Cencora (COR)
NYSE:COR
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Cencora
(NYSE:COR)
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Rating:59Neutral
Price Target:
$273.00
▼(-16.66% Downside)
Action:Reiterated
Date:05/09/26
The score reflects solid operational performance and a supportive earnings outlook (raised EPS/operating income guidance and continued free-cash-flow expectations), offset by meaningful balance-sheet leverage risk and deteriorated recent free cash flow. Technicals are a notable drag with a clear downtrend and weak momentum, while valuation is a relative positive due to the low P/E.
Positive Factors
Scale & Diversified Business Model
Cencora’s integrated model combines high-volume pharmaceutical distribution with higher-value specialty services. Scale across distribution, commercialization and patient support creates durable revenue channels, reduces dependency on any single customer segment, and supports bargaining power with suppliers over the next several quarters.
Negative Factors
Elevated Leverage
Material indebtedness and historically volatile equity (including a negative equity year) leave the capital structure exposed. Elevated leverage increases interest cost sensitivity, limits strategic optionality, and raises refinancing and covenant risk if cash flow weakens over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & Diversified Business Model
Cencora’s integrated model combines high-volume pharmaceutical distribution with higher-value specialty services. Scale across distribution, commercialization and patient support creates durable revenue channels, reduces dependency on any single customer segment, and supports bargaining power with suppliers over the next several quarters.
Read all positive factors
Cencora (COR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$50.14B
Dividend Yield0.66%
Average Volume (3M)1.40M
Price to Earnings (P/E)9.3
Beta (1Y)0.07
Revenue Growth5.95%
EPS Growth51.04%
CountryUS
Employees47,000
SectorHealthcare
Sector Strength45
IndustryMedical - Distribution
Share Statistics
EPS (TTM)13.12
Shares Outstanding194,561,070
10 Day Avg. Volume1,187,527
30 Day Avg. Volume1,403,426
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 Cap1.22
Enterprise Value/Revenue0.19
Enterprise Value/Gross Profit5.36
Enterprise Value/Ebitda14.91
Forecast
1Y Price Target
$358.40Price Target Upside9.42% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)17.76
Revenue Forecast (FY)$340.72B
Cencora Business Overview & Revenue Model
Company Description
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 ...
How the Company Makes Money
Cencora makes money primarily by distributing pharmaceuticals and healthcare products and earning revenue from the sale of those products to retail pharmacies, health systems, and other provider customers. A significant portion of its business is ...
Cencora Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Neutral
The call balanced strong profitability and cash-generation metrics (EPS growth +7.5%, gross profit +16%, operating income +6%), a raised EPS range, improved operating income guidance, robust international performance, and the resumption of $1B share repurchases against material near-term revenue pressures (reduced consolidated revenue guidance from 7%–9% to 4%–6%) driven by WAC price reductions, account losses and faster mail-order brand conversions. Management highlighted transitory items (weather, COVID vaccine comparisons) and acquisition-related expense impacts but maintained confidence in long-term operating income growth and free cash flow generation.Positive Updates
Adjusted EPS Growth and Raised Full-Year EPS Guidance
Adjusted diluted EPS for Q2 was $4.75, up 7.5% year-over-year. Management raised full-year adjusted EPS guidance to $17.65–$17.90 (from $17.45–$17.75).
Negative Updates
Revenue Guidance Reduced Substantially
Consolidated revenue growth guidance was lowered to 4%–6% (from 7%–9%). U.S. Healthcare Solutions revenue guidance was cut to 4%–6%, driven by faster-than-expected branded conversions and slower GLP-1 growth.
Read all updates
Q2-2026 Updates
Positive
Negative
Adjusted EPS Growth and Raised Full-Year EPS Guidance
Adjusted diluted EPS for Q2 was $4.75, up 7.5% year-over-year. Management raised full-year adjusted EPS guidance to $17.65–$17.90 (from $17.45–$17.75).
