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HSIC

HENRY SCHEIN INC

Other • CIK: 0001000228

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Market Cap
$8.10B
P/E (TTM)
20.7x
Rev Growth (TTM)
+9.8%
Net Margin (TTM)
698.2%
FCF Yield (TTM)
5.0%
FCF Margin (TTM)
719.6%

LATEST EARNINGS

Q4 2025
3 days ago
View source
Revenue
$3.44B
+7.7%
Net Income
$101.00M
+7.4%
EPS
$0.85
+14.9%
Gross
30.9% -0.2%
Operating
4.7% -0.1%
Net
2.9% -0.0%
  • Total net sales increased 7.7% to $3.4 billion in Q4 2025, marking the highest sales growth in 15 quarters.
  • Global Specialty Products sales increased 14.6% (11.1% in constant currencies) driven by strong dental implant and endodontics sales.
  • Global Technology sales increased 8.4% (7.6% in constant currencies), reflecting accelerated adoption of cloud-based software.
  • Q4 2025 non-GAAP diluted EPS of $1.34, an increase from $1.19 in Q4 2024.

Cash Flow Health

Free Cash Flow7/8 positive
TTM$403M
Q3 '25
$141M+60%
Q2 '25
$88M+1367%
FCF Margin
TTM719.6%
Q3 '251007.1%+72%
Sector: 4.1%Top 10%
OCF Margin955.4%
OCF/NI1.37x
CapEx Coverage4.1x
FCF Yield5.0%
FCF Growth (2Y)-9%
Cash Conversion Cycle
10476 days
DSO: 10439+DIO: 76DPO: 39

Capital Allocation & Returns

Shareholder Friendly
Total Shareholder YieldTTM
TTM6.7%
Div Yield0.0%
+
Buyback (TTM)6.7%

Strong capital returns to shareholders

Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$403.0M
Stock Repurchases (TTM)$542.0M
Capital Return / FCF134.5%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
6.9%
Stable
+0.3% YoY-2.1%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
878.1%
8Q: 883.9%
Asset Turnover
0.01x
8Q: 0.01x
Leverage (1+D/E)
1.91x
D/E: 0.91x
DuPont: 8.9%6.9% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.10x
8Q:0.10x
Flat
Invested Cap Turn
0.01x
8Q:0.01x
Flat
CapEx Intensity
1.9%
8Q:2.0%
CapEx/Depreciation
0.43x
Asset-based ROIC formula

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ3 2025Q2 2025Q1 2025Q4 2025Q3 2024Q2 2024Q1 2024Q4 2024
Revenue
$56.0M
$14.0M6.7%
$15.0M15.4%
$13.0M7.1%
$14.0M0.0%
$14.0M16.7%
$12.0M0.0%
$12.0M7.7%
$13.0M
Operating Income
$645.0M
$164.0M
$0
$0100.0%
$151.0M
$0100.0%
$175.0M12.9%
$155.0M1.3%
$157.0M
Net Income
$391.0M
$101.0M17.4%
$86.0M21.8%
$110.0M17.0%
$94.0M5.1%
$99.0M4.8%
$104.0M11.8%
$93.0M416.7%
$18.0M
Operating Cash Flow
$535.0M
$174.0M45.0%
$120.0M224.3%
$37.0M81.9%
$204.0M35.1%
$151.0M49.0%
$296.0M50.3%
$197.0M715.6%
$-32.0M
Free Cash Flow
$403.0M
$141.0M60.2%
$88.0M1366.7%
$6.0M96.4%
$168.0M43.6%
$117.0M54.8%
$259.0M66.0%
$156.0M319.7%
$-71.0M
Total Equity
N/A

Valuation Analysis

Fair Value
Price-to-EarningsTTM
20.7x
Volatile
8Q: 93.3x-27070%
Valuation Lenses
Earnings
20.7x
vs sector
Cash Flow
28.0x
EV/FCF vs
Growth-Adj
0.7xPEG
Undervalued for growth
Quality-Adj
3.0P/E per %ROIC
ROIC: 6.9%
Shareholder Returns
Dividend
Buyback
6.7%
Total Yield
6.7%
Market Cap$8.10B
EV
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
75/100
High Quality

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Above Avg
11.5%
8Q:
Return on Invested Capital (ROIC)Top 25%
6.9%
8Q:
-2.1%
vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 878.1%
Asset Turnover: 0.01x

Earnings Quality

Cash Conversion

1.37x

OCF / Net Income

FCF Consistency

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin7205.4%

Capital Efficiency

Invested Capital Turnover0.01x

Working Capital

Cash Conversion Cycle10476 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
55/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
9.8%
OpInc Growth YoY
N/A
EPS Growth YoY
29.9%
FCF 3Y CAGR
-8.6%

Growth Quality Analysis

Working Capital Drag: FCF growth lagging revenue by 18.4%

Margin Quality & Sustainability

High Quality
Profitability Cascade
Gross
7205.4%
Operating
1151.8%
Top 25% in sector
Net
698.2%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
FCF vs Net Gap
+21.4 pts
FCF: 719.6% | Net: 698.2%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Adequate
Net Debt / EBITDA
Net Debt: $2.93B
Interest Coverage
Leverage Metrics
Debt-to-Equity
0.91x
Balance sheet risk & solvency analysis