | 22.8× | 21.3× | +3.95% (above 0%: growing) | +34.81% (above 0%: growing) | −7.09% (below 0%: shrinking) | 31.84% | 5.56% | |
| AHG Akso Health Group Sponsored ADR | $1.1B | — (loss-making) | — (loss-making) | +263.89% (above 0%: growing) | n/m | −12,975.04% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| FOCL FocalTherics | $159.3M | — (loss-making) | — (loss-making) | +38.85% (above 0%: growing) | n/m | +21.49% (above 0%: growing) | 55.59% | (60.83%) | Compare |
| COSM Cosmos Health Inc. | $29.2M | — (loss-making) | — (loss-making) | +28.76% (above 0%: growing) | n/m | +9.39% (above 0%: growing) | 7.96% | (15.41%) | Compare |
| ACH Accendra Health, Inc. | $23.0M | — (loss-making) | — (loss-making) | −10.07% (below 0%: shrinking) | n/m | −1,624.82% (below 0%: shrinking) | 42.95% | (5.73%) | Compare |
| YI 111, Inc. Sponsored ADR | $15.5M | — (loss-making) | — (loss-making) | −29.61% (below 0%: shrinking) | n/m | −185.70% (below 0%: shrinking) | 5.33% | (0.85%) | Compare |
| Median of peers | $634.6M | 27.5× | 24.5× | +6.55% | — | +0.79% | 4.71% | (0.42%) |
From the latest earnings call
- CEO Frederick Lowery said U.S. dental merchandise growth came primarily from volume, with gains among private practices and emerging dental service organizations.
- Lowery said Henry Schein is making targeted fourth-quarter investments to win customers while maintaining its value-creation commitments.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
109.79%
Held by the ten largest
59.73%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Kohlberg Kravis Roberts & Co. L.P. | 15.65m | 13.99% | 0.00 |
| Vanguard | 11.35m | 10.14% | −163.77k |
| Fidelity (FMR) | 7.55m | 6.75% | +1.83m |
| BlackRock | 7.02m | 6.28% | +1.67k |
| Artisan Partners Limited Partnership | 6.47m | 5.78% | −105.56k |
| JPMorgan Chase | 4.34m | 3.88% | −219.58k |
| State Street | 4.31m | 3.85% | −73.70k |
| American Century | 3.46m | 3.09% | −137.18k |
| Dimensional Fund Advisors | 3.39m | 3.03% | +521.24k |
| Southpoint Capital Advisors LP | 3.30m | 2.95% | +100.00k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 8 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 12.01m | 9.78m | 116.00 |
| 2024 | 11.64m | 7.85m | 107.00 |
| 2023 | 10.01m | 4.94m | 115.00 |
| 2022 | 8.26m | 9.96m | 121.00 |
| 2021 | 10.79m | 28.29m | 114.00 |
Ownership
Directors and executive officers, together
0.89%
KKR Hawaii Aggregator L.P. and its affiliates (KKR)20
16.43%
Artisan Partners Limited Partnership and its affiliates21
5.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Henry Schein, Inc. (HSIC) Latest News
3 Nov
HSIC metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Henry Schein supplies health care products and services to dental and medical professionals, particularly those working outside hospitals. Founded in 1932 and headquartered in Melville, New York, the company is led by CEO Frederick M. Lowery.
Its distribution business sells supplies and equipment that practices use to treat patients and run their offices. These range from infection-control products, vaccines and diagnostic tests to dental chairs and imaging equipment. Henry Schein sells products made by other companies alongside products under its own brands. It also installs and repairs equipment and offers services such as continuing education, consulting and access to financing.