AmerisourceBergen Corp. (NYSE:ABC)

Asset Turnover

The reported total asset turnover ratio demonstrated an upward trend from 4.34 in 2017 to a peak of 4.58 in 2019, followed by a decline to 3.73 in 2021 and a partial recovery to 4.22 in 2022. The adjusted total asset turnover ratio followed a similar pattern: rising from 4.02 in 2017 to 4.24 in 2019, then declining to 3.58 in 2021 before increasing to 4.02 in 2022. This indicates a general improvement in asset utilization efficiency until 2019, a weakening during 2020-2021, and a subsequent rebound in 2022.

Liquidity Ratios

The reported current ratio showed a gradual improvement from 0.91 in 2017 to 0.98 in 2020, indicating better short-term liquidity; however, it decreased back to 0.91 by 2022. The adjusted current ratio exhibited a similar trend, increasing from 1.00 in 2017 to 1.06 in 2020, then declining to 0.98 in 2022. Overall, liquidity improved slightly up to 2020 and then slightly deteriorated towards 2022.

Leverage Ratios

The reported debt to equity ratio decreased steadily from 1.67 in 2017 to 1.45 in 2019, suggesting deleveraging. However, data is missing for 2020 and 2022, and an anomalous value for 2021 (29.93) is likely an outlier or error. Adjusted debt to equity increased from 0.52 in 2017 to 1.90 in 2020, then decreased to 1.51 by 2022, indicating an increase in leverage during the pandemic period with some subsequent reduction.

Reported debt to capital ratio declined slightly from 0.63 in 2017 to 0.59 in 2019, then rose sharply to 1.33 in 2020, before declining to around 1.04 by 2022. Adjusted debt to capital followed a similar pattern, rising from 0.34 in 2017 to 0.65 in 2020, followed by a reduction to 0.60 in 2022. These trends reflect a marked increase in indebtedness during 2020, with partial deleveraging in later years.

Reported financial leverage showed a steep decline from 17.11 in 2017 to 12.84 in 2018, followed by fluctuations with missing data for some years and an extreme spike in 2021 (256.71). Adjusted financial leverage rose gradually from 5.38 in 2017 to 5.59 in 2019, surged to 19.35 in 2020, then decreased to around 13 by 2022. This suggests a significant rise in leverage during 2020, correlating with the pandemic period, and a reduction thereafter.

Profitability Indicators

The reported net profit margin varied considerably, increasing from 0.24% in 2017 to 0.99% in 2018, dropping significantly to -1.8% in 2020, and recovering to approximately 0.7% by 2021 and 2022. The adjusted net profit margin trend was similar but generally lower, with a sharp decline to -2.51% in 2020 and a partial recovery afterward. This highlights a significant adverse impact on profitability during 2020.

Reported return on equity (ROE) displayed high volatility, increasing from 17.66% in 2017 to 56.55% in 2018, then falling to 29.71% in 2019, with missing data for 2020, followed by an extreme spike in 2021 (689.46%). Adjusted ROE increased moderately from 9.74% in 2017 to 13.35% in 2019, became deeply negative in 2020 (-196.71%), and recovered to 16.62% by 2022. This indicates substantial earnings volatility, with a very pronounced negative impact during 2020 and an unusual spike in reported data in 2021, likely influenced by one-time events or accounting adjustments.

Reported return on assets (ROA) increased from 1.03% in 2017 to 4.4% in 2018, declined sharply to -7.7% in 2020, and rebounded to around 3% by 2022. Adjusted ROA followed a similar pattern but with lower peak values and a more pronounced negative value of -10.17% in 2020, reflecting the adverse effect of the 2020 economic conditions on asset profitability with partial recovery thereafter.

The financial data reveals distinct trends in revenue, asset base, and asset turnover ratios over the six-year period. Revenue demonstrates a continuous upward trajectory, increasing from approximately 153 billion US dollars in 2017 to about 239 billion US dollars in 2022. This consistent revenue growth indicates expanding business operations or enhanced market presence.

Total assets have also increased over time, rising from roughly 35.3 billion US dollars in 2017 to a peak of approximately 57.3 billion US dollars in 2021, followed by a slight decline to around 56.6 billion US dollars in 2022. This growth trend suggests ongoing investment in asset acquisition or capital expansion until 2021, with a minor reduction noted in the final year. Adjusted total assets follow a similar pattern, increasing from approximately 38.1 billion US dollars in 2017 to nearly 59.7 billion US dollars in 2021, then slightly decreasing to about 59.3 billion US dollars in 2022.

The reported total asset turnover ratio, which measures revenue generated per unit of total assets, displays some variability. Starting at 4.34 in 2017, it reached a maximum of 4.58 in 2019, reflecting improved efficiency in using assets to generate sales. However, it then declined sharply to 3.73 in 2021 before recovering moderately to 4.22 in 2022. This pattern suggests fluctuations in how effectively the company utilized its asset base over the years.

Similarly, the adjusted total asset turnover ratio mirrors the reported ratio with a consistent but slightly lower magnitude. It began at 4.02 in 2017, peaked at 4.24 in 2019, dipped to 3.58 in 2021, and partially rebounded to 4.02 in 2022. The decline in asset turnover ratios during 2020 and 2021 could indicate reduced operational efficiency or increased asset accumulation outpacing revenue growth during that period.

Overall, the data points to sustained revenue growth accompanied by significant expansion in asset holdings. Despite this, the efficiency in asset utilization experienced a decline during 2020 and 2021, with some recovery evident in the final year. This suggests possible operational challenges or strategic investments during that mid-period, followed by efforts to improve asset productivity.

The analyzed data exhibits financial trends over a six-year period, focusing on current assets, current liabilities, and related liquidity ratios.

Current Assets

Current assets show a consistent upward trajectory, increasing from approximately 24.3 billion US dollars in 2017 to nearly 39.6 billion US dollars by 2022. This steady growth reflects an overall enhancement in liquid resources and short-term assets available to the company.

Current Liabilities

Current liabilities also increased significantly over the same period, rising from about 26.8 billion US dollars in 2017 to approximately 43.5 billion US dollars in 2022. The rise in obligations surpasses the increase in current assets, indicating heightened short-term financial commitments.

Reported Current Ratio

The reported current ratio, calculated as current assets divided by current liabilities, remained below 1.0 throughout the period, fluctuating between 0.91 and 0.98. This suggests that the company’s current liabilities consistently exceeded its reported current assets, highlighting a potential liquidity concern. There was a slight improvement up to 2020, reaching 0.98, followed by a decline in the subsequent years back to 0.91 in 2022.

Adjusted Current Assets

Adjusted current assets, which likely include some adjustments to the reported current assets for more precise liquidity measurement, increased from approximately 26.8 billion to nearly 42.6 billion US dollars by 2022. This upward trend parallels the growth seen in reported current assets but with higher values reflecting the adjustments.

Adjusted Current Ratio

The adjusted current ratio consistently remained at or above 1.0 from 2017 through 2020, peaking at 1.06 in 2020. This ratio then declined to 1.0 in 2021 and further to 0.98 in 2022. The adjusted ratios suggest a generally adequate liquidity position in the earlier years, with current assets covering or slightly exceeding current liabilities when adjustments are considered. However, the decrease in recent years indicates a diminishing buffer in short-term liquidity.

Overall, the data reflects that while both current assets and liabilities increased substantially, liabilities grew at a somewhat faster pace. The reported liquidity position remained below the standard threshold of 1.0, while adjusted liquidity measures indicated more comfortable coverage until recent declines. These patterns suggest increasing pressure on the company's short-term financial stability, warranting close monitoring of liquid asset management and liability obligations.

The financial data reveals several notable trends in the company's capital structure and equity position over the period from 2017 to 2022.

