Latest Ratios: P/E Ratio 18.4x · EV/EBITDA 13.1x · ROE 128.4%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $64.9B | $58.3B | $61.0B | $45.1B | $36.8B | $28.6B | $24.9B | $19.8B | $17.4B | $20.3B | $18.3B |
| Enterprise Value | $71.3B | $64.7B | $67.4B | $48.5B | $40.9B | $32.6B | $31.1B | $20.2B | $18.6B | $22.5B | $19.7B |
| P/E Ratio → | 18.36 | 16.73 | 39.26 | 29.89 | 21.10 | 16.83 | 16.16 | — | 20.38 | 12.25 | 50.46 |
| P/S Ratio | 0.19 | 0.17 | 0.19 | 0.15 | 0.14 | 0.12 | 0.12 | 0.10 | 0.10 | 0.12 | 0.12 |
| P/B Ratio | 17.59 | 15.83 | 34.92 | 57.30 | 55.26 | 401.04 | 42.61 | — | 5.83 | 6.66 | 8.67 |
| P/FCF | 16.72 | 15.02 | 19.02 | 15.04 | 10.66 | 12.95 | 11.17 | 10.80 | 8.58 | 18.90 | 17.93 |
| P/OCF | 13.55 | 12.17 | 15.74 | 12.94 | 9.41 | 10.57 | 9.34 | 8.99 | 7.44 | 14.40 | 12.32 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.19 | 0.21 | 0.16 | 0.16 | 0.14 | 0.15 | 0.11 | 0.10 | 0.13 | 0.13 |
| EV / EBITDA | 13.06 | 13.00 | 14.28 | 11.66 | 11.95 | 9.43 | 9.75 | 8.34 | 7.88 | 10.46 | 8.07 |
| EV / EBIT | 18.14 | 12.75 | 25.15 | 21.53 | 16.81 | 13.52 | 12.94 | — | 15.96 | 16.45 | 18.46 |
| EV / FCF | — | 16.66 | 21.00 | 16.18 | 11.86 | 14.79 | 13.96 | 11.01 | 9.13 | 20.92 | 19.26 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 4.1% | 4.1% | 3.2% | 3.0% | 3.0% | 3.2% | 2.9% | 2.5% | 2.5% | 2.4% | 2.7% |
| Operating Margin | 1.2% | 1.2% | 1.1% | 1.0% | 0.9% | 1.2% | 1.3% | 1.1% | 1.0% | 1.0% | 1.3% |
| Net Profit Margin | 1.0% | 1.0% | 0.5% | 0.5% | 0.7% | 0.7% | 0.7% | -1.8% | 0.5% | 1.0% | 0.3% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 128.4% | 128.4% | 122.7% | 207.7% | 473.3% | 518.2% | 263.5% | -315.7% | 28.3% | 64.2% | 19.5% |
| ROA | 4.3% | 4.3% | 2.2% | 2.3% | 2.9% | 3.0% | 3.0% | -8.1% | 2.2% | 4.5% | 1.2% |
| ROIC | 32.4% | 32.4% | 44.5% | 50.7% | 41.1% | 37.8% | 63.3% | 83.0% | 30.0% | 28.5% | 41.3% |
| ROCE | 18.1% | 18.1% | 23.1% | 22.9% | 18.3% | 18.9% | 20.3% | 20.2% | 19.3% | 18.0% | 23.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.06 | 3.06 | 6.15 | 8.46 | 10.23 | 106.49 | 14.98 | — | 1.50 | 1.53 | 1.79 |
| Debt / EBITDA | 2.26 | 2.26 | 2.28 | 1.60 | 1.99 | 2.19 | 2.74 | 2.05 | 1.91 | 2.17 | 1.55 |
| Net Debt / Equity | — | 1.73 | 3.64 | 4.35 | 6.20 | 56.91 | 10.62 | — | 0.37 | 0.71 | 0.64 |
| Net Debt / EBITDA | 1.28 | 1.28 | 1.35 | 0.82 | 1.20 | 1.17 | 1.95 | 0.16 | 0.48 | 1.01 | 0.56 |
| Debt / FCF | — | 1.65 | 1.98 | 1.14 | 1.20 | 1.84 | 2.78 | 0.21 | 0.55 | 2.02 | 1.33 |
| Interest Coverage | 10.35 | 10.35 | 6.38 | 9.06 | 8.84 | 10.41 | 13.17 | -32.39 | 5.95 | 7.21 | 7.16 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.94 | 0.94 | 0.90 | 0.88 | 0.88 | 0.91 | 0.94 | 0.98 | 0.95 | 0.93 | 0.91 |
| Quick Ratio | 0.59 | 0.59 | 0.55 | 0.53 | 0.52 | 0.52 | 0.57 | 0.60 | 0.58 | 0.50 | 0.48 |
| Cash Ratio | 0.08 | 0.08 | 0.08 | 0.06 | 0.06 | 0.08 | 0.06 | 0.14 | 0.11 | 0.09 | 0.09 |
| Asset Turnover | — | 3.87 | 4.20 | 4.38 | 4.19 | 4.22 | 3.73 | 4.29 | 4.58 | 4.46 | 4.34 |
| Inventory Turnover | 15.14 | 15.14 | 15.19 | 15.01 | 14.58 | 13.52 | 13.52 | 14.70 | 15.83 | 13.75 | 13.00 |
| Days Sales Outstanding | — | 28.49 | 28.65 | 29.64 | 29.11 | 28.49 | 31.37 | 27.48 | 25.18 | 24.59 | 24.56 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.8% | 0.7% | 0.9% | 1.1% | 1.4% | 1.5% | 1.7% | 1.9% | 1.6% | 1.7% |
| Payout Ratio | 13.7% | 13.7% | 28.1% | 27.6% | 22.8% | 23.1% | 23.8% | — | 39.6% | 20.1% | 77.3% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.4% | 6.0% | 2.5% | 3.3% | 4.7% | 5.9% | 6.2% | — | 4.9% | 8.2% | 2.0% |
| FCF Yield | 6.0% | 6.7% | 5.3% | 6.6% | 9.4% | 7.7% | 8.9% | 9.3% | 11.7% | 5.3% | 5.6% |
| Buyback Yield | 1.5% | 1.7% | 0.7% | 3.3% | 3.2% | 1.7% | 0.3% | 2.1% | 3.9% | 3.1% | 1.8% |
| Total Shareholder Yield | 2.3% | 2.5% | 1.4% | 4.2% | 4.3% | 3.1% | 1.8% | 3.8% | 5.8% | 4.8% | 3.5% |
| Shares Outstanding | — | $194M | $195M | $200M | $205M | $211M | $208M | $205M | $212M | $220M | $222M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying COR stock.
