Cardinal Health, Inc.

CAH · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Valuation
Market cap	$55,638	$39,193	$23,948	$24,078	$14,240	$16,087	$14,707	$13,272	$13,760	$21,957	$21,982	$23,572	$23,379	$16,228	$14,490	$15,833	$12,059	$10,925	$18,476	$27,896	$27,096	$24,795	$29,760	$28,707	$25,536	$31,137	$21,993	$17,808	$16,951	$5,946	$4,944	$1,954	$1,929	$564	$593	$462	$220	$108	$75	$91	$108
Enterprise value	$60,889	$44,811	$24,225	$25,179	$15,331	$19,398	$18,714	$18,774	$21,010	$25,493	$25,182	$24,448	$24,486	$18,181	$15,110	$16,406	$11,434	$13,350	$21,130	$30,440	$28,198	$25,923	$32,359	$29,684	$26,379	$32,088	$23,402	$18,886	$17,940	$6,009	$5,011	$2,128	$2,113	$686	$781	$542	$260	$202	$155	$164	$119
P/E (TTM) at period end	32.46×	25.11×	28.11×	72.96×	–	26.33×	–	9.74×	53.75×	17.05×	15.40×	19.40×	20.05×	48.59×	13.55×	16.51×	18.78×	9.49×	14.21×	14.45×	27.09×	23.60×	20.18×	20.42×	24.18×	36.32×	32.36×	39.03×	68.60×	32.83×	44.18×	22.99×	54.97×	16.79×	23.52×	26.56×	17.16×	12.32×	11.40×	16.77×	17.93×
P/S (TTM) at period end	0.22×	0.18×	0.11×	0.12×	0.08×	0.10×	0.10×	0.09×	0.10×	0.17×	0.18×	0.23×	0.26×	0.16×	0.13×	0.15×	0.12×	0.11×	0.21×	0.32×	0.34×	0.34×	0.46×	0.51×	0.50×	0.65×	0.57×	0.71×	0.80×	0.32×	0.53×	0.23×	0.33×	0.29×	0.36×	0.39×	0.25×	0.15×	0.14×	0.14×	0.25×
P/B at period end	–	–	–	–	–	8.98×	8.22×	2.10×	2.27×	3.23×	3.35×	3.77×	3.65×	2.72×	2.32×	2.71×	2.29×	1.25×	2.38×	3.78×	3.19×	2.89×	3.73×	3.74×	3.99×	5.73×	5.00×	4.99×	5.74×	4.45×	4.77×	3.56×	5.24×	2.21×	2.70×	2.39×	1.76×	1.60×	1.39×	1.94×	2.59×
EV / EBITDA (TTM)	17.06×	14.62×	12.40×	17.44×	180.36×	15.46×	–	6.14×	18.14×	8.99×	8.12×	9.36×	10.45×	13.05×	7.14×	8.98×	7.32×	8.82×	13.10×	17.95×	13.16×	12.48×	12.35×	12.10×	12.70×	18.15×	15.22×	14.75×	16.67×	6.50×	15.03×	7.46×	20.51×	–	–	–	–	–	–	–	–
EV / Sales (TTM)	0.24×	0.20×	0.11×	0.12×	0.08×	0.12×	0.12×	0.13×	0.15×	0.20×	0.21×	0.24×	0.27×	0.18×	0.14×	0.16×	0.12×	0.14×	0.24×	0.35×	0.35×	0.36×	0.50×	0.52×	0.52×	0.67×	0.61×	0.75×	0.85×	0.33×	0.54×	0.26×	0.36×	0.35×	0.47×	0.46×	0.30×	0.29×	0.30×	0.25×	0.28×
Returns
Return on equity	–	–	–	–	–	34.1%	(206.6%)	21.5%	4.2%	18.9%	21.8%	19.4%	18.2%	5.6%	17.1%	16.4%	12.2%	13.2%	16.8%	26.2%	11.8%	12.2%	18.5%	18.3%	16.5%	15.8%	15.4%	12.8%	8.4%	13.6%	10.8%	15.5%	9.5%	13.1%	11.5%	9.0%	10.2%	13.0%	12.2%	11.6%	14.5%
Return on invested capital	86.5%	59.9%	–	–	(294.7%)	9.6%	(69.2%)	13.6%	–	13.8%	15.9%	18.7%	16.2%	4.7%	16.5%	15.0%	13.6%	7.5%	8.4%	9.2%	12.5%	11.6%	15.1%	17.0%	16.8%	15.0%	13.4%	13.5%	8.6%	17.6%	14.2%	11.3%	7.7%	9.7%	7.2%	7.8%	9.2%	7.0%	5.7%	5.1%	9.4%
Dividend yield	0.9%	1.3%	2.1%	2.2%	3.9%	3.6%	3.9%	4.3%	4.2%	2.6%	2.3%	2.0%	1.8%	2.2%	2.1%	1.7%	2.1%	1.8%	0.9%	0.5%	0.4%	0.2%	0.2%	0.2%	0.2%	0.1%	0.1%	0.3%	0.1%	0.2%	0.2%	0.3%	0.2%	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.88×	0.94×	0.98×	1.00×	1.08×	1.12×	1.10×	1.07×	1.07×	1.34×	1.11×	1.26×	1.19×	1.22×	1.24×	1.22×	1.29×	1.71×	1.37×	1.27×	1.43×	1.37×	1.39×	1.81×	1.75×	1.63×	1.52×	1.75×	1.76×	1.79×	1.65×	1.56×	1.58×	2.70×	2.99×	2.36×	1.77×	1.73×	1.89×	1.94×	2.51×
Debt / equity	(3.08×)	(3.07×)	(1.58×)	(1.59×)	(7.50×)	3.48×	3.79×	1.27×	1.49×	1.53×	0.85×	0.88×	0.62×	0.65×	0.46×	0.43×	0.40×	0.42×	0.50×	0.47×	0.33×	0.31×	0.46×	0.35×	0.35×	0.35×	0.44×	0.35×	0.46×	0.23×	0.36×	0.39×	0.65×	0.74×	0.87×	0.71×	0.38×	1.52×	1.55×	1.79×	1.41×
Effective tax rate	21.6%	25.3%	29.0%	50.1%	(19.5%)	(89.5%)	2.1%	22.0%	213.6%	32.7%	37.1%	38.4%	35.3%	62.3%	37.0%	36.4%	51.6%	34.6%	34.6%	32.9%	31.4%	36.0%	31.6%	32.9%	33.8%	35.6%	39.3%	39.9%	60.3%	65.6%	46.7%	68.0%	50.4%	37.8%	38.5%	38.9%	39.0%	37.5%	41.5%	50.9%	40.0%
Share count
Diluted shares outstanding	237	242	247	262	279	294	293	301	315	320	330	335	345	344	349	353	361	362	364	405	428	436	430	454	453	463	454	428	417	238	231	143	167	86	84	72	67	55	51	49	50

