# Cencora, Inc. (COR)

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

**Price:** USD 338.48 (-0.57% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 340.43 · day 337.11–343.07 · 52w 244.82–377.54 · market cap $64.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $333B, net income $2.62B (0.8% margin), free cash flow $4.06B (SEC filings).
- Valuation: P/E 24.6x (avg 30.1x at the last 3 fiscal year-ends), EV/EBITDA 18.0x, net debt $8.91B.
- Earnings quality: non-operating income $996M vs operating income $3.04B over the last four quarters; P/E excluding non-operating income ≈34.1x (estimate: non-operating income taxed at the company's 26.8% effective rate).
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $4.7M; 2 not under a Rule 10b5-1 plan ($4.1M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $2.3M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.07 on a 1–5 scale) (14 analysts), mean target USD 369.08 (range 330–400).
- Total return with dividends: 1Y +3.8% vs S&P 500 +14.9%; 5Y +191.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 4.57, revenue estimate $87.9B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $214B | $239B | $262B | $294B | $321B | $333B |
| Gross profit | $6.94B | $8.30B | $8.96B | $9.91B | $11.5B | — |
| Operating income | $2.35B | $2.37B | $2.34B | $2.18B | $2.63B | $3.04B |
| Net income | $1.54B | $1.70B | $1.75B | $1.51B | $1.55B | $2.62B |
| EPS (diluted) | $7.39 | $8.04 | $8.53 | $7.53 | $7.96 | — |
| Free cash flow | $2.23B | $2.21B | $3.45B | $3.00B | $3.21B | $4.06B |
| Gross margin | 3.2% | 3.5% | 3.4% | 3.4% | 3.6% | — |
| 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% |
| Revenue growth | +12.7% | +11.5% | +9.9% | +12.1% | +9.3% | — |
| Cash + short-term investments | $2.55B | $3.39B | $2.59B | $3.13B | $4.36B | — |
| Total debt | $6.68B | $5.70B | $4.79B | $4.39B | $7.66B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 24.6x · P/E ex non-operating (est.) ≈34.1x · P/S 0.2x · EV/EBITDA 18.0x · EV/Sales 0.2x · P/FCF 15.9x · P/B 21.2x · FCF yield 6.29% · Earnings yield 4.06% · Dividend yield (paid, TTM) 0.72% · Net debt $8.91B · EV $73.5B
P/E at fiscal year-ends: Sep 2025 39.3x, Sep 2024 29.9x, Sep 2023 21.1x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Krikorian Lazarus | SVP & Chief Accounting Officer | 986 | $299K | 6.1% | Yes | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-09-16 | Greenberg Lon R | Director | 1,280 | $411K | 7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-01 | Krikorian Lazarus | SVP & Chief Accounting Officer | 985 | $321K | 5.7% | Yes | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-08-24 | Campbell Elizabeth S | Executive Vice President | 11,300 | $3.7M | 36.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $2.3M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-22 | Tyler Lauren M | Director | 550 | $149K | 270.23 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-18 | Durcan Dermot Mark | Director | 4,000 | $1.1M | 274.19 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-28 | Durcan Dermot Mark | Director | 4,000 | $1.1M | 266.26 | Too little history (no open-market trades in 2023 or 2025) |

## Analysts
Consensus Buy (mean 2.07 on a 1–5 scale), 14 analysts; mean target USD 369.08 (low 330, high 400).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Baird | Target raised | Outperform | $373 → $375 |
| 2026-10-20 | Argus Research | Target raised | Buy | $340 → $380 |
| 2026-10-16 | UBS | Target lowered | Buy | $430 → $400 |
| 2026-10-07 | Leerink Partners | Target raised | Outperform | $380 → $388 |
| 2026-09-08 | RBC Capital | Reiterated | Sector Perform | $330 |
| 2026-08-19 | RBC Capital | Initiated | Sector Perform | $330 |
| 2026-08-11 | Wells Fargo | Target raised | Overweight | $331 → $395 |
| 2026-08-07 | Morgan Stanley | Target raised | Overweight | $342 → $346 |
| 2026-08-07 | JP Morgan | Target raised | Overweight | $382 → $390 |
| 2026-08-06 | UBS | Target raised | Buy | $412 → $430 |
| 2026-08-06 | Evercore ISI Group | Target raised | Outperform | $330 → $350 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +3.8% | +191.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +3.8% | +23.8% |
| Volatility (annualized) | 32.4% | 21.9% |
| Max drawdown | -32.4% (Nov 2025→May 2026) | -30.6% (Feb 2026→May 2026) |

## Peers (Medical Distribution)
CAH (Cardinal Health, Inc.) USD 255.64 -0.71% · 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/COR · 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)

