CO
Cencora Inc
COR—
Cencora Inc AI Insights
Informational only. Not investment advice.Snapshot
- Working capital -5.6B TTM: AP of 54.7B vs AR of 25.2B means suppliers fund operations - negative cash conversion cycle[Working Capital]
- ROIC 21.9% TTM vs industry median 3.5% - 6x capital efficiency on thin 1.2% operating margin shows scale leverage[Return on Invested Capital]
- Goodwill 13.7B is 9x equity (1.5B) - tangible book value -15.9B creates material impairment exposure[Goodwill]
Watch Triggers
- Accounts Payable: Decline >10% QoQ — Signals supplier terms tightening - would require external financing to replace float
- Goodwill: Impairment charge >500M — Would eliminate equity cushion given 9x goodwill/equity ratio
- Operating Margin: Falls below 1% — At 1.2% TTM, minimal room before operating losses given fixed cost base
Bull Case
Distribution moat: 321B revenue with 4.5x asset turnover TTM generates 3.2B FCF despite 0.5% net margin - scale creates insurmountable efficiency
Asset TurnoverFree Cash FlowTotal Revenue
Float advantage: 54.7B AP vs 25.2B AR TTM means 29B perpetual interest-free financing from suppliers
Accounts PayableAccounts ReceivableWorking Capital
Bear Case
Balance sheet fragility: Debt/equity 5.1x with tangible book -15.9B TTM leaves no buffer for margin compression or impairments
Debt to EquityTangible Book ValueGoodwill
Margin vulnerability: 3.6% gross margin TTM vs industry 15% - any cost pressure flows directly to bottom line
Gross MarginOperating MarginNet Margin
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Cash generation will sustain 3B+ FCF annually despite razor-thin margins
1-3yhigh
- Negative working capital structure locks in supplier financing
- Asset turnover 4.5x vs industry 2.2x maximizes capital velocity
- Capex under 0.2% of revenue keeps FCF conversion near 100%
FCF 3.2B TTM on 321B revenueAP increased 3.8B TTMCapex only 668M TTM
Valuation Context
Caveats
Public Strategies Rankings
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COR Fundamentals
Wholesale Trade → Merchant Wholesalers, Nondurable Goods
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$71.02B | — | ||
$74.32B | — | ||
29 | — | ||
$321.33B | +9.3% | — | |
$12.60 | +12.0% | — | |
1.22% | +0.2% | — | |
0.48% | -0.0% | — | |
$3.21B | +7.0% | — | |
1.4 | -114.1% | — | |
Beta 5Y (Monthly) | unknown | — |
COR Dividend History
97 dividends
2025
$2.250011/14/25$0.6000
08/15/25$0.5500
05/16/25$0.5500
02/14/25$0.5500
2024
$2.080011/15/24$0.5500
08/09/24$0.5100
05/09/24$0.5100
02/08/24$0.5100
2023
$1.965011/10/23$0.5100
08/10/23$0.4850
05/11/23$0.4850
02/09/23$0.4850
2022
$1.865011/10/22$0.4850
08/12/22$0.4600
05/13/22$0.4600
02/11/22$0.4600
2021
$1.780011/12/21$0.4600
08/13/21$0.4400
05/14/21$0.4400
02/11/21$0.4400
2020
$1.700011/13/20$0.4400
08/14/20$0.4200
05/15/20$0.4200
02/13/20$0.4200
2019
$1.600011/15/19$0.4000
08/16/19$0.4000
05/17/19$0.4000
02/15/19$0.4000
2018
$1.540011/16/18$0.4000
08/17/18$0.3800
05/18/18$0.3800
02/16/18$0.3800
2017
$1.475011/17/17$0.3800
08/17/17$0.3650
05/18/17$0.3650
02/16/17$0.3650
2016
$1.385011/17/16$0.3650
08/18/16$0.3400
05/19/16$0.3400
02/18/16$0.3400
2015
$1.210011/12/15$0.3400
08/13/15$0.2900
05/14/15$0.2900
02/12/15$0.2900
2014
$0.995011/13/14$0.2900
08/14/14$0.2350
05/15/14$0.2350
02/13/14$0.2350
2013
$0.865011/14/13$0.2350
08/15/13$0.2100
05/16/13$0.2100
02/13/13$0.2100
2012
$0.600011/15/12$0.2100
08/17/12$0.1300
05/17/12$0.1300
02/15/12$0.1300
2011
$0.460011/17/11$0.1300
08/18/11$0.1150
05/20/11$0.1150
02/16/11$0.1000
2010
$0.340011/18/10$0.1000
08/20/10$0.0800
05/20/10$0.0800
02/10/10$0.0800
2009
$0.240011/19/09$0.0800
08/20/09$0.0600
05/14/09$0.0500
02/12/09$0.0500
2008
$0.162511/20/08$0.0500
08/14/08$0.0375
05/15/08$0.0375
02/13/08$0.0375
2007
$0.112511/15/07$0.0375
08/16/07$0.0250
05/17/07$0.0250
02/23/07$0.0250
2006
$0.062511/16/06$0.0250
08/17/06$0.0125
05/18/06$0.0125
02/15/06$0.0125
2005
$0.025011/22/05$0.0063
08/18/05$0.0063
05/19/05$0.0063
02/16/05$0.0063
2004
$0.025011/18/04$0.0063
08/19/04$0.0063
05/14/04$0.0063
02/11/04$0.0063
2003
$0.025011/13/03$0.0063
08/14/03$0.0063
05/15/03$0.0063
02/12/03$0.0063
2002
$0.025011/14/02$0.0063
08/15/02$0.0063
05/16/02$0.0063
02/19/02$0.0063
2001
$0.006311/15/01$0.0063
COR Stock Splits
2 stock splits
06/16/090.5:1 split
12/29/050.5:1 split
COR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/25/25 | 09/30/25 | Unknown | |
08/06/25 | 06/30/25 | 10-Q | |
05/07/25 | 03/31/25 | 10-Q | |
02/05/25 | 12/31/24 | 10-Q | |
11/26/24 | 09/30/24 | 10-K | |
07/31/24 | 06/30/24 | 10-Q | |
05/01/24 | 03/31/24 | 10-Q | |
01/31/24 | 12/31/23 | 10-Q | |
11/21/23 | 09/30/23 | 10-K | |
08/02/23 | 06/30/23 | 10-Q | |
05/02/23 | 03/31/23 | 10-Q | |
02/01/23 | 12/31/22 | 10-Q | |
11/22/22 | 09/30/22 | 10-K | |
08/03/22 | 06/30/22 | 10-Q | |
05/04/22 | 03/31/22 | 10-Q | |
02/02/22 | 12/31/21 | 10-Q | |
11/23/21 | 09/30/21 | 10-K | |
08/04/21 | 06/30/21 | 10-Q | |
05/05/21 | 03/31/21 | 10-Q | |
02/04/21 | 12/31/20 | 10-Q | |
11/19/20 | 09/30/20 | 10-K | |
08/05/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
01/30/20 | 12/31/19 | 10-Q | |
11/19/19 | 09/30/19 | 10-K | |
08/01/19 | 06/30/19 | 10-Q | |
05/02/19 | 03/31/19 | 10-Q | |
01/31/19 | 12/31/18 | 10-Q | |
11/20/18 | 09/30/18 | 10-K | |
08/02/18 | 06/30/18 | 10-Q | |
05/02/18 | 03/31/18 | 10-Q | |
02/06/18 | 12/31/17 | 10-Q | |
11/21/17 | 09/30/17 | 10-K | |
08/03/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
01/31/17 | 12/31/16 | 10-Q | |
11/22/16 | 09/30/16 | 10-K | |
08/02/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
02/04/16 | 12/31/15 | 10-Q | |
11/24/15 | 09/30/15 | 10-K | |
08/06/15 | 06/30/15 | 10-Q | |
05/08/15 | 03/31/15 | 10-Q | |
02/06/15 | 12/31/14 | 10-Q | |
11/25/14 | 09/30/14 | 10-K | |
08/07/14 | 06/30/14 | 10-Q | |
05/07/14 | 03/31/14 | 10-Q | |
02/07/14 | 12/31/13 | 10-Q | |
11/26/13 | 09/30/13 | 10-K | |
08/07/13 | 06/30/13 | 10-Q | |
05/09/13 | 03/31/13 | 10-Q | |
02/08/13 | 12/31/12 | 10-Q | |
11/27/12 | 09/30/12 | 10-K | |
08/09/12 | 06/30/12 | 10-Q | |
05/10/12 | 03/31/12 | 10-Q | |
02/07/12 | 12/31/11 | 10-Q | |
11/22/11 | 09/30/11 | 10-K | |
08/08/11 | 06/30/11 | 10-Q | |
05/06/11 | 03/31/11 | 10-Q | |
02/08/11 | 12/31/10 | 10-Q | |
11/23/10 | 09/30/10 | 10-K | |
08/03/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
02/05/10 | 12/31/09 | 10-Q | |
11/25/09 | 09/30/09 | 10-K | |
08/06/09 | 06/30/09 | 10-Q | |
05/08/09 | 03/30/09 | 10-Q | |
02/05/09 | 12/31/08 | 10-Q | |
11/25/08 | 09/30/08 | 10-K | |
08/06/08 | 06/30/08 | 10-Q | |
05/07/08 | 03/30/08 | Unknown | -- |
02/08/08 | 12/31/07 | 10-Q | |
11/28/07 | 09/30/07 | 10-K | |
08/08/07 | 06/30/07 | 10-Q | |
05/08/07 | 03/30/07 | Unknown | -- |
02/07/07 | 12/31/06 | 10-Q | |
12/08/06 | 09/30/06 | 10-K | |
08/08/06 | 06/30/06 | 8-K | |
05/08/06 | 03/30/06 | Unknown | -- |
02/09/06 | 12/31/05 | 10-Q | |
12/09/05 | 09/30/05 | 10-K | |
08/05/05 | 06/30/05 | 10-Q | |
05/09/05 | 03/30/05 | Unknown | -- |
02/07/05 | 12/31/04 | 10-Q | |
12/10/04 | 09/30/04 | 10-K | |
08/13/04 | 06/30/04 | 8-K | |
05/12/04 | 03/30/04 | Unknown | -- |
02/12/04 | 12/31/03 | 8-K | |
12/19/03 | 09/30/03 | 10-K | |
08/13/03 | 06/30/03 | 10-Q | |
05/12/03 | 03/30/03 | Unknown | -- |
02/13/03 | 12/31/02 | 10-Q | |
12/24/02 | 09/30/02 | 10-K | |
08/14/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
02/14/02 | 12/31/01 | 10-Q | |
12/28/01 | 09/30/01 | 10-K | |
06/30/01 | 06/30/01 | Unknown | -- |
03/31/01 | 03/30/01 | Unknown | -- |
12/31/00 | 12/31/00 | 11-K | |
09/30/00 | 09/30/00 | Unknown | -- |
06/30/00 | 06/30/00 | Unknown | -- |
03/31/00 | 03/30/00 | Unknown | -- |