Cencora, Inc.
- Open
- 324.00
- Day high
- 328.99
- Day low
- 319.46
- Prev close
- 325.01
- Volume
- 1.4M
- Mkt cap
- $61.2B
- P/E (TTM)
- 23.7
- EPS (TTM)
- $13.52
- P/B
- 20.0
- P/S
- 0.2
- Yield
- 0.73%
- Per share
- $2.35
- ▲Insiders net buying $2.3M over the last 3 months (3 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Cencora, Inc. (COR) is a Healthcare company listed on NYSE. The stock is up 13% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 0 sales (SEC Form 4).
Cencora, Inc. (COR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
COR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $4.35 | $4.48 | +3.0% | $84.8B | +0.5% |
| May 6, 2026 | $4.82 | $4.75 | -1.5% | $78.4B | -3.4% |
| Feb 4, 2026 | $4.05 | $4.08 | +0.7% | $85.9B | -0.1% |
| Nov 5, 2025 | $3.79 | $3.84 | +1.3% | $83.7B | +0.3% |
| Aug 6, 2025 | $3.85 | $4.00 | +3.9% | $80.7B | +0.7% |
| Feb 5, 2025 | $3.50 | $3.73 | +6.6% | $81.5B | +4.1% |
| Jan 30, 2024 | — | $2.98 | — | $72.3B | — |
| Nov 2, 2023 | $2.79 | $1.72 | -38.4% | $68.9B | +4.3% |
| Aug 2, 2023 | $2.82 | $2.92 | +3.5% | $66.9B | +4.7% |
| May 2, 2023 | $3.29 | $3.50 | +6.4% | $63.5B | +5.1% |
| Feb 1, 2023 | $2.64 | $2.71 | +2.7% | $62.8B | +0.3% |
| Nov 3, 2022 | $2.58 | $2.60 | +0.8% | $61.2B | — |
COR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 4, 2026 | Tyler Lauren Mdirector | Grant | 97 | $311.34 |
| Aug 4, 2026 | NALLY DENNIS Mdirector | Grant | 113 | $311.34 |
| Aug 4, 2026 | Cooper Ellendirector | Grant | 97 | $311.34 |
| Jul 7, 2026 | Campbell Elizabeth Sofficer: Executive Vice President | Grant | 50 | $240.53 |
| Jul 7, 2026 | Battaglia Silvanaofficer: Executive Vice President | Grant | 58 | $240.53 |
| Jun 30, 2026 | Boratto Eva Cofficer: Chief Financial Officer | Grant | 21,304 | — |
| Jun 24, 2026 | Tyler Lauren Mdirector | Buy | 550 | $270.23 |
| Jun 22, 2026 | DURCAN DERMOT MARKdirector | Buy | 4,000 | $274.19 |
| May 28, 2026 | DURCAN DERMOT MARKdirector | Buy | 4,000 | $266.26 |
| May 5, 2026 | Tyler Lauren Mdirector | Grant | 99 | $304.00 |
| May 5, 2026 | Cooper Ellendirector | Grant | 99 | $304.00 |
| May 5, 2026 | NALLY DENNIS Mdirector | Grant | 116 | $304.00 |
| Apr 2, 2026 | Krikorian Lazarusofficer: SVP & Chief Accounting Officer | Grant | 3,936 | — |
| Mar 13, 2026 | Campbell Elizabeth Sofficer: Executive Vice President | Tax | 5,842 | $350.30 |
| Mar 13, 2026 | Battaglia Silvanaofficer: Executive Vice President | Option | 8,415 | — |
Source: COR SEC Form 4 filings, latest Aug 4, 2026. For informational purposes only — not investment advice.
