Cardinal Health, Inc. (CAH)
Cardinal Health distributes pharmaceuticals and manufactures medical and laboratory products.
CAH vs MCK: how the two businesses compare
- Bigger business: MCK, with $403.4B of yearly revenue, about 1.8× CAH's $222.6B.
- More cash from each sale: MCK turns 2 cents of each sales dollar into operating cash flow, against 1 cents at CAH.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
McKesson (MCK) is the larger business by reported revenue: $403.4B in its fiscal year ended Mar 2026, about 1.8× CAH's $222.6B (fiscal year ended Jun 2025). CAH's net margin was 0.7% and MCK's 1.2%. Both file with the SEC under the same industry code, SIC 5122 (Wholesale-Drugs, Proprietaries & Druggists' Sundries).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Health Care
- Wholesale-Drugs, Proprietaries & Druggists' Sundries
- Same classification
- Different
- CAH June 30 · MCK March 31
- Aug 11, 2026
CAH vs MCK: quick comparison
| Company fact | CAH | MCK |
|---|---|---|
| Company | Cardinal Health, Inc. | McKesson Corporation |
| Exchange | NYSE | NYSE |
| SEC industry | Wholesale-Drugs, Proprietaries & Druggists' Sundries | Wholesale-Drugs, Proprietaries & Druggists' Sundries |
| Fiscal year-end | June 30 | March 31 |
| Latest annual filing | 10-K · 2026-08-11 | 10-K · 2026-05-08 |
CAH vs MCK: audited financials
- Scale: MCK's $403.4B of revenue is about 1.8× CAH's $222.6B.
- Net margin: nearly identical at 0.7% (CAH) and 1.2% (MCK).
- Cash conversion: operating cash flow equalled CAH 1.1% of revenue, or 1.54× net income; MCK 1.5% of revenue, or 1.29× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 9 months apart (2025-06-30 for CAH, 2026-03-31 for MCK), so each figure reflects somewhat different demand and cost conditions.
| Metric | CAH | MCK |
|---|---|---|
| Revenue | $222.6B2024-07-01 to 2025-06-30 · SEC filing | $403.4B2025-04-01 to 2026-03-31 · SEC filing |
| Net income | $1.6B2024-07-01 to 2025-06-30 · SEC filing | $4.8B2025-04-01 to 2026-03-31 · SEC filing |
| Operating cash flow | $2.4B2024-07-01 to 2025-06-30 · SEC filing | $6.2B2025-04-01 to 2026-03-31 · SEC filing |
| Diluted EPS | $6.452024-07-01 to 2025-06-30 · SEC filing | $38.382025-04-01 to 2026-03-31 · SEC filing |
| Net margin | 0.7%2024-07-01 to 2025-06-30 · SEC filing | 1.2%2025-04-01 to 2026-03-31 · SEC filing |
CAH: FY ending 2025-06-30 · MCK: FY ending 2026-03-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where CAH and MCK overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 5122, Wholesale-Drugs, Proprietaries & Druggists' Sundries.
Differences
- Offset fiscal calendars: CAH's year ends June 30 and MCK's March 31, about 9 months apart.
- Scale: MCK reported about 1.8× the annual revenue of CAH.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
McKesson Corporation (MCK)
McKesson distributes pharmaceuticals and medical supplies to pharmacies, hospitals, and providers.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves CAH
We have not yet published a company-specific driver list for CAH. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-08-11.
What moves MCK
We have not yet published a company-specific driver list for MCK. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-05-08.
The investment question
You now know MCK reports about 1.8× CAH's revenue, and MCK keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about the wholesale-drugs, proprietaries & druggists' sundries cycle, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. CAH's fiscal year ends June 30, while MCK's ends March 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 7 matched transaction rows for CAH and 26 matched transaction rows for MCK. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
CAH primary filings
MCK primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving CAH or MCK
CAH vs MCK FAQs
Are CAH and MCK direct competitors?
Cardinal Health and McKesson share the SEC industry classification “Wholesale-Drugs, Proprietaries & Druggists' Sundries.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is CAH or MCK the bigger company by revenue?
McKesson (MCK) is the larger business by reported revenue: $403.4B in its fiscal year ended Mar 2026, about 1.8× CAH's $222.6B (fiscal year ended Jun 2025). CAH's net margin was 0.7% and MCK's 1.2%. Both file with the SEC under the same industry code, SIC 5122 (Wholesale-Drugs, Proprietaries & Druggists' Sundries). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, CAH or MCK?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this CAH vs MCK comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Cardinal Health, Inc. and McKesson Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
CAH vs MCK compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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