Is the business good?
How good a business is COR?
Cencora earns 20% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
20%
Return on invested capital · cost of capital 9.0% · 11 points above what the capital costs: growth creates value
- Operating margin
- 0.91%
Operating margin · Healthcare median 3.4% · 12 months to Q3 2026
- Cash conversion
- 1.55×
Cash conversion · 0.60× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −0.66%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −2.7% |
| FY2021 | 1.1% |
| FY2022 | 0.99% |
| FY2023 | 0.89% |
| FY2024 | 0.74% |
| FY2025 | 0.82% |
Details›
- Gross margin12 months to Q3 2026
- 4.0%
- Operating margin12 months to Q3 2026
- 0.91%
- Net margin12 months to Q3 2026
- 0.79%
- Free cash flow margin
- 1.2%
- Revenue, trailing twelve months
- $332.8B
- Free cash flow, trailing twelve months
- $4.06B
- Net income, trailing twelve months
- $2.62B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 20%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.