Cencora (COR)
Health Care · $60.0B market cap · SEC CIK 0001140859
fundamentals score out of 100
Next reports on Nov 3, 2026, after the close, with analysts expecting $4.61 in earnings per share.
The case for COR
- Earnings per share up 38.4%.
- A PEG of 0.60: a P/E of 22.9× is low for EPS growing 38%.
- Has compounded revenue at 11.1% a year over five years.
- Moves less than the market (beta 0.59).
- Pays a modest 1.0% dividend.
- Price/sales of 0.2× is lower than 98% of Health Care companies.
The case against
- Net margin of 0.8% leaves very little room for error.
- Current liabilities exceed current assets (ratio 0.93).
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 74 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 71 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 28 |
| Momentumhow the price has behaved lately | 64 |
| Stabilityhow violently it moves, what it owes and what it pays you | 70 |
- Equity is a sliver of assets, so return on assets stands in for return on equity, and price-to-book and debt-to-equity are left out.
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 22.9× |
|---|---|
| Price / book | n/m (equity a sliver of assets) |
| Price / sales | 0.2× |
| Revenue growth (YoY) | +5.1% |
| EPS growth (YoY) | +38.4% |
| Gross margin | 4% |
| Operating margin | 1% |
| Net margin | 1% |
| Return on assets | 3.3% (ROE not meaningful: equity a sliver of assets) |
| Debt / equity | n/m (equity a sliver of assets) |
| Current ratio | 0.93 |
| Dividend yield | 1.01% |
| Beta | 0.59 |
| 52-week range | $244.82 – $377.54 |
| Position in that range | 52% of the way up |
| 3-month return | +16.4% |
| 1-year return | +9.1% |
Five years of financials, as filed
Pulled from Cencora's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $321B | $294B | $262B | $239B | $214B |
| Gross profit | $11.5B | $9.9B | $9.0B | $8.3B | $6.9B |
| Operating income | $2.6B | $2.2B | $2.3B | $2.4B | $2.4B |
| Net income | $1.6B | $1.5B | $1.7B | $1.7B | $1.5B |
| Operating cash flow | $3.9B | $3.5B | $3.9B | $2.7B | $2.7B |
| Capital expenditure | $668M | $487M | $458M | $496M | $438M |
| Total assets | $78.4B | $69.1B | $64.7B | $57.9B | $57.6B |
| Shareholder equity | $1.9B | $227M | $912M | -$178M | $242M |
| Cash | $1.8B | $3.2B | $2.9B | $1.7B | $3.2B |
| Long-term debt | $7.6B | $5.9B | $4.2B | $4.7B | $6.4B |
| Free cash flow | $3.2B | $3.0B | $3.5B | $2.2B | $2.2B |
| Gross margin | 3.6% | 3.4% | 3.4% | 3.5% | 3.2% |
| Operating margin | 0.8% | 0.7% | 0.9% | 1.0% | 1.1% |
| Net margin | 0.5% | 0.5% | 0.7% | 0.7% | 0.7% |
| Diluted shares | 195M | 200M | 205M | 211M | 208M |
Share count is down 6.4% over 4 years. Buybacks have been shrinking the pie.
What Cencora says it does
of this Annual Report on Form 10-K, the industries in which we operate are highly competitive. Our pharmaceutical distribution businesses not only compete with other pharmaceutical distributors, but also with manufacturers who sell directly to customers, chain drugstores who manage their own warehousing, specialty distributors, and packaging and healthcare technology companies. In addition, the healthcare industry continues to experience increasing consolidation, including through the formation of strategic alliances among pharmaceutical manufacturers, retail pharmacies, healthcare providers and health insurers, which may create further competitive pressures on our pharmaceutical distribution business. Continued consolidation within the healthcare industry could adversely affect our results of operations, to the extent we experience reduced negotiating power or possible customer losses. Our revenue and results of operations may suffer…
Risk factors COR lists in its 10-K
- Optimize and Grow U.S. Healthcare Solutions Businesses
- Optimize and Grow Our International Healthcare Solutions Businesses
- International Healthcare Solutions Segment
- Increasing governmental efforts to regulate the pharmaceutical supply chain may increase our costs and reduce our profitability)
- Investment in Team Members and Culture
- Data Privacy and Security Regulation
- Our revenue, financial position, results of operations, and cash flows may suffer upon the loss, or renewal at less favorable terms, of a key customer or group purchasing organization
- The anticipated ongoing benefits of our relationship with Walgreens and Boots may not be realized
- A disruption in our distribution or generic purchasing services arrangements with Walgreens or WBAD could adversely affect our business and financial results
- Our results of operations and financial position may be adversely affected if we acquire or invest in businesses that do not perform as we expect or that are difficult for us to integrate
- Our business and results of operations may be adversely affected if we fail to manage and complete divestitures
- We face geopolitical and other risks associated with our international operations, which could materially adversely impact our financial position, results of operations, and cash flows
- We might be adversely impacted by fluctuations in foreign currency exchange rates
- We are subject to operational and logistical risks that might not be covered by insurance