Enterprise Value to EBITDA (EV/EBITDA)
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Express Scripts Holding Co. pages available for free this week:
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Express Scripts Holding Co., EBITDA calculation
US$ in thousands
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).
The financial data over the five-year period reveals consistent growth across all key profitability measures of the company.
- Net Income
- Net income shows a strong upward trend, increasing from approximately $1.84 billion in 2013 to $4.52 billion in 2017. This represents more than a twofold increase, indicating effective profit growth and possibly improved operational efficiency or market expansion.
- Earnings Before Tax (EBT)
- EBT also exhibits continuous growth, rising steadily from about $3.03 billion in 2013 to nearly $4.93 billion in 2017. The consistent rise in EBT confirms strengthening profitability before tax expenses, aligned with the increase in net income.
- Earnings Before Interest and Tax (EBIT)
- EBIT has increased year over year, moving from $3.63 billion in 2013 to $5.54 billion in 2017. This growth trend suggests effective control of operating costs and enhancing earnings from core operations.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA displays growth from around $6.07 billion in 2013 to $7.34 billion in 2017, although the increase between 2013 and 2014 is a slight dip before a more consistent rise in subsequent years. The overall trend indicates improving operational cash flow and strong core business performance.
Overall, the company demonstrates sustained financial improvement across profitability metrics. The net income and earnings measures consistently increase, suggesting effective business strategies and operational management. The less pronounced growth in EBITDA between 2013 and 2014 could reveal transient operational challenges in that period, yet the long-term trend remains positive. The continual rise in EBIT and EBT further substantiates enhanced earnings capability. This pattern points to a robust upward trajectory in profitability and financial health over the examined interval.
Enterprise Value to EBITDA Ratio, Current
Express Scripts Holding Co., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Abbott Laboratories | |
| CVS Health Corp. | |
| Elevance Health Inc. | |
| Intuitive Surgical Inc. | |
| Medtronic PLC | |
| UnitedHealth Group Inc. | |
Based on: 10-K (reporting date: 2017-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Express Scripts Holding Co., historical EV/EBITDA calculation, comparison to benchmarks
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Abbott Laboratories | ||||||
| CVS Health Corp. | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
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).
3 2017 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibited a fluctuating trend over the five-year period. It increased from approximately $71.8 billion at the end of 2013 to a peak of about $74.8 billion at the end of 2014, followed by a significant decline to roughly $58.3 billion in 2015. The downward trend continued in 2016, reaching approximately $54.7 billion, after which there was a moderate recovery to close to $58.1 billion in 2017.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA showed a generally positive upward trend throughout the period. Starting at about $6.07 billion in 2013, it experienced a slight decrease in 2014 to approximately $5.89 billion. However, from 2015 onwards, EBITDA steadily increased each year, reaching roughly $6.7 billion in 2015, $7.28 billion in 2016, and peaking at approximately $7.34 billion in 2017.
- EV/EBITDA Ratio
- The EV/EBITDA ratio displayed a declining trend across the observed timeframe. It started at 11.82 in 2013, rose slightly to 12.69 in 2014, and then underwent a sharp decrease to 8.67 in 2015. This downward trajectory continued through 2016 with a ratio of 7.51, before a minor increase to 7.92 in 2017. This pattern suggests an improvement in valuation multiples over time, reflecting potentially enhanced operational performance or market perception relative to earnings.