Adjusted Ratios
Difficulty: Advanced
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Adjusted Ratios (Summary)
Express Scripts Holding Co., adjusted ratios
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Activity | ||||||
Total Asset Turnover | ||||||
| Reported | 1.84 | 1.94 | 1.91 | 1.88 | 1.94 |
| Adjusted | 1.83 | 1.93 | 1.90 | 1.87 | 1.94 |
Liquidity | ||||||
Current Ratio | ||||||
| Reported | 0.67 | 0.75 | 0.70 | 0.62 | 0.64 |
| Adjusted | 0.68 | 0.76 | 0.71 | 0.61 | 0.62 |
Solvency | ||||||
Debt to Equity | ||||||
| Reported | 0.88 | 0.96 | 0.90 | 0.68 | 0.64 |
| Adjusted | 0.78 | 0.79 | 0.74 | 0.56 | 0.53 |
Debt to Capital | ||||||
| Reported | 0.47 | 0.49 | 0.47 | 0.40 | 0.39 |
| Adjusted | 0.44 | 0.44 | 0.42 | 0.36 | 0.35 |
Financial Leverage | ||||||
| Reported | 2.99 | 3.19 | 3.06 | 2.68 | 2.45 |
| Adjusted | 2.63 | 2.62 | 2.49 | 2.18 | 1.98 |
Profitability | ||||||
Net Profit Margin | ||||||
| Reported | 4.51% | 3.39% | 2.43% | 1.99% | 1.77% |
| Adjusted | 2.88% | 2.91% | 1.91% | 1.54% | 1.36% |
Return on Equity (ROE) | ||||||
| Reported | 24.93% | 20.97% | 14.25% | 10.01% | 8.45% |
| Adjusted | 13.89% | 14.68% | 9.02% | 6.29% | 5.23% |
Return on Assets (ROA) | ||||||
| Reported | 8.33% | 6.58% | 4.65% | 3.73% | 3.44% |
| Adjusted | 5.28% | 5.61% | 3.63% | 2.89% | 2.64% |
Ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Express Scripts Holding Co.'s adjusted total asset turnover improved from 2015 to 2016 but then deteriorated significantly from 2016 to 2017. |
Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | Express Scripts Holding Co.'s adjusted current ratio improved from 2015 to 2016 but then deteriorated significantly from 2016 to 2017. |
Adjusted debt-to-equity ratio | A solvency ratio calculated as adjusted total debt divided by adjusted total equity. | Express Scripts Holding Co.'s adjusted debt-to-equity ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017. |
Adjusted debt-to-capital ratio | A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. | Express Scripts Holding Co.'s adjusted debt-to-capital ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017. |
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Express Scripts Holding Co.'s adjusted financial leverage increased from 2015 to 2016 and from 2016 to 2017. |
Adjusted net profit margin | An indicator of profitability, calculated as adjusted comprehensive income divided by total revenue. | Express Scripts Holding Co.'s adjusted net profit margin improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |
Adjusted ROE | A profitability ratio calculated as adjusted comprehensive income divided by adjusted total equity. | Express Scripts Holding Co.'s adjusted ROE improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |
Adjusted ROA | A profitability ratio calculated as adjusted comprehensive income divided by adjusted total assets. | Express Scripts Holding Co.'s adjusted ROA improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |
Adjusted Total Asset Turnover
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Revenues | 100,064,600 | 100,287,500 | 101,751,800 | 100,887,100 | 104,098,800 |
| Total assets | 54,255,800 | 51,744,900 | 53,243,300 | 53,798,900 | 53,548,200 |
Ratio | ||||||
| Total asset turnover^{1} | 1.84 | 1.94 | 1.91 | 1.88 | 1.94 |
Adjusted | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Adjusted total assets^{2} | 54,557,952 | 52,029,543 | 53,597,386 | 53,868,009 | 53,616,730 |
Ratio | ||||||
| Adjusted total asset turnover^{3} | 1.83 | 1.93 | 1.90 | 1.87 | 1.94 |
2017 Calculations
^{1} Total asset turnover = Revenues ÷ Total assets
= 100,064,600 ÷ 54,255,800 = 1.84
^{2} Adjusted total assets. See Details »
^{3} Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 100,064,600 ÷ 54,557,952 = 1.83
Ratio | Description | The company |
---|---|---|
Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Express Scripts Holding Co.'s adjusted total asset turnover improved from 2015 to 2016 but then deteriorated significantly from 2016 to 2017. |
Adjusted Current Ratio
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Current assets | 11,957,100 | 12,363,400 | 12,059,500 | 10,568,100 | 8,491,400 |
| Current liabilities | 17,846,400 | 16,428,100 | 17,155,300 | 17,016,900 | 13,235,300 |
