Cencora Inc.
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+ FollowMarket Cap$63.35B
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Earnings Call Q4 2026
November 4, 2026 - AI Summary
Strong FY26 performance + new operating model/segment structure (strategic “why now”)
- FY26 delivered adjusted operating income growth of 14% and adjusted diluted EPS of $17.97 (+12%).
- Management introduced an updated operating model and two new reporting segments to better reflect the specialty/pharma-services strategy:
- Specialty pharmaceutical & provider services
- Pharmaceutical distribution & services
- Rationale: specialty market growth (esp. complex biologics/oncology) and the need to put fragmented specialty capabilities under clearer leadership for execution, customer focus, and shareholder visibility.
What drove the numbers in Q4/FY26 (good and notable)
- Q4 consolidated revenue: $88.4B (+6% YoY); adjusted operating income: $1.2B (+22%); adjusted diluted EPS: $4.66 (+21%).
- Q4 headwinds noted:
- Manufacturer list price reductions: $2.8B headwind to revenue growth
- Lower sales to a large mail order customer
- Segment operating performance (Q4):
- US Healthcare Solutions: $998M operating income (+22%), strongest growth quarter of FY.
- International Healthcare Solutions: $152M operating income (+16% as reported; +19% constant currency).
- Other (strategic divestment candidates): revenue $2.3B (+10%), operating income $101M (+36%) (including MWI treatment/held-for-sale benefit).
FY26 cash returns + capital deployment (dividends/buybacks)
- FY26 adjusted free cash flow: $3.8B (stronger than guidance); ended with cash of $4.9B.
- Shareholder returns:
- $1.5B returned to shareholders via dividends + opportunistic share repurchases.
- Dividend increase: +10% (announced for the next quarterly dividend; described as the 20th consecutive increase).
- Continued repurchase posture highlighted in FY27 outlook (see below).
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$578.63
63.4% upside
Current Fair Value
63.4% upsideUndervalued by 63.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $63.35 Billion |
|---|---|
| Enterprise Value | $72.65 Billion |
| Annual dividend | $2.40 |
| Dividend yield | 0.73% |
| Earnings per Share | $8.02 |
| Beta | 0.58 |
| Outstanding Shares | 193,147,000 |
Return
| Return on Equity | 86.03% |
|---|---|
| Return on Assets | 3.13% |
| Return on Invested Capital | 10.93% |
Valuation & Multiples
| P/E Ratio | 24.47 |
|---|---|
| PEG | 220.99 |
| Price to Sales | 0.21 |
| Price to Book Ratio | 22.13 |
| Enterprise Value to Revenue | 0.22 |
| Enterprise Value to EBIT | 27.02 |
| Enterprise Value to Net Income | 27 |
| Total Debt to Enterprise | 0.17 |
| Debt to Equity | 3.97 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$4.58
Consensus analyst estimateRevenue Estimate
$87.95 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$4.57
Consensus analyst estimateRevenue Estimate
$89.91 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 29.09% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 4▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.66%▼ 91.05% |
|---|---|
| Total Invested | $2.13B▼ 95.91% |
| Investors Holding | 485▼ 906.00% |
About Amerisource Bergen Corp.
22,000 employees
CEO: Steven Collis
AmerisourceBergen provides pharmaceutical products, value-driving services and business solutions that improve access to care. Tens of thousands of healthcare providers, veterinary practices and livestock producers trust us as their part...