XStocksXray

Research report · 16 October 2026

Cencora, Inc. (COR)

Health Care · Health Care Distributors · US stock · price as of 16 Oct 2026

Key indicators

Price	$340.92
52-week range	$243.78 – $375.33
Market cap	$66.1B
P/E (trailing)	25.3×
EV / EBITDA	18.4×
Free-cash-flow yield	6.1%
Dividend yield	0.7%
Revenue (last 12 months)	$332.8B
Revenue growth (3y a year)	10.4%
Operating margin	0.9%
Return on invested capital	18.6%
Net debt / EBITDA	2.2×

Fair value

Blended fair value$200.44 range $181 – $214

Versus priceOvervalued−41% to fair value

Peer multiples	$140.75
Fundamentals-adjusted multiple	$156.46
10-year DCF (market-scaled)	$304.11
Earnings power value (floor, not blended)	$94.29
Model uncertainty	High

X-Ray Score

49/ 100 · High confidence · ahead of 40% of sector peers

Valuation45

Growth62

Profitability45

Financial health40

Dividends57

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

Cencora is a pharmaceutical distributor that buys medicines and other health products from manufacturers and delivers them to pharmacies, hospitals, clinics and physician practices. It also provides services to drugmakers, including logistics, specialty drug support and consulting, and it has operations in Europe and other regions. Its profits are earned on small spreads over very large sales volumes, so scale, contracts and efficient logistics are central.

Trailing twelve-month revenue stands at $332.8 billion, while revenue grew by 10.4% a year over the past three years. Return on invested capital is 19%, alongside an operating margin of 0.9%. Net debt is 2.2 times EBITDA. The company pays a dividend, and the yield is 0.7%. The figures are a snapshot of reported results rather than a forecast.

StocksXray gives Cencora, Inc. an X-Ray Score of 49 out of 100 (high confidence), ahead of 40% of the S&P 500 stocks in its sector. Its strongest lens is growth (62) and its weakest is financial health (40).

Our fair value blend is $200.44 (range $180.78 to $214.22). At $340.92 the stock trades 70% above that blend, so the label is "Overvalued" with high model uncertainty. Fair value is a range, not a price target.

XStocksXray

Cencora, Inc. (COR)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$113.65	$130.45	$175.51	$221.53	$310.17	$340.92
Market cap	$23.7B	$27.6B	$35.9B	$44.4B	$60.5B	$66.1B
P/E	15.4×	16.2×	20.6×	29.4×	39.0×	25.3×
EV / revenue	0.1×	0.1×	0.1×	0.2×	0.2×	0.2×
EV / EBITDA	9.8×	9.9×	11.6×	14.0×	17.4×	18.4×
Price / free cash flow	10.6×	12.5×	10.4×	14.8×	18.9×	16.3×
Free-cash-flow yield	9.4%	8.0%	9.6%	6.8%	5.3%	6.1%
Price / book	106.1×	–	68.8×	68.7×	40.2×	21.7×
Dividend yield	1.55%	1.41%	1.11%	0.92%	0.71%	0.70%

Fundamentals checklist ● 5 Good · ● 4 Average · ● 7 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−2.6%Bad

