Cencora

Priorities balance organic investment, specialty M&A, and returns. FY2025: RCA closed ($4.4B cash outlay) and Cencora signaled ~$1B distribution investment through 2030; FY2026 capex guided to ~$900M. Buybacks and a 9% dividend raise demonstrate ongoing shareholder returns, tempered in 2025 by M&A funding.

PharmaLex goodwill impairments in 2024 and 2025 flag selectivity risk. If OneOncology closes ($5B including debt retirement) we expect a near‑term focus on deleveraging. Overall track record is good but not flawless.