Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives looking for toll bridges — businesses that sit astride an essential flow of commerce, take a small cut of everything that passes, and require almost no capital of their own to do it. Cencora, the company formerly known as AmerisourceBergen, is one of the better toll bridges in America hiding in plain sight. Roughly a third of a trillion dollars of pharmaceuticals flows through its warehouses each year, it keeps about a penny of operating profit on each dollar, and — here is the part most people miss — its suppliers finance nearly the entire working capital of the enterprise. Accounts payable of $54.7 billion against receivables and inventory of $46.5 billion means the float runs the store. The business compounds.
Recent filings analysed: 8-K (2026-08-05), 8-K (2026-08-05), 10-Q (2026-08-05), 8-K (2026-06-15).
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