# Medical Distribution — company-by-company sector analysis

> Medical Distribution: McKesson Corporation owns the largest revenue base; Cardinal Health, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Medical Distribution has outperformed S&P 500 by 40.3% over 52 weeks and 6.4% over 13 weeks. 4 of 7 covered companies beat the S&P 500 on Mansfield relative strength, while 1 of 7 beat the sector itself. McKesson Corporation leads with revenue of $403,430 million, based on 6 of 8 comparable companies through Mar 2026.

### Is the Medical Distribution sector outperforming S&P 500?

Medical Distribution has outperformed S&P 500 by 40.3% over 52 weeks and 6.4% over 13 weeks. 4 of 7 covered companies beat the S&P 500 on Mansfield relative strength, while 1 of 7 beat the sector itself.

### Which Medical Distribution company is largest by revenue?

McKesson Corporation leads with revenue of $403,430 million, based on 6 of 8 comparable companies through Mar 2026.

### Which Medical Distribution company is growing fastest?

Cardinal Health, Inc. has the fastest current revenue growth at 12.8%, across 6 of 8 comparable companies.

### Which Medical Distribution company has the strongest 4-Factor Sector Score?

McKesson Corporation ranks first at 71.7/100 with 80.5% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Medical Distribution company reports the most CAPEX?

Cencora, Inc. reports the largest latest CAPEX at $166 million, with 8 of 8 companies comparable.

### Which Medical Distribution company has the least gross debt?

Empro Group Inc. has the lowest comparable gross debt at $2 million. Cencora, Inc. has the highest at $12,386 million.

### Which Medical Distribution company has the lowest comparable PEG?

McKesson Corporation has the lowest comparable Guarded PEG at 0.46, among 4 of 8 companies that pass the metric’s comparability rules.

### How much history does this Medical Distribution comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Medical Distribution has outperformed S&P 500 by 40.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 6.4%. 4 of 7 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. EDAP TMS S.A. is the strongest against the sector itself at +46.7%.

13-week sector return versus NIFTY 500: 6.4%
52-week sector return versus NIFTY 500: 40%
Stocks leading NIFTY: 4/7
Stocks leading sector: 1/7

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 8
Combined market value: ₹2.3 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. McKesson Corporation (MCK): 72/100 — Favorable setup; evidence 81%
   - Growth & earnings 28.7/35 | Capital efficiency 15.3/25 | Valuation 15.9/20 | Relative strength 11.8/20
   - Exact sum: 28.7 + 15.3 + 15.9 + 11.8 = 71.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Cencora, Inc. (COR): 55/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 19.6/35 | Capital efficiency 10.8/25 | Valuation 15.3/20 | Relative strength 9.0/20
   - Exact sum: 19.6 + 10.8 + 15.3 + 9 = 54.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Cardinal Health, Inc. (CAH): 47/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 9.9/35 | Capital efficiency 7.7/25 | Valuation 13.1/20 | Relative strength 15.9/20
   - Exact sum: 9.9 + 7.7 + 13.1 + 15.9 = 46.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 9.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Henry Schein, Inc. (HSIC): 46/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 11.4/35 | Capital efficiency 14.1/25 | Valuation 6.5/20 | Relative strength 13.8/20
   - Exact sum: 11.4 + 14.1 + 6.5 + 13.8 = 45.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 6.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. EDAP TMS S.A. (FOCL): 45/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 15.0/35 | Capital efficiency 4.8/25 | Valuation 8.5/20 | Relative strength 17.0/20
   - Exact sum: 15 + 4.8 + 8.5 + 17 = 45.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 63.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Accendra Health, Inc. (ACH): 33/100 — Adverse evidence; evidence 62%
   - Growth & earnings 12.0/35 | Capital efficiency 6.9/25 | Valuation 9.1/20 | Relative strength 4.5/20
   - Exact sum: 12 + 6.9 + 9.1 + 4.5 = 32.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Empro Group Inc. (EMPG): 56/100 — Thin evidence · provisional; evidence 18%
   - Growth & earnings 18.8/35 | Capital efficiency 16.9/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 18.8 + 16.9 + 10 + 10 = 55.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Akso Health Group (AHG): 38/100 — Thin evidence · provisional; evidence 30%
   - Growth & earnings 17.5/35 | Capital efficiency 7.8/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 17.5 + 7.8 + 10 + 3 = 38.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: McKesson Corporation is the scale leader at $403,430 million, 22.7% ahead of Cencora, Inc.. Cardinal Health, Inc.'s growth is 12.8% from a $250,735 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: McKesson Corporation is the scale benchmark; Cardinal Health, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: McKesson Corporation's growth falls below Cardinal Health, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: McKesson Corporation · $403,430 million | 22.7% versus #2 · Cencora, Inc. | 8/8 recent comparable periods | 6/8 companies · 132 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. McKesson Corporation (MCK): ₹4.0 L Cr
2. Cencora, Inc. (COR): ₹3.3 L Cr
3. Cardinal Health, Inc. (CAH): ₹2.5 L Cr
4. Henry Schein, Inc. (HSIC): ₹13.4K Cr
5. Accendra Health, Inc. (ACH): ₹2.7K Cr

### Revenue growth — fastest growers
1. Cardinal Health, Inc. (CAH): 13%
2. McKesson Corporation (MCK): 12%
3. EDAP TMS S.A. (FOCL): 12%
4. Cencora, Inc. (COR): 6.0%
5. Henry Schein, Inc. (HSIC): 5.6%

