olivLaw · US equity research
Henry Schein, Inc. HSIC
Wholesale-Medical, Dental & Hospital Equipment & Supplies · SIC 5047 · Vertical: Wholesale — durable goods (SIC 504x)
Henry Schein is a global provider of healthcare products and services to office-based dental and medical practitioners and alternate care sites. The company reported net sales of 13.2 billion USD in fiscal 2025 and raised its 2026 guidance, while its new leadership aims to accelerate growth and simplify the business.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Henry Schein, Inc. (HSIC) stock was 88.24 USD (+6.96% on the day), with market capitalisation 9.8 bn USD, P/E 24.2 on diluted EPS of 3.65 USD over the last 12 months, beta 0.57, 52-week range 68.99–90.86 USD. Latest reported quarter (Q3 2026): revenue of 3.5 bn USD (+4.0% YoY), net income of 119.0 m USD (+17.8% YoY), diluted EPS 1.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.0
- strong (55–70)
- Bollinger (20, 2)
- 82.68 – 87.71
- above the upper band · %B 1.11 · band width 5.9%
- SMA 50 / 200
- 86.32 / 81.17
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.26
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.8% | −1.1% | +5.9 pp | — |
| 3 months | −1.5% | −0.5% | −1.1 pp | — |
| 6 months | +21.8% | +4.4% | +17.4 pp | — |
| Year to date | +16.8% | +12.3% | +4.4 pp | — |
| 1 year | +23.2% | +13.5% | +9.7 pp | +21.6% |
| 3 years | +41.4% | +76.4% | −35.0 pp | +44.9% |
| 5 years | +10.2% | +63.7% | −53.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.2 bn | 3.2 bn | 3.2 bn | 3.3 bn | 3.4 bn | 3.4 bn | 3.5 bn | 3.5 bn |
| Cost of revenue | 2.2 bn | 2.2 bn | 2.2 bn | 2.3 bn | 2.4 bn | 2.3 bn | 2.4 bn | 2.4 bn |
| Gross profit | 993.0 m | 1.0 bn | 1.0 bn | 1.0 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn |
| SG&A | 738.0 m | 738.0 m | 778.0 m | 760.0 m | 808.0 m | 809.0 m | 831.0 m | 819.0 m |
| Operating income | 155.0 m | 175.0 m | 151.0 m | 164.0 m | 163.0 m | 182.0 m | 171.0 m | 193.0 m |
| Depreciation & amortisation | 76.0 m | 73.0 m | 76.0 m | 80.0 m | 82.0 m | 81.0 m | 84.0 m | 86.0 m |
| Interest expense | 35.0 m | 35.0 m | 38.0 m | 38.0 m | 39.0 m | 39.0 m | 43.0 m | 42.0 m |
| Pre-tax income | 126.0 m | 145.0 m | 121.0 m | 134.0 m | 133.0 m | 150.0 m | 137.0 m | 160.0 m |
| Income tax | 31.0 m | 35.0 m | 31.0 m | 28.0 m | 32.0 m | 38.0 m | 34.0 m | 37.0 m |
| Net income | 94.0 m | 110.0 m | 86.0 m | 101.0 m | 101.0 m | 107.0 m | 94.0 m | 119.0 m |
| Diluted EPS | 0.75 ≈ | 0.88 | 0.70 | 0.84 | 0.85 ≈ | 0.92 | 0.82 | 1.06 |
| Operating cash flow | 204.0 m | 37.0 m | 120.0 m ≈ | 174.0 m ≈ | 381.0 m | -97.0 m | 242.0 m ≈ | 161.0 m ≈ |
| Capex | 36.0 m | 31.0 m | 32.0 m ≈ | 33.0 m ≈ | 43.0 m | 25.0 m | 30.0 m ≈ | 30.0 m ≈ |
| Share repurchases | 75.0 m | 161.0 m | 286.0 m ≈ | 203.0 m ≈ | 200.0 m | 125.0 m | 200.0 m ≈ | 125.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 88 percentile of its own 40-quarter history (min 10.3, median 21.6, max 33.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.2 bn | 10.0 bn | 10.1 bn | 12.4 bn | 12.6 bn | 12.3 bn | 12.7 bn | 13.2 bn |
