Express Scripts Holding Co. (NASDAQ:ESRX)

The asset composition exhibits a gradual shift from noncurrent assets toward current assets between 2013 and 2017. Current assets increased from 15.86% of total assets to 22.04% over the period, while noncurrent assets decreased from 84.14% to 77.96%. This transition suggests an increase in the proportion of liquid assets relative to the total asset base.

Current Asset Composition

The growth in current assets is primarily driven by a significant increase in net receivables, which rose from 7.51% in 2013 to 13.01% in 2017. Cash and cash equivalents showed volatility, peaking at 5.98% in 2015 before declining to 4.26% by 2017. Inventories remained relatively stable, fluctuating within a narrow range between 3.49% and 3.93% of total assets.

Intangible Assets and Goodwill

Intangible assets represent the dominant portion of the balance sheet. Goodwill remained consistently high and showed a slight upward trend, increasing from 54.73% in 2013 to 57.32% in 2017. Conversely, other net intangible assets experienced a notable decline, falling from 26.17% to 17.74% over the same period, indicating a steady reduction in the relative weight of amortizable intangible assets.

Fixed and Other Noncurrent Assets

Net property and equipment demonstrated a consistent downward trend, decreasing from 3.10% in 2013 to 1.02% in 2017. A new entry for net computer software appeared in 2017, accounting for 1.50% of total assets. Other noncurrent assets remained marginal, staying below 0.40% throughout the analyzed timeframe.