{"schemaVersion":1,"research":true,"symbol":"cah","name":"Cardinal Health","topic":"moat","path":"/stock/cah/moat","status":"stale","version":10,"updatedAt":"2026-10-19T20:43:13.208Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Cardinal Health has established sourcing arrangements, repeat customer demand and a renewed distribution contract, but the supplied passages do not establish a durable relative cost advantage or material switching barriers. Competitor disclosures show overlapping purchasing and inventory services. Pricing power is constrained: GMPD failed to recover all cost increases in fiscal 2024–2026. Earnings growth demonstrates recovery and execution, while the OptumRx departure demonstrates contestability.","advantages":[{"mechanism":"cost_advantage","claim":"Joint generic procurement through Red Oak Sourcing is an existing capability, and the generics program contributed positively to profit comparisons in fiscal 2024–2026. A durable procurement cost advantage over competitors remains unproven; program results do not isolate sourcing benefits.","durability":"The sourcing venture extends through June 2029. This establishes contractual continuity, without demonstrating superior economics throughout or beyond that term.","risks":"Large competitors offer generic purchasing programs and inventory services. Generic selling prices decline after launch, and dependence on CVS Health creates concentration and negotiating risk.","invalidation":"The cost-advantage hypothesis would be undermined by termination or materially worse renewal terms for the venture, sustained deterioration in generic program contribution, or comparable procurement disclosures showing no relative purchasing benefit.","competitors":["McKesson Corporation","Cencora, Inc."],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10"]},{"mechanism":"switching_costs","claim":"Prime vendor services and inventory integration provide operational usefulness, while existing-customer growth and the Kroger renewal demonstrate repeat demand. The passages do not quantify migration costs or establish that customers depend specifically on Cardinal Health.","durability":"The announced Kroger renewal supports continuity, but its duration and economics are undisclosed. OptumRx's expiration shows that a major relationship can end despite established service arrangements.","risks":"Customers can use competing distributors, self-warehouse or buy directly from manufacturers. Similar competitor services weaken any claim of unique integration.","invalidation":"A switching-cost hypothesis would be undermined by further significant nonrenewals, declining existing-customer volumes, or renewals requiring material fee concessions. Sustained retention through competitive repricing without concessions would strengthen it.","competitors":["McKesson Corporation","Cencora, Inc."],"evidenceIds":["e11","e12","e13","e14"],"counterEvidenceIds":["e6","e8","e15","e16","e17"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / Sourcing Venture with CVS Health Corporation","excerpt":"Red Oak Sourcing, LLC (\"Red Oak Sourcing\"), a U.S.-based generic pharmaceutical sourcing venture with CVS Health, negotiates generic pharmaceutical supply contracts on behalf of both companies."},{"id":"e2","sourceId":"filing-1","location":"Business / sourcing venture term","excerpt":"The term of Red Oak Sourcing extends through June 2029."},{"id":"e3","sourceId":"filing-1","location":"MD&A / fiscal 2026 Generics Program","excerpt":"Generics Program\nThe performance of our Pharma segment generics program positively impacted the year-over-year comparison of Pharma segment profit during fiscal 2026."},{"id":"e4","sourceId":"filing-2","location":"MD&A / fiscal 2025 generics program contribution","excerpt":"During fiscal 2025, the performance of our Pharma segment generics program positively impacted the year-over-year comparison of Pharma segment profit, excluding the impact of the OptumRx contracts expiration."},{"id":"e5","sourceId":"filing-3","location":"MD&A / fiscal 2024 Generics Program","excerpt":"Generics Program\nThe performance of our Pharmaceutical and Specialty Solutions segment generics program positively impacted the year-over-year comparison of Pharmaceutical and Specialty Solutions segment profit."},{"id":"e6","sourceId":"filing-1","location":"Business / Pharma competition","excerpt":"In the Pharma segment, we compete with wholesale distributors with national reach, including McKesson Corporation and Cencora, Inc., regional wholesale distributors, self-warehousing chains, specialty distributors, third-party logistics companies, and companies that provide specialty pharmaceutical services and managed services to specialty physicians, among others."},{"id":"e7","sourceId":"filing-12","location":"McKesson Business / generic purchasing and inventory management offering","excerpt":"•McKesson SynerGx® – Generic pharmaceutical purchasing program and inventory management that helps pharmacies maximize their cost savings with a broad selection of generic drugs, competitive pricing, and one-stop shopping."},{"id":"e8","sourceId":"filing-13","location":"Cencora Business / related services offering","excerpt":"Additionally, we furnish healthcare providers and pharmaceutical manufacturers with an assortment of related services, including data analytics, outcomes research, reimbursement and pharmaceutical consulting services (including regulatory affairs, development consulting and scientific affairs, pharmacovigilance, and quality management and compliance) niche premium logistics services, inventory management, pharmacy automation, pharmacy management, and packaging solutions."},{"id":"e9","sourceId":"filing-1","location":"Business / generic pharmaceutical selling-price lifecycle","excerpt":"Our earnings on generic pharmaceuticals are generally highest during the period immediately following the initial launch of a product, because generic pharmaceutical selling prices are generally highest during that period and tend to decline over time."},{"id":"e10","sourceId":"filing-1","location":"Business / largest customer concentration","excerpt":"Our largest customer, CVS Health, accounted for 28 percent of our fiscal 2026 revenue."},{"id":"e11","sourceId":"filing-1","location":"Business / prime vendor relationships and claimed customer efficiencies","excerpt":"▪maintains prime vendor relationships that streamline the purchasing process, resulting in greater efficiency and lower costs for our retail, hospital, and other healthcare provider customers;"},{"id":"e12","sourceId":"filing-1","location":"MD&A / fiscal 2026 revenue growth drivers","excerpt":"Revenue for fiscal 2026 increased 14 percent to $254.2 billion from the prior year, primarily due to branded and specialty pharmaceutical sales growth from existing and new customers."},{"id":"e13","sourceId":"filing-2","location":"MD&A / GMPD existing-customer volume growth","excerpt":"GMPD segment revenue for fiscal 2025 increased 2 percent to $12.6 billion from the prior year, primarily due to higher volumes from existing customers."},{"id":"e14","sourceId":"filing-7","location":"Fiscal 2026 results release / Kroger contract renewal","excerpt":"•Cardinal Health announces long-term renewal of wholesaler distribution contract with Kroger"},{"id":"e15","sourceId":"filing-2","location":"MD&A / OptumRx fiscal 2024 revenue contribution","excerpt":"Sales to OptumRx generated 17 percent of our consolidated revenue in fiscal 2024."},{"id":"e16","sourceId":"filing-2","location":"MD&A / realized effects of OptumRx contract expiration","excerpt":"The expiration of the OptumRx contracts and unwinding of the negative net working capital associated with the contracts adversely impacted our results of operations, including segment profit, financial condition, and cash flows, during fiscal 2025."},{"id":"e17","sourceId":"filing-1","location":"Business / manufacturer direct distribution competition","excerpt":"We also compete with manufacturers that distribute their products directly to customers."},{"id":"e18","sourceId":"filing-1","location":"Risk Factors / realized incomplete cost recovery in fiscal 2024–2026","excerpt":"We did not offset the full impact of these cost increases in fiscal years 2024, 2025, and 2026; however, we implemented certain cost reductions, price increases, and surcharges to mitigate the impact."},{"id":"e19","sourceId":"filing-1","location":"Risk Factors / competitive and contractual pass-through limitations","excerpt":"Due to competitive dynamics and contractual limitations, passing along cost increases is challenging."},{"id":"e20","sourceId":"filing-1","location":"Business / branded distribution compensation pricing base","excerpt":"Our compensation typically is a percentage of the wholesale acquisition cost that is set by manufacturers."},{"id":"e21","sourceId":"filing-1","location":"MD&A / fiscal 2026 GAAP operating earnings","excerpt":"GAAP operating earnings for fiscal 2026 increased 15% to $2.6 billion from the prior year."