Cencora, Inc.

COR · 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	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
Valuation
Market cap	$60,593	$44,117	$36,148	$28,213	$24,597	$19,848	$17,303	$20,216	$18,071	$17,142	$20,687	$17,575	$14,118	$9,861	$10,155	$8,654	$6,727	$6,050	$8,318	$9,266	$8,220	$6,008	$5,882	$7,497	$4,040	$2,423	$1,201	$1,297	$1,448	$1,012	$493	$344
Enterprise value	$67,223	$47,778	$40,518	$32,697	$31,163	$20,412	$18,536	$22,503	$19,429	$18,837	$22,208	$17,763	$14,284	$10,241	$9,694	$8,339	$6,895	$6,361	$8,438	$9,033	$8,207	$6,575	$6,866	$8,651	$5,339	$2,715	$1,700	$1,702	$1,978	$1,380	$896	$807
P/E (TTM) at period end	38.99×	29.23×	20.71×	16.61×	15.97×	–	20.23×	12.19×	49.58×	12.00×	–	64.09×	32.55×	13.71×	14.37×	13.59×	13.36×	24.15×	17.73×	19.81×	25.75×	12.83×	13.33×	21.73×	32.29×	24.47×	17.79×	25.68×	31.89×	28.51×	48.29×	–
P/S (TTM) at period end	0.19×	0.15×	0.14×	0.12×	0.11×	0.10×	0.10×	0.12×	0.12×	0.12×	0.15×	0.15×	0.16×	0.13×	0.13×	0.11×	0.09×	0.09×	0.13×	0.15×	0.15×	0.11×	0.12×	0.17×	0.25×	0.21×	0.12×	0.15×	0.19×	0.18×	0.11×	0.08×
P/B at period end	40.18×	68.30×	69.25×	–	110.13×	–	6.01×	6.89×	8.75×	8.05×	33.56×	9.05×	6.12×	4.02×	3.54×	2.93×	2.48×	2.23×	2.68×	2.24×	1.92×	1.38×	1.47×	2.26×	1.42×	8.58×	7.22×	17.22×	101.26×	–	–	–
EV / EBITDA (TTM)	21.48×	18.21×	14.68×	11.86×	11.62×	–	12.94×	12.77×	14.69×	10.71×	36.08×	18.75×	13.77×	7.23×	7.58×	7.22×	7.20×	7.04×	9.75×	10.95×	11.47×	6.87×	7.13×	11.02×	18.79×	12.46×	8.77×	10.12×	14.77×	12.61×	8.31×	8.71×
EV / Sales (TTM)	0.21×	0.16×	0.15×	0.14×	0.15×	0.11×	0.10×	0.13×	0.13×	0.13×	0.16×	0.15×	0.16×	0.13×	0.12×	0.11×	0.10×	0.09×	0.13×	0.15×	0.15×	0.12×	0.14×	0.19×	0.33×	0.23×	0.17×	0.20×	0.25×	0.25×	0.19×	0.19×
Returns
Return on equity	103.1%	233.6%	334.3%	–	689.5%	–	29.7%	56.5%	17.7%	67.1%	(22.4%)	14.1%	18.8%	29.3%	24.6%	21.6%	18.5%	9.2%	15.1%	11.3%	7.5%	10.8%	11.0%	10.4%	4.4%	35.1%	40.6%	67.1%	317.5%	–	–	–
Return on invested capital	22.4%	38.3%	38.4%	42.3%	24.1%	–	23.9%	27.7%	12.3%	39.6%	–	15.4%	21.7%	28.8%	30.8%	25.5%	19.0%	16.9%	13.5%	11.6%	9.1%	11.0%	10.8%	9.7%	3.9%	21.6%	15.5%	19.2%	13.4%	20.4%	22.6%	48.2%
Dividend yield	0.7%	0.9%	1.1%	1.4%	1.5%	1.7%	2.0%	1.6%	1.8%	1.7%	1.2%	1.2%	1.4%	1.3%	1.2%	1.0%	0.9%	0.8%	0.4%	0.2%	0.1%	0.2%	0.2%	0.1%	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.90×	0.88×	0.88×	0.91×	0.94×	0.98×	0.95×	0.93×	0.91×	0.90×	0.94×	0.97×	0.97×	0.98×	1.05×	1.08×	1.05×	1.06×	1.11×	1.23×	1.32×	1.36×	1.42×	1.37×	1.36×	1.32×	1.45×	1.40×	1.44×	1.42×	1.46×	1.26×
Debt / equity	5.08×	6.79×	9.17×	(26.96×)	29.93×	(4.04×)	1.45×	1.47×	1.67×	1.97×	5.67×	1.03×	0.61×	0.57×	0.47×	0.45×	0.43×	0.44×	0.40×	0.26×	0.22×	0.33×	0.45×	0.55×	0.56×	1.46×	3.36×	6.03×	41.24×	(11.79×)	(3.21×)	(1.62×)
Effective tax rate	30.6%	24.2%	19.8%	23.7%	30.5%	35.8%	11.7%	(37.2%)	60.3%	(2.7%)	151.4%	57.9%	40.2%	37.4%	37.6%	38.1%	37.9%	38.4%	37.0%	36.8%	37.7%	37.9%	39.2%	39.7%	38.3%	38.0%	40.6%	39.0%	39.2%	31.1%	38.0%	(4.7%)
Share count
Diluted shares outstanding	195	200	205	211	208	205	212	220	222	226	218	235	235	257	278	287	303	325	376	415	431	471	464	449	251	208	207	203	200	184	146	117

