Henry Schein, Inc. (HSIC) 10-Year Financial Performance & Capital Metrics

HSIC • • Industrial / General

HealthcareMedical DistributionMedical-Surgical DistributionDental & Medical Supply Distributors

AboutHenry Schein, Inc. provides health care products and services to dental practitioners and laboratories, physician practices, government, institutional health care clinics, and other alternate care clinics worldwide. It operates through two segments, Health Care Distribution, and Technology and Value-Added Services. The Health Care Distribution segment offers dental products, including infection-control products, handpieces, preventatives, impression materials, composites, anesthetics, teeth, dental implants, gypsum, acrylics, articulators, abrasives, dental chairs, delivery units and lights, X-ray supplies and equipment, personal protective equipment, and high-tech and digital restoration equipment, as well as equipment repair services. This segment also provides medical products comprising branded and generic pharmaceuticals, vaccines, surgical products, diagnostic tests, infection-control products, X-ray products, equipment, and vitamins. The Technology and Value-Added Services segment offers software, technology, and other value-added services that include practice management software systems for dental and medical practitioners. This segment also provides value-added practice solutions, which comprise financial services on a non-recourse basis, e-services, practice technology, network, and hardware services, as well as continuing education services for practitioners, and consulting and other services. Henry Schein, Inc. was founded in 1932 and is headquartered in Melville, New York.Show more

Revenue $12.67B +2.7%
EBITDA $1.03B +6.7%
Net Income $390M -6.3%
EPS (Diluted) 3.05 -3.5%
Gross Margin 29.71% +0.4%
EBITDA Margin 8.1% +3.8%
Operating Margin 5.75% -0.6%
Net Margin 3.08% -8.7%
ROE 7.81% -7.8%
ROIC 7.14% -8.1%
Debt/Equity 0.59 +11.5%
Interest Coverage 5.56 -32.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 3.0% through buybacks
✓Efficient asset utilization: 1.2x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.02%

5Y4.88%

3Y0.73%

TTM3.51%

Profit (Net Income) CAGR

10Y-1.77%

5Y-5.15%

3Y-14.5%

TTM24.52%

EPS CAGR

10Y1.15%

5Y-2.15%

3Y-11.83%

TTM29.51%

ROCE

10Y Avg14.19%

5Y Avg11.97%

3Y Avg11.49%

Latest9.53%

Peer Comparison

Dental & Medical Supply Distributors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HSICHenry Schein, Inc.	9.19B	78.08	25.60	2.71%	3.02%	7.98%	7.19%	0.59

