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Arphra AIPlain-English read on Ecolab Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $12.73B | $14.19B | $15.32B | $15.74B | $16.08B | $17.73B | $18.93B | $19.96B |
| Cost of revenue | $7.51B | $8.77B | $9.14B | $8.9B | $8.92B | $9.97B | $11.14B | $11.61B |
| Gross profit | $5.22B | $5.42B | $6.18B | $6.84B | $7.16B | $7.58B | $7.97B | $8.34B |
| Gross margin | +41.01% | +38.20% | +40.32% | +43.47% | +44.51% | +42.78% | +42.11% | +41.76% |
| Operating | ||||||||
| Research & development | $186M | $190M | $192M | $207M | $0 | $152.25M | $157.99M | $173.11M |
| Selling, general & administrative | $3.35B | $3.62B | $3.82B | $4.02B | $4.26B | $4.52B | $4.96B | $5.15B |
| Total operating expenses | $3.54B | $3.81B | $4.02B | $4.23B | $4.25B | $4.74B | $5.03B | $5.2B |
| Operating income | $1.68B | $1.61B | $2.16B | $2.61B | $2.91B | $2.93B | $3B | $3.2B |
| Operating margin | +13.23% | +11.34% | +14.10% | +16.60% | +18.11% | +16.53% | +15.82% | +16.02% |
| EBITDA | $2.47B | $2.55B | $3.03B | $3.85B | $3.46B | $3.83B | $4.15B | $4.48B |
| EBIT | $1.63B | $1.61B | $2.11B | $2.91B | $2.79B | $2.88B | $3.05B | $3.23B |
| Below the line | ||||||||
| Interest expense | $216.2M | $263.7M | $354.7M | $338.4M | $241.1M | $358.51M | $365.79M | $395.76M |
| Interest income | $12.3M | $8.5M | $52.2M | $57.8M | $0 | $41.28M | $45.73M | $46.31M |
| Other income / expense | -$270.3M | -$266.1M | -$405.2M | -$41.2M | -$364.7M | — | — | — |
| Pre-tax income | $1.41B | $1.34B | $1.76B | $2.57B | $2.55B | $2.51B | $2.81B | $2.83B |
| Income tax expense | $270.2M | $234.5M | $362.5M | $439.3M | $454.6M | $478.79M | $498.23M | $528.87M |
| Earnings | ||||||||
| Net income | $1.13B | $1.09B | $1.37B | $2.11B | $2.08B | $2.14B | $2.19B | $2.3B |
| Net income · continuing ops | $1.14B | $1.11B | $1.39B | $2.13B | $2.09B | $2.05B | $2.28B | $2.38B |
| Net margin | +8.87% | +7.69% | +8.96% | +13.42% | +12.91% | +12.09% | +11.56% | +11.50% |
| EPS · basic | $3.95 | $3.83 | $4.82 | $7.43 | $7.33 | $8.28 | $9.67 | $11.00 |
| EPS · diluted | $3.91 | $3.81 | $4.79 | $7.37 | $7.28 | $8.32 | $9.53 | $10.80 |
| EPS · low estimate | — | — | — | — | — | $8.06 | $9.41 | $10.36 |
| EPS · high estimate | — | — | — | — | — | $8.40 | $9.66 | $11.05 |
| Shares · basic | 286.3M | 285.2M | 285M | 284.3M | 283.3M | 283.96M | 281.97M | 281.19M |
| Shares · diluted | 289.1M | 286.6M | 286.5M | 286.6M | 285.2M | 283.33M | 285.77M | 286.88M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 12 | 12 | 8 |
| Analysts (EPS) | — | — | — | — | — | 12 | 13 | 5 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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