Cencora

Liquidity and cash generation are strong: FY2025 operating cash flow $3.88B, capex $0.67B, adjusted FCF ≈$3.0B. Year‑end 2025 cash was ~$4.36B vs total debt ~$7.66B after financing RCA; net leverage remains manageable and investment‑grade (Moody’s Baa1; Fitch A‑/F1). Opioid settlement obligations are long‑dated and reserved on the balance sheet.

Watch for temporary leverage uptick if the OneOncology buy closes; agencies expect deleveraging within two years.