Express Scripts Holding Company Financial Ratios — ESRX

Profitability (USD)

	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Return on Common Equity (%)	33.7	27.7	29.76	26.62	24.65	26.08	21.9	24.69	21.21	30.08	61.51	40.76	34.55	33.68	32.11
Return on Assets (%)	7.55	7.94	8.8	8.95	10.96	14.42	9.49	10.5	9.75	3.56	3.3	3.74	4.63	6.49	8.52
Return on Capital (%)	19.95	19.2	17.26	14.54	14.06	16.97	14.45	16.19	12.96	10.26	12.24	12.66	12.76	15.25	16.95
Return on Invested Capital (%)	17.26	18.56	18.16	19.02	25.48	29.61	18.5	19.38	17.5	6.92	6.01	6.89	8.43	12.16	15.32
Gross Margin (%)	6.52	6.25	7.37	8.48	9.67	9.29	9.82	6.58	6.96	7.81	7.81	7.86	8.26	8.6	8.76
EBITDA Margin (%)	3.85	3.8	4.54	5.24	6.34	6.27	6.5	5.15	5.56	4.96	5.76	5.79	6.58	7.22	7.29
Operating Margin (%)	3.38	3.26	3.95	4.67	5.81	5.83	6.05	4.6	5.01	2.97	3.41	3.57	4.26	5.07	5.49
Incremental Operating Margin (%)	7.49	2.41	13.03	12.99	38.61	5.93	7.86	2.83	20.85	0.99	7.49	-1.58	85.22	-51.12	-182.23
Pretax Margin (%)	3.05	2.98	3.78	4.19	5.17	5.52	5.29	4.24	4.39	2.33	2.91	3.04	3.8	4.41	4.93
Profit Margin (%)	1.88	1.84	2.46	2.69	3.11	3.53	3.34	2.63	2.77	1.4	1.77	1.99	2.43	3.39	4.51
Net Income to Common Margin (%)	1.88	1.84	2.46	2.69	3.11	3.53	3.34	2.63	2.77	1.4	1.77	1.99	2.43	3.39	4.51
Effective Tax Rate (%)	38.16	38.26	34.96	35.94	36.45	35.76	36.87	36.89	36.98	38.03	36.43	33.63	35.31	22.58	8.06
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	33.7	27.7	29.76	26.62	24.65	26.08	21.9	24.69	21.21	30.08	61.51	40.76	34.55	33.68	32.11

Credit (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Total Debt	455	434	1,511	1,450	2,020	1,760	3,833	2,494	8,076	15,915	13,947	13,568	15,593	15,568	16,014
ST Debt	- -	22	110	180	260	420	1,340	- -	1,000	935	1,584	2,555	1,646	722	1,033
LT Debt	455	412	1,401	1,270	1,760	1,340	2,492	2,494	7,076	14,980	12,363	11,013	13,946	14,846	14,982
Total Debt/EBITDA	0.89	0.76	2.05	1.57	1.74	1.28	2.38	1.08	3.15	3.42	2.33	2.32	2.33	2.15	2.19
Net Debt/EBITDA	0.12	0.47	1.4	1.43	1.37	0.89	1.72	0.85	0.96	2.82	1.99	2.01	1.85	1.72	1.88
Total Debt/EBIT	1.01	0.88	2.35	1.76	1.9	1.37	2.56	1.2	3.49	5.72	3.93	3.77	3.59	3.06	2.91
Net Debt/EBIT	0.13	0.54	1.61	1.6	1.49	0.96	1.84	0.95	1.06	4.71	3.37	3.26	2.86	2.46	2.49
EBITDA to Interest Expense	- -	- -	- -	- -	- -	17.76	8.27	13.86	8.56	7.52	10.06	10.03	13.39	10.42	12
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	16.65	7.5	13.14	8.08	7.26	9.35	9.28	12.8	9.95	12
EBIT to Interest Expense	- -	- -	- -	- -	- -	16.5	7.71	12.39	7.71	4.5	5.96	6.18	8.67	7.32	9.04
