Henry Schein stock forecast 2027–2029
MyStockButler's October 2026 analysis: The weighted price is $96.29 in October 2027, a +13% return, and reaches $121.16 in October 2029, a +43% return. The key question is whether Henry Schein can turn recurring software and promised savings into cash that funds growth and buybacks.
Where could Henry Schein's shares be by 2029?
The weighted price is $96.29 in October 2027, a +13% return. It reaches $121.16 in October 2029, a +43% return. Bear carries 27% probability and base 53%. Bull carries 20%.
At October 2027, the weighted price is $96.29, a 13% return including dividends. At October 2028, it reaches $107.90, a 27% return. At October 2029, it reaches $121.16, a 43% return. The 2029 range runs from $62.12 to $202.08, against today's $84.96 share price.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 27 % | 71.73 (-16 %) | 66.97 (-21 %) | 62.12 (-27 %) |
| Base | 53 % | 99.26 (+17 %) | 110.08 (+30 %) | 120.70 (+42 %) |
| Bull | 20 % | 121.58 (+43 %) | 157.37 (+85 %) | 202.08 (+138 %) |
| Weighted | 100 % | 96.29 (+13 %) | 107.90 (+27 %) | 121.16 (+43 %) |
What this means. The weighted row is the average value after giving each case its probability, so it is not a promise that the shares will reach that price.
What has to go right, and what could go wrong for Henry Schein?
On November 3, 2026, internal sales growth, outsourcing savings and cash after investment will test whether the plan is becoming easier to fund. Through 2027, savings must survive restructuring and transition costs while service quality and customer retention hold. By October 2029, the bull case needs better collections, cash-funded buybacks, falling net debt and a higher valuation multiple. The key question is whether Henry Schein can turn recurring software and promised savings into cash that funds growth and buybacks.
How much cash does Henry Schein really make?
Free cash flow deducts property-and-equipment spending from operating cash. The real free cash flow measure shown here also deducts stock-based compensation, but does not deduct separately capitalized software. Software is infrastructure even when accounting records it as an asset, and stock pay can dilute existing owners or require repurchases. Both therefore matter when estimating cash genuinely available to shareholders.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 712 | 848 | 500 | 602 | 710 |
| Of which, freed from working capital | 140 | ||||
| Of which, tied up in working capital | 48 | 290 | 281 | 196 | |
| − Capital spending | 139 | 148 | 147 | 96 | 79 |
| = Free cash flow | 573 | 700 | 353 | 506 | 631 |
| − Stock pay | 39 | 39 | 39 | 54 | 78 |
| = Real free cash flow | 534 | 661 | 314 | 452 | 553 |
| Free cash flow — the company's own count | 573 | 700 | 353 | 506 | 631 |
| Free cash flow, % of revenue | 4.3% | 5.5% | 2.9% | 4.0% | 5.1% |
| Real free cash flow, % of revenue | 4.1% | 5.2% | 2.5% | 3.6% | 4.5% |
What this means. Real free cash flow is lower because we subtract shares given to employees as pay, even though this does not use cash, because it gives away part of the company.
What does an investor pay today for Henry Schein?
Today’s valuation is easiest to justify if earnings improve while cash generation holds up.
| Today (Oct 25, 2026) | |
|---|---|
| Share price | 84.96 |
| Market value (calculated) | 9,468.50 |
| Enterprise value (calculated) | 12,773.50 |
| P/E, last 12 months (calculated) | 24.8x |
| P/E, next 12 months (calculated) | 15.8x |
| EV / revenue, last 12 months (calculated) | 0.9x |
| Price to book (calculated) | 3.0x |
| Free cash flow yield (calculated) | 6.1% |
| Real free cash flow yield (calculated) | 5.6% |
| Dividend yield (calculated) | 0.0% |
What this means. Enterprise value is higher than market value because it includes the company's debt and subtracts its cash.