An investor who put $10,000 into McKesson Corporation (MCK) stock ten years ago would hold about $62,300 today, before dividends. That same money would have grown to about $35,900 in the S&P 500. Holding the drug distributor looks simple in hindsight, but it was not. So, how many times do you think the stock fell 20% or more along the way?
How Often Did McKesson Stock Fall?
The answer is four times. McKesson stock fell 20% or more on four separate occasions in ten years, and one of those declines exceeded 30%.
The deepest decline stretched from January to December 2018. The stock dropped 38.8% during that period, while the S&P 500 fell 18.2%. Shareholders then waited almost two years from that low, until November 2020, for the stock to close above its previous high. The gain remained available to anyone who bought. The harder question is whether you could have stayed in.
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How Did Holding McKesson Through A Fall Feel?
The most recent slide began after McKesson stock closed at a high in March 2026, and the descent lasted slightly more than two months. Shares were down 27.2% at the May low. It then took about five more months, until October, for the stock to close above its March high.
Every one of McKesson’s falls eventually ended. Yet nobody holding the stock in May 2026 knew that this one would.
Was Something Wrong With McKesson’s Business?
The answer is no. McKesson generates most of its money distributing drugs through its North American Pharmaceutical business, operating alongside a fast-growing Oncology & Multispecialty arm.
McKesson’s twelve-month revenue still rose 2.7% through the 2018 fall. The company’s operating margin barely moved, shifting from 1.5% at the high to 1.4% at the low.
The 2026 fall followed a similar pattern. Revenue rose 1.4% between the high and the low, and the operating margin edged up from 1.5% to 1.6%. Sales kept growing and the operating margin barely moved during both declines. Drops like these are simply the risk that comes with holding the stock.
What Selling McKesson Stock Would Have Cost
McKesson stock is up 833.6% since its December 2018 low. Anyone who sold at that bottom missed all of it. Today, the stock sits at its highest close of the past ten years.
