Stock Analysis on Net
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

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

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).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2018 is the decrease in financial leverage ratio.

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 primary reason for the decrease in return on equity ratio (ROE) over Q3 2018 is the decrease in financial leverage ratio.

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 primary reason for the decrease in return on equity ratio (ROE) over Q3 2018 is the decrease in financial leverage ratio.

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 primary reason for the increase in return on assets ratio (ROA) over Q3 2018 is the increase in profitability measured by net profit margin ratio.

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).

The primary reason for the increase in return on assets ratio (ROA) over Q3 2018 is the increase in effect of taxes measured by tax burden ratio.

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 primary reason for the increase in net profit margin ratio over Q3 2018 is the increase in effect of taxes measured by tax burden ratio.