Named in COR's own 10-K filed 2025-11-25 (https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Walgreens and Boots UK | "As of September 30, 2025, our two largest trade receivable balances due from customers (Walgreens and Boots together and Evernorth Health Services) represented approximately 38% and 5% of our accounts receivable, net." |
| Partner | OneOncology | "In June 2023, we invested $718.4 million (representing a 34.9% interest) in a joint venture to acquire OneOncology, a network of leading oncology practices, with TPG Inc., a global alternative asset management firm, hold…" |
| Partner | The Company and TPG | "In June 2023, we invested $718.4 million (representing a 34.9% interest) in a joint venture to acquire OneOncology, a network of leading oncology practices, with TPG Inc., a global alternative asset management firm, hold…" |
| Partner | PharmaLex Holding | "As of September 30, 2025, our reporting units included U.S. Pharmaceutical Distribution Services, U.S. Consulting Services, MWI Animal Health, Alliance Healthcare, Innomar, World Courier, PharmaLex, and Profarma." |
| Competitor | McKesson (MCK) | "Our largest competitors are McKesson Corporation ("McKesson"), Cardinal Health, Inc. ("Cardinal"), and UPS Logistics, among others." |
| Competitor | Cardinal Health (CAH) | "Our largest competitors are McKesson Corporation ("McKesson"), Cardinal Health, Inc. ("Cardinal"), and UPS Logistics, among others." |
| Competitor | UPS (UPS) | "Our largest competitors are McKesson Corporation ("McKesson"), Cardinal Health, Inc. ("Cardinal"), and UPS Logistics, among others." |

Other companies that name COR in their own reports (relationship from COR'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." |
| partner | DataMeds AI, Inc. (MEDS) | 10-K 2026-03-20 | "Health's distribution agreement with AmerisourceBergen is subject to early termination in certain circumstances and, upon the expiration" |
| competitor | Cryoport, Inc. (CYRX) | 10-K 2026-03-05 | "Life Sciences Services competition is primarily with specialty couriers, who fall into the category of coopetition and include companies such as World Courier (a Cencora company), UPS Healthcare, Quic…" |
| 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…" |
| 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…" |
| supplier | BeOne Medicines Ltd. (ONC) | 10-K 2026-02-26 | "For the year ended December 31, 2025, sales to the Company's three largest product distributors, ASD Specialty Healthcare (Cencora), McKesson and Shanghai Pharmaceutical represented approximately 18.5…" |
| supplier | ADMA BIOLOGICS, INC. (ADMA) | 10-K 2026-02-25 | "As of December 31, 2024, three customers, BioCare, Healix Infusion Therapy, LLC ("Healix") and Cencora, Inc. (f/k/a AmerisourceBergen Corporation), represented an aggregate of approximately 91% of our…" |
| partner | UNITED THERAPEUTICS Corp (UTHR) | 10-K 2026-02-25 | "We distribute Unituxin in the United States through an exclusive distribution agreement with Cencora Global Procurement Ltd (Cencora)." |
| 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…" |
| supplier | Jazz Pharmaceuticals plc (JAZZ) | 10-K 2026-02-24 | "Zepzelca, Rylaze, Ziihera and Vyxeos are sold to customers through subsidiary specialty distributors of McKesson, Cencora, and Cardinal." |
| supplier | Elanco Animal Health Inc (ELAN) | 10-K 2026-02-24 | "Our largest customer, an affiliate of Cencora, Inc., is a third-party veterinary distributor and represented approximately 12% of our total revenue in 2025." |
| supplier | Bausch Health Companies Inc. (BHC) | 10-K 2026-02-19 | "The Company has Distribution Services Agreements ("DSAs") with several large wholesale customers such as McKesson Corporation, Cencora Inc., Cardinal Health, Inc. and McKesson Specialty." |
| supplier | HALOZYME THERAPEUTICS, INC. (HALO) | 10-K 2026-02-17 | "We engage Integrated Commercialization Solutions, a division of AmerisourceBergen Specialty Group, a subsidiary of AmerisourceBergen, to act as our exclusive distributor for commercial shipment and di…" |
| supplier | AMGEN INC (AMGN) | 10-K 2026-02-13 | "Our product sales to three large wholesalers, McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., each individually accounted for more than 10% of total revenues for each of the years 2025,…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| U.S. Healthcare Solutions | $74.86B | 88.3% | +4.9% | $966.2M | 1.3% |
| International Healthcare Solutions | $7.68B | 9.1% | +5.9% | $165.9M | 2.2% |
| Corporate costs (not allocated) | — | — | — | $108.7M | — |
| Total revenue | $84.75B | 100% | — | $1.12B | 1.3% |
The lines above cover 97.4% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Alliance Healthcare | $6.60B | 7.8% | +6.0% |
| Other Healthcare Solutions | $1.08B | 1.3% | +5.4% |
| Total revenue | $84.75B | 100% | — |
The lines above cover 9.1% of total revenue.

## Customer concentration

Period ended 2025-09-30: 25%, 13% of revenue from unnamed direct customers (10-K, filed 2025-11-25).

## Company outlook (8-K filed 2026-10-21)

- "Assuming these stockholders retain 25% of AON through the equity rollover, Cencora expects to pay approximately $1.7 billion to increase its ownership in AON to 75%."
- "Cencora's Fiscal Year 2026 Expectations Cencora does not provide forward-looking guidance on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available or cannot be reasonably estimated."
- "Cencora's Fiscal Year 2026 Expectations on an Adjusted (non-GAAP) Basis Cencora has updated its fiscal year 2026 financial guidance to reflect the strength of the U.S."
- "Cencora now expects adjusted diluted earnings per share (EPS) to be at least $17.90, which is at the high end of the previous range of $17.75 to $17.95."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.57 | $4.61 | -0.9% | $87.91B | 8 |
| Next quarter (ends 2026-12-31) | $4.58 | $4.51 | +1.5% | $90.00B | 8 |
| Current fiscal year (ends 2026-09-30) | $17.88 | $17.78 | +0.5% | $337.03B | 10 |
| Next fiscal year (ends 2027-09-30) | $19.76 | $19.80 | -0.2% | $351.68B | 9 |