Stock Analysis on Net
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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: Liabilities and Stockholders’ Equity
Quarterly Data

AmerisourceBergen Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable 71.52 72.72 72.11 71.06 68.75 66.68 67.07 66.29 65.26 66.85 72.96 71.61 71.45 73.07 72.92 72.46 72.27 72.63 72.16 71.24 69.04 68.77 69.71 71.93 71.58 70.58 71.26
Accrued expenses and other 3.55 3.52 3.48 3.92 4.25 4.50 4.41 4.98 4.70 3.26 3.35 3.72 2.37 2.07 2.29 2.70 2.12 1.91 2.19 2.34 3.80 3.74 3.78 3.97 2.72 1.86 2.25
Short-term debt 1.41 0.45 1.71 1.89 2.49 3.16 0.47 0.52 0.81 0.09 0.13 1.13 1.27 1.24 1.33 0.35 0.43 0.73 0.40 0.40 0.51 0.66 0.06 0.03 0.01 1.79 1.79
Liabilities held for sale 0.00 0.00 0.00 0.00 0.00 0.35 0.32 0.33 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 liabilities 76.47% 76.70% 77.30% 76.87% 75.48% 74.68% 72.27% 72.13% 70.78% 70.20% 76.44% 76.46% 75.10% 76.38% 76.54% 75.52% 74.82% 75.27% 74.75% 73.98% 73.35% 73.17% 73.54% 75.94% 74.31% 74.23% 75.30%
Long-term debt, net of current portion 6.80 7.94 8.04 8.19 8.12 8.11 11.14 11.13 11.88 13.08 7.94 8.17 8.88 8.62 9.09 10.30 10.44 10.33 10.61 11.04 10.96 11.14 11.73 9.71 9.90 10.11 10.40
Long-term financing obligation 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 0.82 0.84 0.90 0.89 0.94 0.97 0.94 0.96 1.00 1.02 1.05 1.01
Accrued income taxes 0.46 0.46 0.57 0.57 0.54 0.51 0.50 0.49 0.51 0.58 0.63 0.64 0.66 0.66 0.72 0.73 0.72 0.71 0.69 0.80 0.97 0.96 1.08 0.24 0.00 0.00 0.00
Deferred income taxes 2.81 2.96 2.82 2.86 2.82 2.95 2.93 2.94 2.99 1.64 1.53 1.55 4.43 4.39 4.74 4.75 4.86 4.79 4.79 4.86 4.90 4.71 4.56 7.06 6.93 6.78 6.55
Accrued litigation liability 8.92 9.27 9.43 9.66 10.34 10.36 10.27 10.40 11.21 13.22 13.52 14.00 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
Other liabilities 3.03 1.80 1.71 1.73 1.81 1.81 1.84 1.89 1.89 1.51 1.05 1.07 1.21 1.14 1.24 0.25 0.25 0.18 0.22 0.29 0.31 0.32 0.22 0.21 0.48 0.48 0.49
Noncurrent liabilities 22.02% 22.43% 22.58% 23.00% 23.61% 23.74% 26.68% 26.85% 28.49% 30.02% 24.68% 25.44% 15.18% 14.81% 15.79% 16.84% 17.11% 16.90% 17.19% 17.92% 18.10% 18.07% 18.55% 18.22% 18.32% 18.42% 18.46%
Total liabilities 98.49% 99.13% 99.87% 99.87% 99.09% 98.42% 98.96% 98.98% 99.27% 100.22% 101.12% 101.90% 90.27% 91.19% 92.33% 92.36% 91.92% 92.17% 91.94% 91.90% 91.45% 91.24% 92.09% 94.15% 92.63% 92.65% 93.76%
Common stock, $0.01 par value 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 9.49 9.82 9.91 10.00 9.84 9.77 9.63 9.53 9.68 11.23 11.32 11.48 12.37 11.83 12.25 12.38 12.52 12.34 12.15 12.52 12.26 12.17 12.60 12.79 12.98 12.95 12.95
Retained earnings 6.66 6.28 5.80 5.26 4.86 4.31 3.51 2.91 2.37 2.39 1.70 1.17 13.36 12.48 10.93 10.81 10.88 10.23 10.26 9.88 9.32 8.80 8.73 6.78 8.14 8.28 7.42
Accumulated other comprehensive loss -2.01 -2.24 -2.44 -3.24 -2.49 -1.76 -1.43 -0.78 -0.42 -0.15 -0.15 -0.25 -0.32 -0.32 -0.22 -0.29 -0.23 -0.22 -0.24 -0.21 -0.21 -0.11 -0.26 -0.27 -0.32 -0.36 -0.42
Treasury stock, at cost -13.03 -13.39 -13.58 -12.41 -11.83 -11.37 -11.30 -11.28 -11.57 -14.08 -14.39 -14.71 -15.97 -15.46 -15.59 -15.57 -15.42 -14.83 -14.41 -14.41 -13.28 -12.56 -13.16 -13.46 -13.43 -13.53 -13.72
Total AmerisourceBergen Corporation stockholders’ equity (deficit) 1.12% 0.48% -0.31% -0.37% 0.39% 0.96% 0.42% 0.39% 0.07% -0.60% -1.52% -2.30% 9.46% 8.54% 7.38% 7.35% 7.77% 7.53% 7.76% 7.79% 8.09% 8.30% 7.91% 5.85% 7.37% 7.35% 6.24%
Noncontrolling interests 0.39 0.39 0.43 0.50 0.51 0.62 0.62 0.63 0.66 0.38 0.40 0.40 0.27 0.27 0.29 0.29 0.31 0.30 0.30 0.31 0.46 0.46 0.00 0.00 0.00 0.00 0.00
Total stockholders’ equity 1.51% 0.87% 0.13% 0.13% 0.91% 1.58% 1.04% 1.02% 0.73% -0.22% -1.12% -1.90% 9.73% 8.81% 7.67% 7.64% 8.08% 7.83% 8.06% 8.10% 8.55% 8.76% 7.91% 5.85% 7.37% 7.35% 6.24%
Total liabilities and stockholders’ equity 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 financial structure is characterized by a heavy reliance on short-term financing, with current liabilities consistently comprising the vast majority of the total capital structure. Between December 2016 and June 2023, current liabilities generally ranged from 70% to 77% of total liabilities and stockholders' equity, indicating a highly leveraged position reliant on operational credit.

Operational Liability Trends
Accounts payable serve as the primary driver of the balance sheet, typically fluctuating between 65% and 73%. A period of relative contraction occurred between March 2021 and December 2021, where the ratio dipped to a low of 65.26% before returning to its historical norm of approximately 71.52% by June 2023. Accrued expenses and other current liabilities remained relatively low and stable, generally staying below 5%.
Impact of Litigation Liabilities
A significant structural shift is observed starting in September 2020 with the recognition of accrued litigation liabilities. This item immediately entered the balance sheet at 14.00% of total liabilities and stockholders' equity. While this figure has gradually declined to 8.92% by June 2023, its introduction coincided with a profound impact on the company's overall equity position.
Long-Term Debt and Noncurrent Obligations
Long-term debt, net of current portions, showed relative stability around 10% to 11% until early 2020. A spike to 13.08% occurred in March 2021, followed by a steady downward trend, reaching a period low of 6.80% by June 2023. This suggests a strategic reduction in long-term borrowing or a shift in the financing mix toward operational liabilities.
Equity Erosion and Recovery
Total stockholders' equity exhibited extreme volatility. From 2016 through mid-2020, equity typically fluctuated between 6% and 9%. However, in September 2020, equity turned negative, reaching a deficit of -1.90% (Total Stockholders' Equity), primarily due to the sudden recognition of litigation liabilities and a sharp drop in retained earnings from 13.36% to 1.17%. Following this trough, a slow recovery is observed, with total equity returning to a positive 1.51% by June 2023.
Retained Earnings and Treasury Stock
Retained earnings showed a growth trend from 7.42% in December 2016 to 13.36% in June 2020, before the aforementioned crash. Since September 2020, there has been a steady incremental recovery, climbing back to 6.66% by June 2023. Treasury stock has remained a significant negative offset to equity throughout the period, consistently ranging between -11% and -16%, which further suppresses the total equity ratio.

In summary, the balance sheet reflects a high-leverage model dominated by accounts payable. The emergence of significant litigation liabilities in late 2020 caused a temporary insolvency in terms of stockholders' equity, though recent trends indicate a gradual recovery of retained earnings and a reduction in long-term debt levels.

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