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Cardinal Health, Inc.

CAH Healthcare Medical Distribution

Cardinal Health, Inc.’s revenue for fiscal 2026 (year ended June 2026) was $254.2 billion, up 14.2% from fiscal 2025.

Revenue
+5.47%
EPS
+26.3%
Free cash flow
+10.9%
Total debt
−2.40%

Quarter to September 2026, against a year earlier

267.66 5.73 +2.19%
Market cap
$62.0B
P/E
34.5×
Fwd P/E
24.5×
Dividend yield
0.77%
F-score
7/9
Altman Z
5.09
Beneish M
−2.74
Dividend safety
86/100
Overview Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • Pharmaceutical and Specialty Solutions
  • GMPD
  • Other Operating Segment

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 61.62
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 3 — — — — — 7 — — —
Insider Ownership 0.43%

Capital & Financial Ratios $m

Size
Market Cap 62,020.00
Revenue ttm 257,752.00
Net income ttm 1,807.00
Free cash flow ttm 4,556.00
Net debt Q 3,551.00
Valuation
P/E 34.50
Forward P/E 24.50
Price / sales 0.24
Forward P/S Powerpack
Price / FCF 13.63
Price / book 0.00
Financial health
Current ratio Q 0.88 (below 1: weak)
Debt / equity Q (3.08) (negative: negative equity)
Interest coverage Q 9.23
Growth
Revenue growth Q +5.47% (above 0%: growing)
Operating income growth Q +12.72% (above 0%: growing)
EPS, this year +13.13%
EPS, next year A +11.68%
Revenue, next year A +4.53%
EPS, past 5 yrs +28.30% (at or above 15%: strong)
EPS, next 5 yrs A +12.05%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.3×, against a ten-year median of 0.1×; over the ten years it ranged from 0.1× in 2022 to 0.3× in 2016.
P/E against its own 10 years 79.41%
10-year low 10-year high
P/S against its own 10 years 99.19%
10-year low 10-year high
EV/Sales against its own 10 years 97.40%
10-year low 10-year high
EV/FCF against its own 10 years 70.72%
10-year low 10-year high

Dividends raised 2 years running

Yield
0.77%
Annual rate
2.05
Payout ratio
26.6%
Growth, 2018–26
+1.03%/yr
  1. 1.89 ’18
  2. 1.92 ’19 +1
  3. 1.94 ’20 +1
  4. 1.96 ’21 +1
  5. 1.98 ’22 +1
  6. 2.00 ’23 +1
  7. 1.51 ’24 −24
  8. 2.03 ’25 +34
  9. 2.05 ’26 +1
paid change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 5,133 3,874 4,856 5,264
Receivables 12,084 13,242 13,815 14,542
Inventory 14,957 16,831 17,297 18,395
Other 47 12 21 8
34,884 36,373 38,753 40,990
2024 2025 2026 Q'26
Payables 31,759 34,713 38,283 40,937
ST’ Debt 434 550 1,882 1,886
Other — — — —
35,640 38,897 43,904 46,326

Compound Annual Growth %

10y 5y 3y
Sales 7.66% 9.37% 7.44%
Cash Flow 5.70% 16.33% 22.08%
Earnings 1.85% 22.91% 73.18%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 2.42 Actual 2.91

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 2.21 2.55 Beat by 0.34
Q2 FY26 2.39 2.63 Beat by 0.24
Q3 FY26 2.80 3.17 Beat by 0.37
Q4 FY26 2.42 2.91 Beat by 0.49
Q1 FY27 2.92 — Reports 5 November 2026

EPS $

Sep Dec Mar Jun Year
’26 2.38 — — — —
’26 1.88 1.97 1.69 1.69 7.23
’25 1.70 1.65 2.10 1.00 6.45
’24 (0.04) 1.43 1.05 0.96 3.45
’23 0.40 (0.50) 1.34 (0.25) 1.26
’22 0.94 0.17 (5.05) 0.50 (3.35)
’21 (0.86) 2.13 0.40 0.40 2.08
Fiscal quarters ending in the months shown.

Revenue $m

Sep Dec Mar Jun Year
’26 67,513 — — — —
’26 64,009 65,627 60,940 63,672 254,248
’25 52,277 55,264 54,878 60,159 222,578
’24 54,650 57,442 54,868 59,867 226,827
’23 49,603 51,469 50,487 53,420 204,979
’22 43,968 45,457 44,836 47,065 181,326
’21 39,065 41,541 39,275 42,586 162,467
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Sep Dec Mar Jun Year
’26 — — — — —
’26 973 686 1,823 1,692 5,174
’25 (1,647) (396) 2,920 1,520 2,397
’24 528 1,179 (27) 2,082 3,762
’23 23 597 1,361 863 2,844
’22 (646) 1,195 (419) 3,045 3,175
’21 270 1,217 277 665 2,429
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Sep Dec Mar Jun Year
’26 — — — — —
’26 865 586 1,677 1,428 4,556
’25 (1,737) (495) 2,797 1,288 1,853
’24 437 1,066 (131) 1,891 3,263
’23 (45) 512 1,252 644 2,363
’22 (713) 1,121 (490) 2,901 2,819
’21 192 1,121 177 539 2,029
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 2.7% a year for ten years. It grew 7.2% a year over the last ten.

