Stock Analysis on Net

Express Scripts Holding Co. (NASDAQ:ESRX)

This company has been moved to the archive! The financial data has not been updated since October 31, 2018.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin 
Quarterly Data

Microsoft Excel

Two-Component Disaggregation of ROE

Express Scripts Holding Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 30, 2018 23.82% = 8.84% × 2.70
Jun 30, 2018 24.11% = 8.54% × 2.82
Mar 31, 2018 24.91% = 8.60% × 2.90
Dec 31, 2017 24.93% = 8.33% × 2.99
Sep 30, 2017 22.77% = 7.08% × 3.22
Jun 30, 2017 22.27% = 6.94% × 3.21
Mar 31, 2017 21.51% = 6.71% × 3.21
Dec 31, 2016 20.97% = 6.58% × 3.19
Sep 30, 2016 17.58% = 5.39% × 3.26
Jun 30, 2016 17.41% = 5.27% × 3.30
Mar 31, 2016 17.26% = 5.01% × 3.44
Dec 31, 2015 14.25% = 4.65% × 3.06
Sep 30, 2015 13.81% = 4.39% × 3.14
Jun 30, 2015 13.94% = 4.25% × 3.28
Mar 31, 2015 10.29% = 4.09% × 2.52
Dec 31, 2014 10.01% = 3.73% × 2.68
Sep 30, 2014 9.56% = 3.61% × 2.65
Jun 30, 2014 8.66% = 3.24% × 2.67
Mar 31, 2014 8.23% = 3.41% × 2.41
Dec 31, 2013 8.45% = 3.44% × 2.45
Sep 30, 2013 = × 2.31
Jun 30, 2013 = × 2.29
Mar 31, 2013 = × 2.35

Based on: 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).


Return on Assets (ROA)
The Return on Assets demonstrates a clear upward trend over the analyzed periods, starting at approximately 3.44% in the first recorded quarter of 2013 and steadily increasing to a rate of 8.84% by the third quarter of 2018. This progression suggests continuous improvement in the company’s efficiency in generating profit from its assets. Quarterly fluctuations are relatively minor, indicating stable growth without significant volatility.
Financial Leverage
Financial Leverage exhibits variability, initially ranging from about 2.29 to 2.68 between 2013 and 2014, followed by a notable increase reaching around 3.44 in early 2016. Subsequent periods show a gradual decline in leverage to approximately 2.70 by the third quarter of 2018. This pattern reflects a period of higher indebtedness or asset financing through more liabilities around 2015-2016, which was moderated in the later years, indicating a move toward a more conservative capital structure.
Return on Equity (ROE)
Return on Equity displays a strong upward trajectory, increasing from about 8.45% in early 2013 to peaks nearing 24.93% by the first quarter of 2018, with a slight decline toward the end of the period reaching 23.82%. This robust increase points to improving profitability and potentially effective use of equity. Despite some minor deceleration in the final periods, the overall trend signifies enhanced value creation for shareholders throughout the timeframe.
Overall Insights
The general trends in these key financial metrics suggest improving operational efficiency and profitability. The steady rise in ROA indicates better asset utilization, while the strong growth in ROE implies favorable returns to shareholders. The variation in financial leverage highlights periods of changing capital structure strategies, with a move from moderate leverage towards relatively higher leverage around 2015-2016, followed by a gradual deleveraging phase. Together, these patterns reflect a dynamic approach to balancing growth, profitability, and financial risk.

Three-Component Disaggregation of ROE

Express Scripts Holding Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 30, 2018 23.82% = 4.83% × 1.83 × 2.70
Jun 30, 2018 24.11% = 4.65% × 1.84 × 2.82
Mar 31, 2018 24.91% = 4.59% × 1.88 × 2.90
Dec 31, 2017 24.93% = 4.51% × 1.84 × 2.99
Sep 30, 2017 22.77% = 3.64% × 1.94 × 3.22
Jun 30, 2017 22.27% = 3.50% × 1.99 × 3.21
Mar 31, 2017 21.51% = 3.42% × 1.96 × 3.21
Dec 31, 2016 20.97% = 3.39% × 1.94 × 3.19
Sep 30, 2016 17.58% = 2.70% × 2.00 × 3.26
Jun 30, 2016 17.41% = 2.64% × 1.99 × 3.30
Mar 31, 2016 17.26% = 2.52% × 1.99 × 3.44
Dec 31, 2015 14.25% = 2.43% × 1.91 × 3.06
Sep 30, 2015 13.81% = 2.24% × 1.96 × 3.14
Jun 30, 2015 13.94% = 2.15% × 1.98 × 3.28
Mar 31, 2015 10.29% = 2.08% × 1.97 × 2.52
Dec 31, 2014 10.01% = 1.99% × 1.88 × 2.68
Sep 30, 2014 9.56% = 1.92% × 1.88 × 2.65
Jun 30, 2014 8.66% = 1.76% × 1.84 × 2.67
Mar 31, 2014 8.23% = 1.77% × 1.93 × 2.41
Dec 31, 2013 8.45% = 1.77% × 1.94 × 2.45
Sep 30, 2013 = × × 2.31
Jun 30, 2013 = × × 2.29
Mar 31, 2013 = × × 2.35

