olivLaw · US equity research
Cardinal Health, Inc. CAH
Wholesale-Drugs, Proprietaries & Druggists' Sundries · SIC 5122 · Vertical: Wholesale-Drugs, Proprietaries & Druggists' Sundries (SIC 5122)
Cardinal Health (CAH) reported fiscal 2026 revenue of 254.2 billion USD, up 14%, and non-GAAP operating earnings rose 30% to 3.6 billion USD. For fiscal 2027 the company guided to non-GAAP diluted EPS of 12.40 to 12.60 USD, implying 13% to 15% growth.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Cardinal Health, Inc. (CAH) stock was 261.93 USD (+3.55% on the day), with market capitalisation 60.9 bn USD, P/E 36.2 on diluted EPS of 7.23 USD over the last 12 months, dividend yield 0.78%, beta 0.27, 52-week range 182.50–261.93 USD. Latest reported quarter (Q2 2026): revenue of 65.6 bn USD (+18.8% YoY), net income of 467.0 m USD (+16.8% YoY), diluted EPS 1.97 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.8
- strong (55–70)
- Bollinger (20, 2)
- 236.22 – 263.41
- in the upper half of the band · %B 0.95 · band width 10.9%
- SMA 50 / 200
- 239.16 / 222.82
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 5.16 / 4.89
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.4% | −1.1% | +13.5 pp | — |
| 3 months | +9.5% | −0.5% | +9.9 pp | — |
| 6 months | +36.8% | +4.4% | +32.4 pp | — |
| Year to date | +27.5% | +12.3% | +15.1 pp | — |
| 1 year | +34.1% | +13.5% | +20.5 pp | −3.9% |
| 3 years | +161.4% | +76.4% | +85.0 pp | −28.2% |
| 5 years | +428.7% | +63.7% | +365.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 31 Dec 2025
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 54.9 bn | 59.9 bn | 52.3 bn | 55.3 bn | 54.9 bn | 60.2 bn | 64.0 bn | 65.6 bn |
| Cost of revenue | 52.9 bn | 58.0 bn | 50.4 bn | 53.3 bn | 52.8 bn | 58.0 bn | 61.7 bn | 63.2 bn |
| Gross profit | 1.9 bn | 1.9 bn | 1.9 bn | 1.9 bn | 2.1 bn | 2.2 bn | 2.3 bn | 2.4 bn |
| SG&A | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.5 bn | 1.5 bn | 1.5 bn |
| Operating income | 369.0 m | 401.0 m | 568.0 m | 549.0 m | 730.0 m | 428.0 m | 668.0 m | 707.0 m |
| Depreciation & amortisation | 177.0 m ≈ | 186.0 m | 182.0 m | 192.0 m | 207.0 m ≈ | 209.0 m | 233.0 m | 234.0 m |
| Interest expense | 28.0 m | 9.0 m | 32.0 m | 35.0 m | 74.0 m | 74.0 m | 80.0 m | 88.0 m |
| Pre-tax income | 342.0 m | 391.0 m | 541.0 m | 511.0 m | 665.0 m | 384.0 m | 598.0 m | 630.0 m |
| Income tax | 80.0 m | 158.0 m | 124.0 m | 110.0 m | 157.0 m | 141.0 m | 144.0 m | 159.0 m |
| Net income | 261.0 m | 235.0 m | 416.0 m | 400.0 m | 506.0 m | 239.0 m | 450.0 m | 467.0 m |
| Diluted EPS | 1.07 | 0.95 ≈ | 1.70 | 1.65 ≈ | 2.10 ≈ | 1.00 ≈ | 1.88 | 1.97 ≈ |
| Operating cash flow | -27.0 m ≈ | 2.1 bn | -1.6 bn | -396.0 m ≈ | 2.9 bn ≈ | 1.5 bn | 973.0 m | 686.0 m ≈ |
| Capex | 112.0 m ≈ | 193.0 m | 90.0 m | 99.0 m ≈ | 126.0 m ≈ | 232.0 m | 108.0 m | 131.0 m ≈ |
| Dividends paid | 122.0 m ≈ | 122.0 m | 128.0 m | 122.0 m ≈ | 124.0 m ≈ | 120.0 m | 129.0 m | 122.0 m ≈ |
