McKESSON CORPORATION

MCKActive

CIK 927653 · Healthcare Compounders

McKESSON CORPORATION is a public company in Medical - Distribution, tracked in the healthcare compounders sub-sector, with $403B TTM revenue and $6.9B TTM EBITDA.

Market data as of May 10, 2026

Financials: LTM / latest available company filings

Sources: FMP, MCK filings, SEC EDGAR

$90,161

Market cap ($MM)

$94,800

Enterprise value ($MM)

$403,430

Revenue · LTM ($MM)

$6,907

EBITDA · LTM ($MM)

EBITDA margin

0.2x

EV / revenue

13.7x

EV / EBITDA

0.4x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01MCK is a scaled public consolidator in Healthcare, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is UNH, ELV, CVS, HCA, HUM.

Balance sheet & capacity

Indicative capacity read: 0.4x net debt / EBITDA with EBITDA of $6.9B.

$3,975

Cash & equiv. ($MM)

$6,500

Total debt ($MM)

$2,525

Net debt ($MM)

0.4x

Net debt / EBITDA

Valuation

Where it trades against its peer set

MCK versus the scaled public Healthcare Compounders comparables.

EV / EBITDA distribution · peer set

MCK 13.7x

Indexed share-price performance

MCK versus available Healthcare Compounders peers and SPY.

+292%

MCK

-2.6%

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
McKESSON CORPORATION	MCK	$403,430	$6,907	2%	$90,161	$94,800	0.2x	13.7x	0.4x
UnitedHealth Group Incorporated	UNH	$449,713	$22,986	5%	$345,077	$394,993	0.9x	17.2x	1.9x
Elevance Health, Inc.	ELV	$200,415	$8,917	4%	$82,103	$104,288	0.5x	11.7x	2.5x
CVS Health Corporation	CVS	$407,905	$11,132	3%	$115,535	$184,338	0.5x	16.6x	4.6x
HCA Healthcare, Inc.	HCA	$76,388	$15,662	21%	$96,543	$145,448	1.9x	9.3x	2.8x
Humana Inc.	HUM	$137,200	$2,851	2%	$33,012	$42,054	0.3x	14.8x	2.6x
Healthcare Compounders median		$301,923	$10,025	4%	$93,352	$124,868	0.5x	14.2x	2.5x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

MCK's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

3.7

Acq. cash outflow ($MM)

N/A

Banker read

01MCK reads as a programmatic acquirer: 70 disclosed acquisitions across 19 active years, or 3.7 per active year. The chart shows activity in 7 of the last 12 visible years.
02In the last three years, the file shows 3 acquisitions versus 0 in the prior three; recent activity is the visible baseline.
03Spend changes the read: $21B of disclosed spend is concentrated in lumpy years, with FY14 the largest year at $4.6B. Recent spend is above the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal

MCK count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

3 / 0

Last three years sets the visible baseline vs prior three.

Peak count year

FY18

5 disclosed acquisitions in the peak visible year.

Recent spend

$1.2B

is up 568% vs prior three; peak FY14 at $4.6B.

Named evidence

10 rows

14% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Feb 6, 2014	Celesio AG	Healthcare compounders	$4,500	On February 6, 2014, we completed the acquisition of 77.6% of the then outstanding common shares of Celesio and certain convertible bonds of Celesio for cash consideration of $4...	10-K^†
Feb 6, 2014	Celesio AG	Healthcare compounders	$4,500	On February 6, 2014, we completed the acquisition of 77.6% of the then outstanding common shares of Celesio and certain convertible bonds of Celesio for cash consideration of $4...	10-K^†
Mar 1, 2016	Rexall Health	Healthcare compounders	$2,300	In March 2016, we entered into an agreement to purchase Rexall Health from Katz Group for $3 billion Canadian dollars (or, approximately $2.3 billion U.S. dollars using the curr...	10-K^†
Jul 1, 2017	Rexall Health	Healthcare compounders	$2,100	In the third quarter of 2017, we completed our acquisition of Rexall Health which operated approximately 400 retail pharmacies in Canada, particularly in Ontario and Western Can...	10-K^†
Dec 28, 2016	Rexall Health	Healthcare compounders	$2,100	On December 28, 2016, we completed our acquisition of Rexall Health which operates approximately 450 retail pharmacies in Canada, primarily in Ontario and Western Canada. The ne...	10-K^†
Dec 30, 2010	US Oncology Holdings, Inc.	Healthcare compounders	$2,100	On December 30, 2010, we acquired all of the outstanding shares of US Oncology Holdings, Inc. (“US Oncology”) for approximately $2.1 billion, consisting of cash consideration of...	10-K^†
Feb 22, 2013	PSS World Medical, Inc.	Healthcare compounders	$1,900	On February 22, 2013, we acquired all of the outstanding shares of PSS World Medical, Inc. (“PSSI”) of Jacksonville, Florida for $29.00 per share plus the assumption of PSSI’s d...	10-K^†
Feb 22, 2013	PSS World Medical, Inc.	Healthcare compounders	$1,900	On February 22, 2013, we acquired all of the outstanding shares of PSS World Medical, Inc. (“PSS World Medical”) of Jacksonville, Florida for $29.00 per share plus the assumptio...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 8 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.0 rows+

