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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.

Common-Size Balance Sheet: Assets

AmerisourceBergen Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Sep 30, 2022 Sep 30, 2021 Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017
Cash and cash equivalents 5.99 4.44 10.38 8.61 6.62 6.90
Accounts receivable, less allowances for returns and credit losses 32.62 31.68 31.27 31.62 30.04 29.17
Inventories 27.50 26.80 28.43 28.24 31.64 32.45
Right to recover assets 2.71 2.22 3.04 2.93 0.00 0.00
Income tax receivable 0.31 0.39 1.10 0.01 0.00 0.00
Prepaid expenses and other 0.86 1.49 0.43 0.40 0.45 0.29
Assets held for sale 0.00 0.65 0.00 0.00 0.00 0.00
Current assets 70.00% 67.67% 74.66% 71.82% 68.74% 68.82%
Property and equipment, net 3.77 3.77 3.35 4.52 5.02 5.09
Goodwill 15.03 15.75 15.15 17.12 17.69 17.11
Other intangible assets 7.66 9.17 4.26 5.86 7.83 8.02
Deferred income taxes 0.42 0.51 0.82 0.00 0.00 0.00
Other assets 3.11 3.13 1.76 0.69 0.72 0.96
Noncurrent assets 30.00% 32.33% 25.34% 28.18% 31.26% 31.18%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The asset structure of the organization is characterized by a high concentration of current assets, which consistently represent between 67.67% and 74.66% of the total asset base over the analyzed six-year period. This indicates a business model heavily reliant on short-term liquid assets to support operations.

Working Capital Composition
A gradual shift in the composition of current assets is observed. Accounts receivable showed a steady upward trend, increasing from 29.17% of total assets in 2017 to 32.62% in 2022. In contrast, inventories experienced a general decline, moving from 32.45% in 2017 to 27.50% in 2022. This suggests a transition toward a higher proportion of credit-based assets relative to physical stock.
Liquidity Trends
Cash and cash equivalents exhibited significant volatility. After a peak of 10.38% in 2020, the cash position dropped sharply to 4.44% in 2021 before recovering slightly to 5.99% in 2022. This fluctuation indicates periodic changes in liquidity management or significant capital allocations during those intervals.
Intangible Assets and Goodwill
Noncurrent assets are dominated by goodwill and other intangible assets. Goodwill remained relatively stable, fluctuating within a narrow band between 15.03% and 17.69% of total assets. Other intangible assets showed more pronounced variance, reaching a low of 4.26% in 2020 before spiking to 9.17% in 2021, suggesting potential acquisitions or asset revaluations.
Fixed Asset Intensity
A downward trend is observed in the proportion of property and equipment, net, which decreased from 5.09% in 2017 to 3.77% in 2022. This decline suggests that the company is becoming less asset-intensive in terms of physical infrastructure relative to its total asset growth.
Other Asset Components
The emergence of the right to recover assets starting in 2019, maintaining a presence between 2.22% and 3.04%, represents a new component of the asset mix. Similarly, other assets increased from under 1% in the early period to 3.11% by 2022.

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