Cardinal Health, Inc. (CAH)
UnterbewertetFundamental
76
Kurs
$222.50
Marktkapitalisierung
$51.55B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Cardinal Health buys drugs and medical supplies in bulk from manufacturers and delivers them to pharmacies, hospitals and clinics across the United States, usually within a day of the order. It does not make the products it moves — it is the logistics layer between drugmakers and the point of care, operating warehouses, delivery fleets and ordering systems at a scale few competitors can match. A smaller unit also distributes medical devices and other health products directly to providers.
Wie das Geld verdient wird
Revenue is booked when a shipment reaches the customer, and pharmaceutical distribution runs on razor-thin margins — the company makes its money on enormous volume rather than markup per unit, plus fees for services like inventory management. A specialty pharmaceuticals business, which handles higher-value drugs requiring cold chains or special handling, carries a better margin and has become the main source of profit growth.
Umsatz nach Segment
Bulk distribution of branded and generic drugs, plus specialty pharmaceuticals, to pharmacies, hospitals and physician practices.
Distribution and, in part, manufacture of medical, surgical and laboratory products used in hospitals and clinics.
Nuclear pharmacy and precision health services, freight logistics for healthcare shippers, and home-based care supplies.
Wettbewerbsvorteil
Skaleneffekte · SchmalPharmaceutical distribution in the U.S. is effectively a three-company business alongside McKesson and Cencora, because building the warehouse network, delivery infrastructure and DEA-licensed handling capability needed to serve pharmacies nationwide requires scale that new entrants cannot easily match. The advantage is narrow: the three distributors compete hard for the same hospital and pharmacy chains, keeping margins thin.
Was die Nachfrage antreibt
DefensivPeople need prescription drugs and medical supplies regardless of the state of the economy, which makes distribution volume one of the steadiest revenue streams in retail-adjacent business. The main swings come not from the economic cycle but from drug pricing changes, new generic launches, and one-off customer contract gains or losses.
Wichtigste Risiken
- Opioid litigation liabilities — Cardinal Health remains a defendant in opioid-distribution lawsuits and is paying out under a national settlement agreement — roughly $6.3 billion committed over 18 years — with continuing annual payments through 2038.
- Controlled-substance regulation — As a distributor of controlled substances, the company must hold valid DEA registrations and meet strict security and monitoring standards; a licensing suspension or compliance failure at any facility can halt shipments and trigger penalties.
- Customer concentration — A small number of large customers, led by CVS Health, generate a disproportionate share of revenue; losing one or seeing it shift volume to a competitor would have an outsized effect on results.
- Thin and pressured margins — The company operates in a highly competitive market where customers and suppliers continually push for better pricing; if it cannot offset these pressures through cost control or higher-margin services, profitability suffers.
Kundenkonzentration
Die größten Kunden machen 43 % des Umsatzes aus
CVS Health alone accounted for 28% of fiscal 2026 revenue, and the five largest customers together made up 43%. Losing or renegotiating a single one of these relationships would move the company's results materially.
Die Argumente dafür
Buyers argue that fiscal 2026's 14% revenue growth and 30% jump in non-GAAP operating earnings show the specialty pharmaceuticals and GMPD businesses are finally offsetting the low-margin core, and that a nearly closed opioid settlement removes years of legal overhang.
Die Argumente dagegen
Sellers worry that a business this dependent on CVS Health and a handful of other giants has little pricing power of its own, that generic drug price deflation keeps squeezing the core distribution margin, and that new tariffs on imported generics could hit supply and cost at the same time.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18. September 2026 with claude-haiku-4-5 — shared with all users
The other national full-line pharmaceutical wholesaler Cardinal Health names in its own filings, bidding for the same hospital systems, retail pharmacy chains and specialty physician practices in the United States.
The third of the three national drug wholesalers that together move over 90% of US pharmaceutical volume, competing with Cardinal Health on distribution contracts and specialty drug services.
Distributes medical and dental supplies to office-based physicians, clinics and ambulatory centres, the same non-acute customer base Cardinal Health's medical segment targets.
Named by Cardinal Health as a competitor of its medical products business: both manufacture and distribute surgical supplies and procedural kits to the same hospitals and surgery centers.
A national medical-surgical distributor named in Cardinal Health's filings, serving the same hospital supply chains and, like Cardinal, also selling home-healthcare products.
A privately held regional pharmaceutical wholesaler in the US South that Cardinal Health names in its filings, taking independent pharmacy and regional hospital accounts from the national distributors.
Bilanz & Liquidität
Umsatz
$244.67B
Letzte 12 Monate (bis 31.12.2025)
Nettogewinn
$1.66B
Letzte 12 Monate (bis 31.12.2025)
Freier Cashflow
$4.53B
Gesamtes Eigenkapital
$-2.88B
Gesamtverbindlichkeiten
$60.02B
Current Ratio
0.91
Zinsdeckungsgrad
8.02
Schulden/EBITDA
2.79
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$668.87
Aktueller Kurs
$222.50
Sicherheitsmarge
+66.7%
Innerer-Wert-Spanne
$434.77 - $902.97
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
32.01
ROE
-59.5%
P/B-Verhältnis
-
P/FCF
9.41
Bruttomarge
3.7%
ROIC
13.6%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
13.6%
WACC
7.2%
ROIC − WACC
+6.4 pp
Der ROIC übersteigt die Kapitalkosten: Das Unternehmen schafft Wert für die Aktionäre.
