Price to Operating Profit (P/OP)
since 2005
Calculation
AmerisourceBergen Corp., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income (loss)1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 22, 2022 | 14.32 | = | 164.71 | ÷ | 11.51 | 11.51 | = | 2,366,378 | ÷ | 205,668,628 | |
| Nov 23, 2021 | 10.93 | = | 123.66 | ÷ | 11.31 | 11.31 | = | 2,354,197 | ÷ | 208,133,361 | |
| Nov 19, 2020 | — | = | 101.90 | ÷ | -25.14 | -25.14 | = | -5,135,354 | ÷ | 204,249,747 | |
| Nov 19, 2019 | 16.26 | = | 87.81 | ÷ | 5.40 | 5.40 | = | 1,111,923 | ÷ | 205,922,186 | |
| Nov 20, 2018 | 13.05 | = | 88.87 | ÷ | 6.81 | 6.81 | = | 1,443,685 | ÷ | 211,933,493 | |
| Nov 21, 2017 | 16.34 | = | 79.46 | ÷ | 4.86 | 4.86 | = | 1,060,342 | ÷ | 218,082,051 | |
| Nov 22, 2016 | 11.31 | = | 78.41 | ÷ | 6.93 | 6.93 | = | 1,525,774 | ÷ | 220,100,206 | |
| Nov 24, 2015 | 48.53 | = | 98.50 | ÷ | 2.03 | 2.03 | = | 417,370 | ÷ | 205,632,943 | |
| Nov 25, 2014 | 25.36 | = | 90.32 | ÷ | 3.56 | 3.56 | = | 778,884 | ÷ | 218,691,869 | |
| Nov 26, 2013 | 18.08 | = | 70.61 | ÷ | 3.91 | 3.91 | = | 898,399 | ÷ | 230,032,094 | |
| Nov 27, 2012 | 7.75 | = | 41.22 | ÷ | 5.32 | 5.32 | = | 1,252,728 | ÷ | 235,475,712 | |
| Nov 22, 2011 | 7.87 | = | 36.63 | ÷ | 4.66 | 4.66 | = | 1,202,745 | ÷ | 258,343,469 | |
| Nov 23, 2010 | 7.75 | = | 30.95 | ÷ | 3.99 | 3.99 | = | 1,103,635 | ÷ | 276,347,761 | |
| Nov 25, 2009 | 8.14 | = | 24.98 | ÷ | 3.07 | 3.07 | = | 883,749 | ÷ | 288,084,821 | |
| Nov 25, 2008 | 5.62 | = | 14.89 | ÷ | 2.65 | 2.65 | = | 827,861 | ÷ | 312,437,558 | |
| Nov 28, 2007 | 9.10 | = | 22.22 | ÷ | 2.44 | 2.44 | = | 820,342 | ÷ | 335,922,306 | |
| Dec 8, 2006 | 11.80 | = | 23.00 | ÷ | 1.95 | 1.95 | = | 748,706 | ÷ | 384,177,028 | |
| Dec 9, 2005 | 13.33 | = | 20.36 | ÷ | 1.53 | 1.53 | = | 636,946 | ÷ | 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.
An analysis of the financial performance from 2005 to 2022 reveals a long-term upward trajectory in share price, contrasted by significant volatility in operating profit per share and corresponding fluctuations in the Price to Operating Profit (P/OP) ratio.
- Share Price Trends
- The share price exhibited a general growth pattern, rising from 20.36 USD in 2005 to 164.71 USD by 2022. While a notable dip occurred in 2008, the subsequent period saw sustained appreciation, particularly between 2012 and 2015 and again from 2019 to 2022.
- Operating Profit per Share Performance
- Operating profit per share demonstrated steady growth from 2005 through 2012, increasing from 1.53 USD to 5.32 USD. A period of decline followed between 2013 and 2015, with a low of 2.03 USD. Following a recovery peak of 6.93 USD in 2016, a severe anomaly occurred in 2020, where operating profit fell to -25.14 USD. This was followed by a sharp rebound to 11.51 USD by 2022.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio indicates shifting market valuations relative to operating efficiency. From 2005 to 2012, the ratio generally compressed from 13.33 to 7.75, suggesting that operating profit grew at a faster rate than the share price. However, a significant valuation spike occurred between 2013 and 2015, with the ratio peaking at 48.53, driven by a sharp contraction in operating profit while share prices remained elevated. From 2016 onward, the ratio stabilized within a range of 10.93 to 16.34, reflecting a return to more normalized valuation levels following the 2020 operating loss.
The convergence of these metrics suggests that while the market maintained a long-term bullish outlook on the share price, the underlying operating profitability experienced periodic disruptions that decoupled the company's valuation from its immediate operating performance.
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Comparison to Competitors
AmerisourceBergen Corp., P/OP, long-term trends, comparison to competitors
| AmerisourceBergen Corp. | Abbott Laboratories | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|
| Nov 22, 2022 | 14.32 | 22.18 | 54.49 | 20.48 | 15.89 |
| Nov 23, 2021 | 10.93 | 24.45 | 56.11 | 37.44 | 18.77 |
| Nov 19, 2020 | — | 40.69 | 88.37 | 26.29 | 14.12 |
| Nov 19, 2019 | 16.26 | 34.03 | 48.89 | 21.26 | 14.40 |
| Nov 20, 2018 | 13.05 | 36.64 | 49.87 | 17.64 | 14.58 |
| Nov 21, 2017 | 16.34 | 60.88 | 44.40 | 22.64 | 14.42 |
| Nov 22, 2016 | 11.31 | 24.25 | 28.93 | 22.18 | 11.79 |
| Nov 24, 2015 | 48.53 | 19.80 | 27.25 | 28.81 | 9.59 |
| Nov 25, 2014 | 25.36 | 27.50 | 34.42 | 16.68 | 10.12 |
| Nov 26, 2013 | 18.08 | 22.79 | 17.96 | 11.80 | 7.22 |
| Nov 27, 2012 | 7.75 | 6.82 | 26.21 | — | 6.32 |
| Nov 22, 2011 | 7.87 | 15.35 | 27.83 | — | 6.55 |
| Nov 23, 2010 | 7.75 | 11.92 | 23.28 | — | 5.90 |
| Nov 25, 2009 | 8.14 | 13.54 | 33.47 | — | 5.95 |
| Nov 25, 2008 | 5.62 | 14.66 | 14.45 | — | 6.59 |
| Nov 28, 2007 | 9.10 | 18.76 | 55.84 | — | 7.62 |
| Dec 8, 2006 | 11.80 | 40.49 | 38.98 | — | 10.47 |
| Dec 9, 2005 | 13.33 | 15.48 | 50.21 | — | 14.87 |
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).