Cardinal Health Inc (CAH) Stock Analysis and Metrics

Cardinal Health

NYSE: CAH

$230.16 ▲ +2.13 (+0.94%)

At close: Jul 27, 2026 · 11:18 AM UTC

Financial Ratios

Market Cap54.12 Bn

P/E34.96

P/S0.22

Div. Yield0.02

ROIC (Qtr)0.00

Total Debt (Qtr)8.92 Bn

Revenue Growth (1y) (Qtr)11.05

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About

Cardinal Health, Inc. is a global healthcare services and products company providing customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices, and patients in the home. The firm distributes medical products and pharmaceuticals and offers cost‑effective solutions that enhance healthcare system efficiency and supply chain performance.

Revenue is generated primarily through the distribution of branded and generic pharmaceuticals, over‑the‑counter healthcare products, and specialty pharmaceuticals. The company also earns fees for services to manufacturers such as distribution, inventory management, data reporting, new product launch support, and chargeback administration. Additional revenue streams include pharmacy management services, repackaging of generics, manufacturing and sale of Cardinal Health branded medical‑surgical and laboratory products, distribution of national brand medical devices, supply chain services, nuclear pharmacy and radiopharmaceutical operations, at‑home medical supplies delivery, and logistics optimization services.

The company operates through the following segments: Pharmaceutical and Specialty Solutions, Global Medical Products and Distribution, Nuclear and Precision Health Solutions, at‑Home Solutions, and OptiFreight Logistics.

• Pharmaceutical and Specialty Solutions: This segment distributes branded and generic pharmaceuticals, over‑the‑counter products, and specialty pharmaceuticals to retailers, hospitals, and other providers. It provides manufacturers with distribution, inventory management, data reporting, product launch support, and chargeback administration, offers pharmacy management services to hospitals, operates a limited number of pharmacies, and repackages generic and OTC products.

• Global Medical Products and Distribution: This segment manufactures and sources Cardinal Health branded general and specialty medical, surgical, and laboratory products such as gloves, syringes, wound care items, and surgical drapes. It also distributes national brand medical products, provides supply chain services to hospitals and ambulatory surgery centers, assembles and sells sterile and non‑sterile procedure kits, and offers an automated inventory‑management platform through its Wavemark division.

• Nuclear and Precision Health Solutions: This segment operates nuclear pharmacies and manufacturing facilities that produce radiopharmaceuticals for imaging, theranostics, and other procedures in hospitals and physician offices. It contract manufactures the radiopharmaceutical treatment Xofigo® and holds North American rights to manufacture and distribute Lymphoseek®, a diagnostic imaging agent.

• at‑Home Solutions: This segment consists of Edgepark (including ADS), which directly supplies medical supplies to patients with chronic conditions at home, and a business‑to‑home distribution service that delivers medical supplies and OTC products to home medical equipment providers, home health and hospice agencies, and e‑commerce customers.

• OptiFreight Logistics: This segment optimizes direct shipments for hospitals, pharmacies, laboratories, and surgery centers through integrated technology solutions that improve shipping efficiency and reduce logistics costs.

Within the pharmaceutical distribution arena, Cardinal Health competes with national wholesale distributors such as McKesson Corporation and Cencora, Inc., as well as regional and specialty distributors. In the medical‑products sector, its primary rivals include Medline Industries, Inc. and Owens & Minor, Inc. The company’s competitive advantages stem from its extensive product breadth, strong group‑purchasing organization relationships, scale‑driven supply‑chain efficiencies, and diversified service offerings across the healthcare continuum.

The company serves a diverse customer base that includes hospitals, health systems, retail pharmacies, ambulatory surgery centers, clinical laboratories, physician offices, and patients receiving care at home. Its largest single customer is CVS Health, which accounted for approximately 30% of fiscal 2025 revenue. The five largest customers together represented about 43% of revenue, and the two largest group‑purchasing organizations, Vizient, Inc. and Premier, Inc., collectively contributed roughly 27% of sales through their member contracts.

