Cencora
Cencora is a U.S.-centered pharmaceutical wholesaler that is using its distribution scale to build ownership of specialty physician platforms in retina and oncology, while preparing to exit non-core businesses.
What the filings point to next
Our analysis of the moves the company's own disclosures point to, with the signals that would confirm them.
Close the American Oncology Network merger and fold it, with OneOncology, into a single community-oncology MSO business inside the new specialty-focused structure.
- Regulatory and closing milestones for the AON merger
- Segment disclosures that report oncology and retina MSOs together
- Acquisition-related integration expenses and MSO-related regulatory commentary in filings
- Divest or otherwise separate MWI Animal Health, Profarma, U.S. Consulting Services and non-strategic PharmaLex units.Medium confidence
- Prioritize protecting and possibly reshaping the Walgreens and Boots relationship under Sycamore ownership, while broadening the customer base.Medium confidence
- Push further on logistics productivity and technology, including AI-based analytics, to fund specialty expansion while margins stay thin.Medium confidence
- Extend the MSO model into another physician-administered specialty beyond retina and oncology.Low confidence
Relationship map
Who it buys from, sells to, partners with and competes against, as its disclosures describe it.
Customers Suppliers Partners (top) Competitors (bottom) · solid = disclosed, dashed = inferred · tap a highlighted company to open it
Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Key ratios and five-year financials
| Fiscal year ending | FY 2021-09 | FY 2022-09 | FY 2023-09 | FY 2024-09 | FY 2025-09 |
|---|---|---|---|---|---|
| Revenue | $214.0B | $238.6B | $262.2B | $294.0B | $321.3B |
| Gross profit | $6.9B | $8.3B | $9.0B | $9.9B | $11.5B |
| Operating income | $2.4B | $2.4B | $2.3B | $2.2B | $2.6B |
| Net income | $1.5B | $1.7B | $1.7B | $1.5B | $1.6B |
| Operating cash flow | $2.7B | $2.7B | $3.9B | $3.5B | $3.9B |
| Capital expenditure | $438M | $496M | $458M | $487M | $668M |
| Free cash flow | $2.2B | $2.2B | $3.5B | $3.0B | $3.2B |
| Stock-based comp | $100M | $93M | $125M | $148M | $148M |
| Buybacks | $82M | $484M | $1.2B | $1.5B | $435M |
| Dividends | $367M | $392M | $399M | $416M | $437M |
| Cash | $2.5B | $3.4B | $2.6B | $3.1B | $4.4B |
| Total debt | $7.0B | $6.8B | $5.4B | $5.0B | $7.8B |
| Equity | $223M | -$212M | $522M | $646M | $1.5B |
Built from the company's disclosures: 10-K (2025-11-25), 8-K (2026-11-04), 8-K (2026-10-21), 8-K (2026-09-25), 8-K (2026-08-14), DEF 14A (2026-01-22).
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