At a glance
Cencora Inc. is worth $64.47B, about 42 times its fiscal 2025 earnings. Revenue grew 9.3% to $321.33B in fiscal 2025, with 0.5% kept as profit; over 5 years it has grown 11.1% a year. It pays a 0.71% dividend yield, raised every year for at least 9 years, and returned $5.68B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +0.8% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Cencora, formerly AmerisourceBergen, is one of the world's largest pharmaceutical distributors. It buys brand-name, specialty (complex, high-cost) and generic drugs, over-the-counter products and home healthcare supplies from manufacturers. It then delivers them to hospitals and health systems, chain and independent pharmacies, mail-order pharmacies, medical and dialysis clinics, physician practices and veterinarians. It also sells services to drugmakers and providers, such as data analytics, reimbursement and regulatory consulting, specialty logistics and pharmacy automation.
The business runs on huge volume and a tiny markup. Revenue was $321.3 billion in fiscal 2025 (the year ended September 30, 2025). Gross margin, the share of sales left after paying for the products, was just 3.6%, and net profit was 0.5% of sales. Generic drugs have historically given Cencora a higher gross margin than brand-name drugs, although their lower prices add less to revenue.
U.S. Healthcare Solutions brought in $291.0 billion, or 90.6% of fiscal 2025 revenue. The company says it leads in serving health systems, community cancer doctors and retina specialists. It also runs the Good Neighbor Pharmacy program for independent pharmacies. In January 2025, Cencora bought 85% of Retina Consultants of America to grow in specialty drugs. International Healthcare Solutions brought in $30.4 billion, or 9.5%. It distributes mainly in Europe, operates in Canada and provides specialty logistics for drugmakers.
Price history
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COR +0.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| U.S. Healthcare Solutions | $290.98B | 90.6% |
| International Healthcare Solutions | $30.37B | 9.5% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $84.75B, up 5.1% from a year earlier, and net income was $763.5M (+11.1%).
- For fiscal 2025, revenue was $321.33B (+9.3% year over year; +11.1% a year from FY2020 to FY2025) with a 0.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.1% good |
|---|---|
| Operating margin | 0.8% weak |
| Free cash flow margin | 1% watch |
| Return on equity (FY2025) | 103.1% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 2% weak |
| Net cash (cash minus debt) | $-8.91B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $189.89B | $-3.41B | $1.84B |
| FY2021 | $213.99B | $1.54B | $2.23B |
| FY2022 | $238.59B | $1.70B | $2.21B |
| FY2023 | $262.17B | $1.75B | $3.45B |
| FY2024 | $293.96B | $1.51B | $3.00B |
| FY2025 | $321.33B | $1.55B | $3.21B |
Valuation snapshot
| Market value | $64.47B |
|---|---|
| P/E ratio | 42.4 |
| Dividend yield | 0.71% |
Rank among 1514 US companies
Market value at each year end
Cencora’s market value went from $41.22B at the end of 2023 to $64.47B on Nov 2, 2026, up 56%; since the end of 2025 it is down 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $64.47B | -1.6% |
| 2025 | $65.52B | +50.9% |
| 2024 | $43.43B | +5.3% |
| 2023 | $41.22B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| COR price data to Nov 2, 2026 | +0.6% | +0.8% | +21.7% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.6% |
| 2025 | +51.5% |
| 2024 | +10.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 3 open-market purchases ($2.3M) and 4 sales ($4.7M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 24, 2026 | Elizabeth S Campbell Executive Vice President | sell | $3.7M |
| Jun 18, 2026 | Dermot Mark Durcan Director | buy | $1.1M |
| May 28, 2026 | Dermot Mark Durcan Director | buy | $1.1M |
| Sep 16, 2026 | Lon R Greenberg Director | sell | $411K |
| Sep 1, 2026 | Lazarus Krikorian SVP & Chief Accounting Officer | sell (plan) | $321K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.5% | Dec 31, 2024 |
| Vanguard Capital Management | 7.3% | Mar 31, 2026 |
ETFs with the most weight in COR
| PPH VanEck Pharmaceutical ETF | 5.5% |
| CWS AdvisorShares Focused Equity ETF | 5.33% |
| PTH Invesco Dorsey Wright Healthcare Momentum ETF | 4.61% |
| SAMT Strategas Macro Thematic Opportunities ETF | 4.31% |
| FXG First Trust Consumer Staples AlphaDEX Fund | 4.23% |
| VSMV VictoryShares US Multi-Factor Minimum Volatility ETF | 4.1% |
| RTH VanEck Retail ETF | 3.11% |
| IPDP Dividend Performers ETF | 2.92% |
What could go wrong
- Heavy dependence on Walgreens and Boots. Walgreens and Boots made up about 25% of fiscal 2025 revenue. Their parent's new private equity owner, Sycamore Partners, may seek changes to the relationship or speed up U.S. store closures.
- A handful of customers drive most sales. The top ten customers, including government agencies, provided about 66% of fiscal 2025 revenue; Evernorth Health Services alone provided about 13%. Contracts expire regularly and could be lost or renewed on worse terms.
- Opioid lawsuits and settlement costs. As a drug distributor, Cencora faces opioid-related lawsuits and has entered a Distributor Settlement Agreement. Obligations under that agreement, new cases and public concern over drug abuse could hurt cash flow and profits.
- Razor-thin margins leave little room for error. Cencora kept less than a penny of operating profit per dollar of sales in fiscal 2025 (0.8%). Drugmaker pricing changes, rival distributors or consolidating customers could squeeze that further.
- Large acquisitions add debt and integration risk. Cencora paid $4.04 billion in cash for 85% of Retina Consultants of America, partly with new debt. Deals that underperform can force charges against earnings. Total debt was $11.7 billion as of June 30, 2026.
- Government pressure on drug pricing and rules. Governments are stepping up regulation of the drug supply chain. Changes to drug pricing, insurance coverage or reimbursement rates could cut what Cencora earns, while new rules could raise its costs.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Cencora has raised its dividend for at least nine consecutive fiscal years through fiscal 2025, and the streak may be longer. Dividends per share grew from $1.66 in fiscal 2020 to $2.20 in fiscal 2025, about 5.8% a year. The fiscal 2025 payout used 28.1% of earnings and 13.6% of free cash flow (cash left after running and investing in the business). But the yield was 0.74% as of October 28, 2026, so the income is small. Over fiscal 2021–2025, Cencora spent $3.67 billion on buybacks and $2.01 billion on dividends. Its share count fell 8.3% from October 2021 to July 2026.
The price figures here cover only 3.5 years, so they don't show how the stock fared in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop in that span was 32.5%, within the year to October 28, 2026. As a single stock, Cencora carries more risk than a diversified fund.
Questions investors ask
How does Cencora make money?
Mainly by distributing medicines. Cencora buys drugs from manufacturers and delivers them to pharmacies, hospitals, clinics, physician practices and veterinarians, earning a thin markup. In fiscal 2025 (the year ended September 30, 2025) it had $321.3 billion of revenue. Its gross margin, the share of sales left after product costs, was 3.6%, and net income was about $1.55 billion. U.S. Healthcare Solutions supplied 90.6% of revenue. Cencora also earns fees from services such as consulting, data analytics and specialty logistics.
Is Cencora the same company as AmerisourceBergen?
Yes. Cencora, Inc. was formerly named AmerisourceBergen Corp. It is the same Delaware-incorporated pharmaceutical distributor. It trades on the New York Stock Exchange under the ticker COR, and its fiscal year ends September 30. In fiscal 2025 it reported two segments. U.S. Healthcare Solutions supplied 90.6% of revenue. International Healthcare Solutions distributes mainly in Europe and also operates in Canada.
Does Cencora raise its dividend every year?
Yes, for at least nine consecutive fiscal years through fiscal 2025, and the true streak may be longer. Dividends per share rose from $1.66 in fiscal 2020 to $2.20 in fiscal 2025, about 5.8% a year. The payout is modest: dividends used 28.1% of fiscal 2025 earnings and 13.6% of free cash flow. The yield, meaning yearly dividends as a share of the stock price, was 0.74% as of October 28, 2026. Past increases do not guarantee future ones.
How much of Cencora's business comes from Walgreens?
About a quarter. Walgreens and Boots together accounted for about 25% of Cencora's fiscal 2025 revenue. They also made up about 38% of its accounts receivable (money customers owe it) as of September 30, 2025. The U.S. distribution agreement with Walgreens runs until 2029, and the agreement to supply Boots runs until 2031. Private equity firm Sycamore Partners acquired Walgreens Boots Alliance on August 28, 2025. The new owners could seek changes, such as faster U.S. store closures.
What is Cencora's P/E ratio?
Cencora's price-to-earnings (P/E) ratio was 40.7 as of October 28, 2026, based on fiscal 2025 diluted earnings of $7.96 per share. In other words, buyers paid about $40.70 for each dollar of that year's earnings per share. Those earnings are for the year ended September 30, 2025. In the quarter ended June 30, 2026, net income rose 11.1% from a year earlier. The company's market value was about $61.9 billion on October 28, 2026.