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CORCencora

Health care · Drug Wholesale · NYSE

Cencora is one of the largest global pharmaceutical sourcing and distribution services companies, helping both healthcare providers and pharmaceutical and biotech manufacturers improve patient access to products and enhance patient care. 10-K, Item 1

Employees: 51,000
Headquarters: Conshohocken, PA
CEO: Robert P. Mauch
Next results: around Feb 3, 2027

Compare with peers → Embed

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	13.47	Sales (ttm)	332.8B	Net income (ttm)	2.6B	Sales growth	+9.3%	EPS growth	+5.7%	Sales Q/Q	+5.1%
Free cash flow	4.1B	Gross margin	4.0%	Oper. margin	0.9%	Net margin	0.8%	FCF margin	1.2%	ROE	86.0%
ROA	3.1%	R&D / sales	-	Dividend	2.20	Debt/Eq	3.93	Curr. ratio	0.93	Cash	2.8B
Op. cash flow (ttm)	4.8B	EBITDA	3.7B	EBITDA margin	1.1%	Net debt	9.2B	Quick ratio	0.59	Interest cover	7.37
ROIC	12.1%	Payout ratio	27.6%	Tax rate	30.6%	Stock pay / sales	0.0%	Shares out.	190.8M	Shares Y/Y	-2.5%
Book / share	15.99	Cash / share	14.75	Sales / share	1,743.84	Asset turnover	3.97	Inventory turns	15.12	Days sales out.	29
Sales 3Y CAGR	+10.4%	Sales 5Y CAGR	+11.1%	EPS 3Y CAGR	-0.3%	Employees	51,000	Sales / employee	6.5M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Debt rose 57%$5.0B → $7.8B · Short-term + long-term debt at year end

What management wrote about it → · Every company →

COR against Health care peers

Ten years, side by side → · All 60 →

CORPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth

+9.3%22nd of 60 · median +7.1%

Net margin

0.8%54th of 60 · median 9.6%

Return on equity

86.0%1st of 54 · median 13.1%

Free cash flow margin

1.2%54th of 56 · median 15.5%

Debt / equity (less is better)

3.9349th of 49 · median 0.66

COR and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
COR Cencora	$332.8B	+9.3%	4.0%	0.8%	86.0%	1.2%	3.93
UNH UnitedHealth Group	$449.7B	+11.8%	88.3%	3.5%	15.3%	5.1%	0.71
CVS CVS Health	$420.6B	+7.8%	44.2%	2.6%	13.7%	3.7%	0.75
MCK McKesson	$418.8B	+12.4%	3.7%	1.1%	-	1.7%	-
CI Cigna	$286.3B	+11.2%	20.7%	2.1%	13.8%	-	0.68
CAH Cardinal Health	$257.8B	+14.2%	3.9%	0.7%	-	1.9%	-

FY2021FY2022FY2023FY2024FY2025

From $214.0B of sales to $1.5B of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $238.6B of sales to $1.7B of profit

FY2022, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $262.2B of sales to $1.7B of profit

FY2023, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $294.0B of sales to $1.5B of profit

FY2024, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

From $321.3B of sales to $1.6B of profit

FY2025, from the 10-K income statement and revenue by segment

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$97

FY2022

$97

FY2023

$97

FY2024

$97

FY2025

$96

Cost of revenue
Sales, admin & other
Tax & other
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 4

!
Net margin below the peer median0.8% vs 9.6%
✓
Gross margin up over 5 years2.7% → 3.6%
✓
Return on equity above 15%86.0%
!
A profit in 9 of 10 years

Net margin, FY2016 to FY2025: 1.0% → 0.5%

Balance sheet

2 of 4

✓
Interest covered more than 5 timesOperating income is 7.4× interest expense
!
Debt larger than equityDebt / equity 3.93 on the latest balance sheet (peer median 0.66)
!
Current ratio below 1Current ratio 0.93
✓
Net debt under 3 years of free cash flow$9.2B net debt, 2.3 years

Debt / equity at each year end, FY2016 to FY2025: 1.97 → 5.16

What the debt is made of ↓

Cash and shareholders

4 of 4

✓
Free cash flow positive in every one of 10 years$3.2B last year
✓
Share count down over 5 years−4.7%
✓
Dividend per share up over 5 years$1.66 → $2.20
✓
Cash from operations above net income$3.9B vs $1.6B

Free cash flow, FY2016 to FY2025: 2.7B → 3.2B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Jun 30, 2026 · schedule of Sep 30, 2025

The debt note's own lines, 2025-09-30

Fixed rate $0Floating $799.0M Not stated $8.4B

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
Senior Notes	Notes and bonds	–	not stated	$1.0B
$1,000,000, 2.700% senior notes due 2031	Notes and bonds	2.70%	not stated	$993.8M
Term loan due in 2027	Bank loans	–	floating	$799.0M
$750,000, 3.450% senior notes due 2027	Notes and bonds	3.45%	not stated	$748.1M
2035 Notes	Notes and bonds	5.15%	not stated	$694.9M
2029 Notes	Notes and bonds	4.85%	not stated	$596.6M
2.875% Senior Notes due 2028	Notes and bonds	2.88%	not stated	$583.9M
3.625% Senior Notes due 2032	Notes and bonds	3.62%	not stated	$581.7M
$500,000, 3.250% senior notes due 2025	Notes and bonds	3.25%	not stated	$500.0M
2027 Notes	Notes and bonds	4.62%	not stated	$497.3M
$500,000, 2.800% senior notes due 2030	Notes and bonds	2.80%	not stated	$497.2M
$500,000, 4.250% senior notes due 2045	Notes and bonds	4.25%	not stated	$495.8M
$500,000, 5.125% senior notes due 2034	Notes and bonds	5.12%	not stated	$495.1M
$500,000, 4.300% senior notes due 2047	Notes and bonds	4.30%	not stated	$494.1M
Nonrecourse debt	–	–	not stated	$181.8M
Alliance Healthcare debt	–	–	not stated	$1.4M

All 16 lines

From the debt note in the 10-K's XBRL (0001140859-25-000131), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 321.3B Net income 1.6B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

COR's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue321.3B

Net income1.6B

Free cash flow3.2B

EPS (diluted)7.96

Dividend per share2.20

Diluted shares195.2M

Revenue by business segment

year to Sep 30, 2025

	Revenue	Share	vs year before
US Healthcare Solutions	291.0B	90.6%	+9.7%
International Healthcare Solutions	30.4B	9.5%	+6.1%

