Express Scripts Holding Co. (NASDAQ:ESRX)

The financial data over the analyzed years reveals several important trends in the company's revenues, operating income, and net income attributable to the company.

Revenues

Revenues increased steadily from 2005 through 2010, with a notable jump between 2009 and 2010, where revenues nearly doubled. This sharp increase was followed by further substantial growth in 2012 and 2013, reaching a peak in 2013. Thereafter, revenues generally stabilized, with minor fluctuations, maintaining just above the 100 billion USD mark from 2014 through 2017.

Operating Income

Operating income exhibited a consistent upward trend throughout the period. Starting at 643 million USD in 2005, it grew steadily, with accelerating increases from 2010 onwards. By 2017, operating income had risen to approximately 5.49 billion USD, demonstrating strong improvement in operating efficiency or profitability over the years.

Net Income Attributable to the Company

Net income attributable to the company also followed an overall positive trajectory. Beginning at 400 million USD in 2005, net income increased with relative consistency, showing significant gains from 2012 onwards. By 2017, net income had more than doubled compared to 2013 levels, reaching 4.52 billion USD. This suggests improved bottom-line profitability, possibly due to operational improvements or other factors affecting net earnings.

Overall, the data indicates a strong growth phase for the company especially notable between 2009 and 2013, followed by stabilization of revenues coupled with continuing improvements in both operating and net income. The trends suggest successful scaling and improved operational management contributing to enhanced profitability despite revenue plateauing in the latter years.

Current Assets

Current assets showed significant fluctuations during the period examined. Starting from approximately $2.3 billion at the end of 2005, the value decreased to around $1.8 billion in 2006, followed by a moderate rise peaking at about $2.0 billion in 2008. There was a notable increase in 2009 where current assets doubled to over $4.1 billion, before declining again to $2.9 billion in 2010.

From 2011 onwards, current assets exhibited substantial growth, reaching a peak value of approximately $10.8 billion in 2012. After this peak, the figures experienced some volatility but generally remained elevated, fluctuating between roughly $8.5 billion and $12.4 billion up to 2017. The data suggest a period of rapid asset accumulation during 2011-2012, followed by stabilization at a higher level compared to earlier years.

Total Assets

Total assets demonstrated a different pattern, beginning at about $5.5 billion at the end of 2005 and experiencing a slight decreasing trend to approximately $5.1 billion in 2006. From 2007 to 2008, total assets remained relatively stable around $5.3 billion to $5.5 billion.

A significant increase occurred in 2009, with total assets more than doubling to roughly $11.9 billion. This was followed by a slight decline in 2010. Notably, a considerable jump took place in 2012, where total assets surged to about $58.1 billion, a more than fivefold increase compared to the previous year. However, following this peak, total assets sharply declined in 2013 to approximately $53.5 billion and remained relatively stable around the $51-54 billion range through to 2017.

Overall Trends and Insights

The financial data reveal two periods of notable asset expansion: first in 2009, where both current and total assets approximately doubled, and then in 2012, with an extraordinary spike particularly in total assets. This 2012 increase suggests a major corporate event such as acquisition, merger, or revaluation impacting the balance sheet significantly.

After the 2012 peak, both current and total assets stabilized at levels substantially higher than in the initial years of the period analyzed, indicating sustained growth in asset base despite some volatility. The data reflect a strategy or corporate activities oriented towards asset accumulation and possibly scaling of operations during the period examined.

The analysis of the financial data over the period from 2005 to 2017 reveals notable trends in the liquidity, indebtedness, and equity structure of the company.

Current Liabilities

The current liabilities exhibit a steady increase over the years, starting at approximately 2.39 billion USD in 2005 and rising significantly to around 17.85 billion USD by 2017. There is a marked surge between 2008 and 2012, with current liabilities escalating from about 2.72 billion USD to over 13 billion USD, indicating a substantial growth in short-term financial obligations during this interval. Following 2012, the current liabilities maintain an upward trajectory, albeit at a more moderate pace.

Total Liabilities

Total liabilities reflect a similar upward trend, beginning at near 4.03 billion USD in 2005 and reaching approximately 36.13 billion USD by 2017. A significant increase is observed between 2008 and 2012, where liabilities escalate from about 4.43 billion USD to 34.72 billion USD. This rapid growth period coincides with the increase in current liabilities, suggesting expanded obligations overall. Subsequent years show a continued, albeit slower, increase in total liabilities.

