Henry Schein (HSIC)
Market Price (8/24/2026): $88.48 | Market Cap: $10.0 BilSector: Health Care | Industry: Health Care Distributors
Henry Schein (HSIC)
Market Price (8/24/2026): $88.48Market Cap: $10.0 BilSector: Health CareIndustry: Health Care Distributors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldFCF Yield is 5.1% Stock buyback supportStock Buyback 3Y Total is 1.7 Bil Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Biotechnology & Genomics. Themes include Telehealth Platforms, Health Data Analytics, Show more. | Trading close to highsDist 52W High is -2.5%, Dist 3Y High is -2.5% Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -57% | Key risksHSIC key risks include [1] decreased sales from the lingering effects of a significant cyberattack and [2] weakened demand and loss of treatment exclusivity in its key dental segment. |
| Attractive yieldFCF Yield is 5.1% |
| Stock buyback supportStock Buyback 3Y Total is 1.7 Bil |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Biotechnology & Genomics. Themes include Telehealth Platforms, Health Data Analytics, Show more. |
| Trading close to highsDist 52W High is -2.5%, Dist 3Y High is -2.5% |
| Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -57% |
| Key risksHSIC key risks include [1] decreased sales from the lingering effects of a significant cyberattack and [2] weakened demand and loss of treatment exclusivity in its key dental segment. |
Qualitative Assessment
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Henry Schein (HSIC) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Henry Schein reported strong financial results for fiscal Q2 2026 (ended June 27, 2026), significantly surpassing analyst expectations. The company's non-GAAP diluted EPS reached $1.27, exceeding the Zacks Consensus Estimate of $1.22 and showing a 15.5% increase from $1.10 in fiscal Q2 2025. Additionally, total net sales for the quarter were $3.5 billion, a 6.7% increase compared to fiscal Q2 2025, beating consensus estimates of $3.37 billion. This performance was further bolstered by an acceleration in internal sales growth to 4.6%.
2. The company raised its full-year 2026 financial guidance, reflecting confidence in sustained growth and profitability. Henry Schein increased its non-GAAP diluted EPS guidance for fiscal year 2026 to a range of $5.29 to $5.39, up from its previous outlook. The total sales growth outlook for fiscal year 2026 was also elevated to 4.5% to 5.5%, an increase from the prior guidance of 3% to 5%. This upward revision also included an expectation for Adjusted EBITDA growth in the mid to high-single digits.
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Henry Schein (HSIC) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Henry Schein reported strong financial results for fiscal Q2 2026 (ended June 27, 2026), significantly surpassing analyst expectations. The company's non-GAAP diluted EPS reached $1.27, exceeding the Zacks Consensus Estimate of $1.22 and showing a 15.5% increase from $1.10 in fiscal Q2 2025. Additionally, total net sales for the quarter were $3.5 billion, a 6.7% increase compared to fiscal Q2 2025, beating consensus estimates of $3.37 billion. This performance was further bolstered by an acceleration in internal sales growth to 4.6%.
2. The company raised its full-year 2026 financial guidance, reflecting confidence in sustained growth and profitability. Henry Schein increased its non-GAAP diluted EPS guidance for fiscal year 2026 to a range of $5.29 to $5.39, up from its previous outlook. The total sales growth outlook for fiscal year 2026 was also elevated to 4.5% to 5.5%, an increase from the prior guidance of 3% to 5%. This upward revision also included an expectation for Adjusted EBITDA growth in the mid to high-single digits.
3. Strategic operational execution and value creation initiatives drove accelerated growth in key business segments. Management cited sustained momentum across its businesses and solid operational execution, along with early benefits from its value creation initiatives, as drivers for the strong performance and margin improvement. Notably, the company reported accelerating U.S. dental merchandise growth of 8.3% and strong adoption of its cloud software platforms, with nearly 13,000 Dentrix Ascend and Dentally subscribers.
4. A significant share repurchase program in fiscal Q2 2026 supported earnings per share. During the second fiscal quarter of 2026, Henry Schein repurchased approximately 2.6 million shares of its common stock for a total of $200 million, at an average price of $76.69 per share. This substantial buyback contributed to a lower diluted share count, thereby enhancing diluted EPS.
