Enterprise Value to EBITDA (EV/EBITDA)

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

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

Ecolab Inc., EBITDA calculation

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income (loss) attributable to Ecolab	1,129,900)	(1,205,100)	1,558,900)	1,429,100)	1,508,400)
Add: Net income attributable to noncontrolling interest	14,100)	17,400)	17,300)	11,200)	14,000)
Less: Net loss from discontinued operations, net of tax	—)	(2,172,500)	—)	—)	—)
Add: Income tax expense	270,200)	176,600)	322,700)	364,300)	242,400)
Earnings before tax (EBT)	1,414,200)	1,161,400)	1,898,900)	1,804,600)	1,764,800)
Add: Interest expense	230,600)	304,800)	215,300)	237,200)	274,600)
Earnings before interest and tax (EBIT)	1,644,800)	1,466,200)	2,114,200)	2,041,800)	2,039,400)
Add: Depreciation	604,400)	594,300)	654,100)	621,300)	585,700)
Add: Amortization	238,700)	218,400)	319,200)	317,000)	307,600)
Earnings before interest, tax, depreciation and amortization (EBITDA)	2,487,900)	2,278,900)	3,087,500)	2,980,100)	2,932,700)

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).

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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.	Ecolab Inc. EBITDA decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.

Enterprise Value to EBITDA Ratio, Current

Ecolab Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	60,128,502)
Earnings before interest, tax, depreciation and amortization (EBITDA)	2,487,900)
Valuation Ratio
EV/EBITDA	24.17
Benchmarks
EV/EBITDA, Competitors¹
Linde plc	18.60
EV/EBITDA, Industry
Materials	14.89

Based on: 10-K (reporting date: 2021-12-31).

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.

Enterprise Value to EBITDA Ratio, Historical

Ecolab Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	60,128,501)	65,306,947)	58,207,834)	55,962,006)	44,975,738)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	2,487,900)	2,278,900)	3,087,500)	2,980,100)	2,932,700)
Valuation Ratio
EV/EBITDA³	24.17	28.66	18.85	18.78	15.34
Benchmarks
EV/EBITDA, Competitors⁴
Linde plc	16.23	17.70	15.17	—	—
EV/EBITDA, Industry
Materials	12.02	14.14	12.12	—	—

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).

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² See details »

³ 2021 Calculation
EV/EBITDA = EV ÷ EBITDA
= 60,128,501 ÷ 2,487,900 = 24.17

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.	Ecolab Inc. EV/EBITDA ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Ecolab Inc. (NYSE:ECL)

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