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Cencora

COR NYSE Health Care Distributors Financials FY2016–FY2025

Cencora's revenue rose 9.3% to $321.3 billion in fiscal 2025. Its operating margin was 0.8%, up from 0.7% a year earlier. Free cash flow was $3.2 billion, up 7.0%. It paid out $873 million in dividends and buybacks, 27% of free cash flow. The diluted share count fell 2.5%.

Last close · Oct 23, 2026

$331.00

2.2%
Value it Compare
Revenue Total sales reported in the income statement.
$321.3B
9.3% vs prior year
Operating margin Operating income as a share of revenue.
0.8%
0.1 pts
Net income Profit after all expenses, interest and tax.
$1.6B
3.0%
Free cash flow Cash from operations minus capital spending.
$3.2B
7.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$64.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
24.6x
On $13.47 EPS (TTM)

What Cencora does

No business description yet.

Legal name
CENCORA, INC.
Fiscal year ends
September 30, 2025
Latest annual report
—
Accession · CIK
0001140859-25-000131
0001140859

Revenue and margins

Cencora had $321.3B of revenue in fiscal 2025, up 9.3% 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 2016 to 2025, diluted EPS grew 2.6% 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 $3.2B in fiscal 2025, 1.0% 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

Cencora returned $873M to shareholders in fiscal 2025, 27% of free cash flow. The diluted share count fell 2.5%.

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

Value Cencora 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

—

Adds net cash of −$3.3B and divides by 195.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 24.6x · peers 25.8x · sector 28.4x.

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.5B$3.4B$2.6B$3.1B$4.4B
Debt incl. finance leases $6.7B$5.7B$4.8B$4.4B$7.7B
Net debt / EBITDA 1.5x0.8x0.7x0.4x0.9x
Interest coverage 13.8x10.8x8.6x8.7x7.4x
Current ratio 0.9x0.9x0.9x0.9x0.9x
Quick ratio 0.6x0.6x0.5x0.5x0.6x
Total assets $57.3B$56.6B$62.6B$67.1B$76.6B
Total liabilities $56.8B$56.5B$61.9B$66.3B$74.8B
Shareholders' equity $223M−$212M$522M$646M$1.5B
Net debt (− = net cash) $4.1B$2.3B$2.2B$1.3B$3.3B

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

$2.3M

2 insiders

Sold, 12 months

$10.1M

5 insiders

Of sales under plans

42%

$4.3M

DateInsiderTradeSharesPriceValueFiling
Oct 1, 2026 Lazarus KrikorianSVP & Chief Accounting Officer Sold plan 986 $303.18 $0.3M Form 4
Sep 16, 2026 Lon R GreenbergDirector Sold 1,280 $321.30 $0.4M Form 4
Sep 1, 2026 Lazarus KrikorianSVP & Chief Accounting Officer Sold plan 985 $325.97 $0.3M Form 4
Aug 24, 2026 Elizabeth S CampbellExecutive Vice President Sold 11,300 $324.12 $3.7M Form 4
Jun 22, 2026 Lauren M TylerDirector Bought 550 $270.23 $0.1M Form 4
Jun 18, 2026 Dermot Mark DurcanDirector Bought 4,000 $274.19 $1.1M Form 4
May 28, 2026 Dermot Mark DurcanDirector Bought 4,000 $266.26 $1.1M Form 4
Feb 20, 2026 Robert P. MauchPresident & CEO, Director Sold plan 3,762 $358.94 $1.4M Form 4
Feb 18, 2026 Robert P. MauchPresident & CEO, Director Sold plan 1,333 $359.46 $0.5M Form 4
Jan 20, 2026 Robert P. MauchPresident & CEO, Director Sold plan 5,096 $354.73 $1.8M Form 4
Dec 19, 2025 Elizabeth S CampbellExecutive Vice President Sold 3,351 $342.10 $1.1M Form 4
Dec 19, 2025 Silvana BattagliaExecutive Vice President Sold 1,677 $345.00 $0.6M Form 4

Piotroski F-score

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

TestFY23FY24FY25
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 7 / 97 / 97 / 9
Accruals ratio −3.6%−3.1%−3.2%
Altman Z'' −0.14−0.150.06