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Stock Movement Drivers
Fundamental Drivers
The 18.6% change in HSIC stock from 4/30/2026 to 8/23/2026 was primarily driven by a 13.3% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 74.59 | 88.50 | 18.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,184 | 13,602 | 3.2% |
| Net Income Margin (%) | 3.0% | 3.0% | -1.9% |
| P/E Multiple | 22.0 | 24.9 | 13.3% |
| Shares Outstanding (Mil) | 117 | 113 | 3.4% |
| Cumulative Contribution | 18.6% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| HSIC | 18.6% | |
| Market (SPY) | 6.5% | 10.3% |
| Sector (XLV) | 19.6% | 36.2% |
Fundamental Drivers
The 17.2% change in HSIC stock from 1/31/2026 to 8/23/2026 was primarily driven by a 7.4% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 75.48 | 88.50 | 17.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,938 | 13,602 | 5.1% |
| Net Income Margin (%) | 3.0% | 3.0% | -2.0% |
| P/E Multiple | 23.2 | 24.9 | 7.4% |
| Shares Outstanding (Mil) | 120 | 113 | 5.9% |
| Cumulative Contribution | 17.2% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| HSIC | 17.2% | |
| Market (SPY) | 11.0% | 31.1% |
| Sector (XLV) | 13.3% | 41.3% |
Fundamental Drivers
The 30.8% change in HSIC stock from 7/31/2025 to 8/23/2026 was primarily driven by a 21.1% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.65 | 88.50 | 30.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,669 | 13,602 | 7.4% |
| Net Income Margin (%) | 3.2% | 3.0% | -7.8% |
| P/E Multiple | 20.6 | 24.9 | 21.1% |
| Shares Outstanding (Mil) | 124 | 113 | 9.1% |
| Cumulative Contribution | 30.8% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| HSIC | 30.8% | |
| Market (SPY) | 22.2% | 26.3% |
| Sector (XLV) | 35.6% | 37.8% |
Fundamental Drivers
The 12.3% change in HSIC stock from 7/31/2023 to 8/23/2026 was primarily driven by a 15.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312023 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.79 | 88.50 | 12.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,528 | 13,602 | 8.6% |
| Net Income Margin (%) | 3.8% | 3.0% | -22.3% |
| P/E Multiple | 21.7 | 24.9 | 15.1% |
| Shares Outstanding (Mil) | 131 | 113 | 15.8% |
| Cumulative Contribution | 12.3% |
Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| HSIC | 12.3% | |
| Market (SPY) | 73.2% | 31.8% |
| Sector (XLV) | 36.3% | 38.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HSIC Return | 16% | 3% | -5% | -9% | 9% | 17% | 32% |
| Peers Return | 28% | -24% | 15% | -18% | 12% | 1% | 3% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| HSIC Win Rate | 58% | 50% | 42% | 42% | 50% | 75% | |
| Peers Win Rate | 53% | 45% | 58% | 47% | 57% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HSIC Max Drawdown | -17% | -29% | -31% | -21% | -24% | -17% | |
| Peers Max Drawdown | -19% | -45% | -36% | -37% | -33% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: XRAY, NVST, ALGN, IDXX, MCK. See HSIC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | HSIC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.4% | -18.8% |
| % Gain to Breakeven | 24.1% | 23.1% |
| Time to Breakeven | 272 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.8% | -9.5% |
| % Gain to Breakeven | 29.5% | 10.5% |
| Time to Breakeven | 116 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.3% | -6.7% |
| % Gain to Breakeven | 21.0% | 7.1% |
| Time to Breakeven | 1160 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -15.1% | -24.5% |
| % Gain to Breakeven | 17.8% | 32.4% |
| Time to Breakeven | 30 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.4% | -33.7% |
| % Gain to Breakeven | 70.7% | 50.9% |
| Time to Breakeven | 295 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.9% | -19.2% |
| % Gain to Breakeven | 17.6% | 23.8% |
| Time to Breakeven | 125 days | 105 days |
In The Past
Henry Schein's stock fell -19.4% during the 2025 US Tariff Shock. Such a loss loss requires a 24.1% gain to breakeven.
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Asset Allocation
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| Event | HSIC | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.8% | -9.5% |
| % Gain to Breakeven | 29.5% | 10.5% |
| Time to Breakeven | 116 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.4% | -33.7% |
| % Gain to Breakeven | 70.7% | 50.9% |
| Time to Breakeven | 295 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -47.1% | -53.4% |
| % Gain to Breakeven | 88.9% | 114.4% |
| Time to Breakeven | 755 days | 1085 days |
In The Past
Henry Schein's stock fell -19.4% during the 2025 US Tariff Shock. Such a loss loss requires a 24.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Henry Schein (HSIC)
Henry Schein, Inc. (HSIC) is a global provider of health care products and services, primarily serving dental and medical practitioners worldwide. The company operates through two main segments: Health Care Distribution, and Technology and Value-Added Services, offering a comprehensive suite of solutions to support the operational and clinical needs of various health care providers.
