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Cencora, Inc.

COR Healthcare Medical Distribution

Cencora, Inc.’s revenue for fiscal 2026 (year ended September 2026) was $337.4 billion, up 5.00% from fiscal 2025.

Revenue
+5.52%
EPS
+258.4%
Free cash flow
−7.81%
Total debt
+47.1%

Quarter to September 2026, against a year earlier

334.19 5.49 −1.62%
Market cap
$64.8B
P/E
18.8×
Fwd P/E
17.5×
Dividend yield
0.71%
F-score
7/9
Altman Z
n/a
Beneish M
−2.59
Dividend safety
70/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • U.S. Healthcare Solutions
  • International Healthcare Solutions

Every year since 2010 →

Insider Decisions last twelve months

Bought, $m 2.31
Sold, $m 13.52
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 2 — — — — —
Sell 4 1 2 — — — — — 1 2 1 1
Insider Ownership 0.46%

Capital & Financial Ratios $m

Size
Market Cap 64,820.00
Revenue ttm 337,397.30
Net income ttm 3,501.42
Free cash flow ttm 3,880.67
Net debt Q 6,385.81
Valuation
P/E 18.83
Forward P/E 17.50
Price / sales 0.19
Forward P/S Powerpack
Price / FCF 16.71
Price / book 20.02 (above 6: high)
Financial health
Current ratio Q 0.94 (below 1: weak)
Debt / equity Q 3.06 (above 2: weak)
Interest coverage Q 6.65
Growth
Revenue growth Q +5.52% (above 0%: growing)
Operating income growth Q +4,803.76% (above 0%: growing)
EPS, this year +9.71%
EPS, next year A +10.24%
Revenue, next year A +4.89%
EPS, past 5 yrs +19.54% (at or above 15%: strong)
EPS, next 5 yrs A +11.03%

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 0.2×, against a ten-year median of 0.1×; over the ten years it ranged from 0.1× in 2020 to 0.2× in 2026.
P/E against its own 10 years 39.47%
10-year low 10-year high
P/S against its own 10 years 95.53%
10-year low 10-year high
P/B against its own 10 years 52.70%
10-year low 10-year high
EV/Sales against its own 10 years 94.28%
10-year low 10-year high
EV/FCF against its own 10 years 79.45%
10-year low 10-year high

Dividends raised 3 years running

Yield
0.71%
Annual rate
2.40
Payout ratio
13.4%
Growth, 2017–25
−9.62%/yr
  1. 5.06 ’17
  2. 5.68 ’18 +12
  3. 6.36 ’19 +12
  4. 6.59 ’20 +4
  5. 6.82 ’21 +3
  6. 1.87 ’22 −73
  7. 1.97 ’23 +5
  8. 2.08 ’24 +6
  9. 2.25 ’25 +8
  10. 2.38 ’26e +6
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 2026
Cash 2,592 3,133 4,356 4,880
Receivables 20,988 23,872 25,225 26,334
Inventory 17,455 18,999 20,492 21,364
Other — — — 3,900
42,799 47,718 52,239 58,452
2023 2024 2025 2026
Payables 45,836 50,942 54,720 58,011
ST’ Debt 641 576 118 203
Other — — — 906
48,831 54,277 57,821 62,381

Compound Annual Growth %

10y 5y 3y
Sales 8.67% 9.53% 8.77%
Cash Flow 4.19% 12.43% 6.99%
Earnings 9.33% 17.74% 25.91%
Book Value 5.63% 44.50% 76.78%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 4.56 Actual 4.66

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 4.07 4.08 Beat by 0.01
Q2 FY26 4.80 4.75 Miss by 0.05
Q3 FY26 4.37 4.48 Beat by 0.11
Q4 FY26 4.56 4.66 Beat by 0.10
Q1 FY27 4.52 — Reports 3 February 2027

