Cencora, Inc. (COR) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Trading Companies & Distributors · as of Sep 24, 2026
Cencora, Inc. (COR)
A forensic read on Cencora, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.9
Distress distance
Clean
Earnings quality
3
Forensic signals
22.4
P / E (ttm)
$59.6B
Market cap
1.01%
Dividend yield
9.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Cencora, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.9, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+86.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +86.7% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 69% of net operating assets, against an accruals ratio of 86.7%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
$1.1B
FY2024–FY2025
Goodwill impairments.Took $1.1B of goodwill writedowns across 2 years (FY2024 ($418M), FY2025 ($724M)) — about 37% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
12.6%
FY2025
Return on invested capital.Return on invested capital is 12.6% in the latest fiscal year and slipping across FY2023–FY2025 from 16%. The capital base behind it grew +23% across FY2023–FY2025, from $11.8B to $14.5B, while the return fell 3.4 points, so the dollars added over that window earned less than the 16% the older base was already earning.
Key fundamentals
Latest Revenue$321.33B
Revenue Growth YoY+9.3%
Revenue CAGR (2yr)+10.7%
Net Margin0.5%
Free Cash Flow$3.21B
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Cencora, Inc.'s actual 10-K/10-Q/8-K filings?