| Revenue YoY | +5.9% | −24.4% | +1.3% | +22.6% | +2.0% | −2.4% | +2.7% | +4.0% |
| Net income | 535.9 m | 694.7 m | 404.0 m | 631.0 m | 538.0 m | 416.0 m | 390.0 m | 398.0 m |
| Net income YoY | +31.9% | +29.6% | −41.8% | +56.2% | −14.7% | −22.7% | −6.3% | +2.1% |
| Diluted EPS | 3.49 | 4.65 | 2.82 | 4.45 | 3.91 | 3.16 | 3.05 | 3.27 |
| Diluted EPS YoY | +35.8% | +33.2% | −39.4% | +57.8% | −12.1% | −19.2% | −3.5% | +7.2% |
| net % | 4.1% | 7.0% | 4.0% | 5.1% | 4.3% | 3.4% | 3.1% | 3.0% |
| Free cash flow | 613.4 m | 577.9 m | 550.0 m | 631.0 m | 506.0 m | 353.0 m | 700.0 m | 573.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 27 Dec 2025
- Cash
- 156.0 m USD
- Financial debt
- 764.0 m USD
- Net debt
- 608.0 m USD
- Equity
- 3.9 bn USD
- Total assets
- 11.2 bn USD
- Debt / equity
- 0.20x
- Current ratio
- 1.38x
- ROE
- 10.0%
- ROA
- 3.7%
- FCF margin
- 4.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 10.1 bn | 12.4 bn | 12.6 bn | 12.3 bn | 12.7 bn | 13.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 7.3 bn | 8.7 bn | 8.8 bn | 8.5 bn | 8.7 bn | 9.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 2.8 bn | 3.7 bn | 3.8 bn | 3.9 bn | 4.0 bn | 4.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 2.1 bn | 2.6 bn | 2.8 bn | 3.0 bn | 3.0 bn | 3.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 535.0 m | 852.0 m | 747.0 m | 615.0 m | 621.0 m | 653.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 186.0 m | 210.0 m | 212.0 m | 248.0 m | 297.0 m | 311.0 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 721.0 m ≈ | 1.1 bn ≈ | 959.0 m ≈ | 863.0 m ≈ | 918.0 m ≈ | 964.0 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 41.0 m | 27.0 m | 35.0 m | 87.0 m | 131.0 m | 150.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 500.0 m | 831.0 m | 721.0 m | 542.0 m | 513.0 m | 533.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 95.0 m | 198.0 m | 170.0 m | 120.0 m | 128.0 m | 126.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 404.0 m | 631.0 m | 538.0 m | 416.0 m | 390.0 m | 398.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 2.82 | 4.45 | 3.91 | 3.16 | 3.05 | 3.27 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 143.4 m | 141.8 m | 137.8 m | 131.7 m | 127.8 m | 121.7 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 421.0 m | 118.0 m | 117.0 m | 171.0 m | 122.0 m | 156.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 1.4 bn | 1.5 bn | 1.4 bn | 1.9 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 1.5 bn | 1.9 bn | 2.0 bn | 1.8 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 3.8 bn | 3.8 bn | 4.0 bn | 4.5 bn | 4.0 bn | 4.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 342.0 m | 366.5 m | — | — | — | — | SEC (XBRL)· 15 Feb 2022verified |
| Goodwill | 2.5 bn | 2.9 bn | 2.9 bn | 3.9 bn | 3.9 bn | 4.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 479.4 m | 668.0 m | 587.0 m | 916.0 m | 1.0 bn | 1.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 7.8 bn | 8.5 bn | 8.6 bn | 10.6 bn | 10.2 bn | 11.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 1.0 bn | 1.1 bn | 1.0 bn | 1.0 bn | 962.0 m | 1.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 73.4 m | 51.0 m | 103.0 m | 264.0 m | 650.0 m | 764.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | — | 822.0 m | 1.0 bn | — | — | — | SEC (XBRL)· 21 Feb 2023verified |
