AmerisourceBergen Corp., FCFF calculation

US$ in thousands

12 months ended:	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Net income (loss) attributable to AmerisourceBergen Corporation	1,698,820)	1,539,932)	(3,408,716)	855,365)	1,658,405)	364,484)
Net (income) loss attributable to noncontrolling interests	(32,280)	4,676)	9,158)	(1,230)	(42,513)	—)
Net noncash charges	1,176,210)	754,656)	(662,430)	1,120,690)	(2,415)	672,502)
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures	(139,662)	367,322)	6,269,028)	369,198)	(202,089)	467,152)
Net cash provided by operating activities	2,703,088)	2,666,586)	2,207,040)	2,344,023)	1,411,388)	1,504,138)
Interest paid, net of tax¹	167,707)	118,776)	96,749)	147,814)	122,386)	49,744)
Capital expenditures	(496,318)	(438,217)	(369,677)	(310,222)	(336,411)	(466,397)
Proceeds from sale of property and equipment	6,302)	14,439)	36,364)	1,295)	8,100)	—)
Free cash flow to the firm (FCFF)	2,380,779)	2,361,584)	1,970,476)	2,182,910)	1,205,463)	1,087,485)

Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the AmerisourceBergen Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	AmerisourceBergen Corp. FCFF increased from 2020 to 2021 and from 2021 to 2022.

AmerisourceBergen Corp., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Effective Income Tax Rate (EITR)
EITR¹	23.70%	30.50%	35.80%	11.70%	24.50%	60.30%
Interest Paid, Net of Tax
Interest paid, before tax	219,800)	170,900)	150,700)	167,400)	162,100)	125,300)
Less: Interest paid, tax²	52,093)	52,125)	53,951)	19,586)	39,715)	75,556)
Interest paid, net of tax	167,707)	118,776)	96,749)	147,814)	122,386)	49,744)

Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).

¹ See details »

² 2022 Calculation
Interest paid, tax = Interest paid × EITR
= 219,800 × 23.70% = 52,093

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AmerisourceBergen Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	41,299,807)
Free cash flow to the firm (FCFF)	2,380,779)
Valuation Ratio
EV/FCFF	17.35
Benchmarks
EV/FCFF, Competitors¹
Abbott Laboratories	36.56
Cigna Group	8.60
CVS Health Corp.	8.70
Elevance Health Inc.	9.74
Humana Inc.	5.89
Intuitive Surgical Inc.	242.34
Medtronic PLC	20.77
UnitedHealth Group Inc.	17.62
EV/FCFF, Sector
Health Care Equipment & Services	16.95
EV/FCFF, Industry
Health Care	18.65

Based on: 10-K (reporting date: 2022-09-30).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

AmerisourceBergen Corp., historical EV/FCFF calculation, comparison to benchmarks

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	36,473,156)	30,235,610)	20,514,111)	18,995,014)	20,769,340)	18,335,740)
Free cash flow to the firm (FCFF)²	2,380,779)	2,361,584)	1,970,476)	2,182,910)	1,205,463)	1,087,485)
Valuation Ratio
EV/FCFF³	15.32	12.80	10.41	8.70	17.23	16.86
Benchmarks
EV/FCFF, Competitors⁴
Abbott Laboratories	23.24	23.47	36.94	33.05	—	—
Cigna Group	13.38	14.17	9.16	10.24	—	—
CVS Health Corp.	10.00	10.30	9.42	12.30	—	—
Elevance Health Inc.	13.32	12.74	6.04	12.73	—	—
Humana Inc.	14.88	42.03	7.92	8.46	—	—
Intuitive Surgical Inc.	85.45	56.01	76.70	54.58	—	—
Medtronic PLC	20.32	33.84	21.43	22.07	—	—
UnitedHealth Group Inc.	19.30	22.21	15.82	17.51	—	—
EV/FCFF, Sector
Health Care Equipment & Services	17.28	19.60	14.85	16.66	—	—
EV/FCFF, Industry
Health Care	17.73	17.16	17.81	18.15	—	—

Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).

¹ See details »

² See details »

³ 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 36,473,156 ÷ 2,380,779 = 15.32

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	AmerisourceBergen Corp. EV/FCFF ratio increased from 2020 to 2021 and from 2021 to 2022.

AmerisourceBergen Corp. (NYSE:ABC)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical