# Cencora (COR.US)

Canonical: https://gigainvestors.com/s/COR

Analysis as of: 2026-10-16T07:27:39.376Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $341.41 per share; close as of 2026-10-15.

Estimated value: low $143.13 per share, central $162.86 per share, high $189.13 per share. Buy at or below the central value $162.86 per share. Valuation as of 2026-10-16T07:27:39.376Z; scenarios are not confidence intervals.

Expected annual return: 6.3% at the stated quote. About 6.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 1

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.01×

- FY2018: 0.01×

- FY2019: 0.01×

- FY2020: 0.01×

- FY2021: 0.01×

- FY2022: 0.01×

- FY2023: 0.01×

- FY2024: 0.01×

- FY2025: 0.01×

- LTM to Jun 2026: 0.01×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 22.4%

- ROIC, second-lowest year: 20.7%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 2.9%

- Recent gross margin (lower of latest and 3-year median): 3.2%

- Years with nonpositive capital: 10

- Capital spending / revenue: 0.2%

- ROIC including acquisitions, ten-year median: 19.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 22.4%

- FY2018: 21.7%

- FY2019: 22.4%

- FY2020: 40.3%

- FY2021: 20.7%

- FY2022: 28.5%

- FY2023: 26.7%

- FY2024: 31.6%

- FY2025: 20.7%

- LTM to Jun 2026: 21.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.23×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $9.9B

- Net income, five-year total: $8.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -0.4 pp

- Working capital / revenue, final three-year average: -2.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.04×

- FY2022: 1.13×

- FY2023: 1.30×

- FY2024: 1.42×

- FY2025: 1.26×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 22.4% vs 26.7%

- Per-share earnings: 1.87 to 7.96 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.1%

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: $43B

- Cumulative retained earnings: $4.1B

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 19.8%

- Per-share value change: $6.09

- Per-share value, starting three-year median: $1.87

- Per-share value, ending three-year median: $7.96

- Buybacks concentrated in cheaper years (correlation): -0.03

- Average buyback yield: 2.3%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $15B

- Cumulative net income, 10 years: $9.0B

- ROIC, first three-year median: 22.4%

- ROIC, last three-year median: 26.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $6.32

- FY2017: $1.87

- FY2018: $7.53

- FY2019: $4.04

- FY2020: -$16.60

- FY2021: $7.39

- FY2022: $8.04

- FY2023: $8.53

- FY2024: $7.53

- FY2025: $7.96

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.49×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 11.57×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.2%

- FY2017: -3.0%

- FY2018: 0.7%

- FY2019: -3.8%

- FY2020: -12.7%

- FY2021: -2.0%

- FY2022: -1.8%

- FY2023: -3.5%

- FY2024: -2.9%

- FY2025: -3.0%

## Holders

## Price story

Price needs cash profits to grow 10.2% a year for ten years · "Cencora Says Famed GLP-1 Class Products Drive Growth, Boosts Profit Outlook" (finance.yahoo.com, Aug 2025) · sales +3.6%

Story as of 2026-10-16T09:58:33.198Z; price observation 2026-10-15.

Price needs cash profits to grow 10.2% a year for ten years

- 2025-08-06: Cencora raises annual profit forecast on strong demand for specialty drugs ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/cencora-raises-annual-profit-forecast-115057647.html))

- 2025-11-05: Cencora to invest $1 billion on US drug distribution, posts upbeat 2026 forecast ([finance.yahoo.com](https://finance.yahoo.com/news/cencora-invest-1-billion-us-153805105.html))

- 2026-02-04: Cencora outlines 11.5%-13.5% operating income growth for 2026 while integrating OneOncology ([seekingalpha.com](https://seekingalpha.com/news/4547354-cencora-outlines-11_5-percentminus-13_5-percent-operating-income-growth-for-2026-while?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-17: Cencora Legal Probes Test Investor Confidence After Weaker Q2 Revenue Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/cencora-legal-probes-test-investor-211337312.html))

- 2026-08-05: COR Stock Gains as Q3 Earnings Beat on Segment Growth, EPS View Raised ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/cor-stock-gains-q3-earnings-145000957.html))

### Sales · FY2025–2026

sales +3.6%; source https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm; observed 2025-11-25.

- FY2017: $153B 

- FY2018: $168B 

- FY2019: $180B 

- FY2020: $190B 

- FY2021: $214B 

- FY2022: $239B 

- FY2023: $262B 

- FY2024: $294B 

- FY2025: $321B 

- FY2026: $333B 

### Gross margin · FY2026

gross margin 3.7%; source https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm; observed 2025-11-25.

- FY2017: 2.7% 

- FY2018: 2.4% 

- FY2019: 2.5% 

- FY2020: 2.5% 

- FY2021: 2.9% 

- FY2022: 3.2% 

- FY2023: 3.0% 

- FY2024: 3.0% 

- FY2025: 3.2% 

- FY2026: 3.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical distribution; annual sales are USD 321.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm (filed 2025-11-25); FY2025: revenue 321332819000; grossProfit 10141521000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COR.US: Cencora, Inc. sources and distributes pharmaceutical products in the United States and internationally. The company's U.S. Healthcare Solutions segment distributes generic and injectable pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, and other customers; distributes plasma and other blood products, vaccines, and other specialty pharmaceutical products; provides pharmacy management, staffing, and other consulting services; supply management software to retail and institutional healthcare providers; packaging solutions to institutional and retail healthcare providers; clinical trial support, product post-approval, and commercialization support services; data analytics, outcomes research, and other services for biotechnology and pharmaceutical manufacturers; pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, and other products to the companion animal and production animal markets; sales force services to manufacturers; and offers other services to physicians who specialize in various disease states, such as oncology, as well as to other healthcare providers, including hospitals and dialysis clinics. Its International Healthcare Solutions segment provides international pharmaceutical wholesale and related service, and global commercialization services; distributes pharmaceuticals, other healthcare products, and related services to pharmacies, doctors, health centers, and hospitals; and offers specialty transportation and logistics services for the biopharmaceutical industry. The company was formerly known as AmerisourceBergen Corporation and changed its name to Cencora, Inc. in August 2023. Cencora, Inc. was founded in 1871 and is headquartered in Conshohocken, Pennsylvania.

### Why customers stay

Margins ranged from 3% to 3.2% during 2023–25; it earns 22.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2023: grossProfit / revenue = 3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2024: grossProfit / revenue = 3%.

- Source: https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm (filed 2025-11-25); FY2025: grossProfit / revenue = 3.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); 10-year return on capital observations [[2017,0.2239406427044984],[2018,0.21736456015153563],[2019,0.22360507785448552],[2020,0.40345570868450786],[2021,0.20720288747360768],[2022,0.2847129049464927],[2023,0.2672374642014872],[2024,0.31578263655361527],[2025,0.2066236057689201],[2026,0.214776707360943]]; median 0.22377286027949195. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 3% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm (filed 2025-11-25); Gross margin observations: [[2021,0.02929714423943121],[2022,0.03185687739842798],[2023,0.0295853685940715]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 435.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2016: growth capex 79585000; upkeep 385031000; owner earnings 1427929000. Growth capex / owner earnings = 0.05573456383335586.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2017: growth capex 43474000; upkeep 422923000; owner earnings 414484000. Growth capex / owner earnings = 0.10488704027175959.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2018: growth capex 0; upkeep 336411000; owner earnings 1821633000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2019: growth capex 0; upkeep 310222000; owner earnings 1033687000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2021: growth capex 0; upkeep 438217000; owner earnings 1606887000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2022: growth capex 0; upkeep 496318000; owner earnings 1912337000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2023: growth capex 0; upkeep 458359000; owner earnings 2267782000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2024: growth capex 0; upkeep 487173000; owner earnings 2136567681.41078. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm (filed 2025-11-25); FY2025: growth capex 0; upkeep 667981000; owner earnings 1951118933.8027344. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); Dividend observations: [[2016,288477000],[2017,320270000],[2018,333041000],[2019,338974000],[2020,343578000],[2021,366648000],[2022,391687000],[2023,398752000],[2024,416168000],[2025,437081000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm (filed 2025-11-25); FY2025: cash repurchases 435471000 USD.

### Are managers owners

Insiders own 4.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COR.US SharesStats.PercentInsiders = 4.303 percentage points; cache date 2026-10-16.

### What could break it

"Our results of operations could be adversely impacted by manufacturer pricing changes." (SEC filing, Nov 2025)

- Source: https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm (filed 2025-11-25); Our results of operations could be adversely impacted by manufacturer pricing changes.

### What the price says

The price assumes cash profits grow 10.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); Ten-year compound average after fade. Initial solved rate 0.1339080525730288. Price 341.41; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.5358057910058498 → FY2025 9.994769503225866. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $70.32 per share

