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CAH

Cardinal Health

Cardinal Health is a very large, thin-margin U.S. drug and medical-products distributor whose profit growth is being led by brand and specialty pharmaceuticals and a set of smaller, faster-growing businesses, while its medical-products distribution arm lags.

Health Care DistributorsAnalysis updated 2026-11-13

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.

Top strategy callHigh confidence

Keep share repurchases as the main use of excess cash through FY27, likely executing additional programs under the $5.0 billion authorization.

Signals to watch
  • Announcement of a new accelerated or open-market repurchase program in coming quarters
  • Diluted share count trend in quarterly releases
  • Any change in management commentary on capital deployment priorities
3 more strategy calls in the full analysis
  • Tilt growth investment and possibly tuck-in acquisitions toward the 'Other' businesses (nuclear/precision health, at-home, OptiFreight), where guidance was raised most.
    Medium confidence
  • Push GMPD further from commodity distribution toward Cardinal Health Brand products, with possible cost actions or restructuring in distribution.
    Medium confidence
  • Expand internal software, data and security engineering, centered on Ohio, to support commercial technology platforms and regulatory work.
    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

What other companies' disclosures say about it

Shares a board member with
Named as a competitor by

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

Operating health58
Growth61
Profitability13
Cash generation54
Balance sheet69
Dilution control93
Key ratios and five-year financials
Latest quarter revenue YoY (2026-09-30)5.5%Revenue growth (FY)14.2%Revenue CAGR (3y)7.4%Gross margin3.8%Operating margin1.0%Net margin0.7%Free cash flow margin1.8%R&D / revenue—Stock comp / revenue0.1%Net debt / operating cash flow0.42xCurrent ratio0.88Diluted share count change-2.1%
Fiscal year endingFY 2022-06FY 2023-06FY 2024-06FY 2025-06FY 2026-06
Revenue$181.3B$205.0B$226.8B$222.6B$254.2B
Gross profit$6.5B$6.9B$7.4B$8.2B$9.8B
Operating income-$607M$752M$1.2B$2.3B$2.6B
Net income-$938M$330M$852M$1.6B$1.7B
Operating cash flow$3.2B$2.8B$3.8B$2.4B$5.2B
Capital expenditure$387M$481M$511M$547M$649M
Free cash flow$2.8B$2.4B$3.3B$1.9B$4.5B
Stock-based comp$81M$96M$121M$244M$367M
Buybacks$1.0B$2.0B$750M$765M$1.4B
Dividends$559M$525M$499M$494M$491M
Cash$4.7B$4.1B$5.1B$3.9B$4.9B
Total debt$4.7B$3.9B$4.7B$8.0B$7.0B
Equity-$709M-$3.0B-$3.2B-$2.8B-$2.9B

Built from the company's disclosures: 10-K (2026-08-11), 8-K (2026-11-05), 8-K (2026-08-11), 8-K (2026-08-11), DEF 14A (2026-09-21).

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