HSICHENRY SCHEIN INC
Wholesale-Medical, Dental & Hospital Equipment & Supplies
- Revenue
- $13.2B
- 4.0% YoY
- Operating margin
- 5.0%
- 1.1% YoY
- EBITDA
- $964M
- 5.0% YoY
- Market cap
- $9.5B
- Employees
- 25,000
- $527K revenue each
- Net debt / EBITDA
- 2.3×
- $2.2B net debt
- AI in 10-K
- 5.2
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$11M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo170% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowYes119% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo38% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$527K · 19th pctBottom quartile of its SIC industry
- Quiet on AINo5.2 per 10K words · 83rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$9.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes5 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$8M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $12.4B | $12.6B | $12.3B | $12.7B | $13.2B | 4.0% |
| Operating income | $852M | $747M | $615M | $621M | $653M | 5.2% |
| Net income | $660M | $566M | $436M | $398M | $419M | 5.3% |
| Operating cash flow | $710M | $602M | $500M | $848M | $712M | 16% |
| Capex | $79M | $96M | $147M | $148M | $139M | 6.1% |
| Stock-based comp | $78M | $54M | $39M | $39M | $39M | 0.0% |
| Buybacks | $401M | $485M | $250M | $385M | $850M | 121% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 10, 2026 | KKR Hawaii Aggregator L.P. | SCHEDULE 13D/A | 16.4% | Active |
| Dec 9, 2025 | KKR Hawaii Aggregator L.P. | SCHEDULE 13D/A | 15.2% | Active |
| Nov 6, 2025 | KKR Hawaii Aggregator L.P. | SCHEDULE 13D/A | 14.9% | Passive |
| Aug 15, 2025 | KKR Hawaii Aggregator L.P. | SCHEDULE 13D/A | 14.5% | Passive |
| Aug 8, 2025 | KKR Hawaii Aggregator L.P. | SCHEDULE 13D/A | 13.0% | Active |
| May 16, 2025 | KKR Hawaii Aggregator L.P. | SCHEDULE 13D/A | 12.5% | Active |
| May 6, 2025 | KKR Hawaii Aggregator L.P. | SCHEDULE 13D/A | 9.6% | Active |
| Mar 17, 2025 | KKR Hawaii Aggregator L.P. | SCHEDULE 13D | 9.7% | Active |
Insider trading
- Open-market buys, 12 mo
- $692K · 1
- Open-market sells, 12 mo
- $9M · 10
- Net
- −$8M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $12M | $10M | 116 | 144 |
| FY2024 | $12M | $8M | 107 | 126 |
| FY2023 | $10M | $5M | 115 | 122 |
| FY2022 | $8M | $10M | 121 | 120 |
| FY2021 | $11M | $28M | 114 | 124 |