| Share repurchases | 0 ≈ | 0 | 375.0 m | 15.0 m ≈ | 375.0 m ≈ | 0 | 375.0 m | 383.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 81 percentile of its own 32-quarter history (min 10.4, median 21.6, max 382.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 145.5 bn | 152.9 bn | 162.5 bn | 181.3 bn | 205.0 bn | 226.8 bn | 222.6 bn | 254.2 bn |
| Revenue YoY | +6.4% | +5.1% | +6.2% | +11.6% | +13.0% | +10.7% | −1.9% | +14.2% |
| Net income | 1.4 bn | -3.7 bn | 611.0 m | -938.0 m | 330.0 m | 852.0 m | 1.6 bn | 1.7 bn |
| Net income YoY | +432.4% | −371.2% | unavailable | −253.5% | unavailable | +158.2% | +83.2% | +9.8% |
| Diluted EPS | 4.53 | -12.61 | 2.08 | -3.37 | 1.26 | 3.45 | 6.45 | 7.23 |
| Diluted EPS YoY | +459.3% | −378.4% | unavailable | −262.0% | unavailable | +173.8% | +87.0% | +12.1% |
| net % | 0.9% | -2.4% | 0.4% | -0.5% | 0.2% | 0.4% | 0.7% | 0.7% |
| Free cash flow | 2.4 bn | 1.6 bn | 2.0 bn | 2.8 bn | 2.4 bn | 3.3 bn | 1.9 bn | 4.5 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 4.9 bn USD
- Financial debt
- 1.9 bn USD
- Net debt
- -3.0 bn USD
- Equity
- -2.7 bn USD
- Total assets
- 57.3 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.88x
- ROE
- unavailable
- ROA
- 3.1%
- FCF margin
- 1.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 162.5 bn | 181.3 bn | 205.0 bn | 226.8 bn | 222.6 bn | 254.2 bn | SEC (XBRL)· 11 Aug 2026verified |
| Cost of revenue | 155.7 bn | 174.8 bn | 198.1 bn | 219.4 bn | 214.4 bn | 244.5 bn | SEC (XBRL)· 11 Aug 2026verified |
| Gross profit | 6.8 bn | 6.5 bn | 6.9 bn | 7.4 bn | 8.2 bn | 9.8 bn | SEC (XBRL)· 11 Aug 2026verified |
| SG&A | 4.5 bn | 4.5 bn | 4.8 bn | 5.0 bn | 5.4 bn | 6.1 bn | SEC (XBRL)· 11 Aug 2026verified |
| Operating income | 472.0 m | -607.0 m | 752.0 m | 1.2 bn | 2.3 bn | 2.6 bn | SEC (XBRL)· 11 Aug 2026verified |
| Depreciation & amortisation | 783.0 m | 692.0 m | 692.0 m | 710.0 m | 790.0 m | 956.0 m | SEC (XBRL)· 11 Aug 2026verified |
| EBITDA | 1.3 bn ≈ | 85.0 m ≈ | 1.4 bn ≈ | 2.0 bn ≈ | 3.1 bn ≈ | 3.6 bn ≈ | SEC (XBRL)· 11 Aug 2026derived |
| Interest expense | 180.0 m | 147.0 m | 84.0 m | 51.0 m | 215.0 m | 348.0 m | SEC (XBRL)· 11 Aug 2026verified |
| Pre-tax income | 323.0 m | -784.0 m | 663.0 m | 1.2 bn | 2.1 bn | 2.2 bn | SEC (XBRL)· 11 Aug 2026verified |
| Income tax | -289.0 m | 153.0 m | 332.0 m | 348.0 m | 532.0 m | 469.0 m | SEC (XBRL)· 11 Aug 2026verified |
| Net income | 611.0 m | -938.0 m | 330.0 m | 852.0 m | 1.6 bn | 1.7 bn | SEC (XBRL)· 11 Aug 2026verified |
| Diluted EPS | 2.08 | -3.37 | 1.26 | 3.45 | 6.45 | 7.23 | SEC (XBRL)· 11 Aug 2026verified |
| Weighted average diluted shares | 294.0 m | 279.0 m | 262.0 m | 247.0 m | 242.0 m | 237.0 m | SEC (XBRL)· 11 Aug 2026verified |
| Dividend per share | 1.94 | 1.96 | 1.98 | 2.00 | 2.02 | 2.04 | SEC (XBRL)· 11 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.4 bn | 4.7 bn | 4.1 bn | 5.1 bn | 3.9 bn | 4.9 bn | SEC (XBRL)· 11 Aug 2026verified |
| Inventories | 14.6 bn | 15.6 bn | 16.1 bn | 15.0 bn | 16.8 bn | 17.3 bn | SEC (XBRL)· 11 Aug 2026verified |
