Debt to Equity
since 2005
Calculation
Express Scripts Holding Co., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Total Express Scripts stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2017 | 0.88 | = | 16,014,400) | ÷ | 18,119,600) |
| Dec 31, 2016 | 0.96 | = | 15,568,300) | ÷ | 16,236,000) |
| Dec 31, 2015 | 0.90 | = | 15,592,700) | ÷ | 17,372,800) |
| Dec 31, 2014 | 0.68 | = | 13,568,000) | ÷ | 20,054,200) |
| Dec 31, 2013 | 0.64 | = | 13,947,000) | ÷ | 21,837,400) |
| Dec 31, 2012 | 0.68 | = | 15,915,000) | ÷ | 23,385,000) |
| Dec 31, 2011 | 3.26 | = | 8,076,300) | ÷ | 2,473,700) |
| Dec 31, 2010 | 0.69 | = | 2,493,800) | ÷ | 3,606,600) |
| Dec 31, 2009 | 1.08 | = | 3,832,600) | ÷ | 3,551,800) |
| Dec 31, 2008 | 1.63 | = | 1,760,300) | ÷ | 1,078,200) |
| Dec 31, 2007 | 2.90 | = | 2,020,400) | ÷ | 696,400) |
| Dec 31, 2006 | 1.29 | = | 1,450,500) | ÷ | 1,124,900) |
| Dec 31, 2005 | 1.03 | = | 1,511,000) | ÷ | 1,465,000) |
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 financial structure between 2005 and 2017 is characterized by two distinct phases of leverage and capitalization, transitioning from a period of high volatility to one of relative stability.
- Initial Leverage Volatility (2005–2011)
- During this interval, the debt to equity ratio exhibited significant fluctuations. A notable increase in leverage occurred in 2007, where the ratio rose to 2.90. While a period of deleveraging followed, with the ratio dropping to 0.69 by 2010, a severe spike occurred in 2011. In that year, the ratio reached its historical peak of 3.26, driven by a sharp increase in total debt to approximately $8.08 billion alongside a contraction in stockholders' equity to $2.47 billion.
- Structural Shift and Capital Realignment (2012)
- A fundamental shift in the balance sheet is observed in 2012. Although total debt increased substantially to $15.92 billion, this was offset by a massive expansion in stockholders' equity, which surged to $23.39 billion. This realignment resulted in a precipitous decline in the debt to equity ratio to 0.68, effectively resetting the company's leverage profile.
- Stabilization Period (2013–2017)
- From 2013 through 2017, the organization maintained a consistent leverage posture. The debt to equity ratio remained stable, fluctuating within a narrow range between a low of 0.64 in 2013 and a high of 0.96 in 2016. By December 31, 2017, total debt stood at $16.01 billion against stockholders' equity of $18.12 billion, resulting in a final ratio of 0.88.
- Long-term Capital Trends
- Over the analyzed thirteen-year period, both total debt and stockholders' equity experienced significant overall growth. Total debt increased from $1.51 billion in 2005 to $16.01 billion in 2017, while equity grew from $1.47 billion to $18.12 billion. The transition from the early volatile ratios to a sustained sub-1.0 ratio after 2012 indicates a strategic shift toward a more balanced capital structure.
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Comparison to Competitors
Express Scripts Holding Co., debt to equity, 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 | 0.88 | 0.90 | 0.75 | 0.00 | 0.66 | 0.66 |
| Dec 31, 2016 | 0.96 | 1.07 | 0.63 | 0.00 | 0.60 | 0.86 |
| Dec 31, 2015 | 0.90 | 0.42 | 0.69 | 0.00 | 0.68 | 0.95 |
| Dec 31, 2014 | 0.68 | 0.36 | 0.62 | 0.00 | 0.61 | 0.54 |
| Dec 31, 2013 | 0.64 | 0.26 | 0.59 | 0.00 | 0.57 | 0.52 |
| Dec 31, 2012 | 0.68 | 0.77 | 0.63 | 0.00 | 0.62 | 0.54 |
| Dec 31, 2011 | 3.26 | 0.63 | 0.42 | 0.00 | 0.62 | 0.41 |
| Dec 31, 2010 | 0.69 | 0.85 | 0.38 | 0.00 | 0.65 | 0.43 |
| Dec 31, 2009 | 1.08 | 0.72 | 0.34 | 0.00 | 0.57 | 0.47 |
| Dec 31, 2008 | 1.63 | 0.65 | 0.41 | 0.00 | 0.60 | 0.62 |
| Dec 31, 2007 | 2.90 | 0.69 | 0.39 | 0.00 | 0.55 | 0.55 |
| Dec 31, 2006 | 1.29 | 0.88 | 0.29 | 0.00 | 0.84 | 0.36 |
| Dec 31, 2005 | 1.03 | 0.46 | 0.27 | 0.00 | 0.23 | 0.40 |
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., debt to equity, long-term trends, comparison to sector (health care equipment & services)
| Express Scripts Holding Co. | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2017 | 0.88 | 0.71 |
| Dec 31, 2016 | 0.96 | 0.72 |
| Dec 31, 2015 | 0.90 | 0.69 |
| Dec 31, 2014 | 0.68 | 0.52 |
| Dec 31, 2013 | 0.64 | 0.47 |
| Dec 31, 2012 | 0.68 | 0.61 |
| Dec 31, 2011 | 3.26 | 0.49 |
| Dec 31, 2010 | 0.69 | 0.55 |
| Dec 31, 2009 | 1.08 | 0.51 |
| Dec 31, 2008 | 1.63 | 0.55 |
| Dec 31, 2007 | 2.90 | 0.53 |
| Dec 31, 2006 | 1.29 | 0.50 |
| Dec 31, 2005 | 1.03 | 0.34 |
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., debt to equity, long-term trends, comparison to industry (health care)
| Express Scripts Holding Co. | Health Care | |
|---|---|---|
| Dec 31, 2017 | 0.88 | 0.82 |
| Dec 31, 2016 | 0.96 | 0.77 |
| Dec 31, 2015 | 0.90 | 0.69 |
| Dec 31, 2014 | 0.68 | 0.54 |
| Dec 31, 2013 | 0.64 | 0.50 |
| Dec 31, 2012 | 0.68 | 0.54 |
| Dec 31, 2011 | 3.26 | 0.47 |
| Dec 31, 2010 | 0.69 | 0.43 |
| Dec 31, 2009 | 1.08 | 0.42 |
| Dec 31, 2008 | 1.63 | 0.42 |
| Dec 31, 2007 | 2.90 | 0.36 |
| Dec 31, 2006 | 1.29 | 0.32 |
| Dec 31, 2005 | 1.03 | 0.30 |
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).