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Henry Schein, Inc.

HSIC

Henry Schein, Inc. • NASDAQ
$74.57 ▼ -0.90% (-0.68)
Market Cap $9.14 B
52w High $82.49
52w Low $60.56
Dividend Yield 0%
P/E 23.52
Volume 382.19K
Outstanding Shares 122.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.339B ▲ $752M ▼ $101M ▲ 3.025% ▲ $0.84 ▲ $255M ▲
Q2-2025 $3.24B ▲ $777M ▲ $86M ▼ 2.654% ▼ $0.71 ▼ $235M ▼
Q1-2025 $3.168B ▼ $736M ▼ $110M ▲ 3.472% ▲ $0.89 ▲ $253M ▲
Q4-2024 $3.191B ▲ $738M ▲ $94M ▼ 2.946% ▼ $0.75 ▼ $237M ▲
Q3-2024 $3.174B $724M $99M 3.119% $0.79 $236M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $136M ▼ $11.097B ▲ $6.197B ▲ $3.361B ▼
Q2-2025 $145M ▲ $10.906B ▲ $6.007B ▲ $3.445B ▲
Q1-2025 $127M ▲ $10.48B ▲ $5.761B ▲ $3.31B ▼
Q4-2024 $122M ▼ $10.218B ▼ $5.381B ▼ $3.393B ▼
Q3-2024 $126M $10.605B $5.634B $3.503B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $101M ▲ $174M ▲ $-58M ▲ $-125M ▼ $-9M ▼ $141M ▲
Q2-2025 $86M ▼ $120M ▲ $-102M ▼ $60M ▼ $18M ▲ $88M ▲
Q1-2025 $113M ▲ $37M ▼ $-99M ▼ $89M ▲ $5M ▲ $-6M ▼
Q4-2024 $96M ▼ $204M ▲ $-58M ▲ $-204M ▼ $-4M ▲ $159M ▲
Q3-2024 $99M $151M $-135M $3M $-12M $117M

Revenue by Products

Product Q3-2023Q1-2024Q2-2024Q3-2024
Healthcare Distribution
Healthcare Distribution
 $2.95Bn ▲$2.96Bn ▲$2.92Bn ▼$2.95Bn ▲
Technology
Technology
 $210.00M ▲$220.00M ▲$210.00M ▼$220.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been broadly stable to slightly up over the past several years, which is typical of a mature healthcare distributor. However, profits have not kept pace with sales. Operating income and net income are down from their earlier peaks, and earnings per share have trended lower despite relatively steady revenue. This points to margin pressure, likely from higher costs, pricing competition, or mix shifts, rather than a demand problem. Overall, the income statement shows a resilient top line but some erosion in profitability that investors would want to understand in more detail.

Balance Sheet

Balance Sheet The balance sheet looks solid in scale but shows rising leverage. Total assets have grown over time, and shareholder equity has held fairly steady, suggesting a stable capital base. At the same time, debt levels are meaningfully higher than a few years ago, while cash on hand is quite modest relative to both assets and debt. This combination implies the company is leaning more on borrowing to fund its operations and growth, which can be fine in normal times but reduces flexibility if conditions worsen or rates stay elevated.

Cash Flow

Cash Flow Cash generation is a relative bright spot. Operating cash flow has been consistently positive and has improved recently, indicating that the core business reliably converts earnings into cash. Free cash flow has also stayed positive each year, even as the company gradually spends more on capital investments. The capex level remains moderate, so Henry Schein is not aggressively over-investing. Overall, the cash flow profile supports ongoing investment and debt service, though it is not so large as to remove all balance sheet concerns.

Competitive Edge

Competitive Edge Henry Schein occupies a strong, entrenched position as a leading distributor in dental and medical supplies, with a very broad product catalog, global reach, and deep relationships with both clinics and manufacturers. Its ability to act as a one‑stop shop, combined with logistics scale and integrated services like practice consulting and financial solutions, creates switching costs and a noticeable moat. Still, this is a competitive industry with large rivals and ongoing pricing pressure, so the company’s edge rests on maintaining service quality, breadth of offerings, and technology-enabled solutions rather than on unique physical products alone.

Innovation and R&D

Innovation and R&D For a distributor, Henry Schein is unusually active on the technology and software front. The Henry Schein One platform, AI-enabled practice management tools, and its partnership with Amazon Web Services are central to its innovation story. Features like AI documentation, automated workflows, and integrated analytics aim to make dental and medical practices more efficient and more tied into the Henry Schein ecosystem. In the background, the company is also modernizing its warehouses and logistics with AI and automation. The main risks are execution—turning these concepts into widely adopted, profitable tools—and the fact that other players are also racing to build similar digital platforms.

Summary

Henry Schein looks like a mature, scale healthcare distributor with a long operating history, steady revenue, and reliable cash generation, but facing pressure on margins and a higher reliance on debt than in the past. Its competitive strength comes from its distribution network, service breadth, and deep integration into customer workflows, which it is trying to reinforce through software and AI-driven solutions. The strategic push into technology and higher-margin services could help offset margin pressure over time if successfully executed. Key uncertainties revolve around how well it manages profitability, controls leverage, and differentiates its digital offerings in an increasingly competitive healthcare technology landscape.

NEWS

November 25, 2025 · 6:30 AM UTC

Henry Schein One Unveils Industry-first Natively Embedded Voice Workflow at 2025 Greater New York Dental Meeting

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November 13, 2025 · 6:30 AM UTC

Henry Schein to Participate in Upcoming Investor Conference in December

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November 5, 2025 · 8:05 AM UTC

VideaHealth and Henry Schein One Launch the Impact Panel, Bringing AI-Driven Patient Education to Dentrix and Dentrix Ascend

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November 4, 2025 · 6:00 AM UTC

Henry Schein Reports Record Third Quarter 2025 Financial Results and Raises Full Year Non-GAAP EPS Guidance

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November 3, 2025 · 6:30 AM UTC

Henry Schein One and AWS Collaborate to Transform Global Dentistry with Generative AI

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