Latest Ratios: P/E Ratio 26.2x · EV/EBITDA 12.4x · ROE 8.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.7B | $9.3B | $9.0B | $10.0B | $11.0B | $11.0B | $9.6B | $10.0B | $9.5B | $8.7B | $9.7B |
| Enterprise Value | $13.3B | $12.8B | $11.7B | $12.5B | $12.4B | $12.1B | $10.2B | $10.9B | $11.3B | $10.2B | $10.8B |
| P/E Ratio → | 26.16 | 23.28 | 23.09 | 23.96 | 20.43 | 17.42 | 23.88 | 19.62 | 17.65 | 21.33 | 19.07 |
| P/S Ratio | 0.74 | 0.70 | 0.71 | 0.81 | 0.87 | 0.89 | 0.95 | 1.00 | 0.72 | 0.70 | 0.83 |
| P/B Ratio | 2.17 | 1.93 | 1.86 | 1.94 | 2.36 | 2.35 | 2.22 | 2.54 | 2.46 | 2.37 | 2.83 |
| P/FCF | 17.00 | 16.17 | 13.61 | 31.87 | 21.74 | 17.43 | 17.43 | 17.23 | 15.93 | 18.69 | 17.72 |
| P/OCF | 13.68 | 13.01 | 10.61 | 19.95 | 18.28 | 15.49 | 16.01 | 15.22 | 13.82 | 15.90 | 15.70 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.97 | 0.93 | 1.02 | 0.98 | 0.97 | 1.00 | 1.09 | 0.86 | 0.82 | 0.93 |
| EV / EBITDA | 12.42 | 11.97 | 11.45 | 13.04 | 10.77 | 11.36 | 13.51 | 11.82 | 13.56 | 9.61 | 10.96 |
| EV / EBIT | 17.51 | 18.41 | 18.24 | 19.94 | 16.19 | 14.09 | 18.79 | 14.84 | 18.52 | 11.59 | 13.73 |
| EV / FCF | — | 22.33 | 17.77 | 40.08 | 24.47 | 19.17 | 18.49 | 18.78 | 19.10 | 21.90 | 19.84 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.1% | 29.1% | 29.7% | 29.6% | 28.9% | 29.6% | 27.8% | 31.0% | 22.0% | 27.3% | 27.9% |
| Operating Margin | 5.7% | 5.7% | 5.8% | 5.8% | 7.4% | 6.9% | 5.6% | 7.3% | 5.3% | 6.9% | 7.1% |
| Net Profit Margin | 3.0% | 3.0% | 3.1% | 3.4% | 4.3% | 5.0% | 4.0% | 5.1% | 4.1% | 3.3% | 4.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.3% | 8.3% | 7.8% | 8.5% | 11.5% | 13.9% | 9.8% | 13.1% | 14.3% | 11.5% | 14.8% |
| ROA | 3.7% | 3.7% | 3.8% | 4.3% | 6.3% | 7.7% | 5.4% | 6.5% | 6.5% | 5.6% | 7.6% |
| ROIC | 7.1% | 7.1% | 7.1% | 7.8% | 11.9% | 12.0% | 8.8% | 10.4% | 9.6% | 13.4% | 14.0% |
| ROCE | 9.8% | 9.8% | 9.5% | 10.0% | 14.9% | 14.7% | 10.7% | 14.1% | 13.4% | 18.3% | 18.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.77 | 0.77 | 0.59 | 0.53 | 0.32 | 0.26 | 0.23 | 0.25 | 0.50 | 0.46 | 0.36 |
| Debt / EBITDA | 3.45 | 3.45 | 2.80 | 2.85 | 1.30 | 1.14 | 1.33 | 1.09 | 2.32 | 1.58 | 1.23 |
| Net Debt / Equity | — | 0.74 | 0.57 | 0.50 | 0.30 | 0.24 | 0.13 | 0.23 | 0.49 | 0.41 | 0.34 |
| Net Debt / EBITDA | 3.30 | 3.30 | 2.68 | 2.67 | 1.20 | 1.03 | 0.77 | 0.97 | 2.25 | 1.41 | 1.17 |
| Debt / FCF | — | 6.16 | 4.16 | 8.21 | 2.73 | 1.74 | 1.06 | 1.54 | 3.17 | 3.21 | 2.12 |
| Interest Coverage | 4.63 | 4.63 | 4.92 | 7.23 | 17.39 | 31.09 | 13.08 | 14.39 | 8.06 | 16.34 | 24.70 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.38 | 1.38 | 1.42 | 1.67 | 1.79 | 1.67 | 1.66 | 1.58 | 1.30 | 1.44 | 1.44 |
| Quick Ratio | 0.76 | 0.76 | 0.78 | 1.00 | 0.91 | 0.86 | 1.00 | 0.88 | 0.86 | 0.76 | 0.72 |
| Cash Ratio | 0.05 | 0.05 | 0.04 | 0.06 | 0.05 | 0.05 | 0.18 | 0.05 | 0.02 | 0.06 | 0.03 |
| Asset Turnover | — | 1.18 | 1.24 | 1.17 | 1.47 | 1.46 | 1.30 | 1.40 | 1.55 | 1.58 | 1.71 |
| Inventory Turnover | 4.67 | 4.67 | 4.92 | 4.79 | 4.58 | 4.69 | 4.83 | 4.83 | 4.60 | 4.69 | 5.01 |
| Days Sales Outstanding | — | 45.71 | 42.68 | 55.11 | 41.62 | 42.74 | 51.39 | 45.55 | 32.31 | 44.60 | 39.56 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.8% | 4.3% | 4.3% | 4.2% | 4.9% | 5.7% | 4.2% | 5.1% | 5.7% | 4.7% | 5.2% |
| FCF Yield | 5.9% | 6.2% | 7.3% | 3.1% | 4.6% | 5.7% | 5.7% | 5.8% | 6.3% | 5.4% | 5.6% |
| Buyback Yield | 8.7% | 9.2% | 4.3% | 2.8% | 4.4% | 3.6% | 0.9% | 5.3% | 2.1% | 5.2% | 5.7% |
| Total Shareholder Yield | 8.7% | 9.2% | 4.3% | 2.8% | 4.4% | 3.6% | 0.9% | 5.3% | 2.1% | 5.2% | 5.7% |
| Shares Outstanding | — | $122M | $128M | $132M | $138M | $142M | $143M | $149M | $154M | $158M | $162M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HSIC stock.