Investment Thesis

▲ Bull case

Cardinal Health is positioned for sustained growth through the synergistic integration of its high-margin growth businesses and specialty platform, which together are creating compounding value not fully reflected in current guidance. The at-Home Solutions segment, bolstered by the full integration of Advanced Diabetes Supply (ADS), is expanding its care pathway program that now serves 165,000 patients with nearly 20% growth since January, driven by the secular shift of care into the home and enhanced by technology investments in network capacity and patient experience. Simultaneously, Nuclear and Precision Health Solutions is capitalizing on the Theranostics boom, with Actinium-225 production capacity expansion at its Center for Theranostics advancement directly supporting over 15 global clinical trials and positioning the business as a critical supplier to pharmaceutical innovators in oncology and urology. OptiFreight Logistics continues to deliver differentiated value through its end-to-end pharmacy shipping platform, which includes tech-enabled tracking and navigation tools that improve efficiency and security for health care providers, contributing to nearly 20% quarterly revenue growth. These three businesses collectively grew revenue 31% and profit 34% in Q3, with management raising full-year profit growth guidance to 36–38%, reflecting confidence in their ability to scale beyond acquisition-driven growth. The Strategic Alliances multi-specialty MSO platform is further amplifying this value by partnering with nuclear and at-Home solutions to support real-world evidence studies, such as the multiyear gastroenterology study with a pharmaceutical partner, demonstrating how cross-business synergies create long-term, defensible differentiation. This ecosystem approach—where specialty physicians gain access to nuclear imaging, home health support, and logistics optimization—creates a sticky, high-value proposition that is difficult for competitors to replicate and is only beginning to scale, with Solaris distribution volumes just ramping in Q4 FY26 and set to be a primary inorganic driver in FY27. The market is underestimating how these interconnected platforms will drive higher-margin revenue expansion and improve overall segment profitability beyond the current 1.40% Pharma segment margin, especially as the company continues to reinvest excess cash flow into these high-return areas.
Cardinal Health’s capital allocation discipline and balance sheet strength are creating underappreciated downside protection and upside optionality that the market is overlooking amid near-term revenue volatility. The company generated $1.7 billion of adjusted free cash flow in Q3 alone, bringing year-to-date adjusted free cash flow to $3.5 billion, and has raised full-year guidance to $3.3–3.7 billion, reflecting the resilience of its cash-generative model even amid pricing pressures from the Inflation Reduction Act (IRA) and tariff-related headwinds in GMPD. This robust cash flow is being deployed strategically: the company prepaid $100 million on its term loan, reducing Moody’s-adjusted leverage to 3.0x—within its target range of 2.75–3.25x—and maintains a BAA2 rating, providing financial flexibility for opportunistic M&A or further shareholder returns. Despite repurchasing $1 billion in shares year-to-date (exceeding the $750 million baseline target by $250 million), the company still ended Q3 with nearly $4 billion in cash, underscoring its ability to fund growth investments without compromising balance sheet strength. The recent dividend increase to $0.5158 per share signals confidence in sustainable cash flow generation and commitment to returning capital, while the continued focus on bolt-on acquisitions in prioritized areas like autoimmune and urology—rather than large, risky transforms—reflects a disciplined approach to value creation. Management’s willingness to raise EPS guidance despite revenue missing estimates—driven by operational excellence, mix shifts toward higher-margin generics and specialty, and discrete tax benefits—demonstrates that the core earnings power of the business is stronger than topline trends suggest. The market is failing to recognize how this financial fortitude allows Cardinal Health to weather cyclical pressures in pharma distribution while simultaneously funding long-term growth engines that will redefine profitability over the next 24–36 months.
The ongoing resolution of tariff-related uncertainties presents a significant, unmodeled near-term catalyst that could meaningfully boost earnings without requiring operational improvement, yet the market remains skeptical due to timing ambiguity. Cardinal Health has paid approximately $200 million in IEPA tariffs to date, primarily impacting the GMPD segment, and while it has not recognized any financial impact in guidance due to uncertainty around refund administration, management explicitly stated that if circumstances become more certain, the potential future net benefit would be about half of that $200 million—approximately $100 million—primarily driven by repayment of the IEPA pricing passed to customers. This $100 million potential benefit, if realized, would represent nearly 30% of the company’s Q3 segment profit in GMPD and could meaningfully lift consolidated earnings, especially given that the GMPD segment’s current $25 million profit is already showing signs of stabilization through brand growth and supply chain simplification. The Supreme Court’s February 2026 ruling that tariffs imposed under the International Emergency Economic Powers Act were unlawful creates a clear legal pathway for recovery, and while the timing and mechanics of refunds remain unresolved, the company’s refusal to reserve for or recognize the benefit does not negate the economic certainty of eventual restitution. Unlike cyclical demand fluctuations or pricing pressures, this is a near-term, balance-sheet-backed opportunity with a defined upper bound and clear causation, yet it is being treated as speculative rather than a probable upside scenario. As clarity emerges on the refund process—potentially within the next two quarters—the market may be forced to reprice the stock to reflect this latent value, particularly if the benefit begins to flow through the P&L in FY27 guidance.

Cardinal Health is positioned for sustained growth through the synergistic integration of its high-margin growth businesses and specialty platform, which together are creating compounding value not fully reflected in current guidance. The at-Home Solutions segment, bolstered by the full integration of Advanced Diabetes Supply (ADS), is expanding its care pathway program that now serves 165,000 patients with nearly 20% growth since January, driven by the secular shift of care into the home and enhanced by technology investments in network capacity and patient experience. Simultaneously, Nuclear and Precision Health Solutions is capitalizing on the Theranostics boom, with Actinium-225 production capacity expansion at its Center for Theranostics advancement directly supporting over 15 global clinical trials and positioning the business as a critical supplier to pharmaceutical innovators in oncology and urology. OptiFreight Logistics continues to deliver differentiated value through its end-to-end pharmacy shipping platform, which includes tech-enabled tracking and navigation tools that improve efficiency and security for health care providers, contributing to nearly 20% quarterly revenue growth. These three businesses collectively grew revenue 31% and profit 34% in Q3, with management raising full-year profit growth guidance to 36–38%, reflecting confidence in their ability to scale beyond acquisition-driven growth. The Strategic Alliances multi-specialty MSO platform is further amplifying this value by partnering with nuclear and at-Home solutions to support real-world evidence studies, such as the multiyear gastroenterology study with a pharmaceutical partner, demonstrating how cross-business synergies create long-term, defensible differentiation. This ecosystem approach—where specialty physicians gain access to nuclear imaging, home health support, and logistics optimization—creates a sticky, high-value proposition that is difficult for competitors to replicate and is only beginning to scale, with Solaris distribution volumes just ramping in Q4 FY26 and set to be a primary inorganic driver in FY27. The market is underestimating how these interconnected platforms will drive higher-margin revenue expansion and improve overall segment profitability beyond the current 1.40% Pharma segment margin, especially as the company continues to reinvest excess cash flow into these high-return areas.
Cardinal Health’s capital allocation discipline and balance sheet strength are creating underappreciated downside protection and upside optionality that the market is overlooking amid near-term revenue volatility. The company generated $1.7 billion of adjusted free cash flow in Q3 alone, bringing year-to-date adjusted free cash flow to $3.5 billion, and has raised full-year guidance to $3.3–3.7 billion, reflecting the resilience of its cash-generative model even amid pricing pressures from the Inflation Reduction Act (IRA) and tariff-related headwinds in GMPD. This robust cash flow is being deployed strategically: the company prepaid $100 million on its term loan, reducing Moody’s-adjusted leverage to 3.0x—within its target range of 2.75–3.25x—and maintains a BAA2 rating, providing financial flexibility for opportunistic M&A or further shareholder returns. Despite repurchasing $1 billion in shares year-to-date (exceeding the $750 million baseline target by $250 million), the company still ended Q3 with nearly $4 billion in cash, underscoring its ability to fund growth investments without compromising balance sheet strength. The recent dividend increase to $0.5158 per share signals confidence in sustainable cash flow generation and commitment to returning capital, while the continued focus on bolt-on acquisitions in prioritized areas like autoimmune and urology—rather than large, risky transforms—reflects a disciplined approach to value creation. Management’s willingness to raise EPS guidance despite revenue missing estimates—driven by operational excellence, mix shifts toward higher-margin generics and specialty, and discrete tax benefits—demonstrates that the core earnings power of the business is stronger than topline trends suggest. The market is failing to recognize how this financial fortitude allows Cardinal Health to weather cyclical pressures in pharma distribution while simultaneously funding long-term growth engines that will redefine profitability over the next 24–36 months.
The ongoing resolution of tariff-related uncertainties presents a significant, unmodeled near-term catalyst that could meaningfully boost earnings without requiring operational improvement, yet the market remains skeptical due to timing ambiguity. Cardinal Health has paid approximately $200 million in IEPA tariffs to date, primarily impacting the GMPD segment, and while it has not recognized any financial impact in guidance due to uncertainty around refund administration, management explicitly stated that if circumstances become more certain, the potential future net benefit would be about half of that $200 million—approximately $100 million—primarily driven by repayment of the IEPA pricing passed to customers. This $100 million potential benefit, if realized, would represent nearly 30% of the company’s Q3 segment profit in GMPD and could meaningfully lift consolidated earnings, especially given that the GMPD segment’s current $25 million profit is already showing signs of stabilization through brand growth and supply chain simplification. The Supreme Court’s February 2026 ruling that tariffs imposed under the International Emergency Economic Powers Act were unlawful creates a clear legal pathway for recovery, and while the timing and mechanics of refunds remain unresolved, the company’s refusal to reserve for or recognize the benefit does not negate the economic certainty of eventual restitution. Unlike cyclical demand fluctuations or pricing pressures, this is a near-term, balance-sheet-backed opportunity with a defined upper bound and clear causation, yet it is being treated as speculative rather than a probable upside scenario. As clarity emerges on the refund process—potentially within the next two quarters—the market may be forced to reprice the stock to reflect this latent value, particularly if the benefit begins to flow through the P&L in FY27 guidance.

