Cencora Inc (COR) is slightly overvalued and Mckesson Corp (MCK) is undervalued.
Against our estimates of intrinsic value, MCK trades at the wider discount: a margin of safety of +29%, against -20% for COR.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.1% (average of 3 methods) values the shares at $262.24; the price of $314.43 is 20% above that value, and 80% of that value comes from beyond year five.
Leak Score 57/100 on 10 of 12 signals
Discounting its cash flows at 7.5% (average of 3 methods) values the shares at $1250.61; the price of $891.23 is 29% below that value, and 82% of that value comes from beyond year five.
Leak Score 78/100 on 8 of 12 signals
| Metric | COR | MCK |
|---|---|---|
| Verdict | Slightly overvalued | Undervalued |
| Price | $314.43 | $891.23 |
| Intrinsic value | $262.24 | $1250.61 |
| Margin of safety | -20% | +29% |
| Leak Score | 57/100 (10/12) | 78/100 (8/12) |
| Market cap | $60.0B | $103.9B |
| Revenue growth, 5 years | 11.1% | 11.1% |
| Operating margin | 1.3% | 1.6% |
| Net margin | 0.8% | 1.1% |
| Return on equity | 104.3% | — |
| Debt to equity | 3.84 | — |
| P/E | 23.4x | 23.9x |
| Forward P/E | 15.9x | 17.6x |
| P/B | 19.7x | — |
| Dividend yield | 0.8% | 0.4% |