Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.5%

Stock buyback support
Stock Buyback 3Y Total is 2.3 Bil

Attractive cash flow generation
CFO LTM is 2.3 Bil

Low stock price volatility
Vol 12M is 30%

Megatrend and thematic drivers
Megatrends include Precision Medicine, Aging Population & Chronic Disease, Digital Health & Telemedicine, and E-commerce Logistics & Data Centers. Show more.

Weak multi-year price returns
2Y Excs Rtn is -17%, 3Y Excs Rtn is -13%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x

Key risks
COR key risks include [1] substantial liabilities from its multi-billion dollar opioid litigation settlement and [2] the financial and legal fallout from a February 2024 cyberattack that exposed sensitive patient data.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.5%
1 Stock buyback support
Stock Buyback 3Y Total is 2.3 Bil
2 Attractive cash flow generation
CFO LTM is 2.3 Bil
3 Low stock price volatility
Vol 12M is 30%
4 Megatrend and thematic drivers
Megatrends include Precision Medicine, Aging Population & Chronic Disease, Digital Health & Telemedicine, and E-commerce Logistics & Data Centers. Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -17%, 3Y Excs Rtn is -13%
6 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x
7 Key risks
COR key risks include [1] substantial liabilities from its multi-billion dollar opioid litigation settlement and [2] the financial and legal fallout from a February 2024 cyberattack that exposed sensitive patient data.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/1/2026

Cencora (COR) stock has lost about 25% since 2/28/2026 because of the following key factors:

1. Cencora missed Q2 Fiscal Year 2026 earnings and revenue estimates, triggering a sharp stock decline. The company reported adjusted diluted EPS of $4.75, falling short of analysts' consensus estimates of $4.82 by $0.07. Additionally, Q2 revenue of $78.4 billion missed analyst forecasts of approximately $81.09 billion by about $2.7 billion. This earnings report, released on May 6, 2026, led to a premarket stock decline of 16.7% and contributed significantly to the overall loss.

2. The company lowered its full-year fiscal 2026 revenue growth expectations due to unfavorable market dynamics. Cencora revised its fiscal 2026 revenue growth outlook to a range of 4% to 6%, down from previous expectations of 7% to 9%. This reduction was primarily attributed to faster-than-expected biosimilar conversions, which typically lead to lower drug prices, and slower anticipated growth in GLP-1 (Glucagon-like peptide-1) sales, which impact higher-margin products.

Show more
Updated on 6/1/2026

Cencora (COR) stock has lost about 25% since 2/28/2026 because of the following key factors:

1. Cencora missed Q2 Fiscal Year 2026 earnings and revenue estimates, triggering a sharp stock decline. The company reported adjusted diluted EPS of $4.75, falling short of analysts' consensus estimates of $4.82 by $0.07. Additionally, Q2 revenue of $78.4 billion missed analyst forecasts of approximately $81.09 billion by about $2.7 billion. This earnings report, released on May 6, 2026, led to a premarket stock decline of 16.7% and contributed significantly to the overall loss.

2. The company lowered its full-year fiscal 2026 revenue growth expectations due to unfavorable market dynamics. Cencora revised its fiscal 2026 revenue growth outlook to a range of 4% to 6%, down from previous expectations of 7% to 9%. This reduction was primarily attributed to faster-than-expected biosimilar conversions, which typically lead to lower drug prices, and slower anticipated growth in GLP-1 (Glucagon-like peptide-1) sales, which impact higher-margin products.

3. Increased operating and interest expenses, partly driven by acquisitions, weighed on profitability. For Q2 fiscal 2026, adjusted operating expenses surged 22.5% year-over-year to $2.1 billion, largely due to integration costs from recent acquisitions, including the February 2026 acquisition of OneOncology, and investments in digital transformation. Furthermore, interest expense increased by 35.1% year-over-year to $140 million, reflecting the company's strategy of funding acquisitions through debt.

4. A securities fraud investigation and significant insider selling by the CEO added to investor uncertainty. The law firm Pomerantz LLP initiated an investigation into Cencora regarding potential claims of securities fraud or other unlawful business practices, following the Q2 earnings report and subsequent stock drop. Concurrently, insider trading data revealed that Cencora's President and CEO, Robert P. Mauch, sold shares valued at an estimated $6,776,655 within the six months leading up to May 6, 2026.

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Stock Movement Drivers

Fundamental Drivers

The -24.2% change in COR stock from 2/28/2026 to 6/16/2026 was primarily driven by a -51.6% change in the company's P/E Multiple.
(LTM values as of)22820266162026Change
Stock Price ($)371.28281.46-24.2%
Change Contribution By: 
Total Revenues ($ Mil)325,778328,6800.9%
Net Income Margin (%)0.5%0.8%55.4%
P/E Multiple44.421.5-51.6%
Shares Outstanding (Mil)194195-0.2%
Cumulative Contribution-24.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/16/2026
ReturnCorrelation
COR-24.2% 
Market (SPY)9.7%-3.9%
Sector (XLV)-4.1%24.9%

Fundamental Drivers

The -23.4% change in COR stock from 11/30/2025 to 6/16/2026 was primarily driven by a -53.1% change in the company's P/E Multiple.
(LTM values as of)113020256162026Change
Stock Price ($)367.45281.46-23.4%
Change Contribution By: 
Total Revenues ($ Mil)321,333328,6802.3%
Net Income Margin (%)0.5%0.8%60.3%
P/E Multiple45.821.5-53.1%
Shares Outstanding (Mil)194195-0.3%
Cumulative Contribution-23.4%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/16/2026
ReturnCorrelation
COR-23.4% 
Market (SPY)10.4%-0.0%
Sector (XLV)-2.2%19.8%

Fundamental Drivers

The -2.6% change in COR stock from 5/31/2025 to 6/16/2026 was primarily driven by a -35.1% change in the company's P/E Multiple.
(LTM values as of)53120256162026Change
Stock Price ($)289.06281.46-2.6%
Change Contribution By: 
Total Revenues ($ Mil)310,232328,6805.9%
Net Income Margin (%)0.5%0.8%42.1%
P/E Multiple33.121.5-35.1%
Shares Outstanding (Mil)194195-0.4%
Cumulative Contribution-2.6%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/16/2026
ReturnCorrelation
COR-2.6% 
Market (SPY)28.8%-2.0%
Sector (XLV)17.4%24.7%

Fundamental Drivers

The 69.7% change in COR stock from 5/31/2023 to 6/16/2026 was primarily driven by a 32.8% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120236162026Change
Stock Price ($)165.82281.4669.7%
Change Contribution By: 
Total Revenues ($ Mil)247,543328,68032.8%
Net Income Margin (%)0.7%0.8%18.7%
P/E Multiple20.721.53.5%
Shares Outstanding (Mil)2021954.0%
Cumulative Contribution69.7%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/16/2026
ReturnCorrelation
COR69.7% 
Market (SPY)86.6%0.7%
Sector (XLV)25.8%28.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
COR Return38%27%25%10%51%-16%206%
Peers Return28%6%25%-2%34%-8%108%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
COR Win Rate58%67%75%58%67%50% 
Peers Win Rate62%52%58%52%57%50% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
COR Max Drawdown-11%-18%-12%-12%-11%-32% 
Peers Max Drawdown-16%-31%-22%-24%-21%-27% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MCK, CAH, HSIC, ZTS, IDXX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/16/2026 (YTD)

How Low Can It Go

EventCORS&P 500
2020 COVID-19 Crash
  % Loss-22.3%-33.7%
  % Gain to Breakeven28.7%50.9%
  Time to Breakeven67 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-21.9%-19.2%
  % Gain to Breakeven28.1%23.8%
  Time to Breakeven199 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-17.0%-3.7%
  % Gain to Breakeven20.5%3.9%
  Time to Breakeven57 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-19.8%-12.2%
  % Gain to Breakeven24.7%13.9%
  Time to Breakeven709 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-14.5%-17.9%
  % Gain to Breakeven17.0%21.8%
  Time to Breakeven77 days123 days
2008-2009 Global Financial Crisis
  % Loss-38.8%-53.4%
  % Gain to Breakeven63.5%114.4%
  Time to Breakeven314 days1085 days

Compare to MCK, CAH, HSIC, ZTS, IDXX

In The Past

Cencora's stock fell -1.6% during the 2025 US Tariff Shock. Such a loss loss requires a 1.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCORS&P 500
2020 COVID-19 Crash
  % Loss-22.3%-33.7%
  % Gain to Breakeven28.7%50.9%
  Time to Breakeven67 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-21.9%-19.2%
  % Gain to Breakeven28.1%23.8%
  Time to Breakeven199 days105 days
2008-2009 Global Financial Crisis
  % Loss-38.8%-53.4%
  % Gain to Breakeven63.5%114.4%
  Time to Breakeven314 days1085 days

Compare to MCK, CAH, HSIC, ZTS, IDXX

In The Past

Cencora's stock fell -1.6% during the 2025 US Tariff Shock. Such a loss loss requires a 1.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Cencora (COR)

Cencora, Inc. (NYSE: COR) is a global healthcare company primarily involved in the sourcing and distribution of a wide array of pharmaceutical products. Acting as a crucial intermediary in the healthcare supply chain, the company ensures that medicines, over-the-counter products, and various healthcare supplies reach a diverse range of providers. Beyond distribution, Cencora offers extensive services designed to enhance the efficiency and operational effectiveness of the healthcare and biopharmaceutical industries.

The company's U.S. operations focus on distributing pharmaceuticals, home healthcare supplies, and medical equipment to acute care hospitals, retail pharmacies, medical clinics, and long-term care facilities. Cencora also provides vital support services, including pharmacy management, consulting, supply chain software, packaging solutions, and clinical trial support for manufacturers. Additionally, it serves the animal health market with pharmaceuticals and diagnostics, and offers specialized distribution for complex products like plasma and injectable medicines to physicians and healthcare providers across various disease states.

