MC
McKesson Corp
MCK—
McKesson Corp AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity (-1.7B) with negative working capital (-8.1B TTM) - gets paid 61B before delivering, funding operations with supplier float[Working Capital]
- Asset turnover of 4.9x TTM vs industry median 2.2x - capital-light model generates 387B revenue on 84B assets[Asset Turnover]
- FCF of 6.0B TTM on razor-thin 1.0% net margin - distribution scale converts tiny margins into massive cash[Free Cash Flow]
Watch Triggers
- Accounts Payable: Decline >10% from 60.9B — Signals supplier terms tightening - destroys negative working capital advantage
- Operating Margin: Falls below 1.0% TTM — At 1.4% margin, small compression eliminates FCF generation capacity
- Free Cash Flow: Drops below 4B TTM — Buyback program sustainability requires 5B+ annual FCF
Bull Case
Negative working capital (-8.1B) creates permanent float advantage - 61B payables vs 54B receivables+inventory funds growth without debt
Working CapitalAccounts PayableTotal Debt
Scale moat with 387B TTM revenue at 4.9x asset turnover generates 6B FCF annually for buybacks despite 1% margins
Total RevenueAsset TurnoverFree Cash Flow
Bear Case
Negative equity (-1.7B) with 9.8B debt means 100% of enterprise value is debt-funded - no margin of safety in distress
Total EquityTotal DebtTangible Book Value
P/E of 24.7x on 1.0% net margin business - 223% EPS growth is buyback-driven, not operational leverage
PE RatioNet MarginEPS Growth 1yr
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
FCF yield compression as healthcare distribution consolidation matures
1-3ymed
- Top-3 distributors control 90%+ of market
- Drug pricing pressure from PBMs and government
- Biosimilar adoption reducing per-unit economics
FCF 6.0B on 387B revenue = 1.6% FCF margin TTMOperating margin 1.4% TTM near structural ceilingEPS growth 223% 1yr reflects buybacks not operations
Valuation Context
Caveats
Public Strategies Rankings
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MCK Fundamentals
Wholesale Trade → Merchant Wholesalers, Nondurable Goods
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$100.76B | — | ||
$106.55B | — | ||
25 | — | ||
$387.09B | +17.2% | — | |
$32.94 | +47.6% | — | |
1.41% | +0.2% | — | |
1.04% | +0.3% | — | |
$6.01B | +39.3% | — | |
0.00 | — | ||
Beta 5Y (Monthly) | unknown | — |
MCK Dividend History
104 dividends
01/02/26$0.8200
10/01/25$0.8200
07/01/25$0.7100
04/01/25$0.7100
01/02/25$0.7100
10/01/24$0.7100
07/01/24$0.6200
04/01/24$0.6200
01/02/24$0.6200
10/02/23$0.6200
07/03/23$0.5400
04/03/23$0.5400
01/03/23$0.5400
10/03/22$0.5400
07/01/22$0.4700
04/01/22$0.4700
01/03/22$0.4700
10/01/21$0.4700
07/01/21$0.4200
04/01/21$0.4200
01/04/21$0.4200
10/01/20$0.4200
07/01/20$0.4100
04/01/20$0.4100
01/02/20$0.4100
10/01/19$0.4100
07/01/19$0.3900
04/01/19$0.3900
01/02/19$0.3900
10/01/18$0.3900
07/02/18$0.3400
04/02/18$0.3400
01/02/18$0.3400
10/02/17$0.3400
07/03/17$0.2800
04/03/17$0.2800
01/02/17$0.2800
10/03/16$0.2800
07/01/16$0.2800
04/01/16$0.2800
01/04/16$0.2800
10/01/15$0.2800
07/01/15$0.2400
04/01/15$0.2400
01/02/15$0.2400
10/01/14$0.2400
07/01/14$0.2400
04/01/14$0.2400
01/02/14$0.2400
10/01/13$0.2400
07/01/13$0.2000
04/01/13$0.2000
01/02/13$0.2000
10/01/12$0.2000
07/02/12$0.2000
04/02/12$0.2000
01/03/12$0.2000
10/03/11$0.2000
07/01/11$0.2000
04/01/11$0.1800
01/03/11$0.1800
10/01/10$0.1800
07/01/10$0.1800
04/01/10$0.1200
01/04/10$0.1200
10/01/09$0.1200
07/01/09$0.1200
04/01/09$0.1200
01/02/09$0.1200
10/01/08$0.1200
07/01/08$0.1200
04/01/08$0.0600
01/02/08$0.0600
10/01/07$0.0600
07/02/07$0.0600
04/02/07$0.0600
01/02/07$0.0600
10/02/06$0.0600
07/03/06$0.0600
04/03/06$0.0600
01/03/06$0.0600
10/03/05$0.0600
07/01/05$0.0600
04/01/05$0.0600
01/03/05$0.0600
10/01/04$0.0600
07/01/04$0.0600
04/01/04$0.0600
01/02/04$0.0600
10/01/03$0.0600
07/01/03$0.0600
04/01/03$0.0600
01/02/03$0.0600
10/01/02$0.0600
07/01/02$0.0600
04/01/02$0.0600
01/02/02$0.0600
10/01/01$0.0600
07/02/01$0.0600
04/02/01$0.0600
01/02/01$0.0600
10/02/00$0.0600
07/03/00$0.0600
04/03/00$0.0600
MCK Stock Splits
No stock splits
MCK SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/06/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
05/09/25 | 03/31/25 | 10-K | |
02/06/25 | 12/31/24 | 10-Q | |
11/07/24 | 09/30/24 | 10-Q | |
08/07/24 | 06/30/24 | 10-Q | |
05/08/24 | 03/31/24 | 10-K | |
02/08/24 | 12/31/23 | 10-Q | |
11/02/23 | 09/30/23 | 10-Q | |
08/02/23 | 06/30/23 | 10-Q | |
05/09/23 | 03/31/23 | 10-K | |
02/02/23 | 12/31/22 | 10-Q | |
11/02/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/09/22 | 03/31/22 | 10-K | |
02/03/22 | 12/31/21 | 10-Q | |
11/02/21 | 09/30/21 | 10-Q | |
08/05/21 | 06/30/21 | 10-Q | |
05/12/21 | 03/31/21 | 10-K | |
02/02/21 | 12/31/20 | 10-Q | |
11/03/20 | 09/30/20 | 10-Q | |
08/03/20 | 06/30/20 | 10-Q | |
05/22/20 | 03/31/20 | 10-K | |
02/04/20 | 12/31/19 | 10-Q | |
10/30/19 | 09/30/19 | 10-Q | |
08/01/19 | 06/30/19 | 10-Q | |
05/15/19 | 03/31/19 | 10-K | |
01/31/19 | 12/31/18 | 10-Q | |
10/25/18 | 09/30/18 | 10-Q | |
07/26/18 | 06/30/18 | 10-Q | |
05/24/18 | 03/31/18 | 10-K | |
02/01/18 | 12/31/17 | 10-Q | |
10/27/17 | 09/30/17 | 10-Q | |
07/27/17 | 06/30/17 | 10-Q | |
05/22/17 | 03/31/17 | 10-K | |
01/26/17 | 12/31/16 | 10-Q | |
10/27/16 | 09/30/16 | 10-Q | |
07/27/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-K | |
01/27/16 | 12/31/15 | 10-Q | |
10/29/15 | 09/30/15 | 10-Q | |
07/29/15 | 06/30/15 | 10-Q | |
05/12/15 | 03/31/15 | 10-K | |
02/05/15 | 12/31/14 | 10-Q | |
10/28/14 | 09/30/14 | 10-Q | |
07/31/14 | 06/30/14 | 10-Q | |
05/14/14 | 03/31/14 | 10-K | |
01/30/14 | 12/31/13 | 10-Q | |
10/24/13 | 09/30/13 | 10-Q | |
07/25/13 | 06/30/13 | 10-Q | |
05/07/13 | 03/31/13 | 10-K | |
01/31/13 | 12/31/12 | 10-Q | |
10/25/12 | 09/30/12 | 10-Q | |
07/26/12 | 06/30/12 | 10-Q | |
05/02/12 | 03/31/12 | 10-K | |
01/30/12 | 12/31/11 | 10-Q | |
10/25/11 | 09/30/11 | 10-Q | |
07/28/11 | 06/30/11 | 10-Q | |
05/05/11 | 03/31/11 | 10-K | |
01/30/12 | 12/31/10 | 10-Q | |
10/25/11 | 09/30/10 | 10-Q | |
07/30/10 | 06/30/10 | 10-Q | |
05/04/10 | 03/31/10 | 10-K | |
01/26/10 | 12/31/09 | 10-Q | |
02/01/11 | 12/31/09 | 10-Q | |
10/27/09 | 09/30/09 | 10-Q | |
10/26/10 | 09/30/09 | 10-Q | |
07/28/09 | 06/30/09 | 10-Q | |
05/05/09 | 03/30/09 | 10-K | |
01/27/09 | 12/31/08 | 10-Q | |
10/29/08 | 09/30/08 | 10-Q | |
07/24/08 | 06/30/08 | 10-Q | |
05/07/08 | 03/30/08 | Unknown | -- |
02/01/08 | 12/31/07 | 10-Q | |
10/31/07 | 09/30/07 | 10-Q | |
07/30/07 | 06/30/07 | 10-Q | |
05/09/07 | 03/30/07 | Unknown | -- |
01/30/07 | 12/31/06 | 10-Q | |
11/01/06 | 09/30/06 | 10-Q | |
07/31/06 | 06/30/06 | 10-Q | |
05/16/06 | 03/31/06 | 8-K | |
02/01/06 | 12/31/05 | 10-Q | |
11/09/05 | 09/30/05 | 10-Q | |
08/01/05 | 06/30/05 | 10-Q | |
05/13/05 | 03/30/05 | Unknown | -- |
02/01/05 | 12/31/04 | 10-Q | |
11/02/04 | 09/30/04 | 10-Q | |
07/29/04 | 06/30/04 | 10-Q | |
06/10/04 | 03/30/04 | Unknown | -- |
01/29/04 | 12/31/03 | 10-Q | |
10/30/03 | 09/30/03 | 4 | |
07/31/03 | 06/30/03 | 4 | |
06/06/03 | 03/30/03 | Unknown | -- |
02/13/03 | 12/31/02 | 10-Q | |
11/13/02 | 09/30/02 | 10-Q | |
08/09/02 | 06/30/02 | 10-Q | |
06/12/02 | 03/30/02 | Unknown | -- |
02/14/02 | 12/31/01 | 10-Q | |
11/02/01 | 09/30/01 | 10-Q | |
08/10/01 | 06/30/01 | 10-Q | |
06/01/01 | 03/30/01 | Unknown | -- |
02/01/01 | 12/31/00 | 10-Q | |
11/06/00 | 09/30/00 | 10-Q | |
08/03/00 | 06/30/00 | 10-Q | |
06/13/00 | 03/30/00 | Unknown | -- |