Price to Sales (P/S)
since 2005
Calculation
AmerisourceBergen Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenue1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 22, 2022 | 0.14 | = | 164.71 | ÷ | 1,160.06 | 1,160.06 | = | 238,587,006 | ÷ | 205,668,628 | |
| Nov 23, 2021 | 0.12 | = | 123.66 | ÷ | 1,028.13 | 1,028.13 | = | 213,988,843 | ÷ | 208,133,361 | |
| Nov 19, 2020 | 0.11 | = | 101.90 | ÷ | 929.71 | 929.71 | = | 189,893,926 | ÷ | 204,249,747 | |
| Nov 19, 2019 | 0.10 | = | 87.81 | ÷ | 872.12 | 872.12 | = | 179,589,121 | ÷ | 205,922,186 | |
| Nov 20, 2018 | 0.11 | = | 88.87 | ÷ | 792.42 | 792.42 | = | 167,939,635 | ÷ | 211,933,493 | |
| Nov 21, 2017 | 0.11 | = | 79.46 | ÷ | 702.23 | 702.23 | = | 153,143,826 | ÷ | 218,082,051 | |
| Nov 22, 2016 | 0.12 | = | 78.41 | ÷ | 667.19 | 667.19 | = | 146,849,686 | ÷ | 220,100,206 | |
| Nov 24, 2015 | 0.15 | = | 98.50 | ÷ | 661.19 | 661.19 | = | 135,961,803 | ÷ | 205,632,943 | |
| Nov 25, 2014 | 0.17 | = | 90.32 | ÷ | 546.75 | 546.75 | = | 119,569,127 | ÷ | 218,691,869 | |
| Nov 26, 2013 | 0.18 | = | 70.61 | ÷ | 382.38 | 382.38 | = | 87,959,167 | ÷ | 230,032,094 | |
| Nov 27, 2012 | 0.12 | = | 41.22 | ÷ | 337.57 | 337.57 | = | 79,489,596 | ÷ | 235,475,712 | |
| Nov 22, 2011 | 0.12 | = | 36.63 | ÷ | 310.51 | 310.51 | = | 80,217,558 | ÷ | 258,343,469 | |
| Nov 23, 2010 | 0.11 | = | 30.95 | ÷ | 282.09 | 282.09 | = | 77,953,979 | ÷ | 276,347,761 | |
| Nov 25, 2009 | 0.10 | = | 24.98 | ÷ | 249.09 | 249.09 | = | 71,759,990 | ÷ | 288,084,821 | |
| Nov 25, 2008 | 0.07 | = | 14.89 | ÷ | 224.65 | 224.65 | = | 70,189,733 | ÷ | 312,437,558 | |
| Nov 28, 2007 | 0.11 | = | 22.22 | ÷ | 196.70 | 196.70 | = | 66,074,312 | ÷ | 335,922,306 | |
| Dec 8, 2006 | 0.14 | = | 23.00 | ÷ | 159.31 | 159.31 | = | 61,203,145 | ÷ | 384,177,028 | |
| Dec 9, 2005 | 0.16 | = | 20.36 | ÷ | 130.87 | 130.87 | = | 54,577,321 | ÷ | 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 financial data from 2005 to 2022 indicates a period of substantial growth in both top-line revenue per share and market valuation. Sales per share exhibited a consistent and aggressive upward trajectory, rising from 130.87 USD in 2005 to 1,160.06 USD by 2022. Over the same period, the share price increased from 20.36 USD to 164.71 USD, despite a notable contraction during the 2008 financial period.
- Price-to-Sales (P/S) Ratio Trends
- The P/S ratio remained consistently low throughout the seventeen-year period, fluctuating within a narrow band between 0.07 and 0.18. An initial downward trend is observed from 2005 to 2008, with the ratio reaching its lowest point of 0.07. A recovery phase followed, leading to a peak of 0.18 in 2013, after which the ratio stabilized and generally oscillated between 0.10 and 0.15.
- Valuation Relative to Revenue Growth
- The data reveals that while the share price grew significantly, it did so at a pace largely commensurate with the growth in sales per share. The compressed nature of the P/S ratio suggests a business model characterized by high volume and low margins, where the market values the company as a small fraction of its annual revenue. The stability of this ratio indicates that the market's fundamental perception of the company's value relative to its sales remained largely unchanged over nearly two decades.
- Recent Valuation Expansion
- A modest expansion in the valuation multiple is evident between 2019 and 2022. During this window, the P/S ratio rose from 0.10 to 0.14. This increase coincided with a sharp acceleration in share price, which grew from 87.81 USD to 164.71 USD, suggesting a slight increase in investor confidence or an improvement in the perceived quality of the revenue generated.
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Comparison to Competitors
AmerisourceBergen Corp., P/S, long-term trends, comparison to competitors
| AmerisourceBergen Corp. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Nov 22, 2022 | 0.14 | 4.25 | 362,239.81 | 13.81 | 3.72 | 1.40 |
| Nov 23, 2021 | 0.12 | 4.78 | 0.81 | 17.89 | 5.57 | 1.58 |
| Nov 19, 2020 | 0.11 | 6.30 | 0.60 | 21.29 | 4.36 | 1.24 |
| Nov 19, 2019 | 0.10 | 4.83 | 0.74 | 15.01 | 4.36 | 1.18 |
| Nov 20, 2018 | 0.11 | 4.37 | 0.88 | 16.06 | 3.92 | 1.12 |
| Nov 21, 2017 | 0.11 | 3.84 | 0.67 | 14.97 | 4.06 | 1.10 |
| Nov 22, 2016 | 0.12 | 3.70 | 0.51 | 10.11 | 4.07 | 0.83 |
| Nov 24, 2015 | 0.15 | 2.78 | 0.42 | 8.46 | 5.36 | 0.68 |
| Nov 25, 2014 | 0.17 | 3.53 | 0.54 | 8.80 | 3.74 | 0.80 |
| Nov 26, 2013 | 0.18 | 2.74 | 0.35 | 6.76 | 3.13 | 0.57 |
| Nov 27, 2012 | 0.12 | 1.38 | 0.31 | 10.56 | 2.36 | 0.53 |
| Nov 22, 2011 | 0.12 | 2.27 | 0.37 | 11.00 | 2.60 | 0.55 |
| Nov 23, 2010 | 0.11 | 2.06 | 0.44 | 9.15 | 2.48 | 0.50 |
| Nov 25, 2009 | 0.10 | 2.74 | 0.43 | 12.01 | 2.54 | 0.44 |
| Nov 25, 2008 | 0.07 | 2.83 | 0.33 | 5.14 | 4.30 | 0.43 |
| Nov 28, 2007 | 0.11 | 3.31 | 0.67 | 19.21 | 4.74 | 0.81 |
| Dec 8, 2006 | 0.14 | 3.68 | 0.89 | 11.23 | 4.81 | 1.03 |
| Dec 9, 2005 | 0.16 | 3.02 | 1.14 | 15.19 | 6.30 | 1.78 |
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/S, long-term trends, comparison to sector (health care equipment & services)
| AmerisourceBergen Corp. | Health Care Equipment & Services | |
|---|---|---|
| Nov 22, 2022 | 0.14 | 100,807.66 |
| Nov 23, 2021 | 0.12 | 2.07 |
| Nov 19, 2020 | 0.11 | 1.86 |
| Nov 19, 2019 | 0.10 | 1.74 |
| Nov 20, 2018 | 0.11 | 1.69 |
| Nov 21, 2017 | 0.11 | 1.58 |
| Nov 22, 2016 | 0.12 | 1.30 |
| Nov 24, 2015 | 0.15 | 1.17 |
| Nov 25, 2014 | 0.17 | 1.23 |
| Nov 26, 2013 | 0.18 | 0.95 |
| Nov 27, 2012 | 0.12 | 0.85 |
| Nov 22, 2011 | 0.12 | 1.04 |
| Nov 23, 2010 | 0.11 | 0.96 |
| Nov 25, 2009 | 0.10 | 1.02 |
| Nov 25, 2008 | 0.07 | 1.08 |
| Nov 28, 2007 | 0.11 | 1.48 |
| Dec 8, 2006 | 0.14 | 1.64 |
| Dec 9, 2005 | 0.16 | 2.17 |
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/S, long-term trends, comparison to industry (health care)
| AmerisourceBergen Corp. | Health Care | |
|---|---|---|
| Nov 22, 2022 | 0.14 | 51,413.66 |
| Nov 23, 2021 | 0.12 | 3.28 |
| Nov 19, 2020 | 0.11 | 3.31 |
| Nov 19, 2019 | 0.10 | 3.21 |
| Nov 20, 2018 | 0.11 | 3.07 |
| Nov 21, 2017 | 0.11 | 3.06 |
| Nov 22, 2016 | 0.12 | 2.80 |
| Nov 24, 2015 | 0.15 | 2.72 |
| Nov 25, 2014 | 0.17 | 3.08 |
| Nov 26, 2013 | 0.18 | 2.81 |
| Nov 27, 2012 | 0.12 | 2.20 |
| Nov 22, 2011 | 0.12 | 1.90 |
| Nov 23, 2010 | 0.11 | 1.80 |
| Nov 25, 2009 | 0.10 | 2.08 |
| Nov 25, 2008 | 0.07 | 1.70 |
| Nov 28, 2007 | 0.11 | 2.42 |
| Dec 8, 2006 | 0.14 | 2.85 |
| Dec 9, 2005 | 0.16 | 3.17 |
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).