Henry Schein (HSIC)
Health Care · $9.9B market cap · SEC CIK 0001000228
ahead of 34% of the S&P 500 · #40 of 59 in Health Care
Next reports on Feb 22, 2027, after the close, with analysts expecting $1.43 in earnings per share.
52-week range $68.70 to $92.18. 4% below its 52-week high and 29% above its low.
The case for HSIC
Nothing in the numbers stands out as a strength.
The case against
- Expensive for its growth: 23.5× earnings, where 5% a year of growth would justify about 15×.
- Net margin of 3.1% leaves very little room for error.
- Growth is weak (40/100): revenue +6.2%, EPS +15.5%, +5.4% a year over five years.
- Long-term debt of $2.3B against $156M of cash.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 50 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 40 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 39 |
| Momentumhow the price has behaved lately | 70 |
| Stabilityhow violently it moves, what it owes and what it pays you | 64 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
The financials
Revenue growth
Is the business growing? Slowly
| Last 12 months | +6.2% |
|---|---|
| Over 5 years | +5.4% a year |
| FY2025 revenue | $13.2B (+4%) |
Free cash flow
Is it generating real cash? A little
| FY2025 free cash flow | $573M |
|---|---|
| Of revenue | 4% |
| Of profit | 144% |
Profit margins
Is profitability improving? Holding steady
| Gross margin | 32% |
|---|---|
| Operating margin | 5% |
| Net margin, FY24 → FY25 → now | 3.1% → 3.0% → 3.1% |
Debt vs. cash
Is the balance sheet healthy? Mostly, with some debt to carry
| Cash | $156M |
|---|---|
| Long-term debt | $2.3B |
| Net debt | $2.2B |
| Years to repay | 3.2 yrs |
Valuation
Is the stock price reasonable? A bit pricey
| P/E | 23.5× |
|---|---|
| Fair P/E for its growth | 15× |
| P/FCF | 17.2× |
| Forward P/E | 14.4× |
| EV / EBITDA | 13.4× |
At 23.5× earnings it trades above the 15× that 5% a year of growth would justify. At 17.2× free cash flow it trades close to that same mark.
The financials, five years deep
Pulled from Henry Schein's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $13.2B | $12.7B | $12.3B | $12.6B | $12.4B |
| Change on the year | +4% | +3% | −2% | +2% | — |
| Free cash flow | |||||
| Free cash flow | $573M | $700M | $353M | $506M | $631M |
| Of revenue | 4% | 6% | 3% | 4% | 5% |
| Profit margins | |||||
| Gross margin | 31.1% | 31.7% | 31.3% | 30.3% | 29.6% |
| Operating margin | 5.0% | 4.9% | 5.0% | 5.9% | 6.9% |
| Net margin | 3.0% | 3.1% | 3.4% | 4.3% | 5.1% |
| Debt vs. cash | |||||
| Cash | $156M | $122M | $171M | $117M | $118M |
| Long-term debt | $2.3B | $1.8B | $1.9B | $1.0B | $822M |
| Net cash (debt) | −$2.2B | −$1.7B | −$1.8B | −$929M | −$704M |
What Henry Schein says it does
Henry Schein, Inc. is a solutions company for health care professionals powered by a network of people and technology. We believe we are the world’s largest provider of health care products and services primarily to office- based dental and medical practitioners, as well as alternate sites of care. Our philosophy is grounded in our commitment to serve as trusted advisors and help customers operate a more efficient and successful business so the practitioner can provide better clinical care. With 94 years of experience distributing health care products, we have built a vast base of small, mid-sized and large customers in the dental and medical markets, serving more than one million customers worldwide across dental practices, laboratories, physician practices, and ambulatory surgery centers, as well as government, institutional health care clinics, home health providers, and other alternate care clinics. We are headquartered in…