McKesson CorporationMCK
NYSE•Healthcare•Medical Distribution
McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: North American Pharmaceutical, Oncology & Multispecialty, Prescription Technology Solutions, and Medical-Surgical Solutions. The company distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products; delivers products to retail pharmacies, hospitals, long-term care centers, clinics, and institutions; and provides logistics and distribution services for manufacturers. It also provides consulting, outsourcing, technological, and other services, as well as sells financial, operational, and clinical solutions to pharmacies; gene therapy with InspiroGene, practice consulting, and vaccine distribution services; and technology solutions, as well as research, insights, technologies, and services to improve cancer and specialty care. In addition, the company helps in solving medication access, affordability, and adherence challenges for patients by working across healthcare to connect patients, pharmacies, providers, pharmacy benefit managers, health plans, and biopharma companies. Further, it offers technology services, which includes electronic prior authorization, prescription price transparency, benefit insight, dispensing support services, patient enrollment, third-party logistics, and wholesale distribution support; medical-surgical supplies, laboratory equipment, pharmaceutical distribution, logistics, and other services to healthcare providers, including physician offices, surgery centers, and hospital reference labs, nursing homes, hospice and home health care agencies, government facilities ,and online marketplaces and retailers. McKesson Corporation was founded in 1833 and is headquartered in Irving, Texas.
McKesson Corporation (MCK) reported trailing twelve months revenue of $403.43B as of March 2026, a 12.4% increase year-over-year. Quarterly revenue reached $96.30B, reflecting continued top-line momentum.
McKesson Corporation generated $4.76B in TTM net income, with quarterly EBITDA of $2.44B. The operating margin expanded from 1.1% to 2.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (2.3%) and net margin (1.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 1.4% a year ago, signaling stronger bottom-line efficiency.
MCK trades at a P/E of 22.2x (in line with broad market averages) and a P/S of 0.3x.
The company generated $3.31B in free cash flow over the trailing twelve months, a 55.7% decrease year-over-year, indicating cash generation ability. The balance sheet shows $82.32B in total assets with $5.26B in long-term debt against $-2.17B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~1.4% on average, but show some variability — pricing power may be sensitive to market conditions.
Limited ROE data for a reliable assessment.
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 ~28.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~1.6% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares decreased 6.1% — net buybacks are reducing shares outstanding and boosting per-share value.
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