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Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.

Economic Profit
Net Operating Profit after Taxes (NOPAT)
Cash Operating Taxes
Invested Capital
Cost of Capital
Economic Spread Ratio
Economic Profit Margin

AmerisourceBergen Corp., economic profit calculation

US$ in thousands

12 months ended:	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Net operating profit after taxes (NOPAT)¹	2,392,410)	1,778,708)	(4,619,749)	1,185,025)	1,018,004)	771,526)
Cost of capital²	10.18%	9.32%	9.91%	9.79%	9.88%	9.97%
Invested capital³	13,020,519)	12,902,673)	7,128,161)	12,346,959)	12,285,847)	10,870,238)

Economic profit⁴	1,066,908)	575,832)	(5,325,891)	(23,874)	(195,254)	(312,204)

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).

¹ NOPAT. See details »

² Cost of capital. See details »

³ Invested capital. See details »

⁴ 2022 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 2,392,410 – 10.18% × 13,020,519 = 1,066,908

An analysis of the financial performance from 2017 to 2022 reveals a transition from value destruction to substantial value creation, interrupted by a significant operational anomaly in 2020.

Net Operating Profit After Taxes (NOPAT): A steady upward trajectory was observed between 2017 and 2019, with NOPAT increasing from 771.5 million to 1.18 billion USD. This trend was abruptly reversed in 2020, where a substantial loss of 4.62 billion USD was recorded. However, a strong recovery followed, with NOPAT reaching 2.39 billion USD by September 30, 2022, representing a significant expansion in operating profitability.
Invested Capital and Cost of Capital: Invested capital generally expanded from 10.87 billion USD in 2017 to 13.02 billion USD in 2022, despite a notable contraction to 7.13 billion USD in 2020. Throughout this period, the cost of capital remained relatively stable, fluctuating within a narrow range between 9.32% and 10.18%, suggesting a consistent risk profile and funding cost environment regardless of the volatility in capital employment.
Economic Profit Performance: Economic profit remained negative from 2017 through 2020, indicating that the returns generated were insufficient to cover the cost of capital. The deficit reached a peak of 5.33 billion USD in 2020. A critical pivot occurred in 2021, as economic profit turned positive at 575.8 million USD. This positive momentum accelerated in 2022, reaching 1.07 billion USD, confirming that the entity shifted toward generating genuine economic value in excess of its required return.

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AmerisourceBergen Corp., NOPAT calculation

US$ in thousands

12 months ended:	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Net income (loss) attributable to AmerisourceBergen Corporation	1,698,820)	1,539,932)	(3,408,716)	855,365)	1,658,405)	364,484)
Deferred income tax expense (benefit)¹	196,184)	334,866)	(1,544,971)	28,537)	(795,524)	319,069)
Increase (decrease) in allowances for returns and credit losses²	270,045)	(60,624)	194,402)	186,573)	(14,028)	145,016)
Increase (decrease) in LIFO reserve³	67,200)	(203,000)	7,400)	(22,600)	67,400)	(157,800)
Increase (decrease) in equity equivalents⁴	533,429)	71,242)	(1,343,169)	192,510)	(742,152)	306,285)
Interest expense	231,982)	182,544)	158,522)	195,474)	189,640)	149,042)
Interest expense, operating lease liability⁵	32,924)	32,075)	17,785)	17,396)	16,379)	9,826)
Adjusted interest expense	264,906)	214,619)	176,307)	212,870)	206,019)	158,868)
Tax benefit of interest expense⁶	(55,630)	(45,070)	(37,024)	(44,703)	(50,475)	(55,604)
Adjusted interest expense, after taxes⁷	209,275)	169,549)	139,283)	168,167)	155,545)	103,264)
Interest income	(21,309)	(8,470)	(20,639)	(37,705)	(14,941)	(3,857)
Investment income, before taxes	(21,309)	(8,470)	(20,639)	(37,705)	(14,941)	(3,857)
Tax expense (benefit) of investment income⁸	4,475)	1,779)	4,334)	7,918)	3,661)	1,350)
Investment income, after taxes⁹	(16,834)	(6,691)	(16,305)	(29,787)	(11,280)	(2,507)
Net income (loss) attributable to noncontrolling interest	(32,280)	4,676)	9,158)	(1,230)	(42,513)	—)
Net operating profit after taxes (NOPAT)	2,392,410)	1,778,708)	(4,619,749)	1,185,025)	1,018,004)	771,526)

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).

¹ Elimination of deferred tax expense. See details »

² Addition of increase (decrease) in allowances for returns and credit losses.

