Mckesson
MCK on NYSE. McKesson sells medicines, medical supplies, and services to pharmacies, hospitals, and doctors. Market value $106.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to March 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.01 of spare cash in the past 12 months. A savings account pays about $4.
You pay 17.1 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 51 of 100. Price score: 81 of 100. Our list needs 70 on quality and 60 on price.
$915.45 a share, 26% above its 1-year low
Over the past year the price has ranged from $723.68 to $999.00.
Dividend: 0.4% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $264.0bn | $276.7bn | $309.0bn | $359.1bn | $403.4bn |
| Operating margin | |||||
| Operating margin | 0.8% | 1.6% | 1.3% | 1.2% | 1.5% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.14bn | 0.13bn | 0.13bn | 0.12bn | 0.12bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 11.1% a year
- Buying back its own sharesYes, 15% fewer since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $105.4 billion last quarter, up 8% on a year ago.
- Profit: $614 million, down 22% on a year ago.
- It keeps 2 cents of each $1 of sales as operating profit, up from 1 cents a year earlier.
- Spare cash over the past 12 months: $6.4 billion, up from $6 billion.
- 5% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $4.5 billion more than cash, down from $5.4 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $93.7bn |
| December 2024 | $95.3bn |
| March 2025 | $90.8bn |
| June 2025 | $97.8bn |
| September 2025 | $103.2bn |
| December 2025 | $106.2bn |
| March 2026 | $96.3bn |
| June 2026 | $105.4bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $241m |
| December 2024 | $879m |
| March 2025 | $1.3bn |
| June 2025 | $784m |
| September 2025 | $1.1bn |
| December 2025 | $1.2bn |
| March 2026 | $1.7bn |
| June 2026 | $614m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 4 November 2026
- Last annual report (10-K)
- 8 May 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
8 long-term investors we follow own it, up from 7 last quarter. 2,011 funds in all.
- Boston PartnersBoston Partners team
- Value
- $886m
- Share of fund
- 0.8%
- Muhlenkamp & Co.Jeff Muhlenkamp
- Value
- $21m
- Share of fund
- 6.0%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $886m | 0.8% | |
| Mawer Investment ManagementMawer team | $136m | 0.9% | Added |
| Scharf InvestmentsBrian Krawez | $114m | 3.8% | Cut |
| Brandes Investment PartnersCharles Brandes | $106m | 0.7% | Cut |
| Kensico Capital ManagementMichael Lowenstein | $75m | 1.3% | New |
| Gotham Asset ManagementJoel Greenblatt | $58m | 0.1% | Added |
| Muhlenkamp & Co.Jeff Muhlenkamp | $21m | 6.0% | |
| First Manhattan Co.First Manhattan partners | $3m | <0.1% | Cut |
Largest holders overall
- BlackRock$8.2bnCut
- Vanguard Capital Management$5.9bn
- State Street$4.3bn
- Morgan Stanley$4.0bnAdded
- Franklin Resources$2.2bnCut
- Vanguard Portfolio Management$2.2bn
- Geode Capital Management$2.1bnCut
- Massachusetts Financial Services$1.9bnCut
- FMR$1.6bnCut
- Alliancebernstein L.P.$1.5bnCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- BlackRock, Inc.Passive investor7.3%Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
BlackRock, Inc. Passive investor | 7.3% | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $28m, $28m of it under preset trading plans.
- Rutledge Napoleon B JRSVP, Controller & CAOSoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 111
- Price
- $891.45
- Value
- $98,951
- Lerman Bradley EDirectorSold
- Date
- 10 August 2026
- Shares
- 301
- Price
- $892.33
- Value
- $268,590
- TYLER BRIAN S.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 7 July 2026
- Shares
- 8,463
- Price
- $793.56
- Value
- $7m
- TYLER BRIAN S.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 17 June 2026
- Shares
- 8,463
- Price
- $775.13
- Value
- $7m
- TYLER BRIAN S.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 9 June 2026
- Shares
- 4,929
- Price
- $763.00
- Value
- $4m
- Rutledge Napoleon B JRSVP, Controller & CAOSoldunder a preset trading plan
- Date
- 5 June 2026
- Shares
- 133
- Price
- $764.00
- Value
- $101,612
- Rodgers Thomas LEVP, Chief Strategy & BDOSoldunder a preset trading plan
- Date
- 2 June 2026
- Shares
- 699
- Price
- $735.27
- Value
- $513,954
- Rodgers Thomas LEVP, Chief Strategy & BDOSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 123
- Price
- $735.50
- Value
- $90,467
- Smith LeAnn BEVP & Chief HR OfficerSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 1,810
- Price
- $735.50
- Value
- $1m
- Lau MicheleEVP and Chief Legal OfficerSoldunder a preset trading plan
- Date
- 26 May 2026
- Shares
- 3,550
- Price
- $761.09
- Value
- $3m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 8 September 2026 | Rutledge Napoleon B JR SVP, Controller & CAO | Sold under a preset trading plan | 111 | $891.45 | $98,951 |
| 10 August 2026 | Lerman Bradley E Director | Sold | 301 | $892.33 | $268,590 |
| 7 July 2026 | TYLER BRIAN S. Chief Executive Officer, Director | Sold under a preset trading plan | 8,463 | $793.56 | $7m |
| 17 June 2026 | TYLER BRIAN S. Chief Executive Officer, Director | Sold under a preset trading plan | 8,463 | $775.13 | $7m |
| 9 June 2026 | TYLER BRIAN S. Chief Executive Officer, Director | Sold under a preset trading plan | 4,929 | $763.00 | $4m |
| 5 June 2026 | Rutledge Napoleon B JR SVP, Controller & CAO | Sold under a preset trading plan | 133 | $764.00 | $101,612 |
| 2 June 2026 | Rodgers Thomas L EVP, Chief Strategy & BDO | Sold under a preset trading plan | 699 | $735.27 | $513,954 |
| 1 June 2026 | Rodgers Thomas L EVP, Chief Strategy & BDO | Sold under a preset trading plan | 123 | $735.50 | $90,467 |
| 1 June 2026 | Smith LeAnn B EVP & Chief HR Officer | Sold under a preset trading plan | 1,810 | $735.50 | $1m |
| 26 May 2026 | Lau Michele EVP and Chief Legal Officer | Sold under a preset trading plan | 3,550 | $761.09 | $3m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 8 May 2026, plus the 10-Q filed 5 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.