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Forensic Analysis · Durable-Goods Wholesale · as of Nov 10, 2026

Henry Schein Inc (HSIC)

A forensic read on Henry Schein Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Safe
Financial health
2.6
Distress distance
Clean
Earnings quality
3
Forensic signals
12.0%
ROE
4.0%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Henry Schein Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.6, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

148% of FCF
FY2025
Shareholder returns. Returned $850M to shareholders (buybacks + dividends) in FY2025 — 148% of free cash flow. That is $277M (48%) more than free cash flow covered, and more than operating cash flow as well. New debt covered it: total debt rose $457M over FY2025, while cash and short-term investments rose $34M. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $39M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 155%.
6.0%
FY2025
Return on invested capital. Return on invested capital is 6.0% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.2-point range. After-tax operating profit was $479M in FY2023 and $499M in FY2025, with operating income at 5.0% of revenue in FY2023, 4.9% in FY2024 and 5.0% in FY2025. The capital base behind it went from $8.0B in FY2023 to $8.3B in FY2025 (+4%), while the revenue it carried went from $12.3B to $13.2B.
$13M
FY2024
Goodwill impairments. Took $13M of goodwill writedowns across 1 year (FY2024 ($13M)) — about 3% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$13.18B
Revenue Growth YoY+4.0%
Revenue CAGR (2yr)+3.4%
Net Margin3.0%
Free Cash Flow$573.0M
Return on Equity12.0%
Debt / Equity0.72x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.