Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Mosaic Co., EBITDA calculation

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net earnings (loss) attributable to Mosaic	1,630,600)	666,100)	(1,067,400)	470,000)	(107,200)
Add: Net income attributable to noncontrolling interest	4,300)	(500)	(23,400)	(100)	3,000)
Add: Income tax expense	597,700)	(578,500)	(224,700)	77,100)	494,900)
Earnings before tax (EBT)	2,232,600)	87,100)	(1,315,500)	547,000)	390,700)
Add: Interest expense	194,300)	214,100)	216,000)	215,800)	171,300)
Earnings before interest and tax (EBIT)	2,426,900)	301,200)	(1,099,500)	762,800)	562,000)
Add: Depreciation, depletion and amortization	812,900)	847,600)	882,700)	883,900)	665,500)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,239,800)	1,148,800)	(216,800)	1,646,700)	1,227,500)

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
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Mosaic Co. EBITDA increased from 2019 to 2020 and from 2020 to 2021.

Enterprise Value to EBITDA Ratio, Current

Mosaic Co., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	22,430,053)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,239,800)
Valuation Ratio
EV/EBITDA	6.92
Benchmarks
EV/EBITDA, Competitors¹
Linde plc	18.82
Sherwin-Williams Co.	24.01
EV/EBITDA, Sector
Chemicals	25.07
EV/EBITDA, Industry
Materials	16.75

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

¹ Click competitor name to see calculations.

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

Enterprise Value to EBITDA Ratio, Historical

Mosaic Co., historical EV/EBITDA calculation, comparison to benchmarks

	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	21,047,779)	16,076,972)	12,013,679)	15,543,777)	14,060,312)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	3,239,800)	1,148,800)	(216,800)	1,646,700)	1,227,500)
Valuation Ratio
EV/EBITDA³	6.50	13.99	—	9.44	11.45
Benchmarks
EV/EBITDA, Competitors⁴
Linde plc	16.23	17.70	15.17	—	—
Sherwin-Williams Co.	25.04	21.01	21.13	—	—
EV/EBITDA, Sector
Chemicals	18.35	18.67	—	—	—
EV/EBITDA, Industry
Materials	13.46	17.97	—	—	—