Fundamentalanalyse-Kriterien
Bestanden (19)
- EPS shows upward trend
- Price CAGR 11.89%
- ROIC 13.5%
- P/FCF 9.41
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 37.2%
- Revenue Growth 5Y 9.4%
- Analyst Consensus 88% Buy
- Earnings Surprise avg 11.1%
- PEG Ratio 1.07
- Earnings Quality (OCF/NI) 3.67
- Share Dilution -2.0%
- Net Margin Trend 0.7% vs 0.6%
- Piotroski F-Score 8/9
Nicht bestanden (5)
- EPS CAGR 4.95%
- Gross Margin 3.7%
- Operating Margin 1.0%
- Low reliance on intangibles
- DCF valuation (Overvalued)
Nicht verfügbar (4)
- P/B Ratio NaN
- Dividend Payout NaN%
- Debt/Equity ratio
- Price below Graham Number
Piotroski F-Score
Starke finanzielle Gesundheit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Jason M. Hollar | CEO & Director | 52 |
| Ms. Jessica L. Mayer | Chief Legal & Compliance Officer | 55 |
| Mr. Stephen M. Mason | Chief Executive Officer of GMPD segment | 53 |
| Ms. Deborah L. Weitzman | Chief Executive Officer of Pharmaceutical & Specialty Solutions Segment | 60 |
| Ms. Mary C. Scherer | Senior VP & Chief Accounting Officer | - |
| Mr. David Frost | Vice President of Investor Relations | - |
| Mr. Craig Cowman | President of Biopharma Solutions & Strategic Sourcing | - |
| Mr. Ben Brinker | President of Global Operations & Supply Chain | - |
| Mr. Rob Schlissberg | President of Cardinal Health at-Home Solutions | - |
| Ms. Michelle D. Greene | Executive VP and Chief Information Officer of Global Technology & Business Services | 55 |
Prüfungsrisiko
9
Vorstandsrisiko
1
Vergütungsrisiko
1
Aktionärsrechterisiko
1
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Dokumente
- Dokument ansehen
Jahresbericht (10-K)
Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.
Eingereicht am 2026-08-11
- Dokument ansehen
Quartalsbericht (10-Q)
Ein Update zur finanziellen Entwicklung der letzten drei Monate.
Eingereicht am 2026-04-30
- Dokument ansehen
Ad-hoc-Meldung (8-K)
Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.
Eingereicht am 2026-10-01
via SEC EDGAR
Ertragshistorie
via SEC EDGAR
Latest News
Recent headlines for CAH, sourced from Markets Gazette.
- 6/15/2026NEGATIVETop 3 Health Care Stocks That May Collapse This Quarter
Cardinal Health (CAH) is flagged with a Relative Strength Index (RSI) of 77.7, indicating it is significantly overbought. This technical indicator suggests the stock's price may have risen too quickly and could be due for a correction. While the article mentions positive price action for another stock, TGTX, the primary focus on CAH's overbought condition presents a potential downside risk for investors holding the stock. The RSI levels for TGTX (79.8) and AMRX (76.9) also signal overbought conditions, but CAH is presented as a key warning.
- 3/30/2026NEUTRALHere's How Much You Would Have Made Owning Cardinal Health Stock In The Last 5 Years
An analysis of Cardinal Health Inc. stock performance over the past five years reveals a significant return for investors. While specific figures are not detailed in this summary, the article implies a substantial positive trajectory for the healthcare services company. This historical performance data could be of interest to potential investors looking at long-term value and stability within the healthcare sector, suggesting a potentially resilient investment over the period analyzed.
- 3/10/2026NEUTRALHere's How Much $100 Invested In Cardinal Health 5 Years Ago Would Be Worth Today
An investment of $100 in Cardinal Health Inc. five years ago would have grown to approximately $245 today, representing a significant return on investment. This performance reflects the company's steady growth and resilience in the healthcare sector. For investors, this historical data point highlights Cardinal Health's potential as a long-term holding, underscoring its ability to generate consistent value through strategic operations and market positioning.
- 3/5/2026POSITIVEIf You Invested $100 In Cardinal Health Stock 5 Years Ago, You Would Have This Much Today
An investment of $100 in Cardinal Health (CAH) stock five years ago would have grown to approximately $270 today, yielding a 170% return. This highlights the stock's strong medium-term performance, outperforming many other healthcare players. Growth has been driven by a combination of expansion in its pharmaceutical and medical device businesses, alongside efficient cost management. For investors, Cardinal Health represents an attractive option in the healthcare sector, demonstrating resilience and value creation over time.
via Markets Gazette