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. In the quarter to June 2026, revenue grew 6.73%, EPS grew 16.9%, free cash flow grew 140.9% and total debt rose 15.2%, each against the same quarter a year earlier. Member of the S&P 500; insiders bought in the last twelve months.
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Henry Schein, Inc. (HSIC) Altman Z-score
Henry Schein, Inc.'s Altman Z-score for fiscal 2025 is 2.66, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.66 | (0.29) |
| FY2024 | 2.95 | (0.07) |
| FY2023 | 3.02 | (1.03) |
| FY2022 | 4.05 | (0.03) |
| FY2021 | 4.08 | 0.19 |
| FY2020 | 3.89 | (0.32) |
| FY2019 | 4.22 | 1.08 |
| FY2018 | 3.14 | (0.01) |
| FY2017 | 3.15 | (1.20) |
| FY2016 | 4.34 | (0.19) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.11 | — | 0.13 | |
| Retained earnings / total assets | 0.29 | — | 0.41 | |
| EBIT / total assets | 0.06 | — | 0.19 | |
| Market value of equity / total liabilities | 1.25 | — | 0.75 | |
| Sales / total assets | 1.18 | — | 1.18 | |
| Altman Z-score | Grey zone | 2.66 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.63 | ||
Z and Z″ put Henry Schein, Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AHG Akso Health Group Sponsored ADR compare | 113× |
| MCK McKesson Corporation compare | 6.1× |
| CAH Cardinal Health, Inc. compare | 5.1× |
| COR Cencora, Inc. compare | 4.8× |
| HKPD Cellyan Biotechnology Co., Ltd compare | 3.4× |
| HSIC Henry Schein, Inc. | 2.7× |
| ACH Accendra Health, Inc. compare | 0.4× |
| FOCL FocalTherics compare | −0.9× |
| COSM Cosmos Health Inc. compare | −2.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
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- Revenue
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- EBITDA
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- P/E ratio
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- EV/EBITDA
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- EV/FCF
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- Current ratio
- Total debt
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