McKesson MCK

NYSE · Wholesale-Drugs, Proprietaries & Druggists' Sundries · $124.7B

Every report since 2023 →

No closes on file for MCK yet.

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

2 stories have a settled next close so far (2 on the Wire). The record starts speaking at three.

The numbers

fiscal 2026, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$124.7B

EV / True FCF23.6x

Revenue$403.4B +12.4%

True FCF (ex-SBC)$5.5B +3.1%

Rule of 4013.8%

ROIC209.2%

True FCF Yield4.4%

EPS, diluted$38.38 +49.2%

Modern Valuation (EOD)

Market Cap$124.7B

Enterprise Value$128.9B

EV / True FCF23.56

EV / FCF22.54

EV / Gross Profit8.86

EV / EBIT20.75

EV / Sales0.32

P / E (GAAP)26.18

P / FCF21.80

P / Oper. CF20.26

P / Book—

Owner & Cash Yields

True FCF Yield4.4%

FCF Yield4.6%

Owner Earn. Yield3.5%

Earnings Yield3.8%

Shareholder Yield+3.9%

Buyback Yield3.8%

Dividend Yield—

Dividend / sh$3.17

Payout Ratio8%

FCF / sh$49.53

EPS (diluted)$38.38

Compounder & Returns

Rule of 4013.8%

ROIC209.2%

Cash ROIC (CROIC)234.3%

GP / Assets17.7%

ROE-268.0%

ROA5.8%

Gross Margin3.6%

Oper. Margin1.5%

Net Margin1.2%

FCF Margin1.4%

True FCF Margin1.4%

Quality & Dilution

Cash Conversion120%

Accrual Ratio−1.7%

SBC % of FCF4.3%

SBC % of Rev0.1%

Reinvest. Rate9%

Sales Growth Y/Y+12.4%

Sales 3Y CAGR+13.4%

EPS Growth Y/Y+49.2%

FCF Growth Y/Y+3.1%

FCF 3Y CAGR+6.2%

Share Change Y/Y−3.1%

Balance Sheet & Scale

Revenue (FY)$403.4B

Gross Profit (FY)$14.6B

Oper. Income (FY)$6.2B

GAAP Net Income$4.8B

True FCF (ex-SBC)$5.5B

Cash & Equiv$4.1B

Total Debt$8.3B

Net Cash (Debt)$-4.2B

Net Cash % MCap−3.4%

Debt / FCF (yrs)1.4y

Current Ratio0.85115.46M sh

Price & Technicals (EOD)

Perf Week—

Perf Month—

Perf Quarter—

Perf Half Y—

Perf YTD—

SMA 20 Dist—

SMA 50 Dist—

SMA 100 Dist—

Window High—

Window Low—

RSI (14) · Vol—

Income Distribution & Cash Flow ConversionHow every dollar of MCK revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2026)

Cost of Revenue (COGS)$388.9B ($96.4 / $100)

R&D Reinvestment$96.0M ($0.0 / $100)

SG&A & Other OpEx$8.2B ($2.0 / $100)

Tax & Non-Operating$1.4B ($0.4 / $100)

Net Profit Kept$4.8B ($1.2 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2026)

GAAP Net Income$4.8B (1.2% margin)

Operating Cash Flow (OCF)$6.2B(1.5% of rev)

Less: Capital Expenditures−$436.0M(0.1% of rev)

Standard Free Cash Flow (FCF)$5.7B(1.4% margin)

Less: Stock-Based Comp (SBC)−$247.0M(4.3% of FCF)