},{"id":"e22","sourceId":"filing-1","location":"MD&A / operating earnings growth drivers","excerpt":"The increase in GAAP operating earnings was driven by the increased contribution from branded and specialty pharmaceuticals and the performance of our generics program in our Pharma segment, the impact of the acquisitions of MSO platforms and ADS, and growth from existing customers in our GMPD segment."},{"id":"e23","sourceId":"filing-1","location":"MD&A / gross margin rate and acquisition effects","excerpt":"Gross margin rate for fiscal 2026 grew 17 basis points from the prior year, primarily due to the acquisition of MSO platforms, partially offset by the impact of the unfavorable changes in product mix in the Pharma segment."},{"id":"e24","sourceId":"filing-6","location":"Proxy / GMPD profit growth excluding tariff refunds","excerpt":"•GMPD: Segment profit increased 17% excluding the impact of the IEEPA tariff refunds (91% on a reported basis)."},{"id":"e25","sourceId":"filing-1","location":"Consolidated Statements of Cash Flows / operating cash flow and working capital","excerpt":"Depreciation and amortization\n956 \n790 \n710 \nImpairments and (gain)/loss on sale of other investments, net \n21 \n3 \n2 \nImpairment of equity interest in Outcomes\n122 \n— \n— \nImpairments and (gain)/loss on disposal of assets, net\n177 \n18 \n634 \nShare-based compensation\n367 \n244 \n121 \nProvision for/(benefit from) deferred income taxes\n91 \n243 \n(104)\nProvision for bad debts\n74 \n53 \n36 \nChange in operating assets and liabilities, net of effects from acquisitions and divestitures:\nIncrease in trade receivables\n(408)\n(833)\n(996)\n(Increase)/decrease in inventories\n(488)\n(1,816)\n1,115 \nIncrease in accounts payable\n3,463 \n2,732 \n1,824 \nRepurchases of liability-classified Specialty Alliance Units\n(45)\n(19)\n— \nOther accrued liabilities and operating items, net\n(861)\n(587)\n(433)\nNet cash provided by operating activities\n5,174 \n2,397 \n3,762 \nCash flows from investing activities:"},{"id":"e26","sourceId":"filing-1","location":"Consolidated Statements of Cash Flows / acquisition and capital spending","excerpt":"Acquisition of subsidiaries, net of cash acquired\n(1,991)\n(5,250)\n(1,190)\nAdditions to property and equipment\n(649)\n(547)\n(511)\nProceeds from disposal of property and equipment\n31 \n3 \n12 \nProceeds from investments\n41 \n15 \n1 \nProceeds from/(payments for) net investment hedge terminations\n(13)\n2 \n34 \nPurchase of short-term time deposits\n— \n— \n(550)\nProceeds from short-term investment in time deposit\n— \n200 \n350 \nOther investing items, net\n(3)\n(16)\n5 \nNet cash used in investing activities \n(2,584)\n(5,593)\n(1,849)\nCash flows from financing activities:"},{"id":"e27","sourceId":"filing-1","location":"Consolidated Statements of Cash Flows / financing and shareholder distributions","excerpt":"Proceeds from long-term obligations, net of issuance costs\n990 \n3,669 \n1,139 \nReduction of long-term obligations\n(653)\n(445)\n(783)\nPayments to noncontrolling interests, net\n(11)\n(12)\n— \nNet tax proceeds/(withholding) from share-based compensation\n(79)\n(13)\n46 \nDividends on common shares\n(491)\n(494)\n(499)\nPurchase of treasury shares\n(1,358)\n(765)\n(750)\nNet cash provided by/(used in) financing activities\n(1,602)\n1,940 \n(847)\nEffect of exchange rates changes on cash and equivalents\n(6)\n(3)\n(9)\nNet increase/(decrease) in cash and equivalents\n982 \n(1,259)\n1,057 \nCash and equivalents at beginning of period\n3,874 \n5,133 \n4,076 \nCash and equivalents at end of period\n$\n4,856 \n$\n3,874 \n$\n5,133 \nSupplemental Information:\nCash payments for interest\n$\n406 \n$\n315 \n$\n214 \nNet cash payments for income taxes\n338 \n444 \n191 \nThe accompanying notes are an integral part of these consolidated statements."},{"id":"e28","sourceId":"filing-3","location":"MD&A / fiscal 2023 and 2024 GMPD goodwill impairments","excerpt":"We had GAAP operating earnings of $1.2 billion and $752 million during fiscal 2024 and 2023, respectively, which included $675 million and $1.2 billion pre-tax non-cash goodwill impairment charges related to the GMPD segment."},{"id":"e29","sourceId":"filing-1","location":"MD&A / Navista & ION impairment and earnings offsets","excerpt":"This increase was partially offset by the $184 million pre-tax goodwill impairment charge recognized in fiscal 2026 related to the Navista & Integrated Oncology Network (\"ION\") reporting unit within our Pharma segment, higher cash and share-based compensation costs resulting from the timing of acquisitions within The Specialty Alliance, and $171 million of net recoveries in class action antitrust litigation recognized in fiscal 2025."