Upside case
Bull case
$682+122.8%
COR would need investors to value it at roughly 39x earnings — about 21x more generous than today's 17x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Cencora, Inc. (COR) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
46
analysts
33 bullish · 1 bearish · 46 covering COR
Strong Buy
0
Buy
33
Hold
12
Sell
1
Strong Sell
0
Consensus Target
$409
+33.7% vs today
Scenario Range
$356 – $682
Model bear to bull value window
Coverage
46
Published analyst ratings
Valuation Context
17.4x
Forward P/E · Market cap $59.5B
COR price targets
Three scenarios for where COR stock could go
Current
~$306
Confidence
83 / 100
Updated
May 1, 2026
Where we are now
Current · $306
Bear
$356
Base
$499
Bull
$682
Market caseClosest to today
Base case
$499+63.0%
At 28x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$356+16.4%
The bear case assumes sentiment or fundamentals disappoint enough to push COR down roughly 16% from the current price.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Cencora, Inc.
COR · NYSEHealthcareMedical - DistributionSeptember year-end
Cencora is a global pharmaceutical distribution and healthcare services company that connects manufacturers with healthcare providers. It generates revenue primarily through pharmaceutical distribution—which accounts for the vast majority of sales—alongside specialty pharmacy services, animal health products, and consulting services for healthcare providers. The company's competitive advantage lies in its massive scale, sophisticated logistics network, and deep relationships across the pharmaceutical supply chain that create significant barriers to entry.
Market Cap
$59.5B
Revenue TTM
$325.8B
Net Income TTM
$1.6B
Net Margin
0.5%
COR Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
100%Exceptional
12 quarters tracked
Revenue Beat Rate
73%Exceptional
vs consensus estimates
Avg EPS Surprise
+4.5%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 4 of 4Q2 2025
EPS
$4.42/$4.11
Revenue
$75.5B/$75.7B
Q3 2025
EPS
$4.00/$3.85
Revenue
$80.7B/$80.1B
Q4 2025
EPS
$3.84/$3.79
Revenue
$83.7B/$83.5B
Q1 2026
EPS
$4.08/$4.05
Revenue
$85.9B/$86.1B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $4.42/$4.11 | +7.5% | $75.5B/$75.7B | -0.3% |
| Q3 2025 | $4.00/$3.85 | +3.9% | $80.7B/$80.1B | +0.7% |
| Q4 2025 | $3.84/$3.79 | +1.3% | $83.7B/$83.5B | +0.3% |
| Q1 2026 | $4.08/$4.05 | +0.7% | $85.9B/$86.1B | -0.1% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$354.5B
+8.8% YoY
FY2
$387.9B
+9.4% YoY
EPS Outlook
FY1
$11.97
+43.9% YoY
FY2
$12.98
+8.4% YoY
Trailing FCF (TTM)$3.6B
FCF Margin: 1.1%
Next Earnings
May 6, 2026
Expected EPS
$4.81
Expected Revenue
$81.0B
COR beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
COR Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $321.3B
Product Mix
Latest annual revenue by segment or product family
Segment breakdown not available for this company.
Geographic Mix
Latest annual revenue by reported region
U.S. Healthcare Solutions
90.6%
+9.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
U.S. Healthcare Solutions is the largest reported region at 90.6%, up 9.7% YoY.
COR Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $417 — implies +37.3% from today's price.
Upside to Fair Value
37.3%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
COR
38.4x
vs
S&P 500
25.1x
+53% premium
vs Healthcare Trailing P/E
COR
38.4x
vs
Healthcare
22.2x
+73% premium
vs COR 5Y Avg P/E
Today
38.4x
vs
5Y Average
24.6x
+56% premium
Forward PE
17.4x
S&P 500
19.1x
-9%
Healthcare
18.8x
-8%
5Y Avg
—
—
Trailing PE
38.4x
S&P 500
25.1x
+53%
Healthcare
22.2x
+73%
5Y Avg
24.6x
+56%
PEG Ratio
—
S&P 500
1.72x
—
Healthcare
1.53x
—
5Y Avg
—
—
EV/EBITDA
13.3x
S&P 500
15.2x
-12%
Healthcare
14.0x
-5%
5Y Avg
10.9x
+23%
Price/FCF
18.6x
S&P 500
21.1x
-12%
Healthcare
18.6x
0%
5Y Avg
13.8x
+35%
Price/Sales
0.2x
S&P 500
3.1x
-94%
Healthcare
2.8x
-93%
5Y Avg
0.1x
+29%
Dividend Yield
0.73%
S&P 500
1.87%
-61%
Healthcare
1.42%
-49%
5Y Avg
1.11%
-34%
| Metric | COR | S&P 500 | Healthcare | 5Y Avg COR |
|---|---|---|---|---|
| Forward PE | 17.4x | 19.1x | 18.8x | — |
| Trailing PE | 38.4x | 25.1x+53% | 22.2x+73% | 24.6x+56% |
| PEG Ratio | — | 1.72x | 1.53x | — |
| EV/EBITDA | 13.3x | 15.2x-12% | 14.0x | 10.9x+23% |
| Price/FCF | 18.6x | 21.1x-12% | 18.6x | 13.8x+35% |
| Price/Sales | 0.2x | 3.1x-94% | 2.8x-93% | 0.1x+29% |
| Dividend Yield | 0.73% | 1.87% | 1.42% | 1.11% |
COR trades above S&P 500 benchmarks on 1 of 5 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolCOR Financial Health
Verdict
Adequate
COR 77.1% ROIC signals a durable competitive advantage — returns 1.5% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$325.8B
Revenue Growth
TTM vs prior year
+7.4%
Gross Margin
Gross profit as a share of revenue
3.3%
Operating Margin
Operating income divided by revenue
1.2%
Net Margin
Net income divided by revenue
0.5%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$8.32
Free Cash Flow (TTM)
Cash generation after capex
$3.6B
FCF Margin
FCF as share of revenue — the primary cash quality signal
1.1%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
77.1%
ROA
Return on assets, trailing twelve months
2.1%
Cash & Equivalents
Liquid assets on the balance sheet
$4.4B
Net Debt
Total debt minus cash
$3.3B
Debt Serviceability
Net debt as a multiple of annual free cash flow
0.9× FCF
~0.9 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
77.5%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
1.5%
Dividend
0.7%
Buyback
0.7%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$435M
Dividend / Share
Annualized trailing dividend per share
$2.24
Payout Ratio
Share of earnings distributed as dividends
28.1%
Shares Outstanding
Declining as buybacks retire shares
195M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageCOR Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Financial Leverage & Thin Margins
Cencora’s return on equity is driven by an equity multiplier of 43.84x, compressing net margins to 0.5%. This high leverage makes profitability highly sensitive to revenue fluctuations, increasing the risk of margin erosion if sales decline.
Medium
Disintermediation Risk
Partners such as Centene could bypass Cencora for direct manufacturer transactions, potentially eroding revenue and pressuring margins. This risk could weaken Cencora’s market position if disintermediation accelerates.
Medium
WBA Financial Health Impact
A deterioration in Walgreens Boots Alliance’s financial health could reduce order volumes, delay payments, or force renegotiation of agreements, disrupting Cencora’s distribution network.
Medium
Valuation Premium Risk
Cencora trades at a P/E premium relative to its DCF‑derived fair value, implying that the current multiple relies on sustained execution. Failure to meet growth expectations could lead to a valuation correction.
Lower
High Volatility Exposure
The stock exhibits high 180‑day volatility (ATR), ranking in the top 10% of peers, exposing investors to significant price swings and potential downside during market stress.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why COR Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Robust EPS Growth & Outlook
Cencora reported earnings per share of $4.08, surpassing analyst expectations. The company projects EPS to rise to $4.84 in the next quarter, indicating continued profitability.
Positive Revenue Momentum
Revenue grew 5.5% year‑over‑year, reflecting strong sales trends. For the next quarter, revenue is expected to reach $81.13 billion.
Strong Analyst Consensus
A majority of analysts hold Moderate or Strong Buy ratings, with an average 12‑month price target of $398–$404. JPMorgan recently lifted its target to $417 from $344.
Strategic Healthcare Expansion
Cencora acquired RCA and is investing $1 billion through 2030 to strengthen its U.S. supply chain. The company also divested from MWI Animal Health to focus on specialty pharmaceutical distribution.