The Health Care Distribution segment forms the core of Henry Schein's business, supplying a vast array of dental and medical products. For dental professionals, this includes everything from infection-control items, impression materials, anesthetics, and dental implants to specialized equipment like dental chairs, X-ray units, and high-tech digital restoration systems, alongside equipment repair services. The medical arm provides branded and generic pharmaceuticals, vaccines, surgical products, diagnostic tests, and general medical equipment. Its primary customers in this segment include dental practitioners and laboratories, physician practices, government, and various institutional and alternate care clinics.
Complementing its distribution business, the Technology and Value-Added Services segment focuses on enhancing practice efficiency. This includes developing and distributing practice management software systems tailored for dental and medical offices. Additionally, it offers a range of valuable practice solutions such as financial services, e-services, IT network and hardware support, continuing education for practitioners, and consulting services, all aimed at optimizing practice operations for its dental and medical practitioner client base.
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Here are 1-3 brief analogies for Henry Schein (HSIC):
- Sysco for healthcare practices
- Grainger for medical and dental offices
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- Dental Supplies & Equipment: Provides a comprehensive range of products for dental practices, including infection control items, handpieces, preventatives, impression materials, composites, anesthetics, dental implants, and X-ray and digital restoration equipment.
- Medical Supplies & Equipment: Offers products for physician practices, such as branded and generic pharmaceuticals, vaccines, surgical products, diagnostic tests, infection-control items, and X-ray equipment.
- Equipment Repair Services: Delivers repair and maintenance services for various dental and medical equipment.
- Practice Management Software: Develops and provides software systems for managing operations in dental and medical practices.
- Financial Services: Offers financial solutions on a non-recourse basis to healthcare practitioners.
- E-services & Practice Technology Solutions: Provides digital services, network management, hardware support, and other technology solutions to optimize practice operations.
- Continuing Education Services: Offers educational programs for ongoing professional development of healthcare practitioners.
- Consulting Services: Provides advisory and other professional services to healthcare practices.
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Henry Schein (HSIC) sells primarily to other companies and organizations within the healthcare sector. Its major customer categories include:
- Dental practitioners and laboratories
- Physician practices
- Government, institutional health care clinics, and other alternate care clinics
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Frederick M. Lowery – Chief Executive Officer
Frederick M. Lowery joined Henry Schein, Inc. on March 2, 2026, when he was named Chief Executive Officer and a member of the Board of Directors. He succeeded Stanley M. Bergman. Mr. Lowery has extensive experience in growing distribution and owned product businesses, including manufacturing, research and development, marketing, and sales functions. Prior to joining Henry Schein as CEO, Mr. Lowery held various leadership positions at Thermo Fisher Scientific.
Ronald N. South – Senior Vice President, Chief Financial Officer
Ronald N. South has been with Henry Schein, Inc. since 2008 and in his current position as Senior Vice President and Chief Financial Officer (and principal financial officer and principal accounting officer) since April 2022. He is also a member of the Executive Management Committee and on the board of directors of the Henry Schein Cares Foundation, Inc. Previously, Mr. South served as Henry Schein's Vice President, Corporate Finance from 2008 through April 2022 and Chief Accounting Officer from 2013 through April 2022, responsible for the Company's internal and external financial reporting and corporate tax functions. Prior to joining Henry Schein in 2008 as Vice President, Corporate Finance, Mr. South held senior finance leadership roles at Bristol-Myers Squibb, audit leadership at PepsiCo, and client advisory at PricewaterhouseCoopers. He is a Certified Public Accountant (CPA).
Michael S. Ettinger – Executive Vice President and Chief Operating Officer
Michael S. Ettinger has been with Henry Schein, Inc. since 1994, and in his current position as Executive Vice President and Chief Operating Officer of the Company since 2022. He is also a member of the Executive Management Committee. As Executive Vice President and Chief Operating Officer, Mr. Ettinger oversees the Office of the CEO (including Henry Schein Cares, the Company's global corporate social responsibility program), as well as the Company's corporate affairs, corporate communications, legal, compliance and regulatory, global human resources, global security, global supply chain, and information technology functions. Prior to his current position, Mr. Ettinger served in various roles including Senior Vice President, Corporate & Legal Affairs and Chief of Staff, Secretary (2015-2022) and General Counsel. Before joining the Company, Mr. Ettinger served as Senior Associate with Bower & Gardner and as a member of the Tax Department at Arthur Andersen.
Andrea Albertini – Chief Executive Officer, Global Distribution and Technology
Andrea Albertini served as Chief Executive Officer, International Distribution Group from February 2023 to January 2025 and as President, International Distribution Group from 2021 to February 2023. Previously, he was President of the EMEA Dental Distribution Group from 2019 to 2021 and Vice President of International Dental Equipment from 2013 to 2019. Before joining Henry Schein, Mr. Albertini held leadership positions at Cefla and Castellini, both leading global manufacturers of dental and medical equipment and instruments. He brings more than 20 years of experience in the health care industry.
Mark E. Mlotek – Executive Vice President, Chief Strategic Officer
Mark E. Mlotek is an Executive Vice President and Chief Strategic Officer at Henry Schein, Inc. He has also served as VP/Secretary/General Counsel and Senior Vice President of Business Development at Henry Schein, Inc., and was a Partner at Feit & Ahrens. Mr. Mlotek is a Board Member at Provet Holdings Ltd and Henry Schein, Inc., and a member of the New York State Bar association. He studied at Columbia Law School, New York University School of Law, and New York City College.
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Key Risks to Henry Schein's Business (HSIC)
Henry Schein (HSIC) faces several key risks to its business operations and financial performance.
- Cybersecurity Risks: A significant and ongoing risk for Henry Schein is its vulnerability to cybersecurity threats. The company experienced a major cybersecurity incident in October 2023 that primarily affected its North American and European dental and medical distribution businesses. This incident led to the temporary disruption of some business operations, including taking certain systems offline, and resulted in decreased sales, particularly to episodic customers. Henry Schein has continued to experience residual impacts from this event, which has affected its financial performance and is expected to incur costs in 2024.
- Macroeconomic Uncertainties: Henry Schein's business is susceptible to global economic uncertainties. Factors such as exchange rate fluctuations and rising costs and expenses adversely impact the company's operational results. Sustained macroeconomic pressure can make it challenging for the company to control its cost of revenues and operating expenses.
- Dependence on Key Suppliers: The company relies on a limited number of third-party suppliers for the manufacture and supply of a significant portion of its products and raw materials. This dependence creates a risk of supply chain disruptions, which could impact product availability and the company's ability to meet customer demand, or if relationships with these key suppliers deteriorate.
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- The increasing market penetration and expansion of large-scale e-commerce platforms and online marketplaces (e.g., Amazon Business) into the medical and dental supply distribution sector. These platforms offer a broad range of products, often competitive pricing, and streamlined procurement processes, directly challenging Henry Schein's traditional distribution model by providing alternative, potentially more convenient and lower-cost, sourcing channels for healthcare practitioners. This shift can put pressure on Henry Schein's market share and profit margins in its core Health Care Distribution segment.
- The rapid evolution and consolidation within healthcare technology, particularly the rise of cloud-native, AI-powered, and highly integrated practice management and electronic health record (EHR) platforms. Newer entrants or larger tech companies are developing comprehensive digital ecosystems that offer superior integration, efficiency, and user experience across practice management, patient engagement, and financial services. This trend poses a threat to Henry Schein's existing suite of technology and value-added services, as its offerings may become less competitive if they do not continually match or exceed the advanced capabilities and seamless integration provided by these emerging platforms.
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Henry Schein (HSIC) operates within several substantial addressable markets for its diverse range of healthcare products and services.
Health Care Distribution Segment
- Dental Products: The global dental market was valued at approximately USD 40 billion. More specifically, the global dental care products market was estimated at USD 60.8 billion in 2025. In the U.S., the dental equipment market alone accounted for USD 2.92 billion in 2024.
- Medical Products: The global medical supplies market was valued at USD 184.95 billion in 2024. The broader global medical devices market, which includes many of the products Henry Schein distributes, was valued at USD 572.31 billion in 2025.
Technology and Value-Added Services Segment
- Practice Management Software: The global dental practice management software market size was valued at USD 2.86 billion in 2024. For medical practitioners, the global medical practice management software market was valued at USD 8.87 billion in 2024.
- Overall Practice Management Systems (including software and other value-added services): The global practice management system market, which encompasses software and related services for both dental and medical practices, was estimated at USD 14.45 billion in 2024.
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Share Repurchases
- In 2025, Henry Schein repurchased approximately 12.1 million shares of common stock for a total of $850 million.
- As of year-end 2025, the company had $780 million authorized and available for future stock repurchases.
- For the full year 2024, Henry Schein repurchased approximately 5.4 million shares of its common stock, totaling $385 million.
Share Issuance
- Henry Schein's shares outstanding have consistently decreased over the last three to five years, indicating that repurchases have outweighed any issuances. For instance, shares outstanding as of September 30, 2025, declined by 4.74% year-over-year.
- The company issues restricted stock units (RSUs) and performance stock units (PSUs) as part of compensation plans for executives and directors, such as awards granted in March 2026 to the Chief Operating Officer and Chief Financial Officer.
Inbound Investments
- KKR made a significant strategic investment in Henry Schein, becoming its largest non-index shareholder. An agreement in November 2025 granted KKR the right to increase its HSIC stock ownership up to 19.9%.
- As of March 2026, KKR disclosed a 16.4% stake in Henry Schein, which included swap exposure.
Outbound Investments
- Henry Schein expanded its homecare medical supplies market presence with the acquisition of Acentus in January 2025, building on the 2023 acquisition of a majority ownership in Shield Healthcare, Inc., and the 2021 acquisition of Prism Medical Products, LLC.
- The company made strategic acquisitions in the dental sector, including S.I.N Implant System in Brazil (2023) and Biotech Dental in France (2023), alongside Midway Dental Supply in the Midwestern U.S. (2022).
- Henry Schein also invested in dental technology solutions, acquiring an 80% ownership in Jarvis Analytics (2021) and a 70% ownership in eAssist Dental Solutions (2021).
Capital Expenditures
- In the trailing twelve months ending Q4 2025, capital expenditures were approximately $139.0 million, primarily funding long-term assets and infrastructure.
- Capital expenditures for the fourth quarter of 2025 amounted to $43.0 million.
- In the fourth quarter of 2024, capital expenditures were $45.0 million.
Peer Outperformance in Health Care Distributors
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors ← | 7 | 9.5% | 82.4% | 124.2% | CAH 394% · MCK 340% · COR 184% |
| Health Care Services | 20 | 20.6% | 46.6% | 7.5% | HIMS 337% · RDNT 157% · DGX 80% |
| Managed Health Care | 8 | 29.7% | -3.0% | 0.6% | OSCR 158% · HQY 63% · ELV 14% |
| Health Care Facilities | 24 | 7.9% | -0.8% | -16.4% | THC 286% · NHC 265% · ENSG 123% |
| Health Care Equipment | 51 | -4.5% | -4.5% | -17.6% | POCI 11300% · UFPT 373% · GKOS 260% |
| Health Care Supplies | 12 | 33.9% | -12.1% | -26.0% | LNTH 297% · HAE 78% · MMSI 29% |
| Pharmaceuticals | 63 | 4.5% | 4.1% | -38.2% | LQDA 2499% · INDV 1253% · ETON 1190% |
| Health Care Technology | 21 | -19.9% | -53.0% | -72.5% | SPOK 115% · HSTM -1% · VEEV -23% |
| Life Sciences Tools & Services | 108 | -2.5% | -28.0% | -72.6% | SNWV 1782% · MEDP 245% · ELMD 225% |
| Biotechnology | 365 | 7.8% | -24.2% | -78.3% | BRTX 107550% · CELZ 1771% · DNTH 1543% |
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 125.53 |
| Mkt Cap | 10.8 |
| Rev LTM | 4,346 |
| Op Inc LTM | 715 |
| FCF LTM | 573 |
| FCF 3Y Avg | 502 |
| CFO LTM | 728 |
| CFO 3Y Avg | 652 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.7% |
| Rev Chg 3Y Avg | 3.5% |
| Rev Chg Q | 6.9% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | 9.2% |
| Op Inc Chg 3Y Avg | 4.3% |
| Op Mgn LTM | 8.1% |
| Op Mgn 3Y Avg | 7.5% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 9.7% |
| CFO/Rev 3Y Avg | 10.8% |
| FCF/Rev LTM | 6.3% |
| FCF/Rev 3Y Avg | 7.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Global Distribution and Value-Added Services | 11,138 | 10,760 | 10,561 | 10,953 | |
| Global Specialty Products | 1,544 | 1,446 | 1,331 | 1,145 | |
| Global Technology | 675 | 630 | 602 | 549 | |
| Eliminations | -173 | -163 | -155 | ||
| Health care distribution | 11,754 | ||||
| Technology and value-added services | 647 | ||||
| Total | 13,184 | 12,673 | 12,339 | 12,647 | 12,401 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Global Distribution and Value-Added Services | 680 | 696 | 665 | 833 | |
| Global Specialty Products | 242 | 178 | 175 | 192 | |
| Global Technology | 180 | 152 | 142 | 125 | |
| Cyber incident-insurance proceeds, net of third-party advisory expenses | 20 | 31 | -11 | ||
| Change in contingent consideration | 2 | -45 | 0 | ||
| Impairment of capitalized assets | 0 | -12 | -27 | ||
| Litigation settlements | -5 | -6 | 0 | ||
| Impairment of intangible assets | -16 | 0 | -7 | ||
| Costs associated with shareholder advisory matters and select value creation consulting costs | -36 | -2 | 0 | ||
| Restructuring and related costs | -105 | -110 | -80 | ||
| Corporate, net | -130 | -77 | -92 | -112 | |
| Acquisition intangible amortization | -179 | -184 | -150 | ||
| Adjustments | -291 | ||||
| Health care distribution | 727 | ||||
| Technology and value-added services | 125 | ||||
| Total | 653 | 621 | 615 | 747 | 852 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Health care distribution | 9,083 | 7,287 | 7,157 | 6,503 | 5,821 |
| Technology and value-added services | 1,490 | 1,320 | 1,324 | 1,269 | 1,330 |
| Total | 10,573 | 8,607 | 8,481 | 7,773 | 7,151 |
Price Behavior
| Market Price | $88.50 | |
| Market Cap ($ Bil) | 10.2 | |
| First Trading Date | 11/03/1995 | |
| Distance from 52W High | -2.5% | |
| 50 Days | 200 Days | |
| DMA Price | $85.28 | $78.11 |
| DMA Trend | up | up |
| Distance from DMA | 3.8% | 13.3% |
| 3M | 1YR | |
| Volatility | 20.8% | 26.0% |
| Downside Capture | -26.19 | 37.53 |
| Upside Capture | 58.51 | 57.52 |
| Correlation (SPY) | 9.4% | 25.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.07 | -0.02 | 0.06 | 0.51 | 0.54 | 0.54 |
| Up Beta | -0.67 | -0.32 | -0.21 | 0.59 | 0.85 | 0.65 |
| Down Beta | -0.36 | -0.02 | -0.06 | 0.47 | 0.22 | 0.39 |
| Up Capture | 63% | 45% | 48% | 56% | 53% | 20% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 14 | 25 | 38 | 70 | 133 | 368 |
| Down Capture | 24% | -30% | -14% | 43% | 57% | 81% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 8 | 18 | 25 | 56 | 118 | 380 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HSIC | |
|---|---|---|---|---|
| HSIC | 29.1% | 26.0% | 0.94 | - |
| Sector ETF (XLV) | 28.8% | 16.0% | 1.39 | 38.8% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 25.2% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | -4.4% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -25.3% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 42.3% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 6.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HSIC | |
|---|---|---|---|---|
| HSIC | 3.5% | 25.5% | 0.12 | - |
| Sector ETF (XLV) | 7.1% | 15.1% | 0.28 | 45.3% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 40.7% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 5.2% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 6.6% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 42.1% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 15.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HSIC | |
|---|---|---|---|---|
| HSIC | 3.2% | 27.4% | 0.15 | - |
| Sector ETF (XLV) | 10.7% | 16.7% | 0.52 | 51.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 48.6% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 1.9% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 14.0% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 45.4% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 10.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 3.0% | 1.8% | |
| 5/5/2026 | 3.3% | -4.2% | 5.2% |
| 2/24/2026 | 3.5% | 1.0% | -8.1% |
| 11/4/2025 | 10.8% | 12.9% | 13.5% |
| 8/5/2025 | -7.4% | -5.6% | -4.1% |
| 5/5/2025 | 2.0% | 5.1% | 8.1% |
| 2/25/2025 | -2.3% | -8.8% | -10.6% |
