Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Ecolab Inc., adjusted financial ratios

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Activity Ratio
Total Asset Turnover
Reported	0.60	0.65	0.71	0.73	0.69
Adjusted	0.60	0.65	0.72	0.71	0.68
Liquidity Ratio
Current Ratio
Reported	1.32	1.75	1.33	1.27	1.34
Adjusted	1.38	1.84	1.39	1.31	1.36
Solvency Ratios
Debt to Equity
Reported	1.21	1.08	0.73	0.88	0.96
Adjusted	1.15	1.06	0.73	0.86	0.95
Debt to Capital
Reported	0.55	0.52	0.42	0.47	0.49
Adjusted	0.53	0.51	0.42	0.46	0.49
Financial Leverage
Reported	2.94	2.94	2.40	2.51	2.62
Adjusted	2.67	2.69	2.19	2.33	2.46
Profitability Ratios
Net Profit Margin
Reported	8.87%	-10.22%	10.46%	9.74%	10.90%
Adjusted	11.94%	9.04%	8.70%	9.96%	9.15%
Return on Equity (ROE)
Reported	15.64%	-19.54%	17.95%	17.86%	19.80%
Adjusted	19.08%	15.89%	13.69%	16.50%	15.23%
Return on Assets (ROA)
Reported	5.33%	-6.65%	7.47%	7.12%	7.56%
Adjusted	7.15%	5.91%	6.24%	7.09%	6.19%

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).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Ecolab Inc. adjusted total asset turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Ecolab Inc. adjusted current ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Ecolab Inc. adjusted debt-to-equity ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Ecolab Inc. adjusted debt-to-capital ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Ecolab Inc. adjusted financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Ecolab Inc. adjusted net profit margin ratio improved from 2019 to 2020 and from 2020 to 2021.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Ecolab Inc. adjusted ROE improved from 2019 to 2020 and from 2020 to 2021.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Ecolab Inc. adjusted ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Ecolab Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Net sales	12,733,100)	11,790,200)	14,906,300)	14,668,200)	13,838,300)
Total assets	21,206,400)	18,126,000)	20,869,100)	20,074,500)	19,962,400)
Activity Ratio
Total asset turnover¹	0.60	0.65	0.71	0.73	0.69
Adjusted
Selected Financial Data (US$ in thousands)
Net sales	12,733,100)	11,790,200)	14,906,300)	14,668,200)	13,838,300)
Adjusted total assets²	21,253,500)	18,046,800)	20,766,200)	20,600,802)	20,451,778)
Activity Ratio
Adjusted total asset turnover³	0.60	0.65	0.72	0.71	0.68

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).

¹ 2021 Calculation
Total asset turnover = Net sales ÷ Total assets
= 12,733,100 ÷ 21,206,400 = 0.60

² Adjusted total assets. See details »

³ 2021 Calculation
Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 12,733,100 ÷ 21,253,500 = 0.60

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Ecolab Inc. adjusted total asset turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Current assets	4,687,100)	5,117,400)	4,828,400)	4,677,700)	4,596,400)
Current liabilities	3,553,200)	2,932,200)	3,630,600)	3,685,600)	3,431,800)
Liquidity Ratio
Current ratio¹	1.32	1.75	1.33	1.27	1.34
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets²	4,854,800)	5,201,400)	4,881,100)	4,734,400)	4,635,000)
Adjusted current liabilities³	3,514,100)	2,834,100)	3,523,500)	3,611,900)	3,395,800)
Liquidity Ratio
Adjusted current ratio⁴	1.38	1.84	1.39	1.31	1.36

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).

¹ 2021 Calculation
Current ratio = Current assets ÷ Current liabilities
= 4,687,100 ÷ 3,553,200 = 1.32

² Adjusted current assets. See details »

³ Adjusted current liabilities. See details »

⁴ 2021 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 4,854,800 ÷ 3,514,100 = 1.38

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Ecolab Inc. adjusted current ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Total debt	8,758,200)	6,686,600)	6,354,100)	7,045,200)	7,322,700)
Total Ecolab shareholders’ equity	7,224,200)	6,166,500)	8,685,300)	8,003,200)	7,618,500)
Solvency Ratio
Debt to equity¹	1.21	1.08	0.73	0.88	0.96
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	9,155,900)	7,112,700)	6,932,500)	7,619,902)	7,875,678)
Adjusted total equity³	7,964,600)	6,708,600)	9,475,000)	8,848,600)	8,309,300)
Solvency Ratio
Adjusted debt to equity⁴	1.15	1.06	0.73	0.86	0.95

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).

¹ 2021 Calculation
Debt to equity = Total debt ÷ Total Ecolab shareholders’ equity
= 8,758,200 ÷ 7,224,200 = 1.21

² Adjusted total debt. See details »

³ Adjusted total equity. See details »

⁴ 2021 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 9,155,900 ÷ 7,964,600 = 1.15

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Ecolab Inc. adjusted debt-to-equity ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Total debt	8,758,200)	6,686,600)	6,354,100)	7,045,200)	7,322,700)
Total capital	15,982,400)	12,853,100)	15,039,400)	15,048,400)	14,941,200)
Solvency Ratio
Debt to capital¹	0.55	0.52	0.42	0.47	0.49
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	9,155,900)	7,112,700)	6,932,500)	7,619,902)	7,875,678)
Adjusted total capital³	17,120,500)	13,821,300)	16,407,500)	16,468,502)	16,184,978)
Solvency Ratio
Adjusted debt to capital⁴	0.53	0.51	0.42	0.46	0.49

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).

