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Henry Schein

HSIC on Nasdaq. Henry Schein sells health care products and services to dental and medical practices. Market value $9.4bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
6.1%high

For every $100 of what the whole company costs, it produced $6.06 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
18.7×full

You pay 18.7 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
8.4%five-year median

Each dollar kept in the business earns 8 cents a year. Above 10 is good.

Quality score: 77 of 100. Price score: 78 of 100. Our list needs 70 on quality and 60 on price.

$84.23 a share, 36% above its 1-year low

Over the past year the price has ranged from $61.95 to $92.18.

Pays no dividend

Prices from Monday’s close (5 October).

Five years of cash, in billions

0.6
0.5
0.4
0.7
0.6
0.6
2021202220232024202512 monthsto Jun '26
Revenue
$12.4bn$12.6bn$12.3bn$12.7bn$13.2bn
Operating margin
6.9%5.9%5.0%4.9%5.0%
Debt to equity
0.250.330.640.750.96
Shares outstanding
0.14bn0.13bn0.12bn0.12bn0.11bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)5 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.96× equity
  • Revenue growth, five yearsSlow, 5.4% a year
  • Buying back its own sharesYes, 18% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $3.5 billion last quarter, up 7% on a year ago.
  • Profit: $94 million, up 9% on a year ago.
  • It keeps 5 cents of each $1 of sales as operating profit, about the same as a year earlier.
  • Spare cash over the past 12 months: $569 million, up from $379 million.
  • 7% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $3.3 billion more than cash, up from $2.9 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$3.2bn
December 2024$3.2bn
March 2025$3.2bn
June 2025$3.2bn
September 2025$3.3bn
December 2025$3.4bn
March 2026$3.4bn
June 2026$3.5bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$99m
December 2024$94m
March 2025$110m
June 2025$86m
September 2025$101m
December 2025$101m
March 2026$107m
June 2026$94m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
3 November 2026
Last annual report (10-K)
24 February 2026
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

14 long-term investors we follow own it, down from 16 last quarter. 562 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

  • KKR Group Partnership L.P.
    at least 16.4%+1.2 pts
    (filed with 21 related holders)
    Since 9 March 2026
  • KKR Group Partnership L.P.
    at least 14.5%
    (filed with 16 related holders)
    Since 13 August 2025
  • FMR LLC
    Passive investor
    at least 6.6%
    (filed with 1 related holder)
    Since 30 June 2026
  • 6.4%
    Since 31 March 2026
  • BlackRock, Inc.
    Passive investor
    6.1%
    Since 31 March 2025
  • JPMORGAN CHASE & CO.
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $691,900 of shares on the open market. 5 sold $9m.

  • DANIEL WILLIAM K
    Director
    Bought
    Date
    11 May 2026
    Shares
    10,000
    Price
    $69.19
    Value
    $691,900
  • Popeck Thomas C
    CEO, Henry Schein Products
    Sold
    Date
    19 March 2026
    Shares
    1,355
    Price
    $72.79
    Value
    $98,630
  • KUEHN KURT P
    Director
    Sold
    Date
    10 March 2026
    Shares
    2,844
    Price
    $78.96
    Value
    $224,562
  • LASKAWY PHILIP A
    Director
    Sold
    Date
    5 March 2026
    Shares
    2,844
    Price
    $80.36
    Value
    $228,544
  • MLOTEK MARK E
    EVP, Chief Strategic Officer
    Sold
    Date
    4 March 2026
    Shares
    5,925
    Price
    $80.80
    Value
    $478,758
  • BERGMAN STANLEY M
    Chairman, CEO, Director
    Sold
    Date
    2 March 2026
    Shares
    43,812
    Price
    $81.31
    Value
    $4m
  • BERGMAN STANLEY M
    Chairman, CEO, Director
    Sold
    Date
    27 February 2026
    Shares
    10,785
    Price
    $81.20
    Value
    $875,742
  • BERGMAN STANLEY M
    Chairman, CEO, Director
    Sold
    Date
    26 February 2026
    Shares
    38,346
    Price
    $81.01
    Value
    $3m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 5 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.