Stock Analysis on Net
Stock Analysis on Net
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Ecolab Inc. (NYSE:ECL)

Price to FCFE (P/FCFE)

Intermediate level

Free Cash Flow to Equity (FCFE)

Ecolab Inc., FCFE calculation

US$ in thousands

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12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Net income (loss) attributable to Ecolab (1,205,100) 1,558,900  1,429,100  1,508,400  1,229,600 
Net income attributable to noncontrolling interest 17,400  17,300  11,200  14,000  17,500 
Net noncash charges 3,138,700  923,900  1,157,200  529,200  663,600 
Changes in operating assets and liabilities, net of effect of acquisitions (209,200) (79,400) (319,800) 39,700  29,000 
Cash provided by operating activities 1,741,800  2,420,700  2,277,700  2,091,300  1,939,700 
Capital expenditures (489,000) (800,600) (847,100) (868,600) (756,800)
Net issuances (repayments) of commercial paper and notes payable (65,500) (252,000) 341,800  (43,700) (606,400)
Long-term debt borrowings 1,855,900  —  —  1,309,400  2,390,000 
Long-term debt repayments (1,570,000) (400,600) (551,600) (799,000) (1,569,600)
Debt refinancing (77,100) —  —  —  — 
Free cash flow to equity (FCFE) 1,396,100  967,500  1,220,800  1,689,400  1,396,900 

Based on: 10-K (filing date: 2021-02-26), 10-K (filing date: 2020-02-28), 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Ecolab Inc.’s 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.’s FCFE decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Price to FCFE Ratio, Current

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

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No. shares of common stock outstanding 285,937,396
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 1,396,100 
FCFE per share 4.88
Current share price (P) 224.96
Valuation Ratio
P/FCFE 46.07
Benchmarks
P/FCFE, Competitors1
Air Products & Chemicals Inc. 12.51
Linde plc 29.31
P/FCFE, Sector
Chemicals 23.97
P/FCFE, Industry
Basic Materials 22.30

Based on: 10-K (filing date: 2021-02-26).

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.


Price to FCFE Ratio, Historical

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

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
No. shares of common stock outstanding1 285,849,956 288,166,440 287,853,232 288,858,441 291,718,512
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 1,396,100  967,500  1,220,800  1,689,400  1,396,900 
FCFE per share3 4.88 3.36 4.24 5.85 4.79
Share price1, 4 209.36 180.45 170.16 130.84 125.50
Valuation Ratio
P/FCFE5 42.87 53.75 40.12 22.37 26.21
Benchmarks
P/FCFE, Competitors6
Air Products & Chemicals Inc. 11.51 93.01 70.65 164.43 15.41
Linde plc 24.61 89.72 44.84 20.61
P/FCFE, Sector
Chemicals 21.05 77.51 311.62 40.53 20.13
P/FCFE, Industry
Basic Materials 19.44 86.39 143.73 36.13 26.90

Based on: 10-K (filing date: 2021-02-26), 10-K (filing date: 2020-02-28), 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2020 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,396,100,000 ÷ 285,849,956 = 4.88

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

5 2020 Calculation
P/FCFE = Share price ÷ FCFE per share
= 209.36 ÷ 4.88 = 42.87

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Ecolab Inc.’s P/FCFE ratio increased from 2018 to 2019 but then slightly decreased from 2019 to 2020 not reaching 2018 level.