COR
Cencora, Inc.
COR has the edge over NVO overall, supported by lower modeled downside and stronger fundamentals.
NVO
Novo Nordisk A/S
NVO offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
COR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Stable |
COR's profitability is currently healthy, and its revenue, cash flow and balance sheet are stable.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
COR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 18x | $237 | -32% |
| Forward | 18x | $349 | — |
| Fair | 24x | $320 | -8.3% |
| Current | 26x | $349 | — |
| Expensive | 33x | $450 | +29% |
Historical ranges are pointers, not guarantees.
COR's PE is in its expensive range at 26x. If earnings grow as analysts expect, today's price would be 18x next year's earnings, in its cheap range.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over COR in the historical PE scenario, which offers more potential upside but is not a forecast.
COR Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Stable | |
| Limited | |
| High |
Analysts expect COR's earnings to grow, with its revenue and profitability holding steady.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
COR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $19.77 | +47% |
| Q2 2026 | $13.47 | +38% |
| Q1 2026 | $13.05 | +51% |
| Q4 2025 | $8.33 | +18% |
COR has the edge over NVO in the latest year-over-year earnings comparison.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO's earnings per share have climbed steadily: $3.89 over the past year, up 4.9% from the year before, and higher year over year every quarter since late 2020.
COR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $88.4B | +5.5% |
| Q2 2026 | $84.8B | +5.1% |
| Q1 2026 | $78.4B | +3.8% |
| Q4 2025 | $85.9B | +5.5% |
COR has the edge over NVO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 1.3% | +0.2 points |
| Q1 2026 | 1.5% | +0.1 points |
| Q4 2025 | 0.9% | 0 points |
| Q3 2025 | 0% | N/A |
| Q2 2025 | 1.1% | N/A |
| Q1 2025 | 1.4% | N/A |
| Q4 2024 | 0.9% | N/A |
COR's operating margin was 1.3% last quarter, about level with the same quarter a year ago.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over COR on profitability, with a higher operating margin.
COR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $2.4B | +$2.5B |
| Q1 2026 | $1.2B | -64% |
| Q4 2025 | -$2.4B | +$400.1M |
COR and NVO do not have enough comparable growth data to identify a winner.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
COR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -1.4M shares |
| 1 year | -0.7% | -1.3M shares |
COR has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $1B |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $71,000 |
| Q2 2025 | — |
| Q1 2025 | $50M |
| Q4 2024 | $385.4M |
COR spent $1B buying back its own shares over the past year.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has 4.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
COR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.2x | Moderate |
| Q1 2026 | 2.7x | Moderate |
| Q4 2025 | 1.7x | Healthy |
| Q3 2025 | 0.9x | Very low |
| Q2 2025 | 1.6x | Healthy |
| Q1 2025 | 1.6x | Healthy |
| Q4 2024 | 1.6x | Healthy |
COR's net debt is about 2.2 years of its operating earnings (EBITDA), up from 1.6 years a year ago.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO has the edge over COR on leverage, with a lower net debt burden relative to earnings.
COR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.7 | Neutral |
| Stochastic | 68.6 | Neutral |
COR's weekly RSI is 64 (neutral) and its Stochastic is 69 (neutral).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
COR PE vs Healthcare Sector
| Metric | COR | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 26x | 0.3% above |
| PE % | 68 | 29 | 39 pts above |
COR is trading at 26x earnings, in line with the Healthcare sector's median of 26x.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over COR on valuation relative to its sector.
COR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $328.2 | 6.5% above |
| 20 week MA | $319.5 | 9.3% above |
| 50 week MA | $321.3 | 8.7% above |
| 100 week MA | $304.2 | 15% above |
| 200 week MA | $255.0 | 37% above |
COR has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
COR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $84.9 | $97.0 | +14% |
| 2021 | $97.0 | $129.5 | +34% |
| 2022 | $129.5 | $170.0 | +31% |
| 2023 | $170.0 | $205.4 | +21% |
| 2024 | $205.4 | $226.9 | +10% |
| 2025 | $226.9 | $341.1 | +50% |
| 2026 YTD | $341.1 | $349.4 | +2.4% |
COR has the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.