CAH // Cardinal Health Inc.

DES <GO> NYSE CIK 0000721371 ↗

Health Care • Other Pharmaceuticals

$251.09 ▲ +6.33 (+2.59%)

MKT CAP: $58.14B • VOL: 1.74M

52W L $180 52W H $260

ALTMAN Z

5.16 SAFE

PIOTROSKI

6 / 9

CAH // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 67/100 [C+] (-1 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C+

RQD CONFIDENCE

66 / 100 -1D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Upper Neutral / Watch for Breakout

01 MASSIVE / SEC XBRL

Forensic Fundamentals

16 / 20

STRONG

FCF -43.1% vs NI +83.2% • ROIC-WACC +22.3% • Z 5.16

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

13 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

15 / 20

SOLID

20 BASE - 5 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON CAH)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 81/100 Z-SCORE: +2.27σ

CAH Accounting Gap: Net Income (+83.2%) Outpaced OCF (-36.3%) With +16% Working-Capital Build

CASH CONVERSION GAP

+119.5% (NI vs OCF)

RECEIVABLES / WC BLOAT

+16.0% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Cardinal Health Inc. (CAH) exposes a +119.5% Cash Conversion Gap as YoY Net Income growth (+83.2%) diverged from Operating Cash Flow growth (-36.3%). Non-cash current assets and receivables expanded +16.0% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

CAH // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +29.86%📐 HORIZONTAL RANGE

2026-10-30O $255.0H $259.8L $250.1C $250.5VOL 1.95M

RES: $292.7SUP: $214.9SMA50: $237.8SMA200: $222.2

CAH // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 58/100

BEAR 0

100 BULL

Cardinal Health Inc. (CAH) exhibits 3.7% gross margins and 29.7% return on invested capital within Health Care (Other Pharmaceuticals), balanced against a 24.5x enterprise multiple and 6.6% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 3.7% gross profitability converts into 1.0% operating margin and 29.7% ROIC, outpacing sector cost of capital.

ROIC: 29.7% // GM: 3.7%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of -1.9% paired with 3.18% free cash flow yield supports self-funded R&D and capital return.

REV YOY: -1.9% // FCF YLD: 3.18%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 5.16 and Piotroski F-Score of 6/9 indicate low near-term refinancing stress.

ALTMAN Z: 5.16 // F-SCORE: 6/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 37.2x trailing P/E (34.6x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 37.2x // EV/EBITDA: 24.5x

02. Options Skew & Event Volatility Risk

Options market prices a ±6.6% implied move with a 0.63 put/call ratio around $246.00 max pain.

IMPL MOVE: ±6.6% // P/C: 0.63

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Other Pharmaceuticals require continuous execution to defend 0.7% net margins.

NET MARGIN: 0.7% // D/E: 0.85x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 34.6x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 0.90).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 37.2x

FORWARD P/E 34.6x

EV / EBITDA 24.5x

FCF YIELD 3.18%

GROSS MARGIN 3.7%

OPERATING MARGIN 1.0%

NET MARGIN 0.7%

ROIC % 29.7%

REV GROWTH YOY -1.9%

DILUTED EPS TTM $6.74

DEBT / EQUITY 0.85x

DIVIDEND YIELD 0.85%

RSI-14 MOMENTUM 58.5

5Y EQUITY BETA 0.90

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // CAHPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $229.76

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for CAH & activate live FRED threshold breach alerts.

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