Henry Schein, Inc.'s current P/E ratio is 26.2x. The historical average is 21.3x. This places it at the 89th percentile of its historical range.
Henry Schein, Inc.'s current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.0x.
Henry Schein, Inc.'s return on equity (ROE) is 8.3%. The historical average is 11.6%.
Based on historical data, Henry Schein, Inc. is trading at a P/E of 26.2x. This is at the 89th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Henry Schein, Inc. has 29.1% gross margin and 5.7% operating margin.
Henry Schein, Inc.'s Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
DSO consolidation pressure on margins
Metrics are mathematically derived from official filings.
Margin Mix Shift Lifts Gross Profit
Gross margin expanded to 31.8% in Q2 2026 from 29.4% a year earlier, as reported in financial statements, suggesting a favorable mix shift toward software and specialty products, though net margin remains thin at 2.7%.
The 240 basis point year-over-year gross margin improvement appears driven by higher-margin technology and value-added services, but operating margin of 5.8% indicates limited flow-through due to elevated SG&A. Net margin of 2.7% underscores the high-volume, low-margin distribution model, where even small cost or pricing shifts can disproportionately impact earnings. Investors should monitor whether this margin expansion is sustainable given DSO consolidation pressures.
ROIC Stagnates Despite Margin Gains
ROIC has hovered near 1.6-2.0% over the past ten quarters, as per reported figures, indicating that recent gross margin improvements have not translated into higher returns on invested capital, likely due to rising debt-funded acquisitions.
Despite gross margin expansion, ROIC remains flat, suggesting that capital efficiency is not improving. The increase in debt-to-equity from 0.54 to 0.81 over the period, as reported in SEC filings, has expanded the capital base without commensurate profit growth. This implies that the company's 'string of pearls' M&A strategy may be value-accretive on a gross margin basis but not yet on a return-on-capital basis, warranting scrutiny of integration efficiency.
Working Capital Drags Cash Conversion
Cash conversion cycle widened to 82 days in Q2 2026 from 80 days a year earlier, as reported in financial statements, driven by higher days inventory outstanding (79) and stable DSO, indicating increased working capital absorption.
DIO rose from 75 to 79 days year-over-year, while DPO increased only modestly, causing CCC to expand. This suggests inventory management is becoming less efficient, possibly due to supply chain disruptions or deliberate stockpiling. The negative FCF margin in Q1 2026 (-4.0%) highlights the volatility in cash generation, as working capital swings can significantly impact free cash flow. Investors should monitor whether inventory levels normalize or if this reflects a structural shift.
Debt Load Grows Faster Than EBITDA
Debt-to-EBITDA climbed to 13.43x in Q2 2026 from 11.44x in Q2 2024, as per reported figures, while interest coverage slipped to 4.19x, indicating a tightening debt service cushion despite stable operating income.
The rising leverage ratio, driven by debt-funded acquisitions and buybacks, has outpaced EBITDA growth, reducing the margin of safety for interest payments. Interest coverage of 4.19x remains adequate but has declined from 5.12x two years ago, suggesting that further debt accumulation could strain coverage. The company's moderate reliance on external financing, as evidenced by D/E of 0.81, appears manageable but warrants monitoring if organic growth remains sluggish.
Liquidity Ratios Slide Toward Stress
Current ratio fell to 1.32 in Q2 2026 from 1.75 in Q2 2024, with quick ratio at 0.73, as reported in financial statements, indicating a tightening liquidity position that could be vulnerable to working capital shocks.
The decline in current and quick ratios suggests that short-term obligations are increasingly covered by inventory rather than cash or receivables, which may be problematic if inventory becomes obsolete or demand softens. With cash at only $157M, the company appears to rely on operating cash flow and credit lines for liquidity. Under a severe demand downturn, the quick ratio below 1.0 implies potential difficulty meeting near-term liabilities without asset sales or additional borrowing.
P/E Misleads on Earnings Power
The trailing P/E of 26.94 appears elevated, but forward P/E of 16.37, as per reported data, suggests the market expects significant earnings growth, which may be unrealistic given the company's low net margin and structural headwinds.
The wide gap between trailing and forward P/E implies an anticipated earnings rebound that may not materialize if margin pressures persist. A more appropriate valuation metric for Henry Schein is EV/EBITDA, which at 12.69x is closer to peer levels and accounts for the company's debt load. Investors should focus on EV/EBITDA and cash flow multiples rather than P/E, as the latter is distorted by the low net margin and non-recurring items. The PEG ratio of 8.55 further highlights that the market's growth expectations are not supported by historical earnings growth.