Want to see COR full AI Analyst Report?
Top Page
Cencora
(NYSE:COR)
Select Model
Select Model
Rating:70Outperform
Price Target:
$345.00
▲(10.88% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by strong cash flow and a positive earnings-call outlook with raised EPS and operating income guidance. Offsetting factors are balance-sheet leverage and a thin-margin business model, while technicals are only moderately supportive and valuation is average with a low dividend yield.
Positive Factors
Strong Cash Generation
Cencora’s substantial cash generation supports ongoing investment, debt repayment and shareholder returns. Although conversion varies with working capital, the absolute cash flow provides durable financial flexibility for a distribution business.
Negative Factors
Elevated Financial Leverage
High leverage and historically weak equity reduce balance-sheet resilience and increase sensitivity to working-capital swings, interest costs and acquisition integration. Debt repayment is improving flexibility, but leverage remains an above-average structural risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Cash Generation
Cencora’s substantial cash generation supports ongoing investment, debt repayment and shareholder returns. Although conversion varies with working capital, the absolute cash flow provides durable financial flexibility for a distribution business.
Read all positive factors
Cencora Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how sales are split across the company’s business lines (e.g., distribution versus higher-margin services), revealing which units drive growth and where the company is most exposed to pricing pressure, customer concentration, or regional risk.
Shows how sales are split across the company’s business lines (e.g., distribution versus higher-margin services), revealing which units drive growth and where the company is most exposed to pricing pressure, customer concentration, or regional risk.
Data provided by:
The Fly
The FlyCencora (COR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$59.64B
Dividend Yield0.76%
Average Volume (3M)1.53M
Price to Earnings (P/E)23.1
Beta (1Y)0.11
Revenue Growth5.09%
EPS Growth38.10%
CountryUS
Employees49,000
SectorHealthcare
Sector Strength45
IndustryMedical - Distribution
Share Statistics
EPS (TTM)13.52
Shares Outstanding190,827,160
10 Day Avg. Volume1,332,233
30 Day Avg. Volume1,526,423
Financial Highlights & Ratios
PEG Ratio7.05
Price to Book (P/B)40.17
Price to Sales (P/S)0.19
P/FCF Ratio18.89
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$369.18Price Target Upside18.65% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)17.87
Revenue Forecast (FY)$337.23B
Cencora Business Overview & Revenue Model
Company Description
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...
How the Company Makes Money
Cencora makes money primarily by distributing pharmaceuticals and other healthcare products and earning a margin (spread) on the sale of those products to customers such as retail and independent pharmacies, hospital systems, health systems, and o...
Cencora Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong execution and durable specialty-driven growth: consolidated revenue and adjusted gross profit growth, margin expansion, double-digit operating income increases, 12% EPS growth, upgraded EPS guidance, significant share repurchases, and robust free cash flow. Key drivers included strong U.S. Healthcare Solutions performance (MSOs and specialty), International momentum, and OneOncology outperforming expectations. Headwinds discussed were notable but largely manageable: $2.4B of manufacturer list-price reductions, a prior oncology customer loss, lower mail-order sales, acquisition-related higher operating expenses and increased interest expense, and a potential FY27 earnings headwind from the planned MWI transaction. Overall, the positive operational and financial outcomes and guidance raise outweigh the discrete and partly acquisition-related challenges.Positive Updates
Consolidated Revenue Growth
Consolidated revenue of $84.8B, up 5% year-over-year, driven by growth across reportable segments and Other.
Negative Updates
Manufacturer List Price Reductions
Manufacturer list price reductions represented a $2.4B headwind to revenue growth in the quarter, detracting from top-line performance.
Read all updates
Q3-2026 Updates
Positive
Negative
Consolidated Revenue Growth
Consolidated revenue of $84.8B, up 5% year-over-year, driven by growth across reportable segments and Other.
