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.

Analysis of Solvency Ratios

Microsoft Excel

Solvency Ratios (Summary)

Ecolab Inc., solvency ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Debt Ratios
Debt to equity 1.21 1.08 0.73 0.88 0.96
Debt to equity (including operating lease liability) 1.27 1.15 0.80 0.88 0.96
Debt to capital 0.55 0.52 0.42 0.47 0.49
Debt to capital (including operating lease liability) 0.56 0.54 0.44 0.47 0.49
Debt to assets 0.41 0.37 0.30 0.35 0.37
Debt to assets (including operating lease liability) 0.43 0.39 0.33 0.35 0.37
Financial leverage 2.94 2.94 2.40 2.51 2.62
Coverage Ratios
Interest coverage 7.13 4.81 9.82 8.61 7.43
Fixed charge coverage 4.45 3.38 5.37 5.04 4.44

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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Ecolab Inc. debt to equity ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Ecolab Inc. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Ecolab Inc. debt to capital ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Ecolab Inc. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Ecolab Inc. debt to assets ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Ecolab Inc. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Ecolab Inc. financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Ecolab Inc. interest coverage ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Ecolab Inc. fixed charge coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Debt to Equity

Ecolab Inc., debt to equity 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)
Short-term debt 411,000 17,300 380,600 743,600 564,400
Long-term debt, excluding current maturities 8,347,200 6,669,300 5,973,500 6,301,600 6,758,300
Total debt 8,758,200 6,686,600 6,354,100 7,045,200 7,322,700
 
Total Ecolab shareholders’ equity 7,224,200 6,166,500 8,685,300 8,003,200 7,618,500
Solvency Ratio
Debt to equity1 1.21 1.08 0.73 0.88 0.96
Benchmarks
Debt to Equity, Competitors2
Linde plc 0.33 0.34 0.28
Debt to Equity, Industry
Materials 0.41 0.45 0.41

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 2021 Calculation
Debt to equity = Total debt ÷ Total Ecolab shareholders’ equity
= 8,758,200 ÷ 7,224,200 = 1.21

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Ecolab Inc. debt to equity ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Debt to Equity (including Operating Lease Liability)

Ecolab Inc., debt to equity (including operating lease liability) 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)
Short-term debt 411,000 17,300 380,600 743,600 564,400
Long-term debt, excluding current maturities 8,347,200 6,669,300 5,973,500 6,301,600 6,758,300
Total debt 8,758,200 6,686,600 6,354,100 7,045,200 7,322,700
Current operating lease liabilities 115,100 125,600 153,200
Noncurrent operating lease liabilities 282,600 300,500 425,200
Total debt (including operating lease liability) 9,155,900 7,112,700 6,932,500 7,045,200 7,322,700
 
Total Ecolab shareholders’ equity 7,224,200 6,166,500 8,685,300 8,003,200 7,618,500
Solvency Ratio
Debt to equity (including operating lease liability)1 1.27 1.15 0.80 0.88 0.96
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Linde plc 0.35 0.36 0.30
Debt to Equity (including Operating Lease Liability), Industry
Materials 0.43 0.47 0.43

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 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Ecolab shareholders’ equity
= 9,155,900 ÷ 7,224,200 = 1.27

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Ecolab Inc. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.

Debt to Capital

Ecolab Inc., debt to capital 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)
Short-term debt 411,000 17,300 380,600 743,600 564,400
Long-term debt, excluding current maturities 8,347,200 6,669,300 5,973,500 6,301,600 6,758,300
Total debt 8,758,200 6,686,600 6,354,100 7,045,200 7,322,700
Total Ecolab shareholders’ equity 7,224,200 6,166,500 8,685,300 8,003,200 7,618,500
Total capital 15,982,400 12,853,100 15,039,400 15,048,400 14,941,200
Solvency Ratio
Debt to capital1 0.55 0.52 0.42 0.47 0.49
Benchmarks
Debt to Capital, Competitors2
Linde plc 0.25 0.26 0.22
Debt to Capital, Industry
Materials 0.29 0.31 0.29

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 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 8,758,200 ÷ 15,982,400 = 0.55

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Ecolab Inc. debt to capital ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Debt to Capital (including Operating Lease Liability)

