CORCencora, Inc.
Wholesale-Drugs, Proprietaries & Druggists' Sundries
- Revenue
- $321.3B
- 9.3% YoY
- Operating margin
- 0.8%
- 11% YoY
- EBITDA
- $3.7B
- 13% YoY
- Market cap
- $63.1B
- Employees
- 51,000
- $6M revenue each
- Net debt / EBITDA
- 0.6×
- $2.2B net debt
- AI in 10-K
- 3.9
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo249% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo23% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo20% of assetsOver 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$6M · 94th pctBottom quartile of its SIC industry
- Quiet on AINo3.9 per 10K words · 77th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$63.1B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$13M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $214.0B | $238.6B | $262.2B | $294.0B | $321.3B | 9.3% |
| Operating income | $2.4B | $2.4B | $2.3B | $2.2B | $2.6B | 21% |
| Net income | $1.5B | $1.7B | $1.7B | $1.5B | $1.6B | 3.0% |
| Operating cash flow | $2.7B | $2.7B | $3.9B | $3.5B | $3.9B | 11% |
| Capex | $438M | $496M | $458M | $487M | $668M | 37% |
| Stock-based comp | $100M | $93M | $125M | $148M | $148M | 0.0% |
| Buybacks | $82M | $484M | $1.2B | $1.5B | $435M | 71% |
| Dividends | $367M | $392M | $399M | $416M | $437M | 5.0% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 9, 2025 | Walgreens Boots Alliance, Inc. | SCHEDULE 13D/A | 5.0% | Passive |
| May 28, 2025 | Walgreens Boots Alliance, Inc. | SCHEDULE 13D/A | 5.4% | Passive |
| Mar 25, 2025 | Walgreens Boots Alliance, Inc. | SCHEDULE 13D/A | 5.4% | Passive |
| Feb 10, 2025 | Walgreens Boots Alliance, Inc. | SCHEDULE 13D/A | 6.5% | Passive |
| Aug 20, 2024 | Walgreens Boots Alliance, Inc. | SC 13D/A | 10.2% | Active |
| Aug 5, 2024 | Walgreens Boots Alliance Holdings LLC | SC 13D/A | 10.2% | Passive |
| Feb 9, 2024 | Walgreens Boots Alliance, Inc. | SC 13D/A | 13.2% | Passive |
| Nov 14, 2023 | Walgreens Boots Alliance, Inc. | SC 13D/A | 15.3% | Passive |
| Aug 7, 2023 | Walgreens Boots Alliance, Inc. | SC 13D/A | 15.8% | Passive |
| Jun 20, 2023 | Walgreens Boots Alliance, Inc. | SC 13D/A | 16.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $2M · 3
- Open-market sells, 12 mo
- $15M · 12
- Net
- −$13M
Pay vs performance
No pay-versus-performance disclosure yet.