EPS $

Dec Mar Jun Sep Year
’26 — — — — —
’26 2.87 8.40 3.94 2.76 18.04
’25 2.50 3.68 3.52 (1.75) 7.96
’24 2.98 2.09 2.42 0.02 7.53
’23 2.33 2.13 2.35 1.72 8.53
’22 2.13 2.59 1.92 1.40 8.04
’21 1.81 2.10 1.40 2.08 7.39
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 85,932 78,356 84,755 88,355 337,397
’25 81,487 75,454 80,664 83,729 321,333
’24 72,253 68,414 74,241 79,050 293,959
’23 62,847 63,457 66,947 68,922 262,173
’22 59,629 57,719 60,065 61,174 238,587
’21 52,517 49,154 53,406 58,912 213,989
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 (2,305) 1,339 2,654 3,103 4,790
’25 (2,719) 3,351 109 3,133 3,875
’24 885 (878) 2,478 1,000 3,485
’23 710 630 745 1,827 3,911
’22 863 267 409 1,164 2,703
’21 903 (454) 1,208 1,010 2,667
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 (2,381) 1,174 2,430 2,658 3,881
’25 (2,825) 3,222 (74) 2,884 3,207
’24 811 (991) 2,360 818 2,998
’23 634 527 641 1,651 3,453
’22 784 137 295 991 2,207
’21 838 (540) 1,086 845 2,228
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 5.2% a year for ten years. It grew 7.5% a year over the last ten.

Implied
5.2%
10 years, reported
7.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 153,144 167,940 179,589 189,894 213,989 238,587 262,173 293,959 321,333 337,397 +9.2% 351,682 368,384 — +4.5%
Gross margin, % 2.97 2.75 2.86 2.73 3.24 3.48 3.42 3.37 3.57 4.11 +1.1 pt
EBT 918 1,177 967 (5,294) 2,222 2,183 2,161 2,004 2,258 4,581 +19.6%
EBT margin, % 0.60 0.70 0.54 (2.79) 1.04 0.91 0.82 0.68 0.70 1.36 +0.8 pt
Net income 364 1,616 854 (3,400) 1,545 1,667 1,733 1,519 1,568 3,501 +28.6%
Per share, $
Per share, $ Revenue 701.29 770.82 854.51 927.29 1,039.19 1,144.46 1,294.61 1,480.88 1,657.89 1,746.56 +10.7%
Earnings 1.67 7.61 4.07 (16.65) 7.48 8.15 8.62 7.60 8.02 18.13 +30.3%
Cash flow 6.89 6.48 11.15 10.78 12.95 12.97 19.31 17.55 19.99 24.80 +15.3%
Capex (2.14) (1.51) (1.47) (1.63) (2.13) (2.38) (2.26) (2.45) (3.45) (4.71) +9.2%
Free cash flow 4.75 4.97 9.68 9.15 10.82 10.59 17.05 15.10 16.55 20.09 +17.4%
Book value 9.45 14.00 14.24 (4.10) 2.84 0.34 3.29 3.96 9.01 19.06 +8.1%
Shares, m 218 218 210 205 206 208 203 199 194 193 (1.4%)
Valuation, ×
Valuation, × P/E 43.84 12.21 20.23 0.00 15.97 16.63 20.80 29.69 38.97 16.64 21.5
P/S 0.12 0.12 0.10 0.10 0.11 0.12 0.14 0.15 0.19 0.17 0.1
P/B 8.81 6.63 5.78 0.00 42.09 395.84 54.43 56.79 34.67 17.69 62.3
EV/Sales 0.13 0.13 0.10 0.10 0.13 0.13 0.15 0.16 0.20 0.19 0.1
EV/FCF 18.84 20.67 9.05 10.34 12.89 13.83 11.14 15.32 19.92 16.41 14.8
Cash, $m
Cash, $m Operating cash flow 1,504 1,411 2,344 2,207 2,667 2,703 3,911 3,485 3,875 4,790 +13.7%
Capex (466) (328) (309) (333) (438) (496) (458) (487) (668) (910) +7.7%
Free cash flow 1,038 1,083 2,035 1,874 2,228 2,207 3,453 2,998 3,207 3,881 +15.8%
Balance, $m
Balance, $m Working capital (2,515) (1,975) (1,449) (797) (2,556) (3,888) (6,032) (6,559) (5,581) (3,929) +5.1%
Net debt 1,359 2,170 1,119 (478) 4,137 2,315 2,195 1,255 3,305 6,386 +18.8%
Shareholders’ equity 2,064 3,050 2,993 (840) 584 71 666 787 1,747 3,681 +6.6%
Returns, %
Returns, % ROA 1.06 4.54 2.23 (8.17) 3.03 2.98 2.93 2.33 2.16 4.26 +3.2 pt
ROIC 19.36 17.29 16.90 0.00 31.17 61.99 51.12 66.57 32.52 24.40 +5.0 pt
ROE 17.38 64.85 28.31 (316.56) (1,206.73) 518.18 473.26 207.72 122.67 0.00 (17.4) pt
People
People Employees 20,000 21,000 22,000 22,000 42,000 44,000 46,000 46,000 51,000 — +12.4%
Revenue/emp, $m 7.66 8.00 8.16 8.63 5.09 5.42 5.70 6.39 6.30 0.00 n/m
Negative figures in brackets.
estimates