| Current liabilities | 2.3 bn | 2.3 bn | 2.2 bn | 2.7 bn | 2.8 bn | 3.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 3.5 bn | 3.8 bn | 3.9 bn | 5.4 bn | 5.4 bn | 6.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 4.0 bn | 4.1 bn | 4.1 bn | 4.3 bn | 4.0 bn | 3.9 bn | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 599.0 m | 710.0 m | 602.0 m | 500.0 m | 848.0 m | 712.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 49.0 m | 79.0 m | 96.0 m | 147.0 m | 148.0 m | 139.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 550.0 m ≈ | 631.0 m ≈ | 506.0 m ≈ | 353.0 m ≈ | 700.0 m ≈ | 573.0 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -115.0 m | -677.0 m | -276.0 m | -1.1 bn | -430.0 m | -400.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -187.0 m | -333.0 m | -315.0 m | 701.0 m | -510.0 m | -188.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 74.0 m | 401.0 m | 485.0 m | 250.0 m | 385.0 m | 850.0 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 9.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet32
- Valuation41
- Quality72
- Growth6
- Returns95
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 54.20 – 117.38 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)72.43 – 117.38 (Mid 89.64)WACC 8.9% · starting FCFF 682.4 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 0.8%
- Peers: EV/EBITDA63.15 – 74.66 (Mid 67.21)3 companies used · median multiple 7.9x · quartiles 7.5x – 8.7xINGM, SCSC, SNX
- Peers: P/E54.20 – 97.95 (Mid 69.42)7 companies used · median multiple 19.0x · quartiles 14.8x – 26.8xCLMB, CNXN, INGM, PLUS, SCSC, SITE, SNX
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.4% | 60 (vs peers) | 11% |
| Net margin · Quality | 3.1% | 64 (vs peers) | 7% |
| FCF conversion · Quality | 132.8% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 1.4% | 12 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -5.8% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 0.8x | 20 (vs peers) | 11% |
| Interest coverage · Balance sheet | 4.3x | 44 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.3x | 44 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 24.2x | 38 (vs peers) | 11% |
| EV/EBITDA · Valuation | 10.1x | 20 (vs peers) | 11% |
| FCF yield · Valuation | 5.7% | 72 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 6.7% | 95 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet32/100 · 3/3 factors with a value
- Growth6/100 · 2/2 factors with a value
- Quality72/100 · 3/3 factors with a value
- Returns· partial95/100 · 1/2 factors with a value
- Valuation41/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HENRY SCHEIN, INC. (HSIC). Latest full fiscal year: 2025; data up to 2026-09-26.
Figures computed from the financial statements: revenue 13.2 bn USD in 2025; YoY growth 4.0%; net margin 3.1%; ROE 12.9%; net debt/EBITDA 0.8x.
The estimated value range is 63.15–97.95 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 69.42 USD, the price of 88.24 USD leaves a potential of -21.3% (value / price − 1) and a margin of safety of -27.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 132.8%
- FCF yield: 5.7%
- Shareholder yield (distributions): 6.7%
What contradicts it
- Revenue CAGR 3Y: 1.4%
- EPS CAGR 3Y: -5.8%
- Net debt / EBITDA: 0.8x
- EV/EBITDA: 10.1x
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Wholesale — durable goods (SIC 504x) · same industry group (3-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SNXTd Synnex Corporation | 18.4 bn | 14.0 | 14.9% | 1.8% | +6.9% | +51% / +134% |
| HSICHenry Schein, Inc. | 9.8 bn | 24.2 | 12.9% | 3.1% | +4.0% | +23% / +41% |
| INGMIngram Micro Holding Corp | 6.0 bn | 13.2 | 10.9% | 0.8% | +9.5% | +22% / unavailable |
| SITESiteOne Landscape Supply, Inc. | 5.1 bn | 31.9 | 9.6% | 3.4% | +3.6% | −12% / −16% |
| PLUSePlus inc. | 2.4 bn | 19.0 | 12.0% | 5.1% | +22.1% | +1% / +43% |
| CNXNPc Connection, Inc. | 2.2 bn | 21.7 | 10.9% | 3.3% | +2.5% | +51% / +47% |
| SCSCScanSource, Inc. | 1.1 bn | 15.7 | 8.7% | 2.4% | +6.1% | +39% / +70% |
| CLMBClimb Global Solutions, Inc. | 803.2 m | 33.8 | 19.5% | 3.1% | +40.1% | +70% / +261% |
| CGTLCreative Global Technology Holdings Limited | 56.2 m | — | -84.9% | -63.2% | −40.6% | −79% / unavailable |
| ACHAccendra Health, Inc. | 21.2 m | — | — | -11.4% | +3.1% | −90% / −99% |
| CLWTEuro Tech Holdings Company Limited | 10.1 m | 67.5 | 1.1% | 1.3% | −13.8% | +22% / −8% |
| PNSkycorp Solar Group Limited | — | — | -14.9% | -4.3% | +27.0% | −85% / unavailable |
1- and 3-year price returns: for HSIC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 52.68 Total return -40% · Per year -40% | 93.27 Total return 6% · Per year 6% | 140.69 Total return 59% · Per year 59% |
| 3 years | 47.98 Total return -46% · Per year -18% | 95.90 Total return 9% · Per year 3% | 159.26 Total return 80% · Per year 22% |
| 5 years | 43.71 Total return -50% · Per year -13% | 98.59 Total return 12% · Per year 2% | 180.29 Total return 104% · Per year 15% |
- Exit P/E± 23.97
- Net margin± 16.78
- Annual revenue growth± 14.20
- Annual dilution± 1.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Henry Schein is a global provider of healthcare products and services to office-based dental and medical practitioners and alternate care sites. The company reported net sales of 13.2 billion USD in fiscal 2025 and raised its 2026 guidance, while its new leadership aims to accelerate growth and simplify the business 13.
SWOT
Strengths
- Brand recognition built over decades, a global distribution network and a very broad range of products and services 1.
- Accelerated internal sales growth in the second quarter of 2026 and strong gross margins, supported by value creation initiatives 3.
- Combining distribution with proprietary products such as implants and endodontics offers a differentiated position compared with pure distributors 1.
Weaknesses
- Leadership transition, with a new chief executive and a new chairman, could create uncertainty in execution 2.
- Distribution carries relatively thin margins, and pricing pressure from large customers can limit profitability 1.
- The October 2023 cyber incident affected North American and European operations and generated direct costs and lower sales 2.
Opportunities
- Growing demand for procedures in office and ambulatory settings could support long-term sales 1.
- Expanding value-added services and software could raise the share of higher-margin revenue 1.
- Simplifying the business and accelerating growth, as the new leadership plans, could create shareholder value if the program is delivered 3.
Threats
- Tariffs, retaliation and uncertain trade policy could affect costs and demand 2.
- Reduced Medicaid funding and enrollment could lower utilization of health care services 1.
- Competition from manufacturers selling directly and from online commerce platforms could reduce the role of traditional distributors 1.
Risks
- Leadership transitionmedium
The change of chief executive and chairman could delay strategic decisions or shift the priorities of the value creation program 2.
- Tariffs and international tradehigh
Changes in tariffs and retaliatory measures could alter purchasing costs and equipment sales, particularly in the United States 2.
- Medicaid policymedium
Legislative changes could reduce service utilization and payments to customers in the medical segment 1.
- Information securityhigh
A new cyber incident could disrupt distribution and generate remediation costs and lost sales, as happened in 2023 1.
- Supplier concentrationmedium
Purchases concentrated among a few large suppliers and limited supply sources could expose the company to disruptions or higher costs 1.
Investment thesis
What would need to be true (bull case)
- Accelerated internal growth and the raised 2026 guidance suggest commercial momentum could continue if demand from practices stays solid 3.
- A leading global distribution position and segments with proprietary products could support better margins over the long term 1.
- The value creation program could simplify the business and generate savings if it is delivered as planned 3.
What would break the thesis
What to watch
- Development of internal sales growth and gross margins after the raised guidanceQ3 2026
- Effect of tariff refunds and clarity on U.S. trade policyQ3 2026
- Progress of the value creation program and business simplification2027
- Effects of the OBBBA on Medicaid utilization and paymentsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Henry Schein, Inc. describes itself as a solutions company for health care professionals and, according to the filing, the world's largest provider of health care products and services primarily to office-based dental and medical practitioners. It serves more than one million customers, including laboratories, physician practices, ambulatory surgery centers and home health providers 1.
The business rests on a distribution network with 38 strategically located distribution centers and a selection of more than 300,000 national and corporate brand products. Headquartered in Melville, New York, the company has operations or affiliates in 34 countries and territories 1.
The company is organized into three reportable segments, and its recent direction is shaped by its value creation program and a new chief executive who took over in March 2026 12.
Segments
Global Specialty Products
This segment manufactures and sells dental implants, biomaterials, and endodontic, orthodontic and orthopedic products. Segment sales rose 8.7% in the second quarter of 2026, with an acquisition contribution 3.
Global Technology
This segment develops practice management software and e-services for health care providers. Sales rose 8.2% in the second quarter of 2026, with strong internal growth partly offset by a business disposal 3.
Market context
The distribution market for office-based dental and medical practitioners is fragmented, with buyers ranging from small practices to large groups such as dental support organizations and integrated delivery networks. The filing points to favorable long-term trends such as an aging population and expanded insurance coverage, alongside pressure to contain costs 1.
Demand is supported by the shift of procedures from hospitals to physician offices and ambulatory surgery centers, which could favor distributors with broad product ranges at competitive prices 1.
Trends
- Shift of procedures to office settingstailwind
Procedures are increasingly moving from hospitals to physician offices and ambulatory surgery centers, which supports demand for distributors with broad coverage 1.
- Customer consolidationmixed
Consolidation into dental support organizations and group purchasing organizations favors suppliers that offer management information support and competitive prices, but it also strengthens customer bargaining power 1.
- Tariffs on tradeheadwind
U.S. tariffs created a volatile environment for global trade. The filing states they had no material adverse impact on fiscal 2025 results, although U.S. dental equipment sales were temporarily affected 2.
- Medicaid changes under the OBBBAheadwind
The OBBBA could reduce Medicaid enrollment and utilization of services, with a possible adverse effect on demand and production costs if foreign components are used 1.
Competitive position
Distribution of medical and dental supplies is highly competitive, with national, regional and local distributors as well as manufacturers that sell directly to end users. Competition is based mainly on price, breadth of product line, e-commerce capabilities and customer service 1.
In implants and dental software, the company faces specialized global and software providers, and manufacturers selling directly could reduce the role of distributors 1.
- Patterson CompaniesPDCO
Primary competitor in U.S. dental distribution, through its Patterson Dental division and the Eaglesoft software 1.
- McKesson CorporationMCK
National medical distributor in the U.S. and a primary competitor in medical distribution 1.
- Medline Industries
National medical distributor in the U.S. and a primary competitor in the medical segment 1.
- Dentsply SironaXRAY
Competitor in dental implants and other dental products within the specialty products segment 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Growth Trajectory and Attractive Valuations Support Henry Schein’s (HSIC) Bullish ThesisYahoo Finance — News · 31 Aug 2026 · EN
The latest news item in our archive is from 31 Aug 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Current report08 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report22 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report30 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report22 May 2026Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-27 · SEC / Henry Schein, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Henry Schein, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Henry Schein, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.