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	10.63B	11.57B	12.46B	13.2B	9.99B	10.12B	12.4B	12.65B	12.34B	12.67B
Revenue Growth %	0.02%	0.09%	0.08%	0.06%	-0.24%	0.01%	0.23%	0.02%	-0.02%	0.03%
Cost of Goods Sold+	7.62B	8.35B	9.06B	6.51B	6.89B	7.3B	8.73B	9B	8.69B	8.91B
COGS % of Revenue	0.72%	0.72%	0.73%	0.49%	0.69%	0.72%	0.7%	0.71%	0.7%	0.7%
Gross Profit+	3.01B	3.23B	3.4B	2.91B	3.09B	2.81B	3.67B	3.65B	3.65B	3.77B
Gross Margin %	0.28%	0.28%	0.27%	0.22%	0.31%	0.28%	0.3%	0.29%	0.3%	0.3%
Gross Profit Growth %	0.03%	0.07%	0.05%	-0.14%	0.06%	-0.09%	0.3%	-0.01%	0%	0.03%
Operating Expenses+	2.24B	2.41B	2.53B	2.22B	2.36B	2.25B	2.82B	2.71B	2.94B	3.04B
OpEx % of Revenue	0.21%	0.21%	0.2%	0.17%	0.24%	0.22%	0.23%	0.21%	0.24%	0.24%
Selling, General & Admin	2.24B	2.41B	2.53B	2.22B	2.36B	2.25B	2.82B	2.71B	2.94B	3.04B
SG&A % of Revenue	0.21%	0.21%	0.2%	0.17%	0.24%	0.22%	0.23%	0.21%	0.24%	0.24%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	768.9M	817.47M	864.69M	693.47M	732.97M	567.4M	854.81M	938M	714M	729M
Operating Margin %	0.07%	0.07%	0.07%	0.05%	0.07%	0.06%	0.07%	0.07%	0.06%	0.06%
Operating Income Growth %	0.08%	0.06%	0.06%	-0.2%	0.06%	-0.23%	0.51%	0.1%	-0.24%	0.02%
EBITDA+	928.03M	987.25M	1.06B	837.1M	917.91M	752.93M	1.06B	1.15B	962M	1.03B
EBITDA Margin %	0.09%	0.09%	0.08%	0.06%	0.09%	0.07%	0.09%	0.09%	0.08%	0.08%
EBITDA Growth %	0.07%	0.06%	0.07%	-0.21%	0.1%	-0.18%	0.41%	0.08%	-0.16%	0.07%
D&A (Non-Cash Add-back)	159.13M	169.78M	193.07M	143.63M	184.94M	185.54M	209.53M	212M	248M	297M
EBIT	746.77M	787.73M	876.5M	612.85M	731.1M	541.27M	858.15M	765M	629M	644M
Net Interest Income+	-13.07M	-18.62M	-36.1M	-60.52M	-35.03M	-31.54M	-21.15M	-27M	-70M	-107M
Interest Income	12.94M	13.28M	17.55M	15.49M	15.76M	9.84M	6.45M	17M	17M	24M
Interest Expense	26.01M	31.89M	53.65M	76.02M	50.79M	41.38M	27.6M	44M	87M	131M
Other Income/Expense	-34.09M	-43.11M	-42.9M	-135.6M	-34.76M	-55.16M	-4.25M	-202M	-158M	-203M
Pretax Income+	734.82M	774.35M	821.8M	557.87M	698.21M	512.24M	850.56M	736M	556M	526M
Pretax Margin %	0.07%	0.07%	0.07%	0.04%	0.07%	0.05%	0.07%	0.06%	0.05%	0.04%
Income Tax+	211.39M	217.96M	362.51M	107.43M	159.51M	95.37M	197.35M	170M	120M	128M
Effective Tax Rate %	0.65%	0.65%	0.49%	0.96%	0.73%	0.79%	0.73%	0.73%	0.75%	0.74%
Net Income+	479.06M	506.78M	406.3M	535.88M	507.96M	402.22M	623.91M	538M	416M	390M
Net Margin %	0.05%	0.04%	0.03%	0.04%	0.05%	0.04%	0.05%	0.04%	0.03%	0.03%
Net Income Growth %	0.03%	0.06%	-0.2%	0.32%	-0.05%	-0.21%	0.55%	-0.14%	-0.23%	-0.06%
Net Income (Continuing)	523.43M	556.39M	459.29M	450.44M	538.69M	416.87M	653.21M	566M	436M	398M
Discontinued Operations	0	0	0	105.16M	-5.96M	986K	0	0	0	0
Minority Interest	544.75M	615.37M	845.05M	892.61M	919.35M	963.91M	1.25B	1.23B	1.5B	1.44B
EPS (Diluted)+	2.85	3.12	2.57	3.49	3.40	2.80	4.45	3.91	3.16	3.05
EPS Growth %	0.05%	0.09%	-0.18%	0.36%	-0.03%	-0.18%	0.59%	-0.12%	-0.19%	-0.03%
EPS (Basic)	2.89	3.16	2.59	3.51	3.44	2.82	4.51	3.95	3.18	3.07
Diluted Shares Outstanding	168.25M	162.38M	158.21M	153.71M	149.26M	143.4M	141.77M	137.76M	131.75M	127.78M
Basic Shares Outstanding	165.69M	160.41M	156.79M	152.66M	147.82M	142.5M	140.09M	136.06M	130.62M	126.79M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.23B	3.34B	4.09B	4.18B	3.23B	3.79B	3.84B	3.99B	4.49B	3.98B