All 10 years →

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

Business profile

Updated

Cencora sources and distributes pharmaceuticals and provides services to healthcare providers and drug manufacturers. It was founded in 2001 and is headquartered in Chesterbrook. Robert P. Mauch is its president and chief executive officer.

The company buys products from manufacturers and supplies healthcare providers, typically serving as their primary source of pharmaceuticals. Its products include brand-name and generic drugs, specialty medicines, over-the-counter healthcare products, and home healthcare supplies and equipment. Customers include hospitals and health systems, retail and mail-order pharmacies, physician practices, clinics and veterinarians.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
U.S. Healthcare Solutions 290,982 90.55%
International Healthcare Solutions 30,366 9.45%
Gross margin 3.57%
Operating margin 0.82%
Pre-tax margin 0.70%

Revenue by segment since 2010

Cencora, 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%
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% Compare
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 27.5× 24.5× +6.52% +26.34% +1.15% 6.65% (0.42%)

All 12 Medical Distribution stocks →

From the latest earnings call

Updated

  • Eva Boratto said U.S. segment outperformance reflected strength in MSOs, core business trends and specialty demand from health systems and physician providers.
  • Bob Mauch said Cencora plans to focus MSO tuck-in acquisitions on retina and oncology while continuing to assess other pharmaceutical-centric opportunities.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 96.02%
Held by the ten largest 49.82%
Holder Shares Stake Change
Vanguard 24.01m 12.58% +119.53k
BlackRock 18.21m 9.54% −1.73m
T. Rowe Price 14.54m 7.62% +925.60k
State Street 9.27m 4.86% +83.43k
JPMorgan Chase 5.94m 3.11% +1.06m
Geode Capital Management 5.45m 2.86% −111.16k
Boston Partners 4.87m 2.55% +385.97k
Wellington Management 4.56m 2.39% +11.15k
Fidelity (FMR) 4.12m 2.16% −2.56m
Morgan Stanley 4.09m 2.14% −445.64k
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 22 January 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 18.26m 33.89m 341.68
2024 18.48m 61.40m 244.03
2023 17.51m 33.84m 193.34
2022 16.74m 26.07m 143.70
2021 14.87m 39.79m 125.20

Ownership

Directors and executive officers, together less than 1%
Vanguard Group Inc. 11.60%
BlackRock, Inc. 8.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. 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

Cencora, Inc. (COR) Latest News

5 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · MarketBeat

4 Nov

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Impact 3 · · The Motley Fool transcript
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31 Oct

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29 Oct

Impact 3 · · Trefis

28 Oct

Impact 4 · · Zacks
Impact 3 · · Zacks

27 Oct

Impact 3 · · The Motley Fool

23 Oct

Impact 4 · · Barchart
Impact 4 · · Simply Wall St.

21 Oct

Impact 4 · · Business Wire

16 Oct

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

28 Sep

Impact 3 · · StockStory

25 Sep

Impact 3 · · The Motley Fool
Impact 3 ·

21 Sep

Impact 4 · · MarketBeat
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20 Sep

Impact 4 ·

19 Sep

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16 Sep

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4 Sep

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3 Sep

Impact 4 ·
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2 Sep

Impact 3 ·

24 Aug

Impact 3 ·

COR metrics, ten years each

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