Attractive Valuation & Dividend
The forward P/E ratio stands at 19.32, and the dividend payout ratio is 28.85%, offering a solid income stream for investors.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
COR Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$305.90
52W Range Position
33%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$271.00
+12.9% from the low
52-Week High
$377.54
-19.0% from the high
1 Month
-4.69%
3 Month
-13.14%
YTD
-9.7%
1 Year
+4.8%
3Y CAGR
+22.1%
5Y CAGR
+20.8%
10Y CAGR
+14.6%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
COR vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
17.4x
vs 14.0x median
+24% above peer median
Revenue Growth
+8.8%
vs +3.5% median
+152% above peer median
Net Margin
0.5%
vs 0.6% median
-20% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
COR COR Cencora, Inc. | $59.5B | 17.4x | +8.8% | 0.5% | Buy | +33.7% |
MCK MCK McKesson Corporation | $98.1B | 20.5x | +10.0% | 1.1% | Buy | +25.7% |
CAH CAH Cardinal Health, Inc. | $46.4B | 19.1x | +2.9% | 0.6% | Buy | +26.7% |
OMI OMI Owens & Minor, Inc. | $171M | 2.3x | -26.3% | -39.8% | Hold | +78.6% |
HSI HSIC Henry Schein, Inc. | $8.5B | 14.0x | +3.7% | 3.0% | Hold | +16.2% |
CVS CVS CVS Health Corporation | $102.6B | 11.3x | +3.5% | 0.4% | Buy | +18.0% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
COR Dividend and Capital Return
COR returns 1.5% total yield, led by a 0.73% dividend, raised 24 consecutive years. Buybacks add another 0.7%.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
1.5%
Dividend + buyback return per year
Buyback Yield
0.7%
Dividend Yield
0.73%
Payout Ratio
28.1%
How COR Splits Its Return
Div 0.73%
Buyback 0.7%
Dividend 0.73%Buybacks 0.7%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$2.24
Growth Streak
Consecutive years of dividend increases
24Y
3Y Div CAGR
6.5%
5Y Div CAGR
5.8%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$435M
Estimated Shares Retired
1M
Approx. Share Reduction
0.7%
Shares Outstanding
Current diluted share count from the screening snapshot
195M
At 0.7%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.60 | — | — | — |
| 2025 | $2.25 | +8.2% | 0.7% | 1.4% |
| 2024 | $2.08 | +5.9% | 3.3% | 4.2% |
| 2023 | $1.97 | +5.4% | 3.2% | 4.3% |
| 2022 | $1.87 | +4.8% | 1.7% | 3.1% |
FAQ
7 questionsCOR Investor Questions
Common questions answered from live analyst data and company financials.
01Is Cencora, Inc. (COR) stock a buy or sell in 2026?
Cencora, Inc. (COR) is rated Buy by Wall Street analysts as of 2026. Of 46 analysts covering the stock, 33 rate it Buy or Strong Buy, 12 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $409, implying +33.7% from the current price of $306. The bear case scenario is $356 and the bull case is $682.
02What is the COR stock price target for 2026?
The Wall Street consensus price target for COR is $409 based on 46 analyst estimates. The high-end target is $440 (+43.8% from today), and the low-end target is $360 (+17.7%). The base case model target is $499.
03Is Cencora, Inc. (COR) stock overvalued in 2026?
COR trades at 17.4x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Cencora, Inc. (COR) stock in 2026?
The primary risks for COR in 2026 are: (1) Financial Leverage & Thin Margins — Cencora’s return on equity is driven by an equity multiplier of 43. (2) Disintermediation Risk — Partners such as Centene could bypass Cencora for direct manufacturer transactions, potentially eroding revenue and pressuring margins. (3) WBA Financial Health Impact — A deterioration in Walgreens Boots Alliance’s financial health could reduce order volumes, delay payments, or force renegotiation of agreements, disrupting Cencora’s distribution network. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Cencora, Inc.'s revenue and earnings forecast?
Analyst consensus estimates COR will report consensus revenue of $354.5B (+8.8% year-over-year) and EPS of $11.97 (+43.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $387.9B in revenue.
06When does Cencora, Inc. (COR) report its next earnings?
Cencora, Inc. is expected to report its next earnings on approximately 2026-05-06. Consensus expects EPS of $4.81 and revenue of $81.0B. Over recent quarters, COR has beaten EPS estimates 100% of the time.
07How much free cash flow does Cencora, Inc. generate?
Cencora, Inc. (COR) generated $3.6B in free cash flow over the trailing twelve months — a free cash flow margin of 1.1%. COR returns capital to shareholders through dividends (0.7% yield) and share repurchases ($435M TTM).