³ Addition of increase (decrease) in LIFO reserve. See details »

⁴ Addition of increase (decrease) in equity equivalents to net income (loss) attributable to AmerisourceBergen Corporation.

⁵ 2022 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 1,022,472 × 3.22% = 32,924

⁶ 2022 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 264,906 × 21.00% = 55,630

⁷ Addition of after taxes interest expense to net income (loss) attributable to AmerisourceBergen Corporation.

⁸ 2022 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= 21,309 × 21.00% = 4,475

⁹ Elimination of after taxes investment income.

Net income (loss) attributable to AmerisourceBergen Corporation: The net income figures exhibit significant volatility over the analyzed periods. Initially, there is a substantial increase from approximately 364 million USD in 2017 to around 1.66 billion USD in 2018, followed by a notable decline to about 855 million USD in 2019. The year 2020 stands out with a dramatic shift into a net loss of approximately 3.41 billion USD, indicating a severe financial setback. However, recovery occurs in subsequent years, with net income rebounding to nearly 1.54 billion USD in 2021 and increasing slightly to approximately 1.70 billion USD in 2022. This trend suggests a sharp but temporary disruption in profitability, with the company managing to restore positive earnings thereafter.
Net operating profit after taxes (NOPAT): The NOPAT figures mirror the overall pattern observed in net income but show even greater variability. From 2017 to 2019, NOPAT demonstrates consistent growth, increasing from approximately 772 million USD to nearly 1.19 billion USD. In 2020, a significant downturn occurs, with NOPAT plunging into a substantial negative figure of roughly 4.62 billion USD, signaling operational challenges or extraordinary expenses. The company recovers in 2021 and 2022, with NOPAT rising to approximately 1.78 billion USD and further to about 2.39 billion USD, exceeding previous peak levels. This rebound reflects improved operational efficiency or favorable conditions post-2020.

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AmerisourceBergen Corp., cash operating taxes calculation

US$ in thousands

12 months ended:	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Provision (benefit) for income taxes	516,517)	677,251)	(1,894,273)	112,971)	(438,469)	553,403)
Less: Deferred income tax expense (benefit)	196,184)	334,866)	(1,544,971)	28,537)	(795,524)	319,069)
Add: Tax savings from interest expense	55,630)	45,070)	37,024)	44,703)	50,475)	55,604)
Less: Tax imposed on investment income	4,475)	1,779)	4,334)	7,918)	3,661)	1,350)
Cash operating taxes	371,488)	385,676)	(316,612)	121,219)	403,869)	288,588)

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).

Provision (benefit) for income taxes: The provision for income taxes exhibits significant volatility across the observed periods. Initially, there was a positive provision amounting to 553,403 thousand USD in 2017, followed by a substantial negative provision of -438,469 thousand USD in 2018, indicating a tax benefit during that year. In 2019, the provision returned to a positive amount of 112,971 thousand USD. The year 2020 saw a drastic shift with a large tax benefit of -1,894,273 thousand USD, which is an anomaly compared to other years. Subsequently, the provision reverted to positive amounts, recording 677,251 thousand USD in 2021 and a slightly decreased but still substantial 516,517 thousand USD in 2022. Overall, these fluctuations suggest unpredictable tax outcomes, potentially influenced by changes in tax laws, one-time adjustments, or varying profitability impacts.
Cash operating taxes: Cash operating taxes generally demonstrate a more stable yet somewhat varied trend relative to the provision for income taxes. Starting at 288,588 thousand USD in 2017, there was a notable increase to 403,869 thousand USD in 2018. However, 2019 witnessed a sharp decline to 121,219 thousand USD, followed by a negative figure of -316,612 thousand USD in 2020, indicating a refund or tax credit situation in that year. In the subsequent years, 2021 and 2022, the amounts reverted to positive territory at 385,676 and 371,488 thousand USD, respectively, showing consistent tax payments in these periods. The pattern suggests that actual cash tax payments are subject to fluctuations, possibly reflecting timing differences, tax planning measures, or the impact of deferred tax assets and liabilities.

