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Friday 6 November 2026
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McKesson Corporation
MCK Healthcare Medical Distribution
McKesson Corporation’s revenue for fiscal 2026 (year ended March 2026) was $403.4 billion, up 12.4% from fiscal 2025.
- Revenue
- +7.57%
- EPS
- +17.0%
- Free cash flow
- +32.5%
- Total debt
- +7.08%
Quarter to September 2026, against a year earlier
1,074.06
4.62
+0.43%
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Analyst price targets
Free accountTen years at a glance Fiscal years to March
| 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 | 198,533 | 208,357 | 214,319 | 231,051 | 238,228 | 263,966 | 276,711 | 308,951 | 359,051 | 403,430 | 418,790 | +8.2% | 431,854 | 461,421 | 493,463 | +6.9% | |
| Gross margin, % | 5.68 | 5.37 | 5.48 | 5.20 | 5.10 | 4.97 | 4.47 | 4.15 | 3.71 | 3.61 | 3.67 | (2.1) pt | ||||||
| EBT | 6,891 | 239 | 610 | 1,144 | (5,034) | 1,928 | 4,630 | 3,789 | 4,359 | 6,201 | 6,625 | (1.2%) | ||||||
| EBT margin, % | 3.47 | 0.11 | 0.28 | 0.50 | (2.11) | 0.73 | 1.67 | 1.23 | 1.21 | 1.54 | 1.58 | (1.9) pt | ||||||
| Net income | 5,153 | 297 | 255 | 1,120 | (4,340) | 1,287 | 3,722 | 3,160 | 3,481 | 5,099 | 5,433 | (0.1%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 898.34 | 1,001.72 | 1,091.79 | 1,279.35 | 1,483.36 | 1,733.20 | 1,961.10 | 2,319.45 | 2,818.30 | 3,264.00 | 3,600.95 | +15.4% | |||||
| Earnings | 22.95 | 0.32 | 0.17 | 4.98 | (28.26) | 7.32 | 25.23 | 22.54 | 25.86 | 38.55 | 39.05 | +5.9% | ||||||
| Cash flow | 21.47 | 20.89 | 20.56 | 24.22 | 28.28 | 29.11 | 36.56 | 32.39 | 47.76 | 49.80 | 64.51 | +9.8% | ||||||
| Capex | (2.54) | (2.79) | (2.84) | (2.80) | (3.99) | (3.51) | (3.95) | (5.16) | (6.74) | (6.03) | (5.46) | +10.1% | ||||||
| Free cash flow | 18.92 | 18.10 | 17.72 | 21.42 | 24.29 | 25.60 | 32.61 | 27.23 | 41.02 | 43.77 | 59.05 | +9.8% | ||||||
| Book value | 51.01 | 48.35 | 42.22 | 29.40 | 1.09 | (11.77) | (10.56) | (12.00) | (13.30) | (14.38) | (30.77) | n/m | ||||||
| Shares, m | 221 | 208 | 196 | 181 | 161 | 152 | 141 | 133 | 127 | 124 | 120 | (6.3%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 6.29 | 607.87 | 1,485.50 | 26.06 | 0.00 | 41.94 | 14.13 | 23.81 | 25.92 | 22.40 | 27.50 | 225.4 | |||||
| P/S | 0.17 | 0.14 | 0.11 | 0.11 | 0.13 | 0.18 | 0.18 | 0.23 | 0.24 | 0.27 | 0.30 | 0.2 | ||||||
| P/B | 2.91 | 2.89 | 2.82 | 4.60 | 178.99 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 19.2 | ||||||
| EV/Sales | 0.19 | 0.16 | 0.13 | 0.12 | 0.17 | 0.21 | 0.21 | 0.25 | 0.25 | 0.28 | 0.32 | 0.2 | ||||||
| EV/FCF | 9.21 | 9.11 | 8.03 | 7.19 | 10.32 | 14.41 | 12.56 | 21.68 | 17.47 | 21.18 | 19.24 | 13.1 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 4,744 | 4,345 | 4,036 | 4,374 | 4,542 | 4,434 | 5,159 | 4,314 | 6,085 | 6,155 | 7,503 | +2.9% | |||||
| Capex | (562) | (580) | (557) | (506) | (641) | (535) | (558) | (687) | (859) | (745) | (635) | +3.2% | ||||||
| Free cash flow | 4,182 | 3,765 | 3,479 | 3,868 | 3,901 | 3,899 | 4,601 | 3,627 | 5,226 | 5,410 | 6,868 | +2.9% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,336 | 451 | 839 | (402) | 1,279 | (2,235) | (3,665) | (4,387) | (6,206) | (9,807) | (7,711) | n/m | |||||
| Net debt | 5,762 | 5,208 | 4,614 | 3,372 | 8,937 | 9,567 | 7,541 | 7,159 | 5,564 | 7,642 | 7,243 | +3.2% | ||||||
| Shareholders’ equity | 11,273 | 10,057 | 8,287 | 5,309 | 175 | (1,792) | (1,490) | (1,599) | (1,694) | (1,777) | (3,579) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 8.63 | 0.11 | 0.06 | 1.49 | (7.19) | 1.74 | 5.67 | 4.63 | 4.62 | 6.05 | 5.33 | (2.6) pt | |||||
