MCKMCKESSON CORP
Wholesale-Drugs, Proprietaries & Druggists' Sundries
- Revenue
- $403.4B
- 12% YoY
- Operating margin
- 1.5%
- 25% YoY
- EBITDA
- $6.5B
- 38% YoY
- Market cap
- $116.0B
- Employees
- 43,000
- $9M revenue each
- Net debt / EBITDA
- 0.5×
- $3.3B net debt
- AI in 10-K
- 4.7
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$20M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo129% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo83% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo13% of assetsOver 40% of assets
- Shareholder dissentNo92% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$9M · 100th pctBottom quartile of its SIC industry
- Quiet on AINo4.7 per 10K words · 82nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$116.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$29M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $264.0B | $276.7B | $309.0B | $359.1B | $403.4B | 12% |
| Operating income | $2.0B | $4.4B | $3.9B | $4.4B | $6.2B | 40% |
| Net income | $1.1B | $3.6B | $3.0B | $3.3B | $4.8B | 45% |
| Operating cash flow | $4.4B | $5.2B | $4.3B | $6.1B | $6.2B | 1.2% |
| Capex | $388M | $390M | $431M | $537M | $436M | 19% |
| Stock-based comp | $161M | $162M | $182M | $226M | $247M | 9.3% |
| Buybacks | $3.5B | $3.6B | $3.0B | $3.1B | $4.8B | 51% |
| Dividends | $277M | $292M | $314M | $345M | $381M | 10% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $29M · 19
- Net
- −$29M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $24M | $49M | 456 | 137 |
| FY2025 | $20M | $39M | 353 | 134 |
| FY2024 | $19M | $52M | 281 | 133 |
| FY2023 | $20M | $39M | 185 | 115 |
| FY2022 | $18M | $65M | 158 | 119 |