A Business at a Glance
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Cencora, Inc.
COR
$60.5B
Mkt Cap
$309.89
+1.58%
Cencora, Inc. (COR) has a current P/E ratio of 37.2, compared to its historical median P/E of 16.7. The stock is currently considered Expensive based on its historical valuation range.
Cencora, Inc. (COR) has a 5-year average return on invested capital (ROIC) of 63.5%. This indicates strong capital allocation and a potential competitive advantage.
Cencora, Inc. (COR) has a market capitalization of $60.3B. It is classified as a large-cap stock.
Yes, Cencora, Inc. (COR) pays a dividend with a trailing twelve-month yield of 0.76%. The company also returns capital through share buybacks, with a buyback yield of 0.00%.
Based on historical P/E analysis, Cencora, Inc. (COR) appears expensive. The current P/E of 37.2 is 123% above its historical median of 16.7. The estimated fair value CAGR (P/E method) is 14.7%.
Cencora, Inc. (COR) operates in the Wholesale-Drugs, Proprietaries & Druggists' Sundries industry, within the Consumer Defensive sector.
Cencora, Inc. (COR) reported annual revenue of $321.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Cencora is one of the largest global pharmaceutical sourcing and distribution services companies that distributes a comprehensive offering of brand-name, specialty brand-name, and generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to healthcare providers including acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, physician practices, medical and dialysis clinics, and veterinarians across the United States and select global markets. The company operates through two reportable segments: U.S. Healthcare Solutions, which distributes pharmaceuticals and provides value-added services to healthcare providers and physicians specializing in oncology and retina, and International Healthcare Solutions, which operates pharmaceutical wholesale and related service operations and global commercialization services primarily in Europe. Beyond core distribution, Cencora furnishes healthcare providers and pharmaceutical manufacturers with data analytics, outcomes research, reimbursement and pharmaceutical consulting services, niche premium logistics services, inventory management, pharmacy automation, pharmacy management, and packaging solutions. The company's business model is anchored in pharmaceutical distribution with a focus on specialty pharmaceuticals, which command higher margins than brand-name products, while generic pharmaceuticals—which account for approximately 90% of U.S. prescription volume—provide greater gross profit margin opportunities despite lower prices. Cencora operates a geographically diverse network of distribution service centers and maintains one of the lowest operating cost structures among pharmaceutical distributors, including a national distribution center in Columbus, Ohio, and continues to invest in warehouse automation technology and operational efficiencies to drive operating leverage.
【Specialty-driven growth acceleration】 Management expects continued strong performance in specialty pharmaceuticals and physician-administered products, with particular momentum in oncology and retina practices following the acquisitions of OneOncology and Retina Consultants of America, which are being integrated into a medical services organization platform to unlock new value creation opportunities. The company anticipates operating income growth will accelerate in the fourth quarter of fiscal 2026 as it laps the loss of an oncology customer that occurred in July 2025 and as OneOncology accretion ramps. Management remains confident in long-term organic operating income growth of 6%-9% and adjusted diluted EPS growth of 9%-13%, driven by continued pharmaceutical utilization trends, positioning in specialty markets, and strategic investments in higher-margin, high-growth adjacencies. The company is prioritizing debt paydown following recent acquisitions while maintaining capital deployment flexibility, having resumed opportunistic share repurchases with expectations to repurchase $1 billion worth of shares by calendar year-end.
| Metric | Target | Period |
|---|---|---|
| Adjusted diluted EPS | $17.65–$17.90 | FY2026 |
| Revenue growth | 4%–6% | FY2026 |
| Operating income growth | 12%–14% | FY2026 |
| Adjusted free cash flow | approximately $3 billion | FY2026 |
| Net interest expense | approximately $485 million | FY2026 |
| U.S. Healthcare Solutions operating income growth | 14%–16% | FY2026 |
| International Healthcare Solutions revenue growth (as-reported) | 8%–10% | FY2026 |
| International Healthcare Solutions operating income growth | 5%–8% | FY2026 |
Adjusted diluted EPS (FY2026): “We are pleased to raise our full-year guidance range to $17.65-$17.90, up from $17.45-$17.75.”
