# Cardinal Health, Inc. (CAH)

> Source: Nexqual · https://nexqual.com/CAH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Cardinal Health, Inc. (CAH), nexqual.com/CAH" · informational, not investment advice.

**Price:** USD 255.64 (-0.71% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 257.46 · day 254.85–259.21 · 52w 158.7–259.21 · market cap $59.2B · NYQ

## Key facts
- Last four reported quarters (through Dec 31, 2025): revenue $245B, net income $1.66B (0.7% margin), free cash flow $5.50B (SEC filings).
- Valuation: P/E 35.6x (avg 29.1x at the last 3 fiscal year-ends).
- 3 of 80 tracked superinvestors hold CAH (13F, Q2 2026): 0 new, 1 added, 0 reduced, 2 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (17 analysts), mean target USD 273.47 (range 235–295).
- Total return with dividends: 1Y +62.1% vs S&P 500 +14.9%; 5Y +470.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 2.94, revenue estimate $66.5B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $181B | $205B | $227B | $223B | $254B | $245B |
| Gross profit | $6.48B | $6.87B | $7.41B | $8.17B | $9.77B | — |
| Operating income | -$607M | $752M | $1.24B | $2.27B | $2.61B | $2.53B |
| Net income | -$938M | $330M | $852M | $1.56B | $1.71B | $1.66B |
| EPS (diluted) | -$3.37 | $1.26 | $3.45 | $6.45 | $7.23 | — |
| Free cash flow | $2.79B | $2.36B | $3.25B | $1.85B | $4.53B | $5.50B |
| Gross margin | 3.6% | 3.4% | 3.3% | 3.7% | 3.8% | — |
| Operating margin | -0.3% | 0.4% | 0.5% | 1.0% | 1.0% | 1.0% |
| Net margin | -0.5% | 0.2% | 0.4% | 0.7% | 0.7% | 0.7% |
| Revenue growth | +11.6% | +13.0% | +10.7% | -1.9% | +14.2% | — |
| Cash + short-term investments | $4.72B | $4.08B | $5.33B | — | — | — |
| Total debt | $5.30B | $4.70B | $5.10B | $8.53B | $7.00B | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Dec 31, 2025)
P/E 35.6x · P/S 0.2x · P/FCF 10.8x · FCF yield 9.29% · Earnings yield 2.81% · Dividend yield (paid, TTM) 0.84% · Buyback yield (TTM) 1.91%
P/E at fiscal year-ends: Jun 2026 32.8x, Jun 2025 26.0x, Jun 2024 28.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold CAH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mason Hawkins | Southeastern Asset Management | 0.09% | $1.7M | Unchanged |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $1.4M | Added +1.7% |
| Mairs & Power | Mairs & Power Funds | <0.01% | $504K | Unchanged |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 17 analysts; mean target USD 273.47 (low 235, high 295).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Mizuho | Target raised | Outperform | $250 → $280 |
| 2026-10-16 | UBS | Target raised | Buy | $280 → $295 |
| 2026-08-19 | RBC Capital | Initiated | Outperform | $276 |
| 2026-08-13 | TD Cowen | Target raised | Buy | $275 → $280 |
| 2026-08-13 | JP Morgan | Target raised | Neutral | $215 → $260 |
| 2026-08-13 | Barclays | Target raised | Overweight | $258 → $275 |
| 2026-08-12 | Citigroup | Target raised | Buy | $265 → $280 |
| 2026-08-12 | Evercore ISI Group | Target raised | Outperform | $265 → $270 |
| 2026-08-12 | Morgan Stanley | Target raised | Overweight | $255 → $265 |
| 2026-08-12 | Mizuho | Target raised | Outperform | $240 → $250 |
| 2026-08-12 | UBS | Target raised | Buy | $274 → $280 |
| 2026-08-12 | Wells Fargo | Target raised | Overweight | $245 → $277 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +62.1% | +470.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +62.4% | +41.6% |
| Volatility (annualized) | 29.1% | 24.6% |
| Max drawdown | -20.4% (Mar 2026→May 2026) | -19.7% (Feb 2026→May 2026) |

## Peers (Medical Distribution)
COR (Cencora, Inc.) USD 338.48 -0.57% · MCK (McKesson Corporation) USD 1,012.34 -0.31% · HSIC (Henry Schein, Inc.) USD 86 +1.16% · AHG (Akso Health Group) USD 1.22 -3.94%

