Forensic Analysis · Trading Companies & Distributors · as of Aug 11, 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

Forensic signals

24.8

P / E (ttm)

$61.8B

Market cap

0.74%

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). 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 69% of net operating assets, diverging from the balance-sheet accrual read.

$1.2B

FY2021–FY2025

Goodwill impairments. Took $1.2B of goodwill writedowns across 4 years (FY2022 ($76M), FY2024 ($418M), FY2025 ($724M)) — about 15% 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 from 17% — a modest positive spread over its ~8% cost of capital — growth adds value, though not dramatically.

Key fundamentals

Latest Revenue$321.33B

Revenue Growth YoY+9.3%

Revenue CAGR (3yr)+10.4%

Net Margin0.5%

Free Cash Flow$3.21B

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.