Cardinal Health Inc.
CAH evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for CAH—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CAH
Cardinal Health is a global distributor of pharmaceuticals and medical products, operating through Pharmaceutical and Specialty Solutions and Global Medical Products and Distribution segments, with a strategic focus on specialty pharmaceuticals and multi-specialty leadership.
Key risk: Negative shareholders' equity
BioSniper Score
Based on 5 of 6 signals
Market Cap
$54.55B
Cash Runway
—
Lead Asset
sodium iodide i 131 (Approved)
Next Catalyst
Patent_Expiry · Jan 30, 2029Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 1 clinical trial · 1 catalyst · 2 FDA decisions for Cardinal Health Inc..
Cardinal Health is a global distributor of pharmaceuticals and medical products, operating through Pharmaceutical and Specialty Solutions and Global Medical Products and Distribution segments, with a strategic focus on specialty pharmaceuticals and multi-specialty leadership.
- Revenue for fiscal 2026 was $254.2 billion, up 14% from the prior year, driven by branded and specialty pharmaceutical sales growth [sec_mda · as of 2026-08-11].
- GAAP operating earnings for fiscal 2026 increased 15% to $2.6 billion, reflecting contributions from branded and specialty pharmaceuticals and acquisitions [sec_mda · as of 2026-08-11].
- Cash and equivalents were $4,856.0 million as of 2026-06-30, with shareholders' equity of -$2,781.0 million and total debt of $7,004.0 million [sec].
- The Pharmaceutical and Specialty Solutions segment profit grew 23% to $2,783 million in fiscal 2026 [sec_mda · as of 2026-08-11].
- Strategic acquisitions in fiscal 2025 focused on Specialty and at-Home Solutions to build presence in autoimmune, urology, and oncology [sec · filed 2025-09-16].
What works
- Double-digit profit growth across all five operating segments in fiscal 2025, with non-GAAP operating earnings up 15% [sec · filed 2025-09-16].
- Pharmaceutical and Specialty Solutions segment profit increased 23% in fiscal 2026, driven by branded and specialty pharmaceuticals and acquisitions [sec_mda · as of 2026-08-11].
- Revenue growth of 14% in fiscal 2026, supported by branded and specialty pharmaceutical sales from existing and new customers [sec_mda · as of 2026-08-11].
- Strategic acquisitions in Specialty and at-Home Solutions align with long-term growth strategy to become a multi-specialty leader [sec · filed 2025-09-16].
What to weigh
- Shareholders' equity is negative at -$2,781.0 million as of 2026-06-30, indicating accumulated losses exceeding equity [sec].
- Total debt of $7,004.0 million as of 2026-06-30 represents a significant leverage position relative to cash of $4,856.0 million [sec].
- Fiscal 2025 revenue declined 2% to $222.6 billion due to the expiration of pharmaceutical distribution contracts with OptumRx [sec · filed 2025-09-16].
- A $184 million pre-tax goodwill impairment charge was recognized in fiscal 2026 related to the Navista & Integrated Oncology Network reporting unit [sec_mda · as of 2026-08-11].
From the filings
Quoted directly from source documents.
Revenue growth in fiscal 2026 was driven by branded and specialty pharmaceutical sales.
“Revenue for fiscal 2026 increased 14 percent to $254.2 billion from the prior year, primarily due to branded and specialty pharmaceutical sales growth from existing and new customers.”
SEC MD&A · August 11, 2026
Fiscal 2025 revenue decline due to OptumRx contract expiration.
“Revenue was $222.6 billion, down 2% from the prior year, reflecting the expiration of our pharmaceutical distribution contracts with OptumRx at the end of fiscal 2024.”
SEC filings · September 16, 2025
Strategic acquisitions in Specialty and at-Home Solutions support growth strategy.
“completed strategic acquisitions during the fiscal year in our Pharmaceutical and Specialty Solutions segment to further our Specialty strategy and in our at-Home Solutions business.”
SEC filings · September 16, 2025
Goodwill impairment charge in fiscal 2026 related to Navista & ION.
“the $184 million pre-tax goodwill impairment charge recognized in fiscal 2026 related to the Navista & Integrated Oncology Network ("ION") reporting unit within our Ph”
SEC MD&A · August 11, 2026
Catalyst timeline
- 2029-01-30 · Patent_Expiry · LYMPHOSEEK KIT — Patent/exclusivity expiry for LYMPHOSEEK KIT may affect related revenue streams.
Risks & what to watch (4)›
Key risks
- Negative shareholders' equity — Shareholders' equity of -$2,781.0M as of 2026-06-30 indicates accumulated deficits [sec].
- High debt leverage — Total debt of $7,004.0M exceeds cash of $4,856.0M as of 2026-06-30 [sec].
- Opioid litigation payments — Payments of $403 million related to opioid litigation in first half of fiscal 2026 [sec_mda · as of 2026-02-05].
- Goodwill impairment risk — $184M pre-tax goodwill impairment in fiscal 2026 for Navista & ION unit [sec_mda · as of 2026-08-11].
What to watch
- Integration and profitability of acquired MSO platforms and ADS in Specialty segment [sec_mda · as of 2026-08-11].
- Trend in gross margin rates, which are impacted by product mix from branded pharmaceutical sales [sec_mda · as of 2026-04-30].
- Opioid litigation developments and their impact on cash flows [sec_mda · as of 2026-02-05].
- Ability to manage debt levels and improve shareholders' equity position [sec].
Sources: SEC filings · SEC MD&A · Generated August 25, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Cash runway data unavailable
N/A
Lead: Approved
1 candidate
1 upcoming, next in ~884d
0 buys · 31 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
1,422
Total value held
$43.46B
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 30,577,418 | $6.46B |
| blackrock, inc. | 28,494,855 | $6.02B |
| vanguard portfolio management llc | 13,732,309 | $2.90B |
| state street corp | 12,074,518 | $2.55B |
| geode capital management, llc | 6,580,532 | $1.39B |
| morgan stanley | 4,954,328 | $1.05B |
| wellington management group llp | 4,276,152 | $903.6M |
| fmr llc | 4,243,240 | $896.6M |
| wcm investment management, llc | 4,006,636 | $826.6M |
| bank of america corp /de/ | 2,881,765 | $608.9M |
Showing top 10 of 1,422 institutional holders of Cardinal Health Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 3.0%
- Days to cover
- 3.7
- Shares short
- 6,063,099
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CAH short interestGovernance
Frequently asked questions
What is the AI investment thesis for Cardinal Health Inc.?
Cardinal Health is a global distributor of pharmaceuticals and medical products, operating through Pharmaceutical and Specialty Solutions and Global Medical Products and Distribution segments, with a strategic focus on specialty pharmaceuticals and multi-specialty leadership.
What is Cardinal Health Inc.'s lead drug candidate?
Cardinal Health Inc.'s most advanced tracked candidate is sodium iodide i 131 (Approved).
What is Cardinal Health Inc.'s next catalyst?
Cardinal Health Inc.'s next tracked catalyst is a Patent_Expiry event — "Patent/Exclusivity Expiry: LYMPHOSEEK KIT" — expected January 30, 2029.
Who is the CEO of Cardinal Health Inc.?
Mr. Jason M. Hollar is the chief executive officer of Cardinal Health Inc. (CAH).
Where is Cardinal Health Inc. headquartered?
Cardinal Health Inc. (CAH) is headquartered in Dublin, OH, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.