Cencora, Inc. — Earnings Quality Grade C
COR · Healthcare
Some red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 29 days, change -1 days YoY
AR growth 5.7% vs revenue growth 9.3%
Revenue 9.3%, CFFO 11.2%. Cash follows revenue
Expense Quality
Inventory 7.9% vs COGS 9.1%. Normal
CapEx growth 37.1% is >2x revenue growth 9.3%
SG&A/Gross Profit = 56.6%. Normal
Gross margin 3.6%, change +0.2pp. Stable
Cash Flow Quality
CFFO/NI = 2.49. Profits backed by cash
FCF $3.2B, FCF/NI = 2.06
Accruals ratio = -3.0%. Low accruals
Cash $4.4B covers 57% of debt $7.7B
Balance Sheet Health
Goodwill+Intangibles $17.5B = 1157% of equity. Over 50%
Debt/EBITDA = 2.0x. Healthy
Other assets 14.2% vs revenue 9.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 31% YoY
Manipulation Score
M-Score = -2.54 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-09