¹ 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 8,758,200 ÷ 15,982,400 = 0.55

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2021 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 9,155,900 ÷ 17,120,500 = 0.53

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Ecolab Inc. adjusted debt-to-capital ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Total assets	21,206,400)	18,126,000)	20,869,100)	20,074,500)	19,962,400)
Total Ecolab shareholders’ equity	7,224,200)	6,166,500)	8,685,300)	8,003,200)	7,618,500)
Solvency Ratio
Financial leverage¹	2.94	2.94	2.40	2.51	2.62
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets²	21,253,500)	18,046,800)	20,766,200)	20,600,802)	20,451,778)
Adjusted total equity³	7,964,600)	6,708,600)	9,475,000)	8,848,600)	8,309,300)
Solvency Ratio
Adjusted financial leverage⁴	2.67	2.69	2.19	2.33	2.46

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).

¹ 2021 Calculation
Financial leverage = Total assets ÷ Total Ecolab shareholders’ equity
= 21,206,400 ÷ 7,224,200 = 2.94

² Adjusted total assets. See details »

³ Adjusted total equity. See details »

⁴ 2021 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 21,253,500 ÷ 7,964,600 = 2.67

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Ecolab Inc. adjusted financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to Ecolab	1,129,900)	(1,205,100)	1,558,900)	1,429,100)	1,508,400)
Net sales	12,733,100)	11,790,200)	14,906,300)	14,668,200)	13,838,300)
Profitability Ratio
Net profit margin¹	8.87%	-10.22%	10.46%	9.74%	10.90%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) including noncontrolling interest²	1,520,000)	1,066,200)	1,296,800)	1,460,300)	1,265,800)
Net sales	12,733,100)	11,790,200)	14,906,300)	14,668,200)	13,838,300)
Profitability Ratio
Adjusted net profit margin³	11.94%	9.04%	8.70%	9.96%	9.15%

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).

¹ 2021 Calculation
Net profit margin = 100 × Net income (loss) attributable to Ecolab ÷ Net sales
= 100 × 1,129,900 ÷ 12,733,100 = 8.87%

² Adjusted net income (loss) including noncontrolling interest. See details »

³ 2021 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) including noncontrolling interest ÷ Net sales
= 100 × 1,520,000 ÷ 12,733,100 = 11.94%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Ecolab Inc. adjusted net profit margin ratio improved from 2019 to 2020 and from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to Ecolab	1,129,900)	(1,205,100)	1,558,900)	1,429,100)	1,508,400)
Total Ecolab shareholders’ equity	7,224,200)	6,166,500)	8,685,300)	8,003,200)	7,618,500)
Profitability Ratio
ROE¹	15.64%	-19.54%	17.95%	17.86%	19.80%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) including noncontrolling interest²	1,520,000)	1,066,200)	1,296,800)	1,460,300)	1,265,800)
Adjusted total equity³	7,964,600)	6,708,600)	9,475,000)	8,848,600)	8,309,300)
Profitability Ratio
Adjusted ROE⁴	19.08%	15.89%	13.69%	16.50%	15.23%

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).

¹ 2021 Calculation
ROE = 100 × Net income (loss) attributable to Ecolab ÷ Total Ecolab shareholders’ equity
= 100 × 1,129,900 ÷ 7,224,200 = 15.64%

² Adjusted net income (loss) including noncontrolling interest. See details »

³ Adjusted total equity. See details »

⁴ 2021 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) including noncontrolling interest ÷ Adjusted total equity
= 100 × 1,520,000 ÷ 7,964,600 = 19.08%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Ecolab Inc. adjusted ROE improved from 2019 to 2020 and from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to Ecolab	1,129,900)	(1,205,100)	1,558,900)	1,429,100)	1,508,400)
Total assets	21,206,400)	18,126,000)	20,869,100)	20,074,500)	19,962,400)
Profitability Ratio
ROA¹	5.33%	-6.65%	7.47%	7.12%	7.56%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) including noncontrolling interest²	1,520,000)	1,066,200)	1,296,800)	1,460,300)	1,265,800)
Adjusted total assets³	21,253,500)	18,046,800)	20,766,200)	20,600,802)	20,451,778)
Profitability Ratio
Adjusted ROA⁴	7.15%	5.91%	6.24%	7.09%	6.19%

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).

¹ 2021 Calculation
ROA = 100 × Net income (loss) attributable to Ecolab ÷ Total assets
= 100 × 1,129,900 ÷ 21,206,400 = 5.33%

² Adjusted net income (loss) including noncontrolling interest. See details »

³ Adjusted total assets. See details »

⁴ 2021 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) including noncontrolling interest ÷ Adjusted total assets
= 100 × 1,520,000 ÷ 21,253,500 = 7.15%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Ecolab Inc. adjusted ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Ecolab Inc. (NYSE:ECL)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Ecolab Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)