Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Express Scripts Holding Co., EBITDA calculation

US$ in thousands

12 months ended:	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Net income attributable to Express Scripts	4,517,400)	3,404,400)	2,476,400)	2,007,600)	1,844,600)
Add: Net income attributable to noncontrolling interest	14,300)	23,200)	23,100)	27,400)	28,100)
Less: Net loss from discontinued operations, net of tax	—)	—)	—)	—)	(53,600)
Add: Income tax expense	397,300)	999,500)	1,364,300)	1,031,200)	1,104,000)
Earnings before tax (EBT)	4,929,000)	4,427,100)	3,863,800)	3,066,200)	3,030,300)
Add: Interest expense and other	607,900)	694,800)	500,300)	582,900)	596,100)
Earnings before interest and tax (EBIT)	5,536,900)	5,121,900)	4,364,100)	3,649,100)	3,626,400)
Add: Depreciation and amortization	1,802,000)	2,154,600)	2,359,100)	2,242,900)	2,447,000)
Earnings before interest, tax, depreciation and amortization (EBITDA)	7,338,900)	7,276,500)	6,723,200)	5,892,000)	6,073,400)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Express Scripts Holding Co. EBITDA increased from 2015 to 2016 and from 2016 to 2017.

Express Scripts Holding Co., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	68,388,005)
Earnings before interest, tax, depreciation and amortization (EBITDA)	7,338,900)
Valuation Ratio
EV/EBITDA	9.32
Benchmarks
EV/EBITDA, Competitors¹
Abbott Laboratories	21.39
CVS Health Corp.	10.11
Elevance Health Inc.	8.92
Intuitive Surgical Inc.	56.83
Medtronic PLC	15.28
UnitedHealth Group Inc.	15.72

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.

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	58,090,748)	54,675,184)	58,275,458)	74,781,795)	71,810,588)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	7,338,900)	7,276,500)	6,723,200)	5,892,000)	6,073,400)
Valuation Ratio
EV/EBITDA³	7.92	7.51	8.67	12.69	11.82
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).

¹ See details »

² See details »

³ 2017 Calculation
EV/EBITDA = EV ÷ EBITDA
= 58,090,748 ÷ 7,338,900 = 7.92

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Express Scripts Holding Co. EV/EBITDA ratio decreased from 2015 to 2016 but then slightly increased from 2016 to 2017.

Express Scripts Holding Co. (NASDAQ:ESRX)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical