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Express Scripts Holding Co. (ESRX)

Adjusted Financial Ratios

Advanced level

Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Adjusted Financial Ratios (Summary)

Express Scripts Holding Co., adjusted financial ratios

		Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
	Activity Ratio
	Total Asset Turnover
	Reported
	Adjusted
	Liquidity Ratio
	Current Ratio
	Reported
	Adjusted
	Solvency Ratios
	Debt to Equity
	Reported
	Adjusted
	Debt to Capital
	Reported
	Adjusted
	Financial Leverage
	Reported
	Adjusted
	Profitability Ratios
	Net Profit Margin
	Reported
	Adjusted
	Return on Equity (ROE)
	Reported
	Adjusted
	Return on Assets (ROA)
	Reported
	Adjusted

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-23), 10-K (filing date: 2014-02-20).

Financial 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 ratio 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 ratio increased from 2015 to 2016 and from 2016 to 2017.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Express Scripts Holding Co.’s adjusted net profit margin ratio improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017.
Adjusted ROE	A profitability ratio calculated as adjusted net 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 net 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.

Express Scripts Holding Co., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

		Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
	Reported
	Selected Financial Data (US$ in thousands)
	Revenues
	Total assets
	Activity Ratio
	Total asset turnover¹
	Adjusted
	Selected Financial Data (US$ in thousands)
	Revenues
	Adjusted total assets²
	Activity Ratio
	Adjusted total asset turnover³

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-23), 10-K (filing date: 2014-02-20).

¹ 2017 Calculation
Total asset turnover = Revenues ÷ Total assets
= hidden ÷ hidden = hidden

² Adjusted total assets. See details »

³ 2017 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= hidden ÷ hidden = hidden

Activity 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 ratio 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 (US$ in thousands)
	Current assets
	Current liabilities
	Liquidity Ratio
	Current ratio¹
	Adjusted
	Selected Financial Data (US$ in thousands)
	Adjusted current assets²
	Current liabilities
	Liquidity Ratio
	Adjusted current ratio³

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-23), 10-K (filing date: 2014-02-20).

¹ 2017 Calculation
Current ratio = Current assets ÷ Current liabilities
= hidden ÷ hidden = hidden

² Adjusted current assets. See details »

³ 2017 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= hidden ÷ hidden = hidden

Liquidity 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 (US$ in thousands)
	Total debt
	Total Express Scripts stockholders’ equity
	Solvency Ratio
	Debt to equity¹
	Adjusted
	Selected Financial Data (US$ in thousands)
	Adjusted total debt²
	Adjusted total stockholders’ equity³
	Solvency Ratio
	Adjusted debt to equity⁴

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-23), 10-K (filing date: 2014-02-20).

¹ 2017 Calculation
Debt to equity = Total debt ÷ Total Express Scripts stockholders’ equity
= hidden ÷ hidden = hidden

² Adjusted total debt. See details »

³ Adjusted total stockholders’ equity. See details »

⁴ 2017 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total stockholders’ equity
= hidden ÷ hidden = hidden

Solvency 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 (US$ in thousands)
	Total debt
	Total capital
	Solvency Ratio
	Debt to capital¹
	Adjusted
	Selected Financial Data (US$ in thousands)
	Adjusted total debt²
	Adjusted total capital³
	Solvency Ratio
	Adjusted debt to capital⁴

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-23), 10-K (filing date: 2014-02-20).

¹ 2017 Calculation
Debt to capital = Total debt ÷ Total capital
= hidden ÷ hidden = hidden

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2017 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= hidden ÷ hidden = hidden

Solvency 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 (US$ in thousands)
	Total assets
	Total Express Scripts stockholders’ equity
	Solvency Ratio
	Financial leverage¹
	Adjusted
	Selected Financial Data (US$ in thousands)
	Adjusted total assets²
	Adjusted total stockholders’ equity³
	Solvency Ratio
	Adjusted financial leverage⁴

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-23), 10-K (filing date: 2014-02-20).

¹ 2017 Calculation
Financial leverage = Total assets ÷ Total Express Scripts stockholders’ equity
= hidden ÷ hidden = hidden

² Adjusted total assets. See details »

³ Adjusted total stockholders’ equity. See details »

⁴ 2017 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total stockholders’ equity
= hidden ÷ hidden = hidden

Solvency 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 ratio 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 (US$ in thousands)
	Net income attributable to Express Scripts
	Revenues
	Profitability Ratio
	Net profit margin¹
	Adjusted
	Selected Financial Data (US$ in thousands)
	Adjusted net income²
	Revenues
	Profitability Ratio
	Adjusted net profit margin³

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-23), 10-K (filing date: 2014-02-20).

¹ 2017 Calculation
Net profit margin = 100 × Net income attributable to Express Scripts ÷ Revenues
= 100 × hidden ÷ hidden = hidden

² Adjusted net income. See details »

³ 2017 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × hidden ÷ hidden = hidden

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Express Scripts Holding Co.’s adjusted net profit margin ratio 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 (US$ in thousands)
	Net income attributable to Express Scripts
	Total Express Scripts stockholders’ equity
	Profitability Ratio
	ROE¹
	Adjusted
	Selected Financial Data (US$ in thousands)
	Adjusted net income²
	Adjusted total stockholders’ equity³
	Profitability Ratio
	Adjusted ROE⁴

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-23), 10-K (filing date: 2014-02-20).

¹ 2017 Calculation
ROE = 100 × Net income attributable to Express Scripts ÷ Total Express Scripts stockholders’ equity
= 100 × hidden ÷ hidden = hidden

² Adjusted net income. See details »

³ Adjusted total stockholders’ equity. See details »

⁴ 2017 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total stockholders’ equity
= 100 × hidden ÷ hidden = hidden

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net 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 (US$ in thousands)
	Net income attributable to Express Scripts
	Total assets
	Profitability Ratio
	ROA¹
	Adjusted
	Selected Financial Data (US$ in thousands)
	Adjusted net income²
	Adjusted total assets³
	Profitability Ratio
	Adjusted ROA⁴

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-23), 10-K (filing date: 2014-02-20).

¹ 2017 Calculation
ROA = 100 × Net income attributable to Express Scripts ÷ Total assets
= 100 × hidden ÷ hidden = hidden

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2017 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × hidden ÷ hidden = hidden

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net 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.

	Express Scripts Holding Co.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality