Cardinal Health vs Cencora
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The short version
- Cencora is the larger business, with $321.3B of revenue in fiscal 2025 against $254.2B for Cardinal Health.
- Cardinal Health grew revenue faster (14.2%, against 9.3%).
- Cardinal Health turned more of its sales into free cash flow (1.8% FCF margin, against 1.0%).
| Latest fiscal year | CAH · FY26 | COR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $59.1B | $64.2B |
| Revenue | $254.2B | $321.3B |
| Free cash flow | $4.5B | $3.2B |
| Net income | $1.7B | $1.6B |
| Growth | ||
| Revenue growth | 14.2% | 9.3% |
| 5-year growth | 9.4% | 11.1% |
| Share count change | −2.1% | −2.5% |
| Profitability | ||
| Gross margin | 3.8% | 3.6% |
| Operating margin | 1.0% | 0.8% |
| Net margin | 0.7% | 0.5% |
| FCF margin | 1.8% | 1.0% |
| Return on capital | — | — |
| Return on equity | — | — |
| Balance sheet | ||
| Net debt | $4.0B | $3.3B |
| Net debt / EBITDA | 1.1x | 0.9x |
| Dividends and buybacks | $1.8B | $873M |
| Valuation & quality | ||
| P/E | — | 24.6x |
| Piotroski F-score | 6 | 7 |
Revenue
FY17
CAH $130.0B
COR $153.1B
FY18
CAH $136.8B
COR $167.9B
FY19
CAH $145.5B
COR $179.6B
FY20
CAH $152.9B
COR $189.9B
FY21
CAH $162.5B
COR $214.0B
FY22
CAH $181.3B
COR $238.6B
FY23
CAH $205.0B
COR $262.2B
FY24
CAH $226.8B
COR $294.0B
FY25
CAH $222.6B
COR $321.3B
FY26
CAH $254.2B
COR —
CAH
COR
Operating margin
FY17
CAH 1.6%
COR 0.7%
FY18
CAH 0.1%
COR 0.9%
FY19
CAH 1.4%
COR 0.6%
FY20
CAH −2.7%
COR −2.7%
FY21
CAH 0.3%
COR 1.1%
FY22
CAH −0.3%
COR 1.0%
FY23
CAH 0.4%
COR 0.9%
FY24
CAH 0.6%
COR 0.7%
FY25
CAH 1.0%
COR 0.8%
FY26
CAH 1.0%
COR —
CAH
COR
Free cash flow
FY17
CAH $797M
COR $1.0B
FY18
CAH $2.4B
COR $1.1B
FY19
CAH $2.4B
COR $2.0B
FY20
CAH $1.6B
COR $1.8B
FY21
CAH $2.0B
COR $2.2B
FY22
CAH $2.8B
COR $2.2B
FY23
CAH $2.4B
COR $3.5B
FY24
CAH $3.3B
COR $3.0B
FY25
CAH $1.9B
COR $3.2B
FY26
CAH $4.5B
COR —
CAH
COR
Return on capital
FY17
CAH 13.6%
COR —
FY18
CAH —
COR 36.4%
FY19
CAH —
COR 22.7%
FY20
CAH −36.7%
COR —
FY21
CAH 9.2%
COR —
FY22
CAH —
COR —
FY23
CAH —
COR —
FY24
CAH —
COR —
FY25
CAH —
COR —
FY26
CAH —
COR —
CAH
COR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.