Return on Equity (ROE)
since 2005
Calculation
Express Scripts Holding Co., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income attributable to Express Scripts1 | ÷ | Total Express Scripts stockholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2017 | 24.93% | = | 100 | × | 4,517,400) | ÷ | 18,119,600) |
| Dec 31, 2016 | 20.97% | = | 100 | × | 3,404,400) | ÷ | 16,236,000) |
| Dec 31, 2015 | 14.25% | = | 100 | × | 2,476,400) | ÷ | 17,372,800) |
| Dec 31, 2014 | 10.01% | = | 100 | × | 2,007,600) | ÷ | 20,054,200) |
| Dec 31, 2013 | 8.45% | = | 100 | × | 1,844,600) | ÷ | 21,837,400) |
| Dec 31, 2012 | 5.61% | = | 100 | × | 1,312,900) | ÷ | 23,385,000) |
| Dec 31, 2011 | 51.57% | = | 100 | × | 1,275,800) | ÷ | 2,473,700) |
| Dec 31, 2010 | 32.75% | = | 100 | × | 1,181,200) | ÷ | 3,606,600) |
| Dec 31, 2009 | 23.30% | = | 100 | × | 827,600) | ÷ | 3,551,800) |
| Dec 31, 2008 | 71.98% | = | 100 | × | 776,100) | ÷ | 1,078,200) |
| Dec 31, 2007 | 81.53% | = | 100 | × | 567,800) | ÷ | 696,400) |
| Dec 31, 2006 | 42.17% | = | 100 | × | 474,400) | ÷ | 1,124,900) |
| Dec 31, 2005 | 27.30% | = | 100 | × | 400,000) | ÷ | 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 trajectory from 2005 to 2017 is characterized by a consistent and significant increase in net income, contrasted by extreme volatility in stockholders' equity, which resulted in a fluctuating Return on Equity (ROE) profile.
- Net Income Growth
- Net income attributable to the company exhibited a strong and uninterrupted upward trend, rising from 400 million dollars in 2005 to approximately 4.5 billion dollars in 2017. This represents an overall increase of more than ten-fold over the analyzed period, with growth accelerating particularly after 2013.
- Equity Base Volatility
- Stockholders' equity experienced substantial shifts. Between 2005 and 2011, equity remained relatively low, fluctuating between 696 million and 3.6 billion dollars. A massive expansion occurred in 2012, where equity surged to 23.3 billion dollars. Following this peak, the equity base stabilized, trending slightly downward to 16.2 billion dollars in 2016 before returning to 18.1 billion dollars in 2017.
- Return on Equity (ROE) Analysis
- The ROE pattern is divided into three distinct stages. The first stage (2005–2011) was defined by exceptionally high returns, peaking at 81.53% in 2007, largely due to the company maintaining a small equity base relative to its earnings. The second stage occurred in 2012, where the sudden surge in total equity caused the ROE to collapse to a period low of 5.61%. The final stage (2013–2017) shows a steady recovery trend, with the ROE climbing incrementally from 8.45% to 24.93%, driven by the continued growth of net income against a more stable equity foundation.
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Comparison to Competitors
Express Scripts Holding Co., ROE, 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 | 24.93% | 1.54% | 14.50% | 13.97% | 8.01% | 22.10% |
| Dec 31, 2016 | 20.97% | 6.82% | 9.84% | 12.74% | 6.80% | 18.33% |
| Dec 31, 2015 | 14.25% | 20.85% | 11.11% | 13.63% | 5.03% | 17.18% |
| Dec 31, 2014 | 10.01% | 10.61% | 10.60% | 12.39% | 15.76% | 17.31% |
| Dec 31, 2013 | 8.45% | 10.23% | 10.05% | 19.16% | 18.57% | 17.50% |
| Dec 31, 2012 | 5.61% | 22.32% | 11.16% | 18.34% | 21.14% | 17.72% |
| Dec 31, 2011 | 51.57% | 19.35% | 11.36% | 18.71% | 19.39% | 18.17% |
| Dec 31, 2010 | 32.75% | 20.66% | 12.12% | 18.74% | 21.18% | 17.94% |
| Dec 31, 2009 | 23.30% | 25.14% | 19.09% | 15.13% | 16.88% | 16.19% |
| Dec 31, 2008 | 71.98% | 27.92% | 11.62% | 16.13% | 19.34% | 14.33% |
| Dec 31, 2007 | 81.53% | 20.28% | 14.55% | 16.26% | 25.53% | 23.20% |
| Dec 31, 2006 | 42.17% | 12.22% | 12.59% | 12.22% | 27.14% | 19.99% |
| Dec 31, 2005 | 27.30% | 23.39% | 9.86% | 21.27% | 17.26% | 18.61% |
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., ROE, long-term trends, comparison to sector (health care equipment & services)
| Express Scripts Holding Co. | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2017 | 24.93% | 12.21% |
| Dec 31, 2016 | 20.97% | 10.70% |
| Dec 31, 2015 | 14.25% | 11.84% |
| Dec 31, 2014 | 10.01% | 13.81% |
| Dec 31, 2013 | 8.45% | 14.22% |
| Dec 31, 2012 | 5.61% | 17.99% |
| Dec 31, 2011 | 51.57% | 17.02% |
| Dec 31, 2010 | 32.75% | 17.62% |
| Dec 31, 2009 | 23.30% | 19.50% |
| Dec 31, 2008 | 71.98% | 17.63% |
| Dec 31, 2007 | 81.53% | 20.02% |
| Dec 31, 2006 | 42.17% | 16.70% |
| Dec 31, 2005 | 27.30% | 16.22% |
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., ROE, long-term trends, comparison to industry (health care)
| Express Scripts Holding Co. | Health Care | |
|---|---|---|
| Dec 31, 2017 | 24.93% | 13.77% |
| Dec 31, 2016 | 20.97% | 18.53% |
| Dec 31, 2015 | 14.25% | 18.52% |
| Dec 31, 2014 | 10.01% | 19.17% |
| Dec 31, 2013 | 8.45% | 18.81% |
| Dec 31, 2012 | 5.61% | 18.20% |
| Dec 31, 2011 | 51.57% | 15.90% |
| Dec 31, 2010 | 32.75% | 14.85% |
| Dec 31, 2009 | 23.30% | 20.14% |
| Dec 31, 2008 | 71.98% | 20.29% |
| Dec 31, 2007 | 81.53% | 17.87% |
| Dec 31, 2006 | 42.17% | 20.49% |
| Dec 31, 2005 | 27.30% | 18.28% |
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).