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MCKESSON CORP

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

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
1.4%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+11.1%
We record prices for the companies we cover; MCK is not one of them yet.

Company statistics

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

Profile · FY2026

Market cap
–
Enterprise value
–
Diluted shares
124.1M
Revenue
$403.4B
Free cash flow
$5.7B
Owner earnings
$5.5B

Valuation · FY2026

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

Margins · FY2026

Gross
3.6%
Operating
1.5%
Net
1.2%
Free cash flow
1.4%
Owner earnings
1.4%
Stock pay
0.1%

Returns

ROIC, FY2026
1347.8%
ROIC, 5 yr avg
–
ROE, FY2026
–
ROE, 5 yr avg
–

Growth (CAGR)

Revenue, 3 yr
13.4%
Revenue, 5 yr
11.1%
Revenue, 9 yr
8.2%
Diluted EPS, 3 yr
15.3%
Diluted EPS, 5 yr
–
Diluted EPS, 9 yr
6.0%
Free cash flow, 3 yr
6.2%
Free cash flow, 5 yr
6.9%
Free cash flow, 9 yr
3.1%

Financial health · FY2026

Cash and investments
$4.0B
Total debt
$6.5B
Net debt
$2.6B
Debt/Equity
–
Debt/FCF
1.1x

Shareholder returns · FY2026

Dividend yield
–
Payout ratio
8.0%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-5.0%

Financials: ten years from the 10-Ks

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

Revenue

$403.4B

+8.2% a year over 9 years

FY2017: Revenue $198.5BFY2018: Revenue $208.4BFY2019: Revenue $214.3BFY2020: Revenue $231.1BFY2021: Revenue $238.2BFY2022: Revenue $264.0BFY2023: Revenue $276.7BFY2024: Revenue $309.0BFY2025: Revenue $359.1BFY2026: Revenue $403.4B
FY2017FY2026

Margins

Gross3.6%Operating1.5%Net1.2%

FY2026

FY2017: Gross 5.7%, Operating 3.6%, Net 2.6%FY2018: Gross 5.4%, Operating 0.4%, Net 0.0%FY2019: Gross 5.5%, Operating 0.4%, Net 0.0%FY2020: Gross 5.2%, Operating 1.1%, Net 0.4%FY2021: Gross 5.1%, Operating -2.1%, Net -1.9%FY2022: Gross 5.0%, Operating 0.8%, Net 0.4%FY2023: Gross 4.5%, Operating 1.6%, Net 1.3%FY2024: Gross 4.2%, Operating 1.3%, Net 1.0%FY2025: Gross 3.7%, Operating 1.2%, Net 0.9%FY2026: Gross 3.6%, Operating 1.5%, Net 1.2%
FY2017FY2026

Free cash flow and owner earnings

Free cash flow$5.7BOwner earnings$5.5B

Free cash flow +3.1% a year

FY2017: Free cash flow $4.3B, Owner earnings $4.2BFY2018: Free cash flow $3.9B, Owner earnings $3.9BFY2019: Free cash flow $3.6B, Owner earnings $3.5BFY2020: Free cash flow $4.0B, Owner earnings $3.9BFY2021: Free cash flow $4.1B, Owner earnings $3.9BFY2022: Free cash flow $4.0B, Owner earnings $3.9BFY2023: Free cash flow $4.8B, Owner earnings $4.6BFY2024: Free cash flow $3.9B, Owner earnings $3.7BFY2025: Free cash flow $5.5B, Owner earnings $5.3BFY2026: Free cash flow $5.7B, Owner earnings $5.5B
FY2017FY2026

Diluted shares

124.1M

-44.3% over 9 years, net buybacks

FY2017: Diluted shares 223.0MFY2018: Diluted shares 209.0MFY2019: Diluted shares 197.3MFY2020: Diluted shares 181.6MFY2021: Diluted shares 160.6MFY2022: Diluted shares 154.1MFY2023: Diluted shares 142.2MFY2024: Diluted shares 134.1MFY2025: Diluted shares 128.1MFY2026: Diluted shares 124.1M
FY2017FY2026

Return on invested capital

1347.8%

FY2026

FY2017: ROIC 32.4%FY2018: ROIC –FY2019: ROIC 2.9%FY2020: ROIC 28.9%FY2021: ROIC –FY2022: ROIC 1821.0%FY2023: ROIC –FY2024: ROIC –FY2025: ROIC –FY2026: ROIC 1347.8%
FY2017FY2026

Net debt (below zero)

-$2.6B

$2.6B more debt than cash

FY2017: Net cash -$5.8BFY2018: Net cash -$5.2BFY2019: Net cash -$4.6BFY2020: Net cash -$3.4BFY2021: Net cash -$870.0MFY2022: Net cash -$2.3BFY2023: Net cash -$916.0MFY2024: Net cash -$1.0BFY2025: Net cash $37.0MFY2026: Net cash -$2.6B
FY2017FY2026

Every figure, year by year

Fiscal yearFY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
The business
Revenue$198.5B$208.4B$214.3B$231.1B$238.2B$264.0B$276.7B$309.0B$359.1B$403.4B
Revenue growth4.0%4.9%2.9%7.8%3.1%10.8%4.8%11.7%16.2%12.4%
Gross margin5.7%5.4%5.5%5.2%5.1%5.0%4.5%4.2%3.7%3.6%
Operating margin3.6%0.4%0.4%1.1%-2.1%0.8%1.6%1.3%1.2%1.5%
Net income$5.1B$67.0M$34.0M$900.0M-$4.5B$1.1B$3.6B$3.0B$3.3B$4.8B
Net margin2.6%0.0%0.0%0.4%-1.9%0.4%1.3%1.0%0.9%1.2%
Diluted EPS$22.73$0.32$0.17$4.95$-28.26$7.23$25.03$22.39$25.72$38.38
Return on invested capital?32.4%–2.9%28.9%–1821.0%–––1347.8%
Cash
Operating cash flow$4.7B$4.3B$4.0B$4.4B$4.5B$4.4B$5.2B$4.3B$6.1B$6.2B
Capital expenditure$404.0M$405.0M$426.0M$362.0M$451.0M$388.0M$390.0M$431.0M$537.0M$436.0M
Free cash flow$4.3B$3.9B$3.6B$4.0B$4.1B$4.0B$4.8B$3.9B$5.5B$5.7B
Stock-based compensation$115.0M$69.0M$95.0M$119.0M$151.0M$161.0M$162.0M$182.0M$226.0M$247.0M
Owner earnings?$4.2B$3.9B$3.5B$3.9B$3.9B$3.9B$4.6B$3.7B$5.3B$5.5B
Free cash flow per share$19.46$18.85$18.30$22.09$25.47$26.26$33.54$28.96$43.31$46.08
Capital allocation
Dividends paid$253.0M$262.0M$292.0M$294.0M$276.0M$277.0M$292.0M$314.0M$345.0M$381.0M
Share repurchases$2.3B$1.7B$1.6B$1.9B$742.0M$3.5B$3.6B$3.0B$3.1B$4.8B
Diluted shares223.0M209.0M197.3M181.6M160.6M154.1M142.2M134.1M128.1M124.1M
Share count change?-4.3%-6.3%-5.6%-8.0%-11.6%-4.0%-7.7%-5.7%-4.5%-3.1%
Balance sheet
Cash and equivalents$2.8B$2.7B$3.0B$4.0B$6.3B$3.5B$4.7B$4.6B$5.7B$4.0B
Short-term investments––––––––––
Total debt$8.5B$7.9B$7.6B$7.4B$7.1B$5.9B$5.6B$5.6B$5.7B$6.5B
Net debt$5.8B$5.2B$4.6B$3.4B$870.0M$2.3B$916.0M$1.0B-$37.0M$2.6B
Shareholders' equity$11.1B$9.8B$8.1B$5.1B-$21.0M-$2.3B-$1.9B-$2.0B-$2.1B-$2.2B

Latest filings

All on EDGAR
2026-08-0510-QQuarterly report
2026-08-058-KEarnings release
2026-06-12DEF 14AProxy statement
2026-05-0810-KAnnual report
2026-05-078-KEarnings release
2026-02-0410-QQuarterly report
2026-02-048-KEarnings release
2025-11-0610-QQuarterly report
2025-11-058-KEarnings release
2025-09-188-KEarnings release

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