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Cardinal Health

CAH NYSE Health Care Distributors Financials FY2017–FY2026

Cardinal Health's revenue rose 14.2% to $254.2 billion in fiscal 2026. Its operating margin was 1.0%, about the same as 1.0% a year earlier. Free cash flow was $4.5 billion, up 144.6%. It paid out $1.8 billion in dividends and buybacks, 41% of free cash flow. The diluted share count fell 2.1%.

Last close · Oct 23, 2026

$249.57

2.4%
Value it Compare
Revenue Total sales reported in the income statement.
$254.2B
14.2% vs prior year
Operating margin Operating income as a share of revenue.
1.0%
0.0 pts
Net income Profit after all expenses, interest and tax.
$1.7B
9.8%
Free cash flow Cash from operations minus capital spending.
$4.5B
144.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
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Market cap Last close times the latest diluted share count, so it is approximate.
$59.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Cardinal Health does

No business description yet.

Legal name
Cardinal Health, Inc.
Fiscal year ends
June 30, 2026
Latest annual report
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Accession · CIK
0000721371-26-000038
0000721371

Revenue and margins

Cardinal Health had $254.2B of revenue in fiscal 2026, up 14.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 6.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $4.5B in fiscal 2026, 1.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Cardinal Health returned $1.8B to shareholders in fiscal 2026, 41% of free cash flow. The diluted share count fell 2.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Cardinal Health yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$4.0B and divides by 237.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

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Reference multiples: today 34.5x · peers 24.7x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Cardinal Health can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $4.7B$4.1B$5.3B$3.9B$4.9B
Debt incl. finance leases $5.3B$4.7B$5.1B$8.5B$8.9B
Net debt / EBITDA 7.0x0.4x−0.1x1.5x1.1x
Interest coverage −4.1x9.0x24.4x10.6x7.5x
Current ratio 1.1x1.0x1.0x0.9x0.9x
Quick ratio 0.6x0.5x0.6x0.5x0.5x
Total assets $43.9B$43.3B$45.1B$53.1B$57.3B
Total liabilities $44.8B$46.3B$48.3B$55.8B$60.0B
Shareholders' equity −$709M−$3.0B−$3.2B−$2.8B−$2.9B
Net debt (− = net cash) $598M$625M−$241M$4.7B$4.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$61.6M

8 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 19, 2026 Jason M. HollarChief Executive Officer Sold 44,529 $236.18 $10.5M Form 4
Aug 19, 2026 Mary C. SchererChief Accounting Officer Sold 2,302 $237.39 $0.5M Form 4
Aug 18, 2026 Aaron E AltChief Financial Officer Sold 42,000 $236.34 $9.9M Form 4
Aug 18, 2026 Deborah WeitzmanCEO, PSS Segment Sold 7,354 $235.45 $1.7M Form 4
Aug 18, 2026 Jason M. HollarChief Executive Officer Sold 80,000 $235.74 $18.9M Form 4
Aug 18, 2026 Jessica L MayerChief Legal/Compliance Officer Sold 29,436 $236.19 $7.0M Form 4
Aug 18, 2026 Michelle D. GreeneChief Information Officer Sold 11,650 $235.72 $2.7M Form 4
Aug 18, 2026 Stephen M MasonCEO, GMPD Segment Sold 35,000 $236.40 $8.3M Form 4
Feb 27, 2026 Michelle D. GreeneChief Information Officer Sold 2,746 $228.47 $0.6M Form 4
Feb 18, 2026 Aaron E AltChief Financial Officer Sold 2,328 $225.50 $0.5M Form 4
Feb 6, 2026 Patricia Hemingway HallDirector Sold 4,000 $229.72 $0.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✕
F-score 6 / 96 / 96 / 9
Accruals ratio −6.6%−1.7%−6.3%
Altman Z'' −0.02−0.03−0.22