Free-cash-flow yield6.1%Good

Risk models

Altman Z score0.3×Bad

Piotroski F-Score6 of 9Average

Growth

EPS growth (3y)−0.3%Bad

Free-cash-flow growth (3y)13.3%Good

Revenue growth (3y)10.4%Good

Growth consistency100%Good

Balance sheet

Current ratio0.9×Bad

Net debt / EBITDA2.2×Average

Interest coverno interest costGood

Valuation

Fair value vs price0.6×Bad

EBIT / EV yield4.0%Average

Profitability

Return on invested capital18.6%Average

Operating margin0.9%Bad

Gross profitability15.8%Bad

XStocksXray

Cencora, Inc. (COR)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	213,989	238,587	262,173	293,959	321,333	332,771
Gross profit	6,943	8,296	8,959	9,910	11,479	13,221
Operating income	2,354	2,366	2,341	2,175	2,629	3,042
Net income	1,540	1,699	1,745	1,509	1,554	2,625
Diluted EPS ($)	7.39	8.04	8.53	7.53	7.96	13.46
Free cash flow	2,228	2,207	3,453	2,998	3,207	4,060
Gross margin	3.2%	3.5%	3.4%	3.4%	3.6%	4.0%
Operating margin	1.1%	1.0%	0.9%	0.7%	0.8%	0.9%
Net margin	0.7%	0.7%	0.7%	0.5%	0.5%	0.8%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	57,338	56,561	62,559	67,102	76,590	83,806
Cash	2,547	3,388	2,592	3,133	4,356	2,815
Total debt	6,384	5,703	4,787	4,388	7,661	11,723
Equity	223	-212	522	646	1,508	3,051
Dividend per share ($)	1.76	1.84	1.94	2.04	2.20	2.35

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	75,454	80,664	83,729	85,932	78,356	84,755
Growth vs a year earlier	+10.3%	+8.7%	+5.9%	+5.5%	+3.8%	+5.1%
Net income ($M)	718	687	-340	560	1,641	764
Diluted EPS ($)	3.68	3.52	–	2.87	8.40	3.94

XStocksXray

Cencora, Inc. (COR)

Peers in Health Care Distributors

Company	X-Ray
COR · Cencora, Inc.	49
MCK · Mckesson Corp	55
CAH · Cardinal Health Inc	52
HSIC · Henry Schein Inc	42

Market Compass outlook for Health Care: Neutral (51/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+5.3%
1 month	+10.2%
3 months	+12.4%
6 months	+4.5%
1 year	+7.5%
3 years	+85.9%
5 years	+200.2%

Technical summary

DailyBullish12 bullish · 0 neutral · 4 bearish

WeeklyStrongly bullish11 bullish · 1 neutral · 0 bearish

MonthlyStrongly bullish7 bullish · 1 neutral · 0 bearish

50-day / 200-day average	$320.19 / $316.56
52-week low / high	$243.78 / $375.33
Classic pivot, support and resistance	S2 336.78 · S1 338.85 · P – · R1 343.15 · R2 345.38

Recent dividends

Ex-dividend date	Amount per share
14 Aug 2026	$0.6000
15 May 2026	$0.6000
13 Feb 2026	$0.6000
14 Nov 2025	$0.6000
15 Aug 2025	$0.5500
16 May 2025	$0.5500

XStocksXray

Cencora, Inc. (COR)

Strengths

Revenue growth of 10.4% a year over three years is ahead of 74% of its sector peers.
Free-cash-flow yield of 6.1% is ahead of 70% of its sector peers.
Interest cover of no interest cost is ahead of 82% of its sector peers.
Piotroski F-Score of 6 out of 9: most of the nine accounting health tests pass.
Has raised its dividend for 7 years in a row.

Risks and weak spots

Earnings backed by cash is weak against Health Care peers (−2.6%).
Altman Z score is weak against Health Care peers (0.3×).
EPS growth (3y) is weak against Health Care peers (−0.3%).
Current ratio is weak against Health Care peers (0.9×).
Fair value vs price is weak against Health Care peers (0.6×).
Operating margin is weak against Health Care peers (0.9%).
Gross profitability is weak against Health Care peers (15.8%).
The Altman Z score of 0.3× is in the distress zone.

Latest SEC filings

Date	Form	Items
25 Sep 2026	8-K	5.02,7.01,9.01
14 Aug 2026	8-K	5.02
12 Aug 2026	8-K	7.01
5 Aug 2026	10-Q
5 Aug 2026	8-K	2.02,7.01,9.01
5 Aug 2026	8-K	1.01,2.03,9.01
15 Jun 2026	8-K	5.02,7.01,9.01
29 May 2026	8-K	5.02,7.01,9.01

How to read this report

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.