Cash & Short-Term Investments	72.09M	62.38M	174.66M	56.88M	106.1M	421.19M	118M	117M	171M	122M
Cash Only	72.09M	62.38M	174.66M	56.88M	106.1M	421.19M	118M	117M	171M	122M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.23B	1.25B	1.52B	1.17B	1.25B	1.42B	1.45B	1.44B	1.86B	1.48B
Days Sales Outstanding	42.23	39.56	44.6	32.31	45.55	51.39	42.74	41.62	55.11	42.68
Inventory	1.51B	1.67B	1.93B	1.42B	1.43B	1.51B	1.86B	1.96B	1.81B	1.81B
Days Inventory Outstanding	72.35	72.86	77.89	79.4	75.64	75.58	77.82	79.63	76.25	74.16
Other Current Assets	58.16M	0	0	1.08B	0	0	-103K	466M	639M	569M
Total Non-Current Assets+	3.27B	3.42B	3.78B	4.33B	3.92B	3.98B	4.64B	4.62B	6.08B	6.24B
Property, Plant & Equipment	318.48M	333.91M	375M	314.22M	561.31M	630.85M	691M	667M	823M	824M
Fixed Asset Turnover	33.38x	34.66x	33.23x	42.01x	17.79x	16.04x	17.95x	18.96x	14.99x	15.38x
Goodwill	1.91B	2.02B	2.3B	2.08B	2.46B	2.5B	2.85B	2.89B	3.88B	3.89B
Intangible Assets	595.49M	623.12M	671.02M	376.61M	572.88M	479.43M	668M	587M	916M	1.02B
Long-Term Investments	293.27M	299.25M	268.36M	260.95M	164.66M	169.38M	168M	161M	180M	170M
Other Non-Current Assets	100.56M	124.92M	151.3M	1.28B	139.63M	154.47M	221M	223M	253M	284M
Total Assets+	6.5B	6.76B	7.86B	8.5B	7.15B	7.77B	8.48B	8.61B	10.57B	10.22B
Asset Turnover	1.63x	1.71x	1.58x	1.55x	1.40x	1.30x	1.46x	1.47x	1.17x	1.24x
Asset Growth %	0.06%	0.04%	0.16%	0.08%	-0.16%	0.09%	0.09%	0.01%	0.23%	-0.03%
Total Current Liabilities+	2.15B	2.32B	2.83B	3.22B	2.04B	2.28B	2.31B	2.22B	2.68B	2.8B
Accounts Payable	1.01B	1.01B	1.15B	785.76M	880.27M	1.01B	1.05B	1B	1.02B	962M
Days Payables Outstanding	48.19	44.05	46.44	44.08	46.6	50.25	44.07	40.73	42.85	39.42
Short-Term Debt	345.96M	503.4M	758.31M	959.74M	133.82M	183.2M	62M	109M	414M	706M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	577.61M	0	0	0	0	0	0
Current Ratio	1.50x	1.44x	1.44x	1.30x	1.58x	1.66x	1.67x	1.79x	1.67x	1.42x
Quick Ratio	0.80x	0.72x	0.76x	0.86x	0.88x	1.00x	0.86x	0.91x	1.00x	0.78x
Cash Conversion Cycle	66.39	68.36	76.05	67.64	74.59	76.72	76.48	80.52	88.51	77.43
Total Non-Current Liabilities+	928.74M	1.03B	1.38B	1.43B	1.2B	1.18B	1.5B	1.71B	2.74B	2.58B
Long-Term Debt	463.75M	715.46M	907.76M	980.34M	622.91M	515.77M	811M	1.04B	1.94B	1.83B
Capital Lease Obligations	0	0	0	0	176.27M	238.73M	268M	275M	310M	259M
Deferred Tax Liabilities	252.86M	51.59M	50.43M	27.22M	64.99M	30.07M	42M	36M	54M	102M
Other Non-Current Liabilities	212.12M	264.26M	420.29M	420.19M	331.17M	392.78M	377M	361M	436M	379M
Total Liabilities	3.08B	3.35B	4.21B	4.65B	3.23B	3.46B	3.81B	3.94B	5.42B	5.38B
Total Debt+	809.71M	1.22B	1.67B	1.94B	998.35M	1B	1.22B	1.5B	2.74B	2.87B
Net Debt	737.63M	1.16B	1.49B	1.88B	892.25M	581.23M	1.1B	1.38B	2.57B	2.75B
Debt / Equity	0.24x	0.36x	0.46x	0.50x	0.25x	0.23x	0.26x	0.32x	0.53x	0.59x
Debt / EBITDA	0.87x	1.23x	1.58x	2.32x	1.09x	1.33x	1.14x	1.30x	2.85x	2.80x
Net Debt / EBITDA	0.79x	1.17x	1.41x	2.25x	0.97x	0.77x	1.03x	1.20x	2.67x	2.68x
Interest Coverage	29.56x	25.63x	16.12x	9.12x	14.43x	13.71x	30.97x	21.32x	8.21x	5.56x
Total Equity+	3.43B	3.41B	3.66B	3.85B	3.92B	4.31B	4.68B	4.67B	5.15B	4.84B
Equity Growth %	0.01%	-0.01%	0.07%	0.05%	0.02%	0.1%	0.08%	-0%	0.1%	-0.06%
Book Value per Share	20.38	20.99	23.11	25.07	26.25	30.07	32.98	33.91	39.11	37.85