## More
Full page: https://nexqual.com/CAH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name CAH in their own reports (relationship from CAH's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | TAKEDA PHARMACEUTICAL CO LTD (TAK) | 20-F 2026-06-17 | "The sales to Cencora Group, McKesson Group and Cardinal Health Group were JPY 579,065 million, JPY 578,767 million and JPY 436,951 million, respectively, for the year ended March 31, 2024." |
| competitor | MCKESSON CORP (MCK) | 10-K 2026-05-08 | "Our primary competitors in distribution, wholesaling, and logistics are Cencora, Inc. and Cardinal Health, Inc." |
| supplier | Scilex Holding Co (SCLX) | 10-K 2026-04-10 | "Once production is complete, commercial product shipments are sent to the United States, where our exclusive third-party logistics distribution provider, Cardinal Health 105, LLC ("Cardinal Health 105…" |
| supplier | Jaguar Health, Inc. (JAGX) | 10-K 2026-04-07 | "For contracts with Cardinal Health, a single performance obligation is satisfied at a point in time upon each contract's Free On Board ("FOB") terms when control, including title and all risks, has tr…" |
| partner | Autolus Therapeutics plc (AUTL) | 10-K 2026-03-27 | "We intend for the Nucleus to meet the global supply demands of AUCATZYL, with Cardinal Health 105, LLC serving as our commercial distribution partner in the US." |
| partner | bioAffinity Technologies, Inc. (BIAF) | 10-K 2026-03-16 | "have an agreement with Cardinal Health for logistical services assisting in the delivery of collection kits and" |
| competitor | ALPHA PRO TECH LTD (APT) | 10-K 2026-03-11 | "Other large competitors include 3M Company, Johnson & Johnson, White Knight Engineered Products (Precept Medical Products, Inc.), Cardinal Health, Inc. and Medline Industries Inc. Our major competitor…" |
| supplier | CUMBERLAND PHARMACEUTICALS INC (CPIX) | 10-K 2026-03-09 | "In 2025, Cardinal Health Specialty Solutions exclusively handled our U.S. product logistics activities, including warehousing, shipping, and various other customer activities." |
| supplier | SUPERNUS PHARMACEUTICALS, INC. (SUPN) | 10-K 2026-03-02 | "Each of our three major customers, Cencora, Inc., Cardinal Health, Inc., and McKesson Corporation, individually accounted for more than 15% of our total product revenue in 2025 and collectively accoun…" |
| competitor | Solventum Corp (SOLV) | 10-K 2026-02-27 | "Our principal competitors in this segment include Becton Dickinson, Hartmann, ICU Medical, Medline, Cardinal Health, Fortive, Steris, MDF Instruments, and BSN." |
| supplier | Butterfly Network, Inc. (BFLY) | 10-K 2026-02-27 | "Under the Distribution Agreement, Cardinal Health acts as the distribution agent and authorized distributor of record of our products to our customers, including, but not limited to, wholesalers, spec…" |
| supplier | Amneal Pharmaceuticals, Inc. (AMRX) | 10-K 2026-02-27 | "For the year ended December 31, 2025, our four largest customers, Cencora, Inc., McKesson Drug Co., Cardinal Health, Inc., and CVS Health Corporation, collectively accounted for approximately 71% of o…" |
| customer | Medline Inc. (MDLN) | 10-K 2026-02-25 | "Additionally, other distributors of med-surg products similarly connect the fragmented supplier and provider bases and aggregate inventory from suppliers to deliver products to customers, such as McKe…" |
| supplier | Merck & Co., Inc. (MRK) | 10-K 2026-02-24 | "The Company's customers with the largest accounts receivable balances are: McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., which represented approximately 22%, 21% and 13%, respectively…" |
| competitor | AdaptHealth Corp. (AHCO) | 10-K 2026-02-24 | "AdaptHealth competes with other large national providers, including Accendra Health, Lincare Holdings Inc., Rotech Healthcare, Inc., Cardinal Health, Inc. and Quipt Home Medical Corp; regional provide…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.94 | $2.90 | +1.3% | $66.51B | 13 |
| Next quarter (ends 2026-12-31) | $3.13 | $2.99 | +4.8% | $68.29B | 13 |
| Current fiscal year (ends 2027-06-30) | $12.56 | $12.06 | +4.1% | $265.77B | 17 |
| Next fiscal year (ends 2028-06-30) | $14.06 | $13.55 | +3.7% | $281.85B | 17 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±6.9%; earnings reaction alone ±5.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 27.3% | ±3.3% |
| 2026-11-06 | 14 | 42.6% | ±6.9% |
| 2026-11-13 | 21 | 37.2% | ±7.3% |
| 2026-11-20 | 28 | 35.4% | ±8.0% |
| 2026-11-27 | 35 | 33.1% | ±8.3% |
| 2026-12-04 | 42 | 32.4% | ±8.9% |
| 2026-12-18 | 56 | 31.0% | ±9.9% |
| 2027-01-15 | 84 | 29.3% | ±11.4% |