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	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
Revenue and gross profit
Revenue	$332,771	$321,333	$293,959	$262,173	$238,587	$213,989	$189,894	$179,589	$167,940	$153,144	$146,850	$135,962	$119,569	$87,959	$78,081	$78,696	$76,496	$71,760	$70,190	$65,672	$61,203	$54,577	$53,179	$49,657	$45,235	$16,191	$11,645	$9,807	$8,669	$7,816	$5,552	$4,669	$4,302
Cost of revenue	($319,550)	($309,854)	($284,049)	($253,214)	($230,291)	($207,046)	($184,702)	($174,451)	($163,327)	($148,598)	($142,577)	($132,432)	($116,587)	($85,451)	($75,446)	($76,237)	($74,218)	($69,660)	($68,143)	($63,453)	($59,098)	($52,718)	($51,066)	($47,410)	($43,210)	($15,491)	($11,124)	($9,332)	($8,246)	($7,427)	($5,247)	($4,400)	($4,058)
Gross profit	$13,221	$11,479	$9,910	$8,959	$8,296	$6,943	$5,192	$5,138	$4,612	$4,546	$4,273	$3,529	$2,982	$2,508	$2,635	$2,459	$2,278	$2,100	$2,047	$2,219	$2,105	$1,859	$2,055	$2,247	$2,024	$700	$521	$476	$423	$389	$305	$269	$243
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($7,654)	($6,494)	($5,661)	($5,310)	($4,849)	($3,594)	($2,767)	($2,664)	($2,460)	($2,129)	($2,091)	($1,908)	($1,581)	($1,334)	($1,153)	($1,138)	($1,113)	($1,120)	($1,119)	($1,340)	($1,377)	($1,234)	($1,185)	($1,293)	($1,221)	($409)	($303)	($282)	($255)	($255)	($195)	($161)	($151)
Total operating expenses	($10,179)	($8,850)	($7,735)	($6,619)	($5,930)	($4,589)	($10,327)	($4,026)	($3,169)	($3,486)	($2,747)	($3,107)	($2,200)	($1,609)	($1,331)	($1,269)	($1,191)	($1,216)	($1,219)	($1,430)	($1,377)	($1,234)	($1,185)	($1,364)	($1,306)	($441)	($320)	($302)	($272)	($270)	($207)	($171)	($165)
Total costs and expenses	($329,730)	($318,704)	($291,783)	($259,833)	($236,221)	($211,635)	($195,029)	($178,477)	($166,496)	($152,083)	($145,324)	($135,540)	($118,787)	($87,061)	($76,777)	($77,506)	($75,409)	($70,876)	($69,362)	($64,883)	($60,475)	($53,952)	($52,308)	($48,774)	($44,516)	($15,932)	($11,445)	($9,634)	($8,517)	($7,696)	($5,454)	($4,571)	($4,224)
Operating income	$3,042	$2,629	$2,175	$2,341	$2,366	$2,354	($5,135)	$1,112	$1,444	$1,060	$1,526	$422	$782	$898	$1,304	$1,190	$1,087	$884	$828	$789	$728	$625	$870	$883	$718	$259	$200	$174	$152	$120	$98	$98	$78
Earnings
EBITDA	$3,607	$3,130	$2,623	$2,760	$2,757	$2,681	($4,845)	$1,433	$1,762	$1,323	$1,758	$616	$948	$1,037	$1,417	$1,279	$1,155	$958	$903	$865	$825	$716	$958	$964	$785	$284	$218	$194	$168	$134	$110	$108	$93
Interest income	–	($292)	($157)	($229)	$21	$8	$21	$38	$15	$4	$4	$3	$1	$1	$2	$2	$2	$5	$11	$43	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($484)	($420)	($249)	($276)	($211)	($174)	($138)	($158)	($175)	($145)	($140)	($109)	($84)	($74)	($93)	($76)	($72)	($64)	($75)	($76)	($12)	($57)	($113)	–	($141)	–	–	–	–	–	–	–	–
Pre-tax income	$3,607	$2,258	$2,004	$2,161	$2,183	$2,222	($5,294)	$967	$1,177	$918	$1,391	$269	$670	$824	$1,217	$1,118	$1,012	$824	$761	$753	$741	$469	$771	$726	$572	$203	$160	$119	$83	$78	$62	$46	($165)
Income tax expense	($967)	($691)	($485)	($428)	($517)	($677)	$1,894	($113)	$438	($553)	$37	($407)	($388)	($331)	($456)	($420)	($385)	($312)	($292)	($279)	($273)	($177)	($292)	($285)	($227)	($78)	($61)	($48)	($32)	($31)	($19)	($17)	($8)
Net income	$2,625	$1,554	$1,509	$1,745	$1,699	$1,540	($3,409)	$855	$1,658	$364	$1,428	($138)	$274	$434	$719	$707	$637	$503	$251	$469	$468	$319	$468	$441	$345	$125	$99	$68	$50	$45	$36	$10	($208)
Per share
Diluted EPS (GAAP)	$13.46	$7.96	$7.53	$8.53	$8.04	$7.39	($16.65)	$4.04	$7.53	$1.64	$6.32	($0.63)	$1.16	$1.84	$2.80	$2.54	$2.22	$1.66	$0.77	$1.25	$1.13	$0.74	$1.01	$0.95	$0.77	$0.50	$0.48	$0.33	$0.25	$0.23	$0.19	$0.07	($1.78)
Basic EPS (GAAP)	$13.52	$8.02	$7.60	$8.62	$8.15	$7.48	($16.65)	$4.07	$7.61	$1.67	$6.73	($0.63)	$1.21	$1.88	$2.84	$2.59	$2.26	$1.67	$0.78	$1.27	$1.14	$0.75	$1.05	$1.01	$0.82	$0.55	$0.48	$0.33	$0.26	$0.23	$0.20	$0.07	($1.78)
Basic shares outstanding	194	194	199	203	208	206	205	210	218	218	212	218	227	231	253	272	282	301	321	370	410	425	447	435	420	229	206	203	191	198	182	146	117
Margins
Gross margin	4.0%	3.6%	3.4%	3.4%	3.5%	3.2%	2.7%	2.9%	2.7%	3.0%	2.9%	2.6%	2.5%	2.9%	3.4%	3.1%	3.0%	2.9%	2.9%	3.4%	3.4%	3.4%	3.9%	4.5%	4.5%	4.3%	4.5%	4.8%	4.9%	5.0%	5.5%	5.8%	5.7%
Operating margin	0.9%	0.8%	0.7%	0.9%	1.0%	1.1%	(2.7%)	0.6%	0.9%	0.7%	1.0%	0.3%	0.7%	1.0%	1.7%	1.5%	1.4%	1.2%	1.2%	1.2%	1.2%	1.1%	1.6%	1.8%	1.6%	1.6%	1.7%	1.8%	1.7%	1.5%	1.8%	2.1%	1.8%
Net margin	0.8%	0.5%	0.5%	0.7%	0.7%	0.7%	(1.8%)	0.5%	1.0%	0.2%	1.0%	(0.1%)	0.2%	0.5%	0.9%	0.9%	0.8%	0.7%	0.4%	0.7%	0.8%	0.6%	0.9%	0.9%	0.8%	0.8%	0.9%	0.7%	0.6%	0.6%	0.6%	0.2%	(4.8%)

