Cardinal Health, Inc. (CAH) 10-Year Financial Performance & Capital Metrics

CAH • • Industrial / General

HealthcareMedical DistributionPharmaceutical DistributionBroadline Pharmaceutical Distributors

AboutCardinal Health, Inc. operates as an integrated healthcare services and products company in the United States, Canada, Europe, Asia, and internationally. It provides customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices, and patients in the home. The company operates in two segments, Pharmaceutical and Medical. The Pharmaceutical segment distributes branded and generic pharmaceutical, specialty pharmaceutical, and over-the-counter healthcare and consumer products. The segment also provides services to pharmaceutical manufacturers and healthcare providers for specialty pharmaceutical products; operates nuclear pharmacies and radiopharmaceutical manufacturing facilities; repackages generic pharmaceuticals and over-the-counter healthcare products; and offers medication therapy management and patient outcomes services to hospitals, other healthcare providers, and payers, as well as provides pharmacy management services to hospitals. The Medical segment manufactures, sources, and distributes Cardinal Health branded medical, surgical, and laboratory products and devices that include exam and surgical gloves; needles, syringe, and sharps disposals; compressions; incontinences; nutritional delivery products; wound care products; single-use surgical drapes, gowns, and apparels; fluid suction and collection systems; urology products; operating room supply products; and electrode product lines. The segment also distributes a range of national brand products, including medical, surgical, and laboratory products; provides supply chain services and solutions to hospitals, ambulatory surgery centers, clinical laboratories, and other healthcare providers; and assembles and sells sterile, and non-sterile procedure kits. The company was incorporated in 1979 and is headquartered in Dublin, Ohio.Show more

Revenue $222.58B -1.9%
EBITDA $3.06B +56.9%
Net Income $1.56B +83.2%
EPS (Diluted) 6.45 +87.0%
Gross Margin 3.67% +12.3%
EBITDA Margin 1.38% +59.9%
Operating Margin 1.02% +86.5%
Net Margin 0.7% +86.7%
ROE -
ROIC 3378.71%
Debt/Equity -
Interest Coverage 10.58 -56.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓20 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 2.0% through buybacks
✓Trading near 52-week high
✓Efficient asset utilization: 4.2x turnover

✗Weaknesses

✗Thin 5Y average net margin of 0.2%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.06%

5Y7.8%

3Y7.07%

TTM4.47%

Profit (Net Income) CAGR

10Y2.54%

5Y-

3Y-

TTM24.51%

EPS CAGR

10Y5.95%

5Y-

3Y-

TTM26.77%

ROCE

10Y Avg5.7%

5Y Avg7.51%

3Y Avg12.92%

Latest19.19%

Peer Comparison

Broadline Pharmaceutical Distributors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CORCencora, Inc.	68.94B	355.35	44.70	9.31%	0.48%	88.96%	4.65%	4.38
CAHCardinal Health, Inc.	50.72B	213.46	33.09	-1.87%	0.68%		3.65%
MCKMcKesson Corporation	104.19B	844.13	32.82	16.22%	1.04%		5.02%

