Cencora, Inc. COR
Cencora's Q3 FY2026 earnings (reported August 2026) showed double-digit adjusted operating income growth and a raised full-year outlook, building on FY2025 revenue of $321.3B (up 9.3% YoY) and $3.2B in free cash flow, but the balance sheet remains a concern with total debt at $10.75B against just $1.5B in equity as of the fiscal year ended 2025-09-30. The stock trades at an attractive 23.5x earnings — a 58% discount to the peer median — and has reclaimed its 50-day MA at $301, yet remains below its 200-day MA at $323.77 with a negative MACD histogram, while 24-month net insider selling of $83.2M tempers enthusiasm.
The improving operational trajectory and raised guidance warrant staying engaged, but elevated leverage and unresolved technical overhead argue for patience until debt stabilizes and the stock reclaims its 200-day.
What could go wrong
- Balance sheet leverage. Total debt surged to $10.75B in FY2025 from $6.65B in FY2024 against only $1.5B in stockholders' equity, creating fragility if pharmaceutical distribution margins compress or rates stay elevated.
- EPS below prior peak. FY2025 diluted EPS of $7.96 still trails FY2023's $8.53, meaning earnings have not fully recovered despite revenue growing from $262.2B to $321.3B over that span.
- Technical overhead. Stock at $317.10 sits below its 200-day MA of $323.77 with a negative MACD histogram, suggesting the downtrend from prior highs is not fully reversed.
- Persistent insider selling. Over 24 months, insiders net sold $83.2M in shares across 194 transactions (101 dispositions vs 93 acquisitions), with no cluster buying detected.
What would change my mind
Where this comes from: FMP annual fundamentals, fiscal year ended 2025-09-30 · FMP annual fundamentals, fiscal year ended 2025-09-30 · FMP annual fundamentals, fiscal year ended 2025-09-30 · peer_relative data. Orin's read on COR; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All COR filingsLargest holders · 13F
Money flowNo 13F positioning on file.
Insiders, last 24 months: 197 Form 4 filings, net −$87.6M. Of the 50 on hand, 3 were open-market purchases and 6 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about COR
Orin answers questions about COR from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 22.9× | 21.1× | 26.4× |
| EV/EBITDA | 13.5× | 12.0× | — |
| P/S | 0.18× | 0.14× | — |
| P/B | 19.6× | — | — |
Its P/E sits 60th percentile of its own last 5 years (−0.18σ from its own mean).
6.9%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $3.2B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$358
$330 – $430 · +17% against today's price
- 33 buy or overweight
- 12 hold
- 1 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| CORCencora, Inc. | $60B | 22.9× | 13.5× | 3.7% | 0.8% | 106% |
| BDXBecton, Dickinson and Company | $49B | 54.0× | 16.8× | 46.1% | 4.5% | 4% |
The median is of the 1 peers listed above and nothing else — check it against the column. This company trades 57.5% below it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $689 | $282.53 · +144% | 2026-06-10 |
| Levered DCF | $697 | $282.53 · +147% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.