{"schemaVersion":1,"research":true,"symbol":"cah","name":"Cardinal Health","topic":"moat","path":"/stock/cah/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:25:23.846Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Cardinal Health demonstrates repeat customer demand, improving operating earnings and a profitable generics program, but the passages do not establish a durable relative cost advantage or material customer switching barriers. GMPD has weak pricing power: price increases and surcharges failed to recover all cost increases in fiscal 2024–2026, with competitive and contractual constraints explicitly disclosed. Subsequent profit growth shows operating resilience despite these constraints. The substantial OptumRx contract expiration demonstrates customer relationships are contestable, but does not establish a company-wide absence of moat.","advantages":[{"mechanism":"cost_advantage","claim":"The generics program, including joint sourcing, is a current contributor to profit improvement. A sourcing cost advantage is plausible but unproven because the disclosures do not isolate sourcing savings or compare costs with competitors.","durability":"Positive generics contributions were disclosed in fiscal 2024, 2025 and 2026. This establishes recurring contribution, not durable cost superiority.","risks":"Customer consolidation, manufacturer pricing changes and contract renewals can redistribute sourcing benefits. Customers can also develop internal supply management capabilities.","invalidation":"The potential cost-advantage thesis would be undermined by disclosed sourcing costs matching or exceeding alternatives, or repeated contract repricing that eliminates sourcing benefits despite stable volumes.","competitors":[],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6","e7"]},{"mechanism":"switching_costs","claim":"Existing-customer growth and acquired practice-support platforms suggest continuing customer relationships, but do not demonstrate material switching costs. This remains a potential mechanism rather than an established advantage.","durability":"Repeat demand is evidenced across periods; renewal economics, switching expenses and customer dependence are not established.","risks":"OptumRx contracts representing 17% of fiscal 2024 revenue expired, adversely affecting profit and cash flows. Practice-support acquisitions also face integration and provider-retention risks.","invalidation":"A switching-cost thesis would be undermined by repeated material customer departures, demonstrated easy substitution, or renewals requiring economically significant concessions. Documented implementation costs and sustained renewals on favorable terms would support it.","competitors":[],"evidenceIds":["e8","e9","e10"],"counterEvidenceIds":["e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"MD&A / Generics Program","excerpt":"Generics Program The performance of our Pharma segment generics program positively impacted the year-over-year comparison of Pharma segment profit during fiscal 2026."},{"id":"e2","sourceId":"filing-1","location":"MD&A / Generics Program composition","excerpt":"The Pharma segment generics program includes, among other things, the impact of generic pharmaceutical product launches, customer volumes, pricing changes, the Red Oak Sourcing, LLC venture (\"Red Oak Sourcing\") with CVS Health Corporation (\"CVS Health\"), and generic pharmaceutical contract manufacturing and sourcing costs."},{"id":"e3","sourceId":"filing-4","location":"MD&A / fiscal 2025 generics performance","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":"e4","sourceId":"filing-5","location":"MD&A / fiscal 2024 generics performance","excerpt":"The 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":"e5","sourceId":"filing-2","location":"MD&A / generics pricing and renewal uncertainties","excerpt":"The frequency, timing, magnitude, and profit impact of generic pharmaceutical customer volumes, pricing changes, customer contract renewals, generic pharmaceutical manufacturer pricing changes, and generic pharmaceutical contract manufacturing and sourcing costs all impact Pharma segment profit and are subject to risks and uncertainties."},{"id":"e6","sourceId":"filing-1","location":"Risk Factors / customer consolidation","excerpt":"Consolidations create larger enterprises with greater negotiating power and could result in the possible loss of a customer in the situation where the combined enterprise selects one distributor from two incumbents or a reduction in our ability to market our products and services to new customers."},{"id":"e7","sourceId":"filing-1","location":"Business / internal customer supply management competition","excerpt":"Additionally, we compete with other service providers, customers, and potential customers of our businesses, which may from time to time develop, for their own internal needs, supply management capabilities that may otherwise be provided by us."},{"id":"e8","sourceId":"filing-1","location":"MD&A / fiscal 2026 revenue growth","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":"e9","sourceId":"filing-4","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":"e10","sourceId":"filing-2","location":"MD&A / GMPD existing-customer volume growth","excerpt":"Global Medical Products and Distribution GMPD segment revenue for the three and six months ended December 31, 2025 increased 3 percent to $3.3 billion and $6.4 billion from the comparative prior-year periods, respectively, primarily due to volume growth from existing customers."},{"id":"e11","sourceId":"filing-4","location":"MD&A / OptumRx fiscal 2024 revenue contribution","excerpt":"Sales to OptumRx generated 17 percent of our consolidated revenue in fiscal 2024."},{"id":"e12","sourceId":"filing-4","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":"e13","sourceId":"filing-1","location":"MD&A / MSO integration and provider-retention dependencies","excerpt":"Our ability to successfully provide physician practice support and management services, and to receive the value we expect to receive from our recent acquisitions of MSO platforms, depends upon a number of factors, including: the ability to develop or acquire and integrate appropriate practice management and support expertise; the ability to support recruitment, integration, and retention of sufficient numbers of local providers and staff; ensuring the alignment of interests between Cardinal Health and the physicians; the ability to successfully support negotiations with vendors, suppliers, and payors; the reimbursement and regulatory environment; and competition from other healthcare organizations."},{"id":"e14","sourceId":"filing-1","location":"MD&A / fiscal 2026 impairment and acquisition compensation costs","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":"e15","sourceId":"filing-1","location":"Risk Factors / realized fiscal 2024–2026 cost recovery shortfall","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":"e16","sourceId":"filing-1","location":"Risk Factors / competitive and contractual limits on cost pass-through","excerpt":"Due to competitive dynamics and contractual limitations, passing along cost increases is challenging."},{"id":"e17","sourceId":"filing-1","location":"MD&A / GMPD tariff mitigation and price increases","excerpt":"Our GMPD segment continues to take action to reduce the impact of these tariffs and other potential tariffs on our financial results, including through cost optimization initiatives and by increasing prices on impacted products to customers; however, these measures have not fully offset the adverse impact."},{"id":"e18","sourceId":"filing-3","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":"e19","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":"e20","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":"e21","sourceId":"filing-3","location":"Proxy / fiscal 2026 earnings and operating cash flow results","excerpt":"Revenue GAAP Operating Earnings(1) Non-GAAP Operating Earnings Operating Cash Flow $254.2B +14% (YoY change) $2.6B +15% (YoY change) $3.6B +30% (YoY change) $5.2B +116% (YoY change) GAAP Diluted EPS Non-GAAP Diluted EPS Adjusted Non-GAAP Diluted EPS 1-Year Total Shareholder Return(2) 3-Year Total Shareholder Return(2) $7.23 +12% (YoY change) $11.26 +37% (YoY change) $10.95 +33% (YoY change) +45.7% +162.5% (1)GAAP refers to U.S."},{"id":"e22","sourceId":"filing-1","location":"Liquidity and Capital Resources / fiscal 2025 capital deployment","excerpt":"During fiscal 2025, we deployed $5.3 billion for acquisitions, $765 million for share repurchases, $547 million for capital expenditures, $494 million for dividends,"},{"id":"e23","sourceId":"filing-1","location":"Liquidity and Capital Resources / acquisition debt financing","excerpt":"In addition, we issued additional long-term debt and received net proceeds of $2.9 billion to fund a portion of the consideration paid for acquisitions and for general purposes."},{"id":"e24","sourceId":"filing-1","location":"Liquidity and Capital Resources / acquisition term loan","excerpt":"Another portion of the consideration came from an $800 million term loan."