Based on: 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).


The analysis of the quarterly financial ratios over the observed periods reveals several noteworthy trends pertaining to profitability, efficiency, leverage, and shareholder returns.

Net Profit Margin (%)
The net profit margin exhibited a consistent upward trajectory beginning in the first quarter of 2014, starting around 1.77%. This margin rose steadily over the years, reaching approximately 4.83% by the third quarter of 2018. The increase suggests an improvement in the company's ability to convert revenue into actual profit, highlighting enhanced operational efficiency or cost management.
Asset Turnover (ratio)
Asset turnover ratios remained relatively stable throughout the period with minor fluctuations. Starting from around 1.94 in early 2014, the ratio oscillated close to this level and experienced a slight decline toward the later quarters, ending near 1.83 in the third quarter of 2018. This pattern indicates that while the company's asset utilization efficiency to generate revenue remained generally consistent, there was a mild downward trend in asset productivity in the latter part of the timeframe.
Financial Leverage (ratio)
Financial leverage showed variability over the periods. Initially, the ratio hovered around 2.35 to 2.45 in early 2013-2014, then escalated significantly during 2015 and 2016, peaking above 3.4 in some quarters. Subsequently, a declining trend is observed from 2017 onwards, with leverage decreasing to approximately 2.7 by late 2018. This indicates that the company initially increased its use of debt or equity financing but later undertook efforts to deleverage or optimize capital structure, reducing reliance on borrowed funds.
Return on Equity (ROE) (%)
The return on equity demonstrated a marked improvement throughout the timeframe. Starting from about 8.45% in early 2014, ROE steadily increased with some sharper rises observed particularly after 2015, reaching a peak exceeding 24% in early 2018. Towards the latter part of the timeline, the ROE slightly tapered to around 23.82% by September 2018. The upward trend in ROE reflects enhanced profitability relative to shareholder equity, possibly driven by improved net margins, sustained asset utilization, and the managed leverage effectively amplifying returns.

Overall, the data suggests a positive evolution in profitability and returns to equity holders, accompanied by stable asset efficiency and a degree of financial leverage management. The company appears to have strengthened its financial performance and capital structure, contributing to higher shareholder value over the analyzed period.


Five-Component Disaggregation of ROE

Express Scripts Holding Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 30, 2018 23.82% = 1.03 × 0.88 × 5.31% × 1.83 × 2.70
Jun 30, 2018 24.11% = 0.98 × 0.88 × 5.35% × 1.84 × 2.82
Mar 31, 2018 24.91% = 0.95 × 0.89 × 5.43% × 1.88 × 2.90
Dec 31, 2017 24.93% = 0.92 × 0.89 × 5.52% × 1.84 × 2.99
Sep 30, 2017 22.77% = 0.75 × 0.89 × 5.43% × 1.94 × 3.22
Jun 30, 2017 22.27% = 0.76 × 0.87 × 5.32% × 1.99 × 3.21
Mar 31, 2017 21.51% = 0.76 × 0.87 × 5.20% × 1.96 × 3.21
Dec 31, 2016 20.97% = 0.77 × 0.86 × 5.08% × 1.94 × 3.19
Sep 30, 2016 17.58% = 0.66 × 0.86 × 4.76% × 2.00 × 3.26
Jun 30, 2016 17.41% = 0.66 × 0.89 × 4.52% × 1.99 × 3.30
Mar 31, 2016 17.26% = 0.65 × 0.88 × 4.39% × 1.99 × 3.44
Dec 31, 2015 14.25% = 0.64 × 0.88 × 4.27% × 1.91 × 3.06
Sep 30, 2015 13.81% = 0.64 × 0.88 × 4.00% × 1.96 × 3.14
Jun 30, 2015 13.94% = 0.66 × 0.85 × 3.80% × 1.98 × 3.28
Mar 31, 2015 10.29% = 0.67 × 0.85 × 3.66% × 1.97 × 2.52
Dec 31, 2014 10.01% = 0.66 × 0.84 × 3.59% × 1.88 × 2.68
Sep 30, 2014 9.56% = 0.66 × 0.83 × 3.50% × 1.88 × 2.65
Jun 30, 2014 8.66% = 0.61 × 0.85 × 3.38% × 1.84 × 2.67
Mar 31, 2014 8.23% = 0.62 × 0.85 × 3.35% × 1.93 × 2.41
Dec 31, 2013 8.45% = 0.63 × 0.83 × 3.41% × 1.94 × 2.45
Sep 30, 2013 = × × × × 2.31
Jun 30, 2013 = × × × × 2.29
Mar 31, 2013 = × × × × 2.35