Revenue growth (FY2026): “On a consolidated basis, we now expect revenue growth to be in the range of 4%-6%, down from the previous expectations of 7%-9%.”
Operating income growth (FY2026): “Moving to operating income, we expect consolidated operating income growth to be in the range of 12%-14%, up from our previous guidance of 11.5%-13.5%.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 328.7B | 321.3B | 294.0B | 262.2B | 238.6B | 214.0B |
| Net Income | 2.5B | 1.6B | 1.5B | 1.7B | 1.7B | 1.5B |
| EPS | $13.11 | $7.96 | $7.53 | $8.53 | $8.04 | $7.39 |
| Free Cash Flow | 1.6B | 3.2B | 3.0B | 3.5B | 2.2B | 2.2B |
| ROIC | 14.9% | 37.8% | 86.6% | 69.2% | 86.3% | 37.5% |
| Gross Margin | 3.8% | 3.6% | 3.4% | 3.4% | 3.5% | 3.2% |
| Debt/Equity | 3.65 | 5.08 | 6.79 | 9.17 | -26.96 | 29.93 |
| Dividends/Share | $2.36 | $2.20 | $2.04 | $1.94 | $1.84 | $1.76 |
| Operating Income | 2.8B | 2.6B | 2.2B | 2.3B | 2.4B | 2.4B |
| Operating Margin | 0.8% | 0.8% | 0.7% | 0.9% | 1.0% | 1.1% |
| ROE | 75.0% | 144.3% | 258.4% | 334.3% | - | -387.1% |
| Shares Outstanding | 195M | 195M | 200M | 205M | 211M | 208M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 119.6B | 136.0B | 146.8B | 153.1B | 167.9B | 179.6B | 189.9B | 214.0B | 238.6B | 262.2B | 294.0B | 321.3B | 328.7B |
| Gross Margin | 2.5% | 2.6% | 2.9% | 3.0% | 2.7% | 2.9% | 2.7% | 3.2% | 3.5% | 3.4% | 3.4% | 3.6% | 3.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.6B | 1.9B | 2.1B | 2.1B | 2.5B | 2.7B | 2.8B | 3.6B | 4.8B | 5.3B | 5.7B | 6.5B | 7.2B |
| EBIT | 782M | 422M | 1.5B | 1.1B | 1.4B | 1.1B | -5.1B | 2.4B | 2.4B | 2.3B | 2.2B | 2.6B | 2.8B |
| Op. Margin | 0.7% | 0.3% | 1.0% | 0.7% | 0.9% | 0.6% | -2.7% | 1.1% | 1.0% | 0.9% | 0.7% | 0.8% | 0.8% |
| Net Income | 274M | -138M | 1.4B | 364M | 1.7B | 855M | -3.4B | 1.5B | 1.7B | 1.7B | 1.5B | 1.6B | 2.5B |
| Net Margin | 0.2% | -0.1% | 1.0% | 0.2% | 1.0% | 0.5% | -1.8% | 0.7% | 0.7% | 0.7% | 0.5% | 0.5% | 0.8% |
| Non-Recurring | 8.2M | 25M | 101M | 958M | 250M | 330M | 6.8B | 89M | 196M | 271M | 652M | 918M | 186M |
| Returns on Capital | |||||||||||||
| ROIC | 15.2% | -11.7% | 43.8% | 13.7% | 42.5% | 26.7% | -9.2% | 37.5% | 86.3% | 69.2% | 86.6% | 37.8% | 14.9% |
| ROE | 12.9% | -10.8% | 104.0% | 17.4% | 66.4% | 29.4% | -366.5% | -387.1% | N/A | 334.3% | 258.4% | 144.3% | 75.0% |
| ROA | 1.4% | -0.6% | 4.6% | 1.1% | 4.5% | 2.2% | -8.2% | 3.0% | 3.0% | 2.9% | 2.3% | 2.2% | 3.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.5B | 3.9B | 3.2B | 1.5B | 1.4B | 2.3B | 2.2B | 2.7B | 2.7B | 3.9B | 3.5B | 3.9B | 2.3B |
| Free Cash Flow | 1.2B | 3.7B | 2.7B | 1.0B | 1.1B | 2.0B | 1.8B | 2.2B | 2.2B | 3.5B | 3.0B | 3.2B | 1.6B |
| Owner Earnings | 1.2B | 3.6B | 2.7B | 1.0B | 884M | 1.8B | 1.7B | 2.1B | 1.9B | 2.8B | 2.2B | 2.7B | 809M |
| CapEx | 264M | 232M | 465M | 466M | 336M | 310M | 370M | 438M | 496M | 458M | 487M | 668M | 718M |
| Maint. CapEx | 189M | 249M | 365M | 398M | 465M | 462M | 391M | 505M | 694M | 964M | 1.1B | 1.1B | 1.3B |
| Growth CapEx | 76M | 0 | 100M | 69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 189M | 249M | 365M | 398M | 465M | 462M | 391M | 505M | 694M | 964M | 1.1B | 1.1B | 1.3B |
| CapEx/OCF | 18.1% | 5.9% | 14.6% | 31.0% | 23.8% | 13.2% | 16.7% | 16.4% | 18.4% | 11.7% | 14.0% | 17.2% | 31.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 214M | 254M | 288M | 320M | 333M | 339M | 344M | 367M | 392M | 399M | 416M | 437M | 459M |
| Dividend Yield | 1.8% | 1.6% | 1.9% | 2.2% | 2.2% | 2.4% | 2.1% | 1.7% | 1.4% | 1.2% | 0.9% | 0.8% | 0.8% |
| Share Buybacks | 754M | 1.9B | 2.3B | 330M | 639M | 674M | 420M | 82M | 484M | 1.2B | 1.5B | 435M | 71K |
| Buyback Yield | 5.6% | 11.9% | 16.1% | 2.4% | 4.1% | 4.8% | 2.4% | 0.3% | 1.7% | 3.2% | 3.3% | 0.7% | 0.0% |
| Stock-Based Comp | 43M | 61M | 65M | 62M | 62M | 59M | 74M | 100M | 93M | 125M | 148M | 148M | 143M |
| Debt Repayment | 532M | 500M | 800M | 750M | 681M | 511M | 598M | 835M | 0 | 811M | 663M | 1.3B | 1.3B |
| Balance Sheet | |||||||||||||
| Net Debt | 187M | 1.2B | 1.4B | 1.0B | 1.7B | 799M | -478M | 4.1B | 2.3B | 2.2B | 1.3B | 3.3B | 10.2B |
| Cash & Equiv. | 1.8B | 2.2B | 2.7B | 2.4B | 2.5B | 3.4B | 4.6B | 2.5B | 3.4B | 2.6B | 3.1B | 4.4B | 2.2B |
| Long-Term Debt | 2.0B | 3.5B | 3.6B | 3.4B | 4.2B | 4.0B | 3.6B | 6.4B | 4.6B | 4.1B | 3.8B | 7.5B | 12.2B |
| Debt/Equity | 1.03 | 5.67 | 1.97 | 1.67 | 1.42 | 1.45 | -4.04 | 29.93 | -26.96 | 9.17 | 6.79 | 5.08 | 3.65 |
| Interest Coverage | 10.2 | 4.6 | 12.4 | 8.5 | 8.9 | 6.6 | -34.1 | 13.8 | 10.8 | 8.6 | 8.7 | 7.4 | 7.4 |
| Equity | 1.9B | 616M | 2.1B | 2.1B | 2.9B | 2.9B | -1.0B | 223M | -212M | 522M | 646M | 1.5B | 3.4B |
| Total Assets | 21.5B | 28.0B | 33.6B | 35.3B | 37.7B | 39.2B | 44.3B | 57.3B | 56.6B | 62.6B | 67.1B | 76.6B | 81.7B |
| Total Liabilities | 19.6B | 27.3B | 31.5B | 33.3B | 34.7B | 36.3B | 45.3B | 57.1B | 56.8B | 62.0B | 66.5B | 75.1B | -257M |
| Intangibles | 533M | 2.0B | 3.0B | 2.8B | 2.9B | 2.3B | 1.9B | 5.3B | 4.3B | 4.4B | 4.0B | 3.8B | 6.1B |
| Retained Earnings | 1.6B | 1.2B | 2.3B | 2.4B | 3.7B | 4.2B | 518M | 1.7B | 3.0B | 4.3B | 5.4B | 6.5B | 8.5B |