Total Debt

Total debt experiences fluctuations but demonstrates an overall increasing trend. Starting at around 1.51 billion USD in 2005, debt slightly decreases shortly after but then surges notably from 2010 onward, reaching about 16.01 billion USD by 2017. Significant growth in debt is apparent between 2010 and 2012, a period in which debt more than triples, indicating possible financing activities that increased leverage substantially. Post-2012, debt stabilizes but remains elevated compared to earlier years.

Stockholders’ Equity

Stockholders' equity displays volatility over the analyzed years. The equity starts at roughly 1.47 billion USD in 2005 and declines until 2007, dropping to about 696 million USD. From 2008 to 2011, it fluctuates but remains below initial levels. Beginning in 2012, there is a dramatic increase in equity to approximately 23.39 billion USD, followed by a gradual decline through 2016 to roughly 16.24 billion USD. In 2017, equity rises again to about 18.12 billion USD. This pattern suggests substantial equity infusion or revaluation during 2012, possibly linked to corporate restructuring or significant capital transactions.

In summary, the data show a company undergoing profound financial expansion and structural changes between 2008 and 2012, evidenced by rapid liability growth and a sharp increase in equity. Debt levels particularly escalate, highlighting increased leverage. The considerable fluctuations in equity from 2012 onward may reflect strategic financial actions impacting shareholder value. Overall, the trends indicate intensified financial activity and evolving capital structure during the observed periods.

Operating Activities

The net cash flows provided by operating activities demonstrate a generally upward trend over the observed period. Starting at 793 million USD in 2005, the cash flows experienced a slight decrease in 2006 but recovered in subsequent years. There is a significant increase beginning 2011, peaking in 2012 at approximately 4.75 billion USD. From 2012 onwards, operating cash flow remains relatively stable, fluctuating between about 4.5 billion and 5.35 billion USD by 2017, indicating strong and consistent operational cash generation in the later years.

Investing Activities

Cash flows used in investing activities show considerable volatility and predominantly negative values, reflecting net cash outflows. The outflow was at its highest point in 2009 and 2012, with 4.82 billion USD and over 10.4 billion USD negative cash flow respectively, suggesting substantial investments or acquisitions during these years. Other years show smaller but consistent negative cash flows, generally ranging from the low hundreds of millions to a few billion USD. The data suggests intermittent but significant investing outlays, with no clear trend toward reduction or stabilization over time.

Financing Activities

Cash flows related to financing activities exhibit high variability and no consistent trend. Initial positive cash inflow in 2005 (887 million USD) is followed by negative or reduced inflows in several subsequent years, including a marked negative cash flow in 2006 and 2007. The period from 2009 to 2012 indicates alternating inflows and outflows, with a notable inflow in 2009 (3.59 billion USD) and 2011 (3.03 billion USD). However, from 2013 onward, financing activities mostly reflect negative cash flows, with substantial outflows peaking in 2014 (-4.29 billion USD) and continuing through 2017 at smaller yet significant negative levels. This pattern suggests active debt repayments, dividends, or share buybacks in later years.

Overall Insights

The company’s net operating cash flow strengthens significantly over time, implying improving operating performance or better cash management. Investing cash flows are consistently negative, indicating ongoing capital expenditures or acquisitions without clear tapering. Financing cash flows fluctuate substantially, with early years characterized by financing inflows to support investing activities, transitioning to predominantly negative financing cash flows in later years, hinting at repayment of obligations or shareholder returns. The combination suggests a cycle of investment followed by consolidation and debt reduction or returns to shareholders.

Basic Earnings per Share (EPS)

The basic earnings per share exhibited a generally upward trend from 2005 to 2017. Starting at $0.68 in 2005, the EPS increased moderately through 2007, reaching $1.09. A notable acceleration occurred in 2008 and 2009, where EPS rose to $1.56 and $1.57, respectively. From 2010 onwards, the EPS demonstrated a more substantial growth, peaking at $7.79 in 2017. However, there was a notable dip in 2012, where the EPS declined to $1.80 from the previous year's $2.55 before recovering and continuing its upward trajectory thereafter.

Diluted Earnings per Share (EPS)

The diluted EPS closely mirrors the pattern observed in the basic EPS throughout the period, reflecting a consistent relationship between the two metrics. Starting at $0.67 in 2005, the diluted EPS gradually increased, peaking at $7.74 in 2017. The fluctuations, including the decline in 2012 to $1.76 and subsequent recovery, parallel those seen in the basic EPS, suggesting consistent earnings growth despite dilution effects.

Dividend per Share

There is no available data for dividends per share throughout the observed period, indicating that either dividends were not declared or the data was not reported. This absence suggests a possible retention strategy focusing on reinvestment rather than shareholder dividends during these years.