Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
The verdict up front: Henry Schein is a competently run, genuinely useful middleman in a durable end market, currently enjoying a cyclical and activist-driven upswing. It is also a structurally average business — thin margins, mediocre and declining returns on capital, a narrow moat under siege from three directions, roughly $3.5 billion of debt, and a brand-new CEO executing a turnaround we are being asked to pay for in advance. We wish the new management well. We would not put our own capital here. An average business at a fair price is still an average business.
Recent filings analysed: 8-K (2026-08-04), 10-Q (2026-08-04), 8-K (2026-07-30), 8-K (2026-05-22).
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