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Cencora, Inc. — Intrinsic Value & Fair Price

COR
NYSEHealthcareMedical - DistributionCIK 0001140859cencora.comAbout COR
Last close · Oct 16, 2026340.92−0.49 (−0.14%)
Market cap$65.1B
Model value · DCF · Perpetuity growth · 5y
307.72
Cencora closed at $340.92 — overvalued by 11% vs model.
189.51the model's range869.56

DCF · Perpetuity growth · 5y leads for a mature, steady company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
47.73 – 447.13
Wall St. target
350.00 3% below
Above model, 1y
12 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
0.70%
Past 2 years
low 0.60%high 0.93%
Dividends per share, a year at a time
$2.61Nov ’21$2.65Aug ’22$1.94Aug ’23$2.04Aug ’24$2.20Aug ’25$2.40TTM
Dividends / free cash flow, FY2025
13.6%
Raised
20 years in a row
Growth, 5 yrs
-1.7% a year
Last change
+9.1% · Nov 2025
Every payment, with ex-dates · latest $0.60, paid Aug 31, 2026

Research on COR

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How it is valued

Valued asMature & stable
Moderate growth (~11% recent)Thin margins (0.5% net margin)Highly cyclical earningsHigh leverage (D/E 5.1x)
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for mature companies
P/E
42.8×
EV / EBITDA
18.3×
FCF yield
4.9%
Dividend yield, TTM
0.70%
Beta
0.58
Cost of capital (WACC)
7.59%
Full financials

Analyst actions

third-party, quoted
10-16UBS · target400.00
08-19RBC Capital · target330.00
08-07Morgan Stanley · target346.00
01-29Morgan Stanley · “Overweight” from “Equal Weight”upgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
1 more company lists COR as a comparable

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About Cencora

Cencora, Inc. functions as a global leader in the sourcing and distribution of pharmaceutical products, with operations spanning both the United States and international markets. Within its U.S. Healthcare Solutions segment, the company supplies a broad spectrum of pharmaceutical items, including generic and injectable medications, over-the-counter health products, and home healthcare equipment. Its extensive client network includes acute care hospitals, health systems, a variety of retail and mail-order pharmacies (independent, chain, long-term care), medical clinics, and other healthcare providers. This division also manages the distribution of crucial specialized pharmaceutical products like plasma, blood derivatives, and vaccines. Beyond product supply, Cencora offers comprehensive support services, such as pharmacy management, staffing solutions, and strategic consulting. It develops and implements supply management software, provides packaging services for both institutional and retail healthcare settings, and assists with clinical trial support, post-market approval processes, and commercialization strategies. For biotechnology and pharmaceutical manufacturers, the company delivers data analytics, outcomes research, and other specialized services. Furthermore, Cencora serves the animal health market, providing pharmaceuticals, vaccines, parasiticides, diagnostics, and micro feed ingredients for both companion and production animals. It also offers sales force support to manufacturers and specialized services to medical professionals, particularly oncologists, as well as to hospitals and dialysis clinics. The International Healthcare Solutions division concentrates on global pharmaceutical wholesale activities, associated services, and worldwide commercialization support. It ensures the efficient distribution of medicines, various healthcare goods, and related services to an international customer base comprising pharmacies, doctors, health centers, and hospitals. This segment also delivers specialized transportation and logistics solutions specifically designed for the biopharmaceutical sector. Founded in 1871, the company was formerly known as AmerisourceBergen Corporation before adopting the name Cencora, Inc. in August 2023. Its corporate headquarters are situated in Conshohocken, Pennsylvania.

CEO
Robert Mauch
Headquarters
Conshohocken, PA
Employees
49,000
IPO
1995-04-04
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.