Debt to Equity
since 2005
Calculation
AmerisourceBergen Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Total AmerisourceBergen Corporation stockholders’ equity (deficit)1 | |
|---|---|---|---|---|---|
| Sep 30, 2022 | — | = | 5,702,833) | ÷ | (211,559) |
| Sep 30, 2021 | 29.93 | = | 6,683,924) | ÷ | 223,354) |
| Sep 30, 2020 | — | = | 4,119,520) | ÷ | (1,018,924) |
| Sep 30, 2019 | 1.45 | = | 4,172,892) | ÷ | 2,878,917) |
| Sep 30, 2018 | 1.47 | = | 4,310,189) | ÷ | 2,932,824) |
| Sep 30, 2017 | 1.67 | = | 3,442,055) | ÷ | 2,064,461) |
| Sep 30, 2016 | 1.97 | = | 4,205,402) | ÷ | 2,129,404) |
| Sep 30, 2015 | 5.51 | = | 3,493,048) | ÷ | 633,520) |
| Sep 30, 2014 | 1.02 | = | 1,995,632) | ÷ | 1,956,899) |
| Sep 30, 2013 | 0.60 | = | 1,396,606) | ÷ | 2,319,745) |
| Sep 30, 2012 | 0.59 | = | 1,446,770) | ÷ | 2,456,712) |
| Sep 30, 2011 | 0.48 | = | 1,364,952) | ÷ | 2,866,858) |
| Sep 30, 2010 | 0.45 | = | 1,343,580) | ÷ | 2,954,297) |
| Sep 30, 2009 | 0.43 | = | 1,178,001) | ÷ | 2,716,469) |
| Sep 30, 2008 | 0.44 | = | 1,189,131) | ÷ | 2,710,045) |
| Sep 30, 2007 | 0.40 | = | 1,227,774) | ÷ | 3,099,720) |
| Sep 30, 2006 | 0.26 | = | 1,095,491) | ÷ | 4,141,157) |
| Sep 30, 2005 | 0.22 | = | 952,711) | ÷ | 4,280,357) |
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), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
1 US$ in thousands
The financial trajectory from 2005 to 2022 is characterized by a systemic increase in total debt coupled with a significant erosion of stockholders' equity, leading to a substantial rise in financial leverage and eventual periods of negative equity.
- Total Debt Evolution
- Total debt exhibited a consistent upward trend over the analyzed period. Between 2005 and 2013, debt grew moderately from 952.7 million to 1.4 billion. A period of rapid acceleration occurred between 2014 and 2016, with debt increasing from 1.99 billion to a peak of 4.2 billion. Following a brief stabilization, a second major spike occurred in 2021, reaching 6.68 billion, before moderating slightly to 5.7 billion by 2022.
- Stockholders' Equity Trends
- Equity experienced a long-term decline, moving from a strong position of 4.28 billion in 2005 to a deficit by the end of the period. A notable collapse occurred in 2015, where equity dropped to 633.5 million. While a recovery was observed between 2016 and 2019, equity fell sharply into a deficit of 1.01 billion in 2020. Despite a brief return to positive territory in 2021 (223.3 million), the period ended with a deficit of 211.5 million in 2022.
- Debt-to-Equity Ratio Analysis
- The debt-to-equity ratio reflects a transition from conservative leverage to high financial risk. From 2005 to 2013, the ratio increased gradually from 0.22 to 0.60. The ratio became highly volatile starting in 2014, spiking to 5.51 in 2015 due to the simultaneous increase in debt and collapse of equity. After stabilizing between 1.45 and 1.67 from 2016 to 2019, the ratio reached an extreme peak of 29.93 in 2021. The absence of ratio values in 2020 and 2022 corresponds with the reported equity deficits, rendering the standard ratio calculation mathematically invalid or non-meaningful during those years.
Overall, the data indicates a fundamental shift in the capital structure, moving from a predominantly equity-funded model to one characterized by heavy reliance on debt and a depleted equity base.
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Comparison to Competitors
AmerisourceBergen Corp., debt to equity, long-term trends, comparison to competitors
| AmerisourceBergen Corp. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Sep 30, 2022 | — | 0.46 | 0.66 | 0.00 | 0.46 | 0.74 |
| Sep 30, 2021 | 29.93 | 0.50 | 0.64 | 0.00 | 0.51 | 0.64 |
| Sep 30, 2020 | — | 0.57 | 0.60 | 0.00 | 0.49 | 0.66 |
| Sep 30, 2019 | 1.45 | 0.58 | 0.63 | 0.00 | 0.51 | 0.71 |
| Sep 30, 2018 | 1.47 | 0.64 | 0.67 | 0.00 | 0.51 | 0.71 |
| Sep 30, 2017 | 1.67 | 0.90 | 0.75 | 0.00 | 0.66 | 0.66 |
| Sep 30, 2016 | 1.97 | 1.07 | 0.63 | 0.00 | 0.60 | 0.86 |
| Sep 30, 2015 | 5.51 | 0.42 | 0.69 | 0.00 | 0.68 | 0.95 |
| Sep 30, 2014 | 1.02 | 0.36 | 0.62 | 0.00 | 0.61 | 0.54 |
| Sep 30, 2013 | 0.60 | 0.26 | 0.59 | 0.00 | 0.57 | 0.52 |
| Sep 30, 2012 | 0.59 | 0.77 | 0.63 | 0.00 | 0.62 | 0.54 |
| Sep 30, 2011 | 0.48 | 0.63 | 0.42 | 0.00 | 0.62 | 0.41 |
| Sep 30, 2010 | 0.45 | 0.85 | 0.38 | 0.00 | 0.65 | 0.43 |
| Sep 30, 2009 | 0.43 | 0.72 | 0.34 | 0.00 | 0.57 | 0.47 |
| Sep 30, 2008 | 0.44 | 0.65 | 0.41 | 0.00 | 0.60 | 0.62 |
| Sep 30, 2007 | 0.40 | 0.69 | 0.39 | 0.00 | 0.55 | 0.55 |
| Sep 30, 2006 | 0.26 | 0.88 | 0.29 | 0.00 | 0.84 | 0.36 |
| Sep 30, 2005 | 0.22 | 0.46 | 0.27 | 0.00 | 0.23 | 0.40 |
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), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Comparison to Sector (Health Care Equipment & Services)
AmerisourceBergen Corp., debt to equity, long-term trends, comparison to sector (health care equipment & services)
| AmerisourceBergen Corp. | Health Care Equipment & Services | |
|---|---|---|
| Sep 30, 2022 | — | 0.57 |
| Sep 30, 2021 | 29.93 | 0.55 |
| Sep 30, 2020 | — | 0.56 |
| Sep 30, 2019 | 1.45 | 0.58 |
| Sep 30, 2018 | 1.47 | 0.60 |
| Sep 30, 2017 | 1.67 | 0.71 |
| Sep 30, 2016 | 1.97 | 0.72 |
| Sep 30, 2015 | 5.51 | 0.69 |
| Sep 30, 2014 | 1.02 | 0.52 |
| Sep 30, 2013 | 0.60 | 0.47 |
| Sep 30, 2012 | 0.59 | 0.61 |
| Sep 30, 2011 | 0.48 | 0.49 |
| Sep 30, 2010 | 0.45 | 0.55 |
| Sep 30, 2009 | 0.43 | 0.51 |
| Sep 30, 2008 | 0.44 | 0.55 |
| Sep 30, 2007 | 0.40 | 0.53 |
| Sep 30, 2006 | 0.26 | 0.50 |
| Sep 30, 2005 | 0.22 | 0.34 |
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), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Comparison to Industry (Health Care)
AmerisourceBergen Corp., debt to equity, long-term trends, comparison to industry (health care)
| AmerisourceBergen Corp. | Health Care | |
|---|---|---|
| Sep 30, 2022 | — | 0.72 |
| Sep 30, 2021 | 29.93 | 0.80 |
| Sep 30, 2020 | — | 0.92 |
| Sep 30, 2019 | 1.45 | 0.90 |
| Sep 30, 2018 | 1.47 | 0.80 |
| Sep 30, 2017 | 1.67 | 0.82 |
| Sep 30, 2016 | 1.97 | 0.77 |
| Sep 30, 2015 | 5.51 | 0.69 |
| Sep 30, 2014 | 1.02 | 0.54 |
| Sep 30, 2013 | 0.60 | 0.50 |
| Sep 30, 2012 | 0.59 | 0.54 |
| Sep 30, 2011 | 0.48 | 0.47 |
| Sep 30, 2010 | 0.45 | 0.43 |
| Sep 30, 2009 | 0.43 | 0.42 |
| Sep 30, 2008 | 0.44 | 0.42 |
| Sep 30, 2007 | 0.40 | 0.36 |
| Sep 30, 2006 | 0.26 | 0.32 |
| Sep 30, 2005 | 0.22 | 0.30 |
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), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).