Selected Financial Data
since 2005
Income Statement
Ecolab Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating income | Net income (loss) attributable to Ecolab |
|---|---|---|---|
| Dec 31, 2021 | 12,733,100) | 1,598,600) | 1,129,900) |
| Dec 31, 2020 | 11,790,200) | 1,395,700) | (1,205,100) |
| Dec 31, 2019 | 14,906,300) | 2,013,800) | 1,558,900) |
| Dec 31, 2018 | 14,668,200) | 1,947,000) | 1,429,100) |
| Dec 31, 2017 | 13,838,300) | 2,019,800) | 1,508,400) |
| Dec 31, 2016 | 13,152,800) | 1,915,000) | 1,229,600) |
| Dec 31, 2015 | 13,545,100) | 1,561,300) | 1,002,100) |
| Dec 31, 2014 | 14,280,500) | 1,955,000) | 1,202,800) |
| Dec 31, 2013 | 13,253,400) | 1,560,600) | 967,800) |
| Dec 31, 2012 | 11,838,700) | 1,289,300) | 703,600) |
| Dec 31, 2011 | 6,798,500) | 753,800) | 462,500) |
| Dec 31, 2010 | 6,089,700) | 806,800) | 530,300) |
| Dec 31, 2009 | 5,900,600) | 681,300) | 417,300) |
| Dec 31, 2008 | 6,137,500) | 712,500) | 448,100) |
| Dec 31, 2007 | 5,469,600) | 667,300) | 427,200) |
| Dec 31, 2006 | 4,895,814) | 611,642) | 368,615) |
| Dec 31, 2005 | 4,534,832) | 542,420) | 319,481) |
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).
An analysis of the financial performance between 2005 and 2021 reveals a long-term growth trajectory characterized by a significant structural expansion in 2012 and substantial volatility during the 2020 fiscal year.
- Revenue Growth and Trends
- Net sales exhibited a steady upward trend from 2005 to 2011, increasing from approximately 4.5 billion to 6.8 billion. A significant inflection point occurred in 2012, where sales surged to 11.8 billion, representing a nearly 74% increase in a single year. Revenue continued to scale, peaking at 14.9 billion in 2019. This growth was interrupted in 2020 by a sharp contraction to 11.8 billion, followed by a partial recovery to 12.7 billion in 2021.
- Operating Income Performance
- Operating income followed a trajectory closely aligned with net sales. From 2005 to 2011, operating income grew from 542 million to 754 million. Parallel to the revenue jump in 2012, operating income rose to 1.29 billion, eventually reaching a peak of 1.96 billion in 2014. Despite some fluctuations between 2015 and 2019, the operating income remained relatively stable around the 2 billion mark before declining to 1.4 billion in 2020 and recovering to 1.6 billion in 2021.
- Net Income and Profitability Volatility
- Net income attributable to the company showed consistent growth for over a decade, rising from 319 million in 2005 to a peak of 1.56 billion in 2019. However, a severe anomaly is observed in 2020, where the company reported a net loss of 1.2 billion. This represents a drastic reversal of the historical profitability trend. By 2021, the company demonstrated a strong recovery, returning to a positive net income of 1.13 billion.
- Margin Observations
- The relationship between net sales and operating income suggests a consistent ability to maintain operating margins despite scaling. While the 2020 fiscal year saw a simultaneous decline in both top-line revenue and bottom-line profit, the return to profitability in 2021 indicates a resilient recovery in the company's fundamental earning capacity.
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Balance Sheet: Assets
Ecolab Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 4,687,100) | 21,206,400) |
| Dec 31, 2020 | 5,117,400) | 18,126,000) |
| Dec 31, 2019 | 4,828,400) | 20,869,100) |
| Dec 31, 2018 | 4,677,700) | 20,074,500) |
| Dec 31, 2017 | 4,596,400) | 19,962,400) |
| Dec 31, 2016 | 4,279,400) | 18,330,200) |
| Dec 31, 2015 | 4,447,500) | 18,641,700) |
| Dec 31, 2014 | 4,871,100) | 19,466,700) |
| Dec 31, 2013 | 4,698,400) | 19,636,500) |
| Dec 31, 2012 | 4,892,000) | 17,572,300) |
| Dec 31, 2011 | 5,396,000) | 18,240,800) |
| Dec 31, 2010 | 1,869,900) | 4,872,200) |
| Dec 31, 2009 | 1,814,200) | 5,020,900) |
| Dec 31, 2008 | 1,691,100) | 4,756,900) |
| Dec 31, 2007 | 1,717,300) | 4,722,800) |
| Dec 31, 2006 | 1,853,557) | 4,419,365) |
| Dec 31, 2005 | 1,421,666) | 3,796,628) |
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).