| 11/5/2024 | -4.6% | -5.6% | 3.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 11 | 11 |
| # Negative | 13 | 14 | 13 |
| Median Positive | 3.7% | 6.7% | 5.2% |
| Median Negative | -3.7% | -4.4% | -6.9% |
| Max Positive | 10.8% | 12.9% | 18.2% |
| Max Negative | -8.1% | -8.8% | -12.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 3.0% | 1.8% | |
| 5/5/2026 | 3.3% | -4.2% | 5.2% |
| 2/24/2026 | 3.5% | 1.0% | -8.1% |
| 11/4/2025 | 10.8% | 12.9% | 13.5% |
| 8/5/2025 | -7.4% | -5.6% | -4.1% |
| 5/5/2025 | 2.0% | 5.1% | 8.1% |
| 2/25/2025 | -2.3% | -8.8% | -10.6% |
| 11/5/2024 | -4.6% | -5.6% | 3.0% |
| 8/6/2024 | -8.1% | -2.4% | -0.2% |
| 5/7/2024 | 3.9% | 6.7% | 1.6% |
| 2/27/2024 | -3.4% | -4.7% | -9.5% |
| 11/13/2023 | 5.4% | 7.3% | 12.8% |
| 8/7/2023 | -2.8% | -1.8% | -4.2% |
| 5/9/2023 | -6.2% | -2.0% | -5.7% |
| 2/16/2023 | -6.6% | -8.0% | -12.8% |
| 11/1/2022 | 4.8% | 8.5% | 18.2% |
| 8/2/2022 | -3.7% | -2.6% | -6.3% |
| 5/3/2022 | 2.0% | 5.7% | 4.8% |
| 2/15/2022 | 8.0% | 10.1% | 13.8% |
| 11/2/2021 | 2.1% | 2.6% | -8.2% |
| 8/3/2021 | -1.1% | -6.2% | -6.9% |
| 5/4/2021 | 7.9% | 12.1% | 1.9% |
| 2/17/2021 | -8.1% | -7.0% | -4.0% |
| 11/2/2020 | -2.1% | -3.0% | 2.1% |
| 8/4/2020 | -2.5% | -4.1% | -8.1% |
| SUMMARY STATS | |||
| # Positive | 12 | 11 | 11 |
| # Negative | 13 | 14 | 13 |
| Median Positive | 3.7% | 6.7% | 5.2% |
| Median Negative | -3.7% | -4.4% | -6.9% |
| Max Positive | 10.8% | 12.9% | 18.2% |
| Max Negative | -8.1% | -8.8% | -12.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/28/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/28/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/15/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/17/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 non-GAAP diluted EPS | 5.29 | 5.34 | 5.39 | 0.8% | Raised | Guidance: 5.3 for 2026 | |
| 2026 total sales growth | 4.5% | 5.0% | 5.5% | 1.0% | Raised | Guidance: 4.0% for 2026 | |
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Non-GAAP Diluted EPS | 5.23 | 5.3 | 5.37 | Affirmed | Guidance: 5.3 for 2026 | ||
| 2026 Total Sales Growth | 3.0% | 4.0% | 5.0% | 0.0% | Affirmed | Guidance: 4.0% for 2026 | |
| 2026 Adjusted EBITDA Growth | 5.0% | 0.0% | Affirmed | Guidance: 5.0% for 2026 | |||
| 2026 Operating Income Improvement | 125.00 Mil | ||||||
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Non-GAAP diluted EPS | 5.23 | 5.3 | 5.37 | 7.7% | Higher New | Actual: 4.92 for 2025 | |
| 2026 Total sales growth | 3.0% | 4.0% | 5.0% | 0.5% | Higher New | Actual: 3.5% for 2025 | |
| 2026 Adjusted EBITDA growth | |||||||
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Non-GAAP diluted EPS | 4.88 | 4.92 | 4.96 | Raised | Guidance: 4.87 for 2025 | ||
| 2025 Total sales growth | 3.0% | 3.5% | 4.0% | 0.5% | Raised | Guidance: 3.0% for 2025 | |
| 2025 Adjusted EBITDA growth | 5.0% | 0.0% | Affirmed | Guidance: 5.0% for 2025 | |||
Insider Activity
Updated 6/15/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Daniel, William K | The Reporting Person and spouse as Co-Trustees of a trust for the benefit of the Reporting Person. | Buy | 5122026 | 69.19 | 10,000 | 691,900 | 1,383,800 | Form | |
| 2 | Popeck, Thomas C | CEO, Henry Schein Products | Direct | Sell | 3202026 | 72.79 | 1,355 | 98,630 | 6,273,188 | Form |
| 3 | Kuehn, Kurt P | Direct | Sell | 3112026 | 78.96 | 2,844 | 224,565 | 1,217,579 | Form | |
| 4 | Laskawy, Philip A | Direct | Sell | 3062026 | 80.36 | 2,844 | 228,544 | 1,764,786 | Form | |
| 5 | Mlotek, Mark E | EVP, Chief Strategic Officer | Direct | Sell | 3062026 | 80.80 | 5,925 | 478,740 | 6,508,757 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Daniel, William K | The Reporting Person and spouse as Co-Trustees of a trust for the benefit of the Reporting Person. | Buy | 5122026 | 69.19 | 10,000 | 691,900 | 1,383,800 | Form | |