True FCF (Owner Cash ex-SBC)$5.5B(1.4% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2022	FY2023	FY2024	FY2025	FY2026	YoY Δ	4Y CAGR
Income Statement
Revenue	$264.0B	$276.7B	$309.0B	$359.1B	$403.4B	+12.4%	+11.2%
Cost of Revenue (COGS)	$250.8B	$264.4B	$296.1B	$345.7B	$388.9B	+12.5%	+11.6%
Gross Profit	$13.1B	$12.4B	$12.8B	$13.3B	$14.6B	+9.2%	+2.6%
Research & Development (R&D)	—	—	—	—	$96.0M	—	—
Selling, General & Admin (SG&A)	$10.5B	$7.8B	$8.7B	$8.5B	$8.1B	−4.8%	−6.4%
Total Operating Expenses	$11.1B	$8.0B	$8.9B	$8.9B	$8.3B	−6.3%	−6.9%
Operating Income (EBIT)	$2.0B	$4.4B	$3.9B	$4.4B	$6.2B	+40.5%	+32.1%
Interest Expense	$178.0M	$248.0M	$252.0M	$265.0M	$247.0M	−6.8%	+8.5%
Income Tax Expense	$636.0M	$905.0M	$629.0M	$878.0M	$1.1B	+25.5%	+14.7%
GAAP Net Income	$1.1B	$3.6B	$3.0B	$3.3B	$4.8B	+44.5%	+43.8%
Diluted EPS	$7.23	$25.03	$22.39	$25.72	$38.38	+49.2%	+51.8%
Diluted Shares	154.1M	142.2M	134.1M	128.1M	124.1M	−3.1%	−5.3%
Balance Sheet
Cash & Equivalents	$3.9B	$4.7B	$4.6B	$6.0B	$4.1B	−31.7%	+0.8%
Inventory	$18.7B	$19.7B	$21.1B	$23.0B	$24.2B	+5.2%	+6.7%
Total Current Assets	$46.2B	$44.3B	$48.0B	$55.4B	$57.2B	+3.3%	+5.5%
Total Assets	$63.3B	$62.3B	$67.4B	$75.1B	$82.3B	+9.6%	+6.8%
Total Current Liabilities	$48.5B	$48.0B	$52.4B	$61.6B	$67.0B	+8.8%	+8.4%
Total Debt (Short + Long Term)	$7.6B	$7.4B	$7.4B	$7.4B	$8.3B	+11.8%	+2.1%
Stockholders' Equity	$-1.8B	$-1.5B	$-1.6B	$-1.7B	$-1.8B	−4.9%	—
Net Cash / (Net Debt)	$-3.7B	$-2.7B	$-2.8B	$-1.5B	$-4.2B	−189.3%	—
Invested Capital	$1.9B	$1.2B	$1.2B	$-236.0M	$2.4B	+1134.3%	+6.3%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$4.4B	$5.2B	$4.3B	$6.1B	$6.2B	+1.2%	+8.5%
Depreciation & Amortization (D&A)	$312.0M	$272.0M	$279.0M	$272.0M	$287.0M	+5.5%	−2.1%
Stock-Based Compensation (SBC)	$161.0M	$162.0M	$182.0M	$226.0M	$247.0M	+9.3%	+11.3%
Capital Expenditures (CapEx)	$388.0M	$390.0M	$431.0M	$537.0M	$436.0M	−18.8%	+3.0%
Free Cash Flow (FCF)	$4.0B	$4.8B	$3.9B	$5.5B	$5.7B	+3.1%	+9.0%
True FCF (ex-SBC Owner Cash)	$3.9B	$4.6B	$3.7B	$5.3B	$5.5B	+2.8%	+8.9%
Share Repurchases (Buybacks)	$3.5B	$3.6B	$3.0B	$3.1B	$4.8B	+51.0%	+7.8%
Dividends Paid	$277.0M	$292.0M	$314.0M	$345.0M	$381.0M	+10.4%	+8.3%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what MCK did at the next close after each story

Aug 31

Hackers claim millions of patient records stolen during data breach at healthcare giant McKesson

TechCrunch · 2:10 PM ET

−0.90%

Aug 25

McKesson agrees to acquire Precision Medicine for $2.25B

Investing.com · 5:22 PM ET

−0.93%

What happened · big days

16 big days in a year, and what we hold on each

A big day is a close more than 3.12% from the one before, three times MCK’s median day (1.04%). On 6 of the 16, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.12%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayMCKWhat we hold that dayGroup (median of 4) · each