Read all positive updates
Company Guidance
Cencora raised its fiscal 2026 adjusted EPS guidance to $17.75–$17.95 (from $17.70–$17.90) while leaving consolidated and U.S. Healthcare Solutions revenue guidance unchanged, noting full‑year U.S. revenue is expected to land in the lower half of the prior 4–6% growth range; International revenue is now expected to grow ~8% as‑reported (~7% constant currency) and Other revenue ~6%. Management also raised the bottom end of consolidated adjusted operating income growth to 13–14%, with U.S. Healthcare Solutions operating income now expected to grow 14.5–15.5%, International operating income ~9% (as‑reported and constant currency), and Other operating income ~10%. Below‑the‑line items were updated to net interest expense of ~ $490 million (vs. prior ~$485M) and diluted shares outstanding of ~194 million (Q3 diluted share count 193.9M after $1.0B of opportunistic repurchases at an average $268/share), while full‑year adjusted free cash flow guidance remains about $3.0B (YTD adj. FCF $1.1B) and cash was $2.8B at quarter end; management also noted $800M of RCA term‑loan repayment ($400M in Q3 and $400M in July). For fiscal 2027 modeling, the contemplated MWI–Covetrus merger (if it closed at mid‑year) would create an Other segment operating income headwind of ~$150M and an EPS headwind of roughly $0.35 (partially offset by transaction consideration).Cencora Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
52
Neutral
Cash Flow
83
Very Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 332.77B | 321.33B | 293.96B | 262.17B | 238.59B | 213.99B |
| Gross Profit | 12.34B | 10.14B | 8.70B | 7.76B | 7.60B | 6.27B |
| EBITDA | 5.13B | 3.74B | 3.36B | 3.41B | 3.11B | 2.91B |
| Net Income | 2.62B | 1.55B | 1.51B | 1.75B | 1.70B | 1.54B |
Balance Sheet | ||||||
| Total Assets | 83.81B | 76.59B | 67.10B | 62.56B | 56.56B | 57.34B |
| Cash, Cash Equivalents and Short-Term Investments | 2.82B | 4.39B | 3.23B | 2.69B | 3.53B | 2.55B |
| Total Debt | 11.72B | 10.75B | 6.65B | 6.82B | 7.59B | 8.75B |
| Total Liabilities | 80.57B | 74.84B | 66.31B | 61.89B | 56.49B | 56.75B |
| Stockholders Equity | 3.05B | 1.51B | 645.94M | 522.00M | -211.56M | 223.35M |
Cash Flow | ||||||
| Free Cash Flow | 4.06B | 3.21B | 3.00B | 3.45B | 2.21B | 2.23B |
| Operating Cash Flow | 4.82B | 3.88B | 3.48B | 3.91B | 2.70B | 2.67B |
| Investing Cash Flow | -5.74B | -4.98B | -618.10M | -2.60B | -368.44M | -6.14B |
| Financing Cash Flow | 1.57B | 2.25B | -2.33B | -2.22B | -1.75B | 1.95B |
Cencora Technical Analysis
Positive
311.15
Price Trends
299.60
Positive
295.70
Positive
322.50
Negative
Market Momentum
4.48
Positive
54.29
Neutral
38.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For COR, the sentiment is Positive. The current price of 311.15 is below the 20-day moving average (MA) of 314.05, above the 50-day MA of 299.60, and below the 200-day MA of 322.50, indicating a neutral trend. The MACD of 4.48 indicates Positive momentum. The RSI at 54.29 is Neutral, neither overbought nor oversold. The STOCH value of 38.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for COR.
Cencora Risk Analysis
Cencora disclosed 31 risk factors in its most recent earnings report. Cencora reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cencora Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $2.37B | 13.94 | 9.22% | ― | -1.36% | -16.45% | |
76 Outperform | $100.26B | 22.91 | -194.39% | 0.39% | 8.84% | 48.98% | |
70 Outperform | $59.64B | 23.12 | 115.93% | 0.76% | 5.09% | 38.10% | |
69 Neutral | $9.98B | 25.80 | 12.37% | ― | 6.49% | 10.41% | |
69 Neutral | $2.41B | 36.19 | 30.80% | ― | 10.31% | ― | |
65 Neutral | $54.81B | 32.42 | -59.73% | 0.90% | 14.23% | 12.28% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
COR
Cencora
316.13
23.65
8.09%
CAH
Cardinal Health
234.98
87.49
59.32%
HSIC
Henry Schein
89.23
20.92
30.63%
MCK
McKesson
869.26
195.10
28.94%
PBH
Prestige Consumer Healthcare
50.57
-14.84
-22.69%
GRDN
Guardian Pharmacy Services, Inc. Class A
38.28
12.88
50.71%
Cencora Corporate Events
Executive/Board Changes
Cencora Announces Resignation of Board Member Lorence Kim
Neutral
Aug 14, 2026
On August 13, 2026, Cencora, Inc. announced that Board member Lorence H. Kim, M.D., resigned from the company’s Board of Directors effective immediately following the conclusion of its quarterly Board meeting. His departure is linked to his ...
Business Operations and StrategyFinancial Disclosures
Cencora Reaffirms 2026 EPS Outlook Amid Walgreens Shift
Positive
Aug 12, 2026
Beginning July 1, 2026, certain Walgreens volume that had been serviced by Cencora outside its prime vendor agreement started moving to other providers, though the core prime vendor contract remained unchanged and continues to account for most of ...
Business Operations and StrategyPrivate Placements and Financing
Cencora Expands Credit Facilities to Bolster Liquidity
Positive
Aug 5, 2026
On July 31, 2026, Cencora, Inc. and subsidiary Innomar Strategies Inc. amended and restated their multi-currency senior unsecured revolving credit facility, increasing lender commitments from $5.5 billion to $7.0 billion and extending the maturity...
Business Operations and StrategyStock BuybackFinancial DisclosuresLegal ProceedingsM&A Transactions
Cencora Raises 2026 EPS Outlook After Strong Quarter
Positive
Aug 5, 2026
In the fiscal third quarter ended June 30, 2026, Cencora reported revenue of $84.8 billion, up 5.1 percent year on year, driven by growth in both U.S. and international healthcare solutions. GAAP diluted EPS rose to $3.94 from $3.52, while adjuste...
Business Operations and StrategyExecutive/Board Changes
Cencora announces leadership transition in human resources
Positive
Jun 15, 2026
On June 15, 2026, Cencora announced that Executive Vice President and Chief Human Resources Officer Silvana Battaglia will retire effective July 12, 2026, after a seven-year tenure marked by significant growth and cultural development at the compa...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Cencora Names New CFO and Reaffirms 2026 Outlook
Positive
May 29, 2026
On May 27, 2026, Cencora announced the appointment of veteran finance executive Eva C. Boratto as Executive Vice President and Chief Financial Officer, effective June 29, 2026, succeeding retiring CFO James F. Cleary, who will remain in an advisor...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.