Cencora, Inc. (COR)
Health Care · Health Care Distributors · US stock · S&P 500 component
$338.48
▼ -1.95 (0.57%)
Fair valueFair
$331 −2.2% to fair value
$166fair band $282–$401$497
Day's range
$337.11 – $344.43
52-week range
$244.82 – $377.54
About Cencora, Inc.
Cencora is a pharmaceutical distributor that buys medicines and other health products from manufacturers and delivers them to pharmacies, hospitals, clinics and physician practices. It also provides services to drugmakers, including logistics, specialty drug support and consulting, and it has operations in Europe and other regions. Its profits are earned on small spreads over very large sales volumes, so scale, contracts and efficient logistics are central.
Trailing twelve-month revenue stands at $332.8 billion, while revenue grew by 10.4% a year over the past three years. Return on invested capital is 19%, alongside an operating margin of 0.9%. Net debt is 2.2 times EBITDA. The company pays a dividend, and the yield is 0.7%. On the X-Ray Score, it is rated 52 out of 100. The figures are a snapshot of reported results rather than a forecast.
Price chart
52-wk range $244.82 – $377.54Volume 1,183,036Daily, split-adjusted
Vitals
Market cap$65.6B
52-week range$244.82 – $377.54
Volume (last day)1,183,036
P/E (TTM)25.1
EBIT / EV yield4.1%
Free-cash-flow yield6.2%
Dividend yield0.7%
Revenue (TTM)$332.8B
Net income (TTM)$2.6B
Operating margin0.9%
Return on capital18.6%
Debt incl. leases$11.7B
Cash & securities$2.8B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$331middle half of models $271 – $348
Fair
−2.2% to fair value
Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $338
Undervalued < $282Fair $282 – $401Overvalued > $401
P/E multiple
$334
P/B multiple
$648
P/S multiple
$341
EV/EBITDA multiple
$336
EV/EBIT multiple
$285
EV/revenue multiple
$327
10-year DCF, EBITDA exit
$352
5-year DCF, EBITDA exit
$363
10-year DCF, revenue exit
$340
5-year DCF, revenue exit
$350
10-year DCF, growth exit
$224
5-year DCF, growth exit
$215
Dividend discount, stable · not used
$134
Dividend discount, multi-stage
$267
Earnings power value
$253
Growth the price implies
16.5%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
57/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield4.1%
Free-cash-flow yield6.2%
Fair value vs price1.0×
Growth
Fair
62/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)10.4%
EPS growth (3y)-0.3%
Growth consistency100%
Profitability
Weak
45/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital18.6%
Operating margin0.9%
Gross profitability15.8%
Financial health
Weak
40/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA2.2×
Interest coverNo interest cost
Dividends
Fair
57/100
Dividend is typical for its sector.
See the numbers →
Dividend yield0.7%
Dividends vs free cash flow11%
Dividend growth3.7%
Quarterly results: last 6 quarters
+10.3%
Mar '25
+8.7%
Jun '25
+5.9%
Sep '25
+5.5%
Dec '25
+3.8%
Mar '26
+5.1%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $84.8B, diluted EPS $3.94.
Compare with peers
MCK Mckesson Corp57 CAH Cardinal Health Inc53 HSIC Henry Schein Inc42Other Health Care Distributors companies by X-Ray Score.
SWOT analysis: Cencora, Inc.
Strengthsinside the company
- Revenue has grown 10.4% a year over three years (median 7.4% for industry peers).
- Free cash flow equals 6.2% of the market value, which funds dividends, buybacks or debt paydown.
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- Return on invested capital of 18.6% is well below the 55.4% median of industry peers.
- Operating margin of 0.9% is thin against 1.6% for industry peers.
- Altman Z-score of 0.3 is in the zone linked with financial distress in past studies.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare COR with peers and sector
Medians of 3 Health Care Distributors peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): MCK 57, CAH 53, HSIC 42.
| Metric | COR | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 52 | 53 | 49 |
| Valuation | 57 | 57 | 52 |
| Growth | 62 | 69 | 47 |
| Profitability | 45 | 54 | 51 |
| Financial health | 40 | 45 | 48 |
| Dividends | 57 | – | 50 |
Sector leaders: highest X-Ray Score in Health Care
COR ranks #28 of 60 in Health Care and #3 of 4 in Health Care Distributors by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for COR
Each factor is rated by where COR stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 10 Good · 5 Average · 8 Bad of 23
Growth: 1 · 1 · 1
Profitability: 1 · 1 · 3
Financial strength: 1 · 2 · 1
Valuation: 3 · 1 · 1
Cash flow: 2 · 0 · 2
Efficiency: 2 · 0 · 0
| Factor | COR | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +10.4% | Good beats 74% | +5.5% | – | – |
| Revenue growth, last year | +9.3% | Average beats 64% | +7.1% | +11.5% | ▼ Worse |
| EPS growth, 3 years a year | −0.3% | Bad beats 32% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 4.0% | Bad beats 5% | 65.0% | 3.4% | ≈ In line |
| Operating margin | 0.9% | Bad beats 9% | 16.4% | 0.9% | ≈ In line |
| Net margin | 0.8% | Bad beats 11% | 11.1% | 0.7% | ≈ In line |
| Return on invested capital | 18.6% | Average beats 66% | 12.2% | – | – |
| Return on equity | 86.0% | Good beats 97% | 13.7% | 284.0% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | 2.2x | Average beats 44% | 2.0x | 0.8x | ▼ Worse |
| Interest cover | 50.0x | Good beats 82% | 9.4x | – | – |
| Current ratio | 0.93 | Bad beats 16% | 1.52 | 0.90 | ≈ In line |
| Piotroski F-score | 6 / 9 | Average beats 43% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 25.0x | Good beats 67% | 28.2x | 21.1x | ▼ Worse |
| Price / book | 21.5x | Bad beats 6% | 3.7x | 70.2x | ▲ Better |
| Price / sales | 0.2x | Good beats 98% | 3.7x | 0.1x | ≈ In line |
| EV / EBITDA | 18.3x | Average beats 45% | 17.6x | 11.8x | ▼ Worse |
| Free cash flow yield | 6.2% | Good beats 72% | 4.4% | 7.7% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 1.2% | Bad beats 6% | 16.3% | 1.0% | ≈ In line |
| Cash from operations / net income | 1.84 | Good beats 74% | 1.61 | 2.24 | ▼ Worse |
| Free cash flow growth, 3 years a year | +13.3% | Good beats 68% | +4.3% | – | – |
| Accruals (lower is better) | −2.6% | Bad beats 31% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 15.2x | Good beats 92% | 2.9x | 14.8x | ≈ In line |
| Days sales outstanding | 28 days | Good beats 90% | 62 days | 29 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 5 Average · ● 6 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldGood
Risk models
Altman Z''Bad
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Good
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDAAverage
Interest coverGood
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalAverage
Operating marginBad
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 46/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $214.0B | $238.6B | $262.2B | $294.0B | $321.3B |
| Operating income | $2.4B | $2.4B | $2.3B | $2.2B | $2.6B |
| Net income | $1.5B | $1.7B | $1.7B | $1.5B | $1.6B |
| Operating cash flow | $2.7B | $2.7B | $3.9B | $3.5B | $3.9B |
| Operating margin | 1.1% | 1.0% | 0.9% | 0.7% | 0.8% |
| Free cash flow | $2.2B | $2.2B | $3.5B | $3.0B | $3.2B |
| Diluted EPS | $7.39 | $8.04 | $8.53 | $7.53 | $7.96 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 2 neutral · 2 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 336.0 | Bullish |
| EMA 10 | 335.2 | Bullish |
| SMA 20 | 323.4 | Bullish |
| EMA 20 | 329.0 | Bullish |
| SMA 50 | 321.6 | Bullish |
| EMA 50 | 321.3 | Bullish |
| SMA 100 | 308.8 | Bullish |
| EMA 100 | 315.8 | Bullish |
| SMA 200 | 316.6 | Bullish |
| EMA 200 | 312.8 | Bullish |
Oscillators (daily)
| RSI (14) | 63.87 | Neutral |
| MACD (12, 26) | 6.83 | Bullish |
| Momentum (12) | 6.99 | Bullish |
| Stochastic %K (14) | 81.43 | Bearish |
| Williams %R (14) | -18.57 | Bearish |
| CCI (20) | 87.77 | Neutral |
Pivot points (classic, last session)
S3 328.3 | S2 332.7 | S1 335.6 | Pivot 340.0 | R1 342.9 | R2 347.3 | R3 350.2 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.40 USD
Yield on today's price
0.71%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.6000 | |
| 0.6000 | |
| 0.6000 | |
| 0.6000 | |
| 0.5500 | |
| 0.5500 | |
| 0.5500 | |
| 0.5500 | |
| 0.5100 | |
| 0.5100 | |
| 0.5100 | |
| 0.5100 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold COR
| ETF | Share of the fund |
|---|---|
| PPH VanEck Pharmaceutical | 3.36% |
| IYK iShares US Consumer Staples | 2.64% |
| TCAF T. Rowe Price Capital Appreciation Equ... | 2.00% |
| FTCS First Trust Capital Strength | 1.74% |
| IWP iShares Russell Mid-Cap Growth | 1.45% |
| USMV iShares MSCI USA Min Vol Factor | 1.25% |
| RWL Invesco S&P 500 Revenue | 1.23% |
| ACWV iShares MSCI Global Min Vol Factor | 1.06% |
The eight funds with the largest weight in COR among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
COR stock splits
COR has split its stock 3 times since 1999. The latest was a 2-for-1 split on 16 Jun 2009.
Full COR stock split history →COR SEC filings
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.