Cencora, Inc. (COR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+70.1%

$569.80

vs $334.95 price

Levered DCF

$577.42

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.71

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	38.97×	29.62×	20.88×	16.6×	15.97×	-5.84×	20.23×	12.19×
P/B	40.17×	69.17×	70.54×	-133.36×	110.13×	-19.48×	6.01×	6.89×
P/S	0.19×	0.15×	0.14×	0.12×	0.11×	0.1×	0.1×	0.12×
EV / EBITDA	17.86×	14.27×	11.98×	10.33×	10.55×	-4.27×	11.16×	11.99×
Gross margin	3.2%	3.0%	3.0%	3.2%	2.9%	2.5%	2.5%	2.4%
Operating margin	1.1%	1.0%	0.9%	1.2%	1.3%	1.1%	1.0%	1.0%
Net margin	0.5%	0.5%	0.7%	0.7%	0.7%	-1.8%	0.5%	1.0%
Current ratio	0.9×	0.88×	0.88×	0.91×	0.94×	0.98×	0.95×	0.93×
Debt / equity	7.13×	10.3×	13.06×	-35.87×	39.18×	-4.89×	1.56×	1.59×
Interest coverage	8.69×	12.22×	8.88×	11.86×	14.65×	12.77×	9.55×	8.71×
Dividend yield	0.7%	0.9%	1.1%	1.4%	1.5%	1.7%	2.0%	1.6%
Payout ratio	28.1%	27.6%	22.8%	23.1%	23.8%	-10.1%	39.6%	20.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	103.1%	233.6%	334.3%	-803.0%	689.5%	333.6%	29.7%	56.5%
Return on invested capital	13.2%	16.9%	13.5%	14.7%	11.3%	11.8%	16.9%	16.6%
Return on assets	2.0%	2.2%	2.8%	3.0%	2.7%	-7.7%	2.2%	4.4%
Free cash flow yield	5.3%	6.7%	9.4%	7.8%	9.1%	9.3%	11.8%	5.3%
Earnings yield	2.6%	3.4%	4.7%	6.0%	6.3%	-17.1%	4.9%	8.2%
Enterprise value	$66.9B	$48.1B	$40.9B	$32.3B	$30.8B	$20.2B	$18.4B	$22.4B
Net debt / EBITDA	1.7×	1.01×	1.21×	1.3×	2.13×	-0.08×	0.68×	1.16×
Cash conversion cycle (days)	-11	-11	-12	-8	-8	-10	-11	-9