Interest Expense	- -	- -	- -	- -	- -	78	194	167	300	619	596	583	500	695	608
Common Equity/Total Assets	25.38	31.76	28.13	39.52	49.24	61.07	35.14	50.93	42.63	3.57	7.32	11.02	15.79	22.82	30.09
Long-Term Debt/Equity (%)	38.11	34.44	95.63	112.93	252.77	124.31	70.18	69.14	286.07	64.03	56.59	54.89	80.24	91.39	82.66
Long-Term Debt/Capital (%)	34.46	26.12	45.84	36.62	38.2	26.15	31.06	31.68	48.04	83.21	69.16	56.46	58.1	54.21	46.31
Long-Term Debt/Total Assets (%)	13.35	11.45	25.51	24.87	33.49	24.33	20.89	23.62	45.34	25.78	23.09	20.47	26.19	28.69	27.61
Total Debt/Equity (%)	38.11	36.29	103.14	128.94	290.12	163.26	107.91	69.15	326.49	68.03	63.85	67.62	89.71	95.84	88.35
Total Debt/Capital (%)	34.46	27.52	49.44	41.81	43.84	34.35	47.76	31.69	54.83	88.41	78.02	69.56	64.95	56.85	49.51
Total Debt/Total Assets (%)	13.35	12.06	27.51	28.4	38.44	31.95	32.12	23.62	51.75	27.39	26.05	25.22	29.29	30.09	29.52
Net Debt to Equity	4.94	22.41	70.51	117.3	227.7	114.04	77.77	54.62	99.29	56.08	54.73	58.49	71.38	76.9	75.61
Net Debt/Capital (%)	6.38	18.99	40.07	39.52	37.99	26.77	39.72	26.82	26.97	86.28	75.27	66.4	59.59	51.39	45.63
EBITDA	511	575	738	925	1,158	1,378	1,608	2,316	2,565	4,657	5,999	5,845	6,698	7,242	7,296
EBITDA-CapEx	458	523	678	858	1,084	1,292	1,459	2,196	2,421	4,497	5,576	5,409	6,402	6,912	7,296
Operating Income (Loss)	449	493	643	824	1,061	1,280	1,498	2,071	2,312	2,784	3,552	3,602	4,339	5,088	5,494

Liquidity (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Cash Ratio	0.24	0.09	0.2	0.05	0.18	0.19	0.2	0.13	1.03	0.21	0.15	0.11	0.19	0.19	0.13
Current Ratio	0.96	0.8	0.94	0.73	0.8	0.75	0.76	0.75	1.48	0.82	0.64	0.62	0.7	0.75	0.67
Quick Ratio	0.87	0.67	0.78	0.6	0.65	0.62	0.66	0.57	1.38	0.63	0.45	0.46	0.58	0.62	0.52
CFO/Avg Current Liab	0.29	0.29	0.38	0.27	0.34	0.42	0.43	0.45	0.47	0.52	0.36	0.3	0.28	0.29	0.31
Common Equity/Total Assets	25.38	31.76	28.13	39.52	49.24	61.07	35.14	50.93	42.63	3.57	7.32	11.02	15.79	22.82	30.09
Long-Term Debt/Equity (%)	38.11	34.44	95.63	112.93	252.77	124.31	70.18	69.14	286.07	64.03	56.59	54.89	80.24	91.39	82.66
Long-Term Debt/Capital (%)	34.46	26.12	45.84	36.62	38.2	26.15	31.06	31.68	48.04	83.21	69.16	56.46	58.1	54.21	46.31
Long-Term Debt/Total Assets (%)	13.35	11.45	25.51	24.87	33.49	24.33	20.89	23.62	45.34	25.78	23.09	20.47	26.19	28.69	27.61
Total Debt/Equity (%)	38.11	36.29	103.14	128.94	290.12	163.26	107.91	69.15	326.49	68.03	63.85	67.62	89.71	95.84	88.35
Total Debt/Capital (%)	34.46	27.52	49.44	41.81	43.84	34.35	47.76	31.69	54.83	88.41	78.02	69.56	64.95	56.85	49.51
Total Debt/Total Assets (%)	13.35	12.06	27.51	28.4	38.44	31.95	32.12	23.62	51.75	27.39	26.05	25.22	29.29	30.09	29.52
CFO/Total Liabilities	20.67	20.64	19.69	16.53	18.14	24.89	21.14	30.46	16.69	13.77	15.01	13.48	13.52	13.86	14.81
CFO/CapEx	8.62	9.63	13.22	9.86	11.03	12.86	11.86	17.66	15.18	29.85	11.25	10.42	16.38	14.89	- -
Altman's Z-Score	10.46	12.33	10.02	12.48	13.67	14.96	9.13	19.89	8.81	8.8	12.38	10.37	10.03	10.04	10.62

Working Capital (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Accounts Receivable Turnover	13.3	14.62	13.28	12.95	14.51	37.11	- -	- -	- -	34.25	21.91	20.17	16.02	14.55	14.18
Days Sales Outstanding	27.45	24.97	27.49	28.19	25.16	9.84	- -	- -	- -	10.66	16.66	18.09	22.78	25.08	25.75
Inventory Turnover	89.78	103	69.79	69.13	91.53	108.03	86.51	120.84	113.42	84.99	54.33	46.66	45.14	46.04	44.71
Days Inventory Outstanding	4.07	3.54	5.23	5.28	3.99	3.38	4.22	3.02	3.22	4.29	6.72	7.82	8.09	7.93	8.16
Accounts Payable Turnover	15.75	51.2	33.04	27.28	29.94	39.41	37.28	61.73	54.15	45.77	33.11	30.88	28.31	25	23.97
Accounts Payable Turnover Days	23.17	7.13	11.05	13.38	12.19	9.26	9.79	5.91	6.74	7.97	11.02	11.82	12.89	14.6	15.23
Cash Conversion Cycle	8.34	21.39	21.67	20.08	16.96	3.95	-5.57	-2.89	-3.52	6.98	12.36	14.09	17.97	18.41	18.69
Inventory to Cash Days	23.39	21.43	22.26	22.91	21.17	6.46	-4.22	-3.02	-3.22	6.36	9.94	10.27	14.69	17.15	17.59
Inventories	116	159	273	195	166	203	313	382	374	1,662	1,871	2,113	2,023	1,959	2,125
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	116	159	273	195	166	203	313	382	374	1,662	1,871	2,113	2,023	1,959	2,125

Enterprise Value (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Market Capitalization	5,170	5,838	12,319	10,010	19,009	13,685	22,772	29,106	22,385	39,490	56,796	63,528	60,225	43,124	43,299
- Cash & Cash Equivalents	396	166	478	131	435	531	1,070	524	5,620	2,794	1,991	1,833	3,186	3,077	2,310
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	11	7	10	8	8	6
+ Total Debt	455	434	1,511	1,450	2,020	1,760	3,833	2,494	8,076	15,915	13,947	13,568	15,593	15,568	16,014
Enterprise Value	5,229	6,106	13,352	11,329	20,595	14,914	25,534	31,076	24,841	52,622	68,759	75,273	72,640	55,623	57,009
Total Capital	1,320	1,578	3,056	3,469	4,608	5,124	8,025	7,870	14,729	18,002	17,876	19,507	24,006	27,386	32,347
Total Debt/Capital (%)	34.46	27.52	49.44	41.81	43.84	34.35	47.76	31.69	54.83	88.41	78.02	69.56	64.95	56.85	49.51
Total Debt / EV	0.09	0.07	0.11	0.13	0.1	0.12	0.15	0.08	0.33	0.3	0.2	0.18	0.21	0.28	0.28