### 20-quarter Revenue history
- MCK: Jun 2021 ₹62.7K Cr | Sep 2021 ₹66.6K Cr | Dec 2021 ₹68.6K Cr | Mar 2022 ₹66.1K Cr | Jun 2022 ₹67.2K Cr | Sep 2022 ₹70.2K Cr | Dec 2022 ₹70.5K Cr | Mar 2023 ₹68.9K Cr | Jun 2023 ₹74.5K Cr | Sep 2023 ₹77.2K Cr | Dec 2023 ₹80.9K Cr | Mar 2024 ₹76.4K Cr | Jun 2024 ₹79.3K Cr | Sep 2024 ₹93.7K Cr | Dec 2024 ₹95.3K Cr | Mar 2025 ₹90.8K Cr | Jun 2025 ₹97.8K Cr | Sep 2025 ₹1.0 L Cr | Dec 2025 ₹1.1 L Cr | Mar 2026 ₹96.3K Cr
- COR: Jun 2021 ₹53.4K Cr | Sep 2021 ₹58.9K Cr | Dec 2021 ₹59.6K Cr | Mar 2022 ₹57.7K Cr | Jun 2022 ₹60.1K Cr | Sep 2022 ₹61.2K Cr | Dec 2022 ₹62.8K Cr | Mar 2023 ₹63.5K Cr | Jun 2023 ₹66.9K Cr | Sep 2023 ₹68.9K Cr | Dec 2023 ₹72.3K Cr | Mar 2024 ₹68.4K Cr | Jun 2024 ₹74.2K Cr | Sep 2024 ₹79.1K Cr | Dec 2024 ₹81.5K Cr | Mar 2025 ₹75.5K Cr | Jun 2025 ₹80.7K Cr | Sep 2025 ₹83.7K Cr | Dec 2025 ₹85.9K Cr | Mar 2026 ₹78.4K Cr
- CAH: Jun 2021 ₹42.6K Cr | Sep 2021 ₹44.0K Cr | Dec 2021 ₹45.5K Cr | Mar 2022 ₹44.8K Cr | Jun 2022 ₹47.1K Cr | Sep 2022 ₹49.6K Cr | Dec 2022 ₹51.5K Cr | Mar 2023 ₹50.5K Cr | Jun 2023 ₹53.4K Cr | Sep 2023 ₹54.7K Cr | Dec 2023 ₹57.4K Cr | Mar 2024 ₹54.9K Cr | Jun 2024 ₹59.9K Cr | Sep 2024 ₹52.3K Cr | Dec 2024 ₹55.3K Cr | Mar 2025 ₹54.9K Cr | Jun 2025 ₹60.2K Cr | Sep 2025 ₹64.0K Cr | Dec 2025 ₹65.6K Cr | Mar 2026 ₹60.9K Cr
- HSIC: Jun 2021 ₹3.0K Cr | Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 — | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.4K Cr
- AHG: Jun 2021 — | Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 ₹6 Cr | Jun 2022 — | Sep 2022 ₹12 Cr | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 ₹7 Cr | Dec 2024 — | Mar 2025 ₹8 Cr | Jun 2025 — | Sep 2025 ₹7 Cr | Dec 2025 — | Mar 2026 —
- ACH: Jun 2021 ₹2.5K Cr | Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹660 Cr | Sep 2024 ₹687 Cr | Dec 2024 ₹695 Cr | Mar 2025 ₹674 Cr | Jun 2025 ₹682 Cr | Sep 2025 ₹697 Cr | Dec 2025 ₹709 Cr | Mar 2026 ₹628 Cr
- FOCL: Jun 2021 ₹12 Cr | Sep 2021 ₹11 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹18 Cr
- EMPG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹2 Cr | Sep 2023 — | Dec 2023 ₹2 Cr | Mar 2024 — | Jun 2024 ₹2 Cr | Sep 2024 — | Dec 2024 ₹4 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter Revenue growth history
- MCK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.2% | Sep 2022 5.4% | Dec 2022 2.7% | Mar 2023 4.3% | Jun 2023 11% | Sep 2023 10% | Dec 2023 15% | Mar 2024 11% | Jun 2024 6.4% | Sep 2024 21% | Dec 2024 18% | Mar 2025 19% | Jun 2025 23% | Sep 2025 10% | Dec 2025 11% | Mar 2026 6.0%
- COR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 3.8% | Dec 2022 5.4% | Mar 2023 9.9% | Jun 2023 11% | Sep 2023 13% | Dec 2023 15% | Mar 2024 7.8% | Jun 2024 11% | Sep 2024 15% | Dec 2024 13% | Mar 2025 10% | Jun 2025 8.7% | Sep 2025 5.9% | Dec 2025 5.5% | Mar 2026 3.9%
- CAH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 13% | Dec 2022 13% | Mar 2023 13% | Jun 2023 14% | Sep 2023 10% | Dec 2023 12% | Mar 2024 8.7% | Jun 2024 12% | Sep 2024 -4.3% | Dec 2024 -3.8% | Mar 2025 0.0% | Jun 2025 0.5% | Sep 2025 22% | Dec 2025 19% | Mar 2026 11%
- HSIC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.1% | Sep 2022 -3.5% | Dec 2022 1.2% | Mar 2023 — | Jun 2023 1.0% | Sep 2023 1.1% | Dec 2023 -11% | Mar 2024 — | Jun 2024 2.5% | Sep 2024 2.4% | Dec 2024 5.8% | Mar 2025 -0.1% | Jun 2025 3.3% | Sep 2025 5.2% | Dec 2025 7.7% | Mar 2026 6.3%
- AHG: Jun 2021 — | Sep 2021 -100% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -83% | Jun 2023 — | Sep 2023 -92% | Dec 2023 — | Mar 2024 100% | Jun 2024 — | Sep 2024 600% | Dec 2024 — | Mar 2025 300% | Jun 2025 — | Sep 2025 0.0% | Dec 2025 — | Mar 2026 —
- ACH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.4% | Sep 2022 -0.2% | Dec 2022 3.4% | Mar 2023 4.8% | Jun 2023 2.5% | Sep 2023 3.8% | Dec 2023 4.1% | Mar 2024 3.6% | Jun 2024 -74% | Sep 2024 -74% | Dec 2024 -74% | Mar 2025 -74% | Jun 2025 3.3% | Sep 2025 1.5% | Dec 2025 2.0% | Mar 2026 -6.8%
- FOCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 9.1% | Dec 2022 6.3% | Mar 2023 14% | Jun 2023 6.7% | Sep 2023 0.0% | Dec 2023 29% | Mar 2024 0.0% | Jun 2024 6.3% | Sep 2024 25% | Dec 2024 -4.6% | Mar 2025 -13% | Jun 2025 12% | Sep 2025 6.7% | Dec 2025 4.8% | Mar 2026 29%
- EMPG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 100% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Operating Economics & Margin Trend

What the numbers say: Empro Group Inc. leads both opm at 36.1% and margin change at +65.6 percentage points.

Investor read: Empro Group Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Empro Group Inc. · 36.1% | 568.5% versus #2 · Henry Schein, Inc. | 1/2 recent comparable periods | 7/8 companies · 123 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Empro Group Inc. (EMPG): 36% — older report
2. Henry Schein, Inc. (HSIC): 5.4%
3. Accendra Health, Inc. (ACH): 2.7%
4. McKesson Corporation (MCK): 2.2%
5. Cencora, Inc. (COR): 1.5%

### Margin change — fastest expanders
1. Empro Group Inc. (EMPG): +65.6 pp — older report
2. EDAP TMS S.A. (FOCL): +2.8 pp
3. McKesson Corporation (MCK): +0.4 pp
4. Cencora, Inc. (COR): +0.1 pp
5. Henry Schein, Inc. (HSIC): −0.1 pp

