Current Ratio
since 2005
Calculation
Express Scripts Holding Co., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 31, 2017 | 0.67 | = | 11,957,100) | ÷ | 17,846,400) |
| Dec 31, 2016 | 0.75 | = | 12,363,400) | ÷ | 16,428,100) |
| Dec 31, 2015 | 0.70 | = | 12,059,500) | ÷ | 17,155,300) |
| Dec 31, 2014 | 0.62 | = | 10,568,100) | ÷ | 17,016,900) |
| Dec 31, 2013 | 0.64 | = | 8,491,400) | ÷ | 13,235,300) |
| Dec 31, 2012 | 0.82 | = | 10,756,900) | ÷ | 13,057,400) |
| Dec 31, 2011 | 1.48 | = | 8,058,000) | ÷ | 5,458,100) |
| Dec 31, 2010 | 0.75 | = | 2,941,300) | ÷ | 3,917,200) |
| Dec 31, 2009 | 0.76 | = | 4,143,500) | ÷ | 5,456,800) |
| Dec 31, 2008 | 0.75 | = | 2,043,800) | ÷ | 2,721,700) |
| Dec 31, 2007 | 0.80 | = | 1,967,800) | ÷ | 2,475,000) |
| Dec 31, 2006 | 0.73 | = | 1,772,100) | ÷ | 2,429,400) |
| Dec 31, 2005 | 0.94 | = | 2,257,000) | ÷ | 2,394,000) |
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), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
The liquidity position between 2005 and 2017 is characterized by a persistent trend where current liabilities typically exceed current assets, suggesting a structural operational model that relies on short-term obligations. While both assets and liabilities expanded significantly over the twelve-year period, the growth in liabilities generally outpaced that of assets, maintaining a current ratio predominantly below 1.0.
- Current Asset Evolution
- Current assets exhibited substantial growth, increasing from 2,257,000 thousand dollars in 2005 to 11,957,100 thousand dollars in 2017. A period of rapid acceleration is observed between 2010 and 2012, during which assets rose from 2,941,300 thousand dollars to 10,756,900 thousand dollars. Following this surge, assets stabilized, fluctuating between approximately 8.5 billion and 12.4 billion dollars from 2013 through 2017.
- Current Liability Expansion
- Current liabilities followed a similar upward trajectory but achieved a higher terminal value than assets. Starting at 2,394,000 thousand dollars in 2005, liabilities grew to 17,846,400 thousand dollars by 2017. A significant escalation occurred between 2011 and 2014, where liabilities rose from 5,458,100 thousand dollars to 17,016,900 thousand dollars, representing a more than threefold increase in short-term obligations within three years.
- Current Ratio Dynamics
- The current ratio remained below the 1.0 threshold for nearly the entire period, indicating that current assets were insufficient to cover current liabilities. A notable anomaly occurred in 2011, when the ratio spiked to 1.48, the only instance where liquidity exceeded 1.0. Subsequent to this peak, the ratio declined sharply to 0.82 in 2012 and reached a period low of 0.62 in 2014. The ratio ended the period at 0.67 in 2017, confirming a long-term trend of tightening short-term liquidity relative to the growth of the balance sheet.
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Comparison to Competitors
Express Scripts Holding Co., current ratio, long-term trends, comparison to competitors
| Express Scripts Holding Co. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2017 | 0.67 | 2.26 | 1.55 | 3.99 | 1.75 | 0.73 |
| Dec 31, 2016 | 0.75 | 4.02 | 1.61 | 5.45 | 3.29 | 0.69 |
| Dec 31, 2015 | 0.70 | 1.54 | 1.62 | 4.46 | 3.36 | 0.74 |
| Dec 31, 2014 | 0.62 | 1.45 | 1.72 | 3.69 | 3.82 | 0.77 |
| Dec 31, 2013 | 0.64 | 2.02 | 1.82 | 5.07 | 4.57 | 0.73 |
| Dec 31, 2012 | 0.82 | 2.36 | 1.78 | 4.71 | 1.62 | 0.78 |
| Dec 31, 2011 | 1.48 | 1.54 | 1.71 | 4.57 | 1.93 | 0.85 |
| Dec 31, 2010 | 0.75 | 1.29 | 1.87 | 4.66 | 1.92 | 0.78 |
| Dec 31, 2009 | 0.76 | 1.79 | 1.91 | 4.18 | 2.37 | 0.82 |
| Dec 31, 2008 | 0.75 | 1.47 | 0.81 | 4.28 | 2.07 | 0.76 |
| Dec 31, 2007 | 0.80 | 1.54 | 0.91 | 4.63 | 3.09 | 0.84 |
| Dec 31, 2006 | 0.73 | 0.94 | 0.77 | 4.64 | 2.36 | 0.87 |
| Dec 31, 2005 | 0.94 | 1.54 | 1.75 | 3.60 | 2.20 | 0.64 |
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), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Health Care Equipment & Services)
Express Scripts Holding Co., current ratio, long-term trends, comparison to sector (health care equipment & services)
| Express Scripts Holding Co. | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2017 | 0.67 | 1.24 |
| Dec 31, 2016 | 0.75 | 1.43 |
| Dec 31, 2015 | 0.70 | 1.36 |
| Dec 31, 2014 | 0.62 | 1.43 |
| Dec 31, 2013 | 0.64 | 1.54 |
| Dec 31, 2012 | 0.82 | 1.47 |
| Dec 31, 2011 | 1.48 | 1.36 |
| Dec 31, 2010 | 0.75 | 1.29 |
| Dec 31, 2009 | 0.76 | 1.46 |
| Dec 31, 2008 | 0.75 | 1.04 |
| Dec 31, 2007 | 0.80 | 1.14 |
| Dec 31, 2006 | 0.73 | 0.99 |
| Dec 31, 2005 | 0.94 | 1.31 |
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), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Express Scripts Holding Co., current ratio, long-term trends, comparison to industry (health care)
| Express Scripts Holding Co. | Health Care | |
|---|---|---|
| Dec 31, 2017 | 0.67 | 1.55 |
| Dec 31, 2016 | 0.75 | 1.73 |
| Dec 31, 2015 | 0.70 | 1.70 |
| Dec 31, 2014 | 0.62 | 1.92 |
| Dec 31, 2013 | 0.64 | 1.96 |
| Dec 31, 2012 | 0.82 | 1.84 |
| Dec 31, 2011 | 1.48 | 1.94 |
| Dec 31, 2010 | 0.75 | 1.81 |
| Dec 31, 2009 | 0.76 | 1.78 |
| Dec 31, 2008 | 0.75 | 1.44 |
| Dec 31, 2007 | 0.80 | 1.53 |
| Dec 31, 2006 | 0.73 | 1.39 |
| Dec 31, 2005 | 0.94 | 1.63 |
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), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).