Internationally, Cencora operates a significant pharmaceutical wholesale and distribution network, primarily across Europe, serving pharmacies, doctors, and hospitals. This segment also provides global commercialization services and specialized transportation and logistics for the biopharmaceutical industry. Through its comprehensive offerings, Cencora partners with pharmaceutical manufacturers, healthcare providers, and pharmacies worldwide to streamline product access, optimize supply chain management, and deliver critical healthcare solutions.

AI Analysis | Feedback

Here are 1-3 brief analogies for Cencora:

  • Sysco for pharmaceuticals.
  • The Amazon for prescription drug distribution to hospitals and pharmacies.

AI Analysis | Feedback

  • Pharmaceutical Distribution: Cencora distributes a wide range of pharmaceuticals, over-the-counter products, and healthcare supplies to hospitals, pharmacies, and other healthcare providers in the U.S. and internationally.
  • Specialty Pharmaceutical Distribution: The company distributes plasma, blood products, injectable pharmaceuticals, vaccines, and other specialty products to physicians and healthcare providers specializing in various disease states.
  • Animal Health Product Distribution: Cencora distributes pharmaceuticals, vaccines, diagnostics, and micro feed ingredients to the companion animal and production animal markets.
  • Pharmacy Management & Consulting Services: Cencora offers pharmacy management, staffing, and other consulting services to healthcare providers.
  • Supply Management Software: The company provides supply management software solutions to retail and institutional healthcare providers.
  • Healthcare Packaging Solutions: Cencora offers packaging solutions for various institutional and retail healthcare providers.
  • Biopharmaceutical Support Services: The company provides clinical trial support, product post-approval, and commercialization support services for biotechnology and pharmaceutical manufacturers.
  • Data & Research Services: Cencora offers data analytics, outcomes research, and additional services to biotechnology and pharmaceutical manufacturers.
  • Sales Force Services: The company provides sales force services to pharmaceutical manufacturers.
  • Biopharmaceutical Logistics Services: Cencora offers specialty transportation and logistics services tailored for the biopharmaceutical industry.
  • Global Commercialization Services: The company provides global commercialization services for pharmaceutical and healthcare products.

AI Analysis | Feedback

Cencora (COR) primarily sells to other companies and organizations within the healthcare sector, rather than directly to individuals. Based on the provided description, its major customers fall into the following categories:

  • Healthcare Providers and Facilities: This broad category includes acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, physicians specializing in various disease states (such as oncology), dialysis clinics, and other health centers.
  • Pharmaceutical and Biotechnology Manufacturers: Cencora provides various services to biotechnology and pharmaceutical manufacturers, including clinical trial support, product post-approval and commercialization support, data analytics, outcomes research, and sales force services. It also offers specialty transportation and logistics services for the biopharmaceutical industry.
  • Animal Health Market: Cencora distributes pharmaceuticals, vaccines, parasiticides, diagnostics, and other products to customers within the companion animal and production animal markets (e.g., veterinary practices, agricultural businesses).

AI Analysis | Feedback

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AI Analysis | Feedback

Robert P. Mauch, President and Chief Executive Officer

Robert P. Mauch began his more than 30-year career in pharmaceutical care as the founder of Xcenda (formerly Applied Health Outcomes), which provides health economics, strategic, and reimbursement consulting to pharmaceutical companies. He joined Cencora (formerly AmerisourceBergen) in 2007 when the company acquired Xcenda. Mauch transitioned into the role of President and Chief Executive Officer in October 2024. Prior to this, he served as Executive Vice President and Chief Operating Officer, and held various other leadership positions within the company, driving its transformation into a global provider of pharmaceutical-centered healthcare solutions.

James F. Cleary, Executive Vice President and Chief Financial Officer

James F. Cleary is Executive Vice President and Chief Financial Officer for Cencora. He joined Cencora (then AmerisourceBergen) in March 2015. Before becoming CFO in November 2018, he served as Group President, Global Commercialization Services & Animal Health. Cleary previously served as President and Chief Executive Officer of MWI Veterinary Supply, Inc. for 10 years, a company that was acquired by AmerisourceBergen in 2015. He also held management roles at Agri Beef Co. and Morrison Knudsen Corporation.

Elizabeth Campbell, Executive Vice President and Chief Legal Officer

Elizabeth Campbell is the Executive Vice President and Chief Legal Officer for Cencora, Inc. She joined the company (formerly AmerisourceBergen) in 2010 and has over 20 years of experience as a lawyer. Campbell has served in various roles with increasing responsibility, including Deputy General Counsel and Senior Vice President, overseeing legal teams for all businesses and corporate functions. Prior to joining Cencora, she worked in private practice at a large law firm.

Silvana Battaglia, Executive Vice President and Chief Human Resources Officer

Silvana Battaglia is Executive Vice President and Chief Human Resources Officer for Cencora. Before joining Cencora (formerly AmerisourceBergen) in 2019, she held senior human resources leadership roles at Aramark, where she was responsible for human capital strategy for their global workforce. Battaglia also held senior leadership positions at Day & Zimmermann and Merck. She currently serves as an independent member of the board of directors for agilon health.

Francois Mandeville, Executive Vice President, Strategy and M&A

Francois Mandeville was appointed Executive Vice President, Strategy and M&A for Cencora in November 2024. In this role, he is responsible for overseeing Cencora's mergers and acquisitions and strategy execution. Mandeville most recently served as Chief Development Officer at Johnson Controls. Prior to that, he was Senior Vice President, Strategy & Business Development at Danaher Corporation, where he was instrumental in creating strategies that significantly grew the business.

AI Analysis | Feedback

Cencora (symbol: COR) faces several key risks inherent to its operations as a major pharmaceutical distributor:
  • Regulatory and Legal Risks: Cencora operates in a highly regulated industry and is exposed to ongoing legal proceedings, including significant financial settlements related to opioid litigation. The company also faces the possibility of new regulatory challenges and the need to comply with evolving data privacy regulations. Failure to navigate these issues effectively could result in substantial financial penalties, operational restrictions, and damage to its reputation.
  • Cyberattacks and Data Breaches: Cencora is a target for cybercriminals due to the sensitive personal and health information it handles. The company experienced a significant cyberattack in February 2024, which resulted in unauthorized access to its information systems and the theft of personal data, including health diagnoses and prescriptions of hundreds of thousands of individuals. Such breaches can lead to substantial financial consequences and a loss of trust among customers and patients.
  • Supply Chain Disruptions and Geopolitical Risks: As a global distributor of pharmaceutical products, Cencora is susceptible to events beyond its control, such as public health crises, natural disasters, and geopolitical disruptions. These challenges can significantly disrupt operations, impair supply chains, and increase costs, leading to unpredictable financial impacts. Additionally, Cencora's international operations expose it to foreign currency exchange risks and geopolitical uncertainties, which can affect its profitability and strategic objectives.

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Cencora (symbol: COR) operates in several addressable markets related to pharmaceutical distribution and healthcare services. Here are the estimated market sizes for its main products and services:

  • Pharmaceutical Wholesale and Distribution:
    • The global pharmaceutical wholesale and distribution market was estimated at approximately USD 1.2 trillion in 2023 and is projected to reach USD 2.1 trillion by 2032, growing at a Compound Annual Growth Rate (CAGR) of approximately 6.1%. Another estimate projects the global market to reach approximately USD 1.5 trillion by 2033, with a CAGR of 6.2% from 2025 to 2033.
    • In the U.S., the pharmaceutical market size is valued at USD 634.34 billion in 2024 and is predicted to attain around USD 1,107.4 billion by 2034, expanding at a CAGR of 5.73% from 2025 to 2034. Cencora, along with two other major players, collectively supplies over 90% of the U.S. pharmaceutical distribution market.
    • The European pharmaceutical market was valued at USD 411.94 billion in 2024 and is estimated to grow to USD 728.20 billion by 2032, exhibiting a CAGR of 7.5% during the forecast period. Another report values the Europe pharmaceutical market at USD 577.59 billion in 2025, anticipated to grow to USD 1032.76 billion by 2034, at a CAGR of 6.67%.
  • Specialty Pharmaceutical Distribution and Logistics:
    • Specialty pharmaceuticals are expected to account for 70% of new medicines launched through 2027. Additionally, half of all products launched globally through 2027 are expected to require cold chain storage. In the U.S., specialty drugs account for over 50% of total drug spending.
    • The U.S. pharmaceutical logistics market, which includes specialty transportation, was estimated at USD 26.5 billion in 2023 and is projected to reach USD 45.22 billion by 2030, growing at a CAGR of 8.1% from 2024 to 2030.
    • The Europe pharmaceutical logistics market is estimated at USD 90.30 billion in 2025 and is expected to reach USD 109.44 billion by 2030, growing at a CAGR of 3.92%.
  • Clinical Trial Support Services:
    • The global clinical trials support services market size was valued at USD 24.84 billion in 2024 and is poised to grow to USD 49.66 billion by 2033, at a CAGR of 8% during the forecast period (2026–2033). Another estimate places the global market size at USD 25.62 billion in 2025, projected to reach USD 47.00 billion by 2033, with a CAGR of 7.93% from 2026 to 2033.
    • North America held the largest share of the global clinical trials support services market, with more than 40% of the global revenue and a market size of USD 9805.80 million in 2025, projected to grow at a CAGR of 6.2% from 2025 to 2033.
  • Data Analytics in Healthcare:
    • The global big data analytics in healthcare market size was valued at USD 56.47 billion in 2024, projected to reach approximately USD 67.32 billion by 2025, and anticipated to reach around USD 327.57 billion by 2034, growing at a CAGR of 19.21% from 2025 to 2034.
    • North America dominated the global big data analytics in healthcare market with the largest market share of 52% in 2024.
  • Animal Health Product Distribution: null
  • Pharmacy Management, Staffing, and Consulting Services: null

AI Analysis | Feedback

Cencora, Inc. (COR) is expected to drive future revenue growth over the next two to three years through several key strategies and market dynamics:

  1. Leadership and Expansion in Specialty Pharmaceuticals: Cencora's focus on specialty pharmaceuticals, particularly in areas like oncology and retina, is a significant growth driver. This includes the impact of strategic acquisitions such as OneOncology and Retina Consultants of America (RCA), which enhance the company's specialty MSO (Management Services Organization) footprint and clinical research capabilities. The company is also capitalizing on the growth of high-demand products like GLP-1 therapies for diabetes and weight loss.
  2. Robust Performance in U.S. Healthcare Solutions: The U.S. Healthcare Solutions segment consistently demonstrates strong performance and is projected to continue contributing significantly to overall revenue growth. This growth is driven by overall market expansion and sustained demand for pharmaceutical products within acute care hospitals, retail pharmacies, and other healthcare providers in the United States.
  3. International Expansion and Global Commercialization Services: Cencora's International Healthcare Solutions segment is poised for continued growth, particularly in Europe. This segment benefits from its international pharmaceutical wholesale operations and its global commercialization services, which support biotechnology and pharmaceutical manufacturers in bringing products to market worldwide.
  4. Strategic Investments in Distribution Network and Digital Transformation: Cencora is undertaking substantial investments, including a $1 billion commitment through 2030, to strengthen its U.S. distribution network. These investments aim to expand capacity, increase resilience, and enhance cold chain storage capabilities to support the growing volume of specialty pharmaceuticals. Furthermore, the company emphasizes digital transformation and the development of customer-centric solutions to improve operational efficiency and expand its value proposition.

AI Analysis | Feedback

Share Repurchases

  • Cencora repurchased approximately $50 million of its common stock from Walgreens Boots Alliance in February 2025.
  • In May 2024, Cencora repurchased approximately $400 million of its common stock from Walgreens Boots Alliance in a private transaction, contributing to roughly $550 million in total share repurchases during that month.
  • In November 2022, AmerisourceBergen (now Cencora) announced its intent to repurchase approximately $500 million in shares from Walgreens Boots Alliance concurrently with a secondary public offering.

Share Issuance

  • Walgreens Boots Alliance conducted secondary public offerings of Cencora (then AmerisourceBergen) common stock, including 10.5 million shares in August 2023 and 10 million shares in November 2022, from which Cencora did not receive proceeds.
  • Cencora's shares outstanding have generally declined over the past three fiscal years, with decreases of 3.13% in 2023, 2.11% in 2024, and 2.53% in 2025.

Outbound Investments

  • Cencora acquired the majority of outstanding equity interests it did not already own in OneOncology, a physician-led oncology platform, for approximately $4.6 billion in cash in February 2026.
  • In January 2025, Cencora completed the acquisition of approximately 85% interest in Retina Consultants of America (RCA) with a cash outlay of $4.4 billion.
  • In June 2021, the company acquired Alliance Healthcare from Walgreens Boots Alliance for $6.602 billion in cash.

Capital Expenditures

  • Capital expenditures were approximately $668 million in fiscal year 2025.
  • The company anticipates capital expenditures of approximately $900 million for fiscal year 2025.
  • Primary focuses for capital expenditures include investments in advanced information systems, automated warehouse technology for secure supply chains, data analytics, specialty pharmacy platforms, and cold-chain logistics.

Better Bets vs. Cencora (COR)

Latest Trefis Analyses

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Peer Comparisons

Peers to compare with:

Financials

CORMCKCAHHSICZTSIDXXMedian
NameCencora McKesson Cardinal.Henry Sc.Zoetis IDEXX La. 
Mkt Price281.46785.43227.7281.2179.33573.00254.59
Mkt Cap54.896.153.59.333.545.649.6
Rev LTM328,680403,430250,73513,3849,5094,446132,060
Op Inc LTM4,3046,4542,9447523,5731,4063,258
FCF LTM1,5585,4104,3853912,2371,0681,898
FCF 3Y Avg2,4154,7542,9484572,0569012,235
CFO LTM2,2766,1555,0025782,7901,2102,533
CFO 3Y Avg2,9885,5183,5016452,6871,0332,838

Growth & Margins

CORMCKCAHHSICZTSIDXXMedian
NameCencora McKesson Cardinal.Henry Sc.Zoetis IDEXX La. 
Rev Chg LTM5.9%12.4%12.8%5.6%2.6%13.1%9.2%
Rev Chg 3Y Avg9.9%13.4%8.2%2.3%5.5%9.1%8.6%
Rev Chg Q3.8%6.0%11.0%6.3%2.9%14.3%6.2%
QoQ Delta Rev Chg LTM0.9%1.4%2.5%1.5%0.7%3.3%1.4%
Op Inc Chg LTM23.4%34.0%30.0%-2.5%5.0%22.7%23.1%
Op Inc Chg 3Y Avg18.4%13.5%22.4%-2.1%7.6%15.1%14.3%
Op Mgn LTM1.3%1.6%1.2%5.6%37.6%31.6%3.6%
Op Mgn 3Y Avg1.2%1.4%1.1%5.6%36.8%30.2%3.5%
QoQ Delta Op Mgn LTM0.0%0.1%0.0%-0.1%-0.1%0.0%0.0%
CFO/Rev LTM0.7%1.5%2.0%4.3%29.3%27.2%3.2%
CFO/Rev 3Y Avg1.0%1.5%1.5%5.0%29.3%25.5%3.3%
FCF/Rev LTM0.5%1.3%1.7%2.9%23.5%24.0%2.3%
FCF/Rev 3Y Avg0.8%1.3%1.3%3.6%22.4%22.2%2.5%

Valuation

CORMCKCAHHSICZTSIDXXMedian
NameCencora McKesson Cardinal.Henry Sc.Zoetis IDEXX La. 
Mkt Cap54.896.153.59.333.545.649.6
P/S0.20.20.20.73.510.30.5
P/Op Inc12.714.918.212.49.432.513.8
P/EBIT13.814.922.813.59.532.414.3
P/E21.520.234.423.612.741.722.6
P/CFO24.115.610.716.112.037.715.9
Total Yield5.5%5.3%3.8%4.2%10.5%2.4%4.8%
Dividend Yield0.8%0.4%0.9%0.0%2.7%0.0%0.6%
FCF Yield 3Y Avg4.5%5.5%7.9%5.2%3.2%2.2%4.8%
D/E0.20.10.20.40.30.00.2
Net D/E0.20.00.10.40.20.00.1

Returns

CORMCKCAHHSICZTSIDXXMedian
NameCencora McKesson Cardinal.Henry Sc.Zoetis IDEXX La. 
1M Rtn9.2%3.4%16.7%11.7%6.9%8.4%8.8%
3M Rtn-15.7%-16.5%5.5%8.5%-34.5%-2.4%-9.0%
6M Rtn-17.3%-2.8%15.6%5.4%-35.1%-17.3%-10.1%
12M Rtn-3.0%9.6%41.8%14.8%-51.0%8.4%9.0%
3Y Rtn57.8%95.8%162.2%4.1%-51.8%18.6%38.2%
1M Excs Rtn7.8%2.0%15.3%10.3%5.5%7.0%7.4%
3M Excs Rtn-27.6%-28.4%-6.3%-3.4%-46.4%-14.2%-20.9%
6M Excs Rtn-28.3%-13.3%5.5%-3.9%-42.6%-28.6%-20.8%
12M Excs Rtn-29.7%-17.4%17.0%-10.0%-76.6%-16.0%-16.7%
3Y Excs Rtn-12.7%27.1%101.0%-66.2%-124.3%-47.6%-30.2%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
U.S. Healthcare Solutions290,982265,339234,759212,100202,462
International Healthcare Solutions30,36628,62827,41926,49211,530
Intersegment eliminations-16-8-4-5-2
Total321,333293,959262,173238,587213,989


Operating Income by Segment
$ Mil20252024202320222021
U.S. Healthcare Solutions3,5752,9352,5972,4572,258
International Healthcare Solutions648713693706390
Gains from antitrust litigation settlements2361712392169
Last In First Out (LIFO) (expense) credit7752-205-67203
Turkey highly inflationary impact-50-54-87-40 
Litigation and opioid-related credit (expenses)-61-22725-123-273
Restructuring and other expenses, net-229-234-230-63 
Acquisition-related deal and integration expenses-291-103   
Acquisition-related intangibles amortization-553-660-551-305-176
Goodwill impairment-724-4180-76-6
Acquisition, integration, and restructuring expenses  -140-120-199
Impairment of assets  0-5-11
Total2,6292,1752,3412,3662,354


Assets by Segment
$ Mil20192018201720162015
Pharmaceutical Distribution Services33,16131,89329,69128,233 
Other6,0115,7775,6255,4235,267
Pharmaceutical Distribution    22,470
Total39,17237,67035,31633,65627,736


Price Behavior

Price Behavior
Market Price$281.46 
Market Cap ($ Bil)54.8 
First Trading Date04/04/1995 
Distance from 52W High-24.6% 
   50 Days200 Days
DMA Price$287.34$323.88
DMA Trendindeterminatedown
Distance from DMA-2.0%-13.1%
 3M1YR
Volatility41.5%30.1%
Downside Capture15.8512.36
Upside Capture-48.745.35
Correlation (SPY)-5.2%-2.2%
COR Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta-2.63-0.730.000.09-0.010.02
Up Beta-8.77-1.62-0.56-0.50-0.250.03
Down Beta0.620.720.900.45-0.14-0.14
Up Capture-174%-58%-56%-17%4%5%
Bmk +ve Days13283667141432
Stock +ve Days11202661132416
Down Capture-83%35%78%71%25%2%
Bmk -ve Days7132757109318
Stock -ve Days9213763118334

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with COR
COR-4.1%30.1%-0.12-
Sector ETF (XLV)14.4%15.0%0.6924.5%
Equity (SPY)27.2%12.4%1.66-2.2%
Gold (GLD)25.8%27.4%0.82-4.3%
Commodities (DBC)23.3%18.9%0.981.6%
Real Estate (VNQ)13.6%13.5%0.6910.2%
Bitcoin (BTCUSD)-37.7%42.4%-1.00-7.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with COR
COR20.4%22.3%0.79-
Sector ETF (XLV)6.1%14.7%0.2340.9%
Equity (SPY)13.8%17.1%0.6320.0%
Gold (GLD)17.6%18.2%0.782.5%
Commodities (DBC)7.8%19.4%0.305.7%
Real Estate (VNQ)2.5%18.8%0.0421.6%
Bitcoin (BTCUSD)12.1%54.2%0.421.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with COR
COR15.6%27.4%0.57-
Sector ETF (XLV)9.7%16.6%0.4754.3%
Equity (SPY)15.4%18.0%0.7340.0%
Gold (GLD)12.8%16.1%0.66-0.1%
Commodities (DBC)6.2%18.0%0.2712.0%
Real Estate (VNQ)5.6%20.7%0.2334.5%
Bitcoin (BTCUSD)60.7%66.8%1.004.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity5.5 Mil
Short Interest: % Change Since 51520264.5%
Average Daily Volume1.8 Mil
Days-to-Cover Short Interest3
Basic Shares Quantity194.5 Mil
Short % of Basic Shares2.8%

Earnings Returns History

Updated 6/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/2026-17.4%-14.7%-11.4%
2/4/2026-8.8%-0.5%-0.5%
11/5/20252.7%6.0%-1.3%
8/6/2025-2.9%-1.1%0.3%
5/7/20254.7%-4.1%-0.6%
2/5/20250.7%-1.9%1.1%
11/6/20244.9%6.3%4.6%
7/31/20243.0%3.8%2.6%
...
SUMMARY STATS   
# Positive141210
# Negative101214
Median Positive2.7%3.6%3.8%
Median Negative-3.5%-3.5%-3.3%
Max Positive6.1%6.6%13.1%
Max Negative-17.4%-14.7%-11.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/2026-17.4%-14.7%-11.4%
2/4/2026-8.8%-0.5%-0.5%
11/5/20252.7%6.0%-1.3%
8/6/2025-2.9%-1.1%0.3%
5/7/20254.7%-4.1%-0.6%
2/5/20250.7%-1.9%1.1%
11/6/20244.9%6.3%4.6%
7/31/20243.0%3.8%2.6%
5/1/2024-4.1%-5.1%-7.5%
1/31/20245.5%6.6%7.1%
11/2/20232.6%5.1%9.3%
8/2/20231.2%-2.0%-5.1%
5/2/20231.4%0.9%2.3%
2/1/2023-4.7%-7.2%-8.0%
11/3/20222.0%2.2%13.1%
8/3/2022-2.7%1.3%2.9%
5/4/20224.0%5.9%-1.4%
2/2/2022-1.1%3.3%6.0%
11/4/2021-1.2%-2.0%-8.7%
8/4/20211.5%-3.8%-0.5%
5/5/2021-5.6%-4.6%-6.8%
2/4/20216.1%0.7%-0.3%
11/5/20200.4%2.2%-1.5%
8/5/2020-1.1%-3.2%-5.7%
SUMMARY STATS   
# Positive141210
# Negative101214
Median Positive2.7%3.6%3.8%
Median Negative-3.5%-3.5%-3.3%
Max Positive6.1%6.6%13.1%
Max Negative-17.4%-14.7%-11.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/04/202610-Q
09/30/202511/25/202510-K
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/05/202510-Q
09/30/202411/26/202410-K
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202301/31/202410-Q
09/30/202311/21/202310-K
06/30/202308/02/202310-Q
03/31/202305/02/202310-Q
12/31/202202/01/202310-Q
09/30/202211/22/202210-K
06/30/202208/03/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/04/202610-Q
09/30/202511/25/202510-K
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/05/202510-Q
09/30/202411/26/202410-K
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202301/31/202410-Q
09/30/202311/21/202310-K
06/30/202308/02/202310-Q
03/31/202305/02/202310-Q
12/31/202202/01/202310-Q
09/30/202211/22/202210-K
06/30/202208/03/202210-Q
03/31/202205/04/202210-Q
12/31/202102/02/202210-Q
09/30/202111/23/202110-K
06/30/202108/04/202110-Q
03/31/202105/05/202110-Q
12/31/202002/04/202110-Q
09/30/202011/19/202010-K
06/30/202008/05/202010-Q
03/31/202005/07/202010-Q
12/31/201901/30/202010-Q
09/30/201911/19/201910-K
06/30/201908/01/201910-Q

