CA
Cardinal Health Inc
CAH—
Cardinal Health Inc AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity (-2.9B) with negative working capital (-1.7B) - classic distributor model where CAH gets paid before paying suppliers (36.9B payables vs 13.8B receivables)[Working Capital]
- Revenue 234.3B TTM growing 22% YoY vs industry median 3% - 7x faster growth at massive scale, driving 4.5B FCF despite razor-thin 0.7% net margin[Total Revenue 1Y Growth]
- Asset turnover 4.8x vs industry median 2.2x - capital-light model generates 234B revenue on 55B assets, enabling 3.2% ROA despite sub-1% margins[Asset Turnover]
Watch Triggers
- Accounts Payable: Decline >10% without corresponding revenue drop — Signals supplier terms tightening - destroys negative working capital advantage
- Operating Margin TTM: Falls below 0.8% — At 1.1% margin, 30bps compression cuts net income 30%+ given fixed interest
- Total Revenue 1Y Growth: Decelerates below 5% — Float benefit requires growth; stagnation exposes thin-margin vulnerability
Bull Case
Negative working capital (-1.7B) creates permanent float - suppliers fund operations while CAH earns on 4.6B cash. Model scales: 22% revenue growth = more float
Working CapitalAccounts PayableCash and Equivalents
FCF yield 9.4% (4.5B/47.4B market cap) with 29% 3Y EPS CAGR vs industry 5% - growth at value pricing despite P/E 28x near industry median 27x
Free Cash Flow TTMEPS Growth 3YP/E Ratio
Bear Case
Goodwill 9.7B represents 338% of negative equity - any impairment directly hits already-negative book value, limiting financial flexibility for M&A or downturns
GoodwillCommon Stockholders EquityTangible Book Value
Operating margin 1.1% leaves zero buffer - interest expense 263M is 10% of operating income 2.5B; any margin compression threatens profitability
Operating Margin TTMInterest ExpenseOperating Income TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
60%
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Forward Thesis
FCF will sustain 4B+ annually as negative working capital scales with revenue growth
1-3yhigh
- Payables (36.9B) exceed receivables + inventory by 5.5B
- 22% revenue growth amplifies float benefit
- Capex under 600M annually
FCF 4.5B TTM on 565M capexWorking capital -1.7BOperating cash flow 5.0B TTM
Valuation Context
Caveats
Public Strategies Rankings
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CAH Fundamentals
Wholesale Trade → Merchant Wholesalers, Nondurable Goods
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$50.78B | — | ||
$55.21B | — | ||
30 | — | ||
$234.31B | +4.4% | — | |
$7.09 | +14.3% | — | |
1.08% | +0.1% | — | |
0.68% | +0.1% | — | |
$4.45B | +313.0% | — | |
0.00 | — | ||
Beta 5Y (Monthly) | unknown | — |
CAH Dividend History
104 dividends
2026
$0.510701/02/26$0.5107
2025
$2.032610/01/25$0.5107
07/01/25$0.5107
04/01/25$0.5056
01/02/25$0.5056
2024
$1.511810/01/24$0.5056
07/01/24$0.5056
03/28/24$0.5006
2023
$1.997512/29/23$0.5006
10/02/23$0.5006
06/30/23$0.5006
03/31/23$0.4957
2022
$1.977912/30/22$0.4957
09/30/22$0.4957
06/30/22$0.4957
03/31/22$0.4908
2021
$1.958312/31/21$0.4908
09/30/21$0.4908
06/30/21$0.4908
03/31/21$0.4859
2020
$1.938812/31/20$0.4859
09/30/20$0.4859
06/30/20$0.4859
03/31/20$0.4811
2019
$1.919612/31/19$0.4811
09/30/19$0.4811
06/28/19$0.4811
03/29/19$0.4763
2018
$2.353712/31/18$0.4763
09/28/18$0.4763
06/29/18$0.4763
03/29/18$0.4624
01/01/18$0.4624
2017
$1.373709/29/17$0.4624
06/29/17$0.4624
03/30/17$0.4489
2016
$1.733712/29/16$0.4489
09/29/16$0.4489
06/29/16$0.4489
03/30/16$0.3870
2015
$1.503512/30/15$0.3870
09/29/15$0.3870
06/29/15$0.3870
03/30/15$0.3425
2014
$1.330012/30/14$0.3425
09/29/14$0.3425
06/27/14$0.3425
03/28/14$0.3025
2013
$1.182512/30/13$0.3025
09/27/13$0.3025
06/27/13$0.3025
03/27/13$0.2750
2012
$0.965012/28/12$0.2750
09/27/12$0.2375
06/27/12$0.2375
03/28/12$0.2150
2011
$0.840012/28/11$0.2150
09/28/11$0.2150
06/29/11$0.2150
03/30/11$0.1950
2010
$0.760012/29/10$0.1950
09/29/10$0.1950
06/29/10$0.1950
03/30/10$0.1750
2009
$0.630012/29/09$0.1750
09/29/09$0.1750
06/29/09$0.1400
03/30/09$0.1400
2008
$0.540012/29/08$0.1400
09/29/08$0.1400
06/27/08$0.1400
03/28/08$0.1200
2007
$0.450012/27/07$0.1200
09/27/07$0.1200
06/27/07$0.1200
03/28/07$0.0900
2006
$0.330012/27/06$0.0900
09/27/06$0.0900
06/28/06$0.0900
03/29/06$0.0600
2005
$0.210012/28/05$0.0600
09/28/05$0.0600
06/29/05$0.0600
03/30/05$0.0300
2004
$0.120012/29/04$0.0300
09/29/04$0.0300
06/29/04$0.0300
03/30/04$0.0300
2003
$0.115012/29/03$0.0300
09/29/03$0.0300
06/27/03$0.0300
03/28/03$0.0250
2002
$0.100012/27/02$0.0250
09/27/02$0.0250
06/27/02$0.0250
03/27/02$0.0250
2001
$0.095012/27/01$0.0250
09/27/01$0.0250
06/27/01$0.0250
03/28/01$0.0200
2000
$0.076712/27/00$0.0200
09/27/00$0.0200
06/28/00$0.0200
03/29/00$0.0167
CAH Stock Splits
1 stock split
04/23/012:3 split
CAH SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/30/25 | 09/30/25 | 10-Q | |
08/12/25 | 06/30/25 | 10-K | |
05/01/25 | 03/31/25 | 10-Q | |
01/30/25 | 12/31/24 | 10-Q | |
11/01/24 | 09/30/24 | 10-Q | |
08/14/24 | 06/30/24 | 10-K | |
05/02/24 | 03/31/24 | 10-Q | |
02/01/24 | 12/31/23 | 10-Q | |
11/03/23 | 09/30/23 | 10-Q | |
08/15/23 | 06/30/23 | 10-K | |
05/04/23 | 03/31/23 | 10-Q | |
02/02/23 | 12/31/22 | 10-Q | |
11/04/22 | 09/30/22 | 10-Q | |
08/11/22 | 06/30/22 | 10-K | |
05/05/22 | 03/31/22 | 10-Q | |
02/03/22 | 12/31/21 | 10-Q | |
11/09/21 | 09/30/21 | 10-Q | |
08/16/21 | 06/30/21 | 10-K | |
05/06/21 | 03/31/21 | 10-Q | |
02/05/21 | 12/31/20 | 10-Q | |
11/05/20 | 09/30/20 | 10-Q | |
08/13/20 | 06/30/20 | 10-K | |
05/11/20 | 03/31/20 | 10-Q | |
02/06/20 | 12/31/19 | 10-Q | |
11/07/19 | 09/30/19 | 10-Q | |
08/20/19 | 06/30/19 | 10-K | |
05/09/19 | 03/31/19 | 10-Q | |
02/07/19 | 12/31/18 | 10-Q | |
11/08/18 | 09/30/18 | 10-Q | |
08/22/18 | 06/30/18 | 10-K | |
05/09/18 | 03/31/18 | 10-Q | |
02/08/18 | 12/31/17 | 10-Q | |
11/07/17 | 09/30/17 | 10-Q | |
08/10/17 | 06/30/17 | 10-K | |
05/02/17 | 03/31/17 | 10-Q | |
02/07/17 | 12/31/16 | 10-Q | |
11/02/16 | 09/30/16 | 10-Q | |
08/12/16 | 06/30/16 | 10-K | |
05/03/16 | 03/31/16 | 10-Q | |
02/02/16 | 12/31/15 | 10-Q | |
11/03/15 | 09/30/15 | 10-Q | |
08/13/15 | 06/30/15 | 10-K | |
05/05/15 | 03/31/15 | 10-Q | |
02/03/15 | 12/31/14 | 10-Q | |
11/05/14 | 09/30/14 | 10-Q | |
08/13/14 | 06/30/14 | 10-K | |
05/06/14 | 03/31/14 | 10-Q | |
02/06/14 | 12/31/13 | 10-Q | |
11/07/13 | 09/30/13 | 10-Q | |
08/20/13 | 06/30/13 | 10-K | |
05/08/13 | 03/31/13 | 10-Q | |
02/06/13 | 12/31/12 | 10-Q | |
11/09/12 | 09/30/12 | 10-Q | |
08/22/12 | 06/30/12 | 10-K | |
05/08/12 | 03/31/12 | 10-Q | |
02/07/12 | 12/31/11 | 10-Q | |
11/04/11 | 09/30/11 | 10-Q | |
08/26/11 | 06/30/11 | 10-K | |
05/06/11 | 03/31/11 | 10-Q | |
02/08/11 | 12/31/10 | 10-Q | |
11/08/10 | 09/30/10 | 10-Q | |
08/26/10 | 06/30/10 | 10-K | |
05/06/10 | 03/31/10 | 10-Q | |
02/05/10 | 12/31/09 | 10-Q | |
11/09/09 | 09/30/09 | 10-Q | |
08/27/09 | 06/30/09 | 10-K | |
05/07/09 | 03/31/09 | 10-Q | |
02/09/09 | 12/31/08 | 10-Q | |
11/07/08 | 09/30/08 | 10-Q | |
08/27/08 | 06/30/08 | 10-K | |
05/08/08 | 03/31/08 | 10-Q | |
02/06/08 | 12/31/07 | 10-Q | |
11/07/07 | 09/30/07 | 10-Q | |
08/24/07 | 06/30/07 | 10-K | |
05/08/07 | 03/31/07 | 10-Q | |
02/08/07 | 12/31/06 | 10-Q | |
11/07/06 | 09/30/06 | 10-Q | |
09/01/06 | 06/30/06 | 10-K | |
05/08/06 | 03/31/06 | 10-Q | |
02/07/06 | 12/31/05 | 10-Q | |
11/08/05 | 09/30/05 | 10-Q | |
09/12/05 | 06/30/05 | 10-K | |
05/09/05 | 03/31/05 | 10-Q | |
02/09/05 | 12/31/04 | 10-Q | |
11/09/04 | 09/30/04 | 8-K | |
10/26/04 | 06/30/04 | 8-K | |
05/14/04 | 03/31/04 | 10-Q | |
02/17/04 | 12/31/03 | 10-Q | |
11/14/03 | 09/30/03 | 10-Q | |
09/29/03 | 06/30/03 | 10-K | |
05/15/03 | 03/31/03 | 10-Q | |
02/14/03 | 12/31/02 | 10-Q | |
11/14/02 | 09/30/02 | 10-Q | |
09/30/02 | 06/30/02 | 10-K | |
05/08/02 | 03/31/02 | 10-Q | |
02/13/02 | 12/31/01 | 10-Q | |
11/14/01 | 09/30/01 | 10-Q | |
08/24/01 | 06/30/01 | 10-K405 | |
05/10/01 | 03/31/01 | 10-Q | |
02/14/01 | 12/31/00 | 10-Q | |
11/13/00 | 09/30/00 | 10-Q | |
09/06/00 | 06/30/00 | 10-K | |
05/12/00 | 03/31/00 | 10-Q |