1 Dec 2, 2025−3.17%
Before our storiesgroup −1.4%, did not move with it
1Dec 2, 2025−3.17%
Before our stories
−1.4% did not move with itCOR −2.6 · HLF −1.4 · CAH −1.4 · NUS +1.2
2 Feb 4, 2026−3.42%
Before our storiesgroup −2.6%, moved with MCK
2Feb 4, 2026−3.42%
Before our stories
−2.6% moved with MCKCOR −8.8 · CAH −5.1 · HLF −0.1 · NUS +0.5
3 Feb 5, 2026+16.52%
Resultsgroup +3.8%, did not move with it
3Feb 5, 2026+16.52%
ResultsFirst close after the Feb 4 results filing
+3.8% did not move with itCAH +9.8 · COR +6.7 · NUS +1.0 · HLF −1.4
4 Feb 12, 2026−3.90%
Before our storiesgroup −3.5%, moved with MCK
4Feb 12, 2026−3.90%
Before our stories
−3.5% moved with MCKCAH −4.1 · COR −4.0 · HLF −2.9 · NUS +0.4
5 Mar 5, 2026−4.84%
Before our storiesgroup −2.8%, moved with MCK
5Mar 5, 2026−4.84%
Before our stories
−2.8% moved with MCKHLF −6.0 · CAH −3.2 · COR −2.4 · NUS +0.5
6 May 6, 2026−7.16%
Before our storiesgroup −1.3%, did not move with it
6May 6, 2026−7.16%
Before our stories
−1.3% did not move with itCOR −17.4 · CAH −2.8 · NUS +0.1 · HLF +1.1
7 Jun 18, 2026−3.74%
Nothing on MCKgroup −0.6%, did not move with it
7Jun 18, 2026−3.74%
Nothing on MCKNo MCK story, brief or results filing in our record that day
−0.6% did not move with itCAH −2.0 · COR −1.9 · NUS +0.8 · HLF +2.4
8 Jul 9, 2026−3.16%
Nothing on MCKgroup −0.2%, did not move with it
8Jul 9, 2026−3.16%
Nothing on MCKNo MCK story, brief or results filing in our record that day
−0.2% did not move with itCOR −2.3 · CAH −1.4 · NUS +1.0 · HLF +2.6
9 Jul 16, 2026+5.65%
Nothing on MCKgroup +2.8%, did not move with it
9Jul 16, 2026+5.65%
Nothing on MCKNo MCK story, brief or results filing in our record that day
+2.8% did not move with itNUS +4.3 · COR +3.9 · CAH +1.7 · HLF −0.8
10 Jul 28, 2026+4.64%
Nothing on MCKgroup +2.4%, moved with MCK
10Jul 28, 2026+4.64%
Nothing on MCKNo MCK story, brief or results filing in our record that day
+2.4% moved with MCKHLF +3.0 · COR +2.7 · NUS +2.1 · CAH +1.4
11 Aug 3, 2026−3.39%
Nothing on MCKgroup +0.9%, did not move with it
11Aug 3, 2026−3.39%
Nothing on MCKNo MCK story, brief or results filing in our record that day
+0.9% did not move with itCOR −0.9 · NUS −0.6 · CAH +2.4 · HLF +2.5
12 Aug 5, 2026+5.64%
Nothing on MCKgroup +0.4%, did not move with it
12Aug 5, 2026+5.64%
Nothing on MCKNo MCK story, brief or results filing in our record that day
+0.4% did not move with itCOR +3.6 · CAH +2.4 · HLF −1.6 · NUS −2.1
13 Aug 25, 2026+3.58%
Nothing on MCKgroup +2.0%, moved with MCK
13Aug 25, 2026+3.58%
Nothing on MCKNo MCK story, brief or results filing in our record that day
+2.0% moved with MCKHLF +2.7 · CAH +2.4 · NUS +1.7 · COR +1.3
14 Sep 14, 2026+3.34%
Nothing on MCKgroup +0.3%, did not move with it
14Sep 14, 2026+3.34%
Nothing on MCKNo MCK story, brief or results filing in our record that day
+0.3% did not move with itCOR +1.4 · NUS +0.4 · HLF +0.3 · CAH +0.1
15 Oct 1, 2026+5.27%
Nothing on MCKgroup +2.2%, did not move with it
15Oct 1, 2026+5.27%
Nothing on MCKNo MCK story, brief or results filing in our record that day
+2.2% did not move with itCAH +3.4 · COR +3.2 · HLF +1.2 · NUS +0.4
16 Nov 4, 2026+6.98%
Nothing on MCKgroup +5.1%, moved with MCK
16Nov 4, 2026+6.98%
Nothing on MCKNo MCK story, brief or results filing in our record that day
+5.1% moved with MCKHLF +6.5 · NUS +6.2 · COR +4.0 · CAH +3.5

A story on the same day is not a cause, and a group move is not proof either. Group: the median of COR, CAH, HLF and NUS that day, the largest companies in MCK’s SEC industry; “moved with MCK” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). MCK reports after the close, so day 1 is the next close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Nov 5, 2025

day 1+1.70%day 6+0.23%

Reported Feb 4, 2026

day 1+16.52%day 6+11.44%

Reported May 7, 2026

day 1−2.47%day 6+0.77%

Reported Aug 5, 2026

day 1−0.67%day 6−2.34%

Next report: expected early FebruaryEstimated from the dates of its last four results filings. Not announced. Four reports is a small sample.

Every report since 2023 →

Each line is MCK’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

MCK against four same-industry peers, a year at 100

MCK is up 25.5% in a year. Herbalife is up 63.9% and Cardinal Health 28.6%. Of these four, Cencora (−1.9%) and Nu Skin Enterprises (−50.3%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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MCK +25.5%. Herbalife +63.9%, Cardinal Health +28.6%, Cencora −1.9%, Nu Skin Enterprises −50.3%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in MCK’s SEC industry (Wholesale-Drugs, Proprietaries & Druggists' Sundries) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

COR	Cencora	$67.6B	−4.05%
CAH	Cardinal Health	$60.9B	+2.25%
HLF	Herbalife	$1.6B	−2.68%
NUS	Nu Skin Enterprises	$243M	−9.22%
MEDS	DataMeds AI	$187M	−18.12%
ZSTK	ZeroStack	$47M	−5.17%
COSM	Cosmos Health	$18M	−11.51%
ESYN	EnerSyn Global	$12M	+0.67%