Explain this page
Arphra AIPlain-English read on Cardinal Health, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
BSolid
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin3.7%
Operating margin1.0%
Net margin0.7%
ROE-59.3%
ROA2.9%
ROIC59.9%
Liquidity & leverage
Current ratio0.94×
Quick ratio0.50×
Debt / equity-3.55×
Net debt / EBITDA1.76×
Interest coverage11×
Efficiency & per-share
Asset turnover4.19×
Inventory days29
Days sales out.22
FCF / share$7.64
Book value / share$-10.88
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $23.95B | $40.49B | — | — | — | — |
| Enterprise value | — | — | — | $24.43B | $45.96B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 0.11 | 0.21 | — | — | — | — |
| EV / FCF | — | — | — | 7.51 | 24.84 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +3.56% | +3.86% | — | — | — | — |
| Free cash flow yield | — | — | — | +13.57% | +4.57% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +4.17% | +3.58% | +3.36% | +3.27% | +3.67% | +3.39% | +3.37% | +3.49% | +3.35% |
| Operating margin | +0.29% | -0.33% | +0.37% | +0.55% | +1.02% | +0.65% | +0.63% | +0.66% | +0.64% |
| EBITDA margin | +0.79% | +0.03% | +0.70% | +0.86% | +1.40% | +0.99% | +0.99% | +1.01% | +0.97% |
| EBIT margin | +0.31% | -0.35% | +0.36% | +0.55% | +1.04% | +0.65% | +0.64% | +0.66% | +0.66% |
| Pre-tax margin | +0.20% | -0.43% | +0.32% | +0.53% | +0.94% | +0.62% | +0.61% | +0.60% | +0.61% |
| Net margin | +0.38% | -0.52% | +0.16% | +0.38% | +0.70% | +0.41% | +0.41% | +0.42% | +0.40% |
| Cost structure | |||||||||
| Cost of revenue / sales | +95.83% | +96.42% | +96.65% | +96.73% | +96.33% | +98.91% | +95.98% | +98.53% | +97.30% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +2.79% | +2.49% | +2.34% | +2.20% | +2.42% | +2.35% | +2.27% | +2.32% | +2.25% |
| Effective tax rate | -89.47% | — | +50.08% | +28.98% | +25.32% | +33.51% | +34.79% | +35.55% | +35.05% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +34.06% | +132.86% | -11.16% | -26.53% | -59.26% | -29.91% | -29.74% | -30.56% | -30.37% |
| Return on assets (ROA) | +1.37% | -2.14% | +0.76% | +1.89% | +2.94% | +1.84% | +1.94% | +2.00% | +1.88% |
| Return on capital (ROC) | +5.55% | -11.90% | +33.89% | +51.86% | +33.90% | +36.09% | +37.22% | +38.80% | +35.55% |
| Return on invested capital (ROIC) | +7.18% | -8.93% | +14.87% | +35.54% | +23.26% | +22.83% | +24.35% | +24.76% | +22.22% |
| Asset turnover | +365.48% | +413.25% | +472.86% | +502.71% | +418.99% | +450.75% | +469.40% | +476.37% | +467.79% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +0.38% | -0.52% | +0.16% | +0.38% | +0.70% | +0.41% | +0.41% | +0.42% | +0.40% |
| Asset turnover (× revenue / assets) | +365.48% | +413.25% | +472.86% | +502.71% | +418.99% | +450.75% | +469.40% | +476.37% | +467.79% |
| Equity multiplier (× assets / equity) | +2477.87% | -6215.01% | -1465.98% | -1404.76% | -2016.78% | -1624.67% | -1535.12% | -1525.20% | -1613.58% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 3.65 | 4.13 | 4.73 | 5.03 | 4.19 | 4.51 | 4.69 | 4.76 | 4.68 |
| Fixed-asset turnover | 68.84 | 76.80 | 83.29 | 89.69 | 77.88 | — | — | — | — |
| Inventory turnover | 10.67 | 11.18 | 12.29 | 14.67 | 12.74 | — | — | — | — |
| Receivables turnover | 17.85 | 17.17 | 18.45 | 18.77 | 16.81 | — | — | — | — |
| Payables turnover | 6.57 | 6.45 | 6.62 | 6.91 | 6.18 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 20.45 | 21.26 | 19.78 | 19.45 | 21.72 | — | — | — | — |
| Days inventory outstanding (DIO) | 34.21 | 32.64 | 29.70 | 24.88 | 28.65 | — | — | — | — |
| Days payables outstanding (DPO) | 55.56 | 56.63 | 55.15 | 52.83 | 59.09 | — | — | — | — |
| Cash conversion cycle | -0.90 | -2.73 | -5.67 | -8.51 | -8.73 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 3.98 | -3.33 | 8.62 | 4.42 | 1.54 | 3.40 | 3.28 | 3.20 | 3.40 |
| FCF / Net income | 3.32 | -2.92 | 7.16 | 3.82 | 1.19 | 2.86 | 2.77 | 2.77 | 2.76 |
| FCF margin | +1.25% | +1.51% | +1.15% | +1.43% | +0.83% | +1.17% | +1.14% | +1.17% | +1.11% |