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Revenue and gross profit
Revenue	$254,248	$254,248	$222,578	$226,827	$204,979	$181,326	$162,467	$152,922	$145,534	$136,809	$129,976	$121,546	$102,531	$91,084	$101,093	$107,552	$102,644	$98,503	$95,992	$87,408	$86,852	$79,664	$72,666	$64,523	$56,732	$51,136	$47,948	$38,350	$25,112	$21,076	$18,394	$9,246	$8,342	$5,790	$1,966	$1,648	$1,184	$874	$700	$525	$652	$429
Cost of revenue	($244,474)	($244,474)	($214,410)	($219,413)	($198,105)	($174,842)	($155,689)	($146,054)	($138,700)	($129,628)	($123,432)	($115,003)	($96,819)	($85,923)	($96,172)	($103,011)	($98,482)	($94,722)	($92,244)	($83,631)	($81,607)	–	–	($59,880)	($52,249)	($47,090)	($44,336)	($35,254)	($22,250)	–	–	–	–	($5,418)	($1,832)	($1,532)	($1,097)	($811)	($650)	($487)	($602)	($396)
Gross profit	$9,774	$9,774	$8,168	$7,414	$6,874	$6,484	$6,778	$6,868	$6,834	$7,181	$6,544	$6,543	$5,712	$5,161	$4,921	$4,541	$4,162	$3,781	$3,748	$3,777	$5,245	–	–	$4,741	$4,510	$4,046	$3,612	$3,133	$2,822	–	–	–	–	$372	$134	$116	$87	$63	$50	$37	$50	$33
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($6,132)	($6,132)	($5,382)	($5,000)	($4,800)	($4,512)	($4,533)	($4,572)	($4,480)	($4,596)	($3,775)	($3,648)	($3,240)	($3,028)	($2,875)	($2,677)	($2,528)	($2,397)	($2,320)	($2,341)	($3,082)	($3,199)	($2,862)	($2,346)	($2,228)	($2,074)	($2,000)	($1,627)	($1,565)	($568)	($514)	($433)	($301)	($269)	($68)	($62)	($48)	($35)	($29)	($22)	($34)	($22)
Total operating expenses	($7,161)	($7,161)	($5,893)	($6,171)	($6,122)	($7,091)	($6,306)	($10,966)	($4,774)	($7,055)	($4,424)	($4,084)	($3,551)	($3,276)	($3,925)	($2,749)	($2,648)	($2,474)	($2,460)	($2,385)	($3,872)	–	–	($2,410)	($2,323)	($2,212)	($2,124)	($1,852)	($1,780)	–	–	–	–	($286)	($75)	($68)	($52)	($38)	($32)	($24)	($38)	($24)
Total costs and expenses	($251,635)	($251,635)	($220,303)	($225,584)	($204,227)	($181,933)	($161,995)	($157,020)	($143,474)	($136,683)	($127,856)	($119,087)	($100,370)	($89,199)	($100,097)	($105,760)	($101,130)	($97,196)	($94,704)	($86,016)	($85,478)	($77,819)	($70,884)	($62,192)	($54,544)	($49,302)	($46,460)	($37,069)	($24,069)	($20,218)	($17,678)	($8,953)	($8,087)	($5,704)	($1,908)	($1,600)	($1,150)	($849)	($682)	($512)	($640)	($421)
Operating income	$2,613	$2,613	$2,275	$1,243	$752	($607)	$472	($4,098)	$2,060	$126	$2,120	$2,459	$2,161	$1,885	$996	$1,792	$1,514	$1,307	$1,287	$1,392	$1,374	$1,845	$1,782	$2,331	$2,187	$1,834	$1,487	$1,280	$1,042	$858	$716	$294	$256	$86	$59	$47	$35	$25	$18	$13	$12	$8
Earnings
EBITDA	$3,569	$3,569	$3,065	$1,953	$1,444	$85	$1,255	($3,185)	$3,060	$1,158	$2,837	$3,100	$2,612	$2,344	$1,393	$2,117	$1,827	$1,561	$1,513	$1,612	$1,696	$2,142	$2,078	$2,620	$2,453	$2,077	$1,768	$1,538	$1,280	$1,076	$925	$333	$285	$103	–	–	–	–	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($348)	($348)	($215)	($51)	($84)	($147)	($180)	($238)	($294)	($329)	($201)	($178)	($141)	($133)	($123)	($95)	($93)	($113)	($114)	($136)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,174	$2,174	$2,101	$1,201	$663	($784)	$323	($3,772)	$1,751	($228)	$1,924	$2,276	$1,967	$1,798	$888	$1,698	$1,518	$1,212	$1,160	$1,295	$1,252	$1,835	$1,629	$2,238	$2,127	$1,701	$1,332	$1,078	$759	$402	$312	$202	$146	$71	$54	$41	$28	$21	$14	$8	$11	$10
Income tax expense	($469)	($469)	($532)	($348)	($332)	($153)	$289	$79	($386)	$487	($630)	($845)	($755)	($635)	($553)	($628)	($552)	($625)	($402)	($448)	($413)	($577)	($586)	($707)	($700)	($575)	($475)	($424)	($303)	($243)	($205)	($94)	($100)	($36)	($20)	($16)	($11)	($8)	($5)	($3)	($6)	($4)
Net income	$1,714	$1,714	$1,561	$852	$330	($938)	$611	($3,696)	$1,363	$256	$1,288	$1,427	$1,215	$1,166	$334	$1,069	$959	$642	$1,152	$1,301	$1,931	$1,000	$1,051	$1,474	$1,406	$1,056	$857	$680	$456	$247	$181	$112	$85	$35	$34	$25	$17	$13	$9	$7	$5	$6
Per share
Diluted EPS (GAAP)	$7.23	$7.23	$6.45	$3.45	$1.26	($3.37)	$2.08	($12.61)	$4.53	$0.81	$4.03	$4.32	$3.62	$3.38	$0.97	$3.06	$2.72	$1.77	$3.18	$3.57	$4.77	$2.33	$2.41	$3.35	$3.03	$2.33	$1.85	$1.58	$1.12	$1.02	$0.82	$0.51	$0.62	$0.20	$0.39	$0.30	$0.24	$0.19	$0.16	$0.13	$0.11	$0.12
Basic EPS (GAAP)	$7.27	$7.27	$6.48	$3.48	$1.27	($3.37)	$2.09	($12.61)	$4.55	$0.82	$4.06	$4.36	$3.66	$3.42	$0.98	$3.10	$2.75	$1.79	$3.22	$3.63	$4.89	$2.38	$2.44	$3.39	$3.08	$2.37	$1.90	$1.61	$1.15	$1.05	$0.84	$0.51	$0.63	$0.20	$0.42	$0.31	$0.25	$0.19	$0.19	$0.15	$0.13	$0.14
Basic shares outstanding	236	236	241	245	261	279	292	293	300	313	317	327	332	341	341	345	349	359	358	358	395	421	431	425	446	446	451	446	417	407	234	231	140	166	80	81	70	67	46	44	42	43
Margins
Gross margin	3.8%	3.8%	3.7%	3.3%	3.4%	3.6%	4.2%	4.5%	4.7%	5.2%	5.0%	5.4%	5.6%	5.7%	4.9%	4.2%	4.1%	3.8%	3.9%	4.3%	6.0%	–	–	7.3%	7.9%	7.9%	7.5%	8.2%	11.2%	–	–	–	–	6.4%	6.8%	7.0%	7.4%	7.2%	7.2%	7.1%	7.7%	7.6%
Operating margin	1.0%	1.0%	1.0%	0.5%	0.4%	(0.3%)	0.3%	(2.7%)	1.4%	0.1%	1.6%	2.0%	2.1%	2.1%	1.0%	1.7%	1.5%	1.3%	1.3%	1.6%	1.6%	2.3%	2.5%	3.6%	3.9%	3.6%	3.1%	3.3%	4.1%	4.1%	3.9%	3.2%	3.1%	1.5%	3.0%	2.9%	2.9%	2.8%	2.6%	2.5%	1.9%	2.0%
Net margin	0.7%	0.7%	0.7%	0.4%	0.2%	(0.5%)	0.4%	(2.4%)	0.9%	0.2%	1.0%	1.2%	1.2%	1.3%	0.3%	1.0%	0.9%	0.7%	1.2%	1.5%	2.2%	1.3%	1.4%	2.3%	2.5%	2.1%	1.8%	1.8%	1.8%	1.2%	1.0%	1.2%	1.0%	0.6%	1.7%	1.5%	1.5%	1.5%	1.3%	1.3%	0.8%	1.4%

Analyst consensus

Buy33 analysts

Bearish · 0 · Hold · 15 · Bullish · 18

Earnings history

	EPS	Estimate
Q1 2025	$1.88	$1.62	Beat
Q2 2025	$1.93	$1.74	Beat
Q3 2025	$2.35	$2.17	Beat
Q4 2025	$2.08	$2.04	Beat
Q1 2026	$2.55	$2.18	Beat
Q2 2026	$2.63	$2.34	Beat
Q3 2026	$3.17	$2.79	Beat
Q4 2026	$2.91	$2.42	Beat

Peers

Company overview

IPO dateAug 4, 1983

CEOJason Hollar

Employees61,344

SectorHealthcare

IndustryMedical - Distribution

CountryUS

ExchangeNew York Stock Exchange

Websitewww.cardinalhealth.com

Cardinal Health, Inc. operates as a global, integrated provider of healthcare services and products, with its reach spanning the United States, Canada, Europe, Asia, and other international markets. The company delivers bespoke support to a diverse clientele, including hospitals, healthcare networks, pharmacies, outpatient surgical centers, clinical labs, physician practices, and individuals receiving care at home. It is structured into two core divisions: Pharmaceutical and Medical. The Pharmaceutical division oversees the distribution of a wide array of products, encompassing branded, generic, and specialty pharmaceuticals, along with over-the-counter health and consumer goods. This segment additionally offers specialized services to pharmaceutical manufacturers and healthcare providers, particularly for specialty pharmaceutical products. Its operations extend to managing nuclear pharmacies and facilities that produce radiopharmaceuticals. It also performs repackaging of generic drugs and OTC items. Further offerings include medication therapy management and patient outcomes services for hospitals, other healthcare providers, and payers, in addition to providing pharmacy management solutions to hospitals. The Medical division focuses on producing, sourcing, and supplying Cardinal Health-branded medical, surgical, and laboratory products and devices. This extensive product range encompasses items such as examination and surgical gloves, needles, syringes, sharps disposal units, compression products, incontinence aids, nutritional delivery systems, wound care supplies, single-use drapes, gowns, and apparel, fluid suction and collection devices, urological products, operating room essentials, and electrodes. Beyond its proprietary brands, this segment also distributes various national brand medical, surgical, and laboratory products. It offers comprehensive supply chain management for hospitals, ambulatory surgery centers, clinical laboratories, and other healthcare organizations, and manufactures and sells both sterile and non-sterile procedure kits. Established in 1979, the company maintains its headquarters in Dublin, Ohio.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.