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Cardinal Health CAH $59.1B 14.2% 1.0% 1.8% — — 6
Cencora COR $64.2B 9.3% 0.8% 1.0% — 24.6x 7 Compare →
McKesson MCK $119.3B 12.4% 1.5% 1.4% — 26.8x 6 Compare →
Henry Schein HSIC $9.7B 4.0% 5.0% 4.4% 7.5% 24.8x 6 Compare →
Cigna CI $81.0B 11.2% 3.4% — 11.7% 12.7x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $130.0B $136.8B $145.5B $152.9B $162.5B $181.3B $205.0B $226.8B $222.6B $254.2B
Gross profit $6.5B $7.2B $6.8B $6.9B $6.8B $6.5B $6.9B $7.4B $8.2B $9.8B
Operating income $2.1B $126M $2.1B −$4.1B $472M −$607M $752M $1.2B $2.3B $2.6B
Interest expense $201M $329M $294M $238M $180M $147M $84.0M $51.0M $215M $348M
Pretax income $1.9B −$228M $1.8B −$3.8B $323M −$784M $663M $1.2B $2.1B $2.2B
Income tax $630M −$487M $386M −$79.0M −$289M $153M $332M $348M $532M $469M
Net income $1.3B $256M $1.4B −$3.7B $611M −$938M $330M $852M $1.6B $1.7B
Diluted EPS $4.03 $0.81 $4.53 −$12.61 $2.08 −$3.37 $1.26 $3.45 $6.45 $7.23
Diluted shares 0.32B 0.32B 0.30B 0.29B 0.29B 0.28B 0.26B 0.25B 0.24B 0.24B
Cash flow
Cash from operations $1.2B $2.8B $2.7B $2.0B $2.4B $3.2B $2.8B $3.8B $2.4B $5.2B
Capital expenditure $387M $384M $328M $375M $400M $387M $481M $511M $547M $649M
Free cash flow $797M $2.4B $2.4B $1.6B $2.0B $2.8B $2.4B $3.3B $1.9B $4.5B
Depreciation and amortization $717M $1.0B $1.0B $913M $783M $692M $692M $710M $790M $956M
Stock-based compensation $96.0M $85.0M $82.0M $90.0M $89.0M $81.0M $96.0M $121M $244M $367M
Acquisitions $132M $6.1B $82.0M $0.0M $3.0M $22.0M $10.0M $1.2B $5.3B $2.0B
Share buybacks $600M $550M $600M $350M $200M $1.0B $2.0B $750M $765M $1.4B
Dividends paid $577M $581M $577M $569M $573M $559M $525M $499M $494M $491M
Dividends and buybacks $1.2B $1.1B $1.2B $919M $773M $1.6B $2.5B $1.2B $1.3B $1.8B
Balance sheet
Cash and short-term investments $6.9B $1.8B $2.5B $2.8B $3.4B $4.7B $4.1B $5.3B $3.9B $4.9B
Total debt $11.3B — $8.0B $6.8B $6.2B $5.3B $4.7B $5.1B $8.5B $8.9B
Finance lease liabilities $0.0M $0.0M $0.0M $34.0M $64.0M $72.0M $86.0M $108M $201M $185M
Current assets $28.3B $24.6B $25.7B $25.9B $31.0B $32.9B $33.7B $34.9B $36.4B $38.8B
Current liabilities $21.2B $22.9B $24.1B $23.6B $27.6B $30.6B $33.7B $35.6B $38.9B $43.9B
Inventory $11.3B $12.3B $12.8B $13.2B $14.6B $15.6B $16.1B $15.0B $16.8B $17.3B
Property and equipment, net $1.9B $2.5B $2.4B $2.4B $2.4B $2.4B $2.5B $2.5B $2.9B $3.0B
Total assets $40.1B $40.0B $41.0B $40.8B $44.5B $43.9B $43.3B $45.1B $53.1B $57.3B
Total liabilities $33.3B $33.9B $34.6B $39.0B $42.8B $44.8B $46.3B $48.3B $55.8B $60.0B
Shareholders' equity $6.8B $6.1B $6.3B $1.8B $1.8B −$709M −$3.0B −$3.2B −$2.8B −$2.9B
Margins
Gross margin 5.0% 5.3% 4.7% 4.5% 4.2% 3.6% 3.4% 3.3% 3.7% 3.8%
Operating margin 1.6% 0.1% 1.4% −2.7% 0.3% −0.3% 0.4% 0.6% 1.0% 1.0%
EBITDA margin 2.2% 0.9% 2.1% −2.1% 0.8% 0.1% 0.7% 0.9% 1.4% 1.4%
Net margin 1.0% 0.2% 0.9% −2.4% 0.4% −0.5% 0.2% 0.4% 0.7% 0.7%
FCF margin 0.6% 1.7% 1.6% 1.0% 1.3% 1.5% 1.2% 1.4% 0.8% 1.8%
Returns
Return on capital 13.6% — — −36.7% 9.2% — — — — —
Return on capital employed 12.7% 0.7% 12.2% −24.1% 2.8% −4.0% 6.6% 13.0% 19.2% 18.9%
Return on equity 19.3% 4.0% 22.0% −91.1% — — — — — —
Return on assets 3.5% 0.6% 3.4% −9.0% 1.4% −2.1% 0.8% 1.9% 3.2% 3.1%
Growth
Revenue growth 6.9% 5.3% 6.4% 5.1% 6.2% 11.6% 13.0% 10.7% −1.9% 14.2%
Net income growth −9.7% −80.1% 432.4% −371.2% — −253.5% — 158.2% 83.2% 9.8%
EPS growth −6.7% −79.9% 459.3% −378.4% — −262.0% — 173.8% 87.0% 12.1%
FCF growth −68.2% 199.1% 0.4% −33.8% 28.0% 37.4% −15.2% 37.6% −43.1% 144.6%
Share count change −3.0% −1.6% −4.4% −2.7% 0.3% −5.1% −6.1% −5.7% −2.0% −2.1%
Financial health
Net debt / EBITDA 1.5x — 1.8x — 2.3x 7.0x 0.4x −0.1x 1.5x 1.1x
Debt / equity 1.7x — 1.3x — — — — — — —
Interest coverage 10.6x 0.4x 7.0x −17.2x 2.6x −4.1x 9.0x 24.4x 10.6x 7.5x
Current ratio 1.3x 1.1x 1.1x 1.1x 1.1x 1.1x 1.0x 1.0x 0.9x 0.9x
Quick ratio 0.8x 0.5x 0.5x 0.5x 0.6x 0.6x 0.5x 0.6x 0.5x 0.5x
Capital allocation
Capex / revenue 0.3% 0.3% 0.2% 0.3% 0.3% 0.2% 0.2% 0.2% 0.3% 0.3%
Stock comp / revenue 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.1% 0.1% 0.1% 0.1%
Payouts / FCF 147.7% 47.4% 49.2% 58.0% 38.1% 55.9% 106.9% 38.4% 68.1% 40.9%
Quality scores
Piotroski F-score 4.0 — — 6.0 7.0 5.0 7.0 6.0 6.0 6.0
Altman Z'' 2.1 0.9 1.2 −0.2 0.7 0.2 0.0 −0.0 −0.0 −0.2
Accruals ratio 0.3% −6.3% −3.4% −13.8% −4.3% −9.3% −5.8% −6.6% −1.7% −6.3%

Source: SEC EDGAR XBRL filings (CIK 0000721371). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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