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	121.55B	129.98B	136.81B	145.53B	152.92B	162.47B	181.33B	204.98B	226.83B	222.58B
Revenue Growth %	0.19%	0.07%	0.05%	0.06%	0.05%	0.06%	0.12%	0.13%	0.11%	-0.02%
Cost of Goods Sold+	115B	123.43B	129.63B	138.7B	146.05B	155.69B	174.84B	198.1B	219.41B	214.41B
COGS % of Revenue	0.95%	0.95%	0.95%	0.95%	0.96%	0.96%	0.96%	0.97%	0.97%	0.96%
Gross Profit+	6.54B	6.54B	7.18B	6.83B	6.87B	6.78B	6.48B	6.89B	7.41B	8.17B
Gross Margin %	0.05%	0.05%	0.05%	0.05%	0.04%	0.04%	0.04%	0.03%	0.03%	0.04%
Gross Profit Growth %	0.15%	0%	0.1%	-0.05%	0%	-0.01%	-0.04%	0.06%	0.08%	0.1%
Operating Expenses+	4.08B	4.42B	7.05B	4.77B	10.97B	6.31B	7.09B	6.12B	6.17B	5.89B
OpEx % of Revenue	0.03%	0.03%	0.05%	0.03%	0.07%	0.04%	0.04%	0.03%	0.03%	0.03%
Selling, General & Admin	3.65B	3.77B	4.6B	4.48B	4.57B	4.53B	4.51B	4.8B	5B	5.38B
SG&A % of Revenue	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	436M	649M	2.46B	294M	6.39B	1.77B	2.58B	1.32B	1.17B	511M
Operating Income+	2.46B	2.12B	126M	2.06B	-4.1B	472M	-607M	752M	1.24B	2.27B
Operating Margin %	0.02%	0.02%	0%	0.01%	-0.03%	0%	-0%	0%	0.01%	0.01%
Operating Income Growth %	0.14%	-0.14%	-0.94%	15.35%	-2.99%	1.12%	-2.29%	2.24%	0.65%	0.83%
EBITDA+	3.1B	2.84B	1.16B	3.06B	-3.19B	1.25B	85M	1.44B	1.95B	3.06B
EBITDA Margin %	0.03%	0.02%	0.01%	0.02%	-0.02%	0.01%	0%	0.01%	0.01%	0.01%
EBITDA Growth %	0.19%	-0.08%	-0.59%	1.64%	-2.04%	1.39%	-0.93%	15.99%	0.35%	0.57%
D&A (Non-Cash Add-back)	641M	717M	1.03B	1B	913M	783M	692M	692M	710M	790M
EBIT	2.45B	2.13B	101M	2.04B	-3.53B	503M	-637M	747M	1.25B	2.32B
Net Interest Income+	-178M	-201M	-329M	-294M	-238M	-180M	-147M	-84M	-51M	-215M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	178M	201M	329M	294M	238M	180M	147M	84M	51M	215M
Other Income/Expense	-183M	-196M	-354M	-309M	326M	-149M	-177M	-89M	-42M	-174M
Pretax Income+	2.28B	1.92B	-228M	1.75B	-3.77B	323M	-784M	663M	1.2B	2.1B
Pretax Margin %	0.02%	0.01%	-0%	0.01%	-0.02%	0%	-0%	0%	0.01%	0.01%
Income Tax+	845M	630M	-487M	386M	-79M	-289M	153M	332M	348M	532M
Effective Tax Rate %	0.63%	0.67%	-1.12%	0.78%	0.98%	1.89%	1.2%	0.5%	0.71%	0.74%
Net Income+	1.43B	1.29B	256M	1.36B	-3.69B	611M	-938M	330M	852M	1.56B
Net Margin %	0.01%	0.01%	0%	0.01%	-0.02%	0%	-0.01%	0%	0%	0.01%
Net Income Growth %	0.17%	-0.1%	-0.8%	4.32%	-3.71%	1.17%	-2.54%	1.35%	1.58%	0.83%
Net Income (Continuing)	1.43B	1.29B	259M	1.36B	-3.69B	612M	-937M	331M	853M	1.57B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	17M	20M	0	2M	3M	3M	3M	1M	1M	147M
EPS (Diluted)+	4.32	4.03	0.81	4.53	-12.60	2.08	-3.34	1.26	3.45	6.45
EPS Growth %	0.19%	-0.07%	-0.8%	4.59%	-3.78%	1.17%	-2.61%	1.38%	1.74%	0.87%
EPS (Basic)	4.36	4.06	0.82	4.54	-12.60	2.09	-3.34	1.26	3.48	6.48
Diluted Shares Outstanding	330M	320M	315M	301M	293M	294M	279M	262M	247M	242M
Basic Shares Outstanding	327M	317M	313M	300M	293M	292M	279M	261M	245M	241M
Dividend Payout Ratio	0.36%	0.45%	2.27%	0.42%	-	0.94%	-	1.59%	0.59%	0.32%

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	21.96B	28.34B	24.55B	25.75B	25.94B	31.05B	32.94B	33.74B	34.88B	36.37B
Cash & Short-Term Investments	2.36B	6.88B	1.76B	2.53B	2.77B	3.41B	4.72B	4.08B	5.13B	3.87B
Cash Only	2.36B	6.88B	1.76B	2.53B	2.77B	3.41B	4.72B	4.08B	5.13B	3.87B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	7.41B	8.05B	7.8B	8.45B	8.26B	9.1B	10.56B	11.11B	12.08B	13.24B
Days Sales Outstanding	22.24	22.6	20.81	21.19	19.72	20.45	21.26	19.78	19.45	21.72
Inventory	10.62B	11.3B	12.31B	12.82B	13.2B	14.59B	15.64B	16.12B	14.96B	16.83B
Days Inventory Outstanding	33.69	33.42	34.66	33.74	32.98	34.21	32.64	29.7	24.88	28.65
Other Current Assets	0	0	756M	0	0	1.1B	0	72M	2.71B	2.43B
Total Non-Current Assets+	12.17B	11.77B	15.4B	15.22B	14.83B	13.4B	10.94B	9.61B	10.24B	16.75B
Property, Plant & Equipment	1.8B	1.88B	2.49B	2.36B	2.37B	2.36B	2.36B	2.46B	2.53B	2.86B
Fixed Asset Turnover	67.68x	69.17x	55.01x	61.77x	64.63x	68.84x	76.80x	83.29x	89.69x	77.88x
Goodwill	7.17B	7.22B	8.32B	8.38B	8.36B	7.99B	5.86B	4.61B	4.72B	9.69B
Intangible Assets	2.26B	1.99B	3.91B	3.43B	2.92B	2.1B	1.77B	1.47B	1.73B	2.49B
Long-Term Investments	0	0	0	0	0	68M	77M	56M	43M	14M
Other Non-Current Assets	944M	681M	682M	1.05B	1.19B	883M	876M	1.01B	1.22B	1.7B
Total Assets+	34.12B	40.11B	39.95B	40.96B	40.77B	44.45B	43.88B	43.35B	45.12B	53.12B
Asset Turnover	3.56x	3.24x	3.42x	3.55x	3.75x	3.65x	4.13x	4.73x	5.03x	4.19x
Asset Growth %	0.13%	0.18%	-0%	0.03%	-0%	0.09%	-0.01%	-0.01%	0.04%	0.18%
Total Current Liabilities+	19.7B	21.22B	22.89B	24.11B	23.61B	27.62B	30.55B	33.74B	35.64B	38.9B
Accounts Payable	17.31B	17.91B	19.68B	21.54B	21.37B	23.7B	27.13B	29.93B	31.76B	34.71B
Days Payables Outstanding	54.93	52.95	55.41	56.67	53.42	55.56	56.63	55.15	52.83	59.09
Short-Term Debt	587M	1.33B	1B	452M	10M	976M	682M	892M	551M	714M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	213M	0	0	96M	0	42M	0	-164M
Current Ratio	1.11x	1.34x	1.07x	1.07x	1.10x	1.12x	1.08x	1.00x	0.98x	0.94x
Quick Ratio	0.58x	0.80x	0.53x	0.54x	0.54x	0.60x	0.57x	0.52x	0.56x	0.50x
Cash Conversion Cycle	1	3.07	0.06	-1.74	-0.71	-0.9	-2.73	-5.67	-8.51	-8.73
Total Non-Current Liabilities+	7.85B	12.06B	11B	10.52B	15.36B	15.04B	14.03B	12.57B	12.69B	16.86B
Long-Term Debt	4.95B	9.07B	8.01B	7.58B	6.76B	5.32B	4.69B	3.85B	4.58B	7.82B
Capital Lease Obligations	0	0	0	0	0	419M	437M	434M	475M	811M
Deferred Tax Liabilities	2.78B	2.88B	2.98B	2.94B	8.59B	8.31B	3.02B	3.14B	3.09B	2.43B
Other Non-Current Liabilities	117M	118M	12M	0	0	981M	5.89B	5.14B	4.54B	5.8B
Total Liabilities	27.55B	33.28B	33.89B	34.63B	38.97B	42.66B	44.58B	46.31B	48.33B	55.76B
Total Debt+	5.54B	10.39B	9.01B	8.03B	6.78B	6.71B	5.8B	5.18B	5.61B	9.35B
Net Debt	3.18B	3.52B	7.25B	5.5B	4B	3.31B	1.09B	1.1B	476M	5.47B
Debt / Equity	0.84x	1.52x	1.49x	1.27x	3.78x	3.74x	-	-	-	-
Debt / EBITDA	1.79x	3.66x	7.78x	2.62x	-	5.35x	68.29x	3.58x	2.87x	3.05x
Net Debt / EBITDA	1.03x	1.24x	6.26x	1.80x	-	2.64x	12.80x	0.76x	0.24x	1.78x
Interest Coverage	13.81x	10.55x	0.38x	7.01x	-17.22x	2.62x	-4.13x	8.95x	24.37x	10.58x
Total Equity+	6.57B	6.83B	6.06B	6.33B	1.79B	1.79B	-706M	-2.96B	-3.21B	-2.63B
Equity Growth %	0.05%	0.04%	-0.11%	0.04%	-0.72%	0%	-1.39%	-3.19%	-0.09%	0.18%
Book Value per Share	19.91	21.34	19.23	21.03	6.12	6.10	-2.53	-11.29	-13.00	-10.88
Total Shareholders' Equity	6.55B	6.81B	6.06B	6.33B	1.79B	1.79B	-709M	-2.96B	-3.21B	-2.78B
Common Stock	3.01B	2.7B	2.73B	2.76B	2.79B	2.81B	2.81B	2.75B	2.92B	2.96B
Retained Earnings	6.42B	4.97B	4.64B	5.43B	1.17B	1.21B	-280M	-642M	-286M	783M
Treasury Stock	-2.76B	-731M	-1.22B	-1.79B	-2.07B	-2.19B	-3.13B	-4.91B	-5.68B	-6.37B
Accumulated OCI	-116M	-125M	-92M	-79M	-104M	-34M	-114M	-151M	-167M	-155M
Minority Interest	17M	20M	0	2M	3M	3M	3M	1M	1M	147M

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	2.97B	1.18B	2.77B	2.72B	1.96B	2.43B	3.12B	2.84B	3.76B	2.4B
Operating CF Margin %	0.02%	0.01%	0.02%	0.02%	0.01%	0.01%	0.02%	0.01%	0.02%	0.01%
Operating CF Growth %	0.17%	-0.6%	1.34%	-0.02%	-0.28%	0.24%	0.29%	-0.09%	0.32%	-0.36%
Net Income	1.43B	1.29B	259M	1.36B	-3.69B	612M	-933M	331M	853M	1.57B
Depreciation & Amortization	641M	717M	1.03B	1B	913M	783M	723M	692M	710M	790M
Stock-Based Compensation	111M	96M	85M	82M	90M	89M	0	96M	121M	244M
Deferred Taxes	87M	291M	-1.01B	-83M	-961M	496M	7M	-40M	-104M	243M
Other Non-Cash Items	78M	53M	1.5B	-397M	-450M	160M	5.67B	1.31B	672M	74M
Working Capital Changes	623M	-1.27B	907M	755M	6.06B	289M	-2.35B	457M	1.51B	-523M
Change in Receivables	-866M	-665M	-871M	-751M	82M	-904M	-1.41B	-950M	-996M	-833M
Change in Inventory	-1.18B	-673M	-1.21B	-551M	-409M	-1.58B	-1.2B	-412M	1.11B	-1.82B
Change in Payables	2.81B	564M	2.57B	1.86B	-162M	2.33B	0	2.82B	1.82B	2.73B
Cash from Investing+	-4.08B	-405M	-5.61B	338M	493M	-378M	567M	-454M	-1.85B	-5.61B
Capital Expenditures	-465M	-387M	-384M	-328M	-375M	-400M	-387M	-481M	-511M	-547M
CapEx % of Revenue	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	13M	3M	862M	763M	2M	0	31M	8M	18M	-10M
Cash from Financing+	-1.14B	3.75B	-2.28B	-2.29B	-2.2B	-1.32B	-2.46B	-3.05B	-847M	1.95B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-512M	-577M	-581M	-577M	-569M	-573M	-559M	-525M	-499M	-494M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	4M	59M	-144M	-14M	120M	26M	-19M	53M	46M	-13M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.51B	797M	2.38B	2.39B	1.58B	2.03B	2.73B	2.36B	3.25B	1.85B
FCF Margin %	0.02%	0.01%	0.02%	0.02%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%
FCF Growth %	0.12%	-0.68%	1.99%	0%	-0.34%	0.28%	0.35%	-0.14%	0.38%	-0.43%
FCF per Share	7.59	2.49	7.57	7.95	5.41	6.90	9.80	9.02	13.16	7.64
FCF Conversion (FCF/Net Income)	2.08x	0.92x	10.81x	2.00x	-0.53x	3.98x	-3.33x	8.62x	4.42x	1.54x
Interest Paid	174M	200M	320M	285M	226M	182M	0	203M	214M	315M
Taxes Paid	635M	686M	425M	311M	368M	273M	0	156M	191M	444M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	22.25%	19.23%	3.97%	22%	-90.94%	34.08%	-172.43%	-	-	-
Return on Invested Capital (ROIC)	21.84%	15.82%	0.8%	12.29%	-34.87%	6.5%	-16.6%	-	-	3378.71%
Gross Margin	5.38%	5.03%	5.25%	4.7%	4.49%	4.17%	3.58%	3.36%	3.27%	3.67%
Net Margin	1.17%	0.99%	0.19%	0.94%	-2.42%	0.38%	-0.52%	0.16%	0.38%	0.7%
Debt / Equity	0.84x	1.52x	1.49x	1.27x	3.78x	3.74x	-	-	-	-
Interest Coverage	13.81x	10.55x	0.38x	7.01x	-17.22x	2.62x	-4.13x	8.95x	24.37x	10.58x
FCF Conversion	2.08x	0.92x	10.81x	2.00x	-0.53x	3.98x	-3.33x	8.62x	4.42x	1.54x
Revenue Growth	18.55%	6.94%	5.26%	6.38%	5.08%	6.24%	11.61%	13.04%	10.66%	-1.87%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Pharmaceutical Member	109.13B	116.46B	121.24B	129.07B	136.69B	144.99B	164.58B	188.81B	210.02B	204.64B
Pharmaceutical Member Growth	-	6.72%	4.10%	6.45%	5.91%	6.07%	13.51%	14.72%	11.23%	-2.56%
GMPD	-	-	-	-	-	-	-	-	12.38B	12.64B
GMPD Growth	-	-	-	-	-	-	-	-	-	2.06%
Other Operating	-	-	-	-	-	-	-	-	4.51B	5.38B
Other Operating Growth	-	-	-	-	-	-	-	-	-	19.28%
Medical Member	12.43B	13.52B	15.58B	13.83B	13.43B	14.48B	13.46B	12.37B	-	-
Medical Member Growth	-	8.80%	15.21%	-11.22%	-2.92%	7.86%	-7.06%	-8.08%	-	-
Cardinal Health At Home Solutions	-	-	-	1.8B	2.02B	2.2B	2.42B	2.64B	-	-
Cardinal Health At Home Solutions Growth	-	-	-	-	11.94%	9.28%	10.13%	8.87%	-	-
Nuclear Precision Health Services	-	-	-	850M	802M	808M	911M	1.2B	-	-
Nuclear Precision Health Services Growth	-	-	-	-	-5.65%	0.75%	12.75%	31.39%	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	116.86B	125.01B	132.53B	141.48B	148.71B	157.76B	176.85B	200.38B	225.23B	220.99B
UNITED STATES Growth	-	6.97%	6.02%	6.76%	5.11%	6.09%	12.11%	13.30%	12.40%	-1.88%
Non-US	4.68B	4.97B	4.28B	4.07B	4.23B	4.73B	4.52B	4.64B	1.68B	1.67B
Non-US Growth	-	6.15%	-13.82%	-4.95%	3.95%	11.70%	-4.32%	2.56%	-63.76%	-0.71%

Frequently Asked Questions

Valuation & Price

Cardinal Health, Inc. (CAH) has a price-to-earnings (P/E) ratio of 33.1x. This suggests investors expect higher future growth.

Growth & Financials

Cardinal Health, Inc. (CAH) reported $234.31B in revenue for fiscal year 2025. This represents a 118% increase from $107.55B in 2012.

Cardinal Health, Inc. (CAH) saw revenue decline by 1.9% over the past year.

Yes, Cardinal Health, Inc. (CAH) is profitable, generating $1.59B in net income for fiscal year 2025 (0.7% net margin).

Dividend & Returns

Yes, Cardinal Health, Inc. (CAH) pays a dividend with a yield of 0.96%. This makes it attractive for income-focused investors.

Cardinal Health, Inc. (CAH) generated $4.45B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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