Health Care · Health Care Distributors · US stock · price as of 22 Oct 2026
Key indicators
Price
$338.48
52-week range
$244.82 – $377.54
Market cap
$65.6B
P/E (trailing)
25.1×
EV / EBITDA
18.3×
Free-cash-flow yield
6.2%
Dividend yield
0.7%
Revenue (last 12 months)
$332.8B
Revenue growth (3y a year)
10.4%
Operating margin
0.9%
Return on invested capital
18.6%
Net debt / EBITDA
2.2×
Fair value
Fair value (average of valid models)$331.02 middle half of models $271 – $348
Versus priceFair−2% to fair value
P/E multiple
$333.87
P/B multiple
$647.50
P/S multiple
$341.15
EV/EBITDA multiple
$335.59
EV/EBIT multiple
$285.36
EV/revenue multiple
$326.78
10-year DCF, EBITDA exit
$351.60
5-year DCF, EBITDA exit
$362.76
10-year DCF, revenue exit
$340.41
5-year DCF, revenue exit
$349.84
10-year DCF, growth exit
$224.07
5-year DCF, growth exit
$215.30
Dividend discount, multi-stage
$266.65
Earnings power value
$253.38
Model uncertainty
High
X-Ray Score
52/ 100 · High confidence · ahead of 53% of sector peers
Valuation57
Growth62
Profitability45
Financial health40
Dividends57
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%. The figures are a snapshot of reported results rather than a forecast.
StocksXray gives Cencora, Inc. an X-Ray Score of 52 out of 100 (high confidence), ahead of 53% of the S&P 500 stocks in its sector. Its strongest lens is growth (62) and its weakest is financial health (40).
Our fair value (the average of the valid models) is $331.02 (range $271.33 to $347.67). At $338.48 the stock trades 2% above that value, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Cencora, Inc. (COR)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$113.65
$130.45
$175.51
$221.53
$310.17
$338.48
Market cap
$23.7B
$27.6B
$35.9B
$44.4B
$60.5B
$65.6B
P/E
15.4×
16.2×
20.6×
29.4×
39.0×
25.1×
EV / revenue
0.1×
0.1×
0.1×
0.2×
0.2×
0.2×
EV / EBITDA
9.8×
9.9×
11.6×
14.0×
17.4×
18.3×
Price / free cash flow
10.6×
12.5×
10.4×
14.8×
18.9×
16.2×
Free-cash-flow yield
9.4%
8.0%
9.6%
6.8%
5.3%
6.2%
Price / book
106.1×
–
68.8×
68.7×
40.2×
21.5×
Dividend yield
1.55%
1.41%
1.11%
0.92%
0.71%
0.71%
Fundamentals checklist ● 5 Good · ● 5 Average · ● 6 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.6%Bad
Free-cash-flow yield6.2%Good
Risk models
Altman Z score0.3×Bad
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)−0.3%Bad
Free-cash-flow growth (3y)13.3%Good
Revenue growth (3y)10.4%Good
Growth consistency100%Good
Balance sheet
Current ratio0.9×Bad
Net debt / EBITDA2.2×Average
Interest coverno interest costGood
Valuation
Fair value vs price1.0×Average
EBIT / EV yield4.1%Average
Profitability
Return on invested capital18.6%Average
Operating margin0.9%Bad
Gross profitability15.8%Bad
XStocksXray
Cencora, Inc. (COR)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
213,989
238,587
262,173
293,959
321,333
332,771
Gross profit
6,943
8,296
8,959
9,910
11,479
13,221
Operating income
2,354
2,366
2,341
2,175
2,629
3,042
Net income
1,540
1,699
1,745
1,509
1,554
2,625
Diluted EPS ($)
7.39
8.04
8.53
7.53
7.96
13.46
Free cash flow
2,228
2,207
3,453
2,998
3,207
4,060
Gross margin
3.2%
3.5%
3.4%
3.4%
3.6%
4.0%
Operating margin
1.1%
1.0%
0.9%
0.7%
0.8%
0.9%
Net margin
0.7%
0.7%
0.7%
0.5%
0.5%
0.8%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
57,338
56,561
62,559
67,102
76,590
83,806
Cash
2,547
3,388
2,592
3,133
4,356
2,815
Total debt
6,384
5,703
4,787
4,388
7,661
11,723
Equity
223
-212
522
646
1,508
3,051
Dividend per share ($)
1.76
1.84
1.94
2.04
2.20
2.35
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
