CORCencora
Is the business good?
The checks split: earnings fully cash-backed (2.2×), but returns that lean on debt.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
Leverage-amplified, a high assets-to-equity ratio does much of the work. ROE 87% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
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.
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 2.0% · 12 months to Q3 2026
- Cash conversion
- 2.17×
Cash conversion · 0.86× a year ago · operating cash flow covers the operating profit after tax
- 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 is operating cash flow over operating profit after tax.