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.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

AmerisourceBergen Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Sep 30, 2022 Sep 30, 2021 Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017
Accounts payable 71.06 66.29 71.61 72.46 71.24 71.93
Accrued expenses and other 3.92 4.98 3.72 2.70 2.34 3.97
Short-term debt 1.89 0.52 1.13 0.35 0.40 0.03
Liabilities held for sale 0.00 0.33 0.00 0.00 0.00 0.00
Current liabilities 76.87% 72.13% 76.46% 75.52% 73.98% 75.94%
Long-term debt, net of current portion 8.19 11.13 8.17 10.30 11.04 9.71
Long-term financing obligation 0.00 0.00 0.00 0.82 0.94 1.00
Accrued income taxes 0.57 0.49 0.64 0.73 0.80 0.24
Deferred income taxes 2.86 2.94 1.55 4.75 4.86 7.06
Other liabilities 1.73 1.89 1.07 0.25 0.29 0.21
Accrued litigation liability 9.66 10.40 14.00 0.00 0.00 0.00
Noncurrent liabilities 23.00% 26.85% 25.44% 16.84% 17.92% 18.22%
Total liabilities 99.87% 98.98% 101.90% 92.36% 91.90% 94.15%
Common stock, $0.01 par value 0.01 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 10.00 9.53 11.48 12.38 12.52 12.79
Retained earnings 5.26 2.91 1.17 10.81 9.88 6.78
Accumulated other comprehensive loss -3.24 -0.78 -0.25 -0.29 -0.21 -0.27
Treasury stock, at cost -12.41 -11.28 -14.71 -15.57 -14.41 -13.46
Total AmerisourceBergen Corporation stockholders’ equity (deficit) -0.37% 0.39% -2.30% 7.35% 7.79% 5.85%
Noncontrolling interests 0.50 0.63 0.40 0.29 0.31 0.00
Total stockholders’ equity 0.13% 1.02% -1.90% 7.64% 8.10% 5.85%
Total liabilities and stockholders’ equity 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 capital structure is characterized by extremely high leverage and a heavy reliance on trade credit to fund operations. Total liabilities have trended upward as a percentage of total liabilities and stockholders' equity, moving from 94.15% in 2017 to nearly 99.87% by 2022, with a peak exceeding 100% in 2020, which indicates a period of negative equity.

Current Liabilities and Trade Credit
Accounts payable represents the most dominant component of the balance sheet, consistently accounting for between 66% and 72% of total liabilities and stockholders' equity. This suggests a business model that relies heavily on supplier financing. Current liabilities overall have remained stable but high, fluctuating between 72% and 77% over the six-year period.
Legal and Noncurrent Liabilities
A significant shift in the liability profile occurred in 2020 with the emergence of accrued litigation liabilities, which appeared at 14.00% of the total balance sheet. Although this figure declined slightly to 9.66% by 2022, it fundamentally altered the noncurrent liability structure, driving these obligations from a range of 17% to 18% in 2017-2019 to a peak of 26.85% in 2021.
Stockholders' Equity and Solvency
Total stockholders' equity has experienced substantial volatility and erosion. From a peak of 8.10% in 2018, equity plummeted to a deficit of -1.90% in 2020. While a marginal recovery was noted in 2021, the equity position remained critically low at 0.13% by September 30, 2022, indicating a high degree of financial risk and minimal cushion for creditors.
Retained Earnings and Treasury Stock
Retained earnings saw a sharp contraction between 2019 and 2020, falling from 10.81% to 1.17%, suggesting significant outflows or charges against equity. This was compounded by a consistent and aggressive treasury stock program, with contra-equity values ranging from -11.28% to -15.57%, which further reduced the overall equity base.
Debt and Tax Obligations
Long-term debt has remained relatively stable, generally oscillating between 8% and 11% of the total balance sheet. In contrast, deferred income taxes showed a marked downward trend, decreasing from 7.06% in 2017 to 2.86% in 2022.

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