Analyst consensus

Buy46 analysts

Bearish · 1 · Hold · 12 · Bullish · 33

Earnings history

	EPS	Estimate
Q4 2024	$3.34	$3.23	Beat
Q1 2025	$3.73	$3.50	Beat
Q2 2025	$4.42	$4.11	Beat
Q3 2025	$4.00	$3.85	Beat
Q4 2025	$3.84	$3.79	Beat
Q1 2026	$4.08	$4.05	Beat
Q2 2026	$4.75	$4.82	Miss
Q3 2026	$4.48	$4.35	Beat

Peers

Company overview

IPO dateApr 4, 1995

CEORobert Mauch

Employees49,000

SectorHealthcare

IndustryMedical - Distribution

CountryUS

ExchangeNew York Stock Exchange

Websitewww.cencora.com

Cencora, Inc. functions as a global leader in the sourcing and distribution of pharmaceutical products, with operations spanning both the United States and international markets. Within its U.S. Healthcare Solutions segment, the company supplies a broad spectrum of pharmaceutical items, including generic and injectable medications, over-the-counter health products, and home healthcare equipment. Its extensive client network includes acute care hospitals, health systems, a variety of retail and mail-order pharmacies (independent, chain, long-term care), medical clinics, and other healthcare providers. This division also manages the distribution of crucial specialized pharmaceutical products like plasma, blood derivatives, and vaccines. Beyond product supply, Cencora offers comprehensive support services, such as pharmacy management, staffing solutions, and strategic consulting. It develops and implements supply management software, provides packaging services for both institutional and retail healthcare settings, and assists with clinical trial support, post-market approval processes, and commercialization strategies. For biotechnology and pharmaceutical manufacturers, the company delivers data analytics, outcomes research, and other specialized services. Furthermore, Cencora serves the animal health market, providing pharmaceuticals, vaccines, parasiticides, diagnostics, and micro feed ingredients for both companion and production animals. It also offers sales force support to manufacturers and specialized services to medical professionals, particularly oncologists, as well as to hospitals and dialysis clinics. The International Healthcare Solutions division concentrates on global pharmaceutical wholesale activities, associated services, and worldwide commercialization support. It ensures the efficient distribution of medicines, various healthcare goods, and related services to an international customer base comprising pharmacies, doctors, health centers, and hospitals. This segment also delivers specialized transportation and logistics solutions specifically designed for the biopharmaceutical sector. Founded in 1871, the company was formerly known as AmerisourceBergen Corporation before adopting the name Cencora, Inc. in August 2023. Its corporate headquarters are situated in Conshohocken, Pennsylvania.

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