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Organized PL+BS

Republic Services Inc (NYSE:RSG)
Unit: millions (USD)
INCOME STATEMENT 2018 2019 2020 2021 2022
Revenue 10040.9 10299.4 10153.6 11295.0 13511.3
Cost of Goods sold (COGS) 5035.9 5176 4941.7 5419.3 6663.1
Gross Profit 5005 5123.4 5211.9 5875.7 6848.2
Selling General & Amort Exp. 1059.5 1091.9 1053 1263.2 1529.3
Other Operating Expense/(Income) 80.7 81.9 82.9 82.7 89.6
EBITDA 3864.8 3949.6 4076 4529.8 5229.3
Depreciation & Amort. 2010.4 2026.3 2091.8 2297.2 2597.2
Amort. of Goodwill and Intangibles 137.1 136.6 142.9 116 143.5
EBIT 1717.3 1786.7 1841.3 2116.6 2488.6
Interest Expense -389.2 -392 -355.6 -314.6 -395.6
Interest and Invest. Income 1.6 6.4 5.2 2.5 3.3
Non-Operating Inc. (Exp.) 8.8 6.4 -30.4 -1.8 -1.2
Income/(Loss) from Affiliates -35.8 -112.2 -118.2 -188.5 -165.6
Unusual Expense 18.2 0.5 -199.6 -39.1 -98
EBT 1320.9 1295.8 1142.7 1575.1 1831.5
Income Tax Expense 283.3 222 173.1 282.8 343.9
Minority Int. in Earnings -0.7 -0.5 -2.4 -1.9 0
Net Income 1036.9 1073.3 967.2 1290.4 1487.6
Dividends -1198.7 -890.6 -621.3 -804.8 -796.4
Net to Retained Earnings -161.8 182.7 345.9 485.6 691.2
BALANCE SHEET 2018 2019 2020 2021 2022
ASSETS
Cash & Short-term Investments 70.5 50.7 38.2 29 143.4
Accounts Receivable 1102.7 1125.9 1091.3 1271.4 1677.2
Other Receivables 247.8 276.7 237 237 305.7
Inventory 53.1 56.8 59.1 72.2 96.6
Other Current Assets 90.3 95.9 96.2 101.2 134.2
Total Current Assets 1564.4 1606 1521.8 1710.8 2357.1
Gross Property, Plant & Equipment 16752 17900.2 18776.6 20037.3 22515.8
Accumulated Depreciation -8731.9 -9273.1 -9831.6 -10549.9 -11496.7
Net Property, Plant & Equipment 8020.1 8627.1 8945 9487.4 11019.1
Long-term Investments 85.8 101.4 219.2 147.3 387.2
Goodwill 11400.1 11633.4 12046.4 12826 14451.5
Other Intangibles 106.5 133.9 173.1 259.5 347.2
Other Long-Term Assets 440.1 582 528.5 524 490.8
Total Assets 21617 22683.8 23434 24955 29052.9
LIABILITIES
Accounts Payable 761.5 777.9 779 910 1221.8
Accrued Exp. 806.7 825.2 820.3 932 1055.6
Curr. Port. of LT Debt 690.7 996.3 201.6 46.4 513.9
Other Current Liabilities 121 129.2 135.5 145.9 156.4
Total Current Liabilities 2379.9 2728.6 1936.4 2034.3 2947.7
Long-Term Debt 7646.8 7994.1 9075.7 9835.9 11667.2
Pension & Other Post-Retire. Benefits 6 6.2 5.5 - -
Def. Tax Liability, Non-Curr. 1028.3 1180.6 1238.8 1229.5 1528.8
Other Non-Current Liabilities 2287.8 2317.4 2343.2 2494.3 2779.4
Total Liabilities 13687.5 14562.9 14945.2 15975.3 19366.1
Common Stock 3.5 3.5 3.2 3.2 3.2
Additional Paid In Capital 4924.9 4994.8 2741.4 2789.5 2843.2
Retained Earnings 4750.5 5317.3 5751.8 6475.6 7356.3
Treasury Stock -1782.6 -2199.6 -0.1 -274.8 -504.6
Comprehensive Inc. and Other 30.8 2.2 -12.4 -14.6 -12.1
Total Common Equity 7927.1 8118.2 8483.9 8978.9 9686
Minority Interest 2.4 2.7 4.9 0.8 0.8
Total Equity 7929.5 8120.9 8488.8 8979.7 9686.8
Total Liabilities And Equity 21617 22683.8 23434 24955 29052.9

Input

FMC Corporation (NYSE:FMC)
Proj Proj Proj Proj Proj
INCOME STATEMENT 2018.0 2019.0 2020.0 2021.0 2022.0 2023.0 2024.0 2025.0 2026.0 2027.0
Revenues 10040.9 10299.4 10153.6 11295.0 13511.3
Percent growth % NA 0.0 -0.0 0.1 0.2 8.97% 8.97% 8.97% 8.97% 8.97%
Revenues 10040.9 10299.4 10153.6 11295.0 13511.3 14723.3 16043.9 17483.1 19051.3 20760.2
COGS 5,035.9 5,176.0 4,941.7 5,419.3 6,663.1
As % revenues 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5
COGS 5035.9 5176.0 4941.7 5419.3 6663.1 7067.2 7697.8 8388.3 9140.8 9960.7
Gross profit 5005.0 5123.4 5211.9 5875.7 6848.2 7656.1 8346.1 9094.8 9910.6 10799.5
Gross margin 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5
SGA 1059.5 1091.9 1053.0 1263.2 1529.3
As % revenues 0.1 0.1 0.1 0.1 0.1 0.108 0.1 0.1 0.1 0.1
SGA 1059.5 1091.9 1053.0 1263.2 1529.3 1590.1 1646.1 1704.1 1764.1 1826.2
Other Operating Expense/(Income) 80.7 81.9 82.9 82.7 89.6
As % revenues 0.80% 0.80% 0.82% 0.73% 0.66% 0.008 0.0 0.0 0.0 0.0
Other Operating Expense/(Income) 80.7 81.9 82.9 82.7 89.6 118.5 129.2 140.8 153.4 167.1
EBITDA 3864.8 3949.6 4076.0 4529.8 5229.3 5947.4 6570.8 7249.9 7993.1 8806.2
EBITDA margin 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4
Depreciation & Amort. 2147.5 2162.9 2234.7 2413.2 2740.7
As % prior gross PPE NA 0.1 0.1 0.1 0.1 0.130 0.1 0.1 0.1 0.1
Depreciation & Amort. 2147.5 2162.9 2234.7 2413.2 2740.7 2441.0 3196.4 3527.4 3897.6 4311.5
EBIT 1717.3 1786.7 1841.3 2116.6 2488.6 3506.5 3374.4 3722.5 4095.5 4494.7
EBIT margin 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Other Non-Operating Inc. (Exp.) 8.8 6.4 -30.4 -1.8 -1.2
As % revenues 0.0 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0
Other Non-Operating Inc. (Exp.) 8.8 6.4 -30.4 -1.8 -1.2 -1.3 -1.4 -1.6 -1.7 -1.8
Income/(Loss) from Affiliates -35.8 -112.2 -118.2 -188.5 -165.6
As % revenues -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0
Income/(Loss) from Affiliates -35.8 -112.2 -118.2 -188.5 -165.6 -180.5 -196.6 -214.3 -233.5 -254.4
Unusual expenses 18.2 0.5 -199.6 -39.1 -98.0
As % revenues 0.0 0.0 -0.0 -0.0 -0.0 -0.007 -0.0 -0.0 -0.0 -0.0
Unusual expenses 18.2 0.5 -199.6 -39.1 -98.0 -106.8 -116.4 -126.8 -138.2 -150.6
Interest income 1.6 6.4 5.2 2.5 3.3
Surplus funds 32.97 50.83 88.54 129.78 173.83
Cash 2.1 1.4 1.6 1.8 1.9
ST investments 0.0 0.0 0.0 0.0 0.0
Interest income 1.6 6.4 5.2 2.5 3.3 35.0 52.2 90.1 131.5 175.7
Interest expense -389.2 -392.0 -355.6 -314.6 -395.6
Additional funds needed 0.0 0.0 0.0 0.0 0.0
ST notes 44.9 43.5 45.8 48.1 50.7
Long term debt 1040.1 1303.8 1454.0 1624.6 1807.9
Interest expense -389.2 -392.0 -355.6 -314.6 -395.6 -395.6 -395.6 -395.6 -395.6 -395.6
EBT 1320.9 1295.8 1142.7 1575.1 1831.5 3253.0 3112.2 3470.0 3853.6 3867.9
EBT Margin 0.1 0.1 0.1 0.1 0.1 0.3 0.2 0.2 0.2 0.2
Provision for taxes 283.3 222.0 173.1 282.8 343.9
Tax rate % 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Provision for taxes 283.3 222.0 173.1 282.8 343.9 610.8 584.4 651.6 723.6 726.3
Minority interest in earnings -0.7 -0.5 -2.4 -1.9 0.0
Percent growth % na -0.3 3.8 -0.2 -1.0 0.6 0.6 0.6 0.6 0.6
Minority interest in earnings -0.7 -0.5 -2.4 -1.9 -2.0 -1.576 -2.485 -2.485 -2.485 -2.485
Net income 1036.9 1073.3 967.2 1290.4 1487.6 2640.6 2525.4 2816.0 3127.5 3139.2
Net margin 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2
Dividends -1198.7 -890.6 -621.3 -804.8 -796.4
Payout ratio % -1.2 -0.8 -0.6 -0.6 -0.5 -0.624 -0.6 -0.6 -0.6 -0.6
Dividends -1198.7 -890.6 -621.3 -804.8 -796.4 -1647.7 -1575.8 -1757.2 -1951.6 -1958.8
Net to retained earnings -161.8 182.7 345.9 485.6 691.2 992.9 949.5 1058.8 1176.0 1180.3
Proj Proj Proj Proj Proj
BALANCE SHEET 2018.0 2019.0 2020.0 2021.0 2022.0 2023.0 2024.0 2025.0 2026.0 2027.0
ASSETS
Surplus funds 3297.0 6869.8 10837.5 15119.4 19646.3
Interest rate % 0.0 0.0 0.0 0.0 0.0
Interest income 33.0 50.8 88.5 129.8 173.8
Operating cash 70.5 47.1 38.2 29.0 143.4
% of revenues 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Operating cash 70.5 47.1 38.2 29.0 143.4 64.5 77.1 84.0 91.6 99.8
Interest rate % 0.0 0.0 0.0 0.0 0.0
Interest income 2.1 1.4 1.6 1.8 1.9
ST investments 0.0 3.6 0.0 0.0 0.0
Percent growth % na na -1.0 na na 0.5 0.5 0.5 0.5 0.5
ST investments 0.0 3.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest rate % 3.00% 3.00% 3.00% 3.00% 3.00%
Interest income 0.00% 0.00% 0.00% 0.00% 0.00%
Accounts receivable 1,350.50 1,402.60 1,328.30 1,508.40 1,982.90
% of revenues 0.1 0.1 0.1 0.1 0.1
Days of sales outstanding 49.1 49.7 47.7 48.7 53.6 49.8 49.9 49.9 50.4 50.7
Accounts receivable 1350.5 1402.6 1328.3 1508.4 1982.9 2007.7 2193.7 2392.5 2630.0 2884.6
Inventory 128.7 132.3 136.8 157.5 210.9
% of revenues 0.0 0.0 0.0 0.0 0.0
Days inventory 4.7 4.7 4.9 5.1 5.7 5.0 5.0 5.0 5.0 5.0
Inventory 128.7 132.3 136.8 157.5 210.9 202.3 220.4 240.2 261.7 285.2
Other current assets 14.7 20.4 18.5 15.9 19.9
% of revenues 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other current assets 14.7 20.4 18.5 15.9 19.9 19.8 23.7 25.8 28.2 30.7
Current assets 1564.4 1606.0 1521.8 1710.8 2357.1 5591.2 9384.8 13580.0 18130.9 22946.6
Gross PPE 4 16752.0 17900.2 18776.6 20037.3 22515.8 24587.7 27133.8 29981.9 33165.6 36722.3
Capex (STEP 1) NA 1148.2 876.4 1260.7 2478.5
% of revenues (STEP 2) na 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2
Capex (STEP 3) NA 1148.2 876.4 1260.7 2478.5 2071.9 2546.1 2848.1 3183.7 3556.7
Accmulated depreciation 8731.9 9273.1 9831.6 10549.9 11496.7 13937.7 17134.1 20661.5 24559.1 28870.6
Net PPE 8020.1 8627.1 8945.0 9487.4 11019.1 10650.1 9999.7 9320.4 8606.5 7851.7
Intangibles 11,506.60 11,767.30 12,219.50 13,085.50 14,798.70
Amortization 137.1 136.6 142.9 116.0 143.5 135.2 135.2 135.2 135.2 135.2
Intangibles 11369.5 11630.7 12076.6 12969.5 14655.2 14520.0 14520.0 14520.0 14520.0 14520.0
Long-term assets 525.90 683.40 747.70 671.30 878.00
% of revenues 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Long-term assets 525.9 683.4 747.7 671.3 878.0 932.8 856.0 932.8 1016.5 1107.7
Total assets 21617.0 22683.8 23434.0 24955.0 29052.9 31829.3 34895.8 38488.4 42409.1 46561.2
LIABILITIES
Short-term notes 1,836.10 2,097.10 1,328.20 1,313.30 1,940.30
Percent growth % na 0.1 -0.4 -0.0 0.5 0.1 0.1 0.0 0.1 0.1
Short-term notes 1836.1 2097.1 1328.2 1313.3 1940.3 1408.5 1493.6 1559.4 1645.1 1732.6
Interest rate % 0.0 0.0 0.0 0.0 0.0
Interest expense 44.9 43.5 45.8 48.1 50.7
Accounts payable 761.5 777.9 779.0 910.0 1221.8
% of revenues 0.1 0.1 0.1 0.1 0.1
Days of payable 55.2 54.9 57.5 61.3 66.9 59.2 59.2 59.2 59.2 59.2
Accounts payable 761.5 777.9 779.0 910.0 1221.8 1145.5 1247.7 1359.6 1481.6 1614.5
Other current liabilities 121.0 129.2 135.5 145.9 156.4
% of revenues 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other current liabilities 121.0 129.2 135.5 145.9 156.4 183.8 200.3 218.3 237.9 259.2
Current liabilities 2718.6 3004.2 2242.7 2369.2 3318.5 2737.8 2941.6 3137.3 3364.6 3606.3
Additional fund needed
Interest rate % 0.040 0.0 0.0 0.0 0.0
Interest expense 0.0 0.0 0.0 0.0 0.0
Long term debt 7537.3 7671.2 8668.4 9355.7 11196.0
Percent growth % na 0.0 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1
Long term debt 7537.3 7671.2 8668.4 9355.7 11196.0 12382.1 13693.8 15386.0 17106.4 19052.6
Interest rate % 0.1 0.1 0.1 0.1 0.1
Interest expense 1040.1 1303.8 1454.0 1624.6 1807.9
Other long term liabilities 3,431.60 3,827.10 3,994.80 4,204.00 4,779.40
% of revenues 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4
Other long term liabilities 3431.6 3827.1 3994.8 4204.0 4779.4 5396.7 5880.8 6408.3 6983.1 7609.5
Total liabilities 13687.5 14502.5 14905.9 15928.9 19293.9 20516.6 22516.2 24931.6 27454.1 30268.5
MINORITY INTEREST*
Minority interest 2.4 2.7 4.9 0.8 0.8
Provision for taxes
Minority interest 2.4 2.7 4.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8
EQUITY
Common stock 3.5 3.5 3.2 3.2 3.2
Percent growth % na 0.0 -0.1 0.0 0.0 -0.0 -0.0 -0.0 -0.0 -0.0
Common stock 3.5 3.5 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2
Retained earnings 4750.5 5317.3 5751.8 6475.6 7356.3
Net to retained earnings 992.9 691.2 992.9 949.5 1058.8
Retained earnings 4750.5 5317.3 5751.8 6475.6 7356.3 8349.2 9040.4 10033.2 10982.8 12041.6
Other equity account 3,173.10 2,797.40 2,728.90 2,500.10 2,326.50
% of revenues 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Other equity account 3,173.10 2,797.40 2,728.90 2,500.10 2,326.50 2823.6 3199.2 3383.6 3832.2 4111.1
Total SH equity 7929.5 8120.9 8488.8 8979.7 9686.8 11176.7 12243.5 13420.8 14819.0 16156.7
Total liabs & SH equity 21617.0 22623.4 23394.7 24908.6 28980.7 31693.3 34759.7 38352.4 42273.1 46425.2
Closing the Balance Sheet
Assets w/out SF 21479.9 22547.2 23291.1 24839.0 28909.4 28397.1 27890.7 27515.7 27154.4 26779.7
Liabs, Eq w/out AFN 21619.4 22626.1 23399.6 24909.4 28981.5 31694.1 34760.5 38353.2 42273.9 46426.0
Surplus funds 3297.0 6869.8 10837.5 15119.4 19646.3
Additional funds needed 0.0 0.0 0.0 0.0 0.0
Assume inventory increase evenly over next five years.
Author: The expected future 5 years minority interst in earnings will not fluctuate much.

Output

INCOME STATEMENT 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Revenues 10040.9 10299.4 10153.6 11295.0 13511.3 14723.3 16043.9 17483.1 19051.3 20760.2
COGS 5035.9 5176.0 4941.7 5419.3 6663.1 7067.2 7697.8 8388.3 9140.8 9960.7
Gross profit 5005.0 5123.4 5211.9 5875.7 6848.2 7656.1 8346.1 9094.8 9910.6 10799.5
SGA 1059.5 1091.9 1053.0 1263.2 1529.3 1590.1 1646.1 1704.1 1764.1 1826.2
Other operating expenses 80.7 81.9 82.9 82.7 89.6 118.5 129.2 140.8 153.4 167.1
EBITDA 3864.8 3949.6 4076.0 4529.8 5229.3 5947.4 6570.8 7249.9 7993.1 8806.2
Depreciation & Amort. 2147.5 2162.9 2234.7 2413.2 2740.7 2441.0 3196.4 3527.4 3897.6 4311.5
EBIT 1717.3 1786.7 1841.3 2116.6 2488.6 3506.5 3374.4 3722.5 4095.5 4494.7
Unusual expenses 18.2 0.5 -199.6 -39.1 -98.0 -106.8 -116.4 -126.8 -138.2 -150.6
Interest income 1.6 6.4 5.2 2.5 3.3 35.0 52.2 90.1 131.5 175.7
Interest expense -389.2 -392.0 -355.6 -314.6 -395.6 -395.6 -395.6 -395.6 -395.6 -395.6
EBT 1320.9 1295.8 1142.7 1575.1 1831.5 3253.0 3112.2 3470.0 3853.6 3867.9
Provision for taxes 283.3 222.0 173.1 282.8 343.9 610.8 584.4 651.6 723.6 726.3
Minority interest in earnings -0.7 -0.5 -2.4 -1.9 -2.0 -1.6 -2.5 -2.5 -2.5 -2.5
Net income 1036.9 1073.3 967.2 1290.4 1487.6 2640.6 2525.4 2816.0 3127.5 3139.2
Dividends -1198.7 -890.6 -621.3 -804.8 -796.4 -1647.7 -1575.8 -1757.2 -1951.6 -1958.8
Net to retained earnings -161.8 182.7 345.9 485.6 691.2 992.9 949.5 1058.8 1176.0 1180.3
BALANCE SHEET 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
ASSETS
Surplus funds 0.0 0.0 0.0 0.0 0.0 3297.0 6869.8 10837.5 15119.4 19646.3
Operating cash 70.5 47.1 38.2 29.0 143.4 0.0 0.0 0.0 0.0 0.0
ST investments 0.0 3.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Accounts receivable 1350.5 1402.6 1328.3 1508.4 1982.9 2007.7 2193.7 2392.5 2630.0 2884.6
Inventory 128.7 132.3 136.8 157.5 210.9 202.3 220.4 240.2 261.7 285.2
Other current assets 14.7 20.4 18.5 15.9 19.9 19.8 23.7 25.8 28.2 30.7
Current assets 1564.4 1606.0 1521.8 1710.8 2357.1 5591.2 9384.8 13580.0 18130.9 22946.6
Gross PPE 4 16752.0 17900.2 18776.6 20037.3 22515.8 24587.7 27133.8 29981.9 33165.6 36722.3
Accmulated depreciation 8731.9 9273.1 9831.6 10549.9 11496.7 13937.7 17134.1 20661.5 24559.1 28870.6
Net PPE 8020.1 8627.1 8945.0 9487.4 11019.1 10650.1 9999.7 9320.4 8606.5 7851.7
Intangibles 11369.5 11630.7 12076.6 12969.5 14655.2 14520.0 14520.0 14520.0 14520.0 14520.0
Long-term assets 525.9 683.4 747.7 671.3 878.0 932.8 856.0 932.8 1016.5 1107.7
Total assets 21617.0 22683.8 23434.0 24955.0 29052.9 31829.3 34895.8 38488.4 42409.1 46561.2
LIABILITIES
Short-term notes 1836.1 2097.1 1328.2 1313.3 1940.3 1408.5 1493.6 1559.4 1645.1 1732.6
Accounts payable 761.5 777.9 779.0 910.0 1221.8 1145.5 1247.7 1359.6 1481.6 1614.5
Other current liabilities 121.0 129.2 135.5 145.9 156.4 183.8 200.3 218.3 237.9 259.2
Current liabilities 2718.6 3004.2 2242.7 2369.2 3318.5 2737.8 2941.6 3137.3 3364.6 3606.3
Long term debt 7537.3 7671.2 8668.4 9355.7 11196.0 12382.1 13693.8 15386.0 17106.4 19052.6
Other long term liabilities 3431.6 3827.1 3994.8 4204.0 4779.4 5396.7 5880.8 6408.3 6983.1 7609.5
Total liabilities 13687.5 14502.5 14905.9 15928.9 19293.9 20516.6 22516.2 24931.6 27454.1 30268.5
Minority interest 2.4 2.7 4.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8
EQUITY
Common stock 3.5 3.5 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2
Retained earnings 4750.5 5317.3 5751.8 6475.6 7356.3 8349.2 9040.4 10033.2 10982.8 12041.6
Other equity account 3173.1 2797.4 2728.9 2500.1 2326.5 2823.6 3199.2 3383.6 3832.2 4111.1
Total SH equity 7929.5 8120.9 8488.8 8979.7 9686.8 11176.7 12243.5 13420.8 14819.0 16156.7
Total liabs & SH equity 21617.0 22623.4 23394.7 24908.6 28980.7 31693.3 34759.7 38352.4 42273.1 46425.2
Financial Ratio Analysis 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Current Ratio 7.00 0.53 0.68 0.72 0.71 2.04 3.19 4.33 5.39 6.36
Quick Ratio 0.52 0.48 0.61 0.65 0.64 1.94 3.08 4.22 5.28 6.25
Cash Ratio 0.03 0.02 0.02 0.01 0.04 1.20 2.34 3.45 4.49 5.45
Inventory Turnover Ratio 39.13 39.12 36.12 34.41 31.59 34.94 34.93 34.93 34.93 34.93
Acct Receivable Days 49.09 49.71 47.75 48.74 53.57 49.77 49.91 49.95 50.39 50.72
Acct Payable Days 55.19 54.86 57.54 61.29 66.93 59.16 59.16 59.16 59.16 59.16
Total Asset Turnover Ratio 0.46 0.45 0.43 0.45 0.47 0.46 0.46 0.45 0.45 0.45
Debt/Equity Ratio 1.73 1.79 1.76 1.77 1.99 1.84 1.84 1.86 1.85 1.87
Debt/Total Assets Ratio 0.63 0.64 0.64 0.64 0.66 0.64 0.65 0.65 0.65 0.65
Time Interest Earned Ratio -4.41 -4.56 -5.18 -6.73 -6.29 -8.86 -8.53 -9.41 -10.35 -11.36
Operating Profit Margin 0.17 0.17 0.18 0.19 0.18 0.24 0.21 0.21 0.21 0.22
Net Profit Margin 0.10 0.10 0.10 0.11 0.11 0.18 0.16 0.16 0.16 0.15
Return on Equity 0.13 0.13 0.11 0.14 0.15 0.24 0.21 0.21 0.21 0.19
Return on Assets 0.05 0.05 0.04 0.05 0.05 0.08 0.07 0.07 0.07 0.07
7.0
2018.0 2019.0 2020.0 2021.0 2022.0 2023.0 2024.0 2025.0 2026.0 2027.0
Total Asset Turnover Ratio 0.5 0.5 0.4 0.5 0.5 0.5 0.5 0.5 0.4 0.4
Dynamic Graph for Total Asset Turnover Ratio
or called EBIT Coverage Ratio

Output
Total Asset Turnover Ratio

CB_DATA_

Valuation

INCOME STATEMENT 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Revenues 10040.9 10299.4 10153.6 11295.0 13511.3 14723.3 16043.9 17483.1 19051.3 20760.2
COGS 5035.9 5176.0 4941.7 5419.3 6663.1 7067.2 7697.8 8388.3 9140.8 9960.7
Gross profit 5005.0 5123.4 5211.9 5875.7 6848.2 7656.1 8346.1 9094.8 9910.6 10799.5
SGA 1059.5 1091.9 1053.0 1263.2 1529.3 1590.1 1646.1 1704.1 1764.1 1826.2
Other operating expenses 80.7 81.9 82.9 82.7 89.6 118.5 129.2 140.8 153.4 167.1
EBITDA 3864.8 3949.6 4076.0 4529.8 5229.3 5947.4 6570.8 7249.9 7993.1 8806.2
Depreciation & Amort. 2147.5 2162.9 2234.7 2413.2 2740.7 2441.0 3196.4 3527.4 3897.6 4311.5
EBIT 1717.3 1786.7 1841.3 2116.6 2488.6 3506.5 3374.4 3722.5 4095.5 4494.7
Unusual expenses 18.2 0.5 -199.6 -39.1 -98.0 -106.8 -116.4 -126.8 -138.2 -150.6
Interest income 1.6 6.4 5.2 2.5 3.3 35.0 52.2 90.1 131.5 175.7
Interest expense -389.2 -392.0 -355.6 -314.6 -395.6 -395.6 -395.6 -395.6 -395.6 -395.6
EBT 1320.9 1295.8 1142.7 1575.1 1831.5 3253.0 3112.2 3470.0 3853.6 3867.9
Provision for taxes 283.3 222.0 173.1 282.8 343.9 610.8 584.4 651.6 723.6 726.3
Minority interest in earnings -0.7 -0.5 -2.4 -1.9 -2.0 -1.6 -2.5 -2.5 -2.5 -2.5
Net income 1036.9 1073.3 967.2 1290.4 1487.6 2640.6 2525.4 2816.0 3127.5 3139.2
Dividends -1198.7 -890.6 -621.3 -804.8 -796.4 -1647.7 -1575.8 -1757.2 -1951.6 -1958.8
Net to retained earnings -161.8 182.7 345.9 485.6 691.2 992.9 949.5 1058.8 1176.0 1180.3
BALANCE SHEET 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
ASSETS
Surplus funds 0.0 0.0 0.0 0.0 0.0 3297.0 6869.8 10837.5 15119.4 19646.3
Operating cash 70.5 47.1 38.2 29.0 143.4 0.0 0.0 0.0 0.0 0.0
ST investments 0.0 3.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Accounts receivable 1350.5 1402.6 1328.3 1508.4 1982.9 2007.7 2193.7 2392.5 2630.0 2884.6
Inventory 128.7 132.3 136.8 157.5 210.9 202.3 220.4 240.2 261.7 285.2
Other current assets 14.7 20.4 18.5 15.9 19.9 19.8 23.7 25.8 28.2 30.7
Current assets 1564.4 1606.0 1521.8 1710.8 2357.1 5591.2 9384.8 13580.0 18130.9 22946.6
Gross PPE 4 16752.0 17900.2 18776.6 20037.3 22515.8 24587.7 27133.8 29981.9 33165.6 36722.3
Accmulated depreciation 8731.9 9273.1 9831.6 10549.9 11496.7 13937.7 17134.1 20661.5 24559.1 28870.6
Net PPE 8020.1 8627.1 8945.0 9487.4 11019.1 10650.1 9999.7 9320.4 8606.5 7851.7
Intangibles 11369.5 11630.7 12076.6 12969.5 14655.2 14520.0 14520.0 14520.0 14520.0 14520.0
Long-term assets 525.9 683.4 747.7 671.3 878.0 932.8 856.0 932.8 1016.5 1107.7
Total assets 21617.0 22683.8 23434.0 24955.0 29052.9 31829.3 34895.8 38488.4 42409.1 46561.2
LIABILITIES
Short-term notes 1836.1 2097.1 1328.2 1313.3 1940.3 1408.5 1493.6 1559.4 1645.1 1732.6
Accounts payable 761.5 777.9 779.0 910.0 1221.8 1145.5 1247.7 1359.6 1481.6 1614.5
Other current liabilities 121.0 129.2 135.5 145.9 156.4 183.8 200.3 218.3 237.9 259.2
Current liabilities 2718.6 3004.2 2242.7 2369.2 3318.5 2737.8 2941.6 3137.3 3364.6 3606.3
Long term debt 7537.3 7671.2 8668.4 9355.7 11196.0 12382.1 13693.8 15386.0 17106.4 19052.6
Other long term liabilities 3431.6 3827.1 3994.8 4204.0 4779.4 5396.7 5880.8 6408.3 6983.1 7609.5
Total liabilities 13687.5 14502.5 14905.9 15928.9 19293.9 20516.6 22516.2 24931.6 27454.1 30268.5
Minority interest 2.4 2.7 4.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8
EQUITY
Common stock 3.5 3.5 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2
Retained earnings 4750.5 5317.3 5751.8 6475.6 7356.3 8349.2 9040.4 10033.2 10982.8 12041.6
Other equity account 3173.1 2797.4 2728.9 2500.1 2326.5 2823.6 3199.2 3383.6 3832.2 4111.1
Total SH equity 7929.5 8120.9 8488.8 8979.7 9686.8 11176.7 12243.5 13420.8 14819.0 16156.7
Total liabs & SH equity 21617.0 22623.4 23394.7 24908.6 28980.7 31693.3 34759.7 38352.4 42273.1 46425.2
Projected Free Cash Flow to Firm 2022 2023 2024 2025 2026 2027
EBIT(1-T) 2848 3374 3723 4095 4495
Depreciation & Amortization 2441 3196 3527 3898 4312
CapEx -2072 -2546 -2848 -3184 -3557
D OCA -16 -204 -218 -259 -278
D OCL -49 119 130 142 154
FCFF 3152 3939 4313 4692 5126
Terminal Value 140888
FCFF+TV 3152 3939 4313 4692 146014
Enterprise value (value of operation) 118914
Excess cash & nonoperating assets 143
Company value 119057
Debt value 13791
Equity value 105266
Equity value/share 332.5953
INPUTS/ASSUMPTIONS
Growth rate after 2027 3.00%
Tax rate 18.78%
# of shares outstanding 316.50
Data from Bloomberg
Cost of Equity 7.61% Cost of Capital
Risk Free Rate 3.40% Market Value Weight Cost of Capital
Market Risk Premium 5.77% Equity 40,773.70 77.1% 7.61%
Beta 0.73 Short-term Debt 513.90 1.0% 3.92%
x Country/Region Premium 5.75% Long-term Debt 11,567.50 21.9% 3.40%
Expected Market Return 9.15% 52,855.10 100.0%
WACC after tax 6.75%
Cost of Debt 3.84%
1 - Effective Tax Rate 81.22%
Effective Tax Rate 18.78%
x Total Pre-Tax Cost of Debt 3.43%
Note Rate x ST Debt to Total Debt 0.17%
ST Debt to Total Debt 0.04
x Note Rate 3.92%
+ Bond Rate x LT Debt to Total Debt 3.26%
LT Debt to Total Debt 0.96
x Bond Rate 3.40%
x Debt Adjustment Factor 1.38

Balance Sheet

Republic Services, Inc. (NYSE:RSG) > Financials > Balance Sheet
In Millions of the reported currency, except per share items. Template: Standard   Restatement: Latest Filings
Period Type: Annual   Order: Latest on Right
Currency: Reported Currency   Conversion: Historical
Units: S&P Capital IQ (Default)   Decimals: Capital IQ (Default)
Balance Sheet
Balance Sheet as of: Dec-31-2018 Dec-31-2019 Dec-31-2020 Dec-31-2021 Dec-31-2022
Currency USD USD USD USD USD
ASSETS
Cash And Equivalents 70.5 47.1 38.2 29.0 143.4
Trading Asset Securities 0.00 3.60 0.00 0.00 0.00
Total Cash & ST Investments 70.5 50.7 38.2 29.0 143.4
Accounts Receivable 1,102.7 1,125.9 1,091.3 1,271.4 1,677.2
Other Receivables 247.8 276.7 237.0 237.0 305.7
Total Receivables 1,350.5 1,402.6 1,328.3 1,508.4 1,982.9
Inventory 53.1 56.8 59.1 72.2 96.6
Prepaid Exp. 75.6 75.5 77.7 85.3 114.3
Other Current Assets 14.7 20.4 18.5 15.9 19.9
Total Current Assets 1,564.4 1,606.0 1,521.8 1,710.8 2,357.1
Gross Property, Plant & Equipment 16,752.0 17,900.2 18,776.6 20,037.3 22,515.8
Accumulated Depreciation (8,731.9) (9,273.1) (9,831.6) (10,549.9) (11,496.7)
Net Property, Plant & Equipment 8,020.1 8,627.1 8,945.0 9,487.4 11,019.1
Long-term Investments 85.8 101.4 219.2 147.3 387.2
Goodwill 11,400.1 11,633.4 12,046.4 12,826.0 14,451.5
Other Intangibles 106.5 133.9 173.1 259.5 347.2
Deferred Charges, LT 93.4 118.1 114.5 128.6 136.7
Other Long-Term Assets 346.7 463.9 414.0 395.4 354.1
Total Assets 21,617.0 22,683.8 23,434.0 24,955.0 29,052.9
LIABILITIES
Accounts Payable 761.5 777.9 779.0 910.0 1,221.8
Accrued Exp. 806.7 825.2 820.3 932.0 1,055.6
Curr. Port. of LT Debt 690.7 935.9 162.3 0 441.7
Curr. Port. of Leases 0 60.4 39.3 46.4 72.2
Unearned Revenue, Current 338.7 336.0 345.6 381.3 443.0
Other Current Liabilities 121.0 129.2 135.5 145.9 156.4
Total Current Liabilities 2,718.6 3,064.6 2,282.0 2,415.6 3,390.7
Long-Term Debt 7,537.3 7,671.2 8,668.4 9,355.7 11,196.0
Long-Term Leases 109.5 322.9 407.3 480.2 471.2
Pension & Other Post-Retire. Benefits 6.0 6.2 5.5 - -
Def. Tax Liability, Non-Curr. 1,028.3 1,180.6 1,238.8 1,229.5 1,528.8
Other Non-Current Liabilities 2,287.8 2,317.4 2,343.2 2,494.3 2,779.4
Total Liabilities 13,687.5 14,562.9 14,945.2 15,975.3 19,366.1
Common Stock 3.5 3.5 3.2 3.2 3.2
Additional Paid In Capital 4,924.9 4,994.8 2,741.4 2,789.5 2,843.2
Retained Earnings 4,750.5 5,317.3 5,751.8 6,475.6 7,356.3
Treasury Stock (1,782.6) (2,199.6) (0.1) (274.8) (504.6)
Comprehensive Inc. and Other 30.8 2.2 (12.4) (14.6) (12.1)
Total Common Equity 7,927.1 8,118.2 8,483.9 8,978.9 9,686.0
Minority Interest 2.4 2.7 4.9 0.8 0.8
Total Equity 7,929.5 8,120.9 8,488.8 8,979.7 9,686.8
Total Liabilities And Equity 21,617.0 22,683.8 23,434.0 24,955.0 29,052.9
Supplemental Items
Total Shares Out. on Filing Date 321.6 319.1 318.9 316.4 316.0
Total Shares Out. on Balance Sheet Date 322.5 318.8 318.8 317.2 316.1
Book Value/Share $24.58 $25.46 $26.61 $28.31 $30.64
Tangible Book Value (3,579.5) (3,649.1) (3,735.6) (4,106.6) (5,112.7)
Tangible Book Value/Share ($11.1) ($11.45) ($11.72) ($12.95) ($16.17)
Total Debt 8,337.5 8,990.4 9,277.3 9,882.3 12,181.1
Net Debt 8,267.0 8,939.7 9,239.1 9,853.3 12,037.7
Debt Equiv. of Unfunded Proj. Benefit Obligation (9.4) (8.6) (13.3) (6.7) (5.9)
Debt Equivalent Oper. Leases NA NA NA 725.6 1,220.0
Total Minority Interest 2.4 2.7 4.9 0.8 0.8
Inventory Method NA NA NA NA NA
Land 443.6 448.3 633.4 694.9 779.7
Buildings 1,279.8 1,342.6 1,402.5 1,508.4 1,704.6
Machinery 7,377.3 7,766.0 8,119.0 8,576.9 9,465.3
Construction in Progress 377.8 454.5 411.2 462.2 716.9
Full Time Employees 36,000 36,000 35,000 35,000 40,000
Accum. Allowance for Doubtful Accts 34.3 34.0 34.7 38.5 51.9
Filing Date Feb-23-2021 Feb-11-2022 Feb-23-2023 Feb-23-2023 Feb-23-2023
Restatement Type NC NC NC NC O
Calculation Type RUP RUP RUP REP REP
Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent.

