Cencora

COR

Medical - Distribution · Healthcare

Also trades as: 0HF3.L

Price

$318.04

+3.35 (+1.06%)

Market Cap

$61.88B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Strong

Stability

Mixed

Valuation

Strong

Dividends

Mixed

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Share count falling — buybacks

−6.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 208.5M (2021) → 195.2M (2025)

Winston Score History

The full picture

Cencora is one of the largest drug distributors in the United States. It buys medicines from pharmaceutical manufacturers and delivers them to pharmacies, hospitals, and doctors' offices. The company does not make drugs itself — it moves them through the supply chain to the places where patients actually get their medications.

Cencora makes money by buying drugs in bulk and selling them at a slightly higher price, which is why its profit margins are very thin. It operates mainly in the United States but also has a smaller international business through its Alliance Healthcare segment in Europe. Its size is its main advantage — handling enormous volumes of drugs gives it negotiating power with both suppliers and customers. The biggest risk the company faces is drug pricing pressure, since any policy changes that lower drug prices or cut distribution fees could squeeze its already narrow margins further.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+11.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

6.1%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$2.8B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Cencora is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

4.3%

Thin — 4.3% gross margin

Profit after running costs

Operating Margin

1.3%

Thin — 1.3% operating margin

Return on the money invested

ROCE

29.3%

Exceptional — 29.3% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+5.1%

Slow sales growth (+5.1% YoY)

Profit growth

EPS YoY

+38.1%

Earnings growing fast (+38.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

147%

Turns 147% of profit into real cash

Spare cash per sale

FCF Margin

0.8%

Thin free cash flow (0.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

3.84

Heavy debt load (3.84)

Covers its interest

Interest Cover

8.71x

Comfortably covers interest (8.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

23.5x

Growth-priced — P/E 23.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+9.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.5 → 14.4)

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Dividends

Dividend

Dividend Yield

0.76%

Small dividend — 0.76% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+9.1%

Dividend growing modestly (9.1% YoY)

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