▼ Bear case

Cardinal Health’s Pharmaceutical and Specialty Solutions segment is experiencing a structural shift in revenue quality that is undermining long-term profitability despite strong topline growth, a dynamic the market is overlooking due to an overemphasis on volume-driven metrics. While segment revenue grew 11% in Q3 and is expected to reach the lower end of the 15–17% FY26 range, this growth is being driven disproportionately by low-margin GLP-1 drugs, which added six percentage points to revenue growth but remain “relatively empty calorie dollars” for the distributor, as explicitly acknowledged by the CFO. Simultaneously, branded-to-generic conversions are creating a revenue headwind that is offset by margin improvement, but the net effect is a deteriorating revenue mix where high-volume, low-margin products are displacing historically more profitable branded sales. The company’s own guidance reflects this concern, as it expects Pharma revenue to come in at the lower end of its range due to “mix dynamics within brands,” and while segment profit growth was raised to 22–23%, this still implies only moderate operating leverage despite 11% revenue growth—indicating that incremental revenue is not translating efficiently into profit. Furthermore, the ongoing goodwill impairment of $184 million in the Navista & ION reporting unit, driven by changes in business plan risk profiles and increased discount rates, signals that even the company’s specialty oncology MSO strategy is facing valuation pressures, with management admitting the impairment was due to “base operational performance” and not just near-term volatility. This raises questions about the sustainability of the economics in its oncology platforms, especially as the company pivots toward equity-based MSO arrangements amid market preference shifts, potentially altering long-term contract structures and revenue predictability. The market is assuming that strong specialty growth (over 20% in Q3, over 30% in oncology) equates to improving profitability, but the reality is that the segment’s profit margin remains thin at 1.40%, and without a meaningful shift toward higher-margin services or better payer economics, the current trajectory risks delivering growth that is rich in volume but poor in value creation.
The Global Medical Products and Distribution (GMPD) segment continues to face persistent, structural headwinds from tariff-related cost pressures and weak underlying demand that are not being offset by brand growth or operational improvements, creating a drag on consolidated earnings that the market is underestimating due to hopeful but uncertain refund expectations. Although Cardinal Health brand sales grew over 5% in the U.S., this was insufficient to offset lower distribution volumes, leaving GMPD revenue flat year-over-year in Q3, and segment profit declined 36% to $25 million due to the “adverse net impact of tariffs.” Management acknowledged that tariff exposure is concentrated in this segment and that despite cost-cutting and price increase efforts, these actions have not fully offset the hit, with approximately $200 million in IEPA tariffs paid to date. While the company cites a potential future net benefit of ~$100 million from tariff refunds, this remains entirely contingent on the timing and administration of a refund process that has yet to be established, and no amount has been recognized in the P&L or reserved on the balance sheet. More troublingly, the segment’s underlying operational performance is weak: the improvement plan is focused on simplification and cost optimization, yet profit remains at a fraction of prior levels, and there is no evidence of sustainable margin recovery beyond temporary pricing actions. The company’s own optimism about a “tailwind” from tariffs in FY27 is speculative and conflates the potential benefit of refunds with ongoing tariff impacts, ignoring that any recovery would be a one-time event, not a sustainable improvement in the business model. With the GMPD segment representing ~5% of total revenue but currently dragging down consolidated profitability, and with no clear path to restoring historical profit levels (~$39 million in Q3 FY25), the market is failing to appreciate how this segment’s persistent underperformance could continue to suppress EPS growth even if other segments perform well, especially given the lack of meaningful progress in reversing the structural decline in core distribution volumes.
Cardinal Health’s reliance on discretionary tax planning benefits and share repurchases to drive EPS growth raises concerns about the quality and sustainability of its earnings trajectory, a factor the market is ignoring in favor of headline non-GAAP EPS expansion. The company’s Q3 non-GAAP effective tax rate was 10.2%, driven by a multiyear discrete tax planning item that contributed approximately $0.35 to EPS for the quarter, and management has lowered its full-year non-GAAP ETR guidance to ~19% from a prior range of 21–23%, citing these benefits as a key driver of the EPS outlook increase. While legal and common, such discrete tax benefits are inherently non-recurring and subject to change based on regulatory shifts, audit outcomes, or changes in corporate structure—making them an unreliable foundation for long-term growth expectations. Simultaneously, the company has aggressively repurchased shares, completing a $1 billion buyback year-to-date and launching additional programs, which reduced average diluted shares outstanding to 236 million and contributed meaningfully to EPS growth. However, this financial engineering masks underlying operational challenges: GAAP EPS decreased 20% to $1.69 in Q3 due to the goodwill impairment and lower operating earnings, and GAAP operating earnings fell 30% to $509 million, revealing that the non-GAAP outperformance is heavily dependent on excluding real, recurring costs like amortization, acquisition-related expenses, and litigation charges. The market is embracing the non-GAAP narrative of 35% EPS growth without scrutinizing how much of it is driven by temporary tax advantages and share count reduction rather than genuine, scalable operational improvement. If these benefits normalize or reverse—as they did in prior years when the company faced similar pressures—or if share repurchase capacity is constrained by future M&A needs or deteriorating credit metrics, the reported EPS growth could decelerate sharply, leaving investors exposed to a multiple contraction when the true, GAAP-based earnings power of the business is reevaluated.

