At a glance
Henry Schein Inc is worth $9.65B, about 27 times its fiscal 2025 earnings. Revenue grew 4.0% to $13.18B in fiscal 2025, with 3.0% kept as profit; over 5 years it has grown 5.4% a year. It pays no dividend; it spent $2.37B buying back its shares over FY2021–FY2025. The stock returned +37.1% over the past year with dividends reinvested and +2.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 41.4% in the 2020 crash (S&P 500: 33.7%) and 28.5% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Henry Schein is mainly a distributor: it buys health care supplies and equipment from manufacturers and resells them. The Melville, New York, company says it is the world's largest provider of such products and services to office-based dentists and doctors and to alternate care sites, such as ambulatory surgery centers (clinics for same-day procedures). Its more than one million customers range from dental practices, labs and physician practices to government clinics and home health providers. It stocks more than 300,000 products, including its own Henry Schein brand.
Its core distribution business earns money on the gap between what it pays suppliers and what customers pay. Overall gross margin, the share of sales left after the cost of goods, was 31.1% in the fiscal year ended December 27, 2025, on revenue of $13.18 billion. Offices tend to place frequent, small orders and need them filled fast, so the company runs 38 distribution centers. It operates in 34 countries and territories.
Global Distribution and Value-Added Services also offers technical service, financial services and practice consulting. It produced $11.14 billion, or 84.5% of fiscal 2025 revenue. Global Specialty Products, which makes dental implants, tissue-regeneration materials, and root canal, orthodontic and orthopedic products, added 11.7%. Global Technology, which sells software for running a practice, added 5.1%. The United States supplied 69% of revenue.
Price history
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HSIC +37.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Global Distribution and Value-Added Services | $11.14B | 84.5% |
| Global Specialty Products | $1.54B | 11.7% |
| Global Technology | $675.0M | 5.1% |
By geography
| United States | $9.10B | 69% |
| Other | $4.09B | 31% |
Latest results
- In Q2 FY2026 (ended Jun 27, 2026), revenue was $3.46B, up 6.7% from a year earlier, and net income was $94.0M (+9.3%).
- For fiscal 2025, revenue was $13.18B (+4.0% year over year; +5.4% a year from FY2020 to FY2025) with a 3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.4% good |
|---|---|
| Operating margin | 5% watch |
| Free cash flow margin | 4.3% watch |
| Return on equity (FY2025) | 12.3% watch |
| Return on assets (FY2025) | 3.5% watch |
| Net cash (cash minus debt) | $-3.31B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $10.12B | $404.0M | $550.0M |
| FY2021 | $12.40B | $631.0M | $631.0M |
| FY2022 | $12.65B | $538.0M | $506.0M |
| FY2023 | $12.34B | $416.0M | $353.0M |
| FY2024 | $12.67B | $390.0M | $700.0M |
| FY2025 | $13.18B | $398.0M | $573.0M |
Valuation snapshot
| Market value | $9.65B |
|---|---|
| P/E ratio | 26.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Henry Schein’s market value went from $9.54B at the end of 2016 to $9.65B on Nov 2, 2026, up 1%; since the end of 2025 it is up 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $9.65B | +8.5% |
| 2025 | $8.90B | +3.1% |
| 2024 | $8.63B | -12.3% |
| 2023 | $9.84B | -9.1% |
| 2022 | $10.83B | +0.7% |
| 2021 | $10.75B | +12.6% |
| 2020 | $9.55B | -2.5% |
| 2019 | $9.79B | +4.7% |
| 2018 | $9.35B | +9.1% |
| 2017 | $8.57B | -10.2% |
| 2016 | $9.54B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HSIC price data to Nov 2, 2026 | +14.6% | +37.1% | +11.9% | +2.1% | +3.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.6% |
| 2025 | +9.2% |
| 2024 | -8.6% |
| 2023 | -5.2% |
| 2022 | +3.0% |
| 2021 | +16.0% |
| 2020 | +0.2% |
| 2019 | +8.8% |
| 2018 | +12.4% |
| 2017 | -7.9% |
| 2016 | -4.1% |
| 2015 | +16.2% |
| 2014 | +19.2% |
| 2013 | +42.1% |
| 2012 | +24.8% |
| 2011 | +5.0% |
| 2010 | +16.7% |
| 2009 | +43.4% |
| 2008 | -40.2% |
| 2007 | +25.4% |
| 2006 | +12.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 45.5% over that stretch · deepest drop along the way 47.8%, back to its old high 25.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41.4% over that stretch · deepest drop along the way 41.4%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.1% over that stretch · deepest drop along the way 28.5%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($692K) and 2 sales ($323K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 11, 2026 | William K Daniel Director | buy | $692K |
| Mar 10, 2026 | Kurt P Kuehn Director | sell | $225K |
| Mar 19, 2026 | Thomas C Popeck CEO, Henry Schein Products | sell | $99K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 6.6% | Jun 30, 2026 |
| Vanguard Capital Management | 6.36% | Mar 31, 2026 |
| BlackRock, Inc. | 6.1% | Mar 31, 2025 |
| JPMORGAN CHASE & CO. | 5% | Mar 31, 2025 |
ETFs with the most weight in HSIC
| CWS AdvisorShares Focused Equity ETF | 3.93% |
| FLV American Century Focused Large Cap Value ETF | 1.96% |
| XHS SPDR S&P Health Care Services ETF | 1.78% |
| RSPH Invesco S&P 500 Equal Weight Health Care ETF | 1.64% |
| BSMC Brandes U.S. Small-Mid Cap Value ETF | 0.8% |
| RPV Invesco S&P 500® Pure Value ETF | 0.56% |
| AFLG First Trust Active Factor Large Cap ETF | 0.42% |
| IQSM NYLI Candriam U.S. Mid Cap Equity ETF | 0.42% |
What could go wrong
- Manufacturers could bypass distributors. Suppliers could sell straight to dentists and doctors, shrinking Henry Schein's role. The company says some dental specialty and medical manufacturers already do. Rivals could also win exclusive rights to market particular products.