| Current assets | 31.0 bn | 32.9 bn | 33.7 bn | 34.9 bn | 36.4 bn | 38.8 bn | SEC (XBRL)· 11 Aug 2026verified |
| Property, plant & equipment, net | 2.4 bn | 2.4 bn | 2.5 bn | 2.5 bn | 2.9 bn | 3.0 bn | SEC (XBRL)· 11 Aug 2026verified |
| Goodwill | 8.0 bn | 5.9 bn | 4.6 bn | 4.7 bn | 9.7 bn | 11.4 bn | SEC (XBRL)· 11 Aug 2026verified |
| Intangibles (excl. goodwill) | 2.1 bn | 1.8 bn | 1.5 bn | 1.7 bn | 2.5 bn | 2.2 bn | SEC (XBRL)· 11 Aug 2026verified |
| Total assets | 44.5 bn | 43.9 bn | 43.3 bn | 45.1 bn | 53.1 bn | 57.3 bn | SEC (XBRL)· 11 Aug 2026verified |
| Accounts payable | 23.7 bn | 27.1 bn | 29.9 bn | 31.8 bn | 34.7 bn | 38.3 bn | SEC (XBRL)· 11 Aug 2026verified |
| Short-term debt | 871.0 m | 580.0 m | 792.0 m | 434.0 m | 550.0 m | 1.9 bn | SEC (XBRL)· 11 Aug 2026verified |
| Current liabilities | 27.6 bn | 30.6 bn | 33.7 bn | 35.6 bn | 38.9 bn | 43.9 bn | SEC (XBRL)· 11 Aug 2026verified |
| Equity | 1.6 bn | -882.0 m | -3.0 bn | -3.2 bn | -2.6 bn | -2.7 bn | SEC (XBRL)· 11 Aug 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.4 bn | 3.2 bn | 2.8 bn | 3.8 bn | 2.4 bn | 5.2 bn | SEC (XBRL)· 11 Aug 2026verified |
| Capex | 400.0 m | 387.0 m | 481.0 m | 511.0 m | 547.0 m | 649.0 m | SEC (XBRL)· 11 Aug 2026verified |
| Free cash flow | 2.0 bn ≈ | 2.8 bn ≈ | 2.4 bn ≈ | 3.3 bn ≈ | 1.9 bn ≈ | 4.5 bn ≈ | SEC (XBRL)· 11 Aug 2026derived |
| Investing cash flow | -378.0 m | 567.0 m | -454.0 m | -1.8 bn | -5.6 bn | -2.6 bn | SEC (XBRL)· 11 Aug 2026verified |
| Financing cash flow | -1.3 bn | -2.5 bn | -3.1 bn | -847.0 m | 1.9 bn | -1.6 bn | SEC (XBRL)· 11 Aug 2026verified |
| Dividends paid | 573.0 m | 559.0 m | 525.0 m | 499.0 m | 494.0 m | 491.0 m | SEC (XBRL)· 11 Aug 2026verified |
| Share repurchases | 200.0 m | 1.0 bn | 2.0 bn | 750.0 m | 765.0 m | 1.4 bn | SEC (XBRL)· 11 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 61 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 60.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet79
- Returns66
- Quality81
- Growth81
- Valuation27
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 26.81 – 463.55 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)306.78 – 463.55 (Mid 367.64)WACC 9.2% · starting FCFF 4.8 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -7.7%
- Peers: EV/EBITDA102.77 – 292.64 (Mid 198.80)4 companies used · median multiple 12.1x · quartiles 5.9x – 18.2xCOR, HLF, MCK, NUS
- Peers: P/E126.96 – 194.46 (Mid 190.00)3 companies used · median multiple 26.3x · quartiles 17.6x – 26.9xCOR, HLF, MCK
- Dividend discount (DDM)26.81 – 36.05 (Mid 30.75)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 61/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.7% | 63 (vs peers) | 7% |
| FCF conversion · Quality | 264.0% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 7.4% | 62 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 79.0% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -0.8x | 100 (on a fixed band) | 12% |
| Interest coverage · Balance sheet | 7.5x | 92 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 0.9x | 7 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 36.2x | 0 (on a fixed band) | 12% |
| EV/EBITDA · Valuation | 16.2x | 0 (on a fixed band) | 12% |
| FCF yield · Valuation | 7.4% | 93 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 10.9% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet79/100 · 3/3 factors with a value
- Growth81/100 · 2/2 factors with a value
- Quality81/100 · 2/3 factors with a value
- Returns66/100 · 2/2 factors with a value
- Valuation27/100 · 3/3 factors with a value
Memo
Cardinal Health, Inc. (CAH). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 254.2 bn USD in 2026; YoY growth 14.2%; net margin 0.7%; net debt/EBITDA -0.8x.
The estimated value range is 114.87–243.55 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 194.40 USD, the price of 261.93 USD leaves a potential of -25.8% (value / price − 1) and a margin of safety of -34.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 61/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 264.0%
- EPS CAGR 3Y: 79.0%
- Net debt / EBITDA: -0.8x
- Interest coverage: 7.5x
- FCF yield: 7.4%
- Payout ratio (FCF): 10.9%
What contradicts it
- Current ratio: 0.9x
- P/E (TTM): 36.2x
- EV/EBITDA: 16.2x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC.
Versus the vertical median
Wholesale-Drugs, Proprietaries & Druggists' Sundries (SIC 5122) · same industry (4-digit SIC) · compared with 8 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MCKMcKESSON CORPORATION | 123.5 bn | 27.5 | — | 1.1% | +12.4% | +21% / +127% |
| CORCencora, Inc. | 67.6 bn | 26.3 | 104.3% | 0.8% | +9.3% | −4% / +74% |
| CAHCardinal Health, Inc. | 60.9 bn | 36.2 | — | 0.7% | +14.2% | +34% / +161% |
| HLFHerbalife Ltd. | 1.6 bn | 8.8 | — | 3.4% | +0.9% | +17% / +16% |
| NUSNu Skin Enterprises, Inc. | 220.5 m | — | -32.5% | -15.7% | −14.3% | −54% / −73% |
| COSMCosmos Health Inc. | 29.2 m | — | -104.0% | -33.1% | +19.9% | −55% / −72% |
| HKPDCellyan Biotechnology Co., Ltd | 22.2 m | — | -0.6% | -0.1% | +21.7% | +38% / unavailable |
| ESYNHwh International Inc. | 11.7 m | — | -88.9% | -680.0% | −30.8% | −4% / −97% |
| MEDSDataMeds AI, Inc. | 3.7 m | — | — | -1,100.3% | +28.7% | −96% / unavailable |
1- and 3-year price returns: for CAH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 162.48 Total return -37% · Per year -37% | 286.86 Total return 10% · Per year 10% | 431.56 Total return 66% · Per year 66% |
| 3 years | 167.16 Total return -34% · Per year -13% | 331.16 Total return 29% · Per year 9% | 545.65 Total return 112% · Per year 28% |
| 5 years | 171.98 Total return -31% · Per year -7% | 382.30 Total return 51% · Per year 9% | 689.90 Total return 170% · Per year 22% |
- Exit P/E± 82.79
- Net margin± 57.95
- Annual revenue growth± 46.27
- Annual dilution± 4.87
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 11 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results).