- 2016-11: $77.99 per share

- 2016-12: $78.19 per share

- 2017-01: $87.28 per share

- 2017-02: $91.51 per share

- 2017-03: $88.50 per share

- 2017-04: $82.05 per share

- 2017-05: $91.77 per share

- 2017-06: $94.53 per share

- 2017-07: $93.82 per share

- 2017-08: $80.25 per share

- 2017-09: $82.75 per share

- 2017-10: $76.95 per share

- 2017-11: $84.82 per share

- 2017-12: $91.82 per share

- 2018-01: $99.67 per share

- 2018-02: $95.16 per share

- 2018-03: $86.21 per share

- 2018-04: $90.58 per share

- 2018-05: $82.14 per share

- 2018-06: $85.27 per share

- 2018-07: $81.83 per share

- 2018-08: $89.97 per share

- 2018-09: $92.22 per share

- 2018-10: $88.00 per share

- 2018-11: $88.90 per share

- 2018-12: $74.40 per share

- 2019-01: $83.37 per share

- 2019-02: $83.30 per share

- 2019-03: $79.52 per share

- 2019-04: $74.76 per share

- 2019-05: $77.86 per share

- 2019-06: $85.26 per share

- 2019-07: $87.15 per share

- 2019-08: $82.27 per share

- 2019-09: $82.33 per share

- 2019-10: $85.38 per share

- 2019-11: $87.91 per share

- 2019-12: $85.02 per share

- 2020-01: $85.56 per share

- 2020-02: $84.32 per share

- 2020-03: $88.50 per share

- 2020-04: $89.66 per share

- 2020-05: $95.34 per share

- 2020-06: $100.77 per share

- 2020-07: $100.19 per share

- 2020-08: $97.03 per share

- 2020-09: $96.92 per share

- 2020-10: $96.07 per share

- 2020-11: $103.11 per share

- 2020-12: $97.76 per share

- 2021-01: $104.20 per share

- 2021-02: $101.22 per share

- 2021-03: $118.07 per share

- 2021-04: $120.80 per share

- 2021-05: $114.74 per share

- 2021-06: $114.49 per share

- 2021-07: $122.17 per share

- 2021-08: $122.21 per share

- 2021-09: $119.45 per share

- 2021-10: $122.02 per share

- 2021-11: $115.75 per share

- 2021-12: $132.89 per share

- 2022-01: $136.20 per share

- 2022-02: $142.53 per share

- 2022-03: $154.71 per share

- 2022-04: $151.29 per share

- 2022-05: $154.79 per share

- 2022-06: $141.48 per share

- 2022-07: $145.93 per share

- 2022-08: $146.56 per share

- 2022-09: $135.33 per share

- 2022-10: $157.22 per share

- 2022-11: $170.69 per share

- 2022-12: $165.71 per share

- 2023-01: $168.96 per share

- 2023-02: $155.56 per share

- 2023-03: $160.11 per share

- 2023-04: $166.85 per share

- 2023-05: $170.15 per share

- 2023-06: $192.43 per share

- 2023-07: $186.90 per share

- 2023-08: $175.98 per share

- 2023-09: $179.97 per share

- 2023-10: $185.15 per share

- 2023-11: $203.37 per share

- 2023-12: $205.38 per share

- 2024-01: $232.68 per share

- 2024-02: $235.60 per share

- 2024-03: $242.99 per share

- 2024-04: $239.05 per share

- 2024-05: $226.57 per share

- 2024-06: $225.30 per share

- 2024-07: $237.88 per share

- 2024-08: $239.57 per share

- 2024-09: $225.08 per share

- 2024-10: $228.08 per share

- 2024-11: $251.55 per share

- 2024-12: $224.68 per share

- 2025-01: $254.21 per share

- 2025-02: $253.54 per share

- 2025-03: $278.09 per share

- 2025-04: $292.67 per share

- 2025-05: $291.24 per share

- 2025-06: $299.85 per share

- 2025-07: $286.08 per share

- 2025-08: $291.61 per share

- 2025-09: $312.53 per share

- 2025-10: $337.81 per share

- 2025-11: $368.93 per share

- 2025-12: $337.75 per share

- 2026-01: $359.22 per share

- 2026-02: $372.14 per share

- 2026-03: $314.14 per share

- 2026-04: $308.01 per share

- 2026-05: $269.36 per share

- 2026-06: $282.98 per share

- 2026-07: $311.34 per share

- 2026-08: $323.60 per share

- 2026-09: $300.25 per share

- 2026-10: $330.11 per share

## Annual estimated value (USD per share)

- FY2016: low $35.03 per share, central $39.86 per share, high $46.28 per share

- FY2017: low $20.44 per share, central $23.26 per share, high $27.02 per share

- FY2018: low $22.55 per share, central $25.66 per share, high $29.80 per share

- FY2019: low $53.33 per share, central $60.69 per share, high $70.48 per share

- FY2020: low $58.34 per share, central $66.38 per share, high $77.09 per share

- FY2021: low $64.58 per share, central $73.48 per share, high $85.34 per share

- FY2022: low $92.72 per share, central $105.50 per share, high $122.52 per share

- FY2023: low $105.18 per share, central $119.68 per share, high $138.99 per share

- FY2024: low $120.47 per share, central $137.08 per share, high $159.19 per share

- FY2025: low $135.10 per share, central $153.73 per share, high $178.53 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:19.404Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm); period 2025-09-30, filed 2025-11-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.