{"schemaVersion":1,"research":true,"symbol":"cor","name":"Cencora","topic":"moat","path":"/stock/cor/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:17:19.622Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Cencora demonstrates substantial distribution capacity, repeat pharmaceutical demand and growing operating income, but the passages do not establish a durable advantage over competitors. Integrated ordering and primary-source relationships suggest potential switching friction; comparative costs and actual switching burdens remain undisclosed. Customer losses show erosion in some relationships without establishing broad competitive weakness. Pricing freedom is constrained by manufacturer reference prices and negotiated contracts, while recent growth reflects volumes, acquisitions and external pricing rather than demonstrated power to raise Cencora's own fees.","advantages":[{"mechanism":"cost_advantage","claim":"Distribution infrastructure and rising volumes support a potential scale-based cost advantage, but no comparative unit-cost advantage is established.","durability":"Existing infrastructure is demonstrated; its economic superiority and resistance to replication are unproven. Planned investment adds potential capacity rather than demonstrated protection.","risks":"Direct distribution, customer self-warehousing and industry consolidation could weaken distribution economics. Growth attributed to market utilization does not demonstrate market-share gains.","invalidation":"The scale thesis would be weakened by sustained increases in distribution cost per comparable unit despite volume growth, or customer insourcing that removes sufficient volume to impair network utilization. The passages lack comparable unit-cost data to test this.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5"]},{"mechanism":"switching_costs","claim":"Electronic ordering, inventory systems and primary-source commitments indicate operational integration, but material customer switching costs are not demonstrated.","durability":"Relationships support recurring business, but annual contract expirations and realized customer losses prevent assuming durable customer dependence.","risks":"Large customers have substantial economic importance. Non-renewals, renegotiation and customer consolidation can erode relationship economics. Management's expected benefits from OneOncology remain a strategic thesis.","invalidation":"Repeated material non-renewals or renewals requiring economic concessions would further undermine the switching-cost thesis. Demonstrated costly migrations and sustained renewals on stable economics would strengthen it.","competitors":[],"evidenceIds":["e6","e7","e8","e9"],"counterEvidenceIds":["e5","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"MD&A / capital expenditures / distribution network investment","excerpt":"Significant capital expenditures in fiscal 2025 included investments relating to the expansion and enhancement of our distribution network and various technology initiatives."},{"id":"e2","sourceId":"filing-1","location":"Accounting policies / shipping and handling costs","excerpt":"These costs, which were $1,294.4 million, $1,265.7 million, and $1,200.0 million for fiscal 2025, 2024, and 2023, respectively, are included in Distribution, Selling, and Administrative in the Company’s Consolidated Statements of Operations."},{"id":"e3","sourceId":"filing-1","location":"MD&A / fiscal 2025 U.S. revenue growth drivers","excerpt":"The U.S. Healthcare Solutions segment grew its revenue by $25.6 billion, or 9.7%, from the prior fiscal year primarily due to overall market growth largely driven by unit volume growth, including increased sales of specialty products to health systems and physician practices and increased sales of products labeled for diabetes and/or weight loss in the GLP-1 class of $7.7 billion, or 26.9%."},{"id":"e4","sourceId":"filing-1","location":"Risk factors / competing distribution models","excerpt":"Our pharmaceutical distribution businesses not only compete with other pharmaceutical distributors, but also with manufacturers who sell directly to customers, chain drugstores who manage their own warehousing, specialty distributors, and packaging and healthcare technology companies."},{"id":"e5","sourceId":"filing-2","location":"MD&A / U.S. revenue / volume growth, manufacturer price declines and customer losses","excerpt":"U.S. Healthcare Solutions’ revenue increased by $3.5 billion, or 4.9%, and $9.1 billion, or 4.3%, from the prior year quarter and nine-month period, respectively, primarily due to overall market growth largely driven by unit volume growth, including increased sales of specialty products to health systems and physician practices and increased sales of $2.3 billion, or 25.5%, and $5.2 billion, or 19.7%, from the prior year quarter and nine-month period, respectively, of products labeled for diabetes and/or weight loss in the GLP-1 class, offset in part by a decline in manufacturer prices related to certain brand pharmaceutical products, a decrease in sales due to losses of an oncology customer and a grocery customer (in the nine-month period only), and lower sales to our large mail order customer as a result of brand conversions."