Price to Book Value (P/BV)
since 2005
Calculation
Ecolab Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Ecolab shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 25, 2022 | 7.16 | = | 180.30 | ÷ | 25.19 | 25.19 | = | 7,224,200 | ÷ | 286,751,531 | |
| Feb 26, 2021 | 9.70 | = | 209.36 | ÷ | 21.57 | 21.57 | = | 6,166,500 | ÷ | 285,849,956 | |
| Feb 28, 2020 | 5.99 | = | 180.45 | ÷ | 30.14 | 30.14 | = | 8,685,300 | ÷ | 288,166,440 | |
| Mar 1, 2019 | 6.12 | = | 170.16 | ÷ | 27.80 | 27.80 | = | 8,003,200 | ÷ | 287,853,232 | |
| Feb 23, 2018 | 4.96 | = | 130.84 | ÷ | 26.37 | 26.37 | = | 7,618,500 | ÷ | 288,858,441 | |
| Feb 24, 2017 | 5.31 | = | 125.50 | ÷ | 23.66 | 23.66 | = | 6,901,100 | ÷ | 291,718,512 | |
| Feb 26, 2016 | 4.55 | = | 106.28 | ÷ | 23.34 | 23.34 | = | 6,909,900 | ÷ | 296,001,857 | |
| Feb 27, 2015 | 4.73 | = | 115.54 | ÷ | 24.45 | 24.45 | = | 7,315,900 | ÷ | 299,250,034 | |
| Feb 28, 2014 | 4.41 | = | 107.75 | ÷ | 24.42 | 24.42 | = | 7,344,300 | ÷ | 300,767,420 | |
| Feb 26, 2013 | 3.68 | = | 75.84 | ÷ | 20.60 | 20.60 | = | 6,077,000 | ÷ | 294,954,864 | |
| Feb 28, 2012 | 3.17 | = | 61.75 | ÷ | 19.46 | 19.46 | = | 5,666,700 | ÷ | 291,269,964 | |
| Feb 25, 2011 | 5.27 | = | 48.23 | ÷ | 9.15 | 9.15 | = | 2,129,200 | ÷ | 232,664,561 | |
| Feb 26, 2010 | 4.98 | = | 42.14 | ÷ | 8.47 | 8.47 | = | 2,000,900 | ÷ | 236,263,986 | |
| Feb 27, 2009 | 4.78 | = | 31.78 | ÷ | 6.65 | 6.65 | = | 1,571,600 | ÷ | 236,192,852 | |
| Feb 25, 2008 | 6.12 | = | 47.90 | ÷ | 7.83 | 7.83 | = | 1,935,700 | ÷ | 247,200,121 | |
| Feb 28, 2007 | 6.31 | = | 42.30 | ÷ | 6.70 | 6.70 | = | 1,680,230 | ÷ | 250,634,287 | |
| Feb 28, 2006 | 5.56 | = | 36.19 | ÷ | 6.51 | 6.51 | = | 1,649,210 | ÷ | 253,210,779 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 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), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Ecolab Inc. Annual Report.
The analyzed financial data reveals notable trends in the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over a span of seventeen years.
- Share Price
- The share price exhibited a generally upward trend with fluctuations. Starting from $36.19 in 2006, it increased to a peak of $130.84 by 2018, followed by a significant rise to $209.36 in 2021. However, there was a decline to $180.3 in 2022. The data suggests an overall positive growth trajectory with some volatility, particularly notable dips in 2009 and 2016.
- Book Value Per Share (BVPS)
- BVPS increased steadily from $6.51 in 2006 to $30.14 in 2020, indicating consistent growth in the company's net asset value on a per-share basis. There is a decline noted in 2021 to $21.57, followed by a partial recovery to $25.19 in 2022. This decline might reflect either accounting adjustments, increased liabilities, or asset revaluations during this period.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio generally moved within a range of approximately 3 to 6 from 2006 to 2019, suggesting that the market valued the company at two to six times its book value per share. A sharp increase in the ratio to 9.7 in 2021 stands out, indicating a significant surge in market valuation relative to book value, potentially driven by investor optimism or expected future growth. This ratio decreased but remained high at 7.16 in 2022.
Overall, the financial indicators suggest growth in intrinsic company value (BVPS) aligned with share price appreciation, though with periods of volatility. The elevated P/BV ratios in recent years point to strong market confidence but also higher valuation multiples that may warrant scrutiny concerning sustainability and risk.
Comparison to Competitors
Ecolab Inc., P/BV, long-term trends, comparison to competitors
| Ecolab Inc. | Linde plc | Sherwin-Williams Co. | |
|---|---|---|---|
| Feb 25, 2022 | 7.16 | 3.38 | 28.55 |
| Feb 26, 2021 | 9.70 | 2.78 | 17.79 |
| Feb 28, 2020 | 5.99 | 2.15 | 12.82 |
| Mar 1, 2019 | 6.12 | 1.65 | 10.93 |
| Feb 23, 2018 | 4.96 | 7.15 | 10.14 |
| Feb 24, 2017 | 5.31 | 6.83 | 15.52 |
| Feb 26, 2016 | 4.55 | 6.61 | 27.61 |
| Feb 27, 2015 | 4.73 | 6.60 | 27.40 |
| Feb 28, 2014 | 4.41 | 5.66 | 11.24 |
| Feb 26, 2013 | 3.68 | 5.48 | 9.32 |
| Feb 28, 2012 | 3.17 | 5.93 | 6.93 |
| Feb 25, 2011 | 5.27 | 5.08 | 5.51 |
| Feb 26, 2010 | 4.98 | 4.38 | 4.73 |
| Feb 27, 2009 | 4.78 | 4.54 | 3.37 |
| Feb 25, 2008 | 6.12 | 5.13 | 3.66 |
| Feb 28, 2007 | 6.31 | 4.34 | 4.49 |
| Feb 28, 2006 | 5.56 | 4.54 | 3.40 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 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), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Chemicals)
Ecolab Inc., P/BV, long-term trends, comparison to sector (chemicals)
| Ecolab Inc. | Chemicals | |
|---|---|---|
| Feb 25, 2022 | 7.16 | 4.70 |
| Feb 26, 2021 | 9.70 | 3.84 |
| Feb 28, 2020 | 5.99 | 2.98 |
| Mar 1, 2019 | 6.12 | 2.27 |
| Feb 23, 2018 | 4.96 | 8.28 |
| Feb 24, 2017 | 5.31 | 9.20 |
| Feb 26, 2016 | 4.55 | 10.08 |
| Feb 27, 2015 | 4.73 | 9.74 |
| Feb 28, 2014 | 4.41 | 6.84 |
| Feb 26, 2013 | 3.68 | 6.36 |
| Feb 28, 2012 | 3.17 | 6.14 |
| Feb 25, 2011 | 5.27 | 5.17 |
| Feb 26, 2010 | 4.98 | 4.46 |
| Feb 27, 2009 | 4.78 | 4.21 |
| Feb 25, 2008 | 6.12 | 4.75 |
| Feb 28, 2007 | 6.31 | 4.39 |
| Feb 28, 2006 | 5.56 | 4.19 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 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), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Materials)
Ecolab Inc., P/BV, long-term trends, comparison to industry (materials)
| Ecolab Inc. | Materials | |
|---|---|---|
| Feb 25, 2022 | 7.16 | 4.66 |
| Feb 26, 2021 | 9.70 | 3.99 |
| Feb 28, 2020 | 5.99 | 2.82 |
| Mar 1, 2019 | 6.12 | 2.21 |
| Feb 23, 2018 | 4.96 | 6.06 |
| Feb 24, 2017 | 5.31 | 6.38 |
| Feb 26, 2016 | 4.55 | 4.76 |
| Feb 27, 2015 | 4.73 | 3.49 |
| Feb 28, 2014 | 4.41 | 3.14 |
| Feb 26, 2013 | 3.68 | 3.18 |
| Feb 28, 2012 | 3.17 | 3.71 |
| Feb 25, 2011 | 5.27 | 4.42 |
| Feb 26, 2010 | 4.98 | 3.94 |
| Feb 27, 2009 | 4.78 | 3.16 |
| Feb 25, 2008 | 6.12 | 2.84 |
| Feb 28, 2007 | 6.31 | 4.45 |
| Feb 28, 2006 | 5.56 | 4.50 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 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), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).