Health Care · Health Care Distributors · US stock · price as of 16 Oct 2026
Key indicators
Price
$254.06
52-week range
$151.03 – $257.70
Market cap
$60.2B
P/E (trailing)
36.6×
EV / EBITDA
19.5×
Free-cash-flow yield
9.1%
Dividend yield
0.8%
Revenue (last 12 months)
$244.7B
Revenue growth (3y a year)
7.4%
Operating margin
1.0%
Return on invested capital
55.4%
Net debt / EBITDA
1.8×
Fair value
Blended fair value$62.84 range $63 – $63
Versus priceData under review+0% to fair value
Peer multiples
$56.96
Fundamentals-adjusted multiple
$68.71
10-year DCF (market-scaled)
$240.92
Earnings power value (floor, not blended)
$22.66
Model uncertainty
High
X-Ray Score
52/ 100 · High confidence · ahead of 55% of sector peers
Valuation40
Growth69
Profitability59
Financial health47
Dividends41
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Cardinal Health distributes pharmaceuticals and medical products to hospitals, pharmacies and clinics, and manufactures a range of medical and surgical supplies. It also operates nuclear medicine pharmacies and offers services to help providers manage supply chains. The company earns money from small margins on very large volumes of products it distributes, along with fees and sales from its own medical products. Drug pricing and customer contracts affect its results.
The company reported twelve-month revenue of $244.7 billion, which expanded at 7.4% a year across the last three years. It earned an operating margin of 1.0%, and it generated a return on invested capital of 55%. Leverage, measured as net debt to EBITDA, is 1.8 times. The dividend yield is 0.8%.
StocksXray gives Cardinal Health Inc an X-Ray Score of 52 out of 100 (high confidence), ahead of 55% of the S&P 500 stocks in its sector. Its strongest lens is growth (69) and its weakest is valuation (40).
Our fair value blend is $62.84 (range $62.84 to $62.84). At $254.06 the stock trades 304% above that blend, so the label is "Data under review" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Cardinal Health Inc (CAH)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$48.52
$90.08
$95.09
$165.38
$236.49
$254.06
Market cap
$13.5B
$23.6B
$23.5B
$40.0B
$56.0B
$60.2B
P/E
–
71.5×
27.6×
25.6×
32.7×
36.6×
EV / revenue
0.1×
0.1×
0.1×
0.2×
0.2×
0.3×
EV / EBITDA
166.3×
16.8×
11.9×
14.6×
16.9×
19.5×
Price / free cash flow
4.9×
10.0×
7.2×
21.6×
12.4×
10.9×
Free-cash-flow yield
20.6%
10.0%
13.8%
4.6%
8.1%
9.1%
Price / book
–
–
–
–
–
–
Dividend yield
4.04%
2.20%
2.10%
1.22%
0.86%
0.81%
Fundamentals checklist ● 6 Good · ● 4 Average · ● 6 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−7.6%Good
Free-cash-flow yield9.1%Good
Risk models
Altman Z score-0.1×Bad
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)79.0%Good
Free-cash-flow growth (3y)24.2%Good
Revenue growth (3y)7.4%Average
Growth consistency80%Bad
Balance sheet
Current ratio0.9×Bad
Net debt / EBITDA1.8×Average
Interest cover8.0×Average
Valuation
Fair value vs price0.2×Bad
EBIT / EV yield3.8%Average
Profitability
Return on invested capital55.4%Good
Operating margin1.0%Bad
Gross profitability15.6%Bad
Red flags
Negative equity — Book equity is negative
XStocksXray
Cardinal Health Inc (CAH)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
181,326
204,979
226,827
222,578
254,248
244,673
Gross profit
6,484
6,874
7,414
8,168
9,774
9,041
Operating income
-607
752
1,243
2,275
2,613
2,533
Net income
-938
330
852
1,561
1,714
1,662
Diluted EPS ($)
-3.37
1.26
3.45
6.45
7.23
6.93
Free cash flow
2,788
2,363
3,251
1,850
4,525
5,502
Gross margin
3.6%
3.4%
3.3%
3.7%
3.8%
3.7%
Operating margin
−0.3%
0.4%
0.5%
1.0%
1.0%
1.0%
Net margin
−0.5%
0.2%
0.4%
0.7%
0.7%
0.7%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
43,878
43,349
45,121
53,122
57,299
58,083
Cash
4,717
4,076
5,133
3,874
4,856
2,777
Total debt
5,315
4,701
5,092
8,527
8,886
9,027
Equity
-709
-2,958
-3,213
-2,781
-2,883
-2,884
Dividend per share ($)
1.96
1.98
2.00
2.02
2.04
2.03
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.