Cardinal Health’s Pharmaceutical and Specialty Solutions segment is experiencing a structural shift in revenue quality that is undermining long-term profitability despite strong topline growth, a dynamic the market is overlooking due to an overemphasis on volume-driven metrics. While segment revenue grew 11% in Q3 and is expected to reach the lower end of the 15–17% FY26 range, this growth is being driven disproportionately by low-margin GLP-1 drugs, which added six percentage points to revenue growth but remain “relatively empty calorie dollars” for the distributor, as explicitly acknowledged by the CFO. Simultaneously, branded-to-generic conversions are creating a revenue headwind that is offset by margin improvement, but the net effect is a deteriorating revenue mix where high-volume, low-margin products are displacing historically more profitable branded sales. The company’s own guidance reflects this concern, as it expects Pharma revenue to come in at the lower end of its range due to “mix dynamics within brands,” and while segment profit growth was raised to 22–23%, this still implies only moderate operating leverage despite 11% revenue growth—indicating that incremental revenue is not translating efficiently into profit. Furthermore, the ongoing goodwill impairment of $184 million in the Navista & ION reporting unit, driven by changes in business plan risk profiles and increased discount rates, signals that even the company’s specialty oncology MSO strategy is facing valuation pressures, with management admitting the impairment was due to “base operational performance” and not just near-term volatility. This raises questions about the sustainability of the economics in its oncology platforms, especially as the company pivots toward equity-based MSO arrangements amid market preference shifts, potentially altering long-term contract structures and revenue predictability. The market is assuming that strong specialty growth (over 20% in Q3, over 30% in oncology) equates to improving profitability, but the reality is that the segment’s profit margin remains thin at 1.40%, and without a meaningful shift toward higher-margin services or better payer economics, the current trajectory risks delivering growth that is rich in volume but poor in value creation.
The Global Medical Products and Distribution (GMPD) segment continues to face persistent, structural headwinds from tariff-related cost pressures and weak underlying demand that are not being offset by brand growth or operational improvements, creating a drag on consolidated earnings that the market is underestimating due to hopeful but uncertain refund expectations. Although Cardinal Health brand sales grew over 5% in the U.S., this was insufficient to offset lower distribution volumes, leaving GMPD revenue flat year-over-year in Q3, and segment profit declined 36% to $25 million due to the “adverse net impact of tariffs.” Management acknowledged that tariff exposure is concentrated in this segment and that despite cost-cutting and price increase efforts, these actions have not fully offset the hit, with approximately $200 million in IEPA tariffs paid to date. While the company cites a potential future net benefit of ~$100 million from tariff refunds, this remains entirely contingent on the timing and administration of a refund process that has yet to be established, and no amount has been recognized in the P&L or reserved on the balance sheet. More troublingly, the segment’s underlying operational performance is weak: the improvement plan is focused on simplification and cost optimization, yet profit remains at a fraction of prior levels, and there is no evidence of sustainable margin recovery beyond temporary pricing actions. The company’s own optimism about a “tailwind” from tariffs in FY27 is speculative and conflates the potential benefit of refunds with ongoing tariff impacts, ignoring that any recovery would be a one-time event, not a sustainable improvement in the business model. With the GMPD segment representing ~5% of total revenue but currently dragging down consolidated profitability, and with no clear path to restoring historical profit levels (~$39 million in Q3 FY25), the market is failing to appreciate how this segment’s persistent underperformance could continue to suppress EPS growth even if other segments perform well, especially given the lack of meaningful progress in reversing the structural decline in core distribution volumes.
Cardinal Health’s reliance on discretionary tax planning benefits and share repurchases to drive EPS growth raises concerns about the quality and sustainability of its earnings trajectory, a factor the market is ignoring in favor of headline non-GAAP EPS expansion. The company’s Q3 non-GAAP effective tax rate was 10.2%, driven by a multiyear discrete tax planning item that contributed approximately $0.35 to EPS for the quarter, and management has lowered its full-year non-GAAP ETR guidance to ~19% from a prior range of 21–23%, citing these benefits as a key driver of the EPS outlook increase. While legal and common, such discrete tax benefits are inherently non-recurring and subject to change based on regulatory shifts, audit outcomes, or changes in corporate structure—making them an unreliable foundation for long-term growth expectations. Simultaneously, the company has aggressively repurchased shares, completing a $1 billion buyback year-to-date and launching additional programs, which reduced average diluted shares outstanding to 236 million and contributed meaningfully to EPS growth. However, this financial engineering masks underlying operational challenges: GAAP EPS decreased 20% to $1.69 in Q3 due to the goodwill impairment and lower operating earnings, and GAAP operating earnings fell 30% to $509 million, revealing that the non-GAAP outperformance is heavily dependent on excluding real, recurring costs like amortization, acquisition-related expenses, and litigation charges. The market is embracing the non-GAAP narrative of 35% EPS growth without scrutinizing how much of it is driven by temporary tax advantages and share count reduction rather than genuine, scalable operational improvement. If these benefits normalize or reverse—as they did in prior years when the company faced similar pressures—or if share repurchase capacity is constrained by future M&A needs or deteriorating credit metrics, the reported EPS growth could decelerate sharply, leaving investors exposed to a multiple contraction when the true, GAAP-based earnings power of the business is reevaluated.

