Cencora management check
COR · Health Care · Health Care Distributors · CEO Robert P. Mauch
Filings as of
3 good · 2 to watch · 1 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $342, against $144 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.21 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.2% of net income$18.3m of reported pay in fiscal 2025, against $1.6bn of net income.
- n/a
Do they own the stock?
No recent CEO filingBoth: 2 buyers ($2.3m) and 3 sellers ($4.7m) in six months. 2 of 4 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.3% a year over the last three fiscal years. Stock-based pay was 0.0% of revenue in the latest year.
- Flag
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Steven H. Collis, Robert P. Mauch. 15 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 26 | |
| Pay for performance | 60 | 85 | |
| CEO cost | 45 | 44 | |
| Skin in the game | — | — | 46 |
| Dilution | 79 | 68 | |
| Stable leadership | 10 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Health Care Distributors, by management score. Cencora is 27th of 60 in its sector.
- 45CAHCardinal Health81
- 150MCKMcKesson72
- 219DGXQuest Diagnostics67
- 233CORCencora66
- 246RVTYRevvity64
- 419HSICHenry Schein50
Pay versus performance
From the proxy statement filed January 22, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Robert P. Mauch | $18.3m | $33.9m | $6.1m | $342 | $144 | $1.6bn |
| 2024 | Steven H. Collis | $18.5m | $61.4m | $7.8m | $244 | $156 | $1.5bn |
| 2023 | Steven H. Collis | $17.5m | $33.8m | $5.1m | $193 | $128 | $1.7bn |
| 2022 | Steven H. Collis | $16.7m | $26.1m | $4.4m | $144 | $118 | $1.7bn |
| 2021 | Steven H. Collis | $14.9m | $39.8m | $4.6m | $125 | $123 | $1.5bn |
The board says pay is tied most to Adjusted EPS. Its other key measures: Adjusted Operating Income*, Adjusted EPS*, Adjusted Free Cash Flow*, Adjusted ROIC*.
Insiders and the CEO's stake
Both: 2 buyers ($2.3m) and 3 sellers ($4.7m) in six months. 2 of 4 sales ran on pre-arranged 10b5-1 plans.
- BoughtDermot Mark DurcanDirector$2.2mJun 18, 2026
- BoughtLauren M TylerDirector$149kJun 22, 2026
- SoldElizabeth S CampbellExecutive Vice President$3.7mAug 24, 2026
- SoldLazarus KrikorianSVP & Chief Accounting Officer · 10b5-1 plan$620kOct 1, 2026
Leadership and governance on file
- Sep 25, 2026Leadership change8-K 5.02
- Aug 14, 2026Leadership change8-K 5.02
- Jun 15, 2026Leadership change8-K 5.02
- May 29, 2026Leadership change8-K 5.02
- Mar 17, 2026Leadership change8-K 5.02
- Jan 22, 2026Leadership change8-K 5.02
- Aug 27, 2025Leadership change8-K 5.02
- May 28, 2025Leadership change8-K 5.02
- Jan 22, 2025Leadership change8-K 5.02
- Aug 16, 2024Leadership change8-K 5.02
- Aug 15, 2024Leadership change8-K 5.02
- May 3, 2024Leadership change8-K 5.02
Latest shareholder vote results: Mar 6, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $5.7bn returned to owners in buybacks and dividends, 71% of net income, and $613.6m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $214.0bn | $238.6bn | $262.2bn | $294.0bn | $321.3bn |
| Net income | $1.5bn | $1.7bn | $1.7bn | $1.5bn | $1.6bn |
| Stock-based pay | $99.6m | $93.4m | $124.6m | $148.0m | $148.0m |
| Buybacks | $82.2m | $483.7m | $1.2bn | $1.5bn | $435.5m |
| Dividends | $366.6m | $391.7m | $398.8m | $416.2m | $437.1m |
| Diluted shares | 208m | 211m | 205m | 200m | 195m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.