Latest Ratios: P/E Ratio 26.5x · EV/EBITDA 12.5x · 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 | $9.9B | $9.3B | $9.0B | $10.0B | $11.0B | $11.0B | $9.6B | $10.0B | $9.5B | $8.7B | $9.7B |
| Enterprise Value | $13.4B | $12.8B | $11.7B | $12.5B | $12.4B | $12.1B | $10.2B | $10.9B | $11.3B | $10.2B | $10.8B |
| P/E Ratio → | 26.49 | 23.28 | 23.09 | 23.96 | 20.43 | 17.42 | 23.88 | 19.62 | 17.65 | 21.33 | 19.07 |
| P/S Ratio | 0.75 | 0.70 | 0.71 | 0.81 | 0.87 | 0.89 | 0.95 | 1.00 | 0.72 | 0.70 | 0.83 |
| P/B Ratio | 2.20 | 1.93 | 1.86 | 1.94 | 2.36 | 2.35 | 2.22 | 2.54 | 2.46 | 2.37 | 2.83 |
| P/FCF | 17.22 | 16.17 | 13.61 | 31.87 | 21.74 | 17.43 | 17.43 | 17.23 | 15.93 | 18.69 | 17.72 |
| P/OCF | 13.86 | 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 | 12.53 | 11.97 | 11.45 | 13.04 | 10.77 | 11.36 | 13.51 | 11.82 | 13.56 | 9.61 | 10.96 |
| EV / EBIT | 17.68 | 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 | 5.8% | 6.2% | 7.3% | 3.1% | 4.6% | 5.7% | 5.7% | 5.8% | 6.3% | 5.4% | 5.6% |
| Buyback Yield | 8.6% | 9.2% | 4.3% | 2.8% | 4.4% | 3.6% | 0.9% | 5.3% | 2.1% | 5.2% | 5.7% |
| Total Shareholder Yield | 8.6% | 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 |
Margin compression from DSOs
According to current market data, HSIC trades at a forward P/E of 15.88, which appears to command a valuation premium over peers like Patterson Companies, likely reflecting investor confidence in the company's integrated software-driven ecosystem rather than its pure-play distribution volume.
The current P/E multiple suggests that the market is pricing in a degree of durability in earnings that may not be fully captured by the company's low net margins. Investors should monitor whether this premium remains sustainable if the shift toward Dental Service Organizations continues to erode the pricing power traditionally enjoyed with independent practitioners.
Based on reported financial figures, HSIC's ROIC has remained stagnant, hovering between 1.6% and 2.0% over the last ten quarters, which indicates that the company is struggling to generate meaningful returns on its invested capital despite its aggressive 'string of pearls' acquisition strategy.
The persistent low ROIC suggests that the costs associated with integrating acquired entities may be offsetting the synergies expected from the expanded product portfolio. This trend warrants further investigation into whether the company's capital allocation strategy is truly compounding value or merely maintaining the existing asset base.
As reported in recent quarterly filings, the company's cash conversion cycle has remained elevated at 82 days in 2026Q1, reflecting persistent challenges in managing inventory and receivables effectively compared to the more streamlined operations of larger medical distribution peers.
The high DIO of 80 days suggests that inventory management is a significant drag on liquidity, potentially tying up capital that could otherwise be deployed for debt reduction or strategic investments. This inefficiency appears to be a structural feature of the business model, which relies on maintaining high stock levels to ensure rapid delivery to fragmented dental practices.
According to recent balance sheet data, the debt-to-equity ratio has climbed to 0.78 in 2026Q1, signaling that the company is increasingly reliant on external financing to support its operations and acquisition-led growth strategy in a higher interest rate environment.
The rising leverage, coupled with an interest coverage ratio that has compressed to 4.85, suggests that the company's ability to service its debt is becoming less comfortable. Investors should monitor this trend closely, as any further deterioration in operating margins could limit the company's capacity for future capital deployment.
The P/S ratio is frequently misapplied to HSIC, as it obscures the significant variance in profitability between the low-margin distribution segment and the higher-margin technology services, leading to an incomplete assessment of the company's true earning power.
Analysts should prioritize EV/EBITDA or normalized P/E ratios to better account for the company's capital structure and the varying margin profiles of its business segments. Relying on revenue-based metrics risks overvaluing the distribution volume while ignoring the underlying margin pressures that define the company's actual bottom-line performance.
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 26.5x. 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 12.5x. 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 26.5x. 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.