Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

AmerisourceBergen Corp., EBITDA 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)
Add: Net income attributable to noncontrolling interest	(32,280)	4,676)	9,158)	(1,230)	(42,513)	—)
Add: Income tax expense	516,517)	677,251)	(1,894,273)	112,971)	(438,469)	553,403)
Earnings before tax (EBT)	2,183,057)	2,221,859)	(5,293,831)	967,106)	1,177,423)	917,887)
Add: Interest expense	231,982)	182,544)	158,522)	195,474)	189,640)	149,042)
Earnings before interest and tax (EBIT)	2,415,039)	2,404,403)	(5,135,309)	1,162,580)	1,367,063)	1,066,929)
Add: Depreciation, including amounts charged to cost of goods sold	390,643)	326,713)	290,744)	321,102)	318,483)	262,420)
Add: Amortization, including amounts charged to interest expense	319,192)	188,073)	117,269)	176,410)	191,626)	169,911)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,124,874)	2,919,189)	(4,727,296)	1,660,092)	1,877,172)	1,499,260)

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
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	AmerisourceBergen Corp. EBITDA increased from 2020 to 2021 and from 2021 to 2022.

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

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	41,299,807)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,124,874)
Valuation Ratio
EV/EBITDA	13.22
Benchmarks
EV/EBITDA, Competitors¹
Abbott Laboratories	17.90
Cigna Group	11.90
CVS Health Corp.	6.75
Elevance Health Inc.	11.07
Humana Inc.	7.12
Intuitive Surgical Inc.	57.26
Medtronic PLC	15.03
UnitedHealth Group Inc.	14.25
EV/EBITDA, Sector
Health Care Equipment & Services	14.25
EV/EBITDA, Industry
Health Care	15.26

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

¹ Click competitor name to see calculations.

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

AmerisourceBergen Corp., historical EV/EBITDA 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)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	3,124,874)	2,919,189)	(4,727,296)	1,660,092)	1,877,172)	1,499,260)
Valuation Ratio
EV/EBITDA³	11.67	10.36	—	11.44	11.06	12.23
Benchmarks
EV/EBITDA, Competitors⁴
Abbott Laboratories	15.85	17.42	25.99	21.70	—	—
Cigna Group	8.88	9.06	6.31	8.42	—	—
CVS Health Corp.	12.42	10.41	8.56	9.43	—	—
Elevance Health Inc.	10.26	10.05	7.57	9.05	—	—
Humana Inc.	11.59	11.22	6.91	9.30	—	—
Intuitive Surgical Inc.	41.52	44.54	59.12	37.53	—	—
Medtronic PLC	14.99	24.41	17.92	16.01	13.94	—
UnitedHealth Group Inc.	15.11	17.39	13.39	13.82	—	—
EV/EBITDA, Sector
Health Care Equipment & Services	13.86	15.20	12.74	12.95	—	—
EV/EBITDA, Industry
Health Care	13.78	13.96	16.46	14.27	—	—

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/EBITDA = EV ÷ EBITDA
= 36,473,156 ÷ 3,124,874 = 11.67

⁴ Click competitor name to see calculations.

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AmerisourceBergen Corp. (NYSE:ABC)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical