Henry Schein, Inc. (HSIC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-24.4%

$65.89

vs $87.14 price

Levered DCF

$56.23

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.77

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	23.14×	22.94×	23.81×	20.22×	17.19×	23.71×	19.4×	17.55×
P/B	2.83×	2.63×	2.71×	3.15×	3.17×	2.85×	3.29×	3.17×
P/S	0.7×	0.7×	0.8×	0.86×	0.88×	0.94×	0.99×	0.71×
EV / EBITDA	12.65×	12.8×	14.64×	12.54×	11.2×	13.91×	11.74×	14.92×
Gross margin	29.1%	29.7%	29.6%	28.9%	29.6%	27.8%	31.0%	22.0%
Operating margin	5.7%	5.8%	5.8%	7.4%	6.9%	5.6%	7.3%	5.3%
Net margin	3.0%	3.1%	3.4%	4.3%	5.0%	4.0%	5.1%	4.1%
Current ratio	1.38×	1.42×	1.67×	1.79×	1.67×	1.66×	1.58×	1.3×
Debt / equity	1.14×	0.85×	0.75×	0.43×	0.36×	0.3×	0.33×	0.66×
Interest coverage	5.05×	5.56×	8.21×	21.32×	30.97×	13.71×	14.43×	9.12×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.3%	11.5%	11.4%	15.6%	18.2%	12.0%	16.9%	18.1%
Return on invested capital	6.6%	6.7%	6.7%	11.0%	10.4%	8.0%	10.6%	9.0%
Return on assets	3.5%	3.8%	3.9%	6.3%	7.4%	5.2%	7.1%	6.3%
Free cash flow yield	6.2%	7.4%	3.2%	4.7%	5.8%	5.8%	5.9%	6.3%
Earnings yield	4.3%	4.4%	4.2%	5.0%	5.7%	4.2%	5.2%	5.7%
Enterprise value	$12.7B	$11.7B	$12.5B	$12.2B	$12B	$10.1B	$10.8B	$11.3B
Net debt / EBITDA	3.51×	3.01×	3.02×	1.41×	1.03×	0.8×	0.97×	2.49×
Cash conversion cycle (days)	79	77	89	81	76	77	75	68