• Cencora average return on tangible equity for 2023 was -12.97, a 2.92% increase from 2022.
• Cencora average return on tangible equity for 2022 was -13.36, a 193.89% decline from 2021.
• Cencora average return on tangible equity for 2021 was 14.23, a 30.79% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.