In brief
Cardinal Health (CAH) reported fiscal 2026 revenue of 254.2 billion USD, up 14% 2, and non-GAAP operating earnings rose 30% to 3.6 billion USD 2. For fiscal 2027 the company guided to non-GAAP diluted EPS of 12.40 to 12.60 USD, implying 13% to 15% growth 2.
SWOT
Strengths
- The scale of distribution operations and long-term contracts provide stable revenue and a strong position in the pharmaceutical supply chain 2.
- Profit growth across all five operating segments shows disciplined execution in fiscal 2026 2.
- Strong cash flow and access to financing, including a new revolving credit facility, support investment and share repurchases 12.
Weaknesses
- GAAP results were hit by impairment and litigation-related costs, showing exposure to one-off events 1.
- Fourth-quarter profit benefited from a one-time tariff refund, which makes quarterly profit harder to compare 2.
- Distribution margins are thin, and results depend heavily on large volumes and existing contracts.
Opportunities
- Tuck-in acquisitions in specialty segments could extend growth beyond core distribution 12.
- The new Indianapolis distribution center with advanced automation could add capacity and operational flexibility 2.
- Growth in brand and specialty products could support revenue and margins over the medium term 2.
Threats
- Opioid litigation implies long-term payments that could limit resources available for other investments 1.
- Changes in trade policy or tariffs could affect costs and results in the medical segment 2.
- Further impairment of units, as with Navista and ION, could affect results if growth assumptions do not hold 1.
- Price pressure from customers and from generic drug suppliers could reduce margins.
Risks
- Opioid litigationhigh
Long-term payment obligations from litigation could reduce available cash flow and limit financial flexibility.
- Goodwill impairmentmedium
The Navista and ION unit has been impaired and could face further impairment if growth or discount rate assumptions worsen 1.
- Effect of one-time tax recoveriesmedium
Fourth-quarter profit included a one-time tariff gain, which could make future growth lower than in fiscal 2026 2.
- Concentration on large customers and contractsmedium
Reliance on large customer contracts, such as the Kroger renewal, means losing a major contract could affect volumes.
- Acquisition executionlow
Integrating tuck-in acquisitions and new services could prove harder than expected, with effects on profit.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Delivery of fiscal 2027 non-GAAP EPS guidance2027
- GMPD segment profit trend after the one-time tariff effectQ1 2027
- Integration of the Strive Medical and Diabetes Health acquisitions2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 11 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results).
The business
Adjusted profitability was supported in fiscal 2026 by segment profit increases across all five operating segments 2. The company generated 5.2 billion USD of operating cash flow and 5.0 billion USD of adjusted free cash flow 2, and used part of this for share repurchases of 1.4 billion USD 2. Management has a new 5.0 billion USD repurchase authorization approved 2.
Market context
The medical products and home-health market is more fragmented, and tuck-in acquisitions such as Solaris Health, and the announced purchase of the Diabetes Health business from AdaptHealth, are a way to expand smaller segments 2. Fiscal 2027 guidance includes the estimated effect of these acquisitions 2.
Trends
- Growth in brand and specialty product volumestailwind
Brand and specialty product sales to existing customers supported the main segment's growth in fiscal 2026 2. If this trend continues it could support the fiscal 2027 guidance.
- IEEPA tariff refund recognitionmixed
Recognition of a one-time tariff refund lifted fourth-quarter profit but is not expected to recur in the normal course 2. Analysis should focus on adjusted profit, and the effect could fade in later years.
- Opioid litigation paymentsheadwind
Annual payments under opioid settlements continue, and most of the remaining amounts could be paid through 2038 1. This is a long-term obligation that could limit available free cash flow.
- Tuck-in acquisitions and service expansionmixed
Acquisitions such as Solaris Health and Strive Medical, together with the announced Diabetes Health deal, point to a strategy of expanding into specialty segments 12. Integration could improve growth but also carries execution risk.
Competitive position
Cardinal Health operates in pharmaceutical distribution, where it faces strong competition from other large distributors of pharmaceutical and medical products. The sources provided do not name every competitor, but competition affects margins and contracts with major customers.
