Stock Analysis on Net

Ecolab Inc. (NYSE:ECL)

This company has been moved to the archive! The financial data has not been updated since February 25, 2022.

Enterprise Value to FCFF (EV/FCFF)

Microsoft Excel

Free Cash Flow to The Firm (FCFF)

Ecolab Inc., FCFF calculation

US$ in thousands

Microsoft Excel
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
Net income attributable to noncontrolling interest 14,100 17,400 17,300 11,200 14,000
Net noncash charges 917,300 3,138,700 923,900 1,157,200 529,200
Changes in operating assets and liabilities, net of effect of acquisitions 600 (209,200) (79,400) (319,800) 39,700
Cash provided by operating activities 2,061,900 1,741,800 2,420,700 2,277,700 2,091,300
Net interest paid, net of tax1 168,838 222,600 157,202 163,469 162,963
Capital expenditures (643,000) (489,000) (800,600) (847,100) (868,600)
Free cash flow to the firm (FCFF) 1,587,738 1,475,400 1,777,302 1,594,069 1,385,663

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).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Ecolab Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Ecolab Inc. FCFF decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.

Interest Paid, Net of Tax

Ecolab Inc., interest paid, net of tax calculation

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Effective Income Tax Rate (EITR)
EITR1 19.10% 15.20% 17.00% 20.80% 31.90%
Interest Paid, Net of Tax
Net interest paid, before tax 208,700 262,500 189,400 206,400 239,300
Less: Net interest paid, tax2 39,862 39,900 32,198 42,931 76,337
Net interest paid, net of tax 168,838 222,600 157,202 163,469 162,963

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 See details »

2 2021 Calculation
Net interest paid, tax = Net interest paid × EITR
= 208,700 × 19.10% = 39,862


Enterprise Value to FCFF Ratio, Current

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

Microsoft Excel
Selected Financial Data (US$ in thousands)
Enterprise value (EV) 60,128,502
Free cash flow to the firm (FCFF) 1,587,738
Valuation Ratio
EV/FCFF 37.87
Benchmarks
EV/FCFF, Competitors1
Linde plc 40.53
EV/FCFF, Industry
Materials 22.78

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

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

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

Microsoft Excel
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
Free cash flow to the firm (FCFF)2 1,587,738 1,475,400 1,777,302 1,594,069 1,385,663
Valuation Ratio
EV/FCFF3 37.87 44.26 32.75 35.11 32.46
Benchmarks
EV/FCFF, Competitors4
Linde plc 23.60 34.03 44.72
EV/FCFF, Industry
Materials 18.50 26.84 67.95

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 See details »

2 See details »

3 2021 Calculation
EV/FCFF = EV ÷ FCFF
= 60,128,501 ÷ 1,587,738 = 37.87

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Ecolab Inc. EV/FCFF ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.