Income Statement

Republic Services, Inc. (NYSE:RSG) > Financials > Income Statement
In Millions of the reported currency, except per share items. Template: Standard   Restatement: Latest Filings
Period Type: Annual   Order: Latest on Right
Currency: Reported Currency   Conversion: Historical
Units: S&P Capital IQ (Default)   Decimals: Capital IQ (Default)
Income Statement
For the Fiscal Period Ending Reclassified 12 months Dec-31-2018 Reclassified 12 months Dec-31-2019 Reclassified 12 months Dec-31-2020 12 months Dec-31-2021 12 months Dec-31-2022
Currency USD USD USD USD USD
Revenue 10,040.9 10,299.4 10,153.6 11,295.0 13,511.3
Other Revenue - - - - -
Total Revenue 10,040.9 10,299.4 10,153.6 11,295.0 13,511.3
Cost Of Goods Sold 6,150.0 6,298.4 6,100.5 6,647.0 8,052.2
Gross Profit 3,890.9 4,001.0 4,053.1 4,648.0 5,459.1
Selling General & Admin Exp. 1,059.5 1,091.9 1,053.0 1,263.2 1,529.3
R & D Exp. - - - - -
Depreciation & Amort. 1,033.4 1,040.5 1,075.9 1,185.5 1,351.6
Other Operating Expense/(Income) 80.7 81.9 82.9 82.7 89.6
Other Operating Exp., Total 2,173.6 2,214.3 2,211.8 2,531.4 2,970.5
Operating Income 1,717.3 1,786.7 1,841.3 2,116.6 2,488.6
Interest Expense (389.2) (392.0) (355.6) (314.6) (395.6)
Interest and Invest. Income 1.6 6.4 5.2 2.5 3.3
Net Interest Exp. (387.6) (385.6) (350.4) (312.1) (392.3)
Income/(Loss) from Affiliates (35.8) (112.2) (118.2) (188.5) (165.6)
Other Non-Operating Inc. (Exp.) 8.8 6.4 (30.4) (1.8) (1.2)
EBT Excl. Unusual Items 1,302.7 1,295.3 1,342.3 1,614.2 1,929.5
Restructuring Charges (26.4) (14.2) (20.0) (16.6) (27.0)
Merger & Related Restruct. Charges - - - - (77.3)
Impairment of Goodwill - - - - -
Gain (Loss) On Sale Of Assets 44.9 14.7 (77.7) (0.5) 6.3
Other Unusual Items (0.3) - (101.9) (22.0) -
EBT Incl. Unusual Items 1,320.9 1,295.8 1,142.7 1,575.1 1,831.5
Income Tax Expense 283.3 222.0 173.1 282.8 343.9
Earnings from Cont. Ops. 1,037.6 1,073.8 969.6 1,292.3 1,487.6
Earnings of Discontinued Ops. - - - - -
Extraord. Item & Account. Change - - - - -
Net Income to Company 1,037.6 1,073.8 969.6 1,292.3 1,487.6
Minority Int. in Earnings (0.7) (0.5) (2.4) (1.9) -
Net Income 1,036.9 1,073.3 967.2 1,290.4 1,487.6
Pref. Dividends and Other Adj. - - - - -
NI to Common Incl Extra Items 1,036.9 1,073.3 967.2 1,290.4 1,487.6
NI to Common Excl. Extra Items 1,036.9 1,073.3 967.2 1,290.4 1,487.6
Per Share Items
Basic EPS $3.17 $3.34 $3.03 $4.05 $4.7
Basic EPS Excl. Extra Items 3.17 3.34 3.03 4.05 4.7
Weighted Avg. Basic Shares Out. 326.9 321.1 319.3 318.8 316.5
Diluted EPS $3.16 $3.33 $3.02 $4.04 $4.69
Diluted EPS Excl. Extra Items 3.16 3.33 3.02 4.04 4.69
Weighted Avg. Diluted Shares Out. 328.4 322.0 319.8 319.4 317.1
Normalized Basic EPS $2.49 $2.52 $2.62 $3.16 $3.81
Normalized Diluted EPS 2.48 2.51 2.62 3.15 3.8
Dividends per Share $1.44 $1.56 $1.66 $1.77 $1.91
Payout Ratio % 44.5% 45.8% 54.0% 42.8% 39.9%
Shares per Depository Receipt 0.5 0.5 0.5 0.5 0.5
Supplemental Items
EBITDA 2,831.4 2,909.1 3,000.1 3,344.3 3,877.7
EBITA 1,854.4 1,923.3 1,984.2 2,232.6 2,632.1
EBIT 1,717.3 1,786.7 1,841.3 2,116.6 2,488.6
EBITDAR NA NA NA 3,435.0 4,030.2
Effective Tax Rate % 21.4% 17.1% 15.1% 18.0% 18.8%
Current Domestic Taxes 175.8 86.6 115.3 302.2 153.9
Total Current Taxes 175.8 86.6 115.3 302.2 153.9
Deferred Domestic Taxes 147.6 166.1 60.8 (15.5) 181.1
Total Deferred Taxes 147.6 166.1 60.8 (15.5) 181.1
Normalized Net Income 813.5 809.1 836.5 1,007.0 1,205.9
Interest Capitalized 6.8 7.2 6.2 5.0 5.0
Interest on Long Term Debt NA NA NA 328.9 412.6
Non-Cash Pension Expense (4.1) (0.8) (1.6) (1.3) (1.3)
Filing Date Feb-23-2021 Feb-11-2022 Feb-23-2023 Feb-23-2023 Feb-23-2023
Restatement Type RC RC RC NC O
Calculation Type REP REP REP REP REP
Supplemental Operating Expense Items
Net Rental Exp. NA NA NA 90.7 152.5
Imputed Oper. Lease Interest Exp. - - - 24.2 44.3
Imputed Oper. Lease Depreciation - - - 66.5 108.2
Maintenance & Repair Exp. NA NA NA 1,048.8 1,228.4
Stock-Based Comp., SG&A Exp. - - - 22.0 -
Stock-Based Comp., Unallocated 44.7 47.3 43.4 57.6 44.9
Stock-Based Comp., Total 44.7 47.3 43.4 79.6 44.9
Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent.