| Working Capital | -450M | -1.2B | -2.4B | -2.5B | -2.0B | -1.4B | -797M | -2.6B | -3.9B | -6.0B | -6.6B | -5.6B | -3.0B |
| Current Assets | 16.8B | 20.3B | 22.9B | 24.3B | 25.9B | 28.1B | 33.1B | 38.8B | 39.6B | 42.8B | 47.7B | 52.2B | 53.1B |
| Current Liabilities | 17.3B | 21.6B | 25.3B | 26.8B | 27.9B | 29.6B | 33.9B | 41.4B | 43.5B | 48.8B | 54.3B | 57.8B | 56.1B |
| Per Share Data | |||||||||||||
| EPS | 1.16 | -0.63 | 6.32 | 1.64 | 7.53 | 4.04 | -16.65 | 7.39 | 8.04 | 8.53 | 7.53 | 7.96 | 13.11 |
| Owner EPS | 5.22 | 16.47 | 12.17 | 4.70 | 4.01 | 8.61 | 8.51 | 9.89 | 9.07 | 13.80 | 11.20 | 13.71 | 4.16 |
| Book Value | 8.22 | 2.81 | 9.42 | 9.29 | 13.32 | 13.60 | -4.98 | 1.07 | -1.00 | 2.55 | 3.22 | 7.72 | 17.46 |
| Cash Flow/Share | 6.20 | 17.88 | 14.07 | 6.77 | 6.41 | 11.07 | 10.78 | 12.80 | 12.79 | 19.12 | 17.39 | 19.85 | 19.90 |
| Dividends/Share | 0.94 | 1.16 | 1.36 | 1.46 | 1.52 | 1.60 | 1.66 | 1.76 | 1.84 | 1.94 | 2.04 | 2.20 | 2.36 |
| Shares Out. | 236.4M | 219.3M | 225.9M | 222.2M | 220.2M | 211.7M | 204.7M | 208.4M | 211.3M | 204.6M | 200.4M | 195.2M | 194.6M |
| Valuation | |||||||||||||
| P/E Ratio | 48.3 | N/A | 9.9 | 37.7 | 9.5 | 16.6 | N/A | 15.3 | 16.7 | 21.0 | 29.5 | 38.4 | 23.6 |
| P/FCF | 11.1 | 4.2 | 5.2 | 13.2 | 14.7 | 7.0 | 9.6 | 10.6 | 12.8 | 10.6 | 14.9 | 18.6 | 38.7 |
| EV/EBIT | 15.1 | 34.9 | 8.8 | 11.6 | 10.6 | 10.6 | N/A | 10.8 | 12.0 | 15.8 | 19.9 | 22.4 | 25.3 |
| Price/Book | 6.8 | 25.3 | 6.6 | 6.7 | 5.4 | 4.9 | N/A | 105.8 | N/A | 70.2 | 69.0 | 39.6 | 17.7 |
| Price/Sales | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 |
| FCF Yield | 9.0% | 23.7% | 19.2% | 7.6% | 6.8% | 14.3% | 10.5% | 9.4% | 7.8% | 9.4% | 6.7% | 5.4% | 2.6% |
| Market Cap | 13.4B | 15.6B | 14.1B | 13.7B | 15.8B | 14.2B | 17.5B | 23.6B | 28.3B | 36.6B | 44.6B | 59.7B | 60.3B |
| Avg. Price | 50.72 | 74.15 | 65.67 | 64.27 | 67.93 | 65.78 | 78.07 | 102.08 | 134.67 | 164.28 | 218.71 | 265.38 | 309.89 |
| Year-End Price | 56.51 | 71.02 | 62.40 | 61.82 | 71.62 | 66.96 | 85.72 | 113.42 | 133.99 | 179.09 | 222.31 | 305.97 | 309.89 |
Cencora, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Cencora, Inc. trades at 37.2x trailing earnings, compared to its 15-year median P/E of 16.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 16.7x vs a median of 11.7x. The company's 5-year average ROIC is 63.5% with a gross margin of 3.4%. Total shareholder yield (dividends) is 0.8%. At current prices, the estimated annualized return to fair value is +9.5%.
