Cardinal Health management check
CAH · Health Care · Health Care Distributors · CEO Jason M. Hollar
Filings as of
4 good · 2 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2022 grew to $463, against $137 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.92 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- n/a
What does the CEO cost owners?
Not enough dataNo pay or net income figure for the latest year.
- Watch
Do they own the stock?
CEO stake ≈ 3.1 years of payThe CEO holds 293,725 shares, directly or through trusts (unvested awards not counted): about 3.1 years of pay. 7 insiders sold $59.6m in the last six months and none bought.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -3.9% a year over the last three fiscal years. Stock-based pay was 0.1% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Michael C. Kaufmann, Mr. Hollar. 6 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 26 | |
| Pay for performance | 96 | 85 | |
| CEO cost | — | — | 44 |
| Skin in the game | 39 | 46 | |
| Dilution | 99 | 68 | |
| Stable leadership | 55 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Health Care Distributors, by management score. Cardinal Health is 5th of 60 in its sector.
- 32LLYLilly (Eli)84
- 43GILDGilead Sciences82
- 45CAHCardinal Health81
- 150MCKMcKesson72
- 233CORCencora66
- 419HSICHenry Schein50
Pay versus performance
From the proxy statement filed September 21, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2026 | Mr. Hollar | $22.6m | $74.0m | $6.0m | $463 | $137 | — |
| 2025 | Mr. Hollar | $19.0m | $72.8m | $5.3m | $324 | $114 | — |
| 2024 | Mr. Hollar | $25.7m | $28.3m | $6.0m | $186 | $121 | — |
| 2023 | Michael C. Kaufmann | $18.8m | $40.8m | $4.2m | $176 | $109 | — |
| 2022 | Michael C. Kaufmann | $13.5m | $3.2m | $4.1m | $95 | $103 | — |
The board says pay is tied most to non-GAAP diluted EPS. Its other key measures: Adjusted Non-GAAP Operating Earnings, Non-GAAP Adjusted Free Cash Flow, Adjusted Segment Profit, Adjusted Non-GAAP Diluted EPS, Annual Dividend Yield.
Insiders and the CEO's stake
Jason M. Hollar (Chief Executive Officer) held 293,725 shares directly after their latest Form 4 on Aug 19, 2026, roughly $69.9m at that filing's price.
7 insiders sold $59.6m in the last six months and none bought.
- SoldJason M. HollarChief Executive Officer$29.4mAug 19, 2026
- SoldAaron E AltChief Financial Officer$9.9mAug 18, 2026
- SoldStephen M MasonCEO, GMPD Segment$8.3mAug 18, 2026
- SoldJessica L MayerChief Legal/Compliance Officer$7.0mAug 18, 2026
Leadership and governance on file
- Aug 5, 2026Leadership change8-K 5.02
- Mar 23, 2026Leadership change8-K 5.02
- Mar 5, 2026Leadership change8-K 5.02
- Mar 10, 2025Leadership change8-K 5.02
- Sep 9, 2024Leadership change8-K 5.02
- Feb 28, 2024Leadership change8-K 5.02
- Aug 15, 2023Leadership change8-K 5.02
- Dec 19, 2022Leadership change8-K 5.02
- Sep 8, 2022Leadership change8-K 5.02
- Sep 6, 2022Leadership change8-K 5.02
- Aug 11, 2022Leadership change8-K 5.02
- Nov 9, 2021Leadership change8-K 5.02
Latest shareholder vote results: Nov 6, 2025, including the say-on-pay vote.
Where the money went
Over 2021–2025: $7.4bn returned to owners in buybacks and dividends, 305% of net income, and $631.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $162.5bn | $181.3bn | $205.0bn | $226.8bn | $222.6bn |
| Net income | $611.0m | −$938.0m | $330.0m | $852.0m | $1.6bn |
| Stock-based pay | $89.0m | $81.0m | $96.0m | $121.0m | $244.0m |
| Buybacks | $200.0m | $1.0bn | $2.0bn | $750.0m | $765.0m |
| Dividends | $573.0m | $559.0m | $525.0m | $499.0m | $494.0m |
| Diluted shares | 294m | 279m | 262m | 247m | 242m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.