Cencora, Inc（COR）の決算・業績分析
Cencora, Incの2025年有価証券報告書をAI分析。売上高$321.3B(+9.3%)。営業利益$2.6B。Industrials。
目次
Cencora, Incの2025年度 業績サマリー
Cencora, Inc（証券コード: COR）の2025年度決算・業績分析。売上高は$321.3B（前年比+9.3%）。営業利益は$2.6B（前年比+20.8%）。純利益は$1.6B（前年比+3.0%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
Cencora, Incの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue surged 11.5% YoY to $238.6B (XBRL), driven by U.S. and International Healthcare Solutions expansion.
- Net income rose 10.3% YoY to $1.7B (XBRL), despite a modest 0.5% YoY increase in operating income ($2.4B).
- ROE reached 325.4% (XBRL), reflecting strong profitability despite a low equity ratio of 0.8% (XBRL).
- Cash conversion cycle (CCC) was -13 days (XBRL), indicating efficient working capital management.
- Shareholder returns totaled $875M (XBRL), with $484M in share repurchases and $392M in dividends.
Cencora, Incの売上高変化の要因
- •Total revenue grew 11.5% YoY to $238.6B (XBRL), with a 5-year CAGR of 9.3% (XBRL). Historical data shows revenue increasing from $167.9B in FY2020 to $238.6B in FY2024. Growth drivers include expansion in U.S. and International Healthcare Solutions segments, though segment-specific revenue breakdowns are unavailable (N/A). Operating income rose 0.5% YoY to $2.4B (XBRL), while net income increased 10.3% YoY to $1.7B (XBRL).
Cencora, Incの営業利益変化の要因
- •Gross profit was $8.3B (XBRL) with a gross margin of 3.5% (XBRL), and operating margin of 1.0% (XBRL). Net margin was 0.7% (XBRL). Operating income grew 0.5% YoY, but gross profit and net income growth outpaced this. ROA was 2.7% (XBRL), while ROE reached 325.4% (XBRL), reflecting high leverage (equity ratio: 0.8% (XBRL)).
Cencora, Incの事業リスクと対応
Loss of key customers (e.g., WBA at 26% of revenue, Evernorth at 13%) could harm revenue and cash flow (10-K).
Unrealized strategic benefits from WBA partnership due to complex cost-saving initiatives (10-K).
Variable prepaid forward transactions by WBA may negatively impact stock prices (10-K).
Risks from changes in supplier relationships or unexpected costs linked to WBA collaboration (10-K).
Operational challenges in achieving efficiencies from WBA partnership, including potential delays in cost savings (10-K).
Cencora, Incの今後の見通し・業績予想
Cencora, Incの事業内容
Cencora, Inc. operates as a pharmaceutical sourcing and distribution services provider, generating revenue through the distribution of brand-name, generic, and OTC pharmaceuticals, home healthcare supplies, and value-added services like data analytics, inventory management, and logistics (10-K). Key customers include acute care hospitals, pharmacies, clinics, and manufacturers, though customer concentration data is not disclosed (N/A). Competitive advantages include a geographically diverse distribution network and expertise in pharmaceutical supply chain efficiency (10-K). No specific competitors are named in the 10-K.
Cencora, IncのAI業績分析レポート（2024年度）
Cencora, Inc. (COR) FY2024 Annual Report Analysis
Highlights
Business Overview
Cencora operates in pharmaceutical distribution and logistics, serving hospitals, pharmacies, and manufacturers. Competitive advantages include a geographically diverse network and value-added services like data analytics (10-K). No specific competitors are named (N/A). Customer concentration data is not disclosed (N/A).
Revenue Analysis
Revenue grew 11.5% YoY to $238.6B (XBRL), with a 5-year CAGR of 9.3% (XBRL). Operating income rose 0.5% YoY to $2.4B (XBRL), while net income increased 10.3% YoY to $1.7B (XBRL). Historical data shows revenue rising from $167.9B in FY2020 to $238.6B in FY2024.
Profitability Analysis
Gross profit was $8.3B (XBRL) with a 3.5% margin (XBRL). Operating margin was 1.0% (XBRL), and net margin 0.7% (XBRL). ROE of 325.4% (XBRL) reflects high leverage (equity ratio: 0.8% (XBRL)).
Balance Sheet Analysis
Total assets: $62.6B (XBRL). Long-term debt: $4.1B (XBRL). Net debt: $1.6B (0.5x EBITDA) (XBRL). Cash: $2.5B (XBRL). Current ratio: 0.88x (XBRL).
Cash Flow Analysis
Operating cash flow: $2.7B (XBRL). Free cash flow: $2.2B (XBRL). CapEx: $496M (XBRL). Shareholder returns: $875M (XBRL).
Working Capital Analysis
CCC: -13 days (XBRL). Receivables: 32 days. Inventory: 28 days. Payables: 73 days (XBRL).
Risks
Outlook
Management highlighted the acquisition of RCA (announced in Nov 2024) as a recent development (10-K). No explicit forward-looking guidance is provided (N/A).
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 167.9B | 179.6B | 189.9B | 214.0B | 238.6B | 262.2B |
| Operating Income | 1.4B | 1.1B | -5.1B | 2.4B | 2.4B | 2.3B |
| Net Income | 1.7B | 855M | -3.4B | 1.5B | 1.7B | 1.7B |
| Total Assets | 39.2B | 44.3B | 57.3B | 56.6B | 62.6B | 67.1B |
| Total Equity | 2.9B | -1.0B | 223M | -212M | 522M | 646M |
| Operating Cash Flow | 1.4B | 2.3B | 2.2B | 2.7B | 2.7B | 3.9B |
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