Cardinal Health, Inc. (CAH)
POSITIVE基本面
76
价格
$235.28
市值
$53.38B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
护城河
规模效应 · 狭窄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.
需求驱动因素
防御型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.
主要风险
- 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.
客户集中度
主要客户占营收的43%
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.
看多理由
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.
看空理由
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
No editorial profile for this company yet
No competitor list for this company yet.
资产负债表与流动性
营收
$244.67B
最近12个月(截至2025/12/31)
净利润
$1.66B
最近12个月(截至2025/12/31)
自由现金流
$4.53B
股东权益合计
$-2.88B
负债合计
$60.02B
流动比率
0.91
利息覆盖率
8.02
债务/EBITDA
2.79
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$266.81
当前价格
$235.28
安全边际
+11.8%
公允价值区间
$173.43 - $360.19
估算方法
估值指标
市盈率(P/E)
33.43
ROE
-59.5%
市净率(P/B)
-
P/FCF
9.82
毛利率
3.7%
ROIC
13.6%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
13.6%
WACC
7.2%
ROIC − WACC
+6.4 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
基本面分析标准
通过(18)
- EPS shows upward trend
- Price CAGR 12.30%
- ROIC 13.5%
- P/FCF 9.82
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 37.2%
- Revenue Growth 5Y 7.8%
- Analyst Consensus 87% Buy
- Earnings Surprise avg 14.2%
- Earnings Quality (OCF/NI) 3.67
- Share Dilution -2.0%
- Net Margin Trend 0.7% vs 0.6%
- Piotroski F-Score 8/9
未通过(5)
- EPS CAGR 4.95%
- Gross Margin 3.7%
- Operating Margin 1.0%
- Low reliance on intangibles
- DCF valuation (Overvalued)
不可用(5)
- P/B Ratio NaN
- Dividend Payout NaN%
- Debt/Equity ratio
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-评分
财务状况强健
盈利质量
高质量:盈利有现金流支撑
股权稀释
正在回购股份,对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Jason M. Hollar | CEO & Director | 52 |
| Ms. Deborah L. Weitzman | Chief Executive Officer of Pharmaceutical & Specialty Solutions Segment | 60 |
| Ms. Mary C. Scherer | Senior VP & Chief Accounting Officer | - |
| Ms. Valerie Christine Pitteroff | Chief Human Resources Officer | - |
| Mr. Craig Cowman | President of Biopharma Solutions & Strategic Sourcing | - |
审计风险
9
董事会风险
1
薪酬风险
1
股东权利风险
1
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。
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