Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Express Scripts Holding Co., common-size consolidated balance sheet: liabilities and stockholders’ equity
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).
- Liabilities Analysis
- The company's total liabilities as a percentage of total liabilities and stockholders' equity demonstrated an increasing trend from 59.21% in 2013 to a peak of 68.61% in 2016, before slightly declining to 66.59% in 2017. This indicates a general increase in reliance on liabilities over the observed period.
- Current liabilities showed a rising pattern from 24.72% in 2013 to 32.89% in 2017, with a notable increase between 2013 and 2014, maintaining a relatively stable level thereafter. Within current liabilities, claims and rebates payable increased markedly from 12.64% in 2013 to 18.78% in 2017, suggesting growing operational obligations in these areas.
- Accounts payable also rose steadily from 5.42% to a high of 7.49% in 2016, then decreased slightly to 6.92% by 2017. Accrued expenses fluctuated somewhat but generally trended upwards from 3.7% to 5.29% over the period.
- Short-term debt and current maturities of long-term debt initially increased from 2.96% in 2013 to 4.75% in 2014, but then declined to 1.9% by 2017, indicating a reduction in short-term borrowing or refinancing into longer maturities.
- Noncurrent liabilities, excluding discontinued operations, displayed fluctuations rising from 34.49% in 2013 to 36.86% in 2016 before declining to 33.7% in 2017. Within this category, long-term debt showed variable changes, dropping from 23.09% in 2013 to 20.47% in 2014, then increasing to 28.69% in 2016 and slightly decreasing to 27.61% in 2017.
- Deferred taxes declined steadily over the years, from 10.16% in 2013 to 4.72% in 2017, suggesting a reduced deferred tax liability burden relative to total capitalization.
- Stockholders' Equity Analysis
- The total stockholders’ equity as a proportion of total capitalization decreased from 40.79% in 2013 to 31.39% in 2016, followed by a slight recovery to 33.41% in 2017. This overall decline reflects increasing leverage during the period, with a minor reversal in the last year.
- Retained earnings exhibited consistent growth, increasing significantly from 7.31% in 2013 to 30.08% in 2017. This increase signals enhanced profitability retention and reinvestment over time.
- Additional paid-in capital remained relatively stable, with a moderate rise from 40.73% in 2013 to 43.38% in 2017, peaking at 44.9% in 2016.
- Common stock remained constant at 0.02% throughout the timeframe, indicating no significant issuance or buyback altering par value shares.
- The accumulated other comprehensive income (loss) fluctuated around zero, with a slight negative trend, indicating minimal impact from items such as foreign currency translation or unrealized gains/losses.
- The common stock in treasury at cost showed a pronounced increase in negative value, from -7.29% in 2013 to -40.07% in 2017. This reflects substantial share repurchase activity over the years, reducing outstanding shares.
- Summary Insights
- The financial data reveals increasing leverage up to 2016 with the liabilities portion rising as a percentage of the capital structure, accompanied by declining equity proportions. However, the increase in retained earnings and additional paid-in capital indicates strengthening internal resources and capital investments.
- The growing negative treasury stock balance suggests an aggressive share repurchase program, which may serve to enhance shareholder value and EPS figures.
- The reduction in deferred taxes and the decline in short-term debt towards the end of the period points to possible strategic financial management to optimize tax position and capital structure.
- Overall, the company's financial structure experienced leverage growth followed by modest deleveraging and equity strengthening, supported by profitability retention and active capital management.