Cencora, Inc. (COR) intrinsic value & 10-year financials
Cencora, Inc. (COR) has a Graham intrinsic value of $94.08 per share. At $340.92 on Oct 17, 2026, the stock trades 262% above that value. Over the last 10 fiscal years revenue grew 9.1% a year to $321.3B, with an average return on invested capital of 14.3%.
- Graham intrinsic value
- $94.08
- Share price (Oct 17, 2026)
- $340.92
- Price vs Graham value
- 262% above
- Market cap
- $66.6B
- Revenue (FY2025)
- $321.3B
- Revenue growth (10-yr CAGR)
- 9.1%
- ROIC (10-yr avg)
- 14.3%
- Free cash flow (FY2025)
- $3.2B
COR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $321.3B | $1.6B | $7.96 | $3.2B | 0.8% | 43.0% |
| FY2024 | $294.0B | $1.5B | $7.53 | $3.0B | 0.7% | 61.5% |
| FY2023 | $262.2B | $1.7B | $8.53 | $3.5B | 0.9% | 76.8% |
| FY2022 | $238.6B | $1.7B | $8.04 | $2.2B | 1.0% | 52.6% |
| FY2021 | $214.0B | $1.5B | $7.39 | $2.2B | 1.1% | 93.2% |
| FY2020 | $189.9B | -$3.4B | -$16.65 | $1.8B | -2.7% | -302.8% |
| FY2019 | $179.6B | $855.4M | $4.04 | $2.0B | 0.6% | 23.3% |
| FY2018 | $167.9B | $1.7B | $7.53 | $1.1B | 0.9% | 36.9% |
| FY2017 | $153.1B | $364.5M | $1.64 | $1.0B | 0.7% | 16.0% |
| FY2016 | $146.8B | $1.4B | $6.32 | $2.7B | 1.0% | 42.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Cencora is a consistent compounder, expanding top-line revenue at 9.1% annually over the past decade.
Cencora has earned high returns on invested capital, averaging 44.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Cencora shows that management has aggressively returned capital to shareholders by retiring 13.6% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Cencora is modeled at 2.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $94.08 per share.