# Henry Schein, Inc. (HSIC)

> Source: Nexqual · https://nexqual.com/HSIC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Henry Schein, Inc. (HSIC), nexqual.com/HSIC" · informational, not investment advice.

**Price:** USD 86 (+1.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 85.01 · day 84.81–86.26 · 52w 62.15–92.18 · market cap $9.58B · NMS

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $13.6B, net income $403M (3.0% margin), free cash flow $569M (SEC filings).
- Valuation: P/E 23.8x (avg 23.3x at the last 3 fiscal year-ends), EV/EBITDA 12.7x, net debt $3.17B.
- 3 of 80 tracked superinvestors hold HSIC (13F, Q2 2026): 0 new, 1 added, 1 reduced, 1 unchanged.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $692K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.31 on a 1–5 scale) (16 analysts), mean target USD 96.87 (range 64–110).
- Total return with dividends: 1Y +35.2% vs S&P 500 +14.9%; 5Y +7.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.36, revenue estimate $3.48B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $12.4B | $12.6B | $12.3B | $12.7B | $13.2B | $13.6B |
| Gross profit | $3.67B | $3.83B | $3.86B | $4.02B | $4.11B | — |
| Operating income | $852M | $747M | $615M | $621M | $653M | $680M |
| Net income | $631M | $538M | $416M | $390M | $398M | $403M |
| EPS (diluted) | $4.45 | $3.91 | $3.16 | $3.05 | $3.27 | — |
| Free cash flow | $631M | $506M | $353M | $700M | $573M | $569M |
| Gross margin | 29.6% | 30.3% | 31.3% | 31.7% | 31.1% | — |
| Operating margin | 6.9% | 5.9% | 5.0% | 4.9% | 5.0% | 5.0% |
| Net margin | 5.1% | 4.3% | 3.4% | 3.1% | 3.0% | 3.0% |
| Revenue growth | +22.6% | +2.0% | -2.4% | +2.7% | +4.0% | — |
| Cash + short-term investments | $118M | $117M | $171M | $122M | $156M | — |
| Total debt | $873M | $1.15B | $2.20B | $2.48B | $3.07B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 23.8x · P/S 0.7x · EV/EBITDA 12.7x · EV/Sales 0.9x · P/FCF 16.8x · P/B 3.0x · FCF yield 5.94% · Earnings yield 4.20% · Buyback yield (TTM) 7.60% · Net debt $3.17B · EV $12.8B
P/E at fiscal year-ends: Dec 2025 23.1x, Dec 2024 22.7x, Dec 2023 24.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold HSIC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Einhorn | Greenlight Capital | 1.54% | $60.0M | Added +19.9% |
| Richard Pzena | Pzena Investment Management | 0.21% | $71.9M | Reduced -3.0% |
| Mason Hawkins | Southeastern Asset Management | 0.07% | $1.4M | Unchanged |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $692K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-11 | Daniel William K | Director | 10,000 | $692K | 69.19 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.31 on a 1–5 scale), 16 analysts; mean target USD 96.87 (low 64, high 110).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Leerink Partners | Target lowered | Market Perform | $96 → $92 |
| 2026-08-19 | BTIG | Target raised | Buy | $100 → $110 |
| 2026-08-06 | Barclays | Target raised | Overweight | $86 → $100 |
| 2026-08-05 | UBS | Target raised | Neutral | $89 → $94 |
| 2026-08-05 | Citigroup | Target raised | Buy | $100 → $112 |
| 2026-08-05 | BTIG | Reiterated | Buy | $100 |
| 2026-07-29 | Piper Sandler | Target raised | Overweight | $91 → $95 |
| 2026-07-28 | UBS | Target raised | Neutral | $85 → $89 |
| 2026-07-09 | BMO Capital | Initiated | Market Perform | $85 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +35.2% | +7.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +35.4% | +1.5% |
| Volatility (annualized) | 25.3% | 24.3% |
| Max drawdown | -17.2% (Feb 2026→May 2026) | -31.7% (Apr 2022→Oct 2023) |

## Peers (Medical Distribution)
CAH (Cardinal Health, Inc.) USD 255.64 -0.71% · COR (Cencora, Inc.) USD 338.48 -0.57% · AHG (Akso Health Group) USD 1.22 -3.94% · MCK (McKesson Corporation) USD 1,012.34 -0.31%

## More
Full page: https://nexqual.com/HSIC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HSIC's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1000228/000100022826000013/hsic-20251227.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Schein | "One Schein to broaden and deepen relationships with our customers" |
| Competitor | Cadence Design Systems (CDNS) | "against several large competitors, including Cadence Group, Proclinic Group, DD" |

Other companies that name HSIC in their own reports (relationship from HSIC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | Envista Holdings Corp (NVST) | 10-K 2026-02-12 | "One customer, Henry Schein, Inc. ("Henry Schein"), accounted for approximately 12% of our sales for 2025 and 10% of our sales for 2024 and 2023." |

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Global Distribution & Value Added Services | $2.91B | 84.2% | +6.6% | $181.0M | 6.2% |
| Global Specialty Products | $419.0M | 12.1% | +8.5% | $62.0M | 14.8% |
| Global Technology | $181.0M | 5.2% | +8.4% | $49.0M | 27.1% |
| Corporate costs (not allocated) | — | — | — | -$42.0M | — |
| Total revenue | $3.46B | 100% | — | $171.0M | 4.9% |
The lines above cover 101.5% of total revenue.

## Revenue by region (fiscal year ended 2025-12-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $9.10B | 69.0% | +3.1% |
| Non Us | $4.09B | 31.0% | +6.2% |
| Total revenue | $13.18B | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "Henry Schein today raised its financial guidance for 2026."
- "Guidance is for current continuing operations and does not include the impact of restructuring expenses and related costs, amortization expense of acquired intangible assets, the impairment of intangible assets, changes in contingent consideration, select implementation-related costs supporting value creation initiatives, and litigation settlements."
- "This guidance also assumes that foreign currency exchange rates remain generally consistent with current levels."
- "The Company's FY2026 guidance does not include any remeasurement gains for the remainder of 2026, or any future benefits from tariff refunds."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.36 | $1.36 | -0.3% | $3.48B | 16 |
| Next quarter (ends 2026-12-31) | $1.45 | $1.43 | +1.4% | $3.57B | 16 |
| Current fiscal year (ends 2026-12-31) | $5.39 | $5.34 | +0.8% | $13.87B | 16 |
| Next fiscal year (ends 2027-12-31) | $5.99 | $5.91 | +1.5% | $14.43B | 16 |