- Large buying groups squeeze prices. Customers are consolidating, and buying groups such as dental support organizations (DSOs) and group purchasing organizations (GPOs) push hard for low prices. Most offices also buy from more than one distributor.
- Thin margins leave little room for error. Henry Schein kept about 5 cents of operating profit per dollar of sales in fiscal 2025. The company says tariffs, supply sourcing and higher labor costs may have hurt its profit margins.
- Strong rivals in every business line. It competes with Patterson and Benco in U.S. dental supplies, McKesson and Medline in U.S. medical, Straumann, Envista and Dentsply Sirona in implants, and many software makers. Price is a main battleground.
- Debt far exceeds cash on hand. As of June 27, 2026, total debt was $3.46 billion against $157 million of cash and investments. Heavy borrowing can raise interest costs and limit flexibility in a downturn.
- Job losses or telemedicine could dent demand. The company says job losses that cost patients their insurance, plus advances such as telemedicine and new prosthetic solutions, can partly offset the growing patient demand that drives its sales.
Recent events
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Shareholder vote results; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
- Executive or board change; Bylaws or fiscal year changed
- Executive or board change
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Henry Schein does not pay a dividend and paid none from fiscal 2021 through fiscal 2025. For an income investor, that means no regular cash payments: any return comes from share price changes, and raising cash means selling shares. The company instead returns cash through buybacks, repurchasing its own stock. It spent $2.37 billion on buybacks over those five years, including $850 million in fiscal 2025, more than that year's $573 million of free cash flow (cash left after running and investing in the business). The share count fell 19.6% between October 2021 and July 2026.
In downturns, the stock fell 47.8% in the 2008 financial crisis and did not recover until January 2011. It dropped 41.4% in the 2020 COVID crash and recovered by January 2021. After falling 28.5% in 2022, it had not regained its April 2022 high as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Henry Schein pay a dividend?
No. Henry Schein paid no dividends from fiscal 2021 through fiscal 2025, so the stock provides no regular income. The company returns cash to shareholders through buybacks instead, spending $2.37 billion repurchasing its own shares over those five years. A shrinking share count can lift earnings per share over time, but buybacks do not put cash in an investor's pocket the way a dividend does. Raising income from the stock means selling shares.
How does Henry Schein make money?
Mostly by distributing health care supplies. Henry Schein buys products from manufacturers and resells them, along with equipment, technical service and practice consulting, to more than one million dental and medical customers. That distribution segment brought in 84.5% of fiscal 2025 revenue of $13.18 billion. The company also manufactures dental implants and other specialty products (11.7% of revenue) and sells practice management software (5.1%). About 69% of revenue came from the United States.
Who are Henry Schein's competitors?
It depends on the business. In U.S. dental distribution, the main rivals are the Patterson Dental division of Patterson Companies and Benco Dental Supply. In U.S. medical distribution, they are McKesson and Medline. Implant makers Straumann, Envista, Zimvie and Dentsply Sirona compete with its specialty products, and software firms such as Open Dental and Epic Systems compete with its technology unit. Outside the United States, the company believes it is the only global dental distributor, facing mostly local and regional rivals.
Is Henry Schein growing?
Slowly. Revenue rose from $10.12 billion in fiscal 2020 to $13.18 billion in fiscal 2025, about 5.4% a year on average, with 4% growth in fiscal 2025. Profits have lagged: net income of $398 million in fiscal 2025 was slightly below the $404 million of fiscal 2020 and well below the $631 million of fiscal 2021. In the quarter ended June 27, 2026, revenue rose 6.7% from a year earlier to $3.46 billion, and net income rose 9.3% to $94 million.
How has Henry Schein stock performed over the long term?
Unevenly. As of October 28, 2026, the share price had risen 34.4% over one year, but only about 2.4% a year over five years and 3.8% a year over ten years, a 46% total gain for the decade. These figures reflect share price changes only. On the same date, the stock traded at about 26 times its fiscal 2025 earnings per share, a measure called the price-to-earnings (P/E) ratio, giving the company a market value of about $9.47 billion.