Price to Book Value (P/BV)
since 2005
Calculation
AmerisourceBergen Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total AmerisourceBergen Corporation stockholders’ equity (deficit)1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 22, 2022 | — | = | 164.71 | ÷ | -1.03 | -1.03 | = | -211,559 | ÷ | 205,668,628 | |
| Nov 23, 2021 | 115.23 | = | 123.66 | ÷ | 1.07 | 1.07 | = | 223,354 | ÷ | 208,133,361 | |
| Nov 19, 2020 | — | = | 101.90 | ÷ | -4.99 | -4.99 | = | -1,018,924 | ÷ | 204,249,747 | |
| Nov 19, 2019 | 6.28 | = | 87.81 | ÷ | 13.98 | 13.98 | = | 2,878,917 | ÷ | 205,922,186 | |
| Nov 20, 2018 | 6.42 | = | 88.87 | ÷ | 13.84 | 13.84 | = | 2,932,824 | ÷ | 211,933,493 | |
| Nov 21, 2017 | 8.39 | = | 79.46 | ÷ | 9.47 | 9.47 | = | 2,064,461 | ÷ | 218,082,051 | |
| Nov 22, 2016 | 8.10 | = | 78.41 | ÷ | 9.67 | 9.67 | = | 2,129,404 | ÷ | 220,100,206 | |
| Nov 24, 2015 | 31.97 | = | 98.50 | ÷ | 3.08 | 3.08 | = | 633,520 | ÷ | 205,632,943 | |
| Nov 25, 2014 | 10.09 | = | 90.32 | ÷ | 8.95 | 8.95 | = | 1,956,899 | ÷ | 218,691,869 | |
| Nov 26, 2013 | 7.00 | = | 70.61 | ÷ | 10.08 | 10.08 | = | 2,319,745 | ÷ | 230,032,094 | |
| Nov 27, 2012 | 3.95 | = | 41.22 | ÷ | 10.43 | 10.43 | = | 2,456,712 | ÷ | 235,475,712 | |
| Nov 22, 2011 | 3.30 | = | 36.63 | ÷ | 11.10 | 11.10 | = | 2,866,858 | ÷ | 258,343,469 | |
| Nov 23, 2010 | 2.90 | = | 30.95 | ÷ | 10.69 | 10.69 | = | 2,954,297 | ÷ | 276,347,761 | |
| Nov 25, 2009 | 2.65 | = | 24.98 | ÷ | 9.43 | 9.43 | = | 2,716,469 | ÷ | 288,084,821 | |
| Nov 25, 2008 | 1.72 | = | 14.89 | ÷ | 8.67 | 8.67 | = | 2,710,045 | ÷ | 312,437,558 | |
| Nov 28, 2007 | 2.41 | = | 22.22 | ÷ | 9.23 | 9.23 | = | 3,099,720 | ÷ | 335,922,306 | |
| Dec 8, 2006 | 2.13 | = | 23.00 | ÷ | 10.78 | 10.78 | = | 4,141,157 | ÷ | 384,177,028 | |
| Dec 9, 2005 | 1.98 | = | 20.36 | ÷ | 10.26 | 10.26 | = | 4,280,357 | ÷ | 417,042,656 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of AmerisourceBergen Corp. Annual Report.
The analysis of the price-to-book value (P/BV) trends reveals a progression from stable growth to extreme valuation volatility, concluding with a period of significant equity instability.
- Steady Valuation Growth (2005–2012)
- During this period, the P/BV ratio exhibited a consistent upward trajectory, increasing from 1.98 in 2005 to 3.95 in 2012. This growth indicates a steady expansion in market confidence and a rising premium placed on the company's assets over time.
- Rapid Valuation Escalation (2013–2015)
- A period of sharp acceleration is observed between 2013 and 2015, where the P/BV ratio climbed from 7.00 to a peak of 31.97. This spike was primarily driven by a contraction in the book value per share, which dropped to 3.08 in 2015, while the share price continued to rise.
- Normalized Higher-Plateau Phase (2016–2019)
- Following the 2015 peak, the P/BV ratio corrected and stabilized within a range of 6.28 to 8.39. Although this represented a decline from the extreme high of 2015, the valuation remained significantly elevated compared to the pre-2013 historical average.
- Equity Volatility and Negative Book Value (2020–2022)
- The most recent phase is marked by severe instability in the book value per share. The occurrence of negative book values in 2020 and 2022 rendered the P/BV ratio inapplicable for those years. In 2021, a marginal recovery of the book value to 1.07, coupled with a high share price of 123.66, resulted in a mathematical outlier with a P/BV ratio of 115.23.
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Comparison to Competitors
AmerisourceBergen Corp., P/BV, long-term trends, comparison to competitors
| AmerisourceBergen Corp. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Nov 22, 2022 | — | 5.06 | 1,553,040.70 | 7.78 | 2.24 | 5.81 |
| Nov 23, 2021 | 115.23 | 5.75 | 3.07 | 8.59 | 3.26 | 6.27 |
| Nov 19, 2020 | — | 6.65 | 2.19 | 9.53 | 2.48 | 4.83 |
| Nov 19, 2019 | 6.28 | 4.96 | 2.42 | 8.13 | 2.66 | 4.92 |
| Nov 20, 2018 | 6.42 | 4.38 | 2.82 | 8.96 | 2.31 | 4.89 |
| Nov 21, 2017 | 8.39 | 3.40 | 2.24 | 9.91 | 2.40 | 4.59 |
| Nov 22, 2016 | 8.10 | 3.76 | 1.72 | 4.73 | 2.25 | 3.98 |
| Nov 24, 2015 | 31.97 | 2.68 | 1.44 | 4.67 | 2.04 | 3.12 |
| Nov 25, 2014 | 10.09 | 3.32 | 1.62 | 5.55 | 3.27 | 3.20 |
| Nov 26, 2013 | 7.00 | 2.38 | 1.00 | 4.37 | 2.78 | 2.16 |
| Nov 27, 2012 | 3.95 | 2.06 | 0.79 | 6.43 | 2.23 | 1.88 |
| Nov 22, 2011 | 3.30 | 3.61 | 0.95 | 7.31 | 2.59 | 1.96 |
| Nov 23, 2010 | 2.90 | 3.24 | 1.06 | 6.34 | 2.68 | 1.80 |
| Nov 25, 2009 | 2.65 | 3.69 | 1.06 | 8.22 | 2.89 | 1.60 |
| Nov 25, 2008 | 1.72 | 4.78 | 0.96 | 3.55 | 5.03 | 1.67 |
| Nov 28, 2007 | 2.41 | 4.83 | 1.75 | 12.99 | 5.31 | 2.98 |
| Dec 8, 2006 | 2.13 | 5.88 | 2.02 | 7.10 | 5.78 | 3.51 |
| Dec 9, 2005 | 1.98 | 4.69 | 2.04 | 7.80 | 6.06 | 4.50 |
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., P/BV, long-term trends, comparison to sector (health care equipment & services)
| AmerisourceBergen Corp. | Health Care Equipment & Services | |
|---|---|---|
| Nov 22, 2022 | — | 263,051.14 |
| Nov 23, 2021 | 115.23 | 5.01 |
| Nov 19, 2020 | — | 4.30 |
| Nov 19, 2019 | 6.28 | 4.00 |
| Nov 20, 2018 | 6.42 | 3.83 |
| Nov 21, 2017 | 8.39 | 3.44 |
| Nov 22, 2016 | 8.10 | 2.95 |
| Nov 24, 2015 | 31.97 | 2.39 |
| Nov 25, 2014 | 10.09 | 2.94 |
| Nov 26, 2013 | 7.00 | 2.12 |
| Nov 27, 2012 | 3.95 | 1.89 |
| Nov 22, 2011 | 3.30 | 2.39 |
| Nov 23, 2010 | 2.90 | 2.21 |
| Nov 25, 2009 | 2.65 | 2.31 |
| Nov 25, 2008 | 1.72 | 2.78 |
| Nov 28, 2007 | 2.41 | 3.52 |
| Dec 8, 2006 | 2.13 | 3.80 |
| Dec 9, 2005 | 1.98 | 3.90 |
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., P/BV, long-term trends, comparison to industry (health care)
| AmerisourceBergen Corp. | Health Care | |
|---|---|---|
| Nov 22, 2022 | — | 87,112.79 |
| Nov 23, 2021 | 115.23 | 5.48 |
| Nov 19, 2020 | — | 5.37 |
| Nov 19, 2019 | 6.28 | 5.14 |
| Nov 20, 2018 | 6.42 | 5.17 |
| Nov 21, 2017 | 8.39 | 4.55 |
| Nov 22, 2016 | 8.10 | 4.06 |
| Nov 24, 2015 | 31.97 | 3.62 |
| Nov 25, 2014 | 10.09 | 4.10 |
| Nov 26, 2013 | 7.00 | 3.51 |
| Nov 27, 2012 | 3.95 | 2.87 |
| Nov 22, 2011 | 3.30 | 2.51 |
| Nov 23, 2010 | 2.90 | 2.24 |
| Nov 25, 2009 | 2.65 | 2.36 |
| Nov 25, 2008 | 1.72 | 2.65 |
| Nov 28, 2007 | 2.41 | 3.45 |
| Dec 8, 2006 | 2.13 | 3.81 |
| Dec 9, 2005 | 1.98 | 3.97 |
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).