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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
Quarterly Data

AmerisourceBergen Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016
Cash and cash equivalents 2.27 2.62 2.92 5.99 5.31 5.17 5.50 4.44 4.56 14.13 10.67 10.38 8.39 8.78 8.08 8.61 7.80 7.41 6.47 6.62 6.24 5.45 8.35 6.90 3.78 6.99 5.28
Accounts receivable, less allowances for returns and credit losses 33.99 33.17 32.17 32.62 32.57 31.60 29.78 31.68 31.64 30.07 32.47 31.27 30.76 33.80 31.41 31.62 31.16 31.49 30.51 30.04 30.71 29.34 27.85 29.17 30.45 27.86 28.59
Inventories 27.55 28.85 28.98 27.50 27.68 27.07 28.30 26.80 26.81 27.56 28.75 28.43 29.05 26.41 29.20 28.24 29.23 29.31 30.05 31.64 31.52 33.51 33.06 32.45 33.67 32.96 33.65
Right to recover assets 2.32 2.52 2.64 2.71 2.74 2.53 2.37 2.22 2.17 2.59 2.60 3.04 3.29 3.09 3.19 2.93 2.60 2.52 2.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income tax receivable 0.06 0.06 0.15 0.31 0.22 0.24 0.32 0.39 0.45 0.70 0.69 1.10 1.46 1.66 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Prepaid expenses and other 0.81 0.83 3.44 0.86 1.00 1.47 1.48 1.49 0.97 0.41 0.51 0.43 0.40 0.42 0.47 0.42 0.43 0.44 0.47 0.45 0.46 0.45 0.30 0.29 0.41 0.49 0.52
Assets held for sale 0.00 0.00 0.00 0.00 0.00 0.68 0.65 0.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current assets 67.00% 68.05% 70.30% 70.00% 69.52% 68.77% 68.39% 67.67% 66.62% 75.46% 75.69% 74.66% 73.35% 74.17% 72.36% 71.82% 71.21% 71.17% 69.97% 68.74% 68.92% 68.75% 69.57% 68.82% 68.32% 68.30% 68.04%
Property and equipment, net 3.51 3.66 3.70 3.77 3.68 3.73 3.70 3.77 3.83 3.15 3.22 3.35 3.57 3.38 3.60 4.52 4.59 4.79 4.83 5.02 4.97 5.05 5.03 5.09 5.05 4.95 4.81
Goodwill 15.79 16.39 14.85 15.03 15.10 15.35 15.50 15.75 16.33 14.28 14.63 15.15 16.44 15.95 16.76 17.12 17.43 17.26 17.06 17.69 17.52 17.44 16.71 17.11 17.44 17.41 17.65
Other intangible assets 7.79 8.31 7.65 7.66 8.06 8.53 8.82 9.17 9.72 3.91 4.06 4.26 4.68 4.60 5.34 5.86 6.06 6.07 7.45 7.83 7.83 7.98 7.77 8.02 8.29 8.40 8.63
Deferred income taxes 0.36 0.39 0.40 0.42 0.44 0.47 0.47 0.51 0.52 0.64 0.71 0.82 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other assets 5.55 3.20 3.11 3.11 3.20 3.15 3.12 3.13 2.98 2.55 1.68 1.76 1.96 1.90 1.93 0.69 0.71 0.70 0.69 0.72 0.75 0.78 0.92 0.96 0.90 0.94 0.87
Noncurrent assets 33.00% 31.95% 29.70% 30.00% 30.48% 31.23% 31.61% 32.33% 33.38% 24.54% 24.31% 25.34% 26.65% 25.83% 27.64% 28.18% 28.79% 28.83% 30.03% 31.26% 31.08% 31.25% 30.43% 31.18% 31.68% 31.70% 31.96%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).

The asset composition of the organization is characterized by a high concentration of current assets, which consistently represent between 66% and 75% of total assets throughout the analyzed period. This structure is indicative of a capital-intensive operational model focused on short-term liquidity and working capital management.

Liquidity and Working Capital Trends
Cash and cash equivalents exhibited significant volatility, peaking at 14.13% of total assets in March 2021 before undergoing a sustained decline to 2.27% by June 2023. This represents a notable reduction in immediate liquidity over the final two years of the period.
Accounts receivable, net of allowances, showed a gradual upward trend, increasing from 28.59% in December 2016 to 33.99% in June 2023. This suggests a growing proportion of total assets is tied up in customer credit, potentially indicating changes in credit terms or slower collection cycles.
Inventories demonstrated a consistent long-term decline, falling from a high of 33.65% in December 2016 to 27.55% in June 2023. The shift suggests an improvement in inventory turnover or a strategic reduction in stock levels relative to total asset growth.
Noncurrent Asset Dynamics
Goodwill remained relatively stable, though a slight contraction is observed from 17.65% in December 2016 to 15.79% in June 2023, reflecting a minor decrease in the relative weight of acquired premiums on the balance sheet.
Other intangible assets experienced substantial fluctuation. A steady decline from 8.63% in 2016 to a low of 3.91% in March 2021 was followed by a sharp increase to 9.72% in June 2021, eventually stabilizing at 7.79% by June 2023. This volatility may point to significant amortization events or new intangible asset recognitions during mid-2021.
Property and equipment, net, followed a gradual downward trajectory, decreasing from 4.81% of total assets in December 2016 to 3.51% in June 2023, indicating that asset growth has outpaced investment in physical infrastructure.

Overall, the balance sheet has transitioned from a model heavily weighted toward inventories to one more heavily weighted toward accounts receivable. While current assets remain the dominant component of the asset base, the sharp decline in cash levels since early 2021 suggests a shift in how liquidity is deployed or managed.

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