10-K 0001140859-25-000131, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	146.8B	153.1B	167.9B	179.6B	189.9B	214.0B	238.6B	262.2B	294.0B	321.3B
Cost of revenue	142.6B	148.6B	163.3B	174.5B	184.7B	207.0B	230.3B	253.2B	284.0B	309.9B
Gross profit	4.3B	4.5B	4.6B	5.1B	5.2B	6.9B	8.3B	9.0B	9.9B	11.5B
SG&A	2.1B	2.1B	2.5B	2.7B	2.8B	3.6B	4.8B	5.3B	5.7B	6.5B
Operating income	1.5B	1.1B	1.4B	1.1B	-5.1B	2.4B	2.4B	2.3B	2.2B	2.6B
Interest expense	123.5M	125.3M	162.1M	167.4M	150.7M	170.9M	219.8M	271.3M	250.1M	356.5M
Pretax income	1.4B	917.9M	1.2B	967.1M	-5.3B	2.2B	2.2B	2.2B	2.0B	2.3B
Income tax	-37.0M	553.4M	-438.5M	113.0M	-1.9B	677.3M	516.5M	428.3M	484.7M	690.5M
Net income	1.4B	364.5M	1.7B	855.4M	-3.4B	1.5B	1.7B	1.7B	1.5B	1.6B
EPS (diluted)	6.32	1.64	7.53	4.04	-16.65	7.39	8.04	8.53	7.53	7.96
Diluted shares	226.0M	221.6M	220.3M	211.8M	204.8M	208.5M	211.2M	204.6M	200.3M	195.2M
Depreciation & amortization	364.7M	397.6M	465.1M	462.4M	391.1M	505.2M	693.9M	963.9M	1.1B	1.1B
EBITDA	1.9B	1.5B	1.9B	1.6B	-4.7B	2.9B	3.1B	3.3B	3.3B	3.7B
Gross margin	2.9%	3.0%	2.7%	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%
Net margin	1.0%	0.2%	1.0%	0.5%	-1.8%	0.7%	0.7%	0.7%	0.5%	0.5%
Revenue growth	-	+4.3%	+9.7%	+6.9%	+5.7%	+12.7%	+11.5%	+9.9%	+12.1%	+9.3%
EPS growth	-	-74.1%	+359%	-46.3%	-512%	-	+8.8%	+6.1%	-11.7%	+5.7%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	2.7B	2.4B	2.5B	3.4B	4.6B	2.5B	3.4B	2.6B	3.1B	4.4B
Receivables	9.2B	10.3B	11.3B	12.4B	13.8B	18.2B	18.5B	20.9B	23.9B	25.2B
Inventory	10.7B	11.5B	11.9B	11.1B	12.6B	15.4B	15.6B	17.5B	19.0B	20.5B
Current assets	22.9B	24.3B	25.9B	28.1B	33.1B	38.8B	39.6B	42.8B	47.7B	52.2B
Property & equipment	1.5B	1.8B	1.9B	1.8B	1.5B	2.2B	2.1B	2.1B	2.2B	2.5B
Goodwill	6.0B	6.0B	6.7B	6.7B	6.7B	9.0B	8.5B	9.6B	9.3B	13.7B
Total assets	33.6B	35.3B	37.7B	39.2B	44.3B	57.3B	56.6B	62.6B	67.1B	76.6B
Accounts payable	23.9B	25.4B	26.8B	28.4B	31.7B	38.0B	40.2B	45.8B	50.9B	54.7B
Current liabilities	25.3B	26.8B	27.9B	29.6B	33.9B	41.4B	43.5B	48.8B	54.3B	57.8B
Total debt	4.2B	3.4B	315.1M	4.3B	4.2B	7.0B	6.8B	5.4B	5.0B	7.8B
Shareholders' equity	2.1B	2.1B	2.9B	2.9B	-1.0B	223.4M	-211.6M	522.0M	645.9M	1.5B
Retained earnings	2.3B	2.4B	3.7B	4.2B	518.3M	1.7B	3.0B	4.3B	5.4B	6.5B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	3.2B	1.5B	1.4B	2.3B	2.2B	2.7B	2.7B	3.9B	3.5B	3.9B
Capital spending	464.6M	466.4M	336.4M	310.2M	369.7M	438.2M	496.3M	458.4M	487.2M	668.0M
Free cash flow	2.7B	1.0B	1.1B	2.0B	1.8B	2.2B	2.2B	3.5B	3.0B	3.2B
Stock-based pay (added back)	65.0M	62.2M	62.3M	58.9M	74.4M	99.6M	93.4M	124.6M	148.0M	148.0M
Dividends paid	288.5M	320.3M	333.0M	339.0M	343.6M	366.6M	391.7M	398.8M	416.2M	437.1M
Buybacks	2.3B	329.9M	639.2M	674.0M	420.4M	82.2M	483.7M	1.2B	1.5B	435.5M
Acquisitions	2.7B	61.6M	785.3M	64.0M	0	5.6B	133.8M	1.4B	69.8M	4.1B
Debt raised	1.0B	0	1.3B	506.9M	599.5M	3.2B	155.2M	157.5M	688.3M	4.5B
Debt repaid	800.0M	750.0M	681.0M	510.9M	598.5M	835.3M	-	811.4M	662.5M	1.3B
Investing cash flow	-3.2B	-498.0M	-1.1B	-375.8M	-379.9M	-6.1B	-368.4M	-2.6B	-618.1M	-5.0B
Financing cash flow	565.1M	-1.3B	-242.9M	-1.1B	-603.6M	2.0B	-1.8B	-2.2B	-2.3B	2.2B
Dividend per share	1.36	1.46	1.52	1.60	1.66	1.76	1.84	1.94	2.04	2.20

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	65.0M	62.2M	62.3M	58.9M	74.4M	99.6M	93.4M	124.6M	148.0M	148.0M
Stock-based pay / revenue	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.0%
Operating lease cost	-	-	-	-	118.1M	161.1M	220.9M	234.6M	245.4M	303.8M
Operating lease cash paid	-	-	-	-	115.0M	148.4M	214.8M	229.2M	247.9M	294.4M
Right-of-use assets	-	-	-	526.3M	443.5M	1.1B	945.0M	1.0B	1.1B	1.5B
Operating lease liabilities	-	-	-	562.1M	478.1M	1.1B	1.0B	1.1B	1.2B	1.7B
Finance lease liabilities	-	-	745K	-	-	-	-	-	-	-

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on COR in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/COR/export.csv") into a cell.