Stock Analysis on Net
Stock Analysis on Net

AmerisourceBergen Corp. (NYSE:ABC)

This company has been moved to the archive! The financial data has not been updated since August 2, 2023.

Price to FCFE (P/FCFE) 

Microsoft Excel

Free Cash Flow to Equity (FCFE)

AmerisourceBergen Corp., FCFE calculation

US$ in thousands

Microsoft Excel
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
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 —
Senior notes and other loan borrowings 155,189 3,166,980 599,480 506,948 1,314,430 —
Senior notes and other loan repayments (1,238,954) (835,313) (598,452) (510,863) (681,001) (750,000)
Borrowings under revolving and securitization credit facilities 4,832,605 4,968,815 116,946 640,126 25,129,704 9,336,400
Repayments under revolving and securitization credit facilities (4,671,943) (5,083,930) (149,980) (769,284) (25,127,438) (9,335,953)
Payment of premium on early retirement of debt — — (21,448) — (22,348) —
Free cash flow to equity (FCFE) 1,289,969 4,459,360 1,820,273 1,902,023 1,696,424 288,188

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to AmerisourceBergen Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. AmerisourceBergen Corp. FCFE increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Price to FCFE Ratio, Current

AmerisourceBergen Corp., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 202,174,856
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 1,289,969
FCFE per share 6.38
Current share price (P) 191.43
Valuation Ratio
P/FCFE 30.00
Benchmarks
P/FCFE, Competitors1
Abbott Laboratories 76.67
Cigna Group 7.73
CVS Health Corp. 3.05
Elevance Health Inc. 11.49
Humana Inc. 8.13
Intuitive Surgical Inc. 249.19
Medtronic PLC 16.56
UnitedHealth Group Inc. 15.36
P/FCFE, Sector
Health Care Equipment & Services 16.13
P/FCFE, Industry
Health Care 19.24

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

1 Click competitor name to see calculations.

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

Price to FCFE Ratio, Historical

AmerisourceBergen Corp., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Sep 30, 2022 Sep 30, 2021 Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017
No. shares of common stock outstanding1 205,668,628 208,133,361 204,249,747 205,922,186 211,933,493 218,082,051
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 1,289,969 4,459,360 1,820,273 1,902,023 1,696,424 288,188
FCFE per share3 6.27 21.43 8.91 9.24 8.00 1.32
Share price1, 4 164.71 123.66 101.90 87.81 88.87 79.46
Valuation Ratio
P/FCFE5 26.26 5.77 11.43 9.51 11.10 60.13
Benchmarks
P/FCFE, Competitors6
Abbott Laboratories 26.11 24.52 38.42 53.19 — —
Cigna Group 18.23 10.98 16.30 20.76 — —
CVS Health Corp. 12.36 21.23 11.93 18.52 — —
Elevance Health Inc. 14.26 11.07 7.75 13.72 — —
Humana Inc. 30.99 11.49 8.47 11.73 — —
Intuitive Surgical Inc. 89.67 58.39 81.15 57.31 — —
Medtronic PLC 19.71 38.91 23.06 26.62 — —
UnitedHealth Group Inc. 12.57 20.11 13.93 13.90 — —
P/FCFE, Sector
Health Care Equipment & Services 16.47 20.14 16.68 19.46 — —
P/FCFE, Industry
Health Care 18.22 17.57 16.92 13.31 — —

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 Data adjusted for splits and stock dividends.

2 See details »

3 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,289,969,000 ÷ 205,668,628 = 6.27

4 Closing price as at the filing date of AmerisourceBergen Corp. Annual Report.

5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 164.71 ÷ 6.27 = 26.26

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. AmerisourceBergen Corp. P/FCFE ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.