},{"id":"e6","sourceId":"filing-1","location":"Business / ERP ordering and inventory functions","excerpt":"U.S. Healthcare Solutions’ ERP system provides for, among other things, electronic order entry by customers, invoice preparation and purchasing, and inventory tracking."},{"id":"e7","sourceId":"filing-1","location":"Business / primary-source customer commitments and supply dependence","excerpt":"The loss of a supplier could adversely affect our business if alternate sources of supply are unavailable since we are committed to be the primary source of pharmaceutical products for a majority of our customers."},{"id":"e8","sourceId":"filing-1","location":"MD&A / increased sales to two largest customers","excerpt":"Sales, including GLP-1 products, to our two largest customers increased by $6.2 billion from the prior fiscal year."},{"id":"e9","sourceId":"filing-2","location":"Note 2 / management's expected relationship benefits from OneOncology","excerpt":"The Company believes the acquisition of OneOncology allows it to broaden its relationships with community oncology providers and to build on its leadership in specialty pharmaceuticals within its U.S."},{"id":"e10","sourceId":"filing-1","location":"MD&A / customer contract expirations","excerpt":"A number of our contracts with customers, including group purchasing organizations, are typically subject to expiration each year."},{"id":"e11","sourceId":"filing-1","location":"Business / fiscal 2025 customer concentration","excerpt":"In fiscal 2025, Walgreens and Boots together accounted for approximately 25% of revenue and Evernorth Health Services accounted for approximately 13% of revenue."},{"id":"e12","sourceId":"filing-1","location":"Risk factors / WAC reference prices and negotiated customer prices","excerpt":"We sell brand-name pharmaceutical products to many of our customers using WAC as the reference price and to other customers based on their negotiated contract price."},{"id":"e13","sourceId":"filing-1","location":"Risk factors / manufacturer price increases outside company control","excerpt":"As a result, our gross profit from brand-name and generic pharmaceuticals continues to be subject to fluctuation based upon the timing and extent of manufacturer price increases, which we do not control."},{"id":"e14","sourceId":"filing-2","location":"Consolidated statements of operations / nine months ended June 30, 2026","excerpt":"AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three months ended June 30, Nine months ended June 30, (in thousands, except per share data) 2026 2025 2026 2025 Revenue $ 84,754,837 $ 80,663,532 $ 249,042,769 $ 237,604,265 Cost of goods sold 81,147,602 77,756,417 238,775,124 229,079,303 Gross profit 3,607,235 2,907,115 10,267,645 8,524,962 Operating expenses: Distribution, selling, and administrative 2,132,465 1,672,881 5,905,313 4,744,976 Depreciation 150,960 128,128 417,384 362,655 Amortization 118,539 125,867 361,808 429,650 Litigation and opioid-related (credit) expenses, net (88,643) 17,974 (160,936) 46,263 Acquisition and divestiture-related deal and integration expenses 113,069 52,838 355,652 190,930 Restructuring and other expenses, net 60,628 41,773 115,667 140,390 Impairment of assets, including goodwill — — 249,498 — Operating income 1,120,217 867,654 3,023,259 2,610,098 Other income, net (16,882) (110,417) (1,123,921) (48,997) Interest expense, net 140,705 81,794 353,574 213,715 Income before income taxes 996,394 896,277 3,793,606 2,445,380 Income tax expense 219,727 206,528 821,285 544,495 Net income 776,667 689,749 2,972,321 1,900,885 Net income attributable to noncontrolling interests (13,149) (2,347) (7,824) (7,012) Net income attributable to Cencora, Inc."},{"id":"e15","sourceId":"filing-2","location":"MD&A / acquisition and sales contributions to U.S. gross profit growth","excerpt":"The increase from the prior year nine-month period is primarily due to the February 2026 acquisition of OneOncology, the January 2025 acquisition of RCA, and increased pharmaceutical sales."},{"id":"e16","sourceId":"filing-2","location":"MD&A / international operating income drivers","excerpt":"The increase from the prior year quarter is primarily due to increased operating income at our European distribution business, which was primarily driven by manufacturer price increases in a developing market country, and our global specialty logistics business, and the increase from the prior year nine-month period is primarily due to an increase in operating income at our global specialty logistics business."},{"id":"e17","sourceId":"filing-1","location":"Critical accounting estimates / PharmaLex goodwill impairments","excerpt":"We completed our required annual impairment assessments relating to goodwill and indefinite-lived intangible assets in fiscal 2025, 2024, and 2023 and, as a result, recorded goodwill impairments (see Note 5 of the Notes to Consolidated Financial Statements) of $723.9 million and $418.0 million in our PharmaLex reporting unit in fiscal 2025 and 2024, respectively."},{"id":"e18","sourceId":"filing-2","location":"Note 2 / completed OneOncology acquisition consideration","excerpt":"Note 2. Acquisitions OneOncology Acquisition On February 2, 2026, the Company acquired the majority of the outstanding equity interests that it did not previously own in OneOncology, a physician-led national platform empowering independent medical specialty practices rooted in oncology, for total fair value consideration of $7,387.1 million, which included cash consideration of $4,648.7 million, $1,934.2 million of fair value of its previously held equity method investment, $752.1 million of estimated contingent consideration for certain OneOncology physicians and members of management that retained an 8% interest in OneOncology, and $52.0 million for the settlement of a receivable resulting from a pre-existing commercial arrangement between the Company and OneOncology."},{"id":"e19","sourceId":"filing-2","location":"Liquidity / acquisition financing, repayments and capital returns","excerpt":"Net cash provided by financing activities of $2.3 billion in the nine months ended June 30, 2026 principally resulted from the $3.0 billion issuance of senior notes and $1.5 billion of term loan borrowings to finance a portion of the acquisition of OneOncology, offset in part by $1.0 billion of purchases of our common stock, $900.0 million of term loan repayments, $360.6 million in cash dividends paid on our common stock, and $105.3 million in purchases of our common stock related to employee tax withholdings related to restricted share vesting."},{"id":"e20","sourceId":"filing-3","location":"Company highlights / fiscal 2025 results and non-GAAP free cash flow","excerpt":"Collis at the end of fiscal 2025. Fiscal 2025 performance Total Shareholder Return 40% Revenue $321.3B Up 9.3% Adjusted Operating Income(1) $4.2B Up 15.8% Adjusted Diluted EPS(1) $16.00 Up 16.3% Adjusted Free Cash Flow(1) $3.0B (1)Adjusted Operating Income, Adjusted Diluted Earnings Per Share (“Adjusted EPS”), and Adjusted Free Cash Flow are non-GAAP financial measures."},{"id":"e21","sourceId":"filing-3","location":"Executive compensation / actual fiscal 2025 target compensation mix","excerpt":"In fiscal 2025, incentive compensation (comprised of an annual cash bonus and equity incentive awards) accounted for approximately 91% of our CEO’s total target direct compensation and approximately 84% of the other NEOs’ average total target direct compensation."},{"id":"e22","sourceId":"filing-3","location":"Executive compensation / fiscal 2025 performance award modifier and holding requirements","excerpt":"Consistent with our design in the prior three years and in consideration of feedback received from our shareholders, the Compensation Committee included the following features in our fiscal 2025 performance share awards: 1.A relative TSR modifier with above median performance required for a target payout, as described in more detail below; and 2.A post-vest holding requirement of two years for the CEO, and one year for the other NEOs at the time of grant on 50% of earned performance shares.* * Because our annual grants are made in the first quarter of the fiscal year, this provision applies to our CFO and the NEOs identified from the prior fiscal year."},{"id":"e23","sourceId":"filing-3","location":"Executive compensation / exercised discretion reducing bonus payout","excerpt":"As shown in the table above, the Company’s performance would have resulted in a 185.3% payout; however, following discussions with Pearl Meyer and management, the Compensation Committee exercised discretion and reduced the total payout percentage to 181.3%."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation / business underperformance underlying payout reduction","excerpt":"The Compensation Committee determined to make this reduction in recognition of the underperformance of a business within our International Healthcare Solutions reportable segment."},{"id":"e25","sourceId":"filing-3","location":"Corporate governance / committee independence and director access","excerpt":"Additionally, our Corporate Governance Principles mandate the independence of the committee chairs and all the members of our Audit, Compensation and Governance Committees, and affirm non-employee directors’ access to managers and team members outside the presence of our executives."},{"id":"e26","sourceId":"filing-3","location":"Board leadership / completed transition to independent chair","excerpt":"Upon Steve’s retirement, the Board determined that I should transition from Lead Independent Director to Board Chair on October 1, 2025."},{"id":"e27","sourceId":"filing-1","location":"Independent auditor report / internal control opinion","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 September 30, 2025, 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 November 25, 2025 expressed an unqualified opinion thereon."},{"id":"e28","sourceId":"filing-2","location":"Commitments and obligations / accrued opioid-related litigation liability","excerpt":"Our accrued litigation liability related to the Distributor Settlement Agreement, as well as other opioid-related litigation for which we have reached settlement agreements on our Consolidated Balance Sheet as of June 30, 2026 is $4.2 billion and is expected to be paid over the next 13 years."},{"id":"e29","sourceId":"filing-3","location":"Director compensation / stock ownership compliance and grace periods","excerpt":"We confirm compliance with guidelines annually at the end of each fiscal year and, as of September 30, 2025, all of our then-serving non-employee directors were in compliance with the stock ownership guidelines or had not yet completed their fifth year as a director."},{"id":"e30","sourceId":"filing-2","location":"MD&A / consulting business impairment and completed divestiture","excerpt":"Consulting Services business that was divested in April 2026, offset in part by the litigation and opioid-related credit in the current year nine-month period in comparison to an expense in the prior year nine-month period."}],"changes":["Retain the previous uncertain verdict: the supplied evidence still does not establish comparative cost superiority or durable switching costs.","Make constrained contractual pricing freedom and realized manufacturer price declines explicit, while separating these from Cencora's own fee-setting power.","Add criterion-level management assessments using disclosed compensation arrangements, exercised bonus discretion, independent oversight, acquisition financing and realized impairments."],"limitations":["Only supplied passages were assessed. Source dates are filing dates, including January 22, 2026 for the proxy and August 5, 2026 for the latest quarterly filing.","No competitors are identified by company name in the supplied competitive passages. Named customers, acquisition targets, lenders and directors' employers do not establish named competitor coverage.","Comparative unit costs, market shares, migration costs, renewal economics and quantified customer switching burdens are absent. Large revenue and profitable operations alone do not establish a moat.","Operating results and contractual disclosures support numerical pricing and management assessments, but most business explanations remain issuer-sourced. Acquisition leadership and relationship benefits are management expectations.","Cencora-specific distribution fee changes and contractual repricing rights are not quantified. Observed manufacturer pricing outcomes permit a weak pricing assessment but do not establish discretionary pricing power.","Actual compensation design and director ownership compliance are disclosed; executive beneficial ownership amounts are not supplied. The proposed post-election board composition is not treated as an accomplished election.","The uncertain moat verdict reflects insufficient structural evidence, rather than a conclusion that all offerings are interchangeable or that Cencora has a broadly weak competitive position."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Distribution infrastructure and integrated ordering are demonstrated, but comparative cost superiority, network effects and meaningful switching burdens are not established.","evidenceIds":["e1","e2","e6","e7"]},{"criterion":"durability","grade":null,"rationale":"The passages do not establish how long any structural advantage would persist. Annual contract expirations and customer losses limit inference from existing relationships.","evidenceIds":["e5","e10"]},{"criterion":"customer_dependency","grade":null,"rationale":"Primary-source commitments and higher sales to major customers indicate recurring relationships, but do not establish customers' dependence on Cencora specifically. Realized losses show some customers can leave.","evidenceIds":["e7","e8","e5"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Growth despite lost customers demonstrates operating resilience, but acquisitions and industry utilization prevent attributing that resilience to a protected structural advantage.","evidenceIds":["e5","e14","e15"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Recent manufacturer price declines reduced U.S. sales, while manufacturer increases benefited international operating income. These observed outcomes demonstrate dependence on external prices and weak evidence of autonomous pricing power; Cencora's own fee realization is unquantified.","evidenceIds":["e5","e13","e16"]},{"criterion":"retention","grade":2,"rationale":"Indirect operating evidence is mixed: sales to the two largest customers increased in fiscal 2025 and volumes continued growing in 2026, but oncology and grocery customer losses reduced sales. No retention rate is inferred.","evidenceIds":["e8","e5","e10"]},{"criterion":"margin_resilience","grade":2,"rationale":"Nine-month gross profit and operating income grew faster than revenue despite manufacturer price declines and customer losses. Acquisitions and litigation credits contributed to reported performance, so the result demonstrates mixed resilience rather than durable pricing protection.","evidenceIds":["e14","e15","e5"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Brand sales use manufacturer WAC references or negotiated customer prices, and part of gross profit depends on manufacturer price increases outside Cencora's control. Contracts permit negotiation, but unilateral repricing rights are not demonstrated.","evidenceIds":["e12","e13"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Reported fiscal 2025 adjusted free cash flow of $3.0 billion and subsequent debt repayments support cash generation and financing discipline. Repeated PharmaLex impairments, a further consulting impairment and substantial debt-funded acquisition spending provide realized counterevidence. Acquisition returns and repurchase value creation remain unproven.","evidenceIds":["e20","e17","e18","e19","e30"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Disclosed fiscal 2025 compensation was predominantly incentive-based, with relative shareholder-return conditions and post-vesting holding requirements. The committee actually reduced bonus payouts for business underperformance. These are demonstrated arrangements and actions, although