Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Express Scripts Holding Co., EBITDA calculation

US$ in thousands

12 months ended:	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Net income attributable to Express Scripts	4,517,400)	3,404,400)	2,476,400)	2,007,600)	1,844,600)
Add: Net income attributable to noncontrolling interest	14,300)	23,200)	23,100)	27,400)	28,100)
Less: Net loss from discontinued operations, net of tax	—)	—)	—)	—)	(53,600)
Add: Income tax expense	397,300)	999,500)	1,364,300)	1,031,200)	1,104,000)
Earnings before tax (EBT)	4,929,000)	4,427,100)	3,863,800)	3,066,200)	3,030,300)
Add: Interest expense and other	607,900)	694,800)	500,300)	582,900)	596,100)
Earnings before interest and tax (EBIT)	5,536,900)	5,121,900)	4,364,100)	3,649,100)	3,626,400)
Add: Depreciation and amortization	1,802,000)	2,154,600)	2,359,100)	2,242,900)	2,447,000)
Earnings before interest, tax, depreciation and amortization (EBITDA)	7,338,900)	7,276,500)	6,723,200)	5,892,000)	6,073,400)

Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).

Download chart

Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Express Scripts Holding Co. EBITDA increased from 2015 to 2016 and from 2016 to 2017.

Express Scripts Holding Co., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	68,388,005)
Earnings before interest, tax, depreciation and amortization (EBITDA)	7,338,900)
Valuation Ratio
EV/EBITDA	9.32
Benchmarks
EV/EBITDA, Competitors¹
Abbott Laboratories	18.16
Cigna Group	12.72
CVS Health Corp.	7.45
Elevance Health Inc.	10.65
Humana Inc.	5.74
Intuitive Surgical Inc.	53.06
Medtronic PLC	14.16
Shockwave Medical Inc.	63.12
UnitedHealth Group Inc.	13.23

Based on: 10-K (reporting date: 2017-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Express Scripts Holding Co., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	58,090,748)	54,675,184)	58,275,458)	74,781,795)	71,810,588)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	7,338,900)	7,276,500)	6,723,200)	5,892,000)	6,073,400)
Valuation Ratio
EV/EBITDA³	7.92	7.51	8.67	12.69	11.82
Benchmarks
EV/EBITDA, Competitors⁴
Abbott Laboratories	—	—	—	—	—
Cigna Group	—	—	—	—	—
CVS Health Corp.	—	—	—	—	—
Elevance Health Inc.	—	—	—	—	—
Humana Inc.	—	—	—	—	—
Intuitive Surgical Inc.	—	—	—	—	—
Medtronic PLC	—	—	—	—	—
Shockwave Medical Inc.	—	—	—	—	—
UnitedHealth Group Inc.	—	—	—	—	—

Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).

¹ See details »

² See details »

³ 2017 Calculation
EV/EBITDA = EV ÷ EBITDA
= 58,090,748 ÷ 7,338,900 = 7.92

⁴ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Express Scripts Holding Co. EV/EBITDA ratio decreased from 2015 to 2016 but then slightly increased from 2016 to 2017.

Express Scripts Holding Co. (NASDAQ:ESRX)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical