Henry Schein, Inc. HSIC

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 86.62 USD on Nov 2, 2026, +14.6% year to date

Quant rating

Quant rating B Rank 164 of 565 in Health Care

Growth C 253 of 565
Valuation A 67 of 565
Quality B 104 of 565
Revisions C 388 of 565
Momentum C 238 of 565

Wall Street consensus Buy (2.33)Average target 96.41 USD +11.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 9.7B
Enterprise value: 14.5B
52-week range: 63.04 – 92.11
3-year range: 61.89 – 92.11
Dividend yield: –
Beta (5 years): 0.86
Shares outstanding: 111M
Next earnings: Nov 3, 2026

About the company

Henry Schein, Inc. is a solutions company for health care professionals. Its segments consist of Global Distribution and Value-Added Services, Global Specialty Products and Global Technology. Global Distribution and Value-Added Services include distribution to the global dental and medical markets of national brand and corporate brand merchandise, as well as equipment and related technical services. This segment also includes value-added services such as financial services, continuing education services, consulting and other practice services. This segment also markets and sells, under its own corporate brand, a portfolio of consumable merchandise. Global Specialty Products includes manufacturing, marketing and sales of dental implant and biomaterial products; endodontic, orthodontic and orthopedic products and other health care-related products and services. Global Technology includes development and distribution of practice management software, e-services, and other products.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	13,184	12,673	12,339	12,647	12,401	–
Revenue growth	4.0%	2.7%	−2.4%	2.0%	22.6%	5.4%
EPS (basic, normalized)	4.97	4.74	4.50	4.81	4.52	–
EPS growth	4.9%	5.3%	−6.4%	6.4%	–	–
Gross margin	31.1%	31.7%	31.3%	30.3%	29.6%	30.8%
Net margin	3.0%	3.1%	3.4%	4.3%	5.1%	3.8%
ROE	12.0%	11.1%	11.7%	15.7%	18.6%	13.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	157
Current ratio	1.32x
Long-term debt (mil)	2,300
Net debt (mil)	4,871
Total equity (mil)	3,157
Net debt / equity	1.54x
Net debt / EBITDA	4.42x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	13,184	+4.0%	1.1x	1,101	+3.6%	13.2x	4.97	+4.9%	17.4x
2026	13,866	+5.2%	1.0x	1,183	+7.5%	12.3x	5.39	+8.4%	16.1x
2027	14,419	+4.0%	1.0x	1,270	+7.4%	11.4x	5.99	+11.2%	14.5x
2028	14,991	+4.0%	1.0x	1,339	+5.4%	10.8x	6.56	+9.5%	13.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	13,866	0.0%	+0.2%	+0.9%	5.39	+0.1%	+0.2%	+0.9%
2027	14,419	0.0%	+0.2%	+1.1%	5.99	−0.3%	0.0%	+1.4%
2028	14,991	0.0%	+0.2%	+1.3%	6.56	−0.4%	−0.5%	+0.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,172	3,136	3,174	3,191	3,168	3,240	3,339	3,437	3,368	3,458
Sales mean (mil)	3,210	3,267	3,236	3,295	3,227	3,222	3,276	3,347	3,342	3,375
Surprise	−1.2%	−4.0%	−1.9%	−3.2%	−1.8%	+0.6%	+1.9%	+2.7%	+0.8%	+2.5%
EPS reported	1.10	1.23	1.22	1.19	1.15	1.10	1.38	1.34	1.32	1.27
EPS mean	1.01	1.22	1.17	1.21	1.11	1.19	1.28	1.30	1.22	1.24
Surprise	+8.4%	+0.9%	+4.6%	−1.4%	+3.6%	−7.7%	+7.9%	+3.1%	+8.4%	+2.7%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HSIC Henry Schein, Inc.	9.7B	4.42x	3.0%	3.07x	16.1x	14.5x	12.3x	11.4x
ISRG Intuitive Surgical, Inc.	151.4B	−0.91x	28.4%	9.47x	38.8x	35.0x	26.4x	24.3x
SYK Stryker Corporation	116.8B	1.65x	12.9%	4.98x	20.7x	18.8x	16.4x	15.3x
COR Cencora, Inc.	64.5B	1.93x	0.5%	21.13x	18.9x	17.1x	13.7x	12.8x
BDX Becton Dickinson and Co	54.1B	2.03x	7.7%	2.22x	15.7x	14.9x	11.5x	11.5x
VEEV Veeva Systems Inc.	49.7B	−4.92x	28.4%	6.69x	33.2x	30.0x	25.9x	23.1x
Mean		0.70x	13.5%	7.93x	23.9x	21.7x	17.7x	16.4x
Median		1.79x	10.3%	5.83x	19.8x	18.0x	15.1x	14.0x

Technical analysis

1M+2.0%
3M+1.0%
1Y+37.1%
3Y+40.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Henry Schein, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	13,184	12,673	12,339	12,647	12,401	10,119
Cost of revenue	9,079	8,657	8,478	8,816	8,729	7,305
Gross profit	4,105	4,016	3,861	3,831	3,672	2,814
Selling, general & administrative expenses	3,048	2,999	2,934	2,771	2,813	2,247
Research & development	–	–	–	–	–	–
Depreciation/amortization	293	280	210	182	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	111	116	102	131	7.9	32.1
Other operating expenses	0	0	0	0	0	0
Operating income	653	621	615	747	852	535
Net interest income (expense)	−117	−107	−70.0	−27.0	−21.1	−31.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−3.0	−1.0	−3.0	1.0	0	−3.9
Net income before taxes	533	513	542	721	831	500
Provision for taxes	126	128	120	170	197	95.4
Minority interest	−21.0	−8.0	−20.0	−28.0	−29.3	−15.6
Equity in affiliates	12.0	13.0	14.0	15.0	27.3	13.9
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	398	390	416	538	631	403
Extraordinary items	–	–	–	0	0	1.0
Net income	398	390	416	538	631	404
EBIT, normalized	765	749	744	918	867	594
EBITDA, normalized	1,076	1,046	992	1,130	1,076	779
Basic EPS, normalized	4.97	4.74	4.50	4.81	4.52	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Henry Schein, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	156	122	171	117	118	421
Receivables	1,651	1,482	1,863	1,442	1,452	1,425
Total inventory	2,002	1,810	1,815	1,963	1,861	1,512
Prepaid expenses	655	569	639	466	413	433
Other current assets	0	0	0	0	0	0
Total current assets	4,464	3,983	4,488	3,988	3,844	3,791
Property, plant & equipment	922	824	823	667	691	631
Goodwill	4,213	3,887	3,875	2,893	2,854	2,504
Intangibles	1,018	1,023	916	587	668	479
Long-term investments	286	260	180	161	168	169
Note receivable	56.0	63.0	44.0	28.0	35.7	34.8
Other long-term assets	256	178	247	283	220	162
Total assets	11,215	10,218	10,573	8,607	8,481	7,773
Liabilities
Accounts payable	1,154	962	1,020	1,004	1,054	1,006
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,017	915	1,023	893	965	884
Short-term debt	764	650	264	103	50.5	73.4
Current portion of long-term debt	33.0	56.0	150	6.0	10.6	110
Other current liabilities	260	220	226	218	226	210
Total current liabilities	3,228	2,803	2,683	2,224	2,307	2,283
Long-term debt	2,310	1,830	1,937	1,040	811	516
Minority interest	1,549	1,444	1,498	1,225	1,251	964
Other liabilities	883	748	800	672	687	662
Total liabilities	7,970	6,825	6,918	5,161	5,056	4,424
Shareholders' equity
Preferred stock	0	0	–	0	0	0
Common stock	1.0	1.0	1.0	1.0	1.4	1.4
Additional paid-in capital	177	0	–	0	0	0
Retained earnings (accumulated deficit)	3,293	3,771	3,860	3,678	3,595	3,455
Treasury stock	–	–	–	–	–	–
Other equity	−226	−379	−206	−233	−171	−108
Total equity	3,245	3,393	3,655	3,446	3,425	3,348
Total liabilities & shareholders' equity	11,215	10,218	10,573	8,607	8,481	7,773

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Henry Schein, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	419	398	436	566	661	419
Depreciation, depletion & amortization	311	297	248	212	210	186
Deferred taxes	5.0	−61.0	−20.0	−73.0	−11.0	−53.0
Non-cash items	25.0	62.0	111	163	29.9	34.3
Changes in working capital	−48.0	152	−275	−266	−179	12.6
Cash from operations	712	848	500	602	710	599
Investing activities
Capital expenditures	−191	−187	−187	−96.0	−79.0	−48.8
Other investing cash flows	−209	−243	−948	−180	−598	−66.2
Cash from investing	−400	−430	−1,135	−276	−677	−115
Financing activities
Financing cash flow items	−143	−320	−103	−91.0	−96.1	−48.7
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−45.0	−190	804	−224	−237	−139
Cash from financing	−188	−510	701	−315	−333	−187
Foreign exchange effects	−90.0	43.0	−12.0	−12.0	−2.6	18.4
Net change in cash	34.0	−49.0	54.0	−1.0	−303	315
Free cash flow	521	661	313	506	631	550

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.