},{"id":"e25","sourceId":"filing-5","location":"MD&A / fiscal 2023–2024 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":"e26","sourceId":"filing-3","location":"Executive Compensation / actual fiscal 2026 PSU and RSU grant mix","excerpt":"In fiscal 2026, long-term incentive awards were granted 60% in PSUs and 40% in RSUs."},{"id":"e27","sourceId":"filing-3","location":"Executive Compensation / three-year relative TSR modifier","excerpt":"Relative TSR Modifier A relative TSR modifier measured over a three-year period continues to link this long-term incentive compensation directly to our relative shareholder returns and provide further alignment with shareholder interests while also recognizing factors that impact our industry and peers."},{"id":"e28","sourceId":"filing-3","location":"Executive Compensation / forfeiture and recovery provisions","excerpt":"Our MIP and 2021 LTIP also provide for forfeiture of outstanding awards and recovery of gains realized from vested awards if a plan participant breaches our Standards of Business Conduct, discloses confidential information, commits fraud, gross negligence, or willful misconduct, solicits business or our employees, disparages us, or engages in certain competitive actions while employed by Cardinal Health or for a set period of time after termination of employment."},{"id":"e29","sourceId":"filing-3","location":"Annex A / acquisition-related adjustments to incentive cash flow","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":"e30","sourceId":"filing-3","location":"Governance / independent non-executive chair","excerpt":"8 CARDINAL HEALTH 2026 Proxy Statement PROXY SUMMARY Governance and Board Highlights Governance and Board Highlights Active Independent Oversight Commitment to Continuous Improvement Strong Corporate Governance Practices •Board-selected independent, non-executive Chair with robust duties."},{"id":"e31","sourceId":"filing-3","location":"Governance / standing committee independence","excerpt":"See pages 20 and 21. •All members of the four standing committees of the Board are independent."},{"id":"e32","sourceId":"filing-1","location":"Management Reports / auditor opinion on internal controls","excerpt":"Ernst & Young LLP’s report appears following this \"Management Reports\" section and expresses an unqualified opinion on the effectiveness of our internal control over financial reporting."},{"id":"e33","sourceId":"filing-1","location":"Business / Specialty Pharmaceutical Distribution Corporate Integrity Agreement","excerpt":"In fiscal 2022, our Specialty Pharmaceutical Distribution business entered into a five-year Corporate Integrity Agreement with the Office of Inspector General of the Department of Health and Human Services in connection with an investigation into discounts and rebates offered or provided to certain Specialty customers."},{"id":"e34","sourceId":"filing-1","location":"MD&A / observed Inflation Reduction Act revenue and profitability effects","excerpt":"The Inflation Reduction Act has and will continue to adversely impact our revenue by capping prices for certain drugs; however, our profitability has not been negatively impacted."},{"id":"e35","sourceId":"filing-1","location":"MD&A / GLP-1 revenue growth and limited profit contribution","excerpt":"With respect to GLP-1 medications, during fiscal 2026, we experienced increased demand, which positively impacted our Pharma segment revenue and consolidated revenue; however, increased GLP-1 sales did not meaningfully contribute to segment profit."}],"changes":["Retained the previous uncertain verdict: recurring generics contributions and customer growth still do not establish durable structural superiority.","Added the realized OptumRx contract expiration as counterevidence to customer dependence and switching-cost hypotheses.","Balanced GMPD cost recovery weakness against 17% fiscal 2026 segment profit growth excluding tariff refunds.","Added assessments supported by actual proxy disclosures on incentive grants, independent oversight and compensation adjustments."],"limitations":["The supplied competitive passages identify generic competitor categories, not named direct competitors. Competitor arrays are empty; CVS Health is identified as a customer and sourcing partner, and OptumRx as a former distribution customer.","No comparative sourcing costs, market shares, distribution density economics, switching expenses or detailed renewal terms establish a structural moat.","Operating results support assessments below grade 4, but issuer explanations of their drivers and claims of disciplined execution are not independent demonstrations of competitive superiority.","Acquired intangible valuations and amortization periods do not prove customer loyalty, pricing power or economic durability.","The proxy provides actual compensation arrangements, but the supplied passages omit beneficial ownership amounts and ownership-guideline compliance. Granted fiscal 2026 awards are distinguished from future vesting outcomes.","Source dates are filing dates, retaining dateKind=filed. Later proxy disclosures describe fiscal 2026 results and arrangements; they do not establish subsequent operating performance.","Falsifiable conditions above test potential advantage mechanisms; no existing durable moat is asserted."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Recurring generics profit contributions establish a functioning program, but neither relative cost superiority nor another structural barrier is demonstrated.","evidenceIds":["e1","e2","e3","e4"]},{"criterion":"durability","grade":null,"rationale":"Multi-year operating contributions do not establish durable competitive protection; sourcing, pricing and renewal economics remain exposed.","evidenceIds":["e3","e4","e5"]},{"criterion":"customer_dependency","grade":null,"rationale":"Existing-customer growth demonstrates repeat demand, while the substantial OptumRx expiration counters an assumption of lock-in. Material dependence cannot be established.","evidenceIds":["e8","e9","e10","e11","e12"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Earnings growth shows operating resilience, but does not establish resistance to erosion of an identified structural advantage.","evidenceIds":["e15","e18","e19","e20"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"GMPD implemented price increases and surcharges but failed to recover all cost increases across fiscal 2024–2026. This is demonstrated weak pass-through; pharmaceutical manufacturer price changes do not establish Cardinal's own pricing power.","evidenceIds":["e15","e17","e34"]},{"criterion":"retention","grade":2,"rationale":"Indirect operating evidence shows repeat demand and existing-customer volume growth, balanced against the expiration of contracts representing 17% of fiscal 2024 revenue. No retention rate or evidence isolating customer response to price increases is supplied.","evidenceIds":["e8","e9","e10","e11","e12"]},{"criterion":"margin_resilience","grade":2,"rationale":"GMPD profit grew 17% excluding tariff refunds and consolidated GAAP operating earnings increased, despite incomplete cost recovery. Acquisitions and product mix contribute to results, and GLP-1 revenue growth contributed little profit, limiting attribution to pricing.","evidenceIds":["e15","e18","e19","e20","e35"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Explicit contractual limitations and competitive dynamics constrain cost pass-through. Actual price increases demonstrate some freedom, but the passages do not establish broad unilateral repricing rights.","evidenceIds":["e15","e16","e17"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual cash generation and disclosed spending provide a basis for assessment. Fiscal 2026 operating cash flow reached $5.2 billion, but substantial acquisition spending and debt financing coexist with recurring GMPD impairments and a fiscal 2026 oncology impairment. Acquisition returns and repurchase value creation remain unproven.","evidenceIds":["e21","e22","e23","e24","e25","e14"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual fiscal 2026 long-term grants comprised 60% PSUs and 40% RSUs, with a three-year relative TSR modifier and contractual forfeiture provisions. These demonstrate meaningful alignment mechanisms. Acquisition-related incentive adjustments weaken comparability, and ownership amounts and future vesting results are missing.","evidenceIds":["e26","e27","e28","e29"]},{"criterion":"execution","grade":3,"rationale":"Demonstrated GAAP earnings growth, existing-customer demand, generics contributions and GMPD profit improvement excluding tariff refunds support strong execution. This uses operating outcomes as indirect management evidence; acquisitions, impairments and incomplete cost recovery limit the conclusion.","evidenceIds":["e19","e20","e8","e1","e18","e14","e15"]},{"criterion":"governance","grade":3,"rationale":"An independent non-executive chair, independent standing committees and an unqualified auditor opinion on internal controls demonstrate substantive oversight arrangements. The Corporate Integrity Agreement is a material compliance counterweight; these disclosures do not establish exceptional governance durability.","evidenceIds":["e30","e31","e32","e33"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"d883fc4df265e5035c50cb74fd1f7b873b542334cc9cff4262fe80a5afee0746","updatedAt":"2026-10-18T13:25:23.846Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137126000038/cah-20260630.htm","publishedAt":"2026-08-11","sha256":"00cc2f4cc09f058a830c23796e2552f6e549c80372ef30a426d0090f98fbb2e1","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137126000006/cah-20251231.htm","publishedAt":"2026-02-05","sha256":"583f0de67a9c747307b7ee530407e1c48a53729bf80f7c8aced98b665d8203a1","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/721371/000130817926000402/cah-20260921.htm","publishedAt":"2026-09-21","sha256":"6ea17129ac187db6cc993bc414309201c020bfedd3f3b39cddb2c6240a0bd5c3","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137125000079/cah-20250630.htm","publishedAt":"2025-08-12","sha256":"8c2c6ee11d8ef1a80de8e86a089f7aa62a2a6462671d74da367c7bdd05022775","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137124000056/cah-20240630.htm","publishedAt":"2024-08-14","sha256":"bbc411c9ce2d30239ef1cfc155af633a83436275908f0caefee98185aa6f0cea","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137125000130/cah-20250930.htm","publishedAt":"2025-10-30","sha256":"7daa33cb5db5388c8114d6222d47b44d749716bc704f5118204e75f2bbe7838d","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:739c04c95454de48e68e5b6dc121daa627397b1e25cbdf287bf65cc40f2e5bec","usage":{"input_tokens":86458,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3570,"reasoning_output_tokens":118},"basisSupplement":{"previousHash":"ea285ae76e58fd7b90b9b66d117eadae7d3a89d04faefbdbf526d572059097a4","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"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. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2023","end":"2023-06-30","values":{"gross_margin":3.360291104910932,"operating_margin":0.3546133884845765,"roic":null,"fcf_margin":1.1501765750297543,"sbc_revenue":0.046826527227674476},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"TTM FCF 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":"Average invested capital is zero or negative, so this ratio is undefined.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2024","end":"2024-06-30","values":{"gross_margin":3.2685703201118037,"operating_margin":0.5479947272591005,"roic":null,"fcf_margin":1.4332508916487015,"sbc_revenue":0.053344619467700055},"issues":{"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":"Average invested capital is zero or negative, so this ratio is undefined.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2025","end":"2025-06-30","values":{"gross_margin":3.669724770642202,"operating_margin":1.0221135961325918,"roic":null,"fcf_margin":0.8311692979539758,"sbc_revenue":0.10962449118960545},"issues":{"pfcf_growth":"TTM FCF 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":"Average invested capital is zero or negative, so this ratio is undefined.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}},{"period":"2026","end":"2026-06-30","values":{"gross_margin":3.8442780277524307,"operating_margin":1.0277366980271232,"roic":123.26580019505985,"fcf_margin":1.7797583461816808,"sbc_revenue":0.14434725150247002},"issues":{"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.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roe":"Average equity attributable to owners is zero or negative, so this ratio is undefined.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137126000038/cah-20260630.htm","publishedAt":"2026-08-11","sha256":"00cc2f4cc09f058a830c23796e2552f6e549c80372ef30a426d0090f98fbb2e1","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137126000006/cah-20251231.htm","publishedAt":"2026-02-05","sha256":"583f0de67a9c747307b7ee530407e1c48a53729bf80f7c8aced98b665d8203a1","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/721371/000130817926000402/cah-20260921.htm","publishedAt":"2026-09-21","sha256":"6ea17129ac187db6cc993bc414309201c020bfedd3f3b39cddb2c6240a0bd5c3","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137125000079/cah-20250630.htm","publishedAt":"2025-08-12","sha256":"8c2c6ee11d8ef1a80de8e86a089f7aa62a2a6462671d74da367c7bdd05022775","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137124000056/cah-20240630.htm","publishedAt":"2024-08-14","sha256":"bbc411c9ce2d30239ef1cfc155af633a83436275908f0caefee98185aa6f0cea","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/721371/000072137125000130/cah-20250930.htm","publishedAt":"2025-10-30","sha256":"7daa33cb5db5388c8114d6222d47b44d749716bc704f5118204e75f2bbe7838d","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}