Cardinal Health

Positives: disciplined share repurchases (750 million baseline per year; 375 million ASR in Q1 FY2026), continued dividend growth, and reinvestment in automation and distribution capacity.

Strategy focuses capital toward higher‑margin Specialty and services: acquisitions of ION, GI Alliance (majority), ADS (1.1 billion) and Solaris Health (~1.9 billion) build a scaled multi‑specialty MSO platform. Cautions: Medical segment impairments in FY2023–FY2024, heavier leverage, and integration/return risks from rapid M&A.

We view the current plan as rational, but will judge success on sustained ROIC and cash returns.