Cencora vs McKesson
McKesson reported revenue of $403.4 billion in fiscal 2026, 1.3 times Cencora's $321.3 billion in fiscal 2025. Cencora's revenue grew 9.3% in its latest year, and McKesson's grew 12.4%. Cencora had an operating margin of 0.8%, against 1.5% at McKesson. Free cash flow was $3.2 billion at Cencora and $5.7 billion at McKesson. Their fiscal years end in different months (September 30 and March 31), so the periods don't line up exactly.
Side by side
| Cencora | McKesson | |
|---|---|---|
| Latest fiscal year | FY2025, Sep 30, 2025 | FY2026, Mar 31, 2026 |
| Revenue | $321.3B | $403.4B |
| Revenue growth | 9.3% | 12.4% |
| Revenue growth a year, last 5 years | 11.1% | 11.1% |
| Gross margin | 3.6% | 3.6% |
| Operating margin | 0.8% | 1.5% |
| Net margin | 0.5% | 1.2% |
| Free cash flow | $3.2B | $5.7B |
| Free cash flow margin | 1.0% | 1.4% |
| Return on capital | — | — |
| Net debt to EBITDA | 0.9x | 0.4x |
| Dividends and buybacks | $873M | $5.1B |
| Change in diluted share count | −2.5% | −3.1% |
| Last close | $330.00 | $992.87 |
| P/E at the last close | 24.5× | 26.6× |
| Insider trades, last 12 months | bought $2.3 million, sold $15.1 million | sold $29.1 million |
| Piotroski F-score | 7 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CencoraMcKesson
Operating margin
Percent of revenue
CencoraMcKesson
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CencoraMcKesson