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)

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	1.84	1.94	1.91	1.88	1.94
Adjusted	1.83	1.93	1.90	1.87	1.94
Liquidity Ratio
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 Ratios
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 Ratios
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%

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).

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. 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. 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. 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. 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. 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. 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. 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. adjusted ROA improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017.

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

Download chart

	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Reported
Selected Financial Data (US$ 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)
Activity Ratio
Total asset turnover¹	1.84	1.94	1.91	1.88	1.94
Adjusted
Selected Financial Data (US$ in thousands)
Revenues	100,064,600)	100,287,500)	101,751,800)	100,887,100)	104,098,800)
Adjusted total assets²	54,557,952)	52,029,543)	53,597,386)	53,868,009)	53,616,730)
Activity Ratio
Adjusted total asset turnover³	1.83	1.93	1.90	1.87	1.94

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).

¹ 2017 Calculation
Total asset turnover = Revenues ÷ Total assets
= 100,064,600 ÷ 54,255,800 = 1.84

² Adjusted total assets. See details »

³ 2017 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 100,064,600 ÷ 54,557,952 = 1.83

Download chart

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. adjusted total asset turnover ratio improved from 2015 to 2016 but then deteriorated significantly from 2016 to 2017.

	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Reported
Selected Financial Data (US$ 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)
Liquidity Ratio
Current ratio¹	0.67	0.75	0.70	0.62	0.64
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets²	12,052,400)	12,438,400)	12,146,800)	10,342,400)	8,238,200)
Current liabilities	17,846,400)	16,428,100)	17,155,300)	17,016,900)	13,235,300)
Liquidity Ratio
Adjusted current ratio³	0.68	0.76	0.71	0.61	0.62

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).

¹ 2017 Calculation
Current ratio = Current assets ÷ Current liabilities
= 11,957,100 ÷ 17,846,400 = 0.67

² Adjusted current assets. See details »

³ 2017 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 12,052,400 ÷ 17,846,400 = 0.68

Download chart

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. adjusted current ratio improved from 2015 to 2016 but then deteriorated significantly from 2016 to 2017.

	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Reported
Selected Financial Data (US$ 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)
Solvency Ratio
Debt to equity¹	0.88	0.96	0.90	0.68	0.64
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	16,251,352)	15,809,043)	15,859,486)	13,862,809)	14,268,730)
Adjusted total stockholders’ equity³	20,752,900)	19,891,000)	21,537,600)	24,761,500)	27,032,200)
Solvency Ratio
Adjusted debt to equity⁴	0.78	0.79	0.74	0.56	0.53

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).

¹ 2017 Calculation
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 2017 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total stockholders’ equity
= 16,251,352 ÷ 20,752,900 = 0.78

Download chart

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. adjusted debt-to-equity ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.

	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Reported
Selected Financial Data (US$ 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)
Solvency Ratio
Debt to capital¹	0.47	0.49	0.47	0.40	0.39
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	16,251,352)	15,809,043)	15,859,486)	13,862,809)	14,268,730)
Adjusted total capital³	37,004,252)	35,700,043)	37,397,086)	38,624,309)	41,300,930)
Solvency Ratio
Adjusted debt to capital⁴	0.44	0.44	0.42	0.36	0.35

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).

¹ 2017 Calculation
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 2017 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 16,251,352 ÷ 37,004,252 = 0.44

Download chart

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. adjusted debt-to-capital ratio deteriorated from 2015 to 2016 but then slightly improved from 2016 to 2017.

	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Reported
Selected Financial Data (US$ 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)
Solvency Ratio
Financial leverage¹	2.99	3.19	3.06	2.68	2.45
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets²	54,557,952)	52,029,543)	53,597,386)	53,868,009)	53,616,730)
Adjusted total stockholders’ equity³	20,752,900)	19,891,000)	21,537,600)	24,761,500)	27,032,200)
Solvency Ratio
Adjusted financial leverage⁴	2.63	2.62	2.49	2.18	1.98

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).

¹ 2017 Calculation
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 2017 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total stockholders’ equity
= 54,557,952 ÷ 20,752,900 = 2.63

Download chart

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. adjusted financial leverage ratio increased from 2015 to 2016 and from 2016 to 2017.

	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	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)
Profitability Ratio
Net profit margin¹	4.51%	3.39%	2.43%	1.99%	1.77%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	2,882,500)	2,919,600)	1,943,500)	1,557,800)	1,415,100)
Revenues	100,064,600)	100,287,500)	101,751,800)	100,887,100)	104,098,800)
Profitability Ratio
Adjusted net profit margin³	2.88%	2.91%	1.91%	1.54%	1.36%

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).

¹ 2017 Calculation
Net profit margin = 100 × Net income attributable to Express Scripts ÷ Revenues
= 100 × 4,517,400 ÷ 100,064,600 = 4.51%

² Adjusted net income. See details »

³ 2017 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × 2,882,500 ÷ 100,064,600 = 2.88%

Download chart

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. adjusted net profit margin ratio improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017.

	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	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)
Profitability Ratio
ROE¹	24.93%	20.97%	14.25%	10.01%	8.45%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	2,882,500)	2,919,600)	1,943,500)	1,557,800)	1,415,100)
Adjusted total stockholders’ equity³	20,752,900)	19,891,000)	21,537,600)	24,761,500)	27,032,200)
Profitability Ratio
Adjusted ROE⁴	13.89%	14.68%	9.02%	6.29%	5.23%

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).

¹ 2017 Calculation
ROE = 100 × Net income attributable to Express Scripts ÷ Total Express Scripts stockholders’ equity
= 100 × 4,517,400 ÷ 18,119,600 = 24.93%

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 × 2,882,500 ÷ 20,752,900 = 13.89%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Express Scripts Holding Co. adjusted ROE improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017.

	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	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)
Profitability Ratio
ROA¹	8.33%	6.58%	4.65%	3.73%	3.44%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	2,882,500)	2,919,600)	1,943,500)	1,557,800)	1,415,100)
Adjusted total assets³	54,557,952)	52,029,543)	53,597,386)	53,868,009)	53,616,730)
Profitability Ratio
Adjusted ROA⁴	5.28%	5.61%	3.63%	2.89%	2.64%

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).

¹ 2017 Calculation
ROA = 100 × Net income attributable to Express Scripts ÷ Total assets
= 100 × 4,517,400 ÷ 54,255,800 = 8.33%

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 × 2,882,500 ÷ 54,557,952 = 5.28%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Express Scripts Holding Co. adjusted ROA improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017.

Express Scripts Holding Co. (NASDAQ:ESRX)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

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

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)