executive ownership amounts and the ultimate results of outstanding awards are absent.","evidenceIds":["e21","e22","e23","e24","e29"]},{"criterion":"execution","grade":2,"rationale":"Volume growth, increasing operating income and completed acquisitions demonstrate delivery, assessed partly through indirect operating evidence. Industry demand and acquired earnings explain part of growth; customer losses and repeated impairments show uneven execution.","evidenceIds":["e3","e5","e14","e15","e17","e18","e30"]},{"criterion":"governance","grade":2,"rationale":"An independent chair, mandated committee independence, an unqualified internal-control opinion and exercised compensation discretion support functioning oversight. The substantial accrued opioid-related liability is realized adverse evidence that tempers the assessment of historical oversight; current structures do not prove exceptional governance durability.","evidenceIds":["e25","e26","e27","e23","e28"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"305bf8eb34b454df06ab17647e4f867a2e81dc1dfc80d91fdf99e88796f93124","updatedAt":"2026-10-18T13:17:19.622Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm","publishedAt":"2025-11-25","sha256":"280823fa5b96a4a77b54038fa6d367b7aa214fb68d211ab4c0f19246332bd96c","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1140859/000114085926000034/cor-20260630.htm","publishedAt":"2026-08-05","sha256":"a9a99c23522223f56d4c1f4f970150135cc05a44e267a507f4325586e528629e","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1140859/000162828026003061/cor-20260122.htm","publishedAt":"2026-01-22","sha256":"1b16790eca0194183fb371b8b746741d43f47916b7c2139a77201052eb801583","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1140859/000114085924000177/cor-20240930.htm","publishedAt":"2024-11-26","sha256":"2d02655f2302003f5f4245ec5f519147f260913b06eb4ced834128a2ca956cd7","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1140859/000114085923000197/cor-20230930.htm","publishedAt":"2023-11-21","sha256":"e737ee097116888dfeea4893f6e5c61df45b0d21949432bccf1b0f4cd72a462c","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1140859/000114085926000020/cor-20260331.htm","publishedAt":"2026-05-06","sha256":"7a7d6ab1fd991f635f99988c1bd273833a167c0f2cfc4b0068984c7d1eeccaf5","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:4497997f5e34a479c89558b8e9a3a90021e74290102b09e240482e4cba000d84","usage":{"input_tokens":86996,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3567,"reasoning_output_tokens":142},"basisSupplement":{"previousHash":"304639d220bcc2d086466a6c06a6581d976b02b2378f16b7434a633e554d9e1e","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-09-30","values":{"gross_margin":3.2446682278664407,"operating_margin":1.1001494129299068,"roic":96.17681544496904,"fcf_margin":1.0413482164581822,"sbc_revenue":0.04654167881079669},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","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%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-09-30","values":{"gross_margin":3.4772920533652196,"operating_margin":0.9918302088924323,"roic":50.83604366857459,"fcf_margin":0.9249330200321139,"sbc_revenue":0.0391471445012391},"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.","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%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-09-30","values":{"gross_margin":3.4173919337686,"operating_margin":0.8928178456662793,"roic":71.53036464865512,"fcf_margin":1.317057663028994,"sbc_revenue":0.047534950064024604},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-09-30","values":{"gross_margin":3.3712328993648524,"operating_margin":0.7399848167054299,"roic":67.2580334801972,"fcf_margin":1.0197054994128611,"sbc_revenue":0.05034654556916023},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","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.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-09-30","values":{"gross_margin":3.572165157521616,"operating_margin":0.8180306662046867,"roic":51.44891200498301,"fcf_margin":0.9980739004440128,"sbc_revenue":0.04604665046678596},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1140859/000114085925000131/cor-20250930.htm","publishedAt":"2025-11-25","sha256":"280823fa5b96a4a77b54038fa6d367b7aa214fb68d211ab4c0f19246332bd96c","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1140859/000114085926000034/cor-20260630.htm","publishedAt":"2026-08-05","sha256":"a9a99c23522223f56d4c1f4f970150135cc05a44e267a507f4325586e528629e","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1140859/000162828026003061/cor-20260122.htm","publishedAt":"2026-01-22","sha256":"1b16790eca0194183fb371b8b746741d43f47916b7c2139a77201052eb801583","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1140859/000114085924000177/cor-20240930.htm","publishedAt":"2024-11-26","sha256":"2d02655f2302003f5f4245ec5f519147f260913b06eb4ced834128a2ca956cd7","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1140859/000114085923000197/cor-20230930.htm","publishedAt":"2023-11-21","sha256":"e737ee097116888dfeea4893f6e5c61df45b0d21949432bccf1b0f4cd72a462c","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1140859/000114085926000020/cor-20260331.htm","publishedAt":"2026-05-06","sha256":"7a7d6ab1fd991f635f99988c1bd273833a167c0f2cfc4b0068984c7d1eeccaf5","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"}