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Research · S&P 500 · Health Care
MCK · McKesson
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
42/55
moderate value score11 of 12 checks scored11 of the 12 checks that carry a score were scored from the data available. 1 could not be scored (ROE Trend) and was left out, so the score is out of 55 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
4/5Diluted EPS: $25.03 (2023), $22.39 (2024), $25.72 (2025), $38.38 (2026). It rose every year but one and ended above 2023; the framework scores that as 4.
ROE Trend
Not scoredShareholder equity is negative in 2023, 2024, 2025, 2026, so ROE has no meaningful value and is not scored.
ROIC
5/5ROIC of 40.6%: operating income of $6.21B divided by $15.31B of capital (total assets $82.32B minus current liabilities $67.02B), fiscal year to Mar 31, 2026, as filed in the 10-K (SEC EDGAR). The framework scores above 20% as 5.
Profit Margins
2/5Net margin of 1.1%; the framework scores 0-5% as 2; gross margin 3.6%, operating margin 1.3%.
Balance sheet & cash
Debt-to-Equity
1/5Shareholder equity is negative, so debt-to-equity has no meaningful value (total debt $11.80B, total cash $5.16B). The framework scores negative equity as 1. Calculated from the balance sheet in yfinance (at Jun 30, 2026) because yfinance's summary figure was not available.
Free Cash Flow
4/5Free cash flow (operating cash flow minus capital expenditure): $4.60B (2023), $3.63B (2024), $5.23B (2025), $5.41B (2026). It rose every year but one and ended above 2023; the framework scores that as 4.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $12.29B (2023), $14.98B (2024), $17.92B (2025), $22.29B (2026). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
5/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $37.31 x (8.5 + 2 x 20.0) x (4.4 / 4.5) = $1,769.32 (EPS CAGR 30.9% capped at 20%). Current price $1,004.84; price is 43.2% below the model value.
DCF Value
5/5FCF/share = $58.335, stage 1 growth = 14.3% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $327.71, PV of terminal value = $1,039.76, DCF value = $1,367.47. Current price $1,004.84; price is 26.5% below the model value.
Margin of Safety
5/5Graham value $1,769.32 (price is 43.2% below the model value); DCF value $1,367.47 (price is 26.5% below the model value).
Price-to-Book
1/5Book value is negative; the framework scores negative book value as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 5 of 10 years (2017-2026); lowest -24.1%, highest 40.6%.
Gross margin, each year
Between 3.6% and 5.7% over 10 years (a range of 2.1 points).
Competition, in the company’s own words · 10-K filed May 8, 2026
McKesson Corporation together with its subsidiaries (collectively, the “Company,” “McKesson,” “we,” “our,” or “us” and other similar pronouns), which traces its business roots to 1833, is a diversified healthcare services leader dedicated to advancing health outcomes for patients everywhere. Our teams partner with biopharma companies, care providers, pharmacies, manufacturers, governments, and others to deliver insights, products, and services to help make quality care more accessible and affordable. The Company’s fiscal year begins on April 1 and ends on March 31. Unless otherwise noted, all references in this document to a particular year refer to the Company’s fiscal year. The Company was incorporated on July 7, 1994 in the State of Delaware.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
5/5Capital allocation, 2023-2026: dividends or buybacks paid in every year (pass); $15.89B paid out against $18.86B of free cash flow (pass); total debt $7.29B to $8.61B, up 18.1%, 1.2x EBITDA (pass: at most 2x EBITDA); shares outstanding 0.14B to 0.12B, down 11.8% (pass). 4 of 4 tests passed; the framework scores that as 5.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $37.31, g = 20.0%, Y = 4.5
g capped at 20.0% (3-year EPS CAGR was 30.9%)
IV = $1,769.32
Current price $1,004.84 vs Graham value $1,769.32 — price is 43.2% below the model value.
DCF:
FCF/share = $58.335
Stage 1 growth = 14.3% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $66.676 → PV $60.615
Y2: $76.211 → PV $62.984
Y3: $87.109 → PV $65.447
Y4: $99.566 → PV $68.005
Y5: $113.804 → PV $70.663
Stage 1 PV sum = $327.71
Terminal value at end of Y5 = $1,674.54
PV of terminal value = $1,039.76
DCF value = $1,367.47
Current price $1,004.84 vs DCF value $1,367.47 — price is 26.5% below the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $1004.84. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
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