No filing source clears this category.

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.7 rows+

Filing date	Form	Targets / topics	Support	Source
May 15, 2019	10-K	Rexall Health	Named deals	SEC filing
May 24, 2018	10-K	Rexall Health	Named deals	SEC filing
May 5, 2016	10-K	Celesio AG; Rexall Health	Named deals	SEC filing
May 12, 2015	10-K	Celesio AG; PSS World Medical, Inc.	Named deals	SEC filing
May 14, 2014	10-K	PSS World Medical, Inc.	Named deals	SEC filing
May 7, 2013	10-K	US Oncology Holdings, Inc.; PSS World Medical, Inc.	Named deals	SEC filing
May 5, 2009	10-K	Per-Se Technologies, Inc.	Named deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+

Filing date	Form	Items	Description	Support	Source
May 8, 2026	10-K	N/A	10-K	FinancialsRecent SEC	SEC filing
May 7, 2026	8-K	2.02,9.01	8-K	Recent SEC	SEC filing
May 1, 2026	10-K	N/A	Annual report from SEC company index	Recent SEC	SEC filing
Apr 28, 2026	8-K	1.01,1.02,2.03,9.01	8-K	Recent SEC	SEC filing
Apr 6, 2026	8-K	1.01,2.03,9.01	8-K	Recent SEC	SEC filing
Mar 6, 2026	8-K	7.01,9.01	8-K	Recent SEC	SEC filing
Mar 5, 2026	8-K	5.02,9.01	8-K	Recent SEC	SEC filing
Feb 4, 2026	8-K	2.02,9.01	8-K	Recent SEC	SEC filing
Feb 4, 2026	10-Q	N/A	10-Q	Recent SEC	SEC filing
Feb 1, 2026	10-Q	N/A	Quarterly report from SEC company index	Recent SEC	SEC filing

Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Acquisition of Celesio AG

10-K - May 5, 2016

Medium

On February 6, 2014, we completed the acquisition of 77.6% of the then outstanding common shares of Celesio and certain convertible bonds of Celesio for cash consideration of $4.5 billion, net of cash acquired (the “Acq…

SEC source

Celesio AG Acquisition

10-K - May 12, 2015

Medium

SEC source

Rexall Health acquisition

10-K - May 5, 2016

Medium

In March 2016, we entered into an agreement to purchase Rexall Health from Katz Group for $3 billion Canadian dollars (or, approximately $2.3 billion U.S. dollars using the currency exchange ratio of 0.77 Canadian dolla…

SEC source

Rexall Health

10-K - May 15, 2019

Medium

In the third quarter of 2017, we completed our acquisition of Rexall Health which operated approximately 400 retail pharmacies in Canada, particularly in Ontario and Western Canada. The net cash purchase consideration o…

SEC source

Rexall Health

10-K - May 24, 2018

Medium

On December 28, 2016, we completed our acquisition of Rexall Health which operates approximately 450 retail pharmacies in Canada, primarily in Ontario and Western Canada. The net cash purchase consideration of $2.9 bill…

SEC source

US Oncology Holdings, Inc.

10-K - May 7, 2013

Medium

On December 30, 2010, we acquired all of the outstanding shares of US Oncology Holdings, Inc. (“US Oncology”) for approximately $2.1 billion, consisting of cash consideration of $0.2 billion, net o...

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive