HSICHenry Schein
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (1.4×).
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Profits are tracking sales roughly one-for-one, limited operating leverage either way.
A balanced mix of margins, efficiency, and leverage. ROE 12% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is HSIC?
Henry Schein earns 8.3% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 0.69 points below what the capital costs: growth destroys value
- Operating margin
- 5.0%
Operating margin · Healthcare median 2.0% · 12 months to Q2 2026
- Cash conversion
- 1.35×
Cash conversion · 1.07× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −6.7%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 5.3% |
| FY2021 | 6.9% |
| FY2022 | 5.9% |
| FY2023 | 5.0% |
| FY2024 | 4.9% |
| FY2025 | 5.0% |
Details›
- Gross margin12 months to Q2 2026
- 31%
- Operating margin12 months to Q2 2026
- 5.0%
- Net margin12 months to Q2 2026
- 3.0%
- Free cash flow margin
- 4.2%
- Revenue, trailing twelve months
- $13.6B
- Free cash flow, trailing twelve months
- $569M
- Net income, trailing twelve months
- $403M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 8.3%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.