Cencora, Inc.COR
NYSE•Healthcare•Medical Distribution
Cencora, Inc. sources and distributes pharmaceutical products in the United States and internationally. The company's U.S. Healthcare Solutions segment distributes generic and injectable pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, and other customers; distributes plasma and other blood products, vaccines, and other specialty pharmaceutical products; provides pharmacy management, staffing, and other consulting services; supply management software to retail and institutional healthcare providers; packaging solutions to institutional and retail healthcare providers; clinical trial support, product post-approval, and commercialization support services; data analytics, outcomes research, and other services for biotechnology and pharmaceutical manufacturers; pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, and other products to the companion animal and production animal markets; sales force services to manufacturers; and offers other services to physicians who specialize in various disease states, such as oncology, as well as to other healthcare providers, including hospitals and dialysis clinics. Its International Healthcare Solutions segment provides international pharmaceutical wholesale and related service, and global commercialization services; distributes pharmaceuticals, other healthcare products, and related services to pharmacies, doctors, health centers, and hospitals; and offers specialty transportation and logistics services for the biopharmaceutical industry. The company was formerly known as AmerisourceBergen Corporation and changed its name to Cencora, Inc. in August 2023. Cencora, Inc. was founded in 1871 and is headquartered in Conshohocken, Pennsylvania.
Cencora, Inc. (COR) reported trailing twelve months revenue of $328.68B as of March 2026, a 5.9% increase year-over-year. Quarterly revenue reached $78.36B, reflecting continued top-line momentum.
Cencora, Inc. generated $2.55B in TTM net income, with quarterly EBITDA of $1.39B. The operating margin expanded from 1.4% to 1.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (1.5%) and net margin (2.1%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 1.0% a year ago, signaling stronger bottom-line efficiency.
COR trades at a P/E of 23.7x (in line with broad market averages) and a P/S of 0.2x. The price-to-book ratio of 17.7x indicates a significant premium over book value.
The company generated $1.17B in free cash flow over the trailing twelve months, a 63.6% decrease year-over-year, indicating cash generation ability. The balance sheet shows $81.65B in total assets with $12.18B in long-term debt against $3.40B in stockholders equity for a debt-to-equity ratio of 3.6, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~0.8% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 197.1% suggests a durable competitive advantage and efficient capital allocation.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~15.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~0.9% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 3.6 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation