Henry Schein, Inc.
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
Henry Schein's revenue growth is accelerating—Q2 2026 revenue rose 6.7% to $3.46B and Q1 2026 rose 6.3% to $3.37B, both well above FY2025's 4.0% full-year pace, with management raising 2026 guidance to 4.5–5.5% revenue growth and adjusted EPS of $5.29–$5.39.
The stock trades at 24.28x P/E (roughly in line with the peer median of 25.02x) and 12.66x EV/EBITDA (a 20% discount to the peer median of 15.87x), offering reasonable relative value. However, net margin remains compressed at 3.0% in FY2025 versus 5.0% in FY2021, total debt has tripled to $3.69B from $1.22B over the same period, and a CFO transition effective November 4, 2026 introduces execution uncertainty—keeping the call at hold pending evidence that margin recovery can offset rising leverage.
What could go wrong
- Margin compression persistence. Net margin fell to 3.0% in FY2025 from 5.0% in FY2021 and operating margin to 5.8% from 6.9%; if the BOLD+1 cost program fails to deliver, profitability may stay depressed.
- Elevated leverage. Total debt rose to $3.687B in FY2025 from $1.217B in FY2021 while stockholders' equity declined to $3.245B from $3.425B, increasing balance-sheet risk if rates stay elevated.
- CFO transition risk. Emmanuel Caprais joins as CFO effective November 4, 2026 from ITT; leadership transitions in finance can disrupt capital allocation and reporting cadence.
- Insider selling trend. Over 24 months insiders net sold 85,911 shares worth $7.2M, with the CEO of Global Distribution & Technology disposing shares as recently as September 2026.
What would change my mind
Where this comes from: Q2 2026 results · FY21 and FY25 fundamentals · peer comparison · news, 19 Sep. Orin's read on HSIC; not advice.
How has the share price moved?
Up 32.6% over twelve months, from $63.54 on 27 Oct 2025 to $84.25 at the Tue 27 Oct 2026 close. Its highest close in that time was $90.86 on 3 Sep 2026; the last close is 7.3% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 4.6M, on 24 Feb 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All HSIC filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Kohlberg Kravis Roberts | $1.3B | 22.9% |
| FMR | $630.9M | 0.0% |
| BlackRock | $586.7M | 0.0% |
| Vanguard Capital Management | $530.1M | 0.0% |
| JPMorgan Chase | $366.4M | 0.0% |
| State Street | $359.6M | 0.0% |
| Vanguard Portfolio Management | $345.2M | 0.0% |
| Southpoint Capital Advisors | $275.6M | 6.3% |
| Invesco | $263.1M | 0.0% |
| Citadel Advisors | $244.0M | 0.0% |
74 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 87 Form 4 filings; open-market trades net −$7.2M. Of the 50 on hand, 1 was an open-market purchase and 7 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about HSIC
Orin answers questions about HSIC from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
Priced at 24.3× its last 12 months of profit (Tue 27 Oct close) — higher than in all 5 of its last 5 fiscal years (middle 22.9×); the typical Healthcare company on the NASDAQ is at 20.8×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 24.3×above usual | 22.9× | 20.8× |
| P/S | 0.69×below usual | 0.80× | — |
| EV/EBITDA | 12.5×near usual | 12.7× | — |
| P/B | 3.0×above usual | 2.8× | — |
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
The analysts' average 12-month price target is $95.44 (from $82 to $110) — 13% above the Tue 27 Oct close price. That is their published opinion, not Orin's.
$95.44
$82 – $110 · +13% against the last close
- 8 buy or overweight
- 5 hold
- 1 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 24.3× its last 12 months of profit; the middle P/E of the 3 companies it is compared to that made a profit is 27.5×.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| HSICHenry Schein, Inc. | $9B | 24.3× | 12.5× | 30.3% | 3.0% | 12% |
| CAHCardinal Health, Inc. | $62B | 34.5× | 18.3× | 3.9% | 0.7% | n/m |
| CORCencora, Inc. | $65B | 18.9× | 11.6× | 4.0% | 1.0% | 116% |
| MCKMcKesson Corporation | $125B | 27.5× | 17.2× | 3.7% | 1.1% | n/m |
- CAH, MCK: return on equity is not meaningful (n/m) — book value is below zero.
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 24.3× its last 12 months of profit (Tue 27 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now24.3×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Healthcare companies on the NASDAQ were priced at a typical 20.8× their yearly profit (Tue 27 Oct close).
- Now20.8×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A standard cash-flow model puts it at $65 a share — 23% below the $84.12 price it was computed against (27 Oct).
| Model | Value a share | Against the price then |
|---|---|---|
| Standard | $65 | 23% below $84.12 |
| Levered | $56 | 34% below $84.12 |
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.
Standard / levered: two versions of the cash-flow model: the standard one counts the cash before the company pays its lenders, the levered one after.