### 20-quarter OPM history
- MCK: Jun 2021 0.9% | Sep 2021 0.8% | Dec 2021 0.4% | Mar 2022 1.0% | Jun 2022 1.5% | Sep 2022 1.6% | Dec 2022 1.8% | Mar 2023 1.4% | Jun 2023 1.5% | Sep 2023 1.2% | Dec 2023 0.8% | Mar 2024 1.6% | Jun 2024 1.3% | Sep 2024 0.6% | Dec 2024 1.3% | Mar 2025 1.8% | Jun 2025 1.1% | Sep 2025 1.4% | Dec 2025 1.5% | Mar 2026 2.2%
- COR: Jun 2021 1.2% | Sep 2021 1.0% | Dec 2021 1.1% | Mar 2022 1.4% | Jun 2022 0.8% | Sep 2022 0.7% | Dec 2022 1.0% | Mar 2023 0.9% | Jun 2023 1.0% | Sep 2023 0.7% | Dec 2023 1.1% | Mar 2024 0.8% | Jun 2024 0.9% | Sep 2024 0.2% | Dec 2024 0.9% | Mar 2025 1.4% | Jun 2025 1.1% | Sep 2025 0.0% | Dec 2025 0.9% | Mar 2026 1.5%
- CAH: Jun 2021 0.4% | Sep 2021 0.9% | Dec 2021 -2.1% | Mar 2022 -0.2% | Jun 2022 0.1% | Sep 2022 0.3% | Dec 2022 -0.2% | Mar 2023 1.1% | Jun 2023 0.3% | Sep 2023 -0.1% | Dec 2023 0.9% | Mar 2024 0.7% | Jun 2024 0.7% | Sep 2024 1.1% | Dec 2024 1.0% | Mar 2025 1.3% | Jun 2025 0.7% | Sep 2025 1.0% | Dec 2025 1.1% | Mar 2026 0.8%
- HSIC: Jun 2021 7.1% | Sep 2021 6.6% | Dec 2021 6.0% | Mar 2022 7.7% | Jun 2022 7.3% | Sep 2022 6.9% | Dec 2022 2.1% | Mar 2023 — | Jun 2023 5.7% | Sep 2023 6.5% | Dec 2023 1.3% | Mar 2024 4.7% | Jun 2024 5.1% | Sep 2024 4.9% | Dec 2024 4.9% | Mar 2025 5.5% | Jun 2025 4.7% | Sep 2025 4.9% | Dec 2025 4.7% | Mar 2026 5.4%
- ACH: Jun 2021 3.9% | Sep 2021 2.5% | Dec 2021 2.5% | Mar 2022 2.5% | Jun 2022 3.0% | Sep 2022 2.4% | Dec 2022 -2.1% | Mar 2023 0.4% | Jun 2023 0.4% | Sep 2023 0.9% | Dec 2023 2.3% | Mar 2024 0.4% | Jun 2024 2.6% | Sep 2024 4.5% | Dec 2024 -39% | Mar 2025 2.9% | Jun 2025 -5.8% | Sep 2025 3.8% | Dec 2025 2.9% | Mar 2026 2.7%
- FOCL: Jun 2021 -4.1% | Sep 2021 -20% | Dec 2021 3.3% | Mar 2022 -0.8% | Jun 2022 -3.0% | Sep 2022 -18% | Dec 2022 -10% | Mar 2023 -44% | Jun 2023 -30% | Sep 2023 -47% | Dec 2023 -18% | Mar 2024 -32% | Jun 2024 -39% | Sep 2024 -45% | Dec 2024 -18% | Mar 2025 -44% | Jun 2025 -36% | Sep 2025 -36% | Dec 2025 -27% | Mar 2026 -41%
- EMPG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 9.0% | Sep 2023 — | Dec 2023 -30% | Mar 2024 — | Jun 2024 -16% | Sep 2024 — | Dec 2024 36% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter Margin change history
- MCK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.6 pp | Sep 2022 +0.8 pp | Dec 2022 +1.4 pp | Mar 2023 +0.4 pp | Jun 2023 0.0 pp | Sep 2023 −0.4 pp | Dec 2023 −1.0 pp | Mar 2024 +0.2 pp | Jun 2024 −0.2 pp | Sep 2024 −0.6 pp | Dec 2024 +0.5 pp | Mar 2025 +0.2 pp | Jun 2025 −0.2 pp | Sep 2025 +0.8 pp | Dec 2025 +0.2 pp | Mar 2026 +0.4 pp
- COR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.4 pp | Sep 2022 −0.3 pp | Dec 2022 −0.1 pp | Mar 2023 −0.5 pp | Jun 2023 +0.2 pp | Sep 2023 0.0 pp | Dec 2023 +0.1 pp | Mar 2024 −0.1 pp | Jun 2024 −0.1 pp | Sep 2024 −0.5 pp | Dec 2024 −0.2 pp | Mar 2025 +0.6 pp | Jun 2025 +0.2 pp | Sep 2025 −0.2 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp
- CAH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 −0.6 pp | Dec 2022 +1.9 pp | Mar 2023 +1.3 pp | Jun 2023 +0.2 pp | Sep 2023 −0.4 pp | Dec 2023 +1.1 pp | Mar 2024 −0.4 pp | Jun 2024 +0.4 pp | Sep 2024 +1.2 pp | Dec 2024 +0.1 pp | Mar 2025 +0.6 pp | Jun 2025 0.0 pp | Sep 2025 −0.1 pp | Dec 2025 +0.1 pp | Mar 2026 −0.5 pp
- HSIC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.2 pp | Sep 2022 +0.3 pp | Dec 2022 −3.9 pp | Mar 2023 — | Jun 2023 −1.6 pp | Sep 2023 −0.4 pp | Dec 2023 −0.8 pp | Mar 2024 — | Jun 2024 −0.6 pp | Sep 2024 −1.6 pp | Dec 2024 +3.6 pp | Mar 2025 +0.8 pp | Jun 2025 −0.4 pp | Sep 2025 0.0 pp | Dec 2025 −0.2 pp | Mar 2026 −0.1 pp
- ACH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.9 pp | Sep 2022 −0.1 pp | Dec 2022 −4.6 pp | Mar 2023 −2.1 pp | Jun 2023 −2.6 pp | Sep 2023 −1.5 pp | Dec 2023 +4.4 pp | Mar 2024 0.0 pp | Jun 2024 +2.2 pp | Sep 2024 +3.6 pp | Dec 2024 −41.5 pp | Mar 2025 +2.5 pp | Jun 2025 −8.4 pp | Sep 2025 −0.7 pp | Dec 2025 +42.1 pp | Mar 2026 −0.2 pp
- FOCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.1 pp | Sep 2022 +2.5 pp | Dec 2022 −13.3 pp | Mar 2023 −43.5 pp | Jun 2023 −26.6 pp | Sep 2023 −29.8 pp | Dec 2023 −7.7 pp | Mar 2024 +12.0 pp | Jun 2024 −9.3 pp | Sep 2024 +2.8 pp | Dec 2024 −0.7 pp | Mar 2025 −11.9 pp | Jun 2025 +2.9 pp | Sep 2025 +9.0 pp | Dec 2025 −8.9 pp | Mar 2026 +2.8 pp
- EMPG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 −24.9 pp | Sep 2024 — | Dec 2024 +65.6 pp | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Profit Scale & Acceleration

What the numbers say: McKesson Corporation leads with $5,099 million of TTM profit, 99.7% above Cencora, Inc.. Cencora, Inc. shows 49.6% growth from a $2,553 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: McKesson Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: McKesson Corporation · $5,099 million | 99.7% versus #2 · Cencora, Inc. | 5/8 recent comparable periods | 6/8 companies · 132 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. McKesson Corporation (MCK): ₹5.1K Cr
2. Cencora, Inc. (COR): ₹2.6K Cr
3. Cardinal Health, Inc. (CAH): ₹1.5K Cr
4. Henry Schein, Inc. (HSIC): ₹418 Cr
5. EDAP TMS S.A. (FOCL): ₹-32 Cr

### Profit growth — fastest growers
1. Cencora, Inc. (COR): 50%
2. McKesson Corporation (MCK): 47%
3. Henry Schein, Inc. (HSIC): 1.0%
4. Cardinal Health, Inc. (CAH): -0.7%

