Cardinal Health, Inc. (CAH)
割安ファンダメンタル
76
株価
$228.84
時価総額
$51.55B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
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.
競争優位性（moat）
規模の経済 · 狭いPharmaceutical 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.
需要を左右する要因
ディフェンシブPeople 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.
主なリスク
- 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.
顧客集中度
主要顧客が売上高の43%を占める
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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 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.
貸借対照表と流動性
売上高
$244.67B
直近12か月（2025/12/31まで）
純利益
$1.66B
直近12か月（2025/12/31まで）
フリーキャッシュフロー
$4.53B
自己資本合計
$-2.88B
負債合計
$60.02B
流動比率
0.91
利払い倍率
8.02
負債/EBITDA
2.79
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$668.87
現在株価
$228.84
安全マージン
+65.8%
適正価値レンジ
$434.77 - $902.97
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
32.01
ROE
-59.5%
P/B レシオ
-
P/FCF
9.41
粗利益率
3.7%
ROIC
13.6%
収益性レーダー
価値創造（経済的モート）
ROIC
13.6%
WACC
7.2%
ROIC − WACC
+6.4 pp
ROICが資本コストを上回っています。企業は株主のために価値を創出しています。
ファンダメンタル分析基準
合格（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
不合格（5）
- EPS CAGR 4.95%
- Gross Margin 3.7%
- Operating Margin 1.0%
- Low reliance on intangibles
- DCF valuation (Overvalued)
データなし（4）
- P/B Ratio NaN
- Dividend Payout NaN%
- Debt/Equity ratio
- Price below Graham Number
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 |
監査リスク
9
取締役会リスク
1
報酬リスク
1
株主権利リスク
1
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
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