Implied
2.7%
10 years, reported
7.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to June

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Sep ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 129,976 136,809 145,534 152,922 162,467 181,326 204,979 226,827 222,578 254,248 257,752 +7.7% 265,769 281,854 297,782 +5.4%
Gross margin, % 5.03 5.25 4.70 4.49 4.17 3.58 3.35 3.27 3.67 3.84 3.90 (1.2) pt
EBT 1,924 (228) 1,751 (3,772) 323 (784) 663 1,201 2,101 2,174 2,264 +1.4%
EBT margin, % 1.48 (0.17) 1.20 (2.47) 0.20 (0.43) 0.32 0.53 0.94 0.86 0.88 (0.6) pt
Net income 1,294 259 1,365 (3,693) 612 (937) 331 853 1,569 1,705 1,807 +3.1%
Per share, $
Per share, $ Revenue 410.02 437.09 485.11 521.92 556.39 649.91 785.36 925.82 923.56 1,077.32 1,111.00 +11.3%
Earnings 4.06 0.82 4.55 (12.61) 2.09 (3.35) 1.27 3.48 6.48 7.27 7.76 +6.7%
Cash flow 3.74 8.84 9.07 6.69 8.32 11.38 10.90 15.36 9.95 21.92 0.00 +21.7%
Capex (1.22) (1.23) (1.09) (1.27) (1.37) (1.28) (1.84) (2.04) (2.26) (2.62) 0.00 +8.8%
Free cash flow 2.51 7.62 7.98 5.42 6.95 10.10 9.05 13.32 7.69 19.31 0.00 +25.4%
Book value 21.54 19.36 21.10 6.12 6.14 (2.53) (11.33) (13.11) (10.93) (11.54) (12.35) n/m
Shares, m 317 313 300 293 292 279 261 245 241 236 235 (3.2%)
Valuation, ×
Valuation, × P/E 19.15 64.67 10.50 0.00 27.32 0.00 93.63 28.62 25.93 32.72 34.50 30.3
P/S 0.19 0.11 0.10 0.10 0.10 0.08 0.12 0.11 0.18 0.22 0.24 0.1
P/B 3.62 2.54 2.25 8.53 9.29 0.00 0.00 0.00 0.00 0.00 0.00 2.6
EV/Sales 0.22 0.17 0.14 0.13 0.12 0.08 0.12 0.11 0.20 0.24 0.25 0.2
EV/FCF 35.40 9.49 8.26 12.16 9.61 5.39 10.71 7.33 24.36 13.19 14.41 13.6
Cash, $m
Cash, $m Operating cash flow 1,184 2,768 2,722 1,960 2,429 3,175 2,844 3,762 2,397 5,174 5,174 +17.8%
Capex (387) (384) (328) (373) (400) (356) (481) (499) (544) (618) (618) +5.3%
Free cash flow 797 2,384 2,394 1,587 2,029 2,819 2,363 3,263 1,853 4,556 4,556 +21.4%
Balance, $m
Balance, $m Working capital 7,124 1,660 1,638 2,325 3,424 2,385 (3) (756) (2,524) (5,151) (5,336) n/m
Net debt 3,516 7,250 5,500 4,004 2,829 598 625 (41) 4,653 4,030 3,551 +1.5%
Shareholders’ equity 6,828 6,059 6,330 1,792 1,794 (706) (2,957) (3,212) (2,634) (2,724) (2,866) n/m
Returns, %
Returns, % ROA 3.47 0.64 3.37 (9.04) 1.43 (2.12) 0.76 1.93 3.18 3.10 3.17 (0.4) pt
ROIC 12.81 0.59 10.88 (44.19) 6.38 0.00 0.00 0.00 70.42 125.05 246.17 +112.2 pt
ROE 19.23 3.97 22.00 (91.01) 34.08 (172.43) (18.02) (27.62) (53.40) (63.98) (64.96) (83.2) pt
People
People Employees 28,000 32,300 31,000 30,000 47,300 46,500 48,000 48,900 57,700 63,900 — +9.6%
Revenue/emp, $m 4.64 4.24 4.69 5.10 3.43 3.90 4.27 4.64 3.86 3.98 — (1.7%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jun 2026 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
Pharmaceutical and Specialty Solutions 234,833 92.36%
GMPD 12,719 5.00%
Other Operating Segment 6,792 2.67%
Gross margin 3.84%
Operating margin 1.03%
Pre-tax margin 0.86%

Revenue by segment since 2010

Cardinal Health, Inc. vs peers in Medical Distribution (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MCK McKesson Corporation $125.0B 27.5× 25.4× +7.57% (above 0%: growing) +16.98% (above 0%: growing) +32.51% (above 0%: growing) 3.57% 1.45% Compare
COR Cencora, Inc. $64.8B 18.8× 17.5× +5.52% (above 0%: growing) n/m −7.81% (below 0%: shrinking) 4.08% 1.03% Compare
CAH Cardinal Health, Inc. $62.0B 34.5× 24.5× +5.47% (above 0%: growing) +26.34% (above 0%: growing) +10.87% (above 0%: growing) 3.85% 1.12%
HSIC Henry Schein, Inc. $9.4B 22.8× 21.3× +3.95% (above 0%: growing) +34.81% (above 0%: growing) −7.09% (below 0%: shrinking) 31.84% 5.56% Compare
AHG Akso Health Group Sponsored ADR $1.1B — (loss-making) — (loss-making) +263.89% (above 0%: growing) n/m −12,975.04% (below 0%: shrinking) 0.00% 0.00% Compare
FOCL FocalTherics $159.3M — (loss-making) — (loss-making) +38.85% (above 0%: growing) n/m +21.49% (above 0%: growing) 55.59% (60.83%) Compare
COSM Cosmos Health Inc. $29.2M — (loss-making) — (loss-making) +28.76% (above 0%: growing) n/m +9.39% (above 0%: growing) 7.96% (15.41%) Compare
ACH Accendra Health, Inc. $23.0M — (loss-making) — (loss-making) −10.07% (below 0%: shrinking) n/m −1,624.82% (below 0%: shrinking) 42.95% (5.73%) Compare
YI 111, Inc. Sponsored ADR $15.5M — (loss-making) — (loss-making) −29.61% (below 0%: shrinking) n/m −185.70% (below 0%: shrinking) 5.33% (0.85%) Compare
Median of peers $634.6M 22.8× 21.3× +6.55% — −7.45% 6.65% (0.42%)

All 12 Medical Distribution stocks →

From the latest earnings call

Updated

  • CEO Jason Hollar said Cardinal Health renewed its largest customer, CVS Health, through June 2032 and had renewed contracts representing nearly two-thirds of enterprise revenue over the preceding 12 months.
  • CFO Aaron Alt said demand across distribution, generics and specialty supported the higher outlook, while petroleum costs were pushing medical segment profit toward the low end of guidance.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Mizuho Oct 22, 2026 Target raised — —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.45%
Held by the ten largest 47.99%
Holder Shares Stake Change
Vanguard 31.48m 13.54% +9.36k
BlackRock 26.49m 11.39% −2.00m
Wellington Management 14.86m 6.39% +10.58m
State Street 11.97m 5.15% −107.40k
Geode Capital Management 6.47m 2.78% −107.72k
Invesco 4.74m 2.04% +1.23m
Morgan Stanley 4.63m 1.99% −329.00k
WCM INVESTMENT MANAGEMENT, LLC 4.11m 1.77% +105.83k
Norges Bank 3.73m 1.60% +3.73m
UBS 3.15m 1.35% −16.48k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 21 September 2026

Ownership

Directors and executive officers, together less than 1%
Vanguard Capital Management 7.60%
Wellington Management Group LLP 6.40%
State Street Corporation 6.30%
Vanguard Portfolio Management LLC 6.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Cardinal Health, Inc. (CAH) Latest News

5 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · PR Newswire

29 Oct

Impact 3 · · Trefis

27 Oct

Impact 3 · · Zacks

22 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

20 Oct

Impact 3 · · The Motley Fool
Impact 3 · · The Motley Fool
Impact 3 · · Zacks

15 Oct

Impact 3 · · Zacks

14 Oct

Impact 4 · · Barchart

13 Oct

Impact 3 · · Zacks

12 Oct

Impact 3 · · The Motley Fool

10 Oct

Impact 3 · · Simply Wall St.

8 Oct

Impact 3 · · Simply Wall St.

6 Oct

Impact 3 · · Zacks
Impact 3 · · StockStory

5 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

1 Oct

Impact 4 · · InvestorsHub
Impact 4 ·
Impact 3 · · Investing.com

29 Sep

Impact 3 · · StockStory

25 Sep

Impact 3 · · Zacks

24 Sep

Impact 3 · · Simply Wall St.

CAH metrics, ten years each

stockrow.com/CAH · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com