### 20-quarter Net profit history
- MCK: Jun 2021 ₹536 Cr | Sep 2021 ₹310 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹407 Cr | Jun 2022 ₹807 Cr | Sep 2022 ₹973 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹826 Cr | Jun 2023 ₹997 Cr | Sep 2023 ₹703 Cr | Dec 2023 ₹630 Cr | Mar 2024 ₹830 Cr | Jun 2024 ₹960 Cr | Sep 2024 ₹287 Cr | Dec 2024 ₹928 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹831 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.9K Cr
- COR: Jun 2021 ₹295 Cr | Sep 2021 ₹436 Cr | Dec 2021 ₹449 Cr | Mar 2022 ₹555 Cr | Jun 2022 ₹363 Cr | Sep 2022 ₹299 Cr | Dec 2022 ₹476 Cr | Mar 2023 ₹428 Cr | Jun 2023 ₹479 Cr | Sep 2023 ₹349 Cr | Dec 2023 ₹603 Cr | Mar 2024 ₹421 Cr | Jun 2024 ₹488 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹494 Cr | Mar 2025 ₹717 Cr | Jun 2025 ₹690 Cr | Sep 2025 ₹-333 Cr | Dec 2025 ₹566 Cr | Mar 2026 ₹1.6K Cr
- CAH: Jun 2021 ₹115 Cr | Sep 2021 ₹272 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹-1.4K Cr | Jun 2022 ₹132 Cr | Sep 2022 ₹111 Cr | Dec 2022 ₹-130 Cr | Mar 2023 ₹347 Cr | Jun 2023 ₹-66 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹369 Cr | Mar 2024 ₹262 Cr | Jun 2024 ₹233 Cr | Sep 2024 ₹417 Cr | Dec 2024 ₹401 Cr | Mar 2025 ₹508 Cr | Jun 2025 ₹243 Cr | Sep 2025 ₹454 Cr | Dec 2025 ₹471 Cr | Mar 2026 ₹380 Cr
- HSIC: Jun 2021 ₹164 Cr | Sep 2021 ₹162 Cr | Dec 2021 ₹152 Cr | Mar 2022 ₹186 Cr | Jun 2022 ₹167 Cr | Sep 2022 ₹162 Cr | Dec 2022 ₹51 Cr | Mar 2023 — | Jun 2023 ₹128 Cr | Sep 2023 ₹148 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹106 Cr | Sep 2024 ₹99 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹113 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹109 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹112 Cr
- AHG: Jun 2021 — | Sep 2021 ₹-9 Cr | Dec 2021 — | Mar 2022 ₹-8 Cr | Jun 2022 — | Sep 2022 ₹2 Cr | Dec 2022 — | Mar 2023 ₹-15 Cr | Jun 2023 — | Sep 2023 ₹-3 Cr | Dec 2023 — | Mar 2024 ₹-6 Cr | Jun 2024 — | Sep 2024 ₹-1 Cr | Dec 2024 — | Mar 2025 ₹27 Cr | Jun 2025 — | Sep 2025 ₹-1 Cr | Dec 2025 — | Mar 2026 —
- ACH: Jun 2021 ₹66 Cr | Sep 2021 ₹44 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹-58 Cr | Mar 2023 ₹-24 Cr | Jun 2023 ₹-28 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹-22 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹-332 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-84 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹-6 Cr
- FOCL: Jun 2021 ₹-1 Cr | Sep 2021 ₹-1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-6 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹-7 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹-9 Cr
- EMPG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 ₹1 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter Profit growth history
- MCK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 51% | Sep 2022 214% | Dec 2022 2,769% | Mar 2023 103% | Jun 2023 24% | Sep 2023 -28% | Dec 2023 -44% | Mar 2024 0.5% | Jun 2024 -3.7% | Sep 2024 -59% | Dec 2024 47% | Mar 2025 57% | Jun 2025 -13% | Sep 2025 305% | Dec 2025 35% | Mar 2026 42%
- COR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 -31% | Dec 2022 6.0% | Mar 2023 -23% | Jun 2023 32% | Sep 2023 17% | Dec 2023 27% | Mar 2024 -1.6% | Jun 2024 1.9% | Sep 2024 -98% | Dec 2024 -18% | Mar 2025 70% | Jun 2025 41% | Sep 2025 -4,857% | Dec 2025 15% | Mar 2026 127%
- CAH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 -59% | Dec 2022 -365% | Mar 2023 — | Jun 2023 -150% | Sep 2023 -110% | Dec 2023 — | Mar 2024 -25% | Jun 2024 — | Sep 2024 — | Dec 2024 8.7% | Mar 2025 94% | Jun 2025 4.3% | Sep 2025 8.9% | Dec 2025 17% | Mar 2026 -25%
- HSIC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.8% | Sep 2022 0.0% | Dec 2022 -66% | Mar 2023 — | Jun 2023 -23% | Sep 2023 -8.6% | Dec 2023 -67% | Mar 2024 — | Jun 2024 -17% | Sep 2024 -33% | Dec 2024 465% | Mar 2025 15% | Jun 2025 -11% | Sep 2025 10% | Dec 2025 7.3% | Mar 2026 -0.9%
- AHG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -250% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ACH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -56% | Sep 2022 -73% | Dec 2022 -238% | Mar 2023 -162% | Jun 2023 -197% | Sep 2023 -150% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -1,760% | Mar 2025 — | Jun 2025 — | Sep 2025 -700% | Dec 2025 — | Mar 2026 —
- FOCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -400% | Mar 2023 — | Jun 2023 -350% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: Cencora, Inc. reports $166 million of CAPEX; Akso Health Group has the highest covered intensity at 2514.3%. Coverage is only 8 of 8 companies and 110 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Cencora, Inc. · $166 million | 13.7% versus #2 · Cardinal Health, Inc. | 8/8 recent comparable periods | 8/8 companies · 110 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Cencora, Inc. (COR): ₹166 Cr
2. Cardinal Health, Inc. (CAH): ₹146 Cr
3. McKesson Corporation (MCK): ₹111 Cr
4. Accendra Health, Inc. (ACH): ₹42 Cr
5. Henry Schein, Inc. (HSIC): ₹25 Cr

### CAPEX intensity — highest reinvestment intensity
1. Akso Health Group (AHG): 2,514%
2. Accendra Health, Inc. (ACH): 6.7%
3. Henry Schein, Inc. (HSIC): 0.7%
4. Cardinal Health, Inc. (CAH): 0.2%
5. Cencora, Inc. (COR): 0.2%

### 20-quarter CAPEX history
- MCK: Jun 2021 ₹93 Cr | Sep 2021 ₹93 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹135 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹86 Cr | Dec 2022 ₹108 Cr | Mar 2023 ₹125 Cr | Jun 2023 ₹78 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹90 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹106 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹126 Cr | Mar 2025 ₹169 Cr | Jun 2025 ₹111 Cr | Sep 2025 ₹106 Cr | Dec 2025 ₹108 Cr | Mar 2026 ₹111 Cr
- COR: Jun 2021 ₹122 Cr | Sep 2021 ₹165 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹130 Cr | Jun 2022 ₹113 Cr | Sep 2022 ₹174 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹175 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹113 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹182 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹183 Cr | Sep 2025 ₹250 Cr | Dec 2025 ₹119 Cr | Mar 2026 ₹166 Cr
- CAH: Jun 2021 ₹126 Cr | Sep 2021 ₹67 Cr | Dec 2021 ₹74 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹164 Cr | Sep 2022 ₹70 Cr | Dec 2022 ₹85 Cr | Mar 2023 ₹109 Cr | Jun 2023 ₹217 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹112 Cr | Jun 2024 ₹193 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹99 Cr | Mar 2025 ₹126 Cr | Jun 2025 ₹232 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹131 Cr | Mar 2026 ₹146 Cr
- HSIC: Jun 2021 ₹18 Cr | Sep 2021 ₹17 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹29 Cr | Mar 2023 — | Jun 2023 ₹31 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹25 Cr
- AHG: Jun 2021 — | Sep 2021 ₹10 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹176 Cr | Dec 2025 — | Mar 2026 ₹0 Cr
- ACH: Jun 2021 ₹10 Cr | Sep 2021 ₹12 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹42 Cr
- FOCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹0 Cr
- EMPG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- MCK: Jun 2021 0.1% | Sep 2021 0.1% | Dec 2021 0.1% | Mar 2022 0.2% | Jun 2022 0.1% | Sep 2022 0.1% | Dec 2022 0.2% | Mar 2023 0.2% | Jun 2023 0.1% | Sep 2023 0.1% | Dec 2023 0.1% | Mar 2024 0.2% | Jun 2024 0.1% | Sep 2024 0.1% | Dec 2024 0.1% | Mar 2025 0.2% | Jun 2025 0.1% | Sep 2025 0.1% | Dec 2025 0.1% | Mar 2026 0.1%
- COR: Jun 2021 0.2% | Sep 2021 0.3% | Dec 2021 0.1% | Mar 2022 0.2% | Jun 2022 0.2% | Sep 2022 0.3% | Dec 2022 0.1% | Mar 2023 0.2% | Jun 2023 0.2% | Sep 2023 0.3% | Dec 2023 0.1% | Mar 2024 0.2% | Jun 2024 0.2% | Sep 2024 0.2% | Dec 2024 0.1% | Mar 2025 0.2% | Jun 2025 0.2% | Sep 2025 0.3% | Dec 2025 0.1% | Mar 2026 0.2%
- CAH: Jun 2021 0.3% | Sep 2021 0.2% | Dec 2021 0.2% | Mar 2022 0.2% | Jun 2022 0.3% | Sep 2022 0.1% | Dec 2022 0.2% | Mar 2023 0.2% | Jun 2023 0.4% | Sep 2023 0.2% | Dec 2023 0.2% | Mar 2024 0.2% | Jun 2024 0.3% | Sep 2024 0.2% | Dec 2024 0.2% | Mar 2025 0.2% | Jun 2025 0.4% | Sep 2025 0.2% | Dec 2025 0.2% | Mar 2026 0.2%
- HSIC: Jun 2021 0.6% | Sep 2021 0.5% | Dec 2021 0.9% | Mar 2022 0.6% | Jun 2022 0.8% | Sep 2022 0.8% | Dec 2022 0.9% | Mar 2023 — | Jun 2023 1.0% | Sep 2023 1.2% | Dec 2023 1.3% | Mar 2024 1.3% | Jun 2024 1.2% | Sep 2024 1.1% | Dec 2024 1.1% | Mar 2025 1.0% | Jun 2025 1.0% | Sep 2025 1.0% | Dec 2025 1.3% | Mar 2026 0.7%
- AHG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 — | Mar 2025 0.0% | Jun 2025 — | Sep 2025 2,514% | Dec 2025 — | Mar 2026 —
- ACH: Jun 2021 0.4% | Sep 2021 0.5% | Dec 2021 0.6% | Mar 2022 0.4% | Jun 2022 2.1% | Sep 2022 1.9% | Dec 2022 1.9% | Mar 2023 1.8% | Jun 2023 1.8% | Sep 2023 1.9% | Dec 2023 1.9% | Mar 2024 1.8% | Jun 2024 6.7% | Sep 2024 8.4% | Dec 2024 9.1% | Mar 2025 6.8% | Jun 2025 10% | Sep 2025 7.7% | Dec 2025 1.8% | Mar 2026 6.7%
- FOCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.0% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.0%
- EMPG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.0% | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Empro Group Inc. has the clearest covered balance-sheet capacity with $2 million and gross debt of $2 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Empro Group Inc. · $2 million | 92.9% versus #2 · EDAP TMS S.A. | 0/3 recent comparable periods | 7/8 companies · 122 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Empro Group Inc. (EMPG): ₹2 Cr — older report
2. EDAP TMS S.A. (FOCL): ₹28 Cr
3. Accendra Health, Inc. (ACH): ₹2.2K Cr
4. Henry Schein, Inc. (HSIC): ₹3.7K Cr
5. McKesson Corporation (MCK): ₹8.6K Cr

### Net debt — lowest net debt
1. Empro Group Inc. (EMPG): ₹2 Cr — older report
2. EDAP TMS S.A. (FOCL): ₹13 Cr
3. Accendra Health, Inc. (ACH): ₹1.8K Cr
4. Henry Schein, Inc. (HSIC): ₹3.6K Cr
5. McKesson Corporation (MCK): ₹4.6K Cr

### 20-quarter Gross debt history
- MCK: Jun 2021 ₹9.5K Cr | Sep 2021 ₹7.9K Cr | Dec 2021 ₹8.0K Cr | Mar 2022 ₹7.5K Cr | Jun 2022 ₹7.4K Cr | Sep 2022 ₹7.2K Cr | Dec 2022 ₹8.2K Cr | Mar 2023 ₹7.3K Cr | Jun 2023 ₹7.4K Cr | Sep 2023 ₹7.3K Cr | Dec 2023 ₹7.6K Cr | Mar 2024 ₹7.4K Cr | Jun 2024 ₹7.4K Cr | Sep 2024 ₹7.2K Cr | Dec 2024 ₹9.8K Cr | Mar 2025 ₹7.4K Cr | Jun 2025 ₹9.9K Cr | Sep 2025 ₹9.8K Cr | Dec 2025 ₹8.6K Cr | Mar 2026 ₹8.6K Cr
- COR: Jun 2021 ₹7.1K Cr | Sep 2021 ₹6.7K Cr | Dec 2021 ₹6.7K Cr | Mar 2022 ₹6.5K Cr | Jun 2022 ₹6.1K Cr | Sep 2022 ₹5.7K Cr | Dec 2022 ₹5.6K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹8.1K Cr | Mar 2025 ₹7.9K Cr | Jun 2025 ₹8.2K Cr | Sep 2025 ₹7.7K Cr | Dec 2025 ₹7.9K Cr | Mar 2026 ₹12.4K Cr
- CAH: Jun 2021 ₹6.2K Cr | Sep 2021 ₹5.7K Cr | Dec 2021 ₹5.6K Cr | Mar 2022 ₹5.6K Cr | Jun 2022 ₹5.3K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹5.3K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹7.6K Cr | Mar 2025 ₹7.7K Cr | Jun 2025 ₹8.5K Cr | Sep 2025 ₹9.0K Cr | Dec 2025 ₹9.0K Cr | Mar 2026 ₹8.9K Cr
- HSIC: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 — | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.7K Cr
- ACH: Jun 2021 ₹1.2K Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.2K Cr
- FOCL: Jun 2021 ₹8 Cr | Sep 2021 ₹8 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹28 Cr
- EMPG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹2 Cr | Mar 2024 — | Jun 2024 ₹2 Cr | Sep 2024 — | Dec 2024 ₹2 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter Net debt history
- MCK: Jun 2021 ₹7.0K Cr | Sep 2021 ₹5.8K Cr | Dec 2021 ₹5.3K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹5.6K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹8.6K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹7.5K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹4.6K Cr
- COR: Jun 2021 ₹4.6K Cr | Sep 2021 ₹4.1K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹4.9K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹6.0K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹6.2K Cr | Mar 2026 ₹10.2K Cr
- CAH: Jun 2021 ₹2.8K Cr | Sep 2021 ₹3.2K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹598 Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹744 Cr | Jun 2023 ₹625 Cr | Sep 2023 ₹824 Cr | Dec 2023 ₹132 Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹-41 Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹4.7K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹6.3K Cr | Mar 2026 ₹5.0K Cr
- HSIC: Jun 2021 ₹940 Cr | Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 — | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.6K Cr
- ACH: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr
- FOCL: Jun 2021 — | Sep 2021 — | Dec 2021 ₹-43 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-58 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹-39 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹-17 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹8 Cr | Mar 2026 ₹13 Cr
- EMPG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹2 Cr | Mar 2024 — | Jun 2024 ₹2 Cr | Sep 2024 — | Dec 2024 ₹2 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Return On Capital Employed

What the numbers say: Empro Group Inc. leads ROCE at 39.6%, 24.7 percentage points above McKesson Corporation. Empro Group Inc. has the strongest latest improvement at +53 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Empro Group Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Empro Group Inc. · 39.6% | 165.8% versus #2 · McKesson Corporation | 1/1 recent comparable periods | 8/8 companies · 136 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Empro Group Inc. (EMPG): 40% — older report
2. McKesson Corporation (MCK): 15%
3. Cencora, Inc. (COR): 5.3%
4. Cardinal Health, Inc. (CAH): 3.6%
5. Henry Schein, Inc. (HSIC): 2.3%

### ROCE change — fastest improvers
1. Empro Group Inc. (EMPG): +53.0 pp — older report
2. McKesson Corporation (MCK): +3.8 pp
3. Akso Health Group (AHG): +0.3 pp
4. Accendra Health, Inc. (ACH): +0.2 pp
5. Henry Schein, Inc. (HSIC): 0.0 pp