Ecolab Inc., debt to capital (including operating lease liability) 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)
Short-term debt 411,000 17,300 380,600 743,600 564,400
Long-term debt, excluding current maturities 8,347,200 6,669,300 5,973,500 6,301,600 6,758,300
Total debt 8,758,200 6,686,600 6,354,100 7,045,200 7,322,700
Current operating lease liabilities 115,100 125,600 153,200
Noncurrent operating lease liabilities 282,600 300,500 425,200
Total debt (including operating lease liability) 9,155,900 7,112,700 6,932,500 7,045,200 7,322,700
Total Ecolab shareholders’ equity 7,224,200 6,166,500 8,685,300 8,003,200 7,618,500
Total capital (including operating lease liability) 16,380,100 13,279,200 15,617,800 15,048,400 14,941,200
Solvency Ratio
Debt to capital (including operating lease liability)1 0.56 0.54 0.44 0.47 0.49
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Linde plc 0.26 0.27 0.23
Debt to Capital (including Operating Lease Liability), Industry
Materials 0.30 0.32 0.30

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 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 9,155,900 ÷ 16,380,100 = 0.56

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Ecolab Inc. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.

Debt to Assets

Ecolab Inc., debt to assets 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)
Short-term debt 411,000 17,300 380,600 743,600 564,400
Long-term debt, excluding current maturities 8,347,200 6,669,300 5,973,500 6,301,600 6,758,300
Total debt 8,758,200 6,686,600 6,354,100 7,045,200 7,322,700
 
Total assets 21,206,400 18,126,000 20,869,100 20,074,500 19,962,400
Solvency Ratio
Debt to assets1 0.41 0.37 0.30 0.35 0.37
Benchmarks
Debt to Assets, Competitors2
Linde plc 0.18 0.18 0.16
Debt to Assets, Industry
Materials 0.18 0.20 0.19

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 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= 8,758,200 ÷ 21,206,400 = 0.41

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Ecolab Inc. debt to assets ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Debt to Assets (including Operating Lease Liability)

Ecolab Inc., debt to assets (including operating lease liability) 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)
Short-term debt 411,000 17,300 380,600 743,600 564,400
Long-term debt, excluding current maturities 8,347,200 6,669,300 5,973,500 6,301,600 6,758,300
Total debt 8,758,200 6,686,600 6,354,100 7,045,200 7,322,700
Current operating lease liabilities 115,100 125,600 153,200
Noncurrent operating lease liabilities 282,600 300,500 425,200
Total debt (including operating lease liability) 9,155,900 7,112,700 6,932,500 7,045,200 7,322,700
 
Total assets 21,206,400 18,126,000 20,869,100 20,074,500 19,962,400
Solvency Ratio
Debt to assets (including operating lease liability)1 0.43 0.39 0.33 0.35 0.37
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Linde plc 0.19 0.20 0.17
Debt to Assets (including Operating Lease Liability), Industry
Materials 0.19 0.21 0.20

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 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 9,155,900 ÷ 21,206,400 = 0.43

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Ecolab Inc. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.

Financial Leverage

Ecolab Inc., financial leverage 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)
Total assets 21,206,400 18,126,000 20,869,100 20,074,500 19,962,400
Total Ecolab shareholders’ equity 7,224,200 6,166,500 8,685,300 8,003,200 7,618,500
Solvency Ratio
Financial leverage1 2.94 2.94 2.40 2.51 2.62
Benchmarks
Financial Leverage, Competitors2
Linde plc 1.85 1.86 1.76
Financial Leverage, Industry
Materials 2.23 2.27 2.18

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 2021 Calculation
Financial leverage = Total assets ÷ Total Ecolab shareholders’ equity
= 21,206,400 ÷ 7,224,200 = 2.94

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Ecolab Inc. financial leverage ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Interest Coverage

Ecolab Inc., interest coverage 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)
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
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
Solvency Ratio
Interest coverage1 7.13 4.81 9.82 8.61 7.43
Benchmarks
Interest Coverage, Competitors2
Linde plc 45.60 21.41 21.27
Interest Coverage, Industry
Materials 18.92 7.87 5.36

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 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= 1,644,800 ÷ 230,600 = 7.13

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Ecolab Inc. interest coverage ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Fixed Charge Coverage

Ecolab Inc., fixed charge coverage 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)
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
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: Operating lease cost 179,400 183,800 219,400 210,000 239,000
Earnings before fixed charges and tax 1,824,200 1,650,000 2,333,600 2,251,800 2,278,400
 
Interest expense 230,600 304,800 215,300 237,200 274,600
Operating lease cost 179,400 183,800 219,400 210,000 239,000
Fixed charges 410,000 488,600 434,700 447,200 513,600
Solvency Ratio
Fixed charge coverage1 4.45 3.38 5.37 5.04 4.44
Benchmarks
Fixed Charge Coverage, Competitors2
Linde plc 13.02 7.79 6.92
Fixed Charge Coverage, Industry
Materials 12.30 5.31 3.65

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 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 1,824,200 ÷ 410,000 = 4.45

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Ecolab Inc. fixed charge coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.