Cencora, Inc.'s current P/E ratio is 18.4x. The historical average is 23.6x. This places it at the 46th percentile of its historical range.
Cencora, Inc.'s current EV/EBITDA is 13.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.5x.
Cencora, Inc.'s return on equity (ROE) is 128.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 62.8%.
Based on historical data, Cencora, Inc. is trading at a P/E of 18.4x. This is at the 46th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cencora, Inc.'s current dividend yield is 0.74% with a payout ratio of 13.7%.
Cencora, Inc. has 4.1% gross margin and 1.2% operating margin.
Cencora, Inc.'s Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Elevated leverage with thin margins
Metrics are mathematically derived from official filings.
Premium Multiples Against Thin Margins
Based on Cencora's reported figures, trailing P/E of 41.90 sits well above the forward P/E of 18.64, implying that consensus expects earnings to rebound sharply from depressed trailing levels rather than extend current performance.
The gap between trailing and forward earnings multiples suggests the market is looking through a volatile recent earnings record toward a normalized profit base. Against Cardinal Health's trailing P/E of 37.58 and McKesson's 27.64, Cencora trades at a premium on trailing earnings, which appears difficult to justify given net margins near 0.5 percent. Investors should monitor whether the OneOncology integration and biosimilar mix actually lift operating margin before accepting the forward multiple as a fair anchor.
Gross Spread Carries Limited Earning Power
According to reported quarterly figures, gross margin has held in a narrow 2.7 to 4.3 percent band while operating margin stayed between roughly 0.9 and 1.7 percent, leaving little room for error in the earnings base.
Operating margin of 1.0 percent in the latest quarter indicates that SG&A and integration costs absorb most of the gross spread, limiting how much revenue growth converts into operating income. The mix shift toward specialty and oncology services may support a gradual margin improvement, but the reported data does not yet confirm that trend. Net margin of 0.6 percent means small swings in financing costs or one-time items can move reported earnings materially.
Reported ROIC Decaying From 2024 Peak
Based on Cencora's reported ratios, ROIC fell from 15.9 percent in 2024Q3 to 6.1 percent in 2026Q4, a decline that may reflect rising invested capital from acquisitions outpacing operating profit growth.
The compression in ROIC alongside goodwill growth from $9.2B to $22.5B suggests acquired capital is earning returns below the historical base, which warrants further investigation into segment-level performance. ROE readings are distorted by the very thin equity base, with values swinging from negative to above 90 percent, so ROIC is the more reliable gauge of underlying capital efficiency. Investors should watch whether ROIC stabilizes as OneOncology contributes to earnings.
Debt Burden Versus Thin Equity Cushion
As reported in the financial statements, debt-to-equity reached 6.15 in 2025Q4 and 3.06 in 2026Q4, while debt-to-EBITDA ran between 6.2 and 9.6, indicating leverage remains elevated against modest earnings.
Interest coverage of 6.8x in the latest quarter appears adequate on paper, but it has fluctuated widely, including a negative reading in 2025Q4 when operating earnings were insufficient to cover interest. The combination of high leverage and thin net margin suggests limited tolerance for a rise in borrowing costs or an earnings shortfall. Refinancing risk and covenant headroom cannot be assessed from the supplied data and warrant monitoring in upcoming filings.
Persistent Current Ratio Below Parity
Based on reported quarterly balance sheets, the current ratio has stayed between 0.87 and 0.95 across all ten quarters, with the quick ratio near 0.55, indicating current liabilities consistently exceed liquid current assets.
The structural negative working capital position is typical of pharmaceutical distributors that finance inventory through supplier credit, but it leaves limited near-term cushion if payables terms tighten. With the quick ratio around 0.55, the company depends heavily on inventory turnover to meet short-term obligations. Under a severe stress scenario involving slower collections or supplier tightening, the thin liquidity buffer could force additional short-term borrowing.
Misapplied P/E Obscures Balance Sheet Risk
Price-to-earnings is the ratio most often misapplied to Cencora, since its thin and volatile net earnings with leverage above 3x make trailing P/E a poor gauge of value compared with EV-based or free-cash-flow multiples.
Because net margin sits near 0.5 percent and EPS has swung between a loss and above $8 in recent quarters, P/E is distorted by noise and by the denominator's sensitivity to one-time items such as opioid litigation and integration costs. EV/EBITDA, though also affected by leverage, is a more stable comparison across Cencora, McKesson, and Cardinal Health. Investors should pair it with P/FCF, recognizing that free cash flow itself is working-capital dependent and lumpy.