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AmerisourceBergen Corp., invested capital calculation (financing approach)

US$ in thousands

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Short-term debt	1,070,473)	300,213)	501,259)	139,012)	151,657)	12,121)
Long-term debt, net of current portion	4,632,360)	6,383,711)	3,618,261)	4,033,880)	4,158,532)	3,429,934)
Operating lease liability¹	1,022,472)	1,121,507)	478,094)	473,995)	446,301)	257,899)
Total reported debt & leases	6,725,305)	7,805,431)	4,597,614)	4,646,887)	4,756,490)	3,699,954)
Total AmerisourceBergen Corporation stockholders’ equity (deficit)	(211,559)	223,354)	(1,018,924)	2,878,917)	2,932,824)	2,064,461)
Net deferred tax (assets) liabilities²	1,382,842)	1,394,505)	324,845)	1,860,195)	1,829,410)	2,492,612)
Allowances for returns and credit losses³	1,626,729)	1,356,684)	1,417,308)	1,222,906)	1,036,333)	1,050,361)
LIFO reserve⁴	1,383,400)	1,316,200)	1,519,200)	1,511,800)	1,534,400)	1,467,000)
Equity equivalents⁵	4,392,971)	4,067,389)	3,261,353)	4,594,901)	4,400,143)	5,009,973)
Accumulated other comprehensive (income) loss, net of tax⁶	1,830,970)	445,442)	108,830)	111,965)	79,253)	95,850)
Noncontrolling interests	282,832)	361,057)	179,288)	114,289)	117,137)	—)
Adjusted total AmerisourceBergen Corporation stockholders’ equity (deficit)	6,295,214)	5,097,242)	2,530,547)	7,700,072)	7,529,357)	7,170,284)
Invested capital	13,020,519)	12,902,673)	7,128,161)	12,346,959)	12,285,847)	10,870,238)

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).

¹ Addition of capitalized operating leases.

² Elimination of deferred taxes from assets and liabilities. See details »

³ Addition of allowance for doubtful accounts receivable.

⁴ Addition of LIFO reserve. See details »

⁵ Addition of equity equivalents to total AmerisourceBergen Corporation stockholders’ equity (deficit).

⁶ Removal of accumulated other comprehensive income.

Total reported debt & leases: The total reported debt and leases exhibited a rising trend from 2017 to 2018, increasing from approximately 3.7 billion to 4.8 billion US dollars. This amount remained relatively stable in 2019 and 2020 around 4.6 billion before experiencing a significant spike in 2021, reaching approximately 7.8 billion. In 2022, the debt level decreased to about 6.7 billion, yet remained substantially higher than the levels observed prior to 2021.
Total stockholders’ equity (deficit): Stockholders' equity showed steady growth from 2017 to 2018, increasing from about 2.1 billion to 2.9 billion US dollars, and remained close to this level in 2019. However, there was a sharp decline in 2020, resulting in a deficit position of approximately -1.0 billion US dollars. The equity recovered slightly in 2021, reaching a positive 223 million, but reverted to a negative equity balance of approximately -212 million in 2022. This pattern reflects significant volatility and financial stress within the period analyzed.
Invested capital: Invested capital increased steadily from 2017 through 2019, rising from roughly 10.9 billion to 12.3 billion US dollars. In 2020, it declined sharply to about 7.1 billion, representing a significant reduction. The invested capital then rebounded notably in 2021, climbing back to approximately 12.9 billion, and showed marginal growth in 2022, reaching about 13.0 billion. This fluctuation indicates a substantial reallocation of capital resources particularly around 2020.

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AmerisourceBergen Corp., cost of capital calculations

Sep 30, 2022

	Capital (fair value)¹	Weights					Cost of capital
Equity²	33,875,680)	33,875,680)	÷	40,098,925)	=	0.84	0.84	×	11.61%	=	9.81%
Debt³	5,200,773)	5,200,773)	÷	40,098,925)	=	0.13	0.13	×	3.00% × (1 – 21.00%)	=	0.31%
Operating lease liability⁴	1,022,472)	1,022,472)	÷	40,098,925)	=	0.03	0.03	×	3.22% × (1 – 21.00%)	=	0.06%
Total:	40,098,925)					1.00					10.18%

Based on: 10-K (reporting date: 2022-09-30).

¹ US$ in thousands

² Equity. See details »

³ Debt. See details »

⁴ Operating lease liability. See details »

Sep 30, 2021

	Capital (fair value)¹	Weights					Cost of capital
Equity²	25,737,771)	25,737,771)	÷	33,921,091)	=	0.76	0.76	×	11.61%	=	8.81%
Debt³	7,061,813)	7,061,813)	÷	33,921,091)	=	0.21	0.21	×	2.67% × (1 – 21.00%)	=	0.44%
Operating lease liability⁴	1,121,507)	1,121,507)	÷	33,921,091)	=	0.03	0.03	×	2.86% × (1 – 21.00%)	=	0.07%
Total:	33,921,091)					1.00					9.32%

Based on: 10-K (reporting date: 2021-09-30).

¹ US$ in thousands

² Equity. See details »

³ Debt. See details »

⁴ Operating lease liability. See details »

Sep 30, 2020

	Capital (fair value)¹	Weights					Cost of capital
Equity²	20,813,049)	20,813,049)	÷	25,818,802)	=	0.81	0.81	×	11.61%	=	9.36%
Debt³	4,527,659)	4,527,659)	÷	25,818,802)	=	0.18	0.18	×	3.56% × (1 – 21.00%)	=	0.49%
Operating lease liability⁴	478,094)	478,094)	÷	25,818,802)	=	0.02	0.02	×	3.72% × (1 – 21.00%)	=	0.05%
Total:	25,818,802)					1.00					9.91%

Based on: 10-K (reporting date: 2020-09-30).

¹ US$ in thousands

² Equity. See details »

³ Debt. See details »

⁴ Operating lease liability. See details »

Sep 30, 2019

	Capital (fair value)¹	Weights					Cost of capital
Equity²	18,082,027)	18,082,027)	÷	22,853,434)	=	0.79	0.79	×	11.61%	=	9.19%
Debt³	4,297,412)	4,297,412)	÷	22,853,434)	=	0.19	0.19	×	3.67% × (1 – 21.00%)	=	0.55%
Operating lease liability⁴	473,995)	473,995)	÷	22,853,434)	=	0.02	0.02	×	3.67% × (1 – 21.00%)	=	0.06%
Total:	22,853,434)					1.00					9.79%

Based on: 10-K (reporting date: 2019-09-30).

¹ US$ in thousands

² Equity. See details »

³ Debt. See details »

⁴ Operating lease liability. See details »

Sep 30, 2018

	Capital (fair value)¹	Weights					Cost of capital
Equity²	18,834,530)	18,834,530)	÷	23,432,588)	=	0.80	0.80	×	11.61%	=	9.33%
Debt³	4,151,757)	4,151,757)	÷	23,432,588)	=	0.18	0.18	×	3.67% × (1 – 24.50%)	=	0.49%
Operating lease liability⁴	446,301)	446,301)	÷	23,432,588)	=	0.02	0.02	×	3.67% × (1 – 24.50%)	=	0.05%
Total:	23,432,588)					1.00					9.88%

Based on: 10-K (reporting date: 2018-09-30).

¹ US$ in thousands

² Equity. See details »

³ Debt. See details »

⁴ Operating lease liability. See details »

Sep 30, 2017

	Capital (fair value)¹	Weights					Cost of capital
Equity²	17,328,800)	17,328,800)	÷	21,121,320)	=	0.82	0.82	×	11.61%	=	9.53%
Debt³	3,534,621)	3,534,621)	÷	21,121,320)	=	0.17	0.17	×	3.81% × (1 – 35.00%)	=	0.41%
Operating lease liability⁴	257,899)	257,899)	÷	21,121,320)	=	0.01	0.01	×	3.81% × (1 – 35.00%)	=	0.03%
Total:	21,121,320)					1.00					9.97%

Based on: 10-K (reporting date: 2017-09-30).

¹ US$ in thousands

² Equity. See details »

³ Debt. See details »

⁴ Operating lease liability. See details »

AmerisourceBergen Corp., economic spread ratio calculation, comparison to benchmarks

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Selected Financial Data (US$ in thousands)
Economic profit¹	1,066,908)	575,832)	(5,325,891)	(23,874)	(195,254)	(312,204)
Invested capital²	13,020,519)	12,902,673)	7,128,161)	12,346,959)	12,285,847)	10,870,238)
Performance Ratio
Economic spread ratio³	8.19%	4.46%	-74.72%	-0.19%	-1.59%	-2.87%
Benchmarks
Economic Spread Ratio, Competitors⁴
Abbott Laboratories	-2.40%	-1.92%	—	—	—	—
Elevance Health Inc.	0.18%	1.50%	—	—	—	—
Intuitive Surgical Inc.	-3.27%	12.34%	—	—	—	—
Medtronic PLC	-5.04%	-6.68%	—	—	—	—
UnitedHealth Group Inc.	4.11%	3.96%	—	—	—	—

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).

¹ Economic profit. See details »

² Invested capital. See details »

³ 2022 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × 1,066,908 ÷ 13,020,519 = 8.19%

⁴ Click competitor name to see calculations.

The financial performance from 2017 to 2022 exhibits a significant transition from consistent value destruction to substantial value creation. The period is characterized by a severe anomaly in 2020, followed by a robust recovery and expansion of economic returns in the final two years of the analysis.

Economic Spread Ratio: A volatile trend is observed in the economic spread ratio, which began at -2.87% in 2017 and steadily improved toward a break-even point of -0.19% by 2019. This progression was interrupted by a precipitous decline to -74.72% in 2020, indicating a critical failure to generate returns above the cost of capital during that period. However, a sharp reversal occurred in 2021, with the ratio turning positive at 4.46% and further expanding to 8.19% by 2022, signaling that the entity is now generating returns significantly in excess of its capital costs.
Economic Profit: Economic profit remained negative between 2017 and 2020, though the deficit narrowed from -312,204 thousand US$ in 2017 to -23,874 thousand US$ in 2019. A massive contraction occurred in 2020, where economic profit plummeted to -5,325,891 thousand US$. The subsequent two years demonstrate a strong recovery trajectory, with the entity achieving positive economic profit of 575,832 thousand US$ in 2021 and increasing that figure to 1,066,908 thousand US$ by 2022.
Invested Capital: Invested capital showed a general upward trend from 10,870,238 thousand US$ in 2017 to 12,346,959 thousand US$ in 2019. A substantial reduction in the capital base was recorded in 2020, falling to 7,128,161 thousand US$. Following this contraction, invested capital returned to and slightly exceeded previous levels, reaching 13,020,519 thousand US$ by 2022, suggesting a period of re-investment and stabilization of the asset base.

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AmerisourceBergen Corp., economic profit margin calculation, comparison to benchmarks

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Selected Financial Data (US$ in thousands)
Economic profit¹	1,066,908)	575,832)	(5,325,891)	(23,874)	(195,254)	(312,204)
Revenue	238,587,006)	213,988,843)	189,893,926)	179,589,121)	167,939,635)	153,143,826)
Performance Ratio
Economic profit margin²	0.45%	0.27%	-2.80%	-0.01%	-0.12%	-0.20%
Benchmarks
Economic Profit Margin, Competitors³
Abbott Laboratories	-3.38%	-2.77%	—	—	—	—
Elevance Health Inc.	0.08%	0.70%	—	—	—	—
Intuitive Surgical Inc.	-2.82%	9.71%	—	—	—	—
Medtronic PLC	-11.06%	-16.04%	—	—	—	—
UnitedHealth Group Inc.	2.10%	1.94%	—	—	—	—

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).

¹ Economic profit. See details »

² 2022 Calculation
Economic profit margin = 100 × Economic profit ÷ Revenue
= 100 × 1,066,908 ÷ 238,587,006 = 0.45%

³ Click competitor name to see calculations.

The analysis of economic value creation from 2017 to 2022 reveals a transition from consistent economic value destruction to a state of positive economic profit. While revenue exhibited a steady upward trajectory throughout the period, economic profit experienced significant volatility, including a substantial contraction in 2020 before recovering and turning positive in 2021.

Revenue Growth Trend: A consistent increase in revenue is observed over the six-year period, growing from US$ 153.1 billion in 2017 to US$ 238.6 billion in 2022. This indicates a steady expansion of the top-line scale.
Economic Profit Volatility: Economic profit remained negative from 2017 through 2020. After an initial trend of improvement between 2017 and 2019, a severe decline occurred in 2020, where economic profit dropped to negative US$ 5.3 billion. This was followed by a sharp recovery in 2021, reaching US$ 575.8 million, and further growth to US$ 1.07 billion by 2022.
Economic Profit Margin Evolution: The economic profit margin mirrored the volatility of the absolute profit figures. The margin improved from -0.20% in 2017 to nearly break-even at -0.01% in 2019. The significant dip to -2.80% in 2020 represents a period of substantial value erosion relative to revenue. However, the subsequent shift to 0.27% in 2021 and 0.45% in 2022 confirms that the company began generating returns in excess of its cost of capital during the final two years of the analyzed period.

The data indicates that the growth in revenue was not sufficient to generate positive economic value until 2021. The transition to a positive economic profit margin suggests an improvement in operational efficiency or a reduction in the cost of capital, allowing the company to finally create economic value for its stakeholders.

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AmerisourceBergen Corp. (NYSE:ABC)

Economic Value Added (EVA)

Economic Profit

Net Operating Profit after Taxes (NOPAT)

Cash Operating Taxes

Invested Capital

Cost of Capital

Economic Spread Ratio

Economic Profit Margin