Based on: 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).


The analysis of the quarterly financial ratios over the observed periods reveals several notable trends in the financial performance and structure.

Tax Burden
The tax burden ratio, available from the first quarter of 2014 onwards, shows a relatively stable trend within the range of 0.61 to 0.66 until the end of 2016. Starting in 2017, there is a significant increase in the tax burden ratio, reaching above 0.90 and progressively rising to slightly above 1.00 by the third quarter of 2018, indicating a considerable shift possibly linked to changes in tax policies or profitability structures.
Interest Burden
This ratio remains remarkably stable throughout the entire period from 2014 to 2018, fluctuating narrowly between 0.83 and 0.89. The stability suggests consistent management of interest expenses relative to earnings before interest and taxes (EBIT), without substantial financial strain from interest obligations.
EBIT Margin
The EBIT margin shows a consistent upward trend over the reviewed quarters, starting at about 3.41% in early 2014 and steadily increasing to exceed 5.3% by the end of the observation period in 2018. This improvement reflects increasing operational profitability and efficiency in cost management relative to revenue generation.
Asset Turnover
Asset turnover displays moderate fluctuations but remains generally stable around an average of approximately 1.9 to 2.0. Slight declines towards the latter quarters suggest minor decreases in the efficiency with which the company utilizes its assets to generate sales, but no significant deterioration is observable.
Financial Leverage
Financial leverage shows a notable increase starting in 2015, peaking around 3.44 in the fourth quarter of 2015 before gradually declining to approximately 2.7 by the third quarter of 2018. This pattern indicates a phase of increased reliance on debt or equity financing followed by a period of deleveraging or normalization of capital structure.
Return on Equity (ROE)
The return on equity demonstrates a strong upward trajectory, starting from approximately 8.23% in early 2014 and reaching nearly 24% by early 2018. The steady increase in ROE highlights significant value creation for shareholders, driven partly by improvements in operational profitability (EBIT margin) and changes in financial leverage.

Overall, the financial data points to enhanced operational efficiency and profitability, as evidenced by rising EBIT margins and ROE. The company experienced increased financial leverage mid-period with subsequent reduction, aligning with the fluctuation in asset utilization. The marked rise in the tax burden ratio post-2016 warrants further investigation to understand its impact on net profitability.


Two-Component Disaggregation of ROA

Express Scripts Holding Co., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 30, 2018 8.84% = 4.83% × 1.83
Jun 30, 2018 8.54% = 4.65% × 1.84
Mar 31, 2018 8.60% = 4.59% × 1.88
Dec 31, 2017 8.33% = 4.51% × 1.84
Sep 30, 2017 7.08% = 3.64% × 1.94
Jun 30, 2017 6.94% = 3.50% × 1.99
Mar 31, 2017 6.71% = 3.42% × 1.96
Dec 31, 2016 6.58% = 3.39% × 1.94
Sep 30, 2016 5.39% = 2.70% × 2.00
Jun 30, 2016 5.27% = 2.64% × 1.99
Mar 31, 2016 5.01% = 2.52% × 1.99
Dec 31, 2015 4.65% = 2.43% × 1.91
Sep 30, 2015 4.39% = 2.24% × 1.96
Jun 30, 2015 4.25% = 2.15% × 1.98
Mar 31, 2015 4.09% = 2.08% × 1.97
Dec 31, 2014 3.73% = 1.99% × 1.88
Sep 30, 2014 3.61% = 1.92% × 1.88
Jun 30, 2014 3.24% = 1.76% × 1.84
Mar 31, 2014 3.41% = 1.77% × 1.93
Dec 31, 2013 3.44% = 1.77% × 1.94
Sep 30, 2013 = ×
Jun 30, 2013 = ×
Mar 31, 2013 = ×

Based on: 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).