EV/Sales	0.39	0.4	0.82	0.64	1.13	0.68	1.03	0.69	0.54	0.56	0.66	0.75	0.71	0.55	0.57
EV/EBITDA	10.22	10.62	18.09	12.25	17.78	10.82	15.88	13.42	9.68	11.3	11.46	12.88	10.84	7.68	7.81
EV/EBIT	11.64	12.39	20.76	13.75	19.41	11.65	17.04	15.01	10.75	18.9	19.36	20.9	16.74	10.93	10.38
EV/Cash Flow to Firm	11.42	12.31	16.84	17.2	24.89	12.94	13.48	13.98	10.43	10.19	13.39	15.25	14.04	10.19	9.65
EV/Free Cash Flow to Firm	10.23	11.15	15.65	15.62	22.82	12.04	12.49	13.26	9.84	9.88	12.37	14.01	13.28	9.61	9.65
Diluted Market Cap	5,243	5,925	12,486	10,167	19,272	13,844	22,996	29,403	22,568	40,354	57,709	64,273	60,776	43,434	43,545
Diluted Enterprise Value	5,302	6,193	13,519	11,487	20,858	15,074	25,759	31,373	25,025	53,486	69,672	76,018	73,190	55,933	57,255
EV per Share	8.4	9.99	22.71	20.26	39.54	29.96	48.45	57.71	49.59	71.96	85.03	100.32	105.43	88.73	98.27
TTM Sales	13,295	15,115	16,266	17,660	18,274	21,978	24,749	44,973	46,128	93,858	104,099	100,887	101,752	100,288	100,065
TTM EBITDA	511	575	738	925	1,158	1,378	1,608	2,316	2,565	4,657	5,999	5,845	6,698	7,242	7,296
TTM Operating Income	449	493	643	824	1,061	1,280	1,498	2,071	2,312	2,784	3,552	3,602	4,339	5,088	5,494
TTM Cash Flow to Firm	458	496	793	659	827	1,153	1,894	2,223	2,381	5,165	5,136	4,936	5,172	5,457	5,910
TTM Free Cash Flow to Firm	511	548	853	725	902	1,239	2,044	2,343	2,525	5,325	5,559	5,372	5,468	5,788	5,910

Multiples (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Price/Free Cash Flow	10.26	10.82	14.64	14.02	21.36	11.65	11.97	13.14	9.66	8.17	11.14	12.89	11.81	8.27	8.14
EV/EBIT	11.64	12.39	20.76	13.75	19.41	11.65	17.04	15.01	10.75	18.9	19.36	20.9	16.74	10.93	10.38
Enterprise Value	5,229	6,106	13,352	11,329	20,595	14,914	25,534	31,076	24,841	52,622	68,759	75,273	72,640	55,623	57,009
Low Price	5.79	58.3	45.04	58.79	47.63	48.37	42.75	41.55	34.47	45.66	53.05	64.64	68.06	64.46	55.8
EV/Sales	0.39	0.4	0.82	0.64	1.13	0.68	1.03	0.69	0.54	0.56	0.66	0.75	0.71	0.55	0.57
EV/EBITDA	10.22	10.62	18.09	12.25	17.78	10.82	15.88	13.42	9.68	11.3	11.46	12.88	10.84	7.68	7.81
Price/Earnings	20.71	20.99	30.8	21.1	33.48	17.63	27.52	24.64	17.55	30.08	30.79	31.64	24.32	12.67	9.58
Price/Earnings Average	18.13	19.54	20.09	22.99	23.29	21.02	21.4	22.2	19.99	31.12	27.04	27.53	23.93	13.44	8.27
Price/Earnings High	168.13	178.33	154.34	111.98	94.2	50.74	57.23	48.46	23.91	36.8	31.03	32.24	26.32	16.18	9.71
Price/Earnings Low	14.45	128.04	66.21	69.3	43.69	31.03	27.22	18.94	13.53	25.43	23.26	24.16	18.94	11.87	7.17
