Return on Equity (ROE)
since 2005
Calculation
AmerisourceBergen Corp., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss) attributable to AmerisourceBergen Corporation1 | ÷ | Total AmerisourceBergen Corporation stockholders’ equity (deficit)1 | |
|---|---|---|---|---|---|---|---|
| Sep 30, 2022 | — | = | 100 | × | 1,698,820) | ÷ | (211,559) |
| Sep 30, 2021 | 689.46% | = | 100 | × | 1,539,932) | ÷ | 223,354) |
| Sep 30, 2020 | — | = | 100 | × | (3,408,716) | ÷ | (1,018,924) |
| Sep 30, 2019 | 29.71% | = | 100 | × | 855,365) | ÷ | 2,878,917) |
| Sep 30, 2018 | 56.55% | = | 100 | × | 1,658,405) | ÷ | 2,932,824) |
| Sep 30, 2017 | 17.66% | = | 100 | × | 364,484) | ÷ | 2,064,461) |
| Sep 30, 2016 | 67.06% | = | 100 | × | 1,427,929) | ÷ | 2,129,404) |
| Sep 30, 2015 | -21.29% | = | 100 | × | (134,887) | ÷ | 633,520) |
| Sep 30, 2014 | 14.13% | = | 100 | × | 276,484) | ÷ | 1,956,899) |
| Sep 30, 2013 | 18.70% | = | 100 | × | 433,707) | ÷ | 2,319,745) |
| Sep 30, 2012 | 29.27% | = | 100 | × | 718,986) | ÷ | 2,456,712) |
| Sep 30, 2011 | 24.65% | = | 100 | × | 706,624) | ÷ | 2,866,858) |
| Sep 30, 2010 | 21.55% | = | 100 | × | 636,748) | ÷ | 2,954,297) |
| Sep 30, 2009 | 18.53% | = | 100 | × | 503,397) | ÷ | 2,716,469) |
| Sep 30, 2008 | 9.25% | = | 100 | × | 250,559) | ÷ | 2,710,045) |
| Sep 30, 2007 | 15.14% | = | 100 | × | 469,167) | ÷ | 3,099,720) |
| Sep 30, 2006 | 11.29% | = | 100 | × | 467,714) | ÷ | 4,141,157) |
| Sep 30, 2005 | 6.18% | = | 100 | × | 264,645) | ÷ | 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
An analysis of the financial performance from 2005 to 2022 reveals a transition from steady growth to extreme volatility in both profitability and capital structure. While the early period was characterized by a consistent upward trajectory in efficiency, the later years show significant distortions in return metrics driven by a diminishing equity base.
- Return on Equity (ROE) Trends
- Between 2005 and 2012, ROE exhibited a strong and consistent expansion, rising from 6.18% to a peak of 29.27%. Following this period, the metric became highly unstable. A sharp decline occurred in 2015, with ROE falling to -21.29%, followed by an abrupt spike to 67.06% in 2016. The most extreme deviation occurred in 2021, where ROE reached 689.46%, a figure resulting from the combination of strong net income and a severely depleted equity base.
- Equity Base Erosion
- A sustained downward trend in total stockholders' equity is observed over the analyzed period. Equity decreased from $4.28 billion in 2005 to $633.5 million by 2015. This erosion culminated in periods of negative equity, specifically in 2020 (-$1.02 billion) and 2022 (-$211.6 million). The transition to a deficit in equity renders traditional ROE calculations mathematically unstable or non-applicable, as seen in the missing values for those specific years.
- Net Income Volatility
- Net income remained relatively stable and positive from 2005 through 2014, though it experienced a notable dip in 2014. Starting in 2015, the company entered a phase of high variance. Significant losses were recorded in 2015 (-$134.9 million) and 2020 (-$3.41 billion). These losses were interspersed with substantial recoveries, such as the $1.43 billion net income in 2016 and $1.70 billion in 2022, indicating a period of high financial instability or significant non-recurring items impacting the bottom line.
- Correlation Between Equity and Performance Metrics
- The data indicates that the dramatic fluctuations in ROE in the later years are more closely tied to the contraction of the equity denominator than to proportional changes in net income. As the equity base approached zero or turned negative, small shifts in net income produced disproportionately large swings in the ROE percentage, diminishing the utility of the ratio as a primary measure of operational efficiency during the 2015-2022 period.
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Comparison to Competitors
AmerisourceBergen Corp., ROE, long-term trends, comparison to competitors
| AmerisourceBergen Corp. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Sep 30, 2022 | — | 18.90% | 16.59% | 11.98% | 9.59% | 25.87% |
| Sep 30, 2021 | 689.46% | 19.75% | 16.93% | 14.32% | 7.01% | 24.09% |
| Sep 30, 2020 | — | 13.71% | 13.77% | 10.90% | 9.44% | 23.52% |
| Sep 30, 2019 | 29.71% | 11.86% | 15.15% | 16.69% | 9.25% | 24.02% |
| Sep 30, 2018 | 56.55% | 7.76% | 13.14% | 16.89% | 6.12% | 23.19% |
| Sep 30, 2017 | 17.66% | 1.54% | 14.50% | 13.97% | 8.01% | 22.10% |
| Sep 30, 2016 | 67.06% | 6.82% | 9.84% | 12.74% | 6.80% | 18.33% |
| Sep 30, 2015 | -21.29% | 20.85% | 11.11% | 13.63% | 5.03% | 17.18% |
| Sep 30, 2014 | 14.13% | 10.61% | 10.60% | 12.39% | 15.76% | 17.31% |
| Sep 30, 2013 | 18.70% | 10.23% | 10.05% | 19.16% | 18.57% | 17.50% |
| Sep 30, 2012 | 29.27% | 22.32% | 11.16% | 18.34% | 21.14% | 17.72% |
| Sep 30, 2011 | 24.65% | 19.35% | 11.36% | 18.71% | 19.39% | 18.17% |
| Sep 30, 2010 | 21.55% | 20.66% | 12.12% | 18.74% | 21.18% | 17.94% |
| Sep 30, 2009 | 18.53% | 25.14% | 19.09% | 15.13% | 16.88% | 16.19% |
| Sep 30, 2008 | 9.25% | 27.92% | 11.62% | 16.13% | 19.34% | 14.33% |
| Sep 30, 2007 | 15.14% | 20.28% | 14.55% | 16.26% | 25.53% | 23.20% |
| Sep 30, 2006 | 11.29% | 12.22% | 12.59% | 12.22% | 27.14% | 19.99% |
| Sep 30, 2005 | 6.18% | 23.39% | 9.86% | 21.27% | 17.26% | 18.61% |
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., ROE, long-term trends, comparison to sector (health care equipment & services)
| AmerisourceBergen Corp. | Health Care Equipment & Services | |
|---|---|---|
| Sep 30, 2022 | — | 18.40% |
| Sep 30, 2021 | 689.46% | 17.28% |
| Sep 30, 2020 | — | 15.80% |
| Sep 30, 2019 | 29.71% | 15.85% |
| Sep 30, 2018 | 56.55% | 13.28% |
| Sep 30, 2017 | 17.66% | 12.21% |
| Sep 30, 2016 | 67.06% | 10.70% |
| Sep 30, 2015 | -21.29% | 11.84% |
| Sep 30, 2014 | 14.13% | 13.81% |
| Sep 30, 2013 | 18.70% | 14.22% |
| Sep 30, 2012 | 29.27% | 17.99% |
| Sep 30, 2011 | 24.65% | 17.02% |
| Sep 30, 2010 | 21.55% | 17.62% |
| Sep 30, 2009 | 18.53% | 19.50% |
| Sep 30, 2008 | 9.25% | 17.63% |
| Sep 30, 2007 | 15.14% | 20.02% |
| Sep 30, 2006 | 11.29% | 16.70% |
| Sep 30, 2005 | 6.18% | 16.22% |
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., ROE, long-term trends, comparison to industry (health care)
| AmerisourceBergen Corp. | Health Care | |
|---|---|---|
| Sep 30, 2022 | — | 24.82% |
| Sep 30, 2021 | 689.46% | 25.44% |
| Sep 30, 2020 | — | 16.70% |
| Sep 30, 2019 | 29.71% | 23.30% |
| Sep 30, 2018 | 56.55% | 21.27% |
| Sep 30, 2017 | 17.66% | 13.77% |
| Sep 30, 2016 | 67.06% | 18.53% |
| Sep 30, 2015 | -21.29% | 18.52% |
| Sep 30, 2014 | 14.13% | 19.17% |
| Sep 30, 2013 | 18.70% | 18.81% |
| Sep 30, 2012 | 29.27% | 18.20% |
| Sep 30, 2011 | 24.65% | 15.90% |
| Sep 30, 2010 | 21.55% | 14.85% |
| Sep 30, 2009 | 18.53% | 20.14% |
| Sep 30, 2008 | 9.25% | 20.29% |
| Sep 30, 2007 | 15.14% | 17.87% |
| Sep 30, 2006 | 11.29% | 20.49% |
| Sep 30, 2005 | 6.18% | 18.28% |
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).