NYSE: CAH
Cardinal Health
Health Care · Wholesale-Drugs, Proprietaries & Druggists' Sundries
52-week range
Stock price
Market cap
At each fiscal year end: closing price × shares outstanding.Figures shown are for FY2026, ended Jun 30, 2026. Hover or tap a column for another year.$55.3B
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| Period | Market cap |
|---|---|
| FY2017, ended Jun 30, 2017 | $24.7B |
| FY2018, ended Jun 30, 2018 | $15.1B |
| FY2019, ended Jun 30, 2019 | $14.0B |
| FY2020, ended Jun 30, 2020 | $15.3B |
| FY2021, ended Jun 30, 2021 | $16.6B |
| FY2022, ended Jun 30, 2022 | $14.2B |
| FY2023, ended Jun 30, 2023 | $23.7B |
| FY2024, ended Jun 30, 2024 | $24.0B |
| FY2025, ended Jun 30, 2025 | $40.1B |
| FY2026, ended Jun 30, 2026 | $55.3B |
Revenue
By fiscal year.Figures shown are for FY2026, ended Jun 30, 2026. Hover or tap a column for another year.$254B
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| Period | Revenue |
|---|---|
| FY2017, ended Jun 30, 2017 | $130B |
| FY2018, ended Jun 30, 2018 | $137B |
| FY2019, ended Jun 30, 2019 | $146B |
| FY2020, ended Jun 30, 2020 | $153B |
| FY2021, ended Jun 30, 2021 | $162B |
| FY2022, ended Jun 30, 2022 | $181B |
| FY2023, ended Jun 30, 2023 | $205B |
| FY2024, ended Jun 30, 2024 | $227B |
| FY2025, ended Jun 30, 2025 | $223B |
| FY2026, ended Jun 30, 2026 | $254B |
Net income and free cash flow
By fiscal year. Free cash flow is operating cash flow minus capex.Figures shown are for FY2026, ended Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2017, ended Jun 30, 2017 | $1.29B | $797M |
| FY2018, ended Jun 30, 2018 | $256M | $2.38B |
| FY2019, ended Jun 30, 2019 | $1.36B | $2.39B |
| FY2020, ended Jun 30, 2020 | −$3.70B | $1.58B |
| FY2021, ended Jun 30, 2021 | $611M | $2.03B |
| FY2022, ended Jun 30, 2022 | −$938M | $2.79B |
| FY2023, ended Jun 30, 2023 | $330M | $2.36B |
| FY2024, ended Jun 30, 2024 | $852M | $3.25B |
| FY2025, ended Jun 30, 2025 | $1.56B | $1.85B |
| FY2026, ended Jun 30, 2026 | $1.71B | $4.53B |
Cash and cash equivalents
At each fiscal year end.Figures shown are for FY2026, ended Jun 30, 2026. Hover or tap a column for another year.$4.86B
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| Period | Cash and cash equivalents |
|---|---|
| FY2017, ended Jun 30, 2017 | $6.88B |
| FY2018, ended Jun 30, 2018 | $1.76B |
| FY2019, ended Jun 30, 2019 | $2.53B |
| FY2020, ended Jun 30, 2020 | $2.77B |
| FY2021, ended Jun 30, 2021 | $3.41B |
| FY2022, ended Jun 30, 2022 | $4.72B |
| FY2023, ended Jun 30, 2023 | $4.08B |
| FY2024, ended Jun 30, 2024 | $5.13B |
| FY2025, ended Jun 30, 2025 | $3.87B |
| FY2026, ended Jun 30, 2026 | $4.86B |
Total debt
At each fiscal year end. Short- and long-term borrowings, excluding leases.Figures shown are for FY2026, ended Jun 30, 2026. Hover or tap a column for another year.$8.89B
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| Period | Total debt |
|---|---|
| FY2017, ended Jun 30, 2017 | $11.3B |
| FY2018, ended Jun 30, 2018 | $9.01B |
| FY2019, ended Jun 30, 2019 | $8.03B |
| FY2020, ended Jun 30, 2020 | $6.78B |
| FY2021, ended Jun 30, 2021 | $6.24B |
| FY2022, ended Jun 30, 2022 | $5.32B |
| FY2023, ended Jun 30, 2023 | $4.70B |
| FY2024, ended Jun 30, 2024 | $5.09B |
| FY2025, ended Jun 30, 2025 | $8.53B |
| FY2026, ended Jun 30, 2026 | $8.89B |
Shares outstanding
At each fiscal year end, adjusted for splits. Down 26.5% since 2017.Figures shown are for FY2026, ended Jun 30, 2026. Hover or tap a column for another year.233M
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| Period | Shares outstanding |
|---|---|
| FY2017, ended Jun 30, 2017 | 316M |
| FY2018, ended Jun 30, 2018 | 309M |
| FY2019, ended Jun 30, 2019 | 298M |
| FY2020, ended Jun 30, 2020 | 292M |
| FY2021, ended Jun 30, 2021 | 290M |
| FY2022, ended Jun 30, 2022 | 273M |
| FY2023, ended Jun 30, 2023 | 251M |
| FY2024, ended Jun 30, 2024 | 244M |
| FY2025, ended Jun 30, 2025 | 239M |
| FY2026, ended Jun 30, 2026 | 233M |
Buybacks and new shares
By fiscal year, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for FY2026, ended Jun 30, 2026. Hover or tap a column for another year.Net: $991M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2017, ended Jun 30, 2017 | $600M | $96.0M |
| FY2018, ended Jun 30, 2018 | $550M | $85.0M |
| FY2019, ended Jun 30, 2019 | $600M | $82.0M |
| FY2020, ended Jun 30, 2020 | $350M | $90.0M |
| FY2021, ended Jun 30, 2021 | $200M | $89.0M |
| FY2022, ended Jun 30, 2022 | $1.00B | $81.0M |
| FY2023, ended Jun 30, 2023 | $2.00B | $96.0M |
| FY2024, ended Jun 30, 2024 | $750M | $121M |
| FY2025, ended Jun 30, 2025 | $765M | $244M |
| FY2026, ended Jun 30, 2026 | $1.36B | $367M |
Revenue (TTM)
$254B
+14.2% YoY
Net income (TTM)
$1.71B
+9.8% YoY
Cash
$4.86B
+25.3% YoY
Total debt
$8.89B
+4.2% YoY
Valuation
At current price- Market Cap
- $58.3B
- P/E
- 34.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.2×
- Price / Book
- n/m. Market cap / shareholders' equity
- EV / EBITDA
- 17.5×
Growth
Trailing 12 months- Revenue (TTM)
- $254B
- Revenue Growth YoY
- 14.2%
- Revenue CAGR 3Y
- 7.4%
- Revenue CAGR 5Y
- 9.4%
- EPS Growth YoY
- 12.1%
- Net Income Growth YoY
- 9.8%
Profitability
Trailing 12 months- Gross Margin
- 3.8%
- Operating Margin
- 1.0%
- Net Margin
- 0.7%
- FCF Margin
- 1.8%
- Return on Equity
- n/m. Net income (TTM) / average equity
Earnings
Trailing 12 months- Net Income
- $1.71B
- EPS (diluted)
- $7.23
- EBITDA
- $3.57B
- Operating Income
- $2.61B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $4.86B
- Total Debt
- $8.89B
- Net Debt
- $4.03B
- Total Assets
- $57.3B
- Total Liabilities
- $60.0B
- Shareholders' Equity
- −$2.88B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $5.17B
- Capital Expenditure
- $649M
- Free Cash Flow
- $4.53B
Dividends and risk
Last 12 months- Dividend Yield
- 0.8%
- Dividend / Share
- $2.05
- Beta (5Y)
- 0.49
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 14.2% year over year, at $254B.
Note
Net margin of 0.7% over the last 12 months.
Note
Net debt of $4.03B is 1.1× EBITDA, a manageable load.
Note
Free cash flow of $4.53B, 1.8% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Jun 30, 2026 · filed Aug 11, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K69Mildly positive
10-K for the fiscal year ended Jun 30, 2025
Filed Aug 12, 2025 · Read the filing on EDGAR
- Revenue fell 2% to $222.6 billion after the OptumRx contracts ended, but GAAP operating earnings rose 83% to $2.3 billion.
- Cardinal spent $5.3 billion on acquisitions (GI Alliance, ION, ADS, Urology America), partly funded by $2.9 billion in new bonds and an $800 million loan.
- This year had no goodwill write-downs. Last year's $675 million charge, plus $171 million of lawsuit recoveries, flatter the GAAP comparison. Underlying earnings rose 15%.
- CVS Health now makes up 30% of revenue, up from 24%, so Cardinal depends more on a single customer.
Business momentum
Improving
“During fiscal 2025, GAAP operating earnings increased 83% to $2.3 billion and non-GAAP operating earnings increased 15% to $2.8 billion from the prior year.”
Outlook
Positive
“Cardinal Health brand medical products sales grew during fiscal 2025 and we expect further growth in fiscal 2026 and beyond.”
Financial stress
Low
“We currently believe that, based on available capital resources and projected operating cash flow, we have adequate capital resources to fund our operations and expected future cash needs as described below.”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Strong profit growth across all segments
“Pharma segment profit for fiscal 2025 increased 12 percent to $2.3 billion from the prior year”
Medical products unit recovering
“GMPD segment profit for fiscal 2025 increased 47 percent to $135 million from the prior year, primarily due to volume growth from existing customers.”
Gross margin expanded
“Gross margin for fiscal 2025 increased 10 percent to $8.2 billion from the prior year”
Concerns
Heavy dependence on CVS Health
“CVS Health accounted for 30 percent of our fiscal 2025 revenue and 26 percent of our gross trade receivable balance at June 30, 2025.”
Large opioid settlement payments remain
“We have $4.9 billion accrued at June 30, 2025 related to certain national opioid litigation settlements”
Cash fell and interest costs jumped after debt-funded deals
“Interest expense, net for fiscal 2025 increased to $215 million from the prior year, primarily due to the new debt financing and decreased interest income from cash and equivalents.”
New risks since the previous report
State laws limiting corporate ownership of physician practices
“certain states have proposed legislation, and Oregon adopted legislation, that would limit, restrict or prohibit corporate entities from owning or managing physician practices”
Tariffs raising costs and disrupting supply
“we do not expect to be able to establish alternative sources of supply or otherwise mitigate the potential impact of tariffs on all of the products that we source, manufacture, or distribute.”
Most-Favored-Nation drug pricing order
“the recently issued Executive Order titled “Delivering Most-Favored Nation Prescription Drug Pricing to American Patients” may impact sales or profitability of branded pharmaceutical products, including GLP-1 products”
Integrating several large acquisitions in new business lines
“in fiscal year 2025, we completed several significant acquisitions in disparate businesses”
IRS audit of the $966 million tax refund under the CARES Act
“This fiscal year is being audited by the IRS, and it is possible that the IRS could challenge our tax position with respect to this self-insurance loss.”
Biggest risks named
- Reliance on CVS Health (30% of revenue)
- Opioid lawsuits and $4.9 billion in settlement payments
- Integrating the new physician-practice businesses and state ownership limits
- Tariffs and drug pricing policy changes
- Generic drug pricing and supply uncertainty
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 69 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Aug 11, 2026 | Pro | |||
| 10-K | Aug 12, 2025 | 69 | Improving | None | |
| 10-K | Aug 14, 2024 | 56 | Strong improvement | 2 medium2 minor | |
| 10-K | Aug 15, 2023 | 72 | Strong improvement | 1 medium | |
| 10-K | Aug 11, 2022 | 35 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Aug 16, 2021 | 49 | Mixed | 2 medium1 minor | |
| 10-K | Aug 13, 2020 | 36 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Aug 20, 2019 | 52 | Mixed | 1 minor | |
| 10-K | Aug 22, 2018 | 34 | Sharp deterioration | 2 medium | |
| 10-K | Aug 10, 2017 | 48 | Mixed | 1 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-K for FY2026 (period ended Jun 30, 2026), filed Aug 11, 2026. View filings on SEC EDGAR