Price/Book Value	5.97	5.11	7.97	4.96	7.34	4.07	5.43	5.41	3.36	19.02	14.48	10.71	7.17	3.65	2.65
Price/Book Value Average	5.23	4.75	5.2	5.4	5.11	4.85	4.23	4.88	3.83	19.68	12.72	9.32	7.05	3.87	2.29
Price/Book Value High	48.5	43.39	39.96	26.31	20.67	11.7	11.3	10.65	4.58	23.27	14.6	10.92	7.76	4.66	2.69
Price/Book Value Low	4.17	31.15	17.14	16.28	9.58	7.16	5.37	4.16	2.6	16.08	10.94	8.18	5.58	3.42	1.98
Price/Tangible Book Value	-11.25	-7.7	-8.01	-5.16	-8.12	-6.41	-5.91	-8.07	-4.83	-1.79	-2.64	-2.96	-2.69	-1.99	-1.92
Price/Tangible Book Value Average	-9.85	-7.17	-5.23	-5.62	-5.65	-7.64	-4.6	-7.28	-5.51	-1.86	-2.32	-2.57	-2.65	-2.11	-1.65
Price/Tangible Book Value High	-91.32	-65.46	-40.14	-27.39	-22.85	-18.44	-12.3	-15.88	-6.58	-2.2	-2.67	-3.01	-2.91	-2.54	-1.94
Price/Tangible Book Value Low	-7.85	-47	-17.22	-16.95	-10.6	-11.28	-5.85	-6.21	-3.73	-1.52	-2	-2.26	-2.1	-1.86	-1.43
Price/Sales	0.39	0.39	0.76	0.57	1.04	0.62	0.92	0.65	0.49	0.42	0.55	0.63	0.59	0.43	0.43
Price/Sales Average	0.34	0.36	0.49	0.62	0.72	0.74	0.72	0.58	0.55	0.44	0.48	0.55	0.58	0.46	0.37
Price/Sales High	3.16	3.28	3.8	3.01	2.93	1.79	1.91	1.27	0.66	0.51	0.55	0.64	0.64	0.55	0.44
Price/Sales Low	0.27	2.36	1.63	1.86	1.36	1.1	0.91	0.5	0.37	0.36	0.41	0.48	0.46	0.4	0.32
Price/Cash Flow	11.29	11.77	15.53	15.2	22.98	12.41	12.85	13.75	10.21	8.26	11.94	13.97	12.42	8.77	8.09
Price/Cash Flow Average	9.88	10.96	10.13	16.56	15.99	14.79	10	12.39	11.64	8.55	10.48	12.15	12.22	9.3	6.98
Price/Cash Flow High	91.64	99.98	77.85	80.66	64.65	35.7	26.74	27.03	13.91	10.1	12.03	14.23	13.45	11.2	8.2
Price/Cash Flow Low	7.87	71.78	33.4	49.92	29.98	21.83	12.72	10.57	7.88	6.98	9.02	10.66	9.67	8.21	6.05
Price/Free Cash Flow Average	8.98	10.07	9.55	15.27	14.86	13.88	9.31	11.84	11.01	8.45	9.78	11.21	11.63	8.78	7.02
Price/Free Cash Flow High	83.28	91.93	73.36	74.39	60.1	33.51	24.9	25.85	13.16	9.99	11.23	13.14	12.79	10.57	8.25
Price/Free Cash Flow Low	7.16	66	31.47	46.03	27.87	20.49	11.84	10.1	7.45	6.9	8.41	9.84	9.2	7.75	6.08
EV/Sales Average	0.34	0.38	0.56	0.69	0.81	0.8	0.83	0.63	0.61	0.58	0.59	0.66	0.7	0.58	0.51
EV/Sales High	3.16	3.3	3.86	3.08	3.01	1.85	2.03	1.32	0.71	0.65	0.66	0.76	0.76	0.67	0.58
EV/Sales Low	0.28	2.37	1.69	1.94	1.44	1.15	1.02	0.54	0.43	0.5	0.53	0.6	0.58	0.53	0.46
EV/EBITDA Average	8.96	9.92	12.29	13.22	12.79	12.73	12.73	12.18	10.9	11.59	10.31	11.46	10.7	8.04	7
EV/EBITDA High	82.16	86.78	85.05	58.85	47.54	29.46	31.17	25.57	12.85	13.19	11.54	13.08	11.58	9.33	7.89
EV/EBITDA Low	7.17	62.44	37.29	36.96	22.78	18.36	15.73	10.51	7.69	9.99	9.15	10.31	8.85	7.31	6.32
EV/EBIT Average	10.21	11.57	14.11	14.84	13.96	13.7	13.67	13.62	12.1	19.39	17.41	18.6	16.52	11.45	9.3
EV/EBIT High	93.57	101.18	97.62	66.06	51.91	31.71	33.45	28.59	14.26	22.07	19.48	21.23	17.88	13.28	10.48
EV/EBIT Low	8.16	72.8	42.79	41.49	24.87	19.76	16.88	11.76	8.53	16.71	15.45	16.72	13.67	10.4	8.39
Last Price	8.3	9.56	20.95	17.9	36.5	27.49	43.21	54.05	44.69	54	70.24	84.67	87.41	68.79	74.64
High Price	67.4	81.2	104.99	95	102.7	79.1	89.88	106.3	60.89	66.06	70.79	86.27	94.61	87.87	75.64
Enterprise Value Average	4,584	5,704	9,070	12,226	14,812	17,541	20,476	28,198	27,962	53,991	61,833	67,010	71,679	58,253	51,076
Enterprise Value High	42,025	49,882	62,767	54,444	55,072	40,606	50,129	59,213	32,956	61,441	69,204	76,473	77,600	67,585	57,589
Enterprise Value Low	3,665	35,890	27,517	34,195	26,391	25,308	25,291	24,345	19,722	46,523	54,859	60,245	59,307	52,909	46,080

Shares Outstanding	621	591	584	543	506	496	550	528	485	818	774	726	677	606	564
Diluted Weighted Avg Shares	631	620	596	568	528	504	532	544	505	747	822	759	695	631	583
Basic Weighted Avg Shares	623	611	588	559	521	498	527	538	501	731	809	750	689	627	580
Revenue per Share	21.35	24.74	27.66	31.58	35.09	44.15	46.96	83.52	92.09	128.34	128.74	134.46	147.68	159.97	172.5
EBITDA per Share	0.82	0.94	1.26	1.65	2.22	2.77	3.05	4.3	5.12	6.37	7.42	7.79	9.72	11.55	12.58
Operating Income per Share	0.72	0.81	1.09	1.47	2.04	2.57	2.84	3.85	4.62	3.81	4.39	4.8	6.3	8.12	9.47
Basic EPS, GAAP	0.4	0.46	0.68	0.85	1.09	1.56	1.57	2.19	2.55	1.8	2.28	2.68	3.59	5.43	7.79
Basic EPS from Cont Ops	0.4	0.46	0.68	0.85	1.15	1.57	1.57	2.24	2.55	1.86	2.38	2.71	3.63	5.47	7.81
Diluted EPS, GAAP	0.4	0.45	0.67	0.84	1.08	1.54	1.56	2.17	2.53	1.76	2.25	2.64	3.56	5.39	7.74
Diluted EPS from Cont Ops	0.4	0.45	0.67	0.84	1.14	1.55	1.55	2.21	2.53	1.82	2.34	2.68	3.59	5.43	7.77
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.74	0.81	1.35	1.18	1.59	2.22	3.36	3.93	4.38	6.54	5.88	6.06	7.04	7.85	9.22
Free Cash Flow per Basic Share	0.65	0.73	1.25	1.06	1.44	2.04	3.08	3.71	4.09	6.32	5.36	5.48	6.61	7.32	9.22
Cash & Equivalents per Share	0.64	0.27	0.81	0.23	0.83	1.07	2.03	0.97	11.22	3.82	2.46	2.44	4.62	4.91	3.98
Book Value per Share	1.39	1.87	2.63	3.61	4.97	6.76	7.95	9.98	13.28	2.84	4.85	7.9	12.2	18.84	28.15
Tangible Book Value per Share	-0.74	-1.24	-2.62	-3.47	-4.49	-4.29	-7.31	-6.69	-9.25	-30.09	-26.56	-28.62	-32.46	-34.57	-38.96

Express Scripts Holding Company

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)