The financial indicators demonstrate evolving operational efficiency and profitability over the analyzed periods. The net profit margin shows a consistent upward trajectory from the first available data point, starting at 1.77% and reaching 4.83% by the end of the last period. This reflects a gradual improvement in the company's ability to convert revenue into actual profit.

Asset turnover, which measures how efficiently assets generate sales, remains relatively stable throughout the entire timeline. Beginning at 1.94 in the earlier period, it exhibits slight fluctuations, mostly hovering around the 1.8 to 2.0 range. This stability suggests that the company's efficiency in utilizing its assets to generate revenue has not undergone significant changes but remains consistent.

Return on assets (ROA) exhibits a marked improvement during the timeframe. Starting at 3.44%, it increases progressively to reach 8.84%. This enhancement is likely influenced by the combined effect of rising net profit margins and consistent asset turnover, indicating more effective management and profitability from the assets employed.

Net Profit Margin (%)
Demonstrates steady growth from 1.77% to 4.83%, indicating improved profitability over time.
Asset Turnover (ratio)
Maintains a fairly stable range between 1.8 and 2.0, reflecting consistent asset utilization efficiency.
Return on Assets (ROA) (%)
Rises significantly from 3.44% to 8.84%, highlighting enhanced overall efficiency and effectiveness in generating returns from assets.

In summary, the company has strengthened its profitability and asset effectiveness over the course of the examined periods. The improvements in net profit margin and ROA, alongside steady asset turnover, portray a positive momentum in financial performance and operational management.


Four-Component Disaggregation of ROA

Express Scripts Holding Co., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 30, 2018 8.84% = 1.03 × 0.88 × 5.31% × 1.83
Jun 30, 2018 8.54% = 0.98 × 0.88 × 5.35% × 1.84
Mar 31, 2018 8.60% = 0.95 × 0.89 × 5.43% × 1.88
Dec 31, 2017 8.33% = 0.92 × 0.89 × 5.52% × 1.84
Sep 30, 2017 7.08% = 0.75 × 0.89 × 5.43% × 1.94
Jun 30, 2017 6.94% = 0.76 × 0.87 × 5.32% × 1.99
Mar 31, 2017 6.71% = 0.76 × 0.87 × 5.20% × 1.96
Dec 31, 2016 6.58% = 0.77 × 0.86 × 5.08% × 1.94
Sep 30, 2016 5.39% = 0.66 × 0.86 × 4.76% × 2.00
Jun 30, 2016 5.27% = 0.66 × 0.89 × 4.52% × 1.99
Mar 31, 2016 5.01% = 0.65 × 0.88 × 4.39% × 1.99
Dec 31, 2015 4.65% = 0.64 × 0.88 × 4.27% × 1.91
Sep 30, 2015 4.39% = 0.64 × 0.88 × 4.00% × 1.96
Jun 30, 2015 4.25% = 0.66 × 0.85 × 3.80% × 1.98
Mar 31, 2015 4.09% = 0.67 × 0.85 × 3.66% × 1.97
Dec 31, 2014 3.73% = 0.66 × 0.84 × 3.59% × 1.88
Sep 30, 2014 3.61% = 0.66 × 0.83 × 3.50% × 1.88
Jun 30, 2014 3.24% = 0.61 × 0.85 × 3.38% × 1.84
Mar 31, 2014 3.41% = 0.62 × 0.85 × 3.35% × 1.93
Dec 31, 2013 3.44% = 0.63 × 0.83 × 3.41% × 1.94
Sep 30, 2013 = × × ×
Jun 30, 2013 = × × ×
Mar 31, 2013 = × × ×

Based on: 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).


