Latest Ratios: P/E Ratio 38.3x · EV/EBITDA 13.9x · ROE 122.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $59.2B | $61.0B | $45.1B | $36.8B | $28.6B | $24.9B | $19.8B | $17.4B | $20.3B | $18.3B | $18.3B |
| Enterprise Value | $65.6B | $67.4B | $48.5B | $40.9B | $32.6B | $31.1B | $20.2B | $18.6B | $22.5B | $19.7B | $20.0B |
| P/E Ratio → | 38.25 | 39.26 | 29.89 | 21.10 | 16.83 | 16.16 | — | 20.38 | 12.25 | 50.46 | 12.78 |
| P/S Ratio | 0.18 | 0.19 | 0.15 | 0.14 | 0.12 | 0.12 | 0.10 | 0.10 | 0.12 | 0.12 | 0.12 |
| P/B Ratio | 34.02 | 34.92 | 57.30 | 55.26 | 401.04 | 42.61 | — | 5.83 | 6.66 | 8.67 | 8.57 |
| P/FCF | 18.47 | 19.02 | 15.04 | 10.66 | 12.95 | 11.17 | 10.80 | 8.58 | 18.90 | 17.93 | 6.73 |
| P/OCF | 15.29 | 15.74 | 12.94 | 9.41 | 10.57 | 9.34 | 8.99 | 7.44 | 14.40 | 12.32 | 5.74 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.21 | 0.16 | 0.16 | 0.14 | 0.15 | 0.11 | 0.10 | 0.13 | 0.13 | 0.14 |
| EV / EBITDA | 13.94 | 14.31 | 11.68 | 11.98 | 9.46 | 9.78 | 8.34 | 7.88 | 10.46 | 8.07 | 9.66 |
| EV / EBIT | 17.98 | 25.15 | 21.53 | 16.81 | 13.52 | 12.94 | — | 15.96 | 16.45 | 18.46 | 13.01 |
| EV / FCF | — | 21.00 | 16.18 | 11.86 | 14.79 | 13.96 | 11.01 | 9.13 | 20.92 | 19.26 | 7.36 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 3.2% | 3.2% | 3.0% | 3.0% | 3.2% | 2.9% | 2.5% | 2.5% | 2.4% | 2.7% | 2.6% |
| Operating Margin | 1.1% | 1.1% | 1.0% | 0.9% | 1.2% | 1.3% | 1.1% | 1.0% | 1.0% | 1.3% | 1.1% |
| Net Profit Margin | 0.5% | 0.5% | 0.5% | 0.7% | 0.7% | 0.7% | -1.8% | 0.5% | 1.0% | 0.3% | 1.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 122.7% | 122.7% | 207.7% | 473.3% | 518.2% | 263.5% | -315.7% | 28.3% | 64.2% | 19.5% | 103.4% |
| ROA | 2.2% | 2.2% | 2.3% | 2.9% | 3.0% | 3.0% | -8.1% | 2.2% | 4.5% | 1.2% | 4.7% |
| ROIC | 44.5% | 44.5% | 50.7% | 41.1% | 37.8% | 63.3% | 83.0% | 30.0% | 28.5% | 41.3% | 41.7% |
| ROCE | 23.1% | 23.1% | 22.9% | 18.3% | 18.9% | 20.3% | 20.2% | 19.3% | 18.0% | 23.9% | 25.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 6.15 | 6.15 | 8.46 | 10.23 | 106.49 | 14.98 | — | 1.50 | 1.53 | 1.79 | 2.10 |
| Debt / EBITDA | 2.28 | 2.28 | 1.60 | 1.99 | 2.20 | 2.75 | 2.05 | 1.91 | 2.17 | 1.55 | 2.16 |
| Net Debt / Equity | — | 3.64 | 4.35 | 6.20 | 56.91 | 10.62 | — | 0.37 | 0.71 | 0.64 | 0.81 |
| Net Debt / EBITDA | 1.35 | 1.35 | 0.82 | 1.21 | 1.18 | 1.95 | 0.16 | 0.48 | 1.01 | 0.56 | 0.83 |
| Debt / FCF | — | 1.98 | 1.14 | 1.20 | 1.84 | 2.78 | 0.21 | 0.55 | 2.02 | 1.33 | 0.63 |
| Interest Coverage | 6.38 | 6.38 | 9.06 | 8.84 | 10.41 | 13.17 | -32.39 | 5.95 | 7.21 | 7.16 | 10.64 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.90 | 0.90 | 0.88 | 0.88 | 0.91 | 0.94 | 0.98 | 0.95 | 0.93 | 0.91 | 0.90 |
| Quick Ratio | 0.55 | 0.55 | 0.53 | 0.52 | 0.52 | 0.57 | 0.60 | 0.58 | 0.50 | 0.48 | 0.48 |
| Cash Ratio | 0.08 | 0.08 | 0.06 | 0.06 | 0.08 | 0.06 | 0.14 | 0.11 | 0.09 | 0.09 | 0.11 |
| Asset Turnover | — | 4.20 | 4.38 | 4.19 | 4.22 | 3.73 | 4.29 | 4.58 | 4.46 | 4.34 | 4.37 |
| Inventory Turnover | 15.19 | 15.19 | 15.01 | 14.58 | 13.52 | 13.52 | 14.70 | 15.83 | 13.75 | 13.00 | 13.34 |
| Days Sales Outstanding | — | 28.65 | 29.64 | 29.11 | 28.49 | 31.37 | 27.48 | 25.18 | 24.59 | 24.56 | 22.81 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.7% | 0.9% | 1.1% | 1.4% | 1.5% | 1.7% | 1.9% | 1.6% | 1.7% | 1.6% |
| Payout Ratio | 28.1% | 28.1% | 27.6% | 22.8% | 23.1% | 23.8% | — | 39.6% | 20.1% | 77.3% | 20.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 2.5% | 3.3% | 4.7% | 5.9% | 6.2% | — | 4.9% | 8.2% | 2.0% | 7.8% |
| FCF Yield | 5.4% | 5.3% | 6.6% | 9.4% | 7.7% | 8.9% | 9.3% | 11.7% | 5.3% | 5.6% | 14.9% |
| Buyback Yield | 0.7% | 0.7% | 3.3% | 3.2% | 1.7% | 0.3% | 2.1% | 3.9% | 3.1% | 1.8% | 12.4% |
| Total Shareholder Yield | 1.5% | 1.4% | 4.2% | 4.3% | 3.1% | 1.8% | 3.8% | 5.8% | 4.8% | 3.5% | 14.0% |
| Shares Outstanding | — | $195M | $200M | $205M | $211M | $208M | $205M | $212M | $220M | $222M | $226M |
High leverage and volatility
According to current market data, Cencora trades at a forward P/E of 16.09, which appears to price in a defensive growth profile despite the company's historical P/E volatility and the inherent margin compression risks associated with its low-margin pharmaceutical distribution business model.
The valuation premium relative to historical norms suggests that investors are assigning value to the company's specialty pharmacy integration rather than its core wholesale volume. However, the wide gap between trailing and forward multiples warrants caution, as it implies an expectation of earnings stabilization that may be difficult to achieve given the regulatory headwinds facing the sector.
Based on reported financial statements, Cencora's ROIC has trended downward from 18.3% in 2024Q2 to 7.8% in 2026Q2, suggesting that the company's aggressive acquisition strategy may be diluting the returns generated on its invested capital base over the long term.
The decline in ROIC indicates that the capital deployed for inorganic growth is not yet yielding returns commensurate with the company's cost of capital. Investors should monitor whether future integration of these assets can improve efficiency or if the current trend reflects a structural decay in the company's ability to compound value.
As reported in quarterly filings, Cencora maintains a negative cash conversion cycle, consistently hovering around -9 to -11 days, which highlights the company's ability to leverage supplier payment terms to finance its massive inventory requirements in a high-volume environment.
While the negative CCC is a hallmark of efficient wholesale operations, the reliance on extended DPO to manage liquidity creates a structural vulnerability. Any shift in supplier payment terms or a contraction in inventory turnover could rapidly deteriorate the company's cash position, given the thin margins involved.
According to recent balance sheet data, Cencora's debt-to-EBITDA ratio has fluctuated significantly, reaching 8.90 in 2026Q2, which indicates that the company's reliance on debt to fund operations and acquisitions leaves it with limited room for error in a volatile interest rate environment.
The high leverage profile, combined with inconsistent interest coverage ratios, suggests that the company's financial health is highly sensitive to credit market conditions. This level of indebtedness may constrain management's ability to pursue further strategic pivots without risking a significant deterioration in credit quality.
Based on industry analysis, the Price-to-Sales ratio is the most commonly misapplied metric for Cencora, as it fails to account for the company's role as a principal in high-cost drug distribution, which artificially inflates revenue figures without contributing meaningfully to net income.
Investors should prioritize EV/EBITDA or FCF-based metrics to evaluate the company's actual earning power, as the P/S ratio ignores the thin 3% gross margin reality. Relying on revenue-based multiples risks overestimating the company's growth potential by conflating high-cost drug pass-throughs with genuine operational expansion.
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 38.3x. The historical average is 24.0x. This places it at the 89th percentile of its historical range.
Cencora, Inc.'s current EV/EBITDA is 13.9x. 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 122.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 60.5%.
Based on historical data, Cencora, Inc. is trading at a P/E of 38.3x. This is at the 89th 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 28.1%.
Cencora, Inc. has 3.2% gross margin and 1.1% operating margin.
Cencora, Inc.'s Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.