Stock Analysis on Net
AI Tokens
Stock Analysis on Net

Express Scripts Holding Co. (NASDAQ:ESRX)

This company has been moved to the archive! The financial data has not been updated since October 31, 2018.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Express Scripts Holding Co., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Claims and rebates payable 18.78 17.08 17.65 15.78 12.64
Accounts payable 6.92 7.49 6.48 5.83 5.42
Accrued expenses 5.29 5.78 4.99 5.27 3.70
Short-term debt and current maturities of long-term debt 1.90 1.40 3.09 4.75 2.96
Current liabilities of discontinued operations 0.00 0.00 0.00 0.00 0.00
Current liabilities 32.89% 31.75% 32.22% 31.63% 24.72%
Long-term debt, excluding current maturities 27.61 28.69 26.19 20.47 23.09
Deferred taxes 4.72 6.96 7.64 9.15 10.16
Other liabilities 1.36 1.21 1.30 1.45 1.24
Noncurrent liabilities of discontinued operations 0.00 0.00 0.00 0.00 0.00
Noncurrent liabilities 33.70% 36.86% 35.14% 31.07% 34.49%
Total liabilities 66.59% 68.61% 67.36% 62.71% 59.21%
Preferred stock, $0.01 par value per share; and no shares issued and outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value per share 0.02 0.02 0.02 0.02 0.02
Additional paid-in capital 43.38 44.90 41.70 42.14 40.73
Accumulated other comprehensive income (loss) -0.01 -0.02 -0.03 0.00 0.02
Retained earnings 30.08 22.81 15.77 11.00 7.31
Common stock in treasury at cost -40.07 -36.32 -24.84 -15.89 -7.29
Total Express Scripts stockholders’ equity 33.40% 31.38% 32.63% 37.28% 40.78%
Non-controlling interest 0.01 0.02 0.01 0.02 0.01
Total stockholders’ equity 33.41% 31.39% 32.64% 37.29% 40.79%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The capital structure experienced a gradual shift toward higher leverage between 2013 and 2017. Total liabilities increased from 59.21% of total liabilities and stockholders’ equity in 2013 to a peak of 68.61% in 2016, before slightly moderating to 66.59% by the end of 2017. Conversely, total stockholders’ equity declined from 40.79% in 2013 to a low of 31.39% in 2016, with a modest recovery to 33.41% in 2017.

Liability Composition and Trends
Current liabilities grew from 24.72% in 2013 to 32.89% in 2017. This increase was primarily driven by claims and rebates payable, which rose steadily from 12.64% to 18.78% over the period, suggesting a growth in operational obligations. Long-term debt, excluding current maturities, also saw an upward trajectory, increasing from 23.09% in 2013 to 27.61% in 2017, indicating a greater reliance on long-term borrowing to fund operations or acquisitions.
A consistent downward trend is observed in deferred taxes, which decreased from 10.16% of the total balance sheet in 2013 to 4.72% in 2017, contributing to the relative shift in the weighting of other liability components.
Equity Dynamics and Shareholder Returns
Retained earnings exhibited substantial growth, climbing from 7.31% in 2013 to 30.08% in 2017. This indicates strong internal capital generation and profit retention over the five-year period.
The growth in retained earnings was heavily offset by an aggressive share repurchase strategy. Common stock in treasury at cost increased significantly from -7.29% in 2013 to -40.07% in 2017. This expansion of treasury stock acted as a primary driver for the overall reduction in total stockholders’ equity relative to total assets.
Overall Financial Positioning
The balance sheet reflects a strategic transition where increased operational and debt-based liabilities were paired with aggressive shareholder returns via buybacks. While retained earnings grew as a percentage of the balance sheet, the simultaneous increase in treasury stock and total liabilities resulted in a more leveraged financial position by 2017 compared to 2013.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.

How can I help you?