Cencora, Inc. COR

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 337.84 USD on Nov 2, 2026, +0.6% year to date

Quant rating

Quant rating B Rank 116 of 565 in Health Care

Growth B 148 of 565
Valuation A 69 of 565
Quality A 32 of 565
Revisions D 444 of 565
Momentum B 202 of 565

Wall Street consensus Buy (2.12)Average target 360.81 USD +6.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 64.5B
Enterprise value: 73.6B
52-week range: 245.00 – 377.54
3-year range: 192.18 – 377.54
Dividend yield: 0.73%
Beta (5 years): 0.57
Shares outstanding: 191M
Next earnings: Nov 4, 2026

About the company

Cencora, Inc. is a global pharmaceutical sourcing and distribution services company. The Company helps both healthcare providers and pharmaceutical and biotech manufacturers improve patient access to products and enhance patient care. The Company operates through two segments: U.S. Healthcare Solutions and International Healthcare Solutions. The U.S. Healthcare Solutions segment 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 a variety of healthcare providers, including acute care hospitals and health systems, independent and chain retail pharmacies, long-term care and alternate site pharmacies, and other customers. The International Healthcare Solutions segment consists of businesses that focus on international pharmaceutical wholesale and related service operations and global commercialization services.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	321,333	293,959	262,173	238,587	213,989	–
Revenue growth	9.3%	12.1%	9.9%	11.5%	12.7%	11.1%
EPS (basic, normalized)	16.00	13.76	11.99	11.03	9.26	–
EPS growth	16.3%	14.8%	8.7%	19.1%	–	–
Gross margin	3.5%	3.3%	3.4%	3.5%	3.2%	3.4%
Net margin	0.5%	0.5%	0.7%	0.7%	0.7%	0.6%
ROE	144.3%	258.4%	1,124.4%	28,805.8%	–	7,583.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,815
Current ratio	0.93x
Long-term debt (mil)	11,444
Net debt (mil)	9,096
Total equity (mil)	3,051
Net debt / equity	2.98x
Net debt / EBITDA	1.93x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	321,333	+9.3%	0.2x	4,721	+8.3%	15.6x	16.00	+16.3%	21.1x
2026	337,096	+4.9%	0.2x	5,373	+13.8%	13.7x	17.89	+11.8%	18.9x
2027	352,380	+4.5%	0.2x	5,751	+7.0%	12.8x	19.70	+10.1%	17.1x
2028	368,385	+4.5%	0.2x	6,093	+5.9%	12.1x	21.71	+10.2%	15.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	337,096	0.0%	0.0%	−1.6%	17.89	0.0%	+0.6%	+1.1%
2027	352,380	−0.1%	−1.0%	−3.3%	19.70	−0.5%	−0.8%	+0.4%
2028	368,385	−0.5%	−2.4%	−5.4%	21.71	−1.0%	−1.6%	−0.2%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	68,414	74,241	79,050	81,487	75,454	80,664	83,729	85,932	78,356	84,755
Sales mean (mil)	70,653	73,477	77,653	78,384	75,680	80,144	83,458	86,027	81,093	84,315
Surprise	−3.2%	+1.0%	+1.8%	+4.0%	−0.3%	+0.6%	+0.3%	−0.1%	−3.4%	+0.5%
EPS reported	3.80	3.34	3.34	3.73	4.42	4.00	3.84	4.08	4.75	4.48
EPS mean	3.69	3.22	3.22	3.50	4.11	3.84	3.79	4.04	4.81	4.35
Surprise	+2.9%	+3.8%	+3.7%	+6.4%	+7.7%	+4.2%	+1.4%	+1.0%	−1.3%	+3.0%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
COR Cencora, Inc.	64.5B	1.93x	0.5%	21.13x	18.9x	17.1x	13.7x	12.8x
TMO Thermo Fisher Scientific Inc.	252.9B	3.18x	15.0%	4.62x	27.0x	24.6x	23.0x	21.4x
DHR Danaher Corporation	160.4B	2.71x	14.7%	2.99x	26.5x	24.5x	21.6x	19.8x
BDX Becton Dickinson and Co	54.1B	2.03x	7.7%	2.22x	15.7x	14.9x	11.5x	11.5x
VEEV Veeva Systems Inc.	49.7B	−4.92x	28.4%	6.69x	33.2x	30.0x	25.9x	23.1x
EW Edwards Lifesciences Corporation	53.8B	−1.98x	17.5%	5.06x	31.1x	27.6x	23.5x	21.0x
Mean		0.49x	14.0%	7.12x	25.4x	23.1x	19.9x	18.3x
Median		1.98x	14.8%	4.84x	26.8x	24.5x	22.3x	20.4x

Technical analysis

1M+9.3%
3M+8.7%
1Y+0.8%
3Y+80.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Cencora, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	321,333	293,959	262,173	238,587	213,989	189,894
Cost of revenue	310,041	284,165	253,366	230,252	207,214	184,711
Gross profit	11,292	9,793	8,807	8,335	6,774	5,183
Selling, general & administrative expenses	6,494	5,661	5,310	4,849	3,594	2,767
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,051	1,092	964	694	505	391
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1,118	865	152	381	321	7,182
Other operating expenses	0	0	0	0	0	0
Operating income	2,629	2,175	2,381	2,411	2,354	−5,158
Net interest income (expense)	−297	−158	−238	−225	−174	−138
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−72.8	−13.1	17.3	−2.5	41.7	1.6
Net income before taxes	2,258	2,004	2,161	2,183	2,222	−5,294
Provision for taxes	691	485	428	517	677	−1,894
Minority interest	−13.6	−10.2	12.7	32.3	−4.7	−9.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,554	1,509	1,745	1,699	1,540	−3,409
Extraordinary items	–	–	–	–	–	–
Net income	1,554	1,509	1,745	1,699	1,540	−3,409
EBIT, normalized	3,747	3,040	2,533	2,792	2,675	2,025
EBITDA, normalized	4,815	4,159	3,514	3,502	3,190	2,426
Basic EPS, normalized	16.00	13.76	11.99	11.03	9.26	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Cencora, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	4,356	3,133	2,592	3,388	2,920	4,598
Receivables	26,851	25,136	22,303	20,157	19,661	15,679
Total inventory	20,492	18,999	17,455	15,556	15,368	12,589
Prepaid expenses	501	352	351	488	854	189
Other current assets	38.4	98.6	97.7	0	0	0
Total current assets	52,239	47,718	42,799	39,590	38,803	33,056
Property, plant & equipment	4,088	3,323	3,155	3,080	3,230	1,928
Goodwill	13,677	9,318	9,574	8,504	9,031	6,707
Intangibles	3,774	4,001	4,432	4,333	5,257	1,886
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	2,813	2,742	2,599	1,054	1,018	698
Total assets	76,590	67,102	62,559	56,561	57,338	44,275
Liabilities
Accounts payable	54,720	50,942	45,836	40,193	38,010	31,705
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2,983	2,759	2,354	2,215	2,856	1,647
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	118	576	641	1,070	300	501
Other current liabilities	0	0	0	0	192	0
Total current liabilities	57,821	54,277	48,831	43,478	41,359	33,853
Long-term debt	7,543	3,812	4,146	4,632	6,384	3,618
Minority interest	239	141	144	283	361	179
Other liabilities	9,480	8,226	8,915	8,379	9,011	7,643
Total liabilities	75,082	66,456	62,037	56,772	57,114	45,294
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3.0	3.0	2.9	2.9	2.9	2.9
Additional paid-in capital	6,204	6,031	5,845	5,659	5,465	5,082
Retained earnings (accumulated deficit)	6,534	5,417	4,324	2,978	1,671	518
Treasury stock	−10,332	−9,816	−8,247	−7,020	−6,470	−6,513
Other equity	−901	−989	−1,403	−1,831	−445	−109
Total equity	1,508	646	522	−212	223	−1,019
Total liabilities & shareholders' equity	76,590	67,102	62,559	56,561	57,338	44,275

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Cencora, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,568	1,519	1,733	1,667	1,545	−3,400
Depreciation, depletion & amortization	1,068	1,119	981	710	515	408
Deferred taxes	59.9	−102	−119	196	335	−1,545
Non-cash items	1,144	650	442	270	−95.0	475
Changes in working capital	35.4	299	875	−140	366	6,269
Cash from operations	3,875	3,485	3,911	2,702	2,665	2,207
Investing activities
Capital expenditures	−668	−487	−458	−496	−438	−370
Other investing cash flows	−4,309	−131	−2,144	128	−5,703	−10.2
Cash from investing	−4,977	−618	−2,602	−368	−6,142	−380
Financing activities
Financing cash flow items	−103	−75.8	−80.7	−48.2	−13.7	−33.5
Cash dividends paid	−437	−416	−399	−392	−367	−344
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2,789	−1,839	−1,743	−1,313	2,333	−227
Cash from financing	2,249	−2,331	−2,222	−1,753	1,953	−604
Foreign exchange effects	−50.3	9.4	72.8	−57.9	−3.7	–
Net change in cash	1,097	545	−841	523	−1,528	1,224
Free cash flow	3,207	2,998	3,453	2,206	2,227	1,837

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.