| OCF margin | +1.50% | +1.72% | +1.39% | +1.66% | +1.08% | +1.39% | +1.35% | +1.34% | +1.37% |
| CapEx / Revenue | +0.25% | +0.21% | +0.23% | +0.23% | +0.25% | +0.23% | +0.24% | +0.24% | +0.23% |
| CapEx / D&A | 0.51 | 0.54 | 0.70 | 0.72 | 0.69 | — | — | — | — |
| Stock-based comp / Revenue | +0.05% | 0.00% | +0.05% | +0.05% | +0.11% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.08 | -3.34 | 1.26 | 3.45 | 6.45 | 10.77 | 12.01 | 13.52 | 15.02 |
| EPS · basic | 2.09 | -3.34 | 1.26 | 3.48 | 6.48 | 10.70 | 12.08 | 13.49 | 15.07 |
| Book value / share | 6.10 | -2.53 | -11.29 | -13.00 | -10.88 | -14.34 | -15.89 | -16.93 | -17.57 |
| Tangible BV / share | -28.23 | -29.87 | -34.51 | -39.12 | -61.20 | -14.34 | -15.89 | -16.93 | -17.57 |
| Sales / share | 552.61 | 649.91 | 782.36 | 918.33 | 919.74 | 1050.28 | 1145.18 | 1229.80 | 1325.88 |
| Operating CF / share | 8.26 | 11.19 | 10.85 | 15.23 | 9.90 | 14.57 | 15.48 | 16.53 | 18.14 |
| Free cash flow / share | 6.90 | 9.80 | 9.02 | 13.16 | 7.64 | 12.27 | 13.08 | 14.35 | 14.71 |
| Dividends / share | 1.95 | 2.00 | 2.00 | 2.02 | 2.04 | 2.38 | 2.72 | 2.81 | 3.11 |
| Payout ratio | +93.78% | -59.59% | +159.09% | +58.57% | +31.65% | +55.57% | +57.58% | +54.27% | +58.37% |
| Retention ratio | +6.22% | +159.59% | -59.09% | +41.43% | +68.35% | +44.43% | +42.42% | +45.73% | +41.63% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +11.61% | +13.04% | +10.66% | -1.87% | +15.04% | +8.23% | +7.98% | +7.86% | +8.96% |
| Gross profit · YoY | — | -4.34% | +6.25% | +7.62% | +10.17% | +6.37% | +7.44% | +12.00% | +3.47% | +6.02% |
| Profit | ||||||||||
| Operating income · YoY | — | -228.60% | +223.89% | +65.29% | +83.02% | -27.33% | +5.73% | +12.85% | +5.33% | +20.35% |
| EBITDA · YoY | — | -95.72% | +2516.36% | +36.34% | +58.31% | -18.36% | +8.30% | +10.23% | +3.88% | +11.83% |
| Net income · YoY | — | -253.52% | +135.18% | +158.18% | +83.22% | -33.00% | +9.35% | +10.04% | +3.19% | +9.88% |
| Operating | ||||||||||
| EBIT · YoY | — | -226.64% | +217.27% | +67.60% | +84.98% | -28.20% | +6.87% | +11.91% | +6.44% | +19.68% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -260.58% | +137.72% | +173.81% | +86.96% | +66.95% | +11.50% | +12.57% | +11.14% | +28.04% |
| EPS · basic · YoY | — | -259.81% | +137.72% | +176.19% | +86.21% | +65.13% | +12.90% | +11.66% | +11.71% | +28.01% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $6.72B | $5.81B | $5.18B | $5.61B | $9.35B | $8.08B | $8.54B | $9.2B | $10.12B |
| Net debt | $3.31B | $1.09B | $1.1B | $476M | $5.47B | $3.11B | $3.1B | $3.13B | $3.57B |
| Net debt / EBITDA | 2.57 | 19.78 | 0.76 | 0.24 | 1.76 | 1.23 | 1.13 | 1.03 | 1.13 |
| Debt / equity | 3.74 | -8.22 | -1.75 | -1.75 | -3.55 | -2.31 | -2.22 | -2.23 | -2.37 |
| Debt / assets | +15.11% | +13.23% | +11.94% | +12.43% | +17.59% | +14.22% | +14.47% | +14.65% | +14.67% |
| Equity / assets | +4.04% | -1.61% | -6.82% | -7.12% | -4.96% | -6.16% | -6.51% | -6.56% | -6.20% |
| Coverage | |||||||||
| EBITDA / interest expense | 7.14 | 0.37 | 17.13 | 38.47 | 14.45 | 18.85 | 18.50 | 19.48 | 18.31 |
| Operating income / interest | 2.62 | -4.13 | 8.95 | 24.37 | 10.58 | 12.29 | 11.78 | 12.69 | 12.09 |
| Interest expense | $180M | $147M | $84M | $51M | $215M | $134.54M | $148.44M | $155.39M | $171.78M |
| Liquidity | |||||||||
| Current ratio | 1.12 | 1.08 | 1.00 | 0.98 | 0.94 | — | — | — | — |
| Quick ratio | 0.45 | 0.50 | 0.45 | 0.48 | 0.44 | — | — | — | — |
| Cash ratio | 0.12 | 0.15 | 0.12 | 0.14 | 0.10 | — | — | — | — |
| Working capital | $3.42B | $2.39B | -$3M | -$756M | -$2.52B | — | — | — | — |
| Working capital / revenue | +2.11% | +1.32% | -0.00% | -0.33% | -1.13% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 0.21x | 0.11x |
| Earnings yield | 3.9% | 3.6% |
| FCF yield | 4.6% | 13.6% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | -56.1% | -26.5% |
| ROA | 2.9% | 1.9% |
| ROIC | 11.4% | 8.8% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 1.76 | 0.24 |
| Interest coverage | — | — |
| Current ratio | 0.94x | 0.98x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).