Recent Forward Guidance

Updated 5/31/2026

Latest: Q2 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue Growth4.0%5.0%6.0%-37.5%-3.0%LoweredGuidance: 8.0% for 2026
2026 Adjusted Operating Income Growth12.0%13.0%14.0%4.0%0.5%RaisedGuidance: 12.5% for 2026
2026 Adjusted Diluted EPS17.617.817.91.0% RaisedGuidance: 17.6 for 2026
2026 Net Interest Expense 485.00 Mil -1.0% LoweredGuidance: 490.00 Mil for 2026
2026 Adjusted Effective Tax Rate 20.0% 00AffirmedGuidance: 20.0% for 2026
2026 Adjusted Free Cash Flow 3.00 Bil 0 AffirmedGuidance: 3.00 Bil for 2026
2026 Capital Expenditures 900.00 Mil 0 AffirmedGuidance: 900.00 Mil for 2026

Prior: Q1 2026 Earnings Reported 2/4/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue Growth7.0%8.0%9.0%33.3%2.0%RaisedGuidance: 6.0% for 2026
2026 Adjusted Operating Income Growth11.5%12.5%13.5%38.9%3.5%RaisedGuidance: 9.0% for 2026
2026 EPS17.417.617.80.0% AffirmedGuidance: 17.6 for 2026
2026 Net Interest Expense480.00 Mil490.00 Mil500.00 Mil   
2026 Adjusted Effective Tax Rate 20.0%    
2026 Diluted Weighted Average Shares Outstanding 195.50 Mil    
2026 Free Cash Flow 3.00 Bil    
2026 Capital Expenditures 900.00 Mil    

Insider Activity

Updated 5/28/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Durcan, Dermot Mark DirectBuy5282026266.264,0001,065,0407,393,241Form
2Mauch, Robert PPresident & CEODirectSell2242026358.943,7621,350,33223,472,163Form
3Mauch, Robert PPresident & CEODirectSell2202026359.461,333479,16023,506,168Form
4Mauch, Robert PPresident & CEODirectSell1222026354.735,0961,807,70423,669,714Form
5Battaglia, SilvanaExecutive Vice PresidentDirectSell12222025345.001,677578,5656,484,780Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Durcan, Dermot Mark DirectBuy5282026266.264,0001,065,0407,393,241Form
2Mauch, Robert PPresident & CEODirectSell2242026358.943,7621,350,33223,472,163Form
3Mauch, Robert PPresident & CEODirectSell2202026359.461,333479,16023,506,168Form
4Mauch, Robert PPresident & CEODirectSell1222026354.735,0961,807,70423,669,714Form
5Battaglia, SilvanaExecutive Vice PresidentDirectSell12222025345.001,677578,5656,484,780Form
6Campbell, Elizabeth SExecutive Vice PresidentDirectSell12222025342.103,3511,146,3778,173,159Form
7Mauch, Robert PPresident & CEODirectSell12222025343.455,0961,750,22123,374,864Form
8Krikorian, LazarusSVP & Chief Accounting OfficerDirectSell12192025343.244,0311,383,5805,887,853Form
9Mauch, Robert PPresident & CEODirectSell11192025366.645,0961,868,39724,105,113Form
10Mauch, Robert PPresident & CEODirectSell10212025326.805,0971,665,70012,398,792Form
11Campbell, Elizabeth SExecutive Vice PresidentDirectSell10032025313.281,886590,8464,017,547Form
12Mauch, Robert PPresident & CEODirectSell9222025290.005,0971,478,13011,389,460Form
13Collis, Steven HExecutive ChairmanDirectSell9182025289.8631,3509,087,14288,672,151Form
14Collis, Steven HExecutive ChairmanDirectSell8202025289.9814,5794,227,61889,288,515Form
15Mauch, Robert PPresident & CEODirectSell8202025293.534,9681,458,25711,919,666Form
16Collis, Steven HExecutive ChairmanDirectSell7232025292.6714,5784,266,54390,702,140Form
17Mauch, Robert PPresident & CEODirectSell7222025294.114,9681,461,13812,455,853Form
18Collis, Steven HExecutive ChairmanDirectSell6252025292.6214,5794,266,10791,271,884Form
19Battaglia, SilvanaExecutive Vice PresidentDirectSell6202025297.404,0771,212,5203,359,751Form
20Mauch, Robert PPresident & CEODirectSell6202025295.304,9691,467,34613,020,958Form
21Krikorian, LazarusSVP & Chief Accounting OfficerDirectSell6022025288.963,000866,8814,956,824Form
22Collis, Steven HExecutive ChairmanDirectSell5212025293.8414,5784,283,60092,240,097Form
23Mauch, Robert PPresident & CEODirectSell5212025291.434,9691,448,11613,358,568Form
24Greenberg, Lon R DirectSell5162025279.053,000837,1504,981,322Form
Core Cache Last Updated: 6/16/2026