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COR

Cencora, Inc.

COR

Cencora, Inc. • NYSE
$368.93 ▲ 0.11% (+0.40)
Market Cap $71.51 B
52w High $377.54
52w Low $223.92
Dividend Yield 2.25%
P/E 46.29
Volume 591.56K
Outstanding Shares 193.82M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $83.729B ▲ $2.935B ▲ $-339.704M ▼ -0.406% ▼ $-1.75 ▼ $149.559M ▼
Q3-2025 $80.664B ▲ $1.673B ▲ $687.402M ▼ 0.852% ▼ $3.55 ▼ $1.269B ▼
Q2-2025 $75.454B ▼ $1.6B ▲ $717.871M ▲ 0.951% ▲ $3.704 ▲ $1.323B ▲
Q1-2025 $81.487B ▲ $1.472B ▼ $488.6M ▲ 0.6% ▲ $2.522 ▲ $961.037M ▲
Q4-2024 $79.05B $1.49B $3.382M 0.004% $0.017 $457.634M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $4.356B ▲ $76.59B ▲ $74.843B ▲ $1.508B ▼
Q3-2025 $2.232B ▲ $73.957B ▲ $71.747B ▲ $1.98B ▲
Q2-2025 $1.978B ▼ $71.194B ▲ $70.014B ▲ $1.013B ▲
Q1-2025 $3.224B ▲ $69.054B ▲ $68.692B ▲ $226.58M ▼
Q4-2024 $3.133B $67.102B $66.315B $645.938M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-339.704M ▼ $3.133B ▲ $-321.94M ▼ $-683.782M ▼ $2.081B ▲ $2.884B ▲
Q3-2025 $689.749M ▼ $109.247M ▼ $-234.691M ▲ $215.484M ▲ $164.967M ▲ $-73.969M ▼
Q2-2025 $717.417M ▲ $3.351B ▲ $-4.078B ▼ $-491.738M ▼ $-1.217B ▼ $3.222B ▲
Q1-2025 $493.719M ▲ $-2.719B ▼ $-343.039M ▼ $3.209B ▲ $96.268M ▲ $-2.825B ▼
Q4-2024 $3.382M $1B $-241.885M $-957.26M $-179.419M $818.055M

Revenue by Products

Product Q3-2020Q4-2020Q1-2021Q2-2021
Office Light Industrial And Other Revenue
Office Light Industrial And Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Rental Power And Related Revenue
Rental Power And Related Revenue
 $130.00M ▲$130.00M ▲$130.00M ▲$130.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been rising steadily over the past few years, showing that Cencora continues to win business and benefit from growing drug volumes, especially in specialty medicines. Profit at the operating level has stayed solid and generally moved higher, but earnings at the bottom line have been a bit more uneven, recently dipping despite higher sales. That pattern suggests ongoing margin pressure in a very low‑margin distribution business, likely from pricing, mix, or higher operating costs. Overall, it looks like a mature, high‑volume operator: strong top‑line growth, stable core profitability, but not a lot of room for error on margins.

Balance Sheet

Balance Sheet The balance sheet shows a large asset base built around working capital and logistics infrastructure, supported by a meaningful but gradually declining level of debt. Equity has been very thin and was even negative at one point, which hints at heavy past shareholder returns and a leveraged capital structure. The recent movement back into positive equity and the slow reduction in debt are encouraging signs, but the company still runs with a relatively tight capital cushion. In simple terms, the balance sheet looks efficient but financially lean, which works well as long as cash flows remain steady and credit markets stay supportive.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently strong and has generally trended upward, closely tracking earnings but with less volatility. After relatively modest spending on capital projects, free cash flow remains healthy and positive year after year, reflecting an asset‑light distribution model. This dependable cash flow gives Cencora flexibility to reduce debt, return capital to shareholders, and invest in technology or acquisitions. The main watchpoint is that the business relies on smooth working‑capital management, so any disruption in collections, inventory, or supplier terms could quickly show up in cash flows.

Competitive Edge

Competitive Edge Cencora sits in a powerful position at the center of the drug supply chain. Its advantages come from sheer scale, a dense distribution network, and long‑standing relationships with both major drug manufacturers and healthcare providers. Its deep expertise in handling complex specialty drugs, along with regulatory and market‑access know‑how, makes it hard for new entrants to match its capabilities. At the same time, it operates in an industry with razor‑thin margins, heavy regulation, and customer concentration, which limits pricing power and keeps constant pressure on efficiency. Overall, the moat looks wide but requires ongoing scale and operational excellence to maintain.

Innovation and R&D

Innovation and R&D Instead of traditional laboratory R&D, Cencora focuses its innovation on technology, data, and specialized services. It has invested in automated logistics, advanced analytics, and tools like a virtual warehouse and e‑commerce platforms to make ordering and inventory management smoother for customers. The company is also leaning into fast‑growing areas such as specialty drugs, cell and gene therapies, and biosimilars, building tailored infrastructure and support services around them. Its corporate venture arm adds exposure to emerging healthcare technologies. The opportunity is to deepen its role as a data‑driven partner in healthcare, though this depends on successful execution of digital projects, managing cybersecurity risks, and staying ahead of competitors’ tech investments.

Summary

Cencora looks like a scale‑driven, operationally disciplined distributor that has grown sales steadily while maintaining solid, if thin, margins. Its financial profile is characterized by strong and recurring cash flow, a lean but improving balance sheet, and a business model that depends on efficiency and working‑capital discipline. Strategically, its entrenched position in drug distribution, focus on specialty pharmaceuticals, and push into technology‑enabled services and data analytics give it meaningful competitive advantages. Key risks to watch include margin pressure in a low‑spread industry, reliance on regulatory stability and large customers, and the need to continuously invest in technology and specialized capabilities to defend its moat and support future growth.

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