Ecolab Inc., current enterprise value calculation

Current share price (P)	$180.30
No. shares of common stock outstanding	286,751,531
US$ in thousands
Common equity (market value)¹	51,701,301)
Add: Noncontrolling interest (per books)	28,900)
Total equity	51,730,201)
Add: Short-term debt (per books)	411,000)
Add: Long-term debt, excluding current maturities (per books)	8,347,200)
Total equity and debt	60,488,401)
Less: Cash and cash equivalents	359,900)
Enterprise value (EV)	60,128,501)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 180.30 × 286,751,531

Ecolab Inc., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$180.30	$209.36	$180.45	$170.16	$130.84
No. shares of common stock outstanding¹	286,751,531	285,849,956	288,166,440	287,853,232	288,858,441
US$ in thousands
Common equity (market value)³	51,701,301)	59,845,547)	51,999,634)	48,981,106)	37,794,238)
Add: Noncontrolling interest (book value)	28,900)	35,000)	40,500)	50,400)	70,200)
Total equity	51,730,201)	59,880,547)	52,040,134)	49,031,506)	37,864,438)
Add: Short-term debt (book value)	411,000)	17,300)	380,600)	743,600)	564,400)
Add: Long-term debt, excluding current maturities (book value)	8,347,200)	6,669,300)	5,973,500)	6,301,600)	6,758,300)
Total equity and debt	60,488,401)	66,567,147)	58,394,234)	56,076,706)	45,187,138)
Less: Cash and cash equivalents	359,900)	1,260,200)	186,400)	114,700)	211,400)
Enterprise value (EV)	60,128,501)	65,306,947)	58,207,834)	55,962,006)	44,975,738)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Ecolab Inc. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 180.30 × 286,751,531

Ecolab Inc. (NYSE:ECL)

Enterprise Value (EV)