Cardinal Health, Inc. (CAH)
Sous-évaluéFondamental
76
Prix
$228.72
Capitalisation boursière
$51.55B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Chiffre d'affaires par 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.
Avantage concurrentiel
Économies d'échelle · ÉtroitPharmaceutical 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.
Ce qui stimule la demande
DéfensifPeople 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.
Principaux risques
- 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.
Concentration des clients
Les principaux clients représentent 43% du chiffre d'affaires
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.
Les arguments en faveur
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.
Les arguments contre
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 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 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.
Bilan & Liquidités
Chiffre d'affaires
$244.67B
12 derniers mois (au 31/12/2025)
Résultat net
$1.66B
12 derniers mois (au 31/12/2025)
Flux de trésorerie libre
$4.53B
Capitaux propres totaux
$-2.88B
Passif total
$60.02B
Ratio de liquidité général
0.91
Couverture des intérêts
8.02
Dette/EBITDA
2.79
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$668.87
Prix actuel
$228.72
Marge de sécurité
+65.8%
Fourchette de juste valeur
$434.77 - $902.97
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
32.01
ROE
-59.5%
Ratio P/B
-
P/FCF
9.41
Marge brute
3.7%
ROIC
13.6%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
13.6%
WACC
7.2%
ROIC − WACC
+6.4 pp
Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.
Critères d'analyse fondamentale
Réussi (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
Échoué (5)
- EPS CAGR 4.95%
- Gross Margin 3.7%
- Operating Margin 1.0%
- Low reliance on intangibles
- DCF valuation (Overvalued)
Indisponible (4)
- P/B Ratio NaN
- Dividend Payout NaN%
- Debt/Equity ratio
- Price below Graham Number
Score F de Piotroski
Santé financière solide
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| 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 |
Risque d'audit
9
Risque du conseil
1
Risque de rémunération
1
Risque droits des actionnaires
1
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-08-11
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-04-30
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-10-01
via SEC EDGAR
Historique des résultats
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