Total Shareholders' Equity	2.88B	2.79B	2.81B	2.96B	3B	3.35B	3.42B	3.45B	3.65B	3.39B
Common Stock	824K	1.59M	1.54M	1.51M	1.43M	1.43M	1M	1M	1M	1M
Retained Earnings	2.9B	2.98B	2.94B	3.21B	3.12B	3.45B	3.6B	3.68B	3.86B	3.77B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-219.94M	-317.04M	-130.07M	-248.77M	-167.37M	-108.08M	-171M	-233M	-206M	-379M
Minority Interest	544.75M	615.37M	845.05M	892.61M	919.35M	963.91M	1.25B	1.23B	1.5B	1.44B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	586.84M	615.46M	545.51M	684.71M	654.09M	599M	709.58M	602M	500M	848M
Operating CF Margin %	0.06%	0.05%	0.04%	0.05%	0.07%	0.06%	0.06%	0.05%	0.04%	0.07%
Operating CF Growth %	-0.01%	0.05%	-0.11%	0.26%	-0.04%	-0.08%	0.18%	-0.15%	-0.17%	0.7%
Net Income	523.43M	556.39M	459.29M	562.13M	719.14M	404M	660.53M	566M	416M	398M
Depreciation & Amortization	159.13M	169.78M	193.07M	207.56M	184.94M	186M	209.53M	212M	222M	268M
Stock-Based Compensation	44.61M	58.25M	42.29M	36.24M	44.92M	9M	78M	54M	39M	39M
Deferred Taxes	5.61M	-30.07M	138.17M	-51.86M	-2.12M	0	-12.93M	-61M	0	-56M
Other Non-Cash Items	14.7M	16.09M	44.5M	13.34M	-338.37M	227M	-28.34M	112M	57M	59M
Working Capital Changes	-160.63M	-154.98M	-331.81M	-82.7M	45.57M	-227M	-197.2M	-281M	-234M	140M
Change in Receivables	-120M	-1.9M	-159.88M	-147.5M	-72.69M	-189M	4.16M	-7M	-327M	315M
Change in Inventory	-194.87M	-104.79M	-175.06M	-84.78M	14.7M	-32M	-295.13M	-126M	231M	-59M
Change in Payables	212.61M	1.48M	89.28M	241.65M	160.85M	0	84.71M	-96M	0	-163M
Cash from Investing+	-260.03M	-316.42M	-342.28M	-192.95M	-424.37M	-115M	-677.22M	-276M	-1.14B	-430M
Capital Expenditures	-71.68M	-70.18M	-81.5M	-90.64M	-76.22M	-49M	-79.02M	-96M	-147M	-148M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	155.35M	-17.67M	248.47M	18.82M	349.1M	-14M	-37.4M	-22M	-988M	-56M
Cash from Financing+	-319.37M	-300.23M	-112.55M	-603.78M	-215.98M	-187M	-332.96M	-315M	701M	-510M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	75.34M	31.49M	241.13M	-476.02M	1.14B	11M	-88.96M	-57M	85M	-314M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	515.16M	545.28M	464.01M	594.07M	577.87M	550M	630.57M	506M	353M	661M
FCF Margin %	0.05%	0.05%	0.04%	0.04%	0.06%	0.05%	0.05%	0.04%	0.03%	0.05%
FCF Growth %	0.01%	0.06%	-0.15%	0.28%	-0.03%	-0.05%	0.15%	-0.2%	-0.3%	0.87%
FCF per Share	3.06	3.36	2.93	3.86	3.87	3.84	4.45	3.67	2.68	5.17
FCF Conversion (FCF/Net Income)	1.22x	1.21x	1.34x	1.28x	1.29x	1.49x	1.14x	1.12x	1.20x	2.17x
Interest Paid	0	0	0	0	0	43M	29M	47M	84M	132M
Taxes Paid	0	0	0	0	0	0	242M	265M	0	144M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	14.07%	14.82%	11.5%	14.27%	13.07%	9.78%	13.88%	11.51%	8.47%	7.81%
Return on Invested Capital (ROIC)	14.08%	14.04%	13.35%	9.56%	10.42%	8.77%	12.02%	11.9%	7.78%	7.14%
Gross Margin	28.34%	27.88%	27.28%	22.05%	30.95%	27.81%	29.61%	28.85%	29.59%	29.71%
Net Margin	4.51%	4.38%	3.26%	4.06%	5.09%	3.97%	5.03%	4.25%	3.37%	3.08%
Debt / Equity	0.24x	0.36x	0.46x	0.50x	0.25x	0.23x	0.26x	0.32x	0.53x	0.59x
Interest Coverage	29.56x	25.63x	16.12x	9.12x	14.43x	13.71x	30.97x	21.32x	8.21x	5.56x
FCF Conversion	1.22x	1.21x	1.34x	1.28x	1.29x	1.49x	1.14x	1.12x	1.20x	2.17x
Revenue Growth	2.49%	8.86%	7.69%	5.94%	-24.36%	1.34%	22.55%	1.98%	-2.44%	2.71%