Total debt

Total debt exhibited an overall increasing trend from 2017 through 2021, rising from approximately 3.44 billion US dollars to a peak of about 6.68 billion US dollars in 2021. However, in 2022, total debt decreased to approximately 5.70 billion US dollars, indicating a partial reduction following the prior increase.

Total stockholders’ equity (deficit)

Reported equity fluctuated considerably in the period. Initially, equity increased from around 2.06 billion US dollars in 2017 to 2.93 billion in 2018, then declined somewhat to 2.88 billion in 2019. There was a significant downturn in 2020, with equity moving into a deficit of approximately -1.02 billion US dollars. Subsequently, a recovery occurred in 2021 to 223 million US dollars, but the figure again turned negative in 2022, reaching about -212 million US dollars. This indicates volatility and challenges in maintaining a positive equity base during the latter years.

Reported debt to equity ratio

The reported debt to equity ratio decreased slightly from 1.67 in 2017 to 1.45 in 2019, reflecting an improved balance between debt and equity initially. However, data for 2020 is missing, and in 2021 there was a drastic increase to 29.93, corresponding with the equity deficit noted that year. This extreme ratio suggests high leverage and financial strain. The ratio for 2022 is not provided.

Adjusted total debt and adjusted total stockholders’ equity

Adjusted total debt followed a similar pattern to reported total debt, increasing from about 3.70 billion in 2017 to a peak of 7.81 billion in 2021, then decreasing to approximately 6.73 billion in 2022. Adjusted equity, by contrast, stayed positive throughout the period but experienced a sharp decline in 2020, dropping from over 7.58 billion in 2019 to about 2.42 billion, before partially recovering in 2021 and 2022 to around 4.65 billion and 4.46 billion respectively. This suggests that adjustments smooth some of the volatility seen in reported equity values but still reflect significant fluctuations.

Adjusted debt to equity ratio

The adjusted debt to equity ratio rose from 0.52 in 2017 to a high of 1.90 in 2020, indicating increasing leverage. Following 2020, the ratio declined to 1.68 in 2021 and then to 1.51 in 2022, showing a trend toward deleveraging but remaining substantially higher than the earlier period. This pattern aligns with the changes observed in adjusted debt and equity figures, reflecting a cycle of increased borrowing and subsequent reduction.

Overall, the data indicates the company experienced a period of rising debt and declining equity strength, particularly pronounced around 2020, which was followed by efforts to reduce debt levels and restore equity positions to some extent. The volatility in reported equity and debt to equity ratios suggests financial instability during the middle years, while the adjusted figures portray a somewhat less severe but still significant impact on the company's financial leverage and capital structure.

The financial data reveals several notable trends in the leverage and capital structure of the company over the six-year period ending September 30, 2022.

Total Debt and Capital

Total debt demonstrated a fluctuating yet overall increasing trend from 2017 to 2022, starting at approximately $3.44 billion in 2017 and peaking at about $6.68 billion in 2021 before slightly declining to $5.70 billion in 2022.

Total capital similarly increased from around $5.51 billion in 2017 to a peak of $7.24 billion in 2018, followed by variability, including a significant drop in 2020 to roughly $3.1 billion. Subsequently, it rose again in 2021 but declined in 2022 to approximately $5.49 billion.

Reported Debt to Capital Ratio

This ratio remained relatively stable between 2017 and 2019, ranging from 0.59 to 0.63, indicating moderate leverage. However, there was a dramatic increase in 2020 to 1.33, suggesting that reported debt exceeded total capital that year. Although the ratio decreased thereafter, it remained elevated at 0.97 in 2021 and increased slightly to 1.04 in 2022, indicating higher leverage compared to the earlier years.

Adjusted Total Debt and Capital

Adjusted total debt showed a steady increase from $3.70 billion in 2017 to $7.81 billion in 2021, followed by a decline to $6.73 billion in 2022. Adjusted total capital also increased markedly, reaching over $12.2 billion between 2018 and 2019, but then dropped to $7.0 billion in 2020 before rising again to nearly $12.5 billion in 2021. It decreased to approximately $11.2 billion in 2022.

Adjusted Debt to Capital Ratio

The adjusted debt to capital ratio rose from 0.34 in 2017 to 0.39 in 2018 and maintained a similar level in 2019 at 0.38. In 2020, this ratio increased sharply to 0.65, indicating higher leverage, similar to the pattern in the reported ratio. The ratio then slightly decreased, stabilizing around 0.60 to 0.63 in 2021 and 2022.

Overall, the data indicates increased leverage and variability in capital structure starting around 2020, with both reported and adjusted measures showing higher debt relative to capital during and after that year. The substantial decrease in total capital and adjusted capital in 2020 coincides with a spike in the debt to capital ratios, signaling a period of significant financial restructuring or increased borrowing. Although there was some recovery in capital levels in 2021, leverage remained elevated compared to the 2017-2019 period, suggesting a strategic shift or response to external factors affecting the company's financing mix.

The financial data reveals several key trends in the company's asset base, equity position, and leverage ratios over the six-year period.

Total Assets

Total assets exhibited a steady growth trajectory from 2017 through 2021, rising from approximately 35.3 billion USD to 57.3 billion USD. However, in 2022, total assets slightly declined to around 56.6 billion USD, indicating a marginal contraction after several years of expansion.

Total Stockholders' Equity (Reported)

The reported stockholders' equity showed considerable volatility. It increased from roughly 2.1 billion USD in 2017 to a peak near 2.9 billion USD in 2018. This was followed by a slight decrease in 2019 and a significant negative swing in 2020, resulting in a deficit of approximately 1.0 billion USD. Subsequent years saw continued negative or marginally positive equity values, with a slight deficit in 2022. This pattern indicates periods of financial stress or substantial adjustments impacting equity.

Reported Financial Leverage

The reported financial leverage ratio was relatively stable and moderate from 2017 to 2019, ranging from about 12.8 to 17.1. Data is missing for 2020, but there is an anomalously high reported leverage of 256.71 in 2021, suggesting either an outlier data point or a structural financial event. No data is reported for 2022. This spike correlates with the reported equity deficit, indicating significantly increased leverage or risk.

Adjusted Total Assets

Adjusted total assets followed a growth pattern similar to total assets but with higher values across all periods. The increase from 38.1 billion USD in 2017 to nearly 59.7 billion USD in 2021 underscores the company's expanding asset base under adjusted metrics. A slight decrease to about 59.3 billion USD in 2022 mirrors the dip seen in unadjusted total assets.

Adjusted Total Stockholders’ Equity

Unlike the reported equity figures, adjusted equity remained positive throughout the entire period. Starting at approximately 7.1 billion USD in 2017, it gradually increased until 2019. Thereafter, a striking dip to 2.4 billion USD occurred in 2020, coinciding with reported equity deficits. The equity then recovered to above 4.4 billion USD by 2022, indicating partial stabilization but still below pre-2020 levels.

Adjusted Financial Leverage

Adjusted financial leverage ratios were steady and moderate from 2017 through 2019, ranging from about 5.38 to 5.59. However, in 2020, this ratio surged sharply to 19.35, reflecting a much higher leverage level associated with the dip in adjusted equity. Following this, the leverage ratio decreased to around 12.8 in 2021 and slightly increased to 13.29 in 2022, suggesting ongoing elevated leverage but a trend toward stabilization.

Overall, the data depicts a company that experienced steady growth in assets and equity in the early years, followed by financial stress around 2020, as evidenced by negative reported equity, elevated leverage ratios, and significant fluctuations in adjusted equity. Post-2020 financials show signs of recovery and stabilization but with increased leverage compared to pre-2020 levels. The disparity between reported and adjusted figures highlights the impact of accounting adjustments or reclassifications on the company’s financial position, which should be further examined to understand the underlying causes.

The financial data reveals a fluctuating performance over the six-year period from 2017 to 2022. Revenue exhibited a consistent upward trajectory, increasing steadily each year from approximately $153 billion in 2017 to nearly $239 billion in 2022. This growth indicates an expanding scale of operations or successful market penetration during this period.

Net income attributable to the corporation displayed significant volatility. Starting with a positive net income of around $364 million in 2017, it peaked at approximately $1.66 billion in 2018 before declining sharply to about $855 million in 2019. A notable decline occurred in 2020, with net income turning negative to a loss of roughly $3.4 billion, suggesting an exceptional adverse event or series of challenges during that year. The company recovered in 2021 and 2022, returning to positive net income figures of approximately $1.54 billion and $1.7 billion, respectively.

The reported net profit margin, reflecting the proportion of revenue converted to net income, closely aligns with the net income trend. It increased from 0.24% in 2017 to nearly 1% in 2018, followed by a decline to 0.48% in 2019. In 2020, the margin turned negative at -1.8%, consistent with the net loss recorded, before rebounding to 0.72% in 2021 and remaining stable at 0.71% in 2022. This pattern suggests the firm's profitability per revenue dollar was significantly impacted in 2020 but improved afterward.

Adjusted net income, which typically accounts for non-recurring items and provides a normalized earnings perspective, also mirrored the overall trend with less pronounced fluctuations. It grew from approximately $689 million in 2017 to over $1 billion in 2019, then slipped into a large adjusted loss of about $4.76 billion in 2020. Recovery was evident in 2021 and 2022, though the adjusted net income in the latter year was noticeably lower at approximately $742 million compared to previous highs.

The adjusted net profit margin demonstrated a similar pattern, starting at 0.45% in 2017 and rising to 0.56% in 2019. The margin dipped sharply to -2.51% in 2020, underscoring the severe operational or extraordinary challenges, and then partially rebounded to 0.6% in 2021 but declined again to 0.31% in 2022. This could suggest ongoing pressure on profitability even after the initial recovery phase.

Overall, while the company’s revenue consistently increased, profitability experienced considerable disruptions, peaking in 2018, suffering a major setback in 2020, and then showing mixed results during the recovery period. The significant loss in 2020, affecting both reported and adjusted figures, marks a pivotal point in the financial performance, followed by a period of recovery with margins that have yet to regain the pre-2020 peaks.

Revenue Trend

Steady, continuous growth from 2017 to 2022.

Net Income

Volatile with peak in 2018, major loss in 2020, recovery by 2022.

Reported Net Profit Margin

Increased till 2018, declined sharply in 2020, moderate recovery but below peak levels.

Adjusted Net Income

Similar trend to net income with less fluctuation; severe loss in 2020, partial recovery afterward.

Adjusted Net Profit Margin

Rising trend till 2019, significant dip in 2020, gradual but incomplete recovery to 2022.

The financial data over the six-year period reveals significant fluctuations in key performance indicators for AmerisourceBergen Corp. net income attributable to the company shows considerable volatility. The company experienced positive net income from 2017 through 2019, with a peak in 2018. However, in 2020, there was a sharp reversal to a substantial net loss. This was followed by a return to positive net income in 2021 and 2022, although the values did not reach the peak levels observed in 2018.

Stockholders’ equity, when reported on a total basis, mirrors this volatility. From 2017 to 2019, total equity remained relatively stable and positive, peaking in 2018. In 2020, the company reported a significant deficit in stockholders’ equity, indicating financial distress or significant accumulated losses. The subsequent years, 2021 and 2022, show a reduction in this deficit but the equity remains negative in 2022, suggesting ongoing challenges in restoring equity to positive territory.

Reported return on equity (ROE) inconsistent data is present, with notable gaps in 2020 and 2022. The available ROE figures demonstrate an exceptionally high value in 2021, which likely arises from the low or negative denominator effect given the equity deficit reported in that year. Prior to this, the ROE showed a strong upward trend from 2017 to 2018, followed by a decline in 2019.

Adjusted net income exhibits a somewhat steadier pattern. It increases from 2017 through 2019, followed by a notable negative adjustment in 2020, which aligns with the loss period. A recovery is evident in 2021 and 2022, though the income in 2022 shows a decline compared to 2021’s adjusted income, indicating a cautious rebound or operational challenges.

Adjusted total stockholders’ equity figures provide a clearer picture of the company's underlying financial structure, removing extraordinary or one-time effects. This metric grows steadily from 2017 to 2019 before sharply declining in 2020. A partial recovery is apparent over the next two years, though equity in 2022 remains below the pre-2020 peak, indicating the company has not fully restored shareholder value to earlier levels.

Adjusted ROE reflects these trends more consistently. It shows steady improvement from 2017 to 2019, a severe negative return in 2020 coinciding with the adjusted loss, followed by a robust rebound in 2021. However, the adjusted ROE in 2022 declines to a moderate level compared to the previous year, suggesting diminished profitability or increased equity base impacting returns.

Summary of Trends

Net income experienced extreme variability, with a significant loss in 2020 and recovery afterward.

Stockholders' equity moved from positive to negative territory and back toward improvement but remained negative in 2022 on a reported basis; adjusted equity shows partial recovery but below earlier highs.

ROE values are highly volatile, with reported ROE affected by equity deficits; adjusted ROE better reflects operational performance with a sharp decline in 2020 and improvement following.

Adjusted metrics exhibit less volatility, indicating the presence of significant extraordinary items influencing reported results, especially in 2020.

The 2020 financial year marked an exceptional downturn across all measures, suggesting a major adverse event or write-down impacting profitability and equity.

Net Income (Loss) Attributable to AmerisourceBergen Corporation

The net income shows significant volatility over the analyzed period. Starting at approximately $364 million in 2017, it peaked sharply at around $1.66 billion in 2018 before declining to $855 million in 2019. There is a notable loss in 2020 amounting to approximately $3.41 billion. The figure then recovers in 2021 and 2022 with net incomes of roughly $1.54 billion and $1.70 billion respectively, indicating a return to profitability after the considerable downturn in 2020.

Total Assets

Total assets have demonstrated a consistent upward trend throughout the period. Beginning with about $35.3 billion in 2017, assets increased steadily each year to reach approximately $57.3 billion in 2021 before a slight decline to around $56.6 billion in 2022. This suggests sustained asset growth with minor contraction in the last year observed.

Reported Return on Assets (ROA)

The reported ROA follows a fluctuating pattern. It rose from 1.03% in 2017 to a peak of 4.4% in 2018, then declined to 2.18% in 2019. A sharp negative dip occurs in 2020 at -7.7%, correlating with the significant loss reported. Subsequently, ROA transitions back into positive territory with 2.69% in 2021 and 3% in 2022, highlighting recovery in asset profitability post-2020 downturn.

Adjusted Net Income (Loss)

The adjusted net income trends are broadly consistent with the reported net income but display less volatility in some periods. Starting at $689 million in 2017, it increased to $874 million in 2018 and $1.01 billion in 2019 before declining sharply to a loss of approximately $4.76 billion in 2020. A rebound is observed thereafter, with adjusted net income of $1.28 billion in 2021 and a decrease to $742 million in 2022, which may imply adjustments smoothing certain impacts observed in reported figures.

Adjusted Total Assets

Adjusted total assets mirror the growth seen in reported total assets, increasing steadily from about $38.1 billion in 2017 to nearly $59.7 billion in 2021, followed by a slight reduction to approximately $59.3 billion in 2022. This pattern reinforces the steady asset base expansion with minor recent contraction.

Adjusted Return on Assets (ROA)

The adjusted ROA shows moderate growth from 1.81% in 2017 to 2.39% in 2019, before a steep decline to -10.17% in 2020. This aligns temporally with reported ROA trends and the losses of that year. The adjusted ROA partially recovers to 2.15% in 2021, then declines to 1.25% in 2022, suggesting less robust profitability on an adjusted basis in the most recent year compared to prior years.