The company's advantages include operating scale, long-term contracts and vertical integration across distribution and services, including the long-term renewal of its wholesaler contract with Kroger 2. These could help maintain its position against competitors if the contracts remain stable.
- Large pharmaceutical and medical products distributors
Direct wholesale competitors are not named in the sources provided, but price and contract competition is a key factor for margins.
- Home-health and direct-to-patient service providers
The at-Home Solutions segment competes with specialized providers, and competition may affect the growth of this segment.
- Nuclear pharmacy operators
The nuclear and precision health business faces specialized competitors that may affect volumes and pricing.
- Medical logistics providers
OptiFreight Logistics operates in a competitive logistics market where cost efficiency is decisive.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- We're raising our price target on Cardinal Health after another stellar quarter of profitsCNBC — Top News · 05 Nov 2026 · EN
- Pope Marks the Anniversary of Cardinal Mindszenty’s Release from CaptivityHungary Today (HU, EN) · 05 Nov 2026 · EN
- Cardinal Jeremiyah Love lands on injured reserve with high - ankle sprainSurge — GDELT DOC · 04 Nov 2026 · RO
- Papa Leon pune bazele viitorului conclav și numește un cardinal filipinez decan al ColegiuluiG4Media · 09 Oct 2026 · RO
- Papa Leon pune bazele viitorului conclav și a numit un cardinal filipinez decan al ColegiuluiMediafax · 09 Oct 2026 · RO
- Papa Leon pune bazele viitorului conclav numindu-l pe un cardinal filipinez decan al cardinalilorMediafax · 09 Oct 2026 · RO
- Cardinal Visits SMU FridaySurge — GDELT DOC · 23 Sept 2026 · RO
- Cardinal Infrastructure Group’s (CDNL) Long-Term Growth Opportunity Remains IntactYahoo Finance — News · 23 Sept 2026 · EN
- Cardinal Health Targets 13%-15% EPS Growth as Specialty Momentum BuildsYahoo Finance — News · 19 Sept 2026 · EN
- Cardinal Health Sees Growth Normalize as Specialty, At-Home Investments ExpandYahoo Finance — News · 19 Sept 2026 · EN
- Cardinal Health (NYSE:CAH) Vs Danaher Corporation (NYSE:DHR) – Here’s The One Jim Cramer Said Did BetterYahoo Finance — News · 18 Sept 2026 · EN
- Cardinal Zuppi reports preparations for visit to Moscow in late SeptemberTASS (RU, EN) · 17 Sept 2026 · EN
- How Is Cardinal Health's Stock Performance Compared to Other Health Care Services Stocks?Yahoo Finance — News · 16 Sept 2026 · EN
- Papa abrogă scăderea salariilor cardinalilor din timpul pandemiei. Un cardinal câștigă între 4.500 și 5.000 euro lunarProfit.ro · 15 Sept 2026 · RO
- Will Alphabet Break Warren Buffett's Cardinal Rule of Investing?Yahoo Finance — News · 06 Sept 2026 · EN
- Jim Cramer Notes Cardinal Health (CAH) is “Too Attractive to Ignore”Yahoo Finance — News · 03 Sept 2026 · EN
- Hong Kong's Cardinal Zen loses appeal over protest fundNikkei Asia · 03 Sept 2026 · EN
- What to Know About the Latest Sale From Cardinal Health's Chief Accounting OfficerYahoo Finance — News · 23 Aug 2026 · EN
- Cardinal Health's CFO Moved $9.9 Million of Stock. Here's What Long-Term Investors Should KnowYahoo Finance — News · 23 Aug 2026 · EN
- Cardinal Health's Medical Segment Boss Sold $8 Million in Stock. Here's What to KnowYahoo Finance — News · 23 Aug 2026 · EN
SEC filings
- Current report05 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Proxy statement21 Sept 2026
- Annual report11 Aug 2026
- Current report11 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report11 Aug 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report05 Aug 2026Departure or appointment of officers
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Mar 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Cardinal Health, Inc. · 11 Aug 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Cardinal Health, Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.