Henry Schein falls 4.8% after quarterly results show mixed metrics

What happened

Henry Schein (HSIC) fell 4.8% on November 3, 2026, because the company released third-quarter results showing $3.5 billion in sales, GAAP earnings per share up 26.2%, and a raised full-year non-GAAP earnings outlook. The stock closed at $82.50 on volume 3.5 times its 20-day average after opening 4.9% below the previous close.

How big was the move

The session was larger than normal: the stock's change was 3.6 times a typical daily move for this stock. Trading volume was 3.5 times its 20-day average. The broader market was firmer, with the S&P 500 rising 0.4% on the day, while the Healthcare sector median rose 0.6%; Henry Schein's performance was 5.4 percentage points worse than the sector median. The stock has a market value of $9.46 billion and a beta of 0.34, which indicates it tends to move less than the market.

The technical picture

The stock was 2.9% below its 20-day moving average and 4.5% below its 50-day moving average, while it was 1.7% above its 200-day moving average. The 50-day average is above the 200-day average, which is a sign of an established uptrend, and the stock has spent 120 consecutive trading days above the 200-day average. Momentum measures were muted: the Relative Strength Index (14 days) was 41, in a neutral range between 30 and 70. The stock traded 10.5% below its 52-week high. Over one month it fell 2.1%, over three months it fell 7.9%, and over one year it rose 30.5%, placing it 19.9 percentage points ahead of the S&P 500 for the year.

Fundamentals and valuation

For the four quarters through June 27, 2026, Henry Schein reported revenue of $13.60 billion, which grew 6.5% from a year earlier, and diluted earnings per share of $3.43, which rose 10.6% from a year earlier. Gross margin expanded to 30.3% from 29.4% a year earlier, while operating margin narrowed to 5.7% from 6.1%. The balance sheet showed net debt of 3.5 times EBITDA, return on invested capital was 6.5%, and free-cash-flow margin was 4.0%. Share count over one year decreased by 6.7%.

Valuation metrics place the stock at 24.1 times trailing earnings and 15.3 times expected earnings, with a free-cash-flow yield of 5.7%. Its price-to-trailing-earnings ratio stood higher than 76% of its own readings over the past five years; the five-year median is 21.4 times earnings. These measures indicate that the stock is trading at a premium versus much of its recent history, even as its free cash flow generates a mid-single-digit yield.

Earnings and analyst expectations

The company reported third-quarter results for the period ended September 26, 2026, with sales of $3.5 billion, total growth of 4.0%, and internal growth of 3.1% in local currencies. GAAP earnings per share were up 26.2%. The last report, on November 3, 2026, delivered earnings per share of $1.37 against $1.36 expected, 0.7% above estimates, marking five consecutive quarters of beating estimates. Over the last four reports, the average surprise was 4.1% above estimates, and the typical two-day reaction after recent reports was that the stock rose 1.0%.

Management said U.S. dental merchandise and technology sales were strong and underlying earnings improved, and it raised its full-year non-GAAP (FY2026) earnings outlook. Despite that, shares traded lower amid commentary about discretionary dental delays, which appears to have tempered investor enthusiasm for the near term.

PromtFinance scores rank Henry Schein with a Value score of 85 (Strong) and Stability of 90 (Exceptional). Growth and Quality are neutral at 50 and 55, Momentum is 66 (Positive), and Revisions are 34 (Weak). Analysts covering the stock set a consensus price target of $95.44, 15.7% above the closing price, based on 34 analysts; the consensus rating is Buy, and half the analysts rate the stock Buy or Strong Buy.

What to watch

• Next report: February 23, 2027.
• Consensus price target: $95.44, 15.7% above the closing price, based on 34 analysts.
• Share count over one year: decreased by 6.7%.
• Similar sessions in the past five years: In the past five years the stock had 6 sessions with a decline of at least 4.8%. Twenty trading days later the median result was a gain of 0.9%, and 5 of 6 were higher.