HSIC
Updated: 25/09/2026, 08:04:38
Henry Schein, Inc. (HSIC) is a global leader in delivering a comprehensive suite of healthcare products and services. The company caters to a diverse clientele across the globe, including dental professionals and laboratories, physician practices, governmental entities, and various institutional and alternative healthcare facilities. Its operations are organized into two principal segments: Health Care Distribution, and Technology and Value-Added Services. The Health Care Distribution division supplies an extensive array of dental goods, encompassing consumables (such as infection control items, impression materials, composites, anesthetics, and artificial teeth), specialized tools and equipment (like handpieces, dental chairs, delivery units, X-ray machinery, and advanced digital restoration systems), and personal protective equipment. This segment also provides essential equipment repair services. Furthermore, it distributes a broad range of medical supplies, including pharmaceuticals (both branded and generic), vaccines, surgical instruments, diagnostic kits, infection prevention solutions, imaging products, equipment, and nutritional supplements. The Technology and Value-Added Services segment focuses on empowering practices with advanced software, technology, and supplementary solutions. This includes specialized practice management software systems tailored for both dental and medical professionals. Beyond software, it delivers crucial value-added practice support services, such as non-recourse financial assistance, electronic services, comprehensive technology and network infrastructure support, hardware services, ongoing professional development programs, and expert consulting. Established in 1932, Henry Schein, Inc. maintains its corporate headquarters in Melville, New York.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$13.2B
FY 2025 · Reported
Net income
$0.4B
FY 2025 · Reported
Gross margin
31.1%
FY 2025 · Calculated
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
$0.8B
FY 2025 · Reported
| Product / service | Sales | Share of sales | YoY growth | By reported area |
|---|---|---|---|---|
total_growth_pctSource evidence“Total $ 13,184 100.0 % $ 12,673 100.0 % $ 511 4.0” | 4 | N/A | N/A | Not disclosed by product and area |
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Solutions company for health care professionals; >1 million customers worldwide; >25,000 employees; operations in 34 countries/territories
“We believe we are the world's largest provider of health care products and services primarily to office-based dental and medical practitioners, as well as alternate sites of care.”
Company overview
Solutions company for health care professionals; >1 million customers; >25,000 employees; 34 countries
“We believe we are the world's largest provider of health care products and services primarily to office-based dental and medical practitioners, as well as alternate sites of care.”
Proprietary rights
Holds Henry Schein trademarks and certain product patents in manufacturing businesses; no assurance of successful enforcement
“We hold trademarks relating to the “Henry Schein®” name and logo, as well as certain other trademarks. Additionally, certain of our manufacturing businesses hold patents on certain of our products.”
Reportable segments
Three reportable segments: Global Distribution and Value-Added Services; Global Specialty Products; Global Technology
“Our reportable segments consist of: (i) Global Distribution and Value-Added Services; (ii) Global Specialty Products; and (iii) Global Technology.”
Customer base
>1 million customers: dental/physician practices, labs, ASCs, government, clinics, home health
“serving more than one million customers worldwide across dental practices, laboratories, physician practices, and ambulatory surgery centers, as well as government, institutional health care clinics, home health providers, and other alternate care clinics.”
Global Technology offerings
Practice management software, e-services and related products
“Global Technology: development and distribution of practice management software, e-services, and other products, which are distributed to health care providers.”
Global Specialty Products offerings
Dental implants, biomaterials, endodontic, orthodontic and orthopedic products
“Global Specialty Products: manufacturing, marketing and sales of dental implant and biomaterial products; endodontic, orthodontic and orthopedic products and other health care-related products and services”
AI features in practice management systems
AI features embedded in practice management systems helping dentists detect caries; AI used for patient interaction capture and voice-activated perio charting
“making AI features available within our practice management systems, which, among other things, helps dentists and clinical staff detect caries.”
Net sales by segment and product type FY2025 vs FY2024
FY2025 net sales $13,184M (+4.0%): Distribution/VAS $11,138M (84.5%), Specialty Products $1,544M (11.7%), Technology $675M (5.1%), eliminations $(173)M
“Total $ 13,184 100.0 % $ 12,673 100.0 % $ 511 4.0”
Raw material sourcing
No single material supplier; some single/limited-source raw materials for quality/regulatory reasons
“Although no single supplier is material, raw materials may be sourced from a single supplier or a limited number of suppliers for reasons of quality assurance, regulatory requirements, cost, and availability.”
Workforce geographic split
48% US / 52% outside US of >25,000 employees
“Approximately 48% of our workforce is based in the United States and 52% outside of the United States.”
Workforce composition and collective bargaining
More than 25,000 employees; ~48% US, ~52% outside US; ~14% subject to collective bargaining agreements
“We employ more than 25,000 people, with approximately 48% of our workforce based in the United States and approximately 52% based outside of the United States. Approximately 14% of our employees are subject to collective bargaining agreements.”
US dental distribution competitors
Patterson Dental and Benco Dental Supply Company
“our primary competitors in the U.S. are the Patterson Dental division of Patterson Companies, Inc. and Benco Dental Supply Company.”
Dental implant and biomaterials competitors
Straumann, Envista, Zimvie, Dentsply Sirona (implants); plus Geistlich, Botiss (biomaterials)
“Within Global Specialty Products, our primary global competitors include Straumann, Envista, Zimvie, and Dentsply Sirona for dental implants.”
US medical distribution competitors
McKesson Corporation and Medline Industries, Inc.
“Our primary competitors in the U.S. medical distribution market, which accounts for the large majority of our global medical sales, are McKesson Corporation and Medline Industries, Inc.”
Dental software competitors
Eaglesoft, Carestream Dental, dental4windows, Open Dental, PlanetDDS, CareStack, Curve Dental, NextGen, eClinicalWorks, Epic
“we compete against numerous dental software providers, including the Eaglesoft division of Patterson Companies, Inc., Carestream Dental LLC, Centaur Software Development Co Pty Ltd.”
International dental distribution competitors
Cadence, Proclinic, DD Group, Nuent, Lifco AB, Planmeca, Dental Union, Dental Bauer
“we compete on the basis of price and customer service against several large competitors, including Cadence Group, Proclinic Group, DD Group, Nuent Group, Lifco AB, Planmeca Group, Dental Union, and Dental Bauer”
Long-term demand drivers
Aging population, preventive care, oral-systemic health link, procedure shift to alternate sites, DSO/GPO consolidation; offset by unemployment and telemedicine-type efficiencies
“The distribution and value-added services industry should benefit from favorable long-term macro trends that should help stimulate patient traffic and demand for products and services. This includes an aging population, increased health care awareness and the importance of preventive care”
KKR strategic investment and Partnership Agreement
KKR invested $250 million for 3,285,151 shares (~$76.10/share) on May 16, 2025; beneficial ownership limit raised from 14.9% to 19.9%; KKR board designees renominated for 2026
“On May16, 2025, we issued 3,285,151 shares of common stock to funds affiliated with KKR for an investment of $250 million, at approximately $76.10 per share.”
KKR Extension Election (December 2025)
On December 7, 2025, KKR exercised the Extension Election; directors Max Lin and William K. "Dan" Daniel to be renominated at 2026 annual meeting
“On December 7, 2025, pursuant to the Partnership Agreement, KKR notified the Company of its election to exercise the Extension Election”
Dependence on third-party manufacturers/suppliers without long-term contracts
Company obtains a significant volume of products from third parties, generally without long-term contracts; self-manufactured specialty products (dental implants, endodontics, orthopedics) depend on third parties for raw materials and purchased components
“We obtain a significant volume of the products we distribute from third parties, with whom we generally do not have long-term contracts.”
Cost pressures: labor, supply source, tariffs
Increased costs from labor, supply sources, and tariffs pressured margins; mitigated via negotiations, supplier consolidation, insourcing
“In recent periods, we have experienced increased costs due to labor cost increases, source of supply, and tariffs, which may have had a negative impact on our profit margins.”
KKR Partnership Agreement risks
Partnership Agreement may cause uncertainty about management, operations, or strategic direction; KKR investments in customers, suppliers, or competitors may create conflicts resulting in loss of business
“The Partnership Agreement may have unintended consequences, such as uncertainty about our management, operations, or future strategic direction, which could result in the loss of future business opportunities or negatively impact our ability to attract and retain qualified talent.”
Anti-takeover provisions in governing documents
Certificate of incorporation/by-laws require 60% affirmative vote for merger/asset sale and 66 2/3% to remove a director or amend by-laws, discouraging acquisition bids
“the affirmative vote of the holders of at least 60% of the shares of common stock entitled to vote to approve a merger, consolidation, or a sale, lease, transfer or exchange of all or substantially all of our assets”
Acquisition, disposition, and joint venture risks
Growth strategy depends on acquisitions/JVs; risks include antitrust prohibition, integration failure, contingent payments, repurchase obligations, and continued financial involvement in divested businesses
“some of our acquisitions and future acquisitions may give rise to an obligation to make contingent payments or to satisfy certain repurchase obligations”
AI-related clinical, legal, and reputational risks
AI in healthcare poses clinical risks (misdiagnosis, misinformation), legal/regulatory exposure (proposed EU AI legislation, data protection/privacy laws), and reputational harm
“The use of AI in healthcare offerings poses certain clinical risks resulting from potential misdiagnosis or misinformation provided from AI applications”
Supplier rebates and purchasing incentives risk
Adverse changes in supplier rebates or other purchasing incentives based on attainment of growth goals could negatively affect the business
“Adverse changes in supplier rebates or other purchasing incentives could negatively affect our business.”
Global Dental was $6,868M (52.0%) of FY2025 sales within the Distribution segment; demand from dental practitioners is the largest revenue source.
“Global Dental 6,868 52.0 6,679 52.7 189 2.8”
As a distributor, Henry Schein depends on third parties for product manufacture/supply, raw materials, and is exposed to adverse changes in supplier rebates and purchasing incentives.
“our dependence on third parties for the manufacture and supply of our products and where we manufacture products, our dependence on third parties for raw materials or purchased components”
Future growth of Global Technology and Global Specialty Products segments depends on developing and adopting new technologies including AI; AI use in healthcare creates clinical, legal, and reputational risks.
“Our future success depends on our ability to timely develop (or obtain the right to sell) competitive and innovative (particularly for our Global Technology and Global Specialty Products segments) products and services and utilize new technologies, such as artificial intelligence ("AI")”
Customer consolidation into DSOs and GPOs favors distributors with broad offerings, low prices, and management information support.
“It also has accelerated the growth of Health Maintenance Organizations ("HMOs"), management service organizations, group practices, other managed care accounts and collective buying groups such as Dental Service Organizations ("DSOs") and Group Purchasing Organizations ("GPOs")”
Patterson Dental (including Eaglesoft software division) is a primary US dental distribution and dental software competitor.
“our primary competitors in the U.S. are the Patterson Dental division of Patterson Companies, Inc. and Benco Dental Supply Company.”
Self-manufactured specialty products (dental implants, endodontics, orthopedics) depend on third parties for raw materials and purchased components.
“where we are the manufacturer of products for our speciality business (e.g., dental implants, endodontics, and orthopedics), we are dependent upon third parties for raw materials and purchased components.”
Global Medical sales of $4,270M (32.5% of FY2025 sales), grew 4.6%, driven by Home Solutions, dialysis products and pharmaceuticals.
“The 3.1% increase in internally generated local currency medical sales was attributable to growth of our Home Solutions business, dialysis products and pharmaceuticals.”
Failure to implement the 2025-2027 BOLD+1 plan (specialty brands, technology, value-added services growth) may prevent achieving desired returns on growth investments.
“If we are unable to effectively implement our strategic plan, we may not achieve our desired return on our investments through our growth strategies.”
Aging population is cited as a favorable long-term macro trend stimulating patient traffic and demand.
“This includes an aging population, increased health care awareness and the importance of preventive care”
McKesson is a primary US medical distribution competitor in the market that accounts for the large majority of global medical sales.
“Our primary competitors in the U.S. medical distribution market... are McKesson Corporation and Medline Industries, Inc.”
Suppliers may reduce or eliminate rebates/incentives tied to growth goals; extended supply interruption of high-volume/high-margin products could significantly disrupt sales.
“Suppliers may reduce or eliminate rebates or inc”
OBBBA provisions expected to reduce Medicaid enrollees and federal funding, reducing utilization of services and covered products.
“includes a number of provisions that are expected to result in reductions in the number of Medicaid enrollees, which will reduce utilization of services and covered products generally.”
Tariffs contributed to increased costs that may have negatively impacted profit margins.
“we have experienced increased costs due to labor cost increases, source of supply, and tariffs, which may have had a negative impact on our profit margins.”
KKR's investments in customers, suppliers, JV partners, or competitors may create conflicts resulting in loss of business; standstill provisions and board designees affect governance.
“KKR also invests in many different types of businesses, and has or may continue to invest in customers, suppliers, joint venture partners, or other entities that have relationships with the Company, or in competitors of such entities, which may create unintended conflicts resulting in a loss of business.”
Straumann is a primary global competitor in dental implants, the core of Global Specialty Products.
“Within Global Specialty Products, our primary global competitors include Straumann, Envista, Zimvie, and Dentsply Sirona for dental implants.”
Cyber incident drove lower sales to episodic customers; macro conditions (inflation, recession, under-insured populations) listed as demand risks.
“we had a sales decrease in our dental and medical distribution businesses, which we believe was primarily a result of lower sales to episodic customers following the cyber incident.”
If emerging technology investments attract/retain customers less successfully than competitors' investments, results could be materially adversely affected.
“if investments in emerging technologies are less successful at attracting and retaining customers than similar investments by our competitors”
Tariffs raised uncertainty that temporarily hurt U.S. dental equipment sales; combined with OBBBA may raise cost of production if foreign components are used.
“sales of U.S. dental equipment were temporarily impacted by market uncertainty related to tariffs in the second half of the quarter ended June 28, 2025.”
Highly competitive and consolidating market including third-party online commerce sites; expansion of customer purchasing power and multi-tiered costing structures.
“effects of a highly competitive (including, without limitation, competition from third-party online commerce sites) and consolidating market”
Operations in 34 countries with ~13,000 employees outside the U.S.; FY2025 FX added 0.5% to sales growth; risk factors cite U.S. dollar value vs foreign currencies.
“fluctuations in energy pricing and the value of the U.S. dollar as compared to foreign currencies”
Labor cost increases are an identified cost pressure on manufacturing and sourcing.
“increased costs due to labor cost increases, source of supply, and tariffs”
AI features in healthcare offerings subject the company to legal liability under proposed EU AI legislation and new applications of data protection, privacy, and IP laws.
“legal liability (including under new proposed legislation regulating AI in jurisdictions such as the EU or new applications of existing data protection, privacy, intellectual property, and other laws)”
Some raw materials for specialty products come from single or limited suppliers due to quality, regulatory, cost, and availability reasons.
“raw materials may be sourced from a single supplier or a limited number of suppliers for reasons of quality assurance, regulatory requirements, cost, and availability.”
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