Read all positive updates
Company Guidance
Management raised fiscal‑2026 adjusted diluted EPS guidance to $17.65–$17.90 (from $17.45–$17.75) and updated revenue and operating income outlooks: consolidated revenue growth now 4–6% (was 7–9%), U.S. Healthcare Solutions revenue 4–6%, International revenue 8–10% as‑reported (6–8% constant currency); consolidated operating income growth was increased to 12–14% (from 11.5–13.5%), U.S. Healthcare Solutions operating income guidance remains 14–16%, International operating income 5–8%, and Other operating income is expected to grow in the high single‑digits. They expect full‑year adjusted free cash flow of roughly $3.0B, interest expense of approximately $485M (Q2 net interest ~$140M and Q3 roughly similar), diluted shares to be under 195.5M, plan to repurchase $1.0B of shares by calendar year‑end, and expect Q3 adjusted EPS growth in the high single‑digits with the strongest cadence in Q4.Cencora Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
47
Neutral
Cash Flow
61
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 328.68B | 321.33B | 293.96B | 262.17B | 238.59B | 213.99B |
| Gross Profit | 11.40B | 10.14B | 8.70B | 7.76B | 7.60B | 6.27B |
| EBITDA | 4.10B | 3.74B | 3.36B | 3.41B | 3.11B | 2.91B |
| Net Income | 2.55B | 1.55B | 1.51B | 1.75B | 1.70B | 1.54B |
Balance Sheet | ||||||
| Total Assets | 81.65B | 76.59B | 67.10B | 62.56B | 56.56B | 57.34B |
| Cash, Cash Equivalents and Short-Term Investments | 2.24B | 4.39B | 3.23B | 2.69B | 3.53B | 2.55B |
| Total Debt | 12.39B | 10.75B | 6.65B | 6.82B | 7.59B | 8.75B |
| Total Liabilities | 78.07B | 74.84B | 66.31B | 61.89B | 56.49B | 56.75B |
| Stockholders Equity | 3.40B | 1.51B | 645.94M | 522.00M | -211.56M | 223.35M |
Cash Flow | ||||||
| Free Cash Flow | 1.56B | 3.21B | 3.00B | 3.45B | 2.21B | 2.23B |
| Operating Cash Flow | 2.28B | 3.88B | 3.48B | 3.91B | 2.70B | 2.67B |
| Investing Cash Flow | -5.73B | -4.98B | -618.10M | -2.60B | -368.44M | -6.14B |
| Financing Cash Flow | 3.55B | 2.25B | -2.33B | -2.22B | -1.75B | 1.95B |
Cencora Technical Analysis
Positive
327.56
Price Trends
342.58
Negative
344.99
Negative
326.79
Positive
Market Momentum
-5.23
Negative
49.57
Neutral
65.23
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 327.56 is above the 20-day moving average (MA) of 320.67, below the 50-day MA of 342.58, and above the 200-day MA of 326.79, indicating a neutral trend. The MACD of -5.23 indicates Negative momentum. The RSI at 49.57 is Neutral, neither overbought nor oversold. The STOCH value of 65.23 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $91.42B | 22.46 | -265.44% | 0.37% | 12.36% | 48.80% | |
63 Neutral | $45.72B | 31.11 | -55.72% | 0.98% | 12.80% | 2.04% | |
59 Neutral | $50.14B | 9.31 | 115.93% | 0.66% | 5.95% | 51.04% | |
56 Neutral | $8.28B | 19.36 | 11.86% | ― | 5.64% | 2.92% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
COR
Cencora
257.71
-32.73
-11.27%
CAH
Cardinal Health
195.20
43.06
28.30%
HSIC
Henry Schein
72.72
0.88
1.22%
MCK
McKesson
760.57
37.03
5.12%
Cencora Corporate Events
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
Cencora lifts 2026 outlook after OneOncology-fueled earnings jump
Positive
May 6, 2026
Cencora reported that for its fiscal second quarter ended March 31, 2026, revenue rose 3.8% year over year to $78.4 billion, driven by growth of 2.9% in U.S. Healthcare Solutions and 13.0% in International Healthcare Solutions. The company’s...
Business Operations and StrategyM&A Transactions
Cencora to Acquire EyeSouth Retina Business for Expansion
Positive
Mar 23, 2026
Cencora, Inc., a global pharmaceutical solutions and distribution company that operates Retina Consultants of America as a physician-centered retina specialty network, focuses on improving access to therapies and supporting community care provider...
Executive/Board ChangesFinancial Disclosures
Cencora CFO Retirement Announced, Financial Guidance Reaffirmed
Positive
Mar 17, 2026
Cencora, Inc., a leading global pharmaceutical solutions provider with more than $300 billion in annual revenue, serves pharmaceutical innovators and care providers by optimizing market access and ensuring secure delivery of drugs and healthcare p...
Executive/Board ChangesShareholder Meetings
Cencora Shareholders Reaffirm Board, Pay and Auditor Oversight
Positive
Mar 6, 2026
Cencora held its 2026 Annual Meeting of Shareholders on March 5, 2026, at which investors elected eleven directors to the board, reaffirming the current slate of leadership with strong majority support and no alternative slates presented. The meet...
Business Operations and StrategyM&A Transactions
Cencora Restructures Animal Health Business in Covetrus Merger
Positive
Feb 18, 2026
On February 17, 2026, Cencora agreed to merge its MWI Animal Health business with Covetrus in a deal that values MWI at $3.5 billion and exceeds its current book value. The combined company aims to create a broad animal health platform spanning di...
Business Operations and StrategyPrivate Placements and Financing
Cencora Prices $3 Billion Senior Notes Offering
Positive
Feb 13, 2026
On February 13, 2026, Cencora closed a $3.0 billion underwritten public offering of unsecured, unsubordinated senior notes with maturities ranging from 2029 to 2056 and coupons between 3.950% and 5.650%. The notes, issued under existing indentures...
Business Operations and StrategyPrivate Placements and Financing
Cencora Issues $3 Billion in Senior Unsecured Notes
Positive
Feb 11, 2026
On February 10, 2026, Cencora priced a total of $3 billion in senior unsecured notes across five tranches maturing between 2029 and 2056 in an underwritten registered public offering, with coupons ranging from 3.950% to 5.650%. The offering, expec...
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.