},{"id":"e30","sourceId":"filing-6","location":"Compensation Discussion and Analysis / actual fiscal 2026 long-term grants","excerpt":"In fiscal 2026, long-term incentive awards were granted 60% in PSUs and 40% in RSUs."},{"id":"e31","sourceId":"filing-6","location":"Compensation Discussion and Analysis / Fiscal 26–28 PSU cash flow measure","excerpt":"The cash flow measure used for the Fiscal 26-28 PSUs was non-GAAP adjusted free cash flow, which shows cash generated after deducting the purchase of assets such as property and equipment, and other major investments from operating cash flow."},{"id":"e32","sourceId":"filing-6","location":"Executive Compensation / hedging, pledging and clawback safeguards","excerpt":"No hedging or pledging of company stock by directors and executive officers\n \nCompensation clawback policies \n No “single trigger” change of control arrangements\n \nLongstanding, proactive shareholder engagement program and history of responsiveness"},{"id":"e33","sourceId":"filing-6","location":"Annex A / acquisition exclusions from incentive cash flow calculations","excerpt":"Non-GAAP adjusted free cash flow (for the Fiscal 2026 Annual Cash Incentive and the Fiscal 26-28 PSUs) is non-GAAP adjusted free cash flow adjusted to exclude the operating cash flow of the Solaris Health business as well as the cash flow used for certain unbudgeted integration, financing, and transaction costs associated with this acquisition."},{"id":"e34","sourceId":"filing-6","location":"Governance highlights / independent non-executive Chair","excerpt":"•Board-selected independent, non-executive Chair with robust duties."},{"id":"e35","sourceId":"filing-6","location":"Governance highlights / independent standing committees","excerpt":"•All members of the four standing committees of the Board are independent."},{"id":"e36","sourceId":"filing-6","location":"Audit Committee Matters / actual service pre-approvals","excerpt":"All audit and non-audit services provided for us by Ernst & Young LLP for fiscal 2026 and 2025 were pre-approved by the Audit Committee."},{"id":"e37","sourceId":"filing-1","location":"Independent auditor report / internal-control opinion dated August 11, 2026","excerpt":"We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of June 30, 2026, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated August 11, 2026 expressed an unqualified opinion thereon."},{"id":"e38","sourceId":"filing-1","location":"Business / radiopharmaceutical manufacturing and distribution rights","excerpt":"This segment also contract manufactures a radiopharmaceutical treatment (Xofigo®) and holds the rights to manufacture and distribute Lymphoseek®, a radiopharmaceutical diagnostic imaging agent."},{"id":"e39","sourceId":"filing-7","location":"Recent highlights / planned 2027 distribution center","excerpt":"•New distribution center in Indianapolis set to open in 2027 featuring advanced robotics and automation, adding capacity and enabling operational flexibility"},{"id":"e40","sourceId":"filing-1","location":"Business / GMPD named competitor","excerpt":"In the GMPD segment, we compete with many diversified healthcare companies and national medical product distributors, such as Medline Industries, Inc."},{"id":"e41","sourceId":"filing-1","location":"Business / additional GMPD competitor and generic categories","excerpt":"and Owens & Minor, Inc., as well as regional medical product distributors and companies that are focused on specific product categories."}],"changes":["The uncertain verdict is retained after reassessing sourcing, customer relationships, pricing outcomes and competitor offerings against the current catalog.","The previous pricing and management grades remain supported by current catalog passages; no prior evidence identifiers are reused as evidence.","The prior Kroger, compensation and governance arguments are supported by supplied renewal and proxy disclosures. Competitor passages now explicitly show overlapping purchasing and inventory services.","Falsifiable conditions are stated for the sourcing and switching-cost hypotheses; planned automation is excluded from demonstrated current advantages."],"limitations":["Sources retain dateKind=filed. Fiscal-period dates and disclosure dates are distinguished; no retrieval date is treated as publication.","Most evidence is issuer disclosure. Reported results and actual contractual arrangements support ordinary grades, but claimed efficiency and management descriptions do not independently demonstrate relative superiority.","Competitor coverage is substantive for McKesson Corporation and Cencora, Inc. but lacks comparable procurement prices, migration costs and service economics. Medline Industries, Inc. and Owens & Minor, Inc. are named GMPD competitors, without comparable operating evidence.","Other operating segments disclose generic competitor categories. Radiopharmaceutical rights are current assets, but their exclusivity, remaining duration and competitive economic contribution are insufficiently specified to establish a company-wide moat.","No customer retention rate, Kroger renewal economics, negotiated distribution fee trajectory or detailed pricing concessions are supplied. Repeat demand is assessed partly through indirect operating evidence.","Proxy evidence supports actual compensation design and governance mechanisms, but supplied ownership passages omit beneficial-ownership amounts and do not establish ownership-guideline compliance.","The proposed 2027 automated distribution center is potential capacity and efficiency, not a demonstrated present cost advantage."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Joint sourcing and service integration are established capabilities, but comparative procurement economics and meaningful differentiation are unproven. Competitors disclose overlapping services.","evidenceIds":["e1","e7","e8","e11"]},{"criterion":"durability","grade":null,"rationale":"The June 2029 venture term establishes continuity of an arrangement, not durability of an economic advantage. Product rights lack sufficient competitive and duration detail.","evidenceIds":["e2","e38"]},{"criterion":"customer_dependency","grade":null,"rationale":"Repeat demand and Kroger's renewal demonstrate usefulness, but material switching friction remains unestablished. OptumRx's departure demonstrates that major relationships are contestable.","evidenceIds":["e12","e13","e14","e16"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Improved earnings coexist with incomplete cost recovery and a major contract departure. These outcomes cannot establish resilience of an unidentified durable advantage.","evidenceIds":["e16","e18","e21","e24"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Implemented price increases and surcharges failed to offset all GMPD cost increases in fiscal 2024–2026. This is demonstrated weak pass-through, without establishing the same result in every business.","evidenceIds":["e18","e19"]},{"criterion":"retention","grade":2,"rationale":"Existing-customer growth provides indirect repeat-demand evidence and Kroger's renewal provides direct continuity evidence. The loss of OptumRx, responsible for 17% of fiscal 2024 revenue, materially offsets those positives. No retention rate is inferred.","evidenceIds":["e12","e13","e14","e15","e16"]},{"criterion":"margin_resilience","grade":2,"rationale":"GAAP operating earnings rose 15% and GMPD profit rose 17% excluding tariff refunds despite incomplete cost recovery. Acquisition-driven gross margin improvement and product mix limit attribution to organic pricing protection.","evidenceIds":["e18","e21","e22","e23","e24"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Disclosed contractual limitations and competitive dynamics constrain cost pass-through. Branded distribution compensation typically references manufacturer-set wholesale acquisition costs; discretion over negotiated fees is not quantified.","evidenceIds":["e19","e20"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Fiscal 2026 operating cash flow of $5.174 billion supported investment and distributions, with a substantial accounts-payable contribution. Acquisition spending and financing are documented, while repeated GMPD impairments and the Navista & ION impairment demonstrate mixed investment outcomes. Repurchases alone do not establish value creation.","evidenceIds":["e25","e26","e27","e28","e29"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual fiscal 2026 long-term grants comprised 60% PSUs and 40% RSUs, with a multi-year cash flow measure and hedging, pledging and clawback safeguards. These support strong alignment mechanisms. Acquisition exclusions and missing ownership-compliance and realized-payout detail limit the assessment.","evidenceIds":["e30","e31","e32","e33"]},{"criterion":"execution","grade":2,"rationale":"Earnings growth, existing-customer