Ecolab Inc., FCFE 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)
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)
Capital expenditures	(643,000)	(489,000)	(800,600)	(847,100)	(868,600)
Net issuances (repayments) of commercial paper and notes payable	393,600)	(65,500)	(252,000)	341,800)	(43,700)
Long-term debt borrowings	2,775,000)	1,855,900)	—)	—)	1,309,400)
Long-term debt repayments	(1,017,900)	(1,570,000)	(400,600)	(551,600)	(799,000)
Debt refinancing	(29,400)	(77,100)	—)	—)	—)
Free cash flow to equity (FCFE)	3,540,200)	1,396,100)	967,500)	1,220,800)	1,689,400)

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
FCFE	Free cash flow to equity is the cash flow available to Ecolab Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Ecolab Inc. FCFE increased from 2019 to 2020 and from 2020 to 2021.

Ecolab Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	286,751,531
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	3,540,200)
FCFE per share	12.35
Current share price (P)	180.30
Valuation Ratio
P/FCFE	14.60
Benchmarks
P/FCFE, Competitors¹
Linde plc	32.68
P/FCFE, Industry
Materials	24.34

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

¹ Click competitor name to see calculations.

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

Ecolab Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	286,751,531	285,849,956	288,166,440	287,853,232	288,858,441
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	3,540,200)	1,396,100)	967,500)	1,220,800)	1,689,400)
FCFE per share³	12.35	4.88	3.36	4.24	5.85
Share price^1, 4	180.30	209.36	180.45	170.16	130.84
Valuation Ratio
P/FCFE⁵	14.60	42.87	53.75	40.12	22.37
Benchmarks
P/FCFE, Competitors⁶
Linde plc	24.31	24.61	89.72	—	—
P/FCFE, Industry
Materials	19.49	23.59	—	—	—

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 Data adjusted for splits and stock dividends.

² See details »

³ 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,540,200,000 ÷ 286,751,531 = 12.35

⁴ Closing price as at the filing date of Ecolab Inc. Annual Report.

⁵ 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 180.30 ÷ 12.35 = 14.60

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Ecolab Inc. P/FCFE ratio decreased from 2019 to 2020 and from 2020 to 2021.

Ecolab Inc. (NYSE:ECL)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical