Henry Schein vs McKesson
McKesson reported revenue of $403.4 billion in fiscal 2026, 30.6 times Henry Schein's $13.2 billion in fiscal 2025. Henry Schein's revenue grew 4.0% in its latest year, and McKesson's grew 12.4%. Henry Schein had an operating margin of 5.0%, against 1.5% at McKesson. Free cash flow was $573 million at Henry Schein and $5.7 billion at McKesson. Their fiscal years end in different months (December 27 and March 31), so the periods don't line up exactly.
Side by side
| Henry Schein | McKesson | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 27, 2025 | FY2026, Mar 31, 2026 |
| Revenue | $13.2B | $403.4B |
| Revenue growth | 4.0% | 12.4% |
| Revenue growth a year, last 5 years | 5.4% | 11.1% |
| Gross margin | 31.1% | 3.6% |
| Operating margin | 5.0% | 1.5% |
| Net margin | 3.0% | 1.2% |
| Free cash flow | $573M | $5.7B |
| Free cash flow margin | 4.3% | 1.4% |
| Return on capital | 7.5% | — |
| Net debt to EBITDA | 3.1x | 0.4x |
| Dividends and buybacks | $850M | $5.1B |
| Change in diluted share count | −4.7% | −3.1% |
| Last close | $84.51 | $992.87 |
| P/E at the last close | 24.6× | 26.6× |
| Insider trades, last 12 months | bought $691,900, sold $8.6 million | sold $29.1 million |
| Piotroski F-score | 6 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Henry ScheinMcKesson
Operating margin
Percent of revenue
Henry ScheinMcKesson
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Henry ScheinMcKesson
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Henry Schein and McKesson pages.