The asset structure exhibits two distinct phases of growth, separated by a significant structural inflection point in 2011. From 2005 to 2010, the balance sheet expanded at a moderate and steady pace. However, a substantial increase in the asset base occurred in 2011, after which the company entered a period of relative stabilization with minor fluctuations.
- Total Asset Expansion
- Total assets grew incrementally from US$ 3.79 billion in 2005 to US$ 4.87 billion in 2010. A sharp escalation is observed in 2011, where total assets rose to US$ 18.24 billion, representing a nearly 274% increase in a single fiscal year. Following this surge, total assets remained within a range of US$ 18.1 billion to US$ 21.2 billion through 2021, indicating a shift from aggressive expansion to a maintenance and optimization phase.
- Current Asset Trends
- Current assets followed a trajectory similar to total assets, increasing from US$ 1.42 billion in 2005 to US$ 1.87 billion in 2010. A significant jump occurred in 2011, with current assets reaching US$ 5.39 billion. Between 2012 and 2021, current assets remained relatively stable, fluctuating between a low of US$ 4.28 billion in 2016 and a peak of US$ 5.12 billion in 2019.
- Asset Composition and Structural Shift
- A notable shift in the proportion of current assets relative to total assets is evident. Prior to 2011, current assets typically represented between 30% and 40% of the total asset base. Post-2011, this ratio decreased significantly, with current assets generally comprising approximately 20% to 25% of total assets. This divergence suggests that the massive growth in 2011 was driven primarily by non-current assets, such as long-term investments, property, plant, equipment, or intangible assets and goodwill.
- Recent Volatility
- A temporary contraction in total assets is noted in 2020, where the value declined to US$ 18.13 billion from US$ 20.87 billion in 2019. This trend reversed in 2021, with total assets recovering to a period high of US$ 21.21 billion, while current assets saw a slight decrease to US$ 4.69 billion in the same period.
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Balance Sheet: Liabilities and Stockholders’ Equity
Ecolab Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Total Ecolab shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2021 | 3,553,200) | 13,953,300) | 8,758,200) | 7,224,200) |
| Dec 31, 2020 | 2,932,200) | 11,924,500) | 6,686,600) | 6,166,500) |
| Dec 31, 2019 | 3,630,600) | 12,143,300) | 6,354,100) | 8,685,300) |
| Dec 31, 2018 | 3,685,600) | 12,020,900) | 7,045,200) | 8,003,200) |
| Dec 31, 2017 | 3,431,800) | 12,273,700) | 7,322,700) | 7,618,500) |
| Dec 31, 2016 | 3,019,400) | 11,359,300) | 6,687,000) | 6,901,100) |
| Dec 31, 2015 | 4,764,400) | 11,661,300) | 6,465,500) | 6,909,900) |
| Dec 31, 2014 | 4,386,600) | 12,084,600) | 6,569,400) | 7,315,900) |
| Dec 31, 2013 | 3,488,700) | 12,227,100) | 6,904,500) | 7,344,300) |
| Dec 31, 2012 | 3,052,700) | 11,412,200) | 6,541,900) | 6,077,000) |
| Dec 31, 2011 | 3,166,300) | —) | 7,636,200) | 5,666,700) |
| Dec 31, 2010 | 1,324,800) | —) | 845,600) | 2,129,200) |
| Dec 31, 2009 | 1,250,200) | —) | 967,300) | 2,000,900) |
| Dec 31, 2008 | 1,441,900) | —) | 1,138,200) | 1,571,600) |
| Dec 31, 2007 | 1,518,300) | —) | 1,003,400) | 1,935,700) |
| Dec 31, 2006 | 1,502,730) | —) | 1,066,036) | 1,680,230) |
| Dec 31, 2005 | 1,119,357) | —) | 746,301) | 1,649,210) |
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).
The financial trajectory from 2005 to 2021 is characterized by a fundamental shift in capital structure occurring around 2011, followed by a period of relative stability and a notable volatility event in 2020.
- Liability and Debt Trends
- A significant escalation in total debt is observed between 2010 and 2011, where the balance increased from 845,600 thousand US$ to 7,636,200 thousand US$. Following this surge, total debt remained relatively stable, fluctuating between 6,354,100 thousand US$ and 7,322,700 thousand US$ through 2020, before rising to a period high of 8,758,200 thousand US$ in 2021. Current liabilities followed a similar upward trajectory, peaking in 2014 at 4,386,600 thousand US$ before stabilizing in the 3.0 to 3.6 billion US$ range.
- Shareholders' Equity Evolution
- Shareholders' equity exhibited steady growth from 2005 (1,649,210 thousand US$) through 2010 (2,129,200 thousand US$), with a substantial jump in 2011 to 5,666,700 thousand US$. This growth trend continued until 2019, reaching a peak of 8,685,300 thousand US$. However, a sharp contraction occurred in 2020, with equity falling to 6,166,500 thousand US$, followed by a partial recovery to 7,224,200 thousand US$ by the end of 2021.
- Capital Structure Analysis
- The data indicates two distinct financial eras. From 2005 to 2010, the organization operated with low absolute debt and equity levels. Starting in 2011, there was a simultaneous and massive increase in both debt and equity, suggesting a major recapitalization or strategic expansion. Total liabilities remained consistent between 11.3 billion and 12.3 billion US$ from 2012 to 2020, indicating a controlled leverage strategy until the increase to 13,953,300 thousand US$ in 2021.
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Cash Flow Statement
Ecolab Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Cash provided by operating activities | Cash used for investing activities | Cash provided by (used for) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 2,061,900) | (4,579,700) | 1,603,200) |
| Dec 31, 2020 | 1,741,800) | (857,700) | (340,200) |
| Dec 31, 2019 | 2,420,700) | (1,199,100) | (1,349,600) |
| Dec 31, 2018 | 2,277,700) | (1,030,000) | (1,172,700) |
| Dec 31, 2017 | 2,091,300) | (1,673,200) | (522,700) |
| Dec 31, 2016 | 1,939,700) | (829,500) | (868,200) |
| Dec 31, 2015 | 1,999,800) | (915,800) | (1,150,900) |
| Dec 31, 2014 | 1,815,600) | (848,300) | (1,071,000) |
| Dec 31, 2013 | 1,559,800) | (2,087,700) | (292,600) |
| Dec 31, 2012 | 1,203,000) | (487,900) | (1,393,600) |
| Dec 31, 2011 | 685,500) | (2,024,300) | 2,933,800) |
| Dec 31, 2010 | 950,400) | (303,600) | (462,200) |
| Dec 31, 2009 | 695,000) | (299,300) | (397,800) |
| Dec 31, 2008 | 753,200) | (580,700) | (235,600) |
| Dec 31, 2007 | 797,600) | (663,700) | (482,400) |
| Dec 31, 2006 | 627,564) | (233,984) | (16,361) |
| Dec 31, 2005 | 590,136) | (409,112) | (146,028) |
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).
Analysis of the cash flow trends from 2005 to 2021 reveals a consistent growth trajectory in operational efficiency, punctuated by periods of significant capital expenditure and strategic financing.
- Operating Cash Flow Trends
- Cash provided by operating activities exhibited a strong long-term upward trend, increasing from 590,136 thousand US$ in 2005 to a peak of 2,420,700 thousand US$ in 2019. While the growth was generally steady, a notable contraction occurred in 2011, followed by a period of aggressive expansion between 2012 and 2019. A temporary decline was observed in 2020, coinciding with global economic disruptions, but a recovery to 2,061,900 thousand US$ was recorded by the end of 2021.
- Investment Activity Patterns
- Investing activities remained consistently negative throughout the period, indicating continuous outflows for capital expenditures or acquisitions. The spending pattern is characterized by intermittent spikes of high-intensity investment. Significant outflows were recorded in 2011 (2,024,300 thousand US$), 2013 (2,087,700 thousand US$), and 2017 (1,673,200 thousand US$). The most substantial investment occurred in 2021, with cash used for investing activities reaching 4,579,700 thousand US$, representing the highest outflow in the observed timeframe.
- Financing Activity and Capital Structure
- Financing activities were predominantly negative for the majority of the period, suggesting a trend of debt repayment, dividend distributions, or share repurchases. However, two distinct periods of significant external financing are evident. In 2011, a substantial cash inflow of 2,933,800 thousand US$ was recorded, which appears to have funded the corresponding spike in investing activities that year. Similarly, in 2021, a cash inflow of 1,603,200 thousand US$ was observed, providing partial funding for the massive increase in investment outflows.
- Integrated Cash Flow Dynamics
- The relationship between the three cash flow components indicates a mature business model where operational cash flows typically cover annual expenditures. During years of exceptional investment, such as 2011 and 2021, the company shifted from a self-funding model to utilizing external financing to support large-scale capital allocations. The ability to maintain operating cash flows above 2 billion US$ in the latter part of the decade demonstrates increased capacity for both internal reinvestment and shareholder returns.
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Per Share Data
Ecolab Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | 3.95 | 3.91 | 1.95 |
| Dec 31, 2020 | -4.20 | -4.15 | 1.89 |
| Dec 31, 2019 | 5.41 | 5.33 | 1.85 |
| Dec 31, 2018 | 4.95 | 4.88 | 1.69 |
| Dec 31, 2017 | 5.21 | 5.13 | 1.52 |
| Dec 31, 2016 | 4.20 | 4.14 | 1.42 |
| Dec 31, 2015 | 3.38 | 3.32 | 1.34 |
| Dec 31, 2014 | 4.01 | 3.93 | 1.16 |
| Dec 31, 2013 | 3.23 | 3.16 | 0.97 |
| Dec 31, 2012 | 2.41 | 2.35 | 0.83 |
| Dec 31, 2011 | 1.95 | 1.91 | 0.73 |
| Dec 31, 2010 | 2.27 | 2.23 | 0.64 |
| Dec 31, 2009 | 1.76 | 1.74 | 0.58 |
| Dec 31, 2008 | 1.83 | 1.80 | 0.53 |
| Dec 31, 2007 | 1.73 | 1.70 | 0.48 |
| Dec 31, 2006 | 1.46 | 1.43 | 0.42 |
| Dec 31, 2005 | 1.25 | 1.23 | 0.36 |
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, 2, 3 Data adjusted for splits and stock dividends.
The per share financial data from 2005 to 2021 demonstrates a long-term trajectory of growth in both profitability and shareholder distributions, interrupted by a significant negative event in 2020 followed by a partial recovery in 2021.
- Earnings Per Share (EPS) Performance
- Basic earnings per share exhibited a general upward trend for the majority of the period, rising from 1.25 US$ in 2005 to a peak of 5.41 US$ in 2019. While this growth was not linear—experiencing minor contractions in 2009, 2011, 2015, and 2018—the overall trend remained positive for 14 years. A severe reversal occurred in 2020, where basic EPS fell to -4.20 US$, representing a substantial loss. By 2021, profitability returned to positive territory with a basic EPS of 3.95 US$, although this remained below the 2019 peak.
- Dividend Growth and Stability
- Dividend per share demonstrated consistent and uninterrupted annual growth throughout the entire 16-year period. Starting at 0.36 US$ in 2005, dividends increased every year to reach 1.95 US$ by 2021. Notably, the dividend payment remained resilient and continued to increase even during the 2020 fiscal year when earnings per share were sharply negative, indicating a corporate policy of maintaining shareholder returns regardless of short-term earnings volatility.
- Dilution Impact
- A comparison between basic and diluted earnings per share reveals a minimal variance across all reporting years. Diluted EPS consistently tracked basic EPS closely, with the gap remaining narrow even during periods of high growth or significant loss. This suggests that the impact of potentially dilutive securities, such as stock options or convertible bonds, has remained limited and has not significantly eroded the value per share for common stockholders.
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