— Know what they know.
/
Not Investment Advice

CAH

NYSE · USD
Cardinal Health, Inc.
Healthcare · Medical - Distribution
CEO Jason Hollar Employees 63,900 R&D / revenue 0.0%
Last price
$254.06+0.14%last session
Market cap
$58.8B
P/E (TTM)
34.9x
From 52w high
−1.6%
From 52w low
+66.6%
1-year return
+67.3%
RSI 14 · vs SMA200
74.3 · +16.0%
IS score
58.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CAH   SPY   XLV (sector ETF) · weekly closes
100120140160Jan 26Apr 26Jul 26Oct 26CAH 167XLV 124SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
6
Profitability
68
Growth
41
Value
84
Momentum
100
Risk (safety)
57
Quality
42
Balance sheet
82
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+✓ Congress buying
Warnings
None of the computed warning flags fires for CAH (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 8 / 9Altman Z 5.1Beta 0.523 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
31 open-market sales, $59.6M
Form 144 notices (12m): 11, $70.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-03-27
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+66
169 new holders, 89 closed
1,497 filers hold 88.3% · 540 added, 564 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+152
1,216 funds adding shares
1,064 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
47.8%
20-day avg 50.3%, 50-day avg 49.1%
Latest 2.5 pp under its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$254.2B
Revenue growth YoY+14.2%
Gross margin3.8%
Operating income$2.6B
Operating margin1.0%
Net income$1.7B
Net margin0.7%
EPS (diluted)$7.23
Cash flow
Operating cash flow$5.2B
Capital expenditure$649.0M
Free cash flow$4.5B
FCF conversion (FCF / OCF)87.5%
Stock-based compensation$367.0M
FCF less SBC$4.2B
Buybacks$1.4B
Dividends$491.0M
Balance sheet & returns
Cash & short-term investments$4.9B
Total debt$8.7B
Net debt$3.8B
Shareholders' equity−$2.7B
Goodwill & intangibles$13.6B
Debt / equity-3.45
ROE (TTM)-59.7%
ROIC (TTM)13.2%
Operating margin by fiscal year
-0.3%FY20220.4%FY20230.6%FY20241.0%FY20251.0%FY2026
Revenue $181.3B (FY2022) to $254.2B (FY2026), a 8.8% CAGR.

Valuation

P/E (TTM)34.9x
EV / EBITDA18.4x
Price / sales0.23x
Price / FCF13.0x
FCF yield7.69%
Buyback yield2.31%
SBC / revenue0.1%
Price / bookn/m
Forward P/E FY202621.0x
Forward P/E FY202720.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $275.27 across 11 analysts last quarter is theirs, not ours.

CAH vs industry median

42 companies in Medical - Distribution
Gross margin 3.8% 9.4% Operating margin 1.0% 0.7% Net margin 0.7% 0.2% ROIC 13.2% 6.7%
CAH (TTM)Industry median Asset turnover 4.44 vs industry 1.91 · financial leverage -19.87

Earnings delivery

Next report 2026-11-05 · consensus EPS $2.95
100%
beat rate, 12 of 12 quarters
+13.0%
median EPS surprise
12
longest beat streak
+24+14+7+6+16+11+8+2+17+12+14+20
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-03 to 2026-08-11. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CAH Cardinal Health, Inc. $58.8B34.9x-59.7%0.7%+14.2% +67.3%
ABC AmerisourceBergen Corporatio $36.1B13.3x103.9%0.9%+2.9% —
MCK McKesson Corporation $117.2B26.8x-148.0%0.6%+8.8% +29.7%
HSIC Henry Schein, Inc. $9.6B25.0x12.2%2.7%+6.5% +39.3%
NTRA Natera, Inc. $56.7Bn/m-12.5%-8.9%+37.8% +117.9%
BSX Boston Scientific Corporatio $64.3B17.9x15.5%16.7%+13.5% −54.6%
BDX Becton, Dickinson and Compan $52.2B57.8x3.8%7.6%−2.6% —
ARGX argenx SE $51.5B29.6x47.3%29.8%+242.1% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-10-01Regulation FD; Exhibits
2026-08-11Earnings Release; Regulation FD; Exhibits
2026-08-11Material Agreement; Termination of Agreement; Financial Obligation; Exhibits
2026-08-05Officer/Director Change
2026-04-30Earnings Release; Regulation FD; Exhibits
2026-03-23Officer/Director Change; Regulation FD; Exhibits

Context

Shares outstanding231,559,345
Free float99.8%
Institutional ownership88.3%
Beta0.52
Dividend yield0.81%
Last dividend$0.52 on 2026-10-01
50 / 200-day average$234.07 / $219.64
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CAH sits among 5 scored companies in Medical - Distribution (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCAHIndustry medianIndustry percentileSector median
P/E (TTM) 34.3x — 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 0.37 — 1.28
Price / sales 0.2x 0.3x
25th		 3.7x
Price / book —
Price / tangible book —
Price / free cash flow 13.0x — 21.2x
Price / operating cash flow 11.4x — 17.1x
Enterprise value $63.9B $63.9B
50th		 $2.5B
EV / sales 0.3x 0.3x
25th		 3.8x
EV / EBITDA 18.4x — 16.2x
EV / EBIT 25.3x — 23.0x
EV / free cash flow 14.1x — 24.6x
Earnings yield 2.9% 3.9%
25th		 -0.3%
FCF yield 7.7% 5.6%
100th		 1.7%
Operating cash flow yield 8.8% 7.3%
100th		 2.9%
Graham number (per share) —

Profitability (TTM)

MeasureCAHIndustry medianIndustry percentileSector median
Gross margin 3.8% 3.7%
75th		 65.1%
EBITDA margin 1.4% 1.5%
25th		 6.6%
Operating margin 1.0% 1.3%
25th		 3.5%
EBIT margin 1.0% 1.2%
25th		 2.4%
Net margin 0.7% 0.8%
25th		 0.3%
NOPAT margin 0.8% 1.0%
25th		 2.7%
FCF margin 1.8% 1.5%
75th		 4.3%
Operating cash flow margin 2.0% 1.7%
75th		 7.1%
R&D / revenue 0.0% 0.0%
0th		 12.4%
SG&A / revenue 2.4% 2.4%
50th		 37.9%
Stock comp / revenue 0.1% 0.0%
75th		 4.5%
Effective tax rate 21.6% 21.6%
50th		 21.0%

Returns on capital

MeasureCAHIndustry medianIndustry percentileSector median
ROE (on average equity) —
ROA 3.1% 3.3%
25th		 -0.3%
ROIC 92.8% 26.5%
75th		 5.5%
ROCE 18.8% 16.6%
75th		 2.3%
Return on tangible assets 4.6% 5.2%
25th		 1.7%
Cash ROIC (OCF / invested capital) 234.2% 40.3%
75th		 9.7%
Gross profitability (GP / assets) 17.1% 16.9%
75th		 29.9%
ROIC, 3-yr average —
ROIC, 5-yr average —
ROE, 5-yr average —
Incremental ROIC 164.7% 127.4%
75th		 17.2%

Growth

MeasureCAHIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 14.2% 8.8%
75th		 10.5%
Revenue growth (QoQ) 4.8% 4.8%
50th		 7.2%
Revenue CAGR, 3 yr 7.4% 7.4%
50th		 10.7%
Revenue CAGR, 5 yr 9.4% 10.2%
25th		 12.1%
Gross profit CAGR, 3 yr 12.4% — 10.6%
Operating income CAGR, 3 yr 53.2% — 11.7%
Net income growth (TTM YoY) 9.8% — 17.5%
Net income CAGR, 3 yr 87.3% — 11.3%
EPS growth (TTM YoY) 11.2% — 19.2%
EPS CAGR, 3 yr 91.6% — 14.0%
EPS CAGR, 5 yr 28.2% — 8.1%
FCF growth (TTM YoY) 144.6% — 18.6%
FCF CAGR, 3 yr 24.3% — 15.4%
Operating cash flow CAGR, 3 yr 22.1% — 11.9%
Book value CAGR, 3 yr —
Dividend CAGR, 3 yr 2.1% — 2.2%
Sustainable growth rate —

Margin history & stability

MeasureCAHIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 3.6% 3.6%
50th		 62.6%
Operating margin, 3-yr average 0.9% 1.1%
25th		 1.0%
Net margin, 3-yr average 0.6% 0.7%
25th		 -2.6%
FCF margin, 3-yr average 1.3% 1.3%
50th		 3.2%
Revenue stability (0-1) 0.94 0.94
50th		 0.80
Earnings stability (0-1) 0.57 0.57
50th		 0.37
Margin stability (0-1) 0.90 0.90
50th		 0.93

Liquidity (latest quarter)

MeasureCAHIndustry medianIndustry percentileSector median
Cash & short-term investments $4.9B $2.8B
75th		 $330.9M
Net cash (− = net debt) −$5.1B −$5.1B
50th		 $8.4M
Working capital −$5.2B −$3.9B
25th		 $381.1M
Current ratio 0.88 0.93
0th		 3.02
Quick ratio 0.49 0.58
0th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.11 0.05
100th		 1.43
Defensive interval (days) 952 days 952 days
50th		 415 days

Leverage & solvency (latest quarter)

MeasureCAHIndustry medianIndustry percentileSector median
Total debt $9.9B $9.9B
50th		 $289.1M
Debt / equity —
Net debt / equity —
Debt / assets 17.4% 14.0%
75th		 24.4%
Debt / capital —
Debt / EBITDA 2.86 — 2.62
Net debt / EBITDA 1.46 — 1.42
Interest coverage (EBIT / interest) 7.2x — 2.1x
Cash interest coverage 14.9x — 3.6x
Debt payback (years of OCF) 1.9 yrs — 2.7 yrs
Liabilities / assets 104.8% 96.1%
100th		 49.8%
IS credit model rating B- — —
Implied credit spread (bps) 900 125
100th		 225

Efficiency

MeasureCAHIndustry medianIndustry percentileSector median
Asset turnover 4.61 4.22
75th		 0.56
Fixed asset turnover 63.21 88.86
25th		 4.87
Inventory turnover 14.3 15.4
25th		 2.7
Receivables turnover 18.8 13.3
100th		 6.4
Days sales outstanding 19 days 27 days
0th		 57 days
Days inventory outstanding 25 days 24 days
75th		 136 days
Days payables outstanding 54 days 54 days
50th		 59 days
Cash conversion cycle (days) −10 days −6 days
0th		 70 days
Capex / revenue 0.3% 0.2%
75th		 2.6%
Capex / depreciation 0.68 0.68
50th		 0.55
Operating expense ratio 3.2% 3.2%
50th		 56.5%

Cash flow & earnings quality

MeasureCAHIndustry medianIndustry percentileSector median
Operating cash flow / net income 3.02 — 1.61
FCF / net income 2.64 — 1.36
FCF / operating cash flow 87.5% — 81.2%
Capex / operating cash flow 12.5% — 18.8%
Accruals ratio -6.3% -2.8%
25th		 -5.4%
Sloan accruals ratio -6.5% -2.1%
0th		 -1.3%
Earnings quality score (0-1) 0.75 — 0.75

Dividends & buybacks

MeasureCAHIndustry medianIndustry percentileSector median
Dividend yield 0.8% 0.3%
100th		 0.0%
Dividend per share (TTM) $2.05 $2.05
50th		 $0.00
Payout ratio (dividends / net income) 28.6% — 0.0%
Dividends / FCF 10.9% — 0.0%
Dividend growth (YoY) 0.7% — 4.5%
Buyback yield 2.3% 2.3%
50th		 0.0%
Shareholder yield (dividends + buybacks) 3.1% 3.1%
50th		 0.0%
Share count change (YoY) -1.2% -1.2%
50th		 2.0%
Buybacks, last 5 years $2.0B $2.0B
50th		 $0

Scores & forensic checks

MeasureCAHIndustry medianIndustry percentileSector median
IS score 59 59
50th		 46
IS profitability 6 8
25th		 22
IS growth 68 68
50th		 60
IS value 41 44
25th		 39
IS momentum 84 84
50th		 67
IS risk (safety) 100 100
25th		 80
IS quality 57 57
50th		 49
IS balance sheet 42 42
50th		 55
IS earnings quality 82 82
50th		 56
IS cash flow 65 61
100th		 41
Piotroski F-score (0-9) 8 7
75th		 5
Altman Z-score 5.1 5.1
50th		 3.2
Beneish M-score −2.80 −2.69
25th		 −2.62
Ohlson O-score −6.84 −6.84
50th		 −7.16
IS credit score 20 76
0th		 62

Per share

MeasureCAHIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.23 $7.23
50th		 −$0.03
Book value per share −$12.16 $0.25
25th		 $7.10
Tangible book per share −$69.30 −$69.30
50th		 $1.91
Revenue per share $1,072.78 $1,072.78
50th		 $9.38
FCF per share $19.09 $19.09
50th		 $0.46
Operating cash flow per share $21.83 $21.83
50th		 $0.93
Cash per share $20.49 $14.52
75th		 $3.51

Size (TTM)

MeasureCAHIndustry medianIndustry percentileSector median
Market cap $58.8B $58.8B
50th		 $2.4B
Revenue $254.2B $254.2B
50th		 $770.2M
EBITDA $3.5B $3.5B
50th		 $56.1M
Net income $1.7B $1.7B
50th		 −$3.3M
Free cash flow $4.5B $4.1B
75th		 $41.2M
Total assets $57.3B $57.3B
50th		 $1.3B
Shareholders' equity −$2.9B $180.9M
25th		 $568.4M
Employees 61,344 42,300
100th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-19Hollar Jason M.
Chief Executive Officer
 Open-market sale 6,206$233.22$1.4M228,926
2026-08-19Hollar Jason M.
Chief Executive Officer
 Open-market sale 3,457$234.29$809,941225,469
2026-08-19Hollar Jason M.
Chief Executive Officer
 Open-market sale 5,704$235.34$1.3M219,765
2026-08-19Hollar Jason M.
Chief Executive Officer
 Open-market sale 6,731$236.46$1.6M213,034
2026-08-19Hollar Jason M.
Chief Executive Officer
 Open-market sale 16,187$237.23$3.8M196,847
2026-08-19Hollar Jason M.
Chief Executive Officer
 Open-market sale 6,244$237.88$1.5M190,603
2026-08-19Scherer Mary C.
Chief Accounting Officer
 Open-market sale 100$237.40$23,7405,013
2026-08-19Scherer Mary C.
Chief Accounting Officer
 Open-market sale 2,202$237.39$522,7332,811
2026-08-18Mason Stephen M
CEO, GMPD Segment
 Open-market sale 3,100$234.59$727,22949,961
2026-08-18Mason Stephen M
CEO, GMPD Segment
 Open-market sale 8,195$235.62$1.9M41,766
2026-08-18Mason Stephen M
CEO, GMPD Segment
 Open-market sale 10,876$236.50$2.6M30,890
2026-08-18Mason Stephen M
CEO, GMPD Segment
 Open-market sale 12,829$237.26$3.0M18,061

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
AprAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired16482,508—
Open-market saleDisposed31252,271$59.6M
Tax withholdingDisposed8228,152$53.7M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 11 notices · 304,887 shares · $70.5M
FiledFilerShares proposedEst. proceeds
2026-08-19Mary Scherer2,302$546,462
2026-08-18Aaron Alt42,000$9.9M
2026-08-18Deborah Weitzman7,354$1.7M
2026-08-18Jessica Mayer29,436$7.0M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 2 trades (2 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2025-10-24Marjorie Taylor GreeneHousePurchase$1,001 - $15,0002025-10-29
2025-10-23Marjorie Taylor GreeneHousePurchase$1,001 - $15,0002025-10-29
2025-09-05Ro KhannaHouseSale$1,001 - $15,0002025-10-03
2025-05-14Marjorie Taylor GreeneHousePurchase$1,001 - $15,0002025-05-20
2020-04-07Kelly LoefflerSenateSale (Full)$100,001 - $250,0002020-05-01
2020-04-07Kelly LoefflerSenatePurchase$1,001 - $15,0002020-05-01
2020-04-07Kelly LoefflerSenateSale (Full)$100,001 - $250,0002020-04-30
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.26,490,633$6.3B11.44%
VANGUARD CAPITAL MANAGEMENT LLC15,292,186$3.6B6.60%
WELLINGTON MANAGEMENT GROUP LLP14,860,271$3.5B6.42%
VANGUARD PORTFOLIO MANAGEMENT LLC13,717,894$3.3B5.92%
STATE STREET CORP11,967,121$2.8B5.17%
GEODE CAPITAL MANAGEMENT, LLC6,472,810$1.5B2.80%
Invesco Ltd.4,742,576$1.1B2.05%
WCM INVESTMENT MANAGEMENT, LLC4,112,461$971.4M1.78%
NORGES BANK3,726,422$885.2M1.61%
BANK OF AMERICA CORP /DE/2,900,596$689.1M1.25%
GOLDMAN SACHS GROUP INC2,385,033$566.6M1.03%
PRICE T ROWE ASSOCIATES INC /MD/2,245,078$533.3M0.97%
BNP PARIBAS FINANCIAL MARKETS2,103,149$499.6M0.91%
NORTHERN TRUST CORP2,075,990$493.2M0.90%
FMR LLC2,066,248$490.9M0.89%

Institutional ownership by quarter

2023-092026-0688.3%
% of shares held by 13F filers
2023-092026-061,497
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,49788.3%16954056489
2026-03-311,43185.7%158564505106
2025-12-311,40788.2%29145147074
2025-09-301,21987.7%119437455124
2025-06-301,24987.1%18843544673
2025-03-311,14888.0%15940441086
2024-12-311,09389.1%18337537383
2024-09-301,01089.5%10333042183
2024-06-301,00490.5%90361393122
2024-03-311,05492.2%11437540377
2023-12-311,03090.1%16232541266
2023-09-3094491.1%8232238667

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.8%13,786,683
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%17,635,857
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-01-21SCHEDULE 13G/ABlackRock Portfolio Management LLC3.8%9,141,796
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.07%$1.6B
VTI0.07%$1.6B
VTSAX0.07%$1.6B
VSMPX0.07%$1.6B
VFIAX0.08%$1.4B
VOO0.08%$1.4B

Share structure

Shares outstanding231,559,345
Float231,004,185
Free float99.8%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$181.3B$205.0B$226.8B$222.6B$254.2B
Cost of revenue$174.8B$198.1B$219.4B$214.4B$244.5B
Gross profit$6.5B$6.9B$7.4B$8.2B$9.8B
R&D$0$0$0$0$0
SG&A$4.5B$4.8B$5.0B$5.4B$6.1B
Operating income−$607.0M$752.0M$1.2B$2.3B$2.6B
EBITDA$55.0M$1.4B$2.0B$3.1B$3.5B
Pretax income−$784.0M$663.0M$1.2B$2.1B$2.2B
Income tax$153.0M$332.0M$348.0M$532.0M$469.0M
Net income−$938.0M$330.0M$852.0M$1.6B$1.7B
EPS, diluted$-3.34$1.26$3.45$6.45$7.23
Diluted shares279.0M262.0M247.0M242.0M237.0M

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$4.7B$4.1B$5.1B$3.9B$4.9B
Receivables$10.6B$11.1B$12.1B$13.2B$13.8B
Inventory$15.6B$16.1B$15.0B$16.8B$17.3B
Total current assets$32.9B$33.7B$34.9B$36.4B$38.8B
PP&E, net$2.4B$2.5B$2.5B$2.9B$4.0B
Goodwill & intangibles$7.6B$6.1B$6.5B$12.2B$13.6B
Total assets$43.9B$43.3B$45.1B$53.1B$57.3B
Accounts payable$27.1B$29.9B$31.8B$34.7B$38.3B
Total current liabilities$30.6B$33.7B$35.6B$38.9B$43.9B
Long-term debt$4.7B$3.9B$4.6B$7.8B$6.9B
Total liabilities$44.6B$46.3B$48.3B$55.8B$60.0B
Shareholders' equity−$706.0M−$3.0B−$3.2B−$2.6B−$2.7B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income−$933.0M$331.0M$853.0M$1.6B$1.7B
Depreciation & amortization$723.0M$692.0M$710.0M$790.0M$956.0M
Stock-based compensation$0$96.0M$121.0M$244.0M$367.0M
Change in working capital−$2.3B$457.0M$1.5B−$523.0M$2.1B
Operating cash flow$3.1B$2.8B$3.8B$2.4B$5.2B
Capital expenditure−$387.0M−$481.0M−$511.0M−$547.0M−$649.0M
Free cash flow$2.7B$2.4B$3.3B$1.9B$4.5B
Investing cash flow$567.0M−$454.0M−$1.8B−$5.6B−$2.6B
Net debt issued / repaid−$885.0M−$579.0M$356.0M$3.2B$337.0M
Buybacks−$1.0B−$2.0B−$750.0M−$765.0M−$1.4B
Dividends paid−$559.0M−$525.0M−$499.0M−$494.0M−$491.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin3.6%3.4%3.3%3.7%3.8%
Operating margin-0.3%0.4%0.6%1.0%1.0%
Net margin-0.5%0.1%0.4%0.7%0.7%
FCF margin1.5%1.2%1.4%0.8%1.8%
ROE-172.3%-14.2%-27.6%-52.1%-60.5%
ROIC-124.2%-16.1%-32.3%63.2%92.8%
ROA-2.1%0.6%1.9%3.2%3.1%
Debt / equity-8.19-1.75-1.75-3.36-3.45
Interest coveragen/m7.9x27.0x10.8x7.2x
Current ratio1.081.000.980.940.88
Revenue growth+11.6%+13.0%+10.6%−1.8%+14.2%
EPS growth−262.5%+130.3%+238.8%+86.8%+11.2%
P/E at year endn/m88.5x27.6x25.7x32.8x
EV / EBITDA at year end202.2x17.0x12.3x14.7x17.6x
FCF yield at year end20.31%10.21%13.80%4.62%8.05%
Dividend payout—201.1%58.5%31.6%28.6%

Revenue by segment

FY2022FY2023FY2024FY2025FY2026
Pharmaceutical Member$164.6B$188.8B$210.0B$204.6B$234.8B
Medical Member$13.5B$12.4B———
GMPD——$12.4B$12.6B$12.7B
Other Operating Segment——$4.5B$5.4B$6.8B
Cardinal Health At Home Solutions$2.4B$2.6B———
Nuclear Precision Health Services$911.0M$1.2B———

Revenue by region · FY2026

UNITED STATES$252.6B · 99%
Non-US$1.7B · 1%

Street estimates by fiscal year

Next report 2026-11-05 · consensus EPS $2.95 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$255.9B$255.0B – $257.4B$10.78$10.75 – $10.82623.6x
2026$275.6B$270.7B – $281.2B$12.08$11.70 – $12.451021.0x
2027$265.8B$264.9B – $267.0B$12.54$12.50 – $12.591020.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-11$2.42$2.91+20.2%$65.2B$63.7B−2.3%
2026-04-30$2.79$3.17+13.6%$62.1B$60.9B−1.9%
2026-02-05$2.34$2.63+12.4%$65.1B$65.6B+0.8%
2025-10-30$2.18$2.55+17.0%$59.2B$64.0B+8.1%
2025-08-12$2.04$2.08+2.0%$60.9B$60.2B−1.2%
2025-05-01$2.17$2.35+8.3%$55.4B$54.9B−0.9%
2025-01-30$1.74$1.93+10.9%$55.0B$55.3B+0.4%
2024-11-01$1.62$1.88+16.0%$50.9B$52.3B+2.7%
2024-08-14$1.73$1.84+6.4%$58.6B$59.9B+2.1%
2024-05-02$1.95$2.08+6.7%$56.1B$54.9B−2.0%
2024-02-01$1.60$1.82+13.7%$57.0B$57.4B+0.8%
2023-11-03$1.40$1.73+23.6%$54.8B$54.8B+0.0%
2023-08-15$1.48$1.55+4.7%$52.7B$53.5B+1.4%
2023-05-04$1.49$1.74+16.8%$49.7B$50.5B+1.6%
2023-02-02$1.13$1.32+16.8%$50.7B$51.5B+1.5%
2022-11-04$0.96$1.20+25.0%$48.2B$49.6B+2.9%
2022-08-11$1.17$1.05−10.3%$44.9B$47.1B+4.9%
2022-05-05$1.54$1.45−5.8%$43.1B$44.8B+4.0%
2022-02-03$1.23$1.27+3.3%$45.6B$45.5B−0.3%
2021-11-09$1.32$1.29−2.3%$42.0B$44.0B+4.8%
2021-08-05$1.18$0.77−34.7%$42.6B$42.6B0.0%
2021-05-06$1.58$1.53−3.2%$39.8B$39.3B−1.3%
2021-02-05$1.44$1.74+20.8%$32.9B$41.5B+26.3%
2020-11-05$1.14$1.51+32.5%$29.2B$39.1B+33.6%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.506-150.506-220.406-291.007-060.607-130.407-200.507-270.708-030.708-100.408-170.408-240.408-31
Week ofNotionalSharesTrades
2026-08-31$432.3M1,774,14153,359
2026-08-24$355.9M1,514,36145,677
2026-08-17$373.3M1,596,42954,470
2026-08-10$746.5M3,146,63580,929
2026-08-03$683.3M2,898,26676,679
2026-07-27$482.5M2,098,00757,420

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1547.8%
DateShort shareShort volumeTotal volume
2026-10-1547.8%398,417833,487
2026-10-1453.3%394,839740,640
2026-10-1337.1%265,047714,599
2026-10-1261.7%311,162503,911
2026-10-0946.2%182,851395,858
2026-10-0854.7%323,790591,877
2026-10-0757.9%247,559427,711
2026-10-0654.3%234,741432,011
2026-10-0547.4%294,612621,396
2026-10-0262.9%349,203555,563
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+4.1Jan+2.0Feb-0.6Mar-0.8Apr+0.3May-0.3Jun+1.6Jul-1.9Aug-0.3Sep+2.3Oct+3.1Nov-0.3Dec
MonthAvg returnUp yearsYears
Jan+4.1%90%20
Feb+2.0%65%20
Mar−0.6%43%21
Apr−0.8%40%20
May+0.3%55%20
Jun−0.3%40%20
Jul+1.6%65%20
Aug−1.9%40%20
Sep−0.3%35%20
Oct+2.3%65%20
Nov+3.1%70%20
Dec−0.3%45%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1474.3
MFI80.6
ADX21.9
Stochastic %K / %D98.3 / 95.6
Williams %R-3.8
CCI177
TSI / signal25.1 / 5.2
Chaikin money flow-0.04
ATR$5.78
Bollinger width18.3%
Volume vs 20-day avg0.78x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$232.07 (+9.5%)
SMA 50$233.99 (+8.6%)
SMA 200$218.95 (+16.0%)
EMA 21$237.05 (+7.2%)
EMA 50$233.27 (+8.9%)
EMA 200$216.11 (+17.6%)
Bollinger upper$253.32 (+0.3%)
Bollinger lower$210.83 (+20.5%)
Parabolic SAR$228.40 (+11.2%)
Open the live chart, 110+ indicators

About Cardinal Health, Inc.

Cardinal Health, Inc. operates as a global, integrated provider of healthcare services and products, with its reach spanning the United States, Canada, Europe, Asia, and other international markets. The company delivers bespoke support to a diverse clientele, including hospitals, healthcare networks, pharmacies, outpatient surgical centers, clinical labs, physician practices, and individuals receiving care at home. It is structured into two core divisions: Pharmaceutical and Medical. The Pharmaceutical division oversees the distribution of a wide array of products, encompassing branded, generic, and specialty pharmaceuticals, along with over-the-counter health and consumer goods. This segment additionally offers specialized services to pharmaceutical manufacturers and healthcare providers, particularly for specialty pharmaceutical products. Its operations extend to managing nuclear pharmacies and facilities that produce radiopharmaceuticals. It also performs repackaging of generic drugs and OTC items. Further offerings include medication therapy management and patient outcomes services for hospitals, other healthcare providers, and payers, in addition to providing pharmacy management solutions to hospitals. The Medical division focuses on producing, sourcing, and supplying Cardinal Health-branded medical, surgical, and laboratory products and devices. This extensive product range encompasses items such as examination and surgical gloves, needles, syringes, sharps disposal units, compression products, incontinence aids, nutritional delivery systems, wound care supplies, single-use drapes, gowns, and apparel, fluid suction and collection devices, urological products, operating room essentials, and electrodes. Beyond its proprietary brands, this segment also distributes various national brand medical, surgical, and laboratory products. It offers comprehensive supply chain management for hospitals, ambulatory surgery centers, clinical laboratories, and other healthcare organizations, and manufactures and sells both sterile and non-sterile procedure kits. Established in 1979, the company maintains its headquarters in Dublin, Ohio.

https://www.cardinalhealth.com

Key executives

NameTitlePayBorn
Jason HollarChief Executive Officer & Director$6.3M1973
Aaron E. AltChief Financial Officer$2.5M1972
Deborah L. WeitzmanChief Executive Officer of Pharmaceutical & Specialty Solutions Segment$2.1M1965
Jessica L. MayerChief Legal & Compliance Officer$2.0M1969
Stephen MasonChief Executive Officer of GMPD segment$1.9M1971
Craig CowmanPresident of Biopharma Solutions & Strategic Sourcing——
David FrostVice President of Investor Relations——
Mary C. SchererSenior Vice President & Chief Accounting Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Jason M. Hollar Chief Executive Officer2026$1.5M$16.3M$4.3M$22.6M
Aaron E. Alt Chief Financial Officer2026$896,233$4.3M$1.6M$6.9M
Deborah L. Weitzman Chief Executive Officer, Pharmaceutical and Specialty Solutions Segment2026$770,479$4.1M$1.3M$6.1M
Jessica L. Mayer Chief Legal and Compliance Officer2026$741,233$3.6M$1.2M$5.5M
Stephen M. Mason Chief Executive Officer, Global Medical Products and Distribution Segment2026$761,986$3.4M$1.1M$5.3M

Employees

50k201948k202047k202146k202248k202349k202458k202564k2026

Dividends

Ex-dateAmountPaid
2026-10-01$0.51582026-10-15
2026-07-01$0.51582026-07-15
2026-04-01$0.51072026-04-15
2026-01-02$0.51072026-01-15
2025-10-01$0.51072025-10-15
2025-07-01$0.51072025-07-15
2025-04-01$0.50562025-04-15
2025-01-02$0.50562025-01-15

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage59
Intangibles45
Switching costs45
Network effect60
Efficient scale80
Our component scores (0-100) and overall 55.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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