### 20-quarter ROCE history
- MCK: Jun 2021 — | Sep 2021 3.0% | Dec 2021 1.6% | Mar 2022 3.5% | Jun 2022 6.1% | Sep 2022 7.0% | Dec 2022 8.0% | Mar 2023 6.7% | Jun 2023 7.2% | Sep 2023 6.4% | Dec 2023 4.3% | Mar 2024 8.3% | Jun 2024 6.7% | Sep 2024 4.0% | Dec 2024 8.9% | Mar 2025 11% | Jun 2025 6.4% | Sep 2025 9.4% | Dec 2025 11% | Mar 2026 15%
- COR: Jun 2021 — | Sep 2021 4.3% | Dec 2021 4.8% | Mar 2022 5.5% | Jun 2022 3.2% | Sep 2022 3.1% | Dec 2022 4.3% | Mar 2023 4.0% | Jun 2023 4.7% | Sep 2023 3.6% | Dec 2023 6.1% | Mar 2024 4.0% | Jun 2024 4.8% | Sep 2024 1.0% | Dec 2024 5.0% | Mar 2025 6.5% | Jun 2025 5.1% | Sep 2025 0.1% | Dec 2025 4.5% | Mar 2026 5.3%
- CAH: Jun 2021 — | Sep 2021 2.4% | Dec 2021 -5.4% | Mar 2022 -0.6% | Jun 2022 0.2% | Sep 2022 1.0% | Dec 2022 -0.9% | Mar 2023 4.7% | Jun 2023 1.4% | Sep 2023 -0.3% | Dec 2023 5.2% | Mar 2024 3.6% | Jun 2024 4.2% | Sep 2024 6.7% | Dec 2024 5.5% | Mar 2025 6.4% | Jun 2025 3.6% | Sep 2025 5.7% | Dec 2025 5.3% | Mar 2026 3.6%
- HSIC: Jun 2021 — | Sep 2021 3.7% | Dec 2021 3.4% | Mar 2022 4.1% | Jun 2022 3.6% | Sep 2022 3.4% | Dec 2022 1.1% | Mar 2023 — | Jun 2023 2.8% | Sep 2023 3.1% | Dec 2023 0.5% | Mar 2024 2.1% | Jun 2024 2.2% | Sep 2024 2.0% | Dec 2024 2.0% | Mar 2025 2.3% | Jun 2025 1.9% | Sep 2025 2.1% | Dec 2025 2.1% | Mar 2026 2.3%
- AHG: Jun 2021 -13% | Sep 2021 -13% | Dec 2021 -25% | Mar 2022 -25% | Jun 2022 -0.7% | Sep 2022 -0.7% | Dec 2022 -67% | Mar 2023 -67% | Jun 2023 -15% | Sep 2023 -15% | Dec 2023 -4.3% | Mar 2024 -4.3% | Jun 2024 -0.3% | Sep 2024 -0.3% | Dec 2024 -1.0% | Mar 2025 -1.0% | Jun 2025 -0.4% | Sep 2025 -0.4% | Dec 2025 -0.7% | Mar 2026 -0.7%
- ACH: Jun 2021 — | Sep 2021 3.1% | Dec 2021 3.0% | Mar 2022 2.0% | Jun 2022 2.4% | Sep 2022 2.0% | Dec 2022 -1.8% | Mar 2023 0.3% | Jun 2023 0.3% | Sep 2023 0.7% | Dec 2023 1.7% | Mar 2024 0.3% | Jun 2024 0.5% | Sep 2024 1.0% | Dec 2024 -9.1% | Mar 2025 0.6% | Jun 2025 -1.7% | Sep 2025 1.1% | Dec 2025 1.0% | Mar 2026 0.8%
- FOCL: Jun 2021 — | Sep 2021 -4.1% | Dec 2021 1.0% | Mar 2022 -0.2% | Jun 2022 -0.7% | Sep 2022 -2.8% | Dec 2022 -2.2% | Mar 2023 -9.7% | Jun 2023 -6.5% | Sep 2023 -7.7% | Dec 2023 -4.9% | Mar 2024 -7.1% | Jun 2024 -9.8% | Sep 2024 -10% | Dec 2024 -6.4% | Mar 2025 -11% | Jun 2025 -14% | Sep 2025 -13% | Dec 2025 -13% | Mar 2026 -19%
- EMPG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -13% | Mar 2024 — | Jun 2024 -42% | Sep 2024 — | Dec 2024 40% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter ROCE change history
- MCK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.0 pp | Dec 2022 +6.4 pp | Mar 2023 +3.2 pp | Jun 2023 +1.1 pp | Sep 2023 −0.6 pp | Dec 2023 −3.7 pp | Mar 2024 +1.6 pp | Jun 2024 −0.5 pp | Sep 2024 −2.4 pp | Dec 2024 +4.6 pp | Mar 2025 +2.8 pp | Jun 2025 −0.3 pp | Sep 2025 +5.4 pp | Dec 2025 +2.4 pp | Mar 2026 +3.8 pp
- COR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 −0.5 pp | Mar 2023 −1.5 pp | Jun 2023 +1.5 pp | Sep 2023 +0.5 pp | Dec 2023 +1.8 pp | Mar 2024 0.0 pp | Jun 2024 +0.1 pp | Sep 2024 −2.6 pp | Dec 2024 −1.1 pp | Mar 2025 +2.5 pp | Jun 2025 +0.3 pp | Sep 2025 −0.9 pp | Dec 2025 −0.5 pp | Mar 2026 −1.2 pp
- CAH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 +4.5 pp | Mar 2023 +5.3 pp | Jun 2023 +1.2 pp | Sep 2023 −1.3 pp | Dec 2023 +6.1 pp | Mar 2024 −1.1 pp | Jun 2024 +2.8 pp | Sep 2024 +7.0 pp | Dec 2024 +0.3 pp | Mar 2025 +2.8 pp | Jun 2025 −0.6 pp | Sep 2025 −1.0 pp | Dec 2025 −0.2 pp | Mar 2026 −2.8 pp
- HSIC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −2.3 pp | Mar 2023 — | Jun 2023 −0.8 pp | Sep 2023 −0.3 pp | Dec 2023 −0.6 pp | Mar 2024 — | Jun 2024 −0.6 pp | Sep 2024 −1.1 pp | Dec 2024 +1.5 pp | Mar 2025 +0.2 pp | Jun 2025 −0.3 pp | Sep 2025 +0.1 pp | Dec 2025 +0.1 pp | Mar 2026 0.0 pp
- AHG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +12.0 pp | Sep 2022 +12.0 pp | Dec 2022 −41.2 pp | Mar 2023 −41.2 pp | Jun 2023 −14.5 pp | Sep 2023 −14.5 pp | Dec 2023 +62.2 pp | Mar 2024 +62.2 pp | Jun 2024 +14.9 pp | Sep 2024 +14.9 pp | Dec 2024 +3.3 pp | Mar 2025 +3.3 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 +0.3 pp | Mar 2026 +0.3 pp
- ACH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −4.8 pp | Mar 2023 −1.7 pp | Jun 2023 −2.1 pp | Sep 2023 −1.3 pp | Dec 2023 +3.5 pp | Mar 2024 0.0 pp | Jun 2024 +0.2 pp | Sep 2024 +0.3 pp | Dec 2024 −10.8 pp | Mar 2025 +0.3 pp | Jun 2025 −2.2 pp | Sep 2025 +0.1 pp | Dec 2025 +10.1 pp | Mar 2026 +0.2 pp
- FOCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 −3.2 pp | Mar 2023 −9.5 pp | Jun 2023 −5.8 pp | Sep 2023 −4.9 pp | Dec 2023 −2.7 pp | Mar 2024 +2.6 pp | Jun 2024 −3.3 pp | Sep 2024 −2.6 pp | Dec 2024 −1.5 pp | Mar 2025 −4.3 pp | Jun 2025 −3.9 pp | Sep 2025 −2.5 pp | Dec 2025 −6.8 pp | Mar 2026 −7.2 pp
- EMPG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +53.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Valuation Against Growth & Quality

What the numbers say: McKesson Corporation has the lowest comparable Guarded PEG at 0.46×, 2.1% below Cencora, Inc.. Only 4 of 8 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: McKesson Corporation · 0.46× | 2.1% versus #2 · Cencora, Inc. | 0/8 recent comparable periods | 4/8 companies · 17 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. McKesson Corporation (MCK): 0.5
2. Cencora, Inc. (COR): 0.5
3. Cardinal Health, Inc. (CAH): 1.0
4. Henry Schein, Inc. (HSIC): 3.2

### P/E — lowest P/E
1. Henry Schein, Inc. (HSIC): 21.8
2. McKesson Corporation (MCK): 22.5
3. Cencora, Inc. (COR): 24.1
4. Cardinal Health, Inc. (CAH): 32.3
5. Accendra Health, Inc. (ACH): 67.3

### 20-quarter Guarded PEG history
- MCK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.7 | Jun 2025 2.4 | Sep 2025 — | Dec 2025 0.4 | Mar 2026 0.5
- COR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.7 | Dec 2023 1.2 | Mar 2024 1.1 | Jun 2024 1.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.2 | Mar 2026 0.5
- CAH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 —
- HSIC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.5 | Jun 2025 1.6 | Sep 2025 0.7 | Dec 2025 3.2 | Mar 2026 —

### 20-quarter P/E history
- MCK: Jun 2021 — | Sep 2021 — | Dec 2021 27.9 | Mar 2022 42.3 | Jun 2022 34.7 | Sep 2022 24.1 | Dec 2022 17.2 | Mar 2023 14.2 | Jun 2023 15.9 | Sep 2023 17.2 | Dec 2023 21.0 | Mar 2024 24.0 | Jun 2024 26.1 | Sep 2024 25.6 | Dec 2024 26.1 | Mar 2025 26.2 | Jun 2025 29.2 | Sep 2025 24.0 | Dec 2025 23.6 | Mar 2026 22.6
- COR: Jun 2021 — | Sep 2021 16.2 | Dec 2021 17.2 | Mar 2022 18.9 | Jun 2022 16.2 | Sep 2022 16.8 | Dec 2022 20.1 | Mar 2023 20.6 | Jun 2023 23.4 | Sep 2023 21.1 | Dec 2023 21.2 | Mar 2024 25.2 | Jun 2024 23.2 | Sep 2024 29.9 | Dec 2024 32.0 | Mar 2025 32.3 | Jun 2025 30.9 | Sep 2025 39.3 | Dec 2025 40.6 | Mar 2026 24.1
- CAH: Jun 2021 — | Sep 2021 12.8 | Dec 2021 27.0 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 43.4 | Jun 2023 75.1 | Sep 2023 152.3 | Dec 2023 39.2 | Mar 2024 48.7 | Jun 2024 28.5 | Sep 2024 21.1 | Dec 2024 22.0 | Mar 2025 21.5 | Jun 2025 26.1 | Sep 2025 23.7 | Dec 2025 29.6 | Mar 2026 32.3
- HSIC: Jun 2021 — | Sep 2021 17.7 | Dec 2021 16.8 | Mar 2022 19.1 | Jun 2022 16.6 | Sep 2022 14.3 | Dec 2022 20.4 | Mar 2023 — | Jun 2023 23.1 | Sep 2023 23.6 | Dec 2023 24.0 | Mar 2024 25.5 | Jun 2024 23.7 | Sep 2024 30.1 | Dec 2024 22.5 | Mar 2025 20.6 | Jun 2025 23.0 | Sep 2025 20.0 | Dec 2025 23.3 | Mar 2026 21.8
- ACH: Jun 2021 — | Sep 2021 9.9 | Dec 2021 14.8 | Mar 2022 17.5 | Jun 2022 15.6 | Sep 2022 15.1 | Dec 2022 67.3 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- FOCL: Jun 2021 — | Sep 2021 159.5 | Dec 2021 299.5 | Mar 2022 362.5 | Jun 2022 85.0 | Sep 2022 75.0 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: Accendra Health, Inc. leads ev/ebitda at 11.5×; Henry Schein, Inc. leads p/bv at 2.53×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Accendra Health, Inc. · 11.5× | 16.1% versus #2 · Henry Schein, Inc. | 4/8 recent comparable periods | 7/8 companies · 96 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Accendra Health, Inc. (ACH): 11.5
2. Henry Schein, Inc. (HSIC): 13.7
3. McKesson Corporation (MCK): 15.8
4. Cardinal Health, Inc. (CAH): 16.9
5. Cencora, Inc. (COR): 18.6

### P/BV — lowest P/BV
1. Henry Schein, Inc. (HSIC): 2.5
2. Akso Health Group (AHG): 10.8
3. EDAP TMS S.A. (FOCL): 13.8
4. Cencora, Inc. (COR): 18.0

### 20-quarter EV/EBITDA history
- MCK: Jun 2021 — | Sep 2021 — | Dec 2021 13.3 | Mar 2022 17.5 | Jun 2022 16.5 | Sep 2022 14.2 | Dec 2022 12.3 | Mar 2023 10.3 | Jun 2023 12.4 | Sep 2023 12.9 | Dec 2023 15.5 | Mar 2024 16.1 | Jun 2024 18.1 | Sep 2024 16.5 | Dec 2024 17.2 | Mar 2025 17.0 | Jun 2025 19.8 | Sep 2025 17.4 | Dec 2025 17.0 | Mar 2026 15.8
- COR: Jun 2021 — | Sep 2021 10.2 | Dec 2021 10.4 | Mar 2022 11.1 | Jun 2022 10.3 | Sep 2022 9.9 | Dec 2022 12.3 | Mar 2023 12.4 | Jun 2023 13.4 | Sep 2023 11.6 | Dec 2023 11.9 | Mar 2024 14.0 | Jun 2024 12.6 | Sep 2024 13.7 | Dec 2024 15.3 | Mar 2025 16.4 | Jun 2025 16.9 | Sep 2025 17.4 | Dec 2025 19.3 | Mar 2026 18.6
- CAH: Jun 2021 — | Sep 2021 7.6 | Dec 2021 20.7 | Mar 2022 84.0 | Jun 2022 175.0 | Sep 2022 — | Dec 2022 33.3 | Mar 2023 15.3 | Jun 2023 16.9 | Sep 2023 17.5 | Dec 2023 13.0 | Mar 2024 17.3 | Jun 2024 12.3 | Sep 2024 11.3 | Dec 2024 12.4 | Mar 2025 12.6 | Jun 2025 14.7 | Sep 2025 13.0 | Dec 2025 16.1 | Mar 2026 16.9
- HSIC: Jun 2021 — | Sep 2021 12.7 | Dec 2021 11.9 | Mar 2022 13.3 | Jun 2022 11.8 | Sep 2022 10.4 | Dec 2022 13.7 | Mar 2023 — | Jun 2023 15.2 | Sep 2023 15.8 | Dec 2023 16.1 | Mar 2024 16.0 | Jun 2024 14.8 | Sep 2024 17.0 | Dec 2024 13.9 | Mar 2025 13.7 | Jun 2025 14.5 | Sep 2025 13.3 | Dec 2025 14.2 | Mar 2026 13.7
- AHG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.1 | Sep 2023 — | Dec 2023 5.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 400.3 | Sep 2025 2,310.1 | Dec 2025 2,953.7 | Mar 2026 —
- ACH: Jun 2021 — | Sep 2021 7.0 | Dec 2021 9.4 | Mar 2022 16.0 | Jun 2022 12.7 | Sep 2022 10.4 | Dec 2022 7.3 | Mar 2023 8.6 | Jun 2023 10.4 | Sep 2023 12.0 | Dec 2023 8.8 | Mar 2024 9.5 | Jun 2024 8.8 | Sep 2024 7.2 | Dec 2024 — | Mar 2025 11.6 | Jun 2025 14.4 | Sep 2025 — | Dec 2025 10.2 | Mar 2026 11.5
- FOCL: Jun 2021 — | Sep 2021 — | Dec 2021 451.7 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/BV history
- MCK: Jun 2021 — | Sep 2021 -53.3 | Dec 2021 -29.2 | Mar 2022 -19.5 | Jun 2022 -23.4 | Sep 2022 -27.3 | Dec 2022 -20.9 | Mar 2023 -26.1 | Jun 2023 -36.0 | Sep 2023 -31.7 | Dec 2023 -29.6 | Mar 2024 -35.4 | Jun 2024 -43.2 | Sep 2024 -20.8 | Dec 2024 -23.3 | Mar 2025 -40.6 | Jun 2025 -46.6 | Sep 2025 -55.1 | Dec 2025 -77.7 | Mar 2026 -47.8
- COR: Jun 2021 — | Sep 2021 111.3 | Dec 2021 115.0 | Mar 2022 59.0 | Jun 2022 131.3 | Sep 2022 -131.9 | Dec 2022 -188.1 | Mar 2023 115.1 | Jun 2023 56.7 | Sep 2023 -12.8 | Dec 2023 44.9 | Mar 2024 43.8 | Jun 2024 48.0 | Sep 2024 69.2 | Dec 2024 192.2 | Mar 2025 53.2 | Jun 2025 29.4 | Sep 2025 50.1 | Dec 2025 34.4 | Mar 2026 18.0
- CAH: Jun 2021 — | Sep 2021 10.1 | Dec 2021 14.3 | Mar 2022 -22.2 | Jun 2022 -20.1 | Sep 2022 -9.8 | Dec 2022 -9.0 | Mar 2023 -8.7 | Jun 2023 -8.0 | Sep 2023 -6.1 | Dec 2023 -7.1 | Mar 2024 -8.4 | Jun 2024 -7.5 | Sep 2024 -8.2 | Dec 2024 -9.6 | Mar 2025 -11.2 | Jun 2025 -14.4 | Sep 2025 -13.0 | Dec 2025 -16.8 | Mar 2026 -17.5
- HSIC: Jun 2021 — | Sep 2021 3.1 | Dec 2021 3.0 | Mar 2022 2.3 | Jun 2022 1.5 | Sep 2022 1.3 | Dec 2022 3.1 | Mar 2023 — | Jun 2023 3.1 | Sep 2023 3.0 | Dec 2023 1.3 | Mar 2024 2.7 | Jun 2024 1.2 | Sep 2024 2.6 | Dec 2024 2.5 | Mar 2025 2.5 | Jun 2025 2.6 | Sep 2025 2.3 | Dec 2025 2.7 | Mar 2026 2.5
- AHG: Jun 2021 1.4 | Sep 2021 1.9 | Dec 2021 2.2 | Mar 2022 3.2 | Jun 2022 2.4 | Sep 2022 2.1 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 1.5 | Sep 2023 4.5 | Dec 2023 0.1 | Mar 2024 3.7 | Jun 2024 1.8 | Sep 2024 3.8 | Dec 2024 4.9 | Mar 2025 3.3 | Jun 2025 3.6 | Sep 2025 22.4 | Dec 2025 23.3 | Mar 2026 10.8
- ACH: Jun 2021 — | Sep 2021 2.7 | Dec 2021 3.5 | Mar 2022 3.5 | Jun 2022 2.5 | Sep 2022 1.9 | Dec 2022 1.6 | Mar 2023 1.2 | Jun 2023 1.6 | Sep 2023 1.4 | Dec 2023 1.6 | Mar 2024 2.4 | Jun 2024 1.2 | Sep 2024 1.4 | Dec 2024 1.7 | Mar 2025 1.2 | Jun 2025 -2.5 | Sep 2025 -0.9 | Dec 2025 -0.5 | Mar 2026 -0.4
- FOCL: Jun 2021 — | Sep 2021 3.4 | Dec 2021 3.5 | Mar 2022 4.3 | Jun 2022 4.2 | Sep 2022 3.8 | Dec 2022 5.1 | Mar 2023 5.6 | Jun 2023 4.9 | Sep 2023 4.1 | Dec 2023 3.1 | Mar 2024 4.8 | Jun 2024 4.0 | Sep 2024 2.0 | Dec 2024 2.0 | Mar 2025 2.0 | Jun 2025 1.9 | Sep 2025 3.1 | Dec 2025 6.4 | Mar 2026 13.8

## Market action

Empro Group Inc. has the strongest one-year price move in Medical Distribution at +426.1%. EDAP TMS S.A. leads on Mansfield relative strength against the S&P 500 at +63.4%. 4 of 7 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Empro Group Inc. (EMPG): 426%
2. EDAP TMS S.A. (FOCL): 366%
3. Cardinal Health, Inc. (CAH): 49%
4. McKesson Corporation (MCK): 27%
5. Henry Schein, Inc. (HSIC): 26%

### Strongest relative strength versus NIFTY 500
1. EDAP TMS S.A. (FOCL): 63%
2. Cardinal Health, Inc. (CAH): 9.3%
3. Henry Schein, Inc. (HSIC): 6.8%
4. McKesson Corporation (MCK): 1.9%
5. Cencora, Inc. (COR): -7.3%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.

## Every company
- McKesson Corporation (MCK) — market value ₹1.0 L Cr; latest fundamentals Mar 2026
- Cencora, Inc. (COR) — market value ₹62.2K Cr; latest fundamentals Mar 2026
- Cardinal Health, Inc. (CAH) — market value ₹54.5K Cr; latest fundamentals Mar 2026
- Henry Schein, Inc. (HSIC) — market value ₹9.8K Cr; latest fundamentals Mar 2026
- Akso Health Group (AHG) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Accendra Health, Inc. (ACH) — market value ₹249 Cr; latest fundamentals Mar 2026
- EDAP TMS S.A. (FOCL) — market value ₹227 Cr; latest fundamentals Mar 2026
- Empro Group Inc. (EMPG) — market value ₹145 Cr; latest fundamentals Dec 2024

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Medical Distribution company is the biggest?

McKesson Corporation is the largest, with trailing-twelve-month revenue of $403,430 million, ahead of Cencora, Inc. at $328,681 million. That covers 6 of 8 companies with comparable reporting through Mar 2026.

### Which Medical Distribution company is growing fastest?

Cardinal Health, Inc. has the fastest revenue growth at 12.8% year on year, across 6 of 8 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Medical Distribution company has the best profit margins?

Empro Group Inc. has the highest operating margin at 36.1%, from 7 of 8 comparable companies. Empro Group Inc. shows the biggest recent improvement, at +65.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Medical Distribution company makes the most profit?

McKesson Corporation earns the most, at $5,099 million of trailing-twelve-month net profit, from 6 of 8 comparable companies. Cencora, Inc. has the fastest profit growth at 49.6%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Medical Distribution company earns the highest return on capital?

Empro Group Inc. leads on return on capital employed at 39.6%, across 8 of 8 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Medical Distribution stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — McKesson Corporation screens cheapest at 0.46×. Only 4 of 8 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Medical Distribution company has the strongest balance sheet?

Empro Group Inc. carries the lowest comparable gross debt at $2 million, from 7 of 8 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Medical Distribution company is investing most in new capacity?

Cencora, Inc. reports the largest capital spending at $166 million, across 8 of 8 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Medical Distribution sector beating the market?

Medical Distribution has outperformed S&P 500 by 40.3% over the last 52 weeks and 6.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Medical Distribution stock has the strongest price momentum?

EDAP TMS S.A. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Medical Distribution company scores highest for research priority?

McKesson Corporation scores 71.7 out of 100 with 80.5% evidence confidence, from 28.7 points on growth and earnings, 15.3 on capital efficiency, 15.9 on valuation and 11.8 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Medical Distribution companies does this comparison cover, and over what period?

It compares 8 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Medical Distribution sector?

The 8 Medical Distribution companies on this page carry $232,410 million of combined market value. McKesson Corporation is the largest at $104,141 million, about 45% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Medical Distribution sector's P/E ratio?

The median price-to-earnings ratio across the 8 Medical Distribution companies on this page is 32.3×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Medical Distribution sector performing?

4 of the 7 covered Medical Distribution companies are beating S&P 500 on Mansfield relative strength. The sector itself is 40.3% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Medical Distribution stocks are listed in the US?

This comparison covers 8 listed Medical Distribution companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/medical-distribution