Henry Schein, Inc. (HSIC) Stock

Henry Schein, Inc. (HSIC) is a Consumer Discretionary stock trading at $90.86 (as of 2026-09-03), with a market capitalization of $10.13B and a trailing P/E of 25.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Henry Schein, Inc. supplies health care products and services, including dental and medical offerings such as products, pharmaceuticals and vaccines, surgical and diagnostic items, and equipment, along with related repair services. It operates through Health Care Distribution and Technology and Value-Added Services, serving dental practitioners and laboratories, physician practices, government and institutional health care clinics, and other alternate care clinics.

Understand Henry Schein, Inc.: how it makes money

Henry Schein sells dental supplies, equipment, and medical products to practices, labs, and clinics around the world, earning revenue through distribution and subscription software. The model leans heavily on recurring consumables within dental, with a small but growing cloud-software layer that deepens wallet share per customer.

Henry Schein's profit pool is the wholesale spread on high-volume dental and medical consumables, with a thin but growing software subscription layer that increases customer stickiness and wallet share per practice.

Revenue by segment (latest quarter)
Dental$1.9B
Medical$1.1B
Technology & Value-Added$0.2B
Other$0.3B

Business quality (Weak): A volume distributor with a 5% operating margin and a P/E of 24.8x sitting 5% above the Wholesale industry average. The cloud-software layer is directionally promising but still small relative to the distribution base, and the overall business-quality grade is Weak.

Valuation: At 25× earnings, HSIC trades in line with the Wholesale average (24×).

Bull case

  • Software Deepens Customer Lock-In: Management highlighted that cloud software growth and AI upgrades can increase customer wallet share, building a recurring subscription layer on top of a transactional distribution relationship.
  • Guidance Raised on Stronger Sales: Management raised guidance, reflecting stronger expected underlying sales performance. Consumables growth was supported by customer conversion, branded products, and exclusive items, contributing to quarterly revenue of $3.5B (+7% YoY).

Bear case

  • Equipment Mix Dilutes Margins: Management noted that equipment growth could pressure margins because equipment carries lower margins than merchandise. As equipment volumes scale, the blended gross margin (currently 32%) faces structural downward pressure.
  • U.S. Implant Growth Lagging: Management flagged that the U.S. implant market is growing more slowly than EMEA, a specific structural headwind in the company's home market that could cap the dental merchandise growth rate.
  • Restructuring Costs Understate True Burden: Management acknowledged that restructuring costs are material and excluded from 2026 GAAP guidance, meaning reported earnings do not fully reflect the cash cost of the ongoing transformation.
Valuation — source: SEC EDGAR (first-party)
Price$90.86
Market Cap$10.13B
P/E Ratio25.1
EV / EBITDA11.1
Price / Book2.65
Price / Sales0.74
FCF Yield5.7%
DCF Value (model)$55.98
DCF Upside vs Price-38.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$13.18B
Net Margin3.0%
Revenue Growth (YoY)6.7%
EPS Growth (YoY)16.9%
FCF Growth (YoY)140.9%
Financial Health — source: SEC EDGAR
Altman Z-Score2.77 (grey)
Piotroski F-Score4/9 (moderate)
Valuation vs Sector & Industry
Stock P/E25.1
Sector P/E (Consumer Discretionary)20.2
Industry P/E (Wholesale)23.9
vs Sector24.6%
vs Industry5.3%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderKohlberg Kravis Roberts & Co. L.P. ($1.15B)
Institutional Holders Tracked10
Congressional Trades (recent)9
Company
SectorConsumer Discretionary
IndustryWholesale
CEOStanley Bergman
Employees25,000
CountryUS
IPO Date1995-11-03

Henry Schein, Inc. earnings call transcripts

  • HSIC Q2 FY26 earnings call transcript (reported 2026-08-04) · analysis
  • HSIC Q1 FY26 earnings call transcript (reported 2026-05-05) · analysis
  • HSIC Q4 FY25 earnings call transcript (reported 2026-02-24) · analysis
  • HSIC Q3 FY25 earnings call transcript (reported 2025-11-04) · analysis
  • HSIC Q2 FY25 earnings call transcript (reported 2025-08-05) · analysis

All HSIC earnings calls

Related Companies (Wholesale; 8 comparable wholesalers)

  • DENTSPLY SIRONA Inc. (XRAY)
  • Envista Holdings Corp (NVST)
  • Accendra Health, Inc. (ACH)
  • Baxter International Inc. (BAX)
  • Medline Inc. (MDLN)
  • Intuitive Surgical, Inc. (ISRG)
  • GE HealthCare Technologies Inc. (GEHC)
  • Boston Scientific Corporation (BSX)
HSIC earnings history · HSIC institutional & insider holders · HSIC KPIs & operating metrics · HSIC financials · HSIC investor presentations & press releases · HSIC SEC filings · HSIC peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-03.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.