McKesson key statistics and ratios
In fiscal 2026, McKesson had an operating margin of 1.5% and a current ratio of 0.85. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2010Mar 2010 | 2011Mar 2011 | 2012Mar 2012 | 2013Mar 2013 | 2014Mar 2014 | 2015Mar 2015 | 2016Mar 2016 | 2017Mar 2017 | 2018Mar 2018 | 2019Mar 2019 | 2020Mar 2020 | 2021Mar 2021 | 2022Mar 2022 | 2023Mar 2023 | 2024Mar 2024 | 2025Mar 2025 | 2026Mar 2026 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 5.2% | 5.3% | 5.2% | 5.6% | 6.1% | 6.4% | 6.0% | 5.7% | 5.4% | 5.5% | 5.2% | 5.1% | 5.0% | 4.5% | 4.2% | 3.7% | 3.6% | 3.6% |
| Operating margin | 1.8% | 1.6% | 1.7% | 1.9% | 1.8% | 1.7% | 1.9% | 3.6% | 0.4% | 0.4% | 1.1% | −2.1% | 0.8% | 1.6% | 1.3% | 1.2% | 1.5% | 1.6% |
| Net margin | 1.2% | 1.1% | 1.1% | 1.1% | 0.9% | 0.8% | 1.2% | 2.6% | 0.0% | 0.0% | 0.4% | −1.9% | 0.4% | 1.3% | 1.0% | 0.9% | 1.2% | 1.1% |
| Free-cash-flow margin | 1.9% | 1.9% | 2.2% | 1.8% | 2.1% | 1.5% | 1.7% | 2.2% | 1.9% | 1.7% | 1.7% | 1.7% | 1.5% | 1.7% | 1.3% | 1.5% | 1.4% | 1.6% |
| Return on equity | 16.8% | 16.3% | 20.0% | 19.3% | 16.2% | 17.9% | 26.7% | 50.7% | 0.6% | 0.4% | 13.7% | −179.0% | — | — | — | — | — | — |
| Return on assets | 4.5% | 4.1% | 4.4% | 3.9% | 2.9% | 2.8% | 4.1% | 8.6% | 0.1% | 0.1% | 1.5% | −7.2% | 1.7% | 5.7% | 4.6% | 4.6% | 6.0% | 5.4% |
| Asset turnover | 3.86 | 3.79 | 3.82 | 3.60 | 3.17 | 3.39 | 3.46 | 3.38 | 3.43 | 3.57 | 3.82 | 3.77 | 4.11 | 4.41 | 4.76 | 5.04 | 5.12 | 4.82 |
| Current ratio | 1.26 | 1.19 | 1.09 | 1.08 | 1.11 | 1.09 | 1.10 | 1.04 | 1.01 | 1.02 | 0.99 | 1.03 | 0.95 | 0.92 | 0.92 | 0.90 | 0.85 | 0.89 |
| Debt to equity | 30.5% | 55.5% | 52.4% | 68.9% | 124.6% | 123.0% | 90.9% | 77.0% | 80.4% | 93.8% | 145.1% | — | — | — | — | — | — | — |
| Interest cover (operating income ÷ interest) | — | — | — | — | — | — | — | — | 2.7x | 3.4x | 10.0x | n/m | 11.4x | 17.7x | 15.5x | 16.7x | 25.1x | 23.6x |
| Effective tax rate | 32.2% | 30.9% | 27.2% | 30.1% | 34.9% | 30.7% | 27.9% | 23.4% | −22.2% | 58.4% | 1.6% | — | 33.0% | 19.5% | 16.6% | 20.1% | 17.8% | 17.9% |
| R&D as % of revenue | 0.3% | 0.4% | 0.3% | 0.4% | 0.3% | 0.2% | 0.2% | 0.2% | 0.1% | 0.0% | 0.0% | — | — | — | — | — | — | — |
| SG&A as % of revenue | — | — | 3.0% | 3.4% | 3.9% | 4.4% | 3.9% | 3.8% | 3.9% | 3.9% | 4.0% | 3.7% | 4.0% | 2.8% | 2.8% | 2.4% | 2.0% | 2.0% |
| Capital spending as % of revenue | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Free cash flow ÷ net income | 167.6% | 175.1% | 194.5% | 167.6% | 226.3% | 185.4% | 141.0% | 85.6% | >999% | >999% | 445.8% | — | 363.2% | 134.0% | 129.3% | 168.4% | 120.1% | 139.7% |
| Dividends ÷ net income | 10.4% | 14.2% | 13.9% | 14.5% | 16.9% | 15.4% | 10.8% | 5.0% | 391.0% | 858.8% | 32.7% | — | 24.9% | 8.2% | 10.5% | 10.5% | 8.0% | 8.6% |
| Dividends and buybacks ÷ free cash flow | 21.4% | 105.5% | 75.8% | 62.8% | 12.0% | 24.7% | 58.3% | 59.1% | 50.0% | 53.5% | 55.5% | 24.9% | 93.7% | 82.4% | 86.0% | 62.9% | 89.7% | 110.5% |
| Quarter | 2025 Q2Sept 2024 | 2025 Q3Dec 2024 | 2025 Q4Mar 2025 | 2026 Q1Jun 2025 | 2026 Q2Sept 2025 | 2026 Q3Dec 2025 | 2026 Q4Mar 2026 | 2027 Q1Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 3.5% | 3.4% | 4.0% | 3.4% | 3.4% | 3.5% | 4.2% | 3.5% |
| Operating margin | 0.6% | 1.3% | 1.8% | 1.1% | 1.4% | 1.5% | 2.2% | 1.3% |
| Net margin | 0.3% | 0.9% | 1.4% | 0.8% | 1.1% | 1.1% | 1.7% | 0.6% |
| Free-cash-flow margin | 2.1% | −2.6% | 8.3% | −1.1% | 2.2% | 1.1% | 3.4% | −0.3% |
| Current ratio | 0.91 | 0.88 | 0.90 | 0.88 | 0.88 | 0.88 | 0.85 | 0.89 |
| SG&A as % of revenue | 2.7% | 2.1% | 2.2% | 2.2% | 2.0% | 1.9% | 1.9% | 2.1% |
Financial health
- Short-term assets cover short-term liabilities $62.8bn of assets due within a year against $70.4bn of liabilities due within a year.
- Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
- More cash than debt $5.2bn of cash against $9.7bn of debt.
- Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
- Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
- A year's operating cash flow covers at least 20% of debt $6.9bn of operating cash flow against $9.7bn of debt.
- Operating profit covers interest at least five times over Operating income of $6.5bn against $275m of interest.
Moat
Weak moat
How hard McKesson's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 10 / 20
Cash operating profit has been a median 8.2% of total assets over 6 years.
- Pricing power 8 / 20
Gross margin has been a median 5.0%, moving by 0.7 percentage points (standard deviation) across 10 years.
- Durability 0 / 20
Operating margin has been a median 1.1%; its worst year was -2.1%.
- Cash conversion 11 / 20
Free cash flow was positive in 10 of 10 years, at a median 1.6% of revenue.
- Discipline 20 / 20
The diluted share count fell 23.1% over five years; stock-based pay has been a median 0.1% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (48 before it).
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