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Cencora, Inc.

COR· NYSE· Wholesale-Drugs, Proprietaries & Druggists' Sundries

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
1.0%
ROIC, 5 yr avg
93.8%
Revenue, 5 yr CAGR
+11.1%
We record prices for the companies we cover; COR is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
195.2M
Revenue
$321.3B
Free cash flow
$3.2B
Owner earnings
$3.1B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
3.6%
Operating
0.8%
Net
0.5%
Free cash flow
1.0%
Owner earnings
1.0%
Stock pay
0.0%

Returns

ROIC, FY2025
38.9%
ROIC, 5 yr avg
93.8%
ROE, FY2025
103.1%
ROE, 5 yr avg
–

Growth (CAGR)

Revenue, 3 yr
10.4%
Revenue, 5 yr
11.1%
Revenue, 9 yr
9.1%
Diluted EPS, 3 yr
-0.3%
Diluted EPS, 5 yr
–
Diluted EPS, 9 yr
2.6%
Free cash flow, 3 yr
13.3%
Free cash flow, 5 yr
11.8%
Free cash flow, 9 yr
1.9%

Financial health · FY2025

Cash and investments
$4.4B
Total debt
$7.5B
Net debt
$3.2B
Debt/Equity
5.0x
Debt/FCF
2.4x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
28.1%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-1.0%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$321.3B

+9.1% a year over 9 years

FY2016: Revenue $146.8BFY2017: Revenue $153.1BFY2018: Revenue $167.9BFY2019: Revenue $179.6BFY2020: Revenue $189.9BFY2021: Revenue $214.0BFY2022: Revenue $238.6BFY2023: Revenue $262.2BFY2024: Revenue $294.0BFY2025: Revenue $321.3B
FY2016FY2025

Margins

Gross3.6%Operating0.8%Net0.5%

FY2025

FY2016: Gross 2.9%, Operating 1.0%, Net 1.0%FY2017: Gross 3.0%, Operating 0.7%, Net 0.2%FY2018: Gross 2.7%, Operating 0.9%, Net 1.0%FY2019: Gross 2.9%, Operating 0.6%, Net 0.5%FY2020: Gross 2.7%, Operating -2.7%, Net -1.8%FY2021: Gross 3.2%, Operating 1.1%, Net 0.7%FY2022: Gross 3.5%, Operating 1.0%, Net 0.7%FY2023: Gross 3.4%, Operating 0.9%, Net 0.7%FY2024: Gross 3.4%, Operating 0.7%, Net 0.5%FY2025: Gross 3.6%, Operating 0.8%, Net 0.5%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$3.2BOwner earnings$3.1B

Free cash flow +1.9% a year

FY2016: Free cash flow $2.7B, Owner earnings $2.6BFY2017: Free cash flow $1.0B, Owner earnings $975.5MFY2018: Free cash flow $1.1B, Owner earnings $1.0BFY2019: Free cash flow $2.0B, Owner earnings $2.0BFY2020: Free cash flow $1.8B, Owner earnings $1.8BFY2021: Free cash flow $2.2B, Owner earnings $2.1BFY2022: Free cash flow $2.2B, Owner earnings $2.1BFY2023: Free cash flow $3.5B, Owner earnings $3.3BFY2024: Free cash flow $3.0B, Owner earnings $2.8BFY2025: Free cash flow $3.2B, Owner earnings $3.1B
FY2016FY2025

Diluted shares

195.2M

-13.6% over 9 years, net buybacks

FY2016: Diluted shares 226.0MFY2017: Diluted shares 221.6MFY2018: Diluted shares 220.3MFY2019: Diluted shares 211.8MFY2020: Diluted shares 204.8MFY2021: Diluted shares 208.5MFY2022: Diluted shares 211.2MFY2023: Diluted shares 204.6MFY2024: Diluted shares 200.3MFY2025: Diluted shares 195.2M
FY2016FY2025

Return on invested capital

38.9%

FY2025

FY2016: ROIC –FY2017: ROIC 13.7%FY2018: ROIC –FY2019: ROIC 27.8%FY2020: ROIC –FY2021: ROIC 40.3%FY2022: ROIC 174.9%FY2023: ROIC 90.4%FY2024: ROIC 124.5%FY2025: ROIC 38.9%
FY2016FY2025

Net debt (below zero)

-$3.2B

$3.2B more debt than cash

FY2016: Net cash -$834.7MFY2017: Net cash -$1.0BFY2018: Net cash -$1.7BFY2019: Net cash -$659.7MFY2020: Net cash $979.5MFY2021: Net cash -$3.8BFY2022: Net cash -$1.2BFY2023: Net cash -$1.6BFY2024: Net cash -$679.1MFY2025: Net cash -$3.2B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$146.8B$153.1B$167.9B$179.6B$189.9B$214.0B$238.6B$262.2B$294.0B$321.3B
Revenue growth8.0%4.3%9.7%6.9%5.7%12.7%11.5%9.9%12.1%9.3%
Gross margin2.9%3.0%2.7%2.9%2.7%3.2%3.5%3.4%3.4%3.6%
Operating margin1.0%0.7%0.9%0.6%-2.7%1.1%1.0%0.9%0.7%0.8%
Net income$1.4B$364.5M$1.7B$855.4M-$3.4B$1.5B$1.7B$1.7B$1.5B$1.6B
Net margin1.0%0.2%1.0%0.5%-1.8%0.7%0.7%0.7%0.5%0.5%
Diluted EPS$6.32$1.64$7.53$4.04$-16.65$7.39$8.04$8.53$7.53$7.96
Return on invested capital?–13.7%–27.8%–40.3%174.9%90.4%124.5%38.9%
Cash
Operating cash flow$3.2B$1.5B$1.4B$2.3B$2.2B$2.7B$2.7B$3.9B$3.5B$3.9B
Capital expenditure$464.6M$466.4M$336.4M$310.2M$369.7M$438.2M$496.3M$458.4M$487.2M$668.0M
Free cash flow$2.7B$1.0B$1.1B$2.0B$1.8B$2.2B$2.2B$3.5B$3.0B$3.2B
Stock-based compensation$65.0M$62.2M$62.3M$58.9M$74.4M$99.6M$93.4M$124.6M$148.0M$148.0M
Owner earnings?$2.6B$975.5M$1.0B$2.0B$1.8B$2.1B$2.1B$3.3B$2.8B$3.1B
Free cash flow per share$12.01$4.68$4.88$9.60$8.97$10.69$10.45$16.88$14.97$16.43
Capital allocation
Dividends paid$288.5M$320.3M$333.0M$339.0M$343.6M$366.6M$391.7M$398.8M$416.2M$437.1M
Share repurchases$2.3B$329.9M$639.2M$674.0M$420.4M$82.2M$483.7M$1.2B$1.5B$435.5M
Diluted shares226.0M221.6M220.3M211.8M204.8M208.5M211.2M204.6M200.3M195.2M
Share count change?3.8%-1.9%-0.6%-3.9%-3.3%1.8%1.3%-3.1%-2.1%-2.5%
Balance sheet
Cash and equivalents$2.7B$2.4B$2.5B$3.4B$4.6B$2.5B$3.4B$2.6B$3.1B$4.4B
Short-term investments––––––––––
Total debt$3.6B$3.4B$4.2B$4.0B$3.6B$6.4B$4.6B$4.1B$3.8B$7.5B
Net debt$834.7M$1.0B$1.7B$659.7M-$979.5M$3.8B$1.2B$1.6B$679.1M$3.2B
Shareholders' equity$2.1B$2.1B$2.9B$2.9B-$1.0B$223.4M-$211.6M$522.0M$645.9M$1.5B

Latest filings

All on EDGAR
2026-10-218-KEarnings release
2026-08-0510-QQuarterly report
2026-08-058-KEarnings release
2026-05-0610-QQuarterly report
2026-05-068-KEarnings release
2026-02-0410-QQuarterly report
2026-02-048-KEarnings release
2026-01-22DEF 14AProxy statement
2025-11-2510-KAnnual report
2025-11-058-KEarnings release

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