| 2 | Popeck, Thomas C | CEO, Henry Schein Products | Direct | Sell | 3202026 | 72.79 | 1,355 | 98,630 | 6,273,188 | Form |
| 3 | Kuehn, Kurt P | Direct | Sell | 3112026 | 78.96 | 2,844 | 224,565 | 1,217,579 | Form | |
| 4 | Laskawy, Philip A | Direct | Sell | 3062026 | 80.36 | 2,844 | 228,544 | 1,764,786 | Form | |
| 5 | Mlotek, Mark E | EVP, Chief Strategic Officer | Direct | Sell | 3062026 | 80.80 | 5,925 | 478,740 | 6,508,757 | Form |
| 6 | Bergman, Stanley M | Chairman, CEO | Spouse | Sell | 3032026 | 81.31 | 43,812 | 3,562,354 | 31,207,022 | Form |
| 7 | Bergman, Stanley M | Chairman, CEO | Direct | Sell | 2272026 | 81.20 | 10,785 | 875,742 | 25,098,270 | Form |
| 8 | Bergman, Stanley M | Chairman, CEO | Spouse | Sell | 2272026 | 80.90 | 31,134 | 2,518,741 | 35,177,504 | Form |
| 9 | Bergman, Stanley M | Chairman, CEO | Spouse | Sell | 2272026 | 81.51 | 7,212 | 587,850 | 34,854,899 | Form |
| 10 | Daniel, William K | The Reporting Person and spouse as Co-Trustees of a trust for the benefit of the Reporting Person. | Buy | 8112025 | 67.08 | 10,000 | 670,800 | 670,800 | Form |
Investor Activity (13F)
Updated Aug 24, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Ananym Capital Management, LP | $49.7 Mil | 19.0% | 10 | ADD +23.3% | 13F |
| Ulysses Management LLC | $47.9 Mil | 18.0% | 28 | Hold | 13F |
| Palestra Capital Management LLC | $251.5 Mil | 9.9% | 22 | ADD +43.2% | 13F |
| M.D. Sass, LLC | $93.8 Mil | 7.1% | 36 | Hold | 13F |
| Defilade Capital Management, L.P. | $46.0 Mil | 6.5% | 31 | ADD +94.8% | 13F |
| Southpoint Capital Advisors LP | $235.8 Mil | 4.9% | 41 | ADD +28.0% | 13F |
| Lone Peak Global Investors LLC | $27.8 Mil | 4.6% | 42 | Hold | 13F |
| HFR Wealth Management, LLC | $8.5 Mil | 2.1% | 49 | Hold | 13F |
| Nuance Investments, LLC | $14.3 Mil | 2.0% | 43 | TRIM -31.3% | 13F |
| Lyrical Asset Management LP | $113.8 Mil | 1.7% | 39 | TRIM -7.9% | 13F |
| Petrus Trust Company, LTA | $9.9 Mil | 1.1% | 27 | New | 13F |
| Sprucegrove Investment Management LTD | $5.9 Mil | 0.9% | 42 | TRIM -19.2% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Petrus Trust Company, LTA | $9.9 Mil | 1.1% | 27 | New | 13F |
| Defilade Capital Management, L.P. | $46.0 Mil | 6.5% | 31 | ADD +94.8% | 13F |
| Palestra Capital Management LLC | $251.5 Mil | 9.9% | 22 | ADD +43.2% | 13F |
| Southpoint Capital Advisors LP | $235.8 Mil | 4.9% | 41 | ADD +28.0% | 13F |
| Ananym Capital Management, LP | $49.7 Mil | 19.0% | 10 | ADD +23.3% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Palestra Capital Management LLC | $251.5 Mil | 9.9% | 22 | ADD +43.2% | 13F |
| Southpoint Capital Advisors LP | $235.8 Mil | 4.9% | 41 | ADD +28.0% | 13F |
| Lyrical Asset Management LP | $113.8 Mil | 1.7% | 39 | TRIM -7.9% | 13F |
| M.D. Sass, LLC | $93.8 Mil | 7.1% | 36 | Hold | 13F |
| Ananym Capital Management, LP | $49.7 Mil | 19.0% | 10 | ADD +23.3% | 13F |
| Ulysses Management LLC | $47.9 Mil | 18.0% | 28 | Hold | 13F |
| Defilade Capital Management, L.P. | $46.0 Mil | 6.5% | 31 | ADD +94.8% | 13F |
| Lone Peak Global Investors LLC | $27.8 Mil | 4.6% | 42 | Hold | 13F |
| Nuance Investments, LLC | $14.3 Mil | 2.0% | 43 | TRIM -31.3% | 13F |
| Petrus Trust Company, LTA | $9.9 Mil | 1.1% | 27 | New | 13F |
| HFR Wealth Management, LLC | $8.5 Mil | 2.1% | 49 | Hold | 13F |
| Sprucegrove Investment Management LTD | $5.9 Mil | 0.9% | 42 | TRIM -19.2% | 13F |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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