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
Cencora COR $64.2B 9.3% 0.8% 1.0% — 24.6x 7
McKesson MCK $119.3B 12.4% 1.5% 1.4% — 26.8x 6 Compare →
Cardinal Health CAH $59.1B 14.2% 1.0% 1.8% — 34.5x 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 yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $146.8B $153.1B $167.9B $179.6B $189.9B $214.0B $238.6B $262.2B $294.0B $321.3B
Gross profit $4.3B $4.5B $4.6B $5.1B $5.2B $6.9B $8.3B $9.0B $9.9B $11.5B
Operating income $1.5B $1.1B $1.4B $1.1B −$5.1B $2.4B $2.4B $2.3B $2.2B $2.6B
Interest expense $124M $125M $162M $167M $151M $171M $220M $271M $250M $357M
Pretax income $1.4B $918M $1.2B $967M −$5.3B $2.2B $2.2B $2.2B $2.0B $2.3B
Income tax −$37.0M $553M −$439M $113M −$1.9B $677M $517M $428M $485M $691M
Net income $1.4B $365M $1.7B $855M −$3.4B $1.5B $1.7B $1.7B $1.5B $1.6B
Diluted EPS $6.32 $1.64 $7.53 $4.04 −$16.65 $7.39 $8.04 $8.53 $7.53 $7.96
Diluted shares 0.23B 0.22B 0.22B 0.21B 0.20B 0.21B 0.21B 0.20B 0.20B 0.20B
Cash flow
Cash from operations $3.2B $1.5B $1.4B $2.3B $2.2B $2.7B $2.7B $3.9B $3.5B $3.9B
Capital expenditure $465M $466M $336M $310M $370M $438M $496M $458M $487M $668M
Free cash flow $2.7B $1.0B $1.1B $2.0B $1.8B $2.2B $2.2B $3.5B $3.0B $3.2B
Depreciation and amortization $365M $398M $465M $462M $391M $505M $694M $964M $1.1B $1.1B
Stock-based compensation $65.0M $62.2M $62.3M $58.9M $74.4M $99.6M $93.4M $125M $148M $148M
Acquisitions $2.7B $61.6M $785M $64.0M $0.0M $5.6B $134M $1.4B $69.8M $4.1B
Share buybacks $2.3B $330M $639M $674M $420M $82.1M $484M $1.2B $1.5B $436M
Dividends paid $289M $320M $333M $339M $344M $367M $392M $399M $416M $437M
Dividends and buybacks $2.6B $650M $972M $1.0B $764M $449M $875M $1.6B $1.9B $873M
Balance sheet
Cash and short-term investments $2.7B $2.4B $2.5B $3.4B $4.6B $2.5B $3.4B $2.6B $3.1B $4.4B
Total debt $4.2B $3.4B $4.3B $4.2B $4.1B $6.7B $5.7B $4.8B $4.4B $7.7B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $22.9B $24.3B $25.9B $28.1B $33.1B $38.8B $39.6B $42.8B $47.7B $52.2B
Current liabilities $25.3B $26.8B $27.9B $29.6B $33.9B $41.4B $43.5B $48.8B $54.3B $57.8B
Inventory $10.7B $11.5B $11.9B $11.1B $12.6B $15.4B $15.6B $17.5B $19.0B $20.5B
Property and equipment, net $1.5B $1.8B $1.9B $1.8B $1.5B $2.2B $2.1B $2.1B $2.2B $2.5B
Total assets $33.6B $35.3B $37.7B $39.2B $44.3B $57.3B $56.6B $62.6B $67.1B $76.6B
Total liabilities $31.5B $33.3B $34.6B $36.2B $45.1B $56.8B $56.5B $61.9B $66.3B $74.8B
Shareholders' equity $2.1B $2.1B $2.9B $2.9B −$1.0B $223M −$212M $522M $646M $1.5B
Margins
Gross margin 2.9% 3.0% 2.8% 2.9% 2.7% 3.2% 3.5% 3.4% 3.4% 3.6%
Operating margin 1.0% 0.7% 0.9% 0.6% −2.7% 1.1% 1.0% 0.9% 0.7% 0.8%
EBITDA margin 1.3% 1.0% 1.1% 0.9% −2.5% 1.3% 1.3% 1.3% 1.1% 1.2%
Net margin 1.0% 0.2% 1.0% 0.5% −1.8% 0.7% 0.7% 0.7% 0.5% 0.5%
FCF margin 1.9% 0.7% 0.6% 1.1% 1.0% 1.0% 0.9% 1.3% 1.0% 1.0%
Returns
Return on capital — — 36.4% 22.7% — — — — — —
Return on capital employed 20.7% 12.6% 15.8% 11.5% −51.3% 17.8% 16.3% 17.5% 16.4% 16.6%
Return on equity — 17.4% 66.4% 29.4% — — — — — —
Return on assets 4.6% 1.1% 4.5% 2.2% −8.2% 3.0% 3.0% 2.9% 2.3% 2.2%
Growth
Revenue growth 8.0% 4.3% 9.7% 6.9% 5.7% 12.7% 11.5% 9.9% 12.1% 9.3%
Net income growth — −74.5% 355.0% −48.4% −498.5% — 10.3% 2.7% −13.5% 3.0%
EPS growth — −74.1% 359.2% −46.4% −512.1% — 8.8% 6.1% −11.7% 5.7%
FCF growth −26.5% −61.8% 3.6% 89.2% −9.7% 21.3% −1.0% 56.5% −13.2% 7.0%
Share count change 3.8% −1.9% −0.6% −3.9% −3.3% 1.8% 1.3% −3.1% −2.1% −2.5%
Financial health
Net debt / EBITDA 0.8x 0.7x 1.0x 0.5x — 1.5x 0.8x 0.7x 0.4x 0.9x
Debt / equity 2.0x 1.7x 1.5x 1.5x — — — — — —
Interest coverage 12.4x 8.5x 8.9x 6.6x −34.1x 13.8x 10.8x 8.6x 8.7x 7.4x
Current ratio 0.9x 0.9x 0.9x 1.0x 1.0x 0.9x 0.9x 0.9x 0.9x 0.9x
Quick ratio 0.5x 0.5x 0.5x 0.6x 0.6x 0.6x 0.6x 0.5x 0.5x 0.6x
Capital allocation
Capex / revenue 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
Stock comp / revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.1% 0.1% 0.1%
Payouts / FCF 94.1% 62.7% 90.5% 49.8% 41.6% 20.1% 39.7% 45.7% 63.6% 27.2%
Quality scores
Piotroski F-score 6.0 7.0 6.0 8.0 6.0 5.0 5.0 7.0 7.0 7.0
Altman Z'' 0.1 0.0 0.3 0.4 −0.9 0.1 0.0 −0.1 −0.2 0.1
Accruals ratio −5.7% −3.3% 0.7% −3.9% −13.5% −2.2% −1.8% −3.6% −3.1% −3.2%

Source: SEC EDGAR XBRL filings (CIK 0001140859). 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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