See the full COR insider & 13F page →Cencora, Inc. company profile
Overview
Cencora, Inc. (NYSE:COR) is a leading pharmaceutical distribution and healthcare services company that was founded through the merger of Bergen Brunswig and AmeriSource Health Corporation in 2001. Originally known as AmerisourceBergen Corporation, the company rebranded to Cencora in August 2023. Headquartered in Conshohocken, Pennsylvania, Cencora has evolved from a traditional pharmaceutical distributor into a comprehensive healthcare solutions provider, serving as a critical intermediary between pharmaceutical manufacturers and healthcare providers across the United States and internationally. The company went public in 1995 and has since grown through strategic acquisitions and organic expansion to become one of the largest pharmaceutical distributors globally.
Business
Cencora operates as a pharmaceutical distribution and healthcare services company, functioning as the vital link between drug manufacturers and healthcare providers. The company's core business involves purchasing pharmaceuticals, medical supplies, and healthcare products from manufacturers and then distributing them to various healthcare facilities and pharmacies. This distribution network is essential to the healthcare supply chain, ensuring that medications reach patients efficiently and safely. The company operates through two primary business segments. The U.S. Healthcare Solutions segment represents approximately 90% of total revenue and serves as the dominant business unit. This segment distributes pharmaceuticals, over-the-counter healthcare products, home healthcare supplies, and medical equipment to acute care hospitals, health systems, independent and chain retail pharmacies, mail-order pharmacies, medical clinics, long-term care facilities, and specialty physician practices. Beyond distribution, this segment provides pharmacy management services, staffing solutions, consulting services, supply management software, packaging solutions, and clinical trial support services. A significant focus area is specialty pharmaceuticals, particularly in oncology, where the company distributes plasma products, injectable pharmaceuticals, vaccines, and other specialty medications to physicians and healthcare providers. The International Healthcare Solutions segment accounts for approximately 10% of revenue and operates primarily in Europe through pharmaceutical wholesale operations and global commercialization services. This segment distributes pharmaceuticals and healthcare products to pharmacies, doctors, health centers, and hospitals, while also providing specialty transportation and logistics services for the biopharmaceutical industry, including clinical trial logistics through its World Courier business and regulatory consulting through PharmaLex. The company has also expanded into managed service organization (MSO) operations, acquiring physician practices like Retina Consultants of America to provide comprehensive support services to specialty medical practices, particularly in oncology and ophthalmology.
Revenue model
Cencora generates revenue primarily through product sales and service fees across its distribution and healthcare services operations. The company's fundamental business model involves purchasing pharmaceuticals and medical products from manufacturers at wholesale prices and selling them to healthcare providers at marked-up prices, capturing the distribution margin. This margin-based revenue model is supplemented by various fee-for-service arrangements. The company's paying customers include hospitals, health systems, independent pharmacies, chain pharmacies, physician practices, long-term care facilities, and specialty clinics. In the specialty pharmaceutical segment, which has become increasingly important, Cencora often provides value-added services such as patient support programs, clinical trial logistics, and regulatory consulting, which command higher service fees beyond basic distribution margins. Several factors influence the company's profitability margins. Positive margin drivers include the growing specialty pharmaceutical market, particularly high-value medications like GLP-1 diabetes drugs and oncology treatments, which typically carry higher margins than generic drugs. The company's expanding service offerings, including MSO operations and clinical trial support, provide additional revenue streams with potentially higher margins than traditional distribution. Scale advantages in logistics and purchasing power with manufacturers also support margin expansion. Negative margin pressures include generic drug deflation, which reduces the absolute dollar margins on these products even as volumes may increase. Increased competition from other distributors and direct-to-provider sales by manufacturers can compress margins. Healthcare policy changes, such as the Inflation Reduction Act's impact on Medicare Part B drug pricing, create uncertainty around future reimbursement rates. Additionally, the company's exposure to customer concentration risk, particularly with large pharmacy chains like Walgreens, can impact negotiating power and margin stability. Rising operational costs, including labor, transportation, and technology investments, also pressure margins if not offset by pricing improvements or operational efficiencies.
Competitive moat
Cencora possesses a moderate to strong competitive moat built primarily on scale advantages, established relationships, and specialized capabilities. The company benefits from significant barriers to entry in pharmaceutical distribution, including the substantial capital requirements for building distribution infrastructure, obtaining necessary licenses and regulatory approvals, and establishing relationships with both manufacturers and healthcare providers. The company's primary moat stems from its scale and network effects. As one of the largest pharmaceutical distributors in the United States, Cencora can negotiate favorable terms with manufacturers due to its purchasing volume and can spread fixed distribution costs across a large revenue base. The company's extensive distribution network, including strategically located warehouses and sophisticated logistics capabilities, would be extremely expensive and time-consuming for competitors to replicate. Switching costs provide additional protection, as healthcare providers rely on consistent, reliable supply chains and often integrate their systems with distributors' technology platforms. The complexity of pharmaceutical distribution, including regulatory compliance, cold-chain management for specialty drugs, and inventory management, creates operational expertise that serves as a competitive advantage. However, the moat faces several challenges. Potential competitive threats include direct distribution by large pharmaceutical manufacturers, which could bypass distributors entirely. Amazon's entry into pharmaceutical distribution and healthcare services represents a significant long-term threat, given its logistics capabilities and technology resources. Additionally, consolidation among healthcare providers could increase their negotiating power and potentially reduce distributor margins. The company's specialty pharmaceutical focus and expansion into higher-value services like MSO operations and clinical trial logistics represents an attempt to strengthen its moat by moving beyond commodity distribution into more specialized, higher-margin services that are harder to replicate.
Risks & safety
Cencora presents a moderate margin of safety with some concerning leverage metrics but strong operational cash flow generation. **Debt and Solvency:** - Debt-to-equity ratio of 7.76 indicates high financial leverage - Current ratio of 0.87 suggests potential short-term liquidity concerns - Strong operating cash flow of $3.35 billion provides debt service capability - Free cash flow of $3.22 billion demonstrates solid cash generation **Valuation Metrics:** - P/E ratio of 18.8 appears reasonable for a mature distributor - EV/EBITDA of 11.3 is moderate for the industry - Price-to-book ratio of 53.2 is elevated, reflecting asset-light business model - Graham number suggests potential overvaluation at current levels **Other Considerations:** - Working capital intensive business model creates cash flow volatility - High customer concentration risk with major pharmacy chains - Regulatory exposure to healthcare policy changes - Strong market position in growing specialty pharmaceutical segment provides some downside protection
Recent development
Over the past few years, Cencora has executed several strategic initiatives to transform from a traditional pharmaceutical distributor into a comprehensive healthcare solutions provider. The company's most significant strategic pivot has been its aggressive expansion into specialty pharmaceuticals and services, particularly in high-growth therapeutic areas like oncology and ophthalmology. A key development has been the company's entry into managed service organization (MSO) operations through the acquisition of Retina Consultants of America (RCA), which allows Cencora to provide comprehensive support services to specialty physician practices. This represents a significant expansion beyond traditional distribution into direct healthcare service delivery. The company has also made substantial investments in global specialty logistics and consulting services, including the acquisition of PharmaLex to enhance its pharmaceutical consulting capabilities and the integration of its U.S. and European third-party logistics (3PL) businesses. These moves position Cencora to serve biopharmaceutical manufacturers throughout the entire product lifecycle, from clinical trials to commercialization. Technology and data analytics have become increasingly important focus areas, with investments in supply management software, advanced analytics, and innovative healthcare solutions. The company has also launched venture capital initiatives to support emerging healthcare technologies. The rebranding from AmerisourceBergen to Cencora in August 2023 reflects the company's evolution beyond traditional distribution. Recent financial performance has been driven significantly by the distribution of GLP-1 diabetes medications, which have shown explosive growth of 36-55% year-over-year, though these products remain minimally profitable for the company.
COR company profile · for informational purposes only — not investment advice.
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