Ratio | ||||||
| Current ratio^{1} | 0.67 | 0.75 | 0.70 | 0.62 | 0.64 |
Adjusted | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Adjusted current assets^{2} | 12,052,400 | 12,438,400 | 12,146,800 | 10,342,400 | 8,238,200 |
Ratio | ||||||
| Adjusted current ratio^{3} | 0.68 | 0.76 | 0.71 | 0.61 | 0.62 |
2017 Calculations
^{1} Current ratio = Current assets ÷ Current liabilities
= 11,957,100 ÷ 17,846,400 = 0.67
^{2} Adjusted current assets. See Details »
^{3} Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 12,052,400 ÷ 17,846,400 = 0.68
Ratio | Description | The company |
---|---|---|
Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. | Express Scripts Holding Co.'s adjusted current ratio improved from 2015 to 2016 but then deteriorated significantly from 2016 to 2017. |
Adjusted Debt to Equity
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Total debt | 16,014,400 | 15,568,300 | 15,592,700 | 13,568,000 | 13,947,000 |
| Total Express Scripts stockholders' equity | 18,119,600 | 16,236,000 | 17,372,800 | 20,054,200 | 21,837,400 |
Ratio | ||||||
| Debt to equity^{1} | 0.88 | 0.96 | 0.90 | 0.68 | 0.64 |
Adjusted | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Adjusted total debt^{2} | 16,251,352 | 15,809,043 | 15,859,486 | 13,862,809 | 14,268,730 |
| Adjusted total stockholders' equity^{3} | 20,752,900 | 19,891,000 | 21,537,600 | 24,761,500 | 27,032,200 |
Ratio | ||||||
| Adjusted debt to equity^{4} | 0.78 | 0.79 | 0.74 | 0.56 | 0.53 |
2017 Calculations
^{1} Debt to equity = Total debt ÷ Total Express Scripts stockholders' equity
= 16,014,400 ÷ 18,119,600 = 0.88
^{2} Adjusted total debt. See Details »
^{3} Adjusted total stockholders' equity. See Details »
^{4} Adjusted debt to equity = Adjusted total debt ÷ Adjusted total stockholders' equity
= 16,251,352 ÷ 20,752,900 = 0.78
Ratio | Description | The company |
---|---|---|
Adjusted debt-to-equity ratio | A solvency ratio calculated as adjusted total debt divided by adjusted total equity. | Express Scripts Holding Co.'s adjusted debt-to-equity ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017. |
Adjusted Debt to Capital
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Total debt | 16,014,400 | 15,568,300 | 15,592,700 | 13,568,000 | 13,947,000 |
| Total capital | 34,134,000 | 31,804,300 | 32,965,500 | 33,622,200 | 35,784,400 |
Ratio | ||||||
| Debt to capital^{1} | 0.47 | 0.49 | 0.47 | 0.40 | 0.39 |
Adjusted | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Adjusted total debt^{2} | 16,251,352 | 15,809,043 | 15,859,486 | 13,862,809 | 14,268,730 |
| Adjusted total capital^{3} | 37,004,252 | 35,700,043 | 37,397,086 | 38,624,309 | 41,300,930 |
Ratio | ||||||
| Adjusted debt to capital^{4} | 0.44 | 0.44 | 0.42 | 0.36 | 0.35 |
2017 Calculations
^{1} Debt to capital = Total debt ÷ Total capital
= 16,014,400 ÷ 34,134,000 = 0.47
^{2} Adjusted total debt. See Details »
^{3} Adjusted total capital. See Details »
^{4} Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 16,251,352 ÷ 37,004,252 = 0.44
Ratio | Description | The company |
---|---|---|
Adjusted debt-to-capital ratio | A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. | Express Scripts Holding Co.'s adjusted debt-to-capital ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017. |
Adjusted Financial Leverage
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Total assets | 54,255,800 | 51,744,900 | 53,243,300 | 53,798,900 | 53,548,200 |
| Total Express Scripts stockholders' equity | 18,119,600 | 16,236,000 | 17,372,800 | 20,054,200 | 21,837,400 |
Ratio | ||||||
| Financial leverage^{1} | 2.99 | 3.19 | 3.06 | 2.68 | 2.45 |
Adjusted | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Adjusted total assets^{2} | 54,557,952 | 52,029,543 | 53,597,386 | 53,868,009 | 53,616,730 |
| Adjusted total stockholders' equity^{3} | 20,752,900 | 19,891,000 | 21,537,600 | 24,761,500 | 27,032,200 |
Ratio | ||||||
| Adjusted financial leverage^{4} | 2.63 | 2.62 | 2.49 | 2.18 | 1.98 |
2017 Calculations
^{1} Financial leverage = Total assets ÷ Total Express Scripts stockholders' equity
= 54,255,800 ÷ 18,119,600 = 2.99
^{2} Adjusted total assets. See Details »
^{3} Adjusted total stockholders' equity. See Details »
^{4} Adjusted financial leverage = Adjusted total assets ÷ Adjusted total stockholders' equity
= 54,557,952 ÷ 20,752,900 = 2.63
Ratio | Description | The company |
---|---|---|
Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Express Scripts Holding Co.'s adjusted financial leverage increased from 2015 to 2016 and from 2016 to 2017. |
Adjusted Net Profit Margin
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Net income attributable to Express Scripts | 4,517,400 | 3,404,400 | 2,476,400 | 2,007,600 | 1,844,600 |
| Revenues | 100,064,600 | 100,287,500 | 101,751,800 | 100,887,100 | 104,098,800 |
Ratio | ||||||
| Net profit margin^{1} | 4.51% | 3.39% | 2.43% | 1.99% | 1.77% |
Adjusted | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Adjusted comprehensive income^{2} | 2,882,500 | 2,919,600 | 1,943,500 | 1,557,800 | 1,415,100 |
Ratio | ||||||
| Adjusted net profit margin^{3} | 2.88% | 2.91% | 1.91% | 1.54% | 1.36% |
2017 Calculations
^{1} Net profit margin = 100 × Net income attributable to Express Scripts ÷ Revenues
= 100 × 4,517,400 ÷ 100,064,600 = 4.51%
^{2} Adjusted comprehensive income. See Details »
^{3} Adjusted net profit margin = 100 × Adjusted comprehensive income ÷ Revenues
= 100 × 2,882,500 ÷ 100,064,600 = 2.88%
Ratio | Description | The company |
---|---|---|
Adjusted net profit margin | An indicator of profitability, calculated as adjusted comprehensive income divided by total revenue. | Express Scripts Holding Co.'s adjusted net profit margin improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |
Adjusted Return on Equity (ROE)
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Net income attributable to Express Scripts | 4,517,400 | 3,404,400 | 2,476,400 | 2,007,600 | 1,844,600 |
| Total Express Scripts stockholders' equity | 18,119,600 | 16,236,000 | 17,372,800 | 20,054,200 | 21,837,400 |
Ratio | ||||||
| ROE^{1} | 24.93% | 20.97% | 14.25% | 10.01% | 8.45% |
Adjusted | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Adjusted comprehensive income^{2} | 2,882,500 | 2,919,600 | 1,943,500 | 1,557,800 | 1,415,100 |
| Adjusted total stockholders' equity^{3} | 20,752,900 | 19,891,000 | 21,537,600 | 24,761,500 | 27,032,200 |
Ratio | ||||||
| Adjusted ROE^{4} | 13.89% | 14.68% | 9.02% | 6.29% | 5.23% |
2017 Calculations
^{1} ROE = 100 × Net income attributable to Express Scripts ÷ Total Express Scripts stockholders' equity
= 100 × 4,517,400 ÷ 18,119,600 = 24.93%
^{2} Adjusted comprehensive income. See Details »
^{3} Adjusted total stockholders' equity. See Details »
^{4} Adjusted ROE = 100 × Adjusted comprehensive income ÷ Adjusted total stockholders' equity
= 100 × 2,882,500 ÷ 20,752,900 = 13.89%
Ratio | Description | The company |
---|---|---|
Adjusted ROE | A profitability ratio calculated as adjusted comprehensive income divided by adjusted total equity. | Express Scripts Holding Co.'s adjusted ROE improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |
Adjusted Return on Assets (ROA)
Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
---|---|---|---|---|---|---|
Reported | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Net income attributable to Express Scripts | 4,517,400 | 3,404,400 | 2,476,400 | 2,007,600 | 1,844,600 |
| Total assets | 54,255,800 | 51,744,900 | 53,243,300 | 53,798,900 | 53,548,200 |
Ratio | ||||||
| ROA^{1} | 8.33% | 6.58% | 4.65% | 3.73% | 3.44% |
Adjusted | ||||||
Selected Financial Data (USD $ in thousands) | ||||||
| Adjusted comprehensive income^{2} | 2,882,500 | 2,919,600 | 1,943,500 | 1,557,800 | 1,415,100 |
| Adjusted total assets^{3} | 54,557,952 | 52,029,543 | 53,597,386 | 53,868,009 | 53,616,730 |
Ratio | ||||||
| Adjusted ROA^{4} | 5.28% | 5.61% | 3.63% | 2.89% | 2.64% |
2017 Calculations
^{1} ROA = 100 × Net income attributable to Express Scripts ÷ Total assets
= 100 × 4,517,400 ÷ 54,255,800 = 8.33%
^{2} Adjusted comprehensive income. See Details »
^{3} Adjusted total assets. See Details »
^{4} Adjusted ROA = 100 × Adjusted comprehensive income ÷ Adjusted total assets
= 100 × 2,882,500 ÷ 54,557,952 = 5.28%
Ratio | Description | The company |
---|---|---|
Adjusted ROA | A profitability ratio calculated as adjusted comprehensive income divided by adjusted total assets. | Express Scripts Holding Co.'s adjusted ROA improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017. |