Revenue by Segment

	2010	2011	2012	2013	2014	2015	2016	2018
Healthcare Distribution	-	8.28B	8.66B	9.24B	10.02B	10.27B	11.15B	12.69B
Healthcare Distribution Growth	-	-	4.55%	6.75%	8.46%	2.48%	8.52%	13.88%
Technology	-	250.62M	283.41M	320.05M	348.88M	358.77M	425.61M	509.25M
Technology Growth	-	-	13.08%	12.93%	9.01%	2.84%	18.63%	19.65%

Revenue by Geography

	2010	2011	2012	2013	2014	2015	2016	2018
UNITED STATES	4.78B	5.21B	5.5B	5.81B	6.25B	6.8B	7.54B	8.35B
UNITED STATES Growth	-	9.12%	5.45%	5.76%	7.46%	8.83%	10.86%	10.77%
International	2.06B	2.57B	3.44B	3.75B	4.12B	3.83B	4.03B	4.85B
International Growth	-	24.88%	33.80%	8.83%	10.07%	-7.12%	5.32%	20.29%
Germany	689.16M	744.22M	-	-	-	-	-	-
Germany Growth	-	7.99%	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Henry Schein, Inc. (HSIC) has a price-to-earnings (P/E) ratio of 25.6x. This suggests investors expect higher future growth.

Growth & Financials

Henry Schein, Inc. (HSIC) reported $12.94B in revenue for fiscal year 2024. This represents a 52% increase from $8.53B in 2011.

Henry Schein, Inc. (HSIC) grew revenue by 2.7% over the past year. Growth has been modest.

Yes, Henry Schein, Inc. (HSIC) is profitable, generating $391.0M in net income for fiscal year 2024 (3.1% net margin).

Dividend & Returns

Henry Schein, Inc. (HSIC) has a return on equity (ROE) of 7.8%. This is below average, suggesting room for improvement.

Henry Schein, Inc. (HSIC) generated $382.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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