demand and GMPD growth excluding tariff refunds support execution indirectly through operating outcomes. Acquisitions complicate attribution, while persistent incomplete cost recovery and the Navista & ION impairment establish shortcomings.","evidenceIds":["e12","e18","e21","e22","e24","e29"]},{"criterion":"governance","grade":3,"rationale":"An independent non-executive Chair, independent standing committees, actual audit-service pre-approvals and the auditor's unqualified internal-control opinion support strong governance mechanisms. They do not establish exceptional board effectiveness or eliminate compliance risks.","evidenceIds":["e34","e35","e36","e37"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","basisHash":"7e3e689d16fbac08f41857de8ac80ba31a0fa9c5721117a7cb76cc1eff51184d","updatedAt":"2026-10-19T20:43:13.208Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137126000038/cah-20260630.htm","publishedAt":"2026-08-11","sha256":"00cc2f4cc09f058a830c23796e2552f6e549c80372ef30a426d0090f98fbb2e1","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137125000079/cah-20250630.htm","publishedAt":"2025-08-12","sha256":"8c2c6ee11d8ef1a80de8e86a089f7aa62a2a6462671d74da367c7bdd05022775","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137124000056/cah-20240630.htm","publishedAt":"2024-08-14","sha256":"bbc411c9ce2d30239ef1cfc155af633a83436275908f0caefee98185aa6f0cea","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137126000018/cah-20260331.htm","publishedAt":"2026-04-30","sha256":"c697f12f0a7cb55681feae83511e4a5c20378c294a9e8fbb54594fb4ed190139","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137126000006/cah-20251231.htm","publishedAt":"2026-02-05","sha256":"583f0de67a9c747307b7ee530407e1c48a53729bf80f7c8aced98b665d8203a1","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/721371/000130817926000402/cah-20260921.htm","publishedAt":"2026-09-21","sha256":"6ea17129ac187db6cc993bc414309201c020bfedd3f3b39cddb2c6240a0bd5c3","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137126000037/a26q4_x063026xex991xnewsre.htm","publishedAt":"2026-08-11","sha256":"bb8f4929c03646a61fa23f511982f088d33a1a813bfb0bf99e555b84b8a442f4","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137126000017/a26q3_x033126xex991xnewsre.htm","publishedAt":"2026-04-30","sha256":"340ff36e6344d146d14fed4343bbfc0e766f6140315d929f1f2db23d2f49b0a8","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137126000026/cah-20260804.htm","publishedAt":"2026-08-05","sha256":"5578304d7598cc459e473c846819789dcd45f9476cd70b1163e6a7b9bcd477b7","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137126000013/cah-20260317.htm","publishedAt":"2026-03-23","sha256":"1803d2d0353422bbbb1b56937bdfec7ba9880ff9f7cc3b86275cad725958d38a","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-11","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137125000133/cah-20251105.htm","publishedAt":"2025-11-06","sha256":"9d6391402d31b945ab31b0713dfad924a7d17ac1dc3bd20ed862dd989e469009","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-12","url":"https://www.sec.gov/Archives/edgar/data/927653/000092765326000069/mck-20260331.htm","publishedAt":"2026-05-08","sha256":"d19cdb09f32176316e7671c52fdab59066fb4b8d90ebadd26dd45cca6ae228df","citationPolicy":"numeric-lines-1","dateKind":"filed","label":"MCKESSON CORP annual report: competitor disclosure for comparison only. Its financial results, customer outcomes and advantages are not those of the subject issuer; compare only explicitly supported scope."},{"id":"filing-13","url":"https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm","publishedAt":"2025-11-25","sha256":"280823fa5b96a4a77b54038fa6d367b7aa214fb68d211ab4c0f19246332bd96c","citationPolicy":"numeric-lines-1","dateKind":"filed","label":"Cencora, Inc. annual report: competitor disclosure for comparison only. Its financial results, customer outcomes and advantages are not those of the subject issuer; compare only explicitly supported scope."}],"model":"gpt-6.1-sol","providerId":"codex:cfb43d8261c386b1af28af7d562b3c8bea1937564956c91c0cb6d88b65b4fbfc","usage":{"input_tokens":131992,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":4297,"reasoning_output_tokens":84}},"signals":[{"period":"2022","end":"2022-06-30","values":{"gross_margin":3.608764694206127,"operating_margin":-0.32862089499569924,"roic":null,"fcf_margin":1.5080170265322776,"sbc_revenue":0.044661564588341675},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. 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