HSICHIGH SIGNALFINANCIAL10-K

Henry Schein shows concerning cash deterioration with cash equivalents falling substantially while debt increased materially and operating cash flow declined significantly.

The substantial decline in cash positions combined with increased borrowing and weaker cash generation suggests potential liquidity pressures or major capital deployment that warrants close monitoring. The company's financial flexibility has meaningfully decreased, which could impact its ability to navigate market volatility or pursue growth investments.

Comparing 2026-02-24 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

HSIC's balance sheet shows mixed signals with assets growing modestly through higher receivables and inventory, but financial health indicators deteriorated notably. Cash equivalents fell substantially while total debt increased over 27%, creating a concerning liquidity shift. Operating cash flow declined 16% despite asset growth, suggesting either operational challenges or significant capital deployment that has strained the company's cash generation capabilities.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-54.1%
$174.7M→$80.2M

Cash declined 54.1% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Debt
Balance Sheet
+27.3%
$822.0M→$1.0B

Debt rose 27.3% — additional borrowing for investment or operations; monitor coverage ratios.

Total Liabilities
Balance Sheet
+19.3%
$5.4B→$6.4B

Liabilities increased 19.3% — monitor debt-to-equity ratio and interest coverage.

Operating Cash Flow
Cash Flow
-16%
$848.0M→$712.0M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Current Liabilities
Balance Sheet
+15.2%
$2.8B→$3.2B

Current liabilities rose 15.2% — increased short-term obligations, watch current ratio.

Current Assets
Balance Sheet
+12.1%
$4.0B→$4.5B

Current assets grew 12.1% — improving short-term liquidity or inventory/receivables build.

Accounts Receivable
Balance Sheet
+11.4%
$1.5B→$1.7B

Receivables grew 11.4% — monitor days sales outstanding for collection efficiency.

Inventory
Balance Sheet
+10.6%
$1.8B→$2.0B

Inventory built 10.6% — monitor whether demand supports this build or if write-downs may follow.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-25
ADDED
As of February 17, 2026, there were 114,704,121 shares of registrant s Common Stock, par value $.01 per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 48 ITEM 7A.
We are headquartered in Melville, New York and employ more than 25,000 people.
Approximately 48% of our workforce is based in the United States and 52% outside of the United States.
Our operations or affiliates are located in 34 countries and territories.
We stock a comprehensive selection of more than 300,000 branded and Henry Schein corporate brand products through our network.
We conduct our business through three reportable segments: Global Distribution and Value-Added Services: distribution to the global dental and medical markets of national brand and corporate brand merchandise, as well as equipment and related technical services.
This segment also markets and sells under our own corporate brand, a portfolio of cost-effective, high-quality consumable merchandise; 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; and Global Technology: development and distribution of practice management software, e-services, and other products, which are distributed to health care providers.
The industry spans a wide spectrum, from sole practitioners or small independent offices to mid-size and large group practices.
These larger organizations may include just a few clinicians or scale to several hundred practices, often owned and operated by dental support organizations (DSOs) or integrated delivery networks (IDNs).
REMOVED
As of February 18, 2025, there were 124,176,781 shares of registrant s Common Stock, par value $.01 per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 47 ITEM 7A.
We are headquartered in Melville, New York and employ approximately 25,000 people.
Approximately 49% of our workforce is based in the United States and 51% outside of the United States.
Our operations or affiliates are located in 33 countries and territories.
We stock a comprehensive selection of more than 300,000 branded products and Henry Schein corporate brand products through our main distribution centers.
During the fourth quarter of our fiscal year ended December 28, 2024, we revised our reportable segments to align with how the Chairman and Chief Executive Officer manages the business, assesses performance and allocates resources.
Our revised reportable segments consist of: (i) Global Distribution and Value -Added Services; (ii) Global Specialty Products; and (iii) Global Technology.
Global Distribution and Value-Added Services includes distribution to the global dental and medical markets of national brand and corporate brand merchandise, as well as equipment and related technical services.
This segment also markets and sells under our own corporate brand, a portfolio of cost-effective, high- quality consumable merchandise.
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