| ROIC | 26.13 | 3.12 | 4.29 | 17.92 | (34.57) | 16.38 | 45.25 | 43.94 | 71.41 | 66.20 | 114.15 | +40.1 pt | ||||||
| ROE | 50.00 | 0.63 | 0.37 | 13.24 | (165.54) | (137.79) | (216.94) | (194.37) | (200.12) | (274.39) | (190.51) | (324.4) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 78,000 | 78,000 | 80,000 | 80,000 | 76,000 | 75,000 | 51,000 | 51,000 | 45,000 | 43,000 | — | (6.4%) | |||||
| Revenue/emp, $m | 2.55 | 2.67 | 2.68 | 2.89 | 3.13 | 3.52 | 5.43 | 6.06 | 7.98 | 9.38 | — | +15.6% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Mar 2026 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2026
| North American Pharmaceutical | 336,652 | 83.45% |
|---|---|---|
| Oncology & Multispecialty | 48,423 | 12.00% |
| Medical-Surgical Solutions | 11,507 | 2.85% |
| Prescription Technology Solutions | 5,805 | 1.44% |
| Gross margin | 3.61% | |
| Operating margin | 1.54% | |
| Pre-tax margin | 1.54% |
McKesson Corporation 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% | |
| 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% | 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 | 22.8× | 21.3× | +5.50% | — | −7.45% | 6.65% | (0.42%) |
From the latest earnings call
- CEO Brian Tyler said the Precision Medicine Group acquisition adds clinical research capabilities and complements McKesson’s medication access and commercialization services.
- CFO Kenny Cheung said lower branded-drug pricing reduced North American Pharmaceutical revenue growth but did not have a meaningful impact on the segment’s operating profit.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
89.81%
Held by the ten largest
40.95%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 12.01m | 10.30% | −113.97k |
| BlackRock | 10.80m | 9.26% | −623.33k |
| State Street | 5.73m | 4.91% | −4.64k |
| Morgan Stanley | 5.31m | 4.55% | +3.01m |
| Franklin Templeton | 3.07m | 2.63% | −228.49k |
| Geode Capital Management | 2.82m | 2.42% | −81.69k |
| MFS Investment Management | 2.45m | 2.10% | −453.85k |
| Fidelity (FMR) | 2.13m | 1.83% | −1.47m |
| JPMorgan Chase | 1.75m | 1.50% | −1.52m |
| AllianceBernstein | 1.69m | 1.45% | −553.70k |
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 12 June 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 24.21m | 48.93m | 456.33 |
| 2025 | 20.16m | 39.17m | 353.49 |
| 2024 | 19.00m | 51.71m | 280.69 |
| 2023 | 20.22m | 38.81m | 185.15 |
| 2022 | 18.15m | 65.28m | 158.27 |
Ownership
Directors and executive officers, together
less than 1%
BlackRock, Inc.50 Hudson YardsNew York, New York
7.90%
Vanguard Capital Management LLC100 Vanguard BoulevardMalvern, Pennsylvania
7.80%
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
McKesson Corporation (MCK) Latest News
5 Nov
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20 Oct
12 Oct
9 Oct
8 Oct
7 Oct
MCK metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
McKesson is a healthcare services company that gets medicines and medical supplies from manufacturers to pharmacies, hospitals, physician practices and other customers. It also provides technology, logistics and services that help healthcare businesses manage operations and help patients access their medications.
Its North American pharmaceutical business distributes branded, generic, specialty, biosimilar and over-the-counter drugs in the United States and Canada. Beyond delivery, it sells pharmacies and health systems services such as inventory management, pharmacy software and consulting.