Cencora, Inc. (COR) has a net profit margin of 0.5%. This is a modest margin.
Cencora, Inc. (COR) generated $3.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Cencora, Inc. (COR) has a debt-to-equity ratio of 5.08. This indicates higher leverage, which may increase financial risk.
Cencora, Inc. (COR) reported earnings per share (EPS) of $7.96 in its most recent fiscal year.
Cencora, Inc. (COR) has a return on equity (ROE) of 144.3%. This indicates the company generates strong returns for shareholders.
Cencora, Inc. (COR) has a 5-year average gross margin of 3.4%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for Cencora, Inc. (COR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Cencora, Inc. (COR) has a book value per share of $7.72, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong performance in specialty pharmaceuticals and physician-administered products, with particular momentum in oncology and retina practices following the acquisitions of OneOncology and Retina Consultants of America, which are being integrated into a medical services organization platform to unlock new value creation opportunities. The company anticipates operating income growth will accelerate in the fourth quarter of fiscal 2026 as it laps the loss of an oncology customer that occurred in July 2025 and as OneOncology accretion ramps. Management remains confident in long-term organic operating income growth of 6%-9% and adjusted diluted EPS growth of 9%-13%, driven by continued pharmaceutical utilization trends, positioning in specialty markets, and strategic investments in higher-margin, high-growth adjacencies. The company is prioritizing debt paydown following recent acquisitions while maintaining capital deployment flexibility, having resumed opportunistic share repurchases with expectations to repurchase $1 billion worth of shares by calendar year-end.
Based on recent SEC filings and earnings calls, Cencora, Inc. (COR) has provided the following forward guidance: Adjusted diluted EPS: $17.65–$17.90 (FY2026); Revenue growth: 4%–6% (FY2026); Operating income growth: 12%–14% (FY2026); Adjusted free cash flow: approximately $3 billion (FY2026); Net interest expense: approximately $485 million (FY2026), plus 3 additional metrics.
Adjusted free cash flow (FY2026): “Our full year adjusted free cash flow guidance of approximately $3 billion remains unchanged as we expect to continue to generate cash in the back half of the fiscal year.”
Net interest expense (FY2026): “We expect interest expense to be approximately $485 million compared to our previous range of $480 million-$500 million, reflecting progress on debt pay down and incrementally better than expected rates on our senior notes that we priced in February.”
U.S. Healthcare Solutions operating income growth (FY2026): “Our full year operating income expectations of 14%-16% growth for the U.S. Healthcare Solutions segment remain unchanged.”
International Healthcare Solutions revenue growth (as-reported) (FY2026): “In the International Healthcare Solutions segment, we now expect revenue growth to be in the range of 8%-10% on an as-reported basis to reflect changes in foreign exchange rates.”
International Healthcare Solutions operating income growth (FY2026): “Our expectations for International Healthcare Solutions segment operating income growth remains unchanged at growth of 5%-8%.”