Operating and Reportable Segment Breakdown of Revenue (2025)

Peer Comparison

Companies in the Medical Distribution

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	MCK	Mckesson Corp	105.70 Bn	20.73	0.26	6.56 Bn
2	COR	Cencora, Inc.	60.83 Bn	23.83	0.19	12.39 Bn
3	CAH	Cardinal Health Inc	54.12 Bn	34.96	0.22	8.92 Bn
4	HSIC	Henry Schein Inc	9.86 Bn	24.10	0.74	3.37 Bn
5	AHG	Akso Health Group	3.12 Bn	-	-	0.00 Bn
6	YI	111, Inc.	0.66 Bn	-71.09	0.38	0.03 Bn
7	ACH	Accendra Health Inc/Va/	0.25 Bn	-0.26	0.09	2.10 Bn
8	FOCL	Edap Tms Sa	0.23 Bn	-7.32	3.08	0.02 Bn

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Investment Thesis

Operating and Reportable Segment Breakdown of Revenue (2025)

Operating and Reportable Segment Breakdown of Revenue (2025)

Peer Comparison

Research Tools

Developers

About

Investment Thesis

Operating and Reportable Segment Breakdown of Revenue (2025)

Operating and Reportable Segment Breakdown of Revenue (2025)

Peer Comparison

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