Tax Burden
From the first available data point in March 31, 2014, the tax burden ratio shows a decreasing trend from 0.63 to 0.61 by September 30, 2014, before rising to 0.66 by December 31, 2014. This ratio remains relatively stable around 0.64 to 0.66 through 2015 and 2016. However, starting in March 31, 2017, the ratio increases noticeably reaching 1.03 by September 30, 2018, indicating a substantial rise in the tax burden over the later periods.
Interest Burden
The interest burden ratio remains stable throughout the observed periods, fluctuating slightly between 0.83 and 0.89 from March 31, 2014, to December 31, 2017. From March 31, 2018, to September 30, 2018, the ratio holds steady at 0.88. This stability suggests consistent interest expense levels relative to earnings before interest and taxes during these periods.
EBIT Margin
The EBIT margin demonstrates a clear upward trend over the entire period. Starting at 3.41% on March 31, 2014, it gradually increases quarter over quarter, reaching 5.31% by September 30, 2018. This steady improvement in EBIT margin indicates enhanced operational profitability and efficiency in managing operating costs relative to revenue.
Asset Turnover
Asset turnover ratios show moderate fluctuations without a definite trend. Between March 31, 2014, and September 30, 2018, values oscillate generally between 1.83 and 2.00. The occasional rises and dips suggest some variability in asset utilization efficiency but no sustained increase or decrease.
Return on Assets (ROA)
Return on Assets exhibits a strong positive trajectory over the observed timeframe. Beginning at 3.44% on March 31, 2014, ROA increases consistently and reaches a high of 8.84% by September 30, 2018. This growth reflects improvements in overall profitability relative to total asset base, likely driven by increasing EBIT margins while maintaining stable asset utilization.

Disaggregation of Net Profit Margin

Express Scripts Holding Co., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 30, 2018 4.83% = 1.03 × 0.88 × 5.31%
Jun 30, 2018 4.65% = 0.98 × 0.88 × 5.35%
Mar 31, 2018 4.59% = 0.95 × 0.89 × 5.43%
Dec 31, 2017 4.51% = 0.92 × 0.89 × 5.52%
Sep 30, 2017 3.64% = 0.75 × 0.89 × 5.43%
Jun 30, 2017 3.50% = 0.76 × 0.87 × 5.32%
Mar 31, 2017 3.42% = 0.76 × 0.87 × 5.20%
Dec 31, 2016 3.39% = 0.77 × 0.86 × 5.08%
Sep 30, 2016 2.70% = 0.66 × 0.86 × 4.76%
Jun 30, 2016 2.64% = 0.66 × 0.89 × 4.52%
Mar 31, 2016 2.52% = 0.65 × 0.88 × 4.39%
Dec 31, 2015 2.43% = 0.64 × 0.88 × 4.27%
Sep 30, 2015 2.24% = 0.64 × 0.88 × 4.00%
Jun 30, 2015 2.15% = 0.66 × 0.85 × 3.80%
Mar 31, 2015 2.08% = 0.67 × 0.85 × 3.66%
Dec 31, 2014 1.99% = 0.66 × 0.84 × 3.59%
Sep 30, 2014 1.92% = 0.66 × 0.83 × 3.50%
Jun 30, 2014 1.76% = 0.61 × 0.85 × 3.38%
Mar 31, 2014 1.77% = 0.62 × 0.85 × 3.35%
Dec 31, 2013 1.77% = 0.63 × 0.83 × 3.41%
Sep 30, 2013 = × ×
Jun 30, 2013 = × ×
Mar 31, 2013 = × ×

Based on: 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).


The financial ratios exhibit discernible trends over the observed periods, indicating changes in profitability and expense management.

Tax Burden
The tax burden ratio shows a gradual increase from approximately 0.61 in the third quarter of 2013, rising steadily to values above 0.9 by early 2018. This increase suggests that a larger proportion of earnings before tax is being retained after taxes, potentially pointing to changes in tax strategies or rates, or improved tax efficiencies over the years.
Interest Burden
The interest burden remains relatively stable throughout the periods, fluctuating narrowly around 0.83 to 0.89. This stability indicates consistent management of interest expenses relative to earnings before interest and taxes, with no significant fluctuations that might impact operating income adversely.
EBIT Margin
The EBIT margin reveals a consistent upward trend from just above 3.4% in early 2013 to approximately 5.3% by late 2018. This improvement reflects enhanced operational efficiency or higher operating income relative to revenues, indicating better performance in core business operations over the years.
Net Profit Margin
The net profit margin shows marked improvement over the reporting periods, rising from around 1.77% in early 2013 to nearly 4.8% by the third quarter of 2018. The growth in net profitability aligns with increases in EBIT margin and the tax burden, demonstrating overall enhanced profitability and effective cost and tax management practices during the period analyzed.