Cash Flow

Republic Services, Inc. (NYSE:RSG) > Financials > Cash Flow
In Millions of the reported currency, except per share items. Template: Standard   Restatement: Latest Filings
Period Type: Annual   Order: Latest on Right
Currency: Reported Currency   Conversion: Historical
Units: S&P Capital IQ (Default)   Decimals: Capital IQ (Default)
Cash Flow
For the Fiscal Period Ending 12 months Dec-31-2018 12 months Dec-31-2019 12 months Dec-31-2020 12 months Dec-31-2021 12 months Dec-31-2022
Currency USD USD USD USD USD
Net Income 1,036.9 1,073.3 967.2 1,290.4 1,487.6
Depreciation & Amort. 977.0 985.8 1,015.9 1,111.7 1,245.6
Amort. of Goodwill and Intangibles 137.1 136.6 142.9 116.0 143.5
Depreciation & Amort., Total 1,114.1 1,122.4 1,158.8 1,227.7 1,389.1
Other Amortization - - - 40.5 52.1
(Gain) Loss From Sale Of Assets (58.9) (13.8) 75.5 0.4 (9.2)
(Income) Loss on Equity Invest. 35.8 112.2 118.2 188.5 165.6
Stock-Based Compensation 39.0 39.5 37.3 57.0 38.8
Provision & Write-off of Bad debts 34.8 34.0 27.8 19.9 41.5
Other Operating Activities 199.9 197.9 228.1 56.3 255.5
Change in Acc. Receivable (29.6) (38.3) 13.8 (135.4) (198.8)
Change in Acc. Payable 85.9 6.4 (46.7) 113.8 106.4
Change in Other Net Operating Assets (215.1) (181.5) (108.4) (72.4) (138.6)
Cash from Ops. 2,242.8 2,352.1 2,471.6 2,786.7 3,190.0
Capital Expenditure (1,071.8) (1,207.1) (1,194.6) (1,316.3) (1,454.0)
Sale of Property, Plant, and Equipment 31.6 21.7 30.1 19.5 32.8
Cash Acquisitions (277.3) (575.1) (769.5) (1,221.7) (3,038.5)
Divestitures 89.2 42.8 32.9 46.3 50.6
Invest. in Marketable & Equity Securt. - - - - -
Net (Inc.) Dec. in Loans Originated/Sold - - - - -
Other Investing Activities (0.8) (1.3) (21.7) 6.1 (13.9)
Cash from Investing (1,229.1) (1,719.0) (1,922.8) (2,466.1) (4,423.0)
Short Term Debt Issued - - - - -
Long-Term Debt Issued 5,129.4 5,637.6 5,341.6 5,846.6 16,446.3
Total Debt Issued 5,129.4 5,637.6 5,341.6 5,846.6 16,446.3
Short Term Debt Repaid - - - - -
Long-Term Debt Repaid (5,000.7) (5,327.9) (5,221.4) (5,304.5) (14,281.7)
Total Debt Repaid (5,000.7) (5,327.9) (5,221.4) (5,304.5) (14,281.7)
Issuance of Common Stock 23.2 9.3 3.9 - -
Repurchase of Common Stock (736.9) (399.4) (98.8) (252.2) (203.5)
Common Dividends Paid (461.8) (491.2) (522.5) (552.6) (592.9)
Total Dividends Paid (461.8) (491.2) (522.5) (552.6) (592.9)
Special Dividend Paid - - - - -
Other Financing Activities (12.7) (17.4) (114.8) (66.5) (24.0)
Cash from Financing (1,059.5) (589.0) (612.0) (329.2) 1,344.2
Foreign Exchange Rate Adj. - - - - (2.5)
Net Change in Cash (45.8) 44.1 (63.2) (8.6) 108.7
Supplemental Items
Cash Interest Paid 351.0 346.8 325.1 249.4 311.5
Cash Taxes Paid 210.0 31.0 124.0 300.0 185.0
Levered Free Cash Flow 876.5 813.3 1,020.0 1,248.4 1,315.9
Unlevered Free Cash Flow 1,119.7 1,058.3 1,242.2 1,445.0 1,563.2
Change in Net Working Capital 40.6 21.0 (83.8) (90.6) 24.3
Net Debt Issued 128.7 309.7 120.2 542.1 2,164.6
Filing Date Feb-23-2021 Feb-11-2022 Feb-23-2023 Feb-23-2023 Feb-23-2023
Restatement Type NC NC NC NC O
Calculation Type REP REP REP REP REP

Ratios

Republic Services, Inc. (NYSE:RSG) > Financials > Ratios
Restatement: Latest Filings   Period Type: Annual
Order: Latest on Right   Decimals: Capital IQ (Default)
Ratios
For the Fiscal Period Ending 12 months Dec-31-2018 12 months Dec-31-2019 12 months Dec-31-2020 12 months Dec-31-2021 12 months Dec-31-2022
Profitability
Return on Assets % 5.0% 5.0% 5.0% 5.5% 5.8%
Return on Capital % 6.6% 6.7% 6.6% 7.2% 7.6%
Return on Equity % 13.1% 13.4% 11.7% 14.8% 15.9%
Return on Common Equity % 13.1% 13.4% 11.7% 14.8% 15.9%
Margin Analysis
Gross Margin % 38.8% 38.8% 39.9% 41.2% 40.4%
SG&A Margin % 10.6% 10.6% 10.4% 11.2% 11.3%
EBITDA Margin % 28.2% 28.2% 29.5% 29.6% 28.7%
EBITA Margin % 18.5% 18.7% 19.5% 19.8% 19.5%
EBIT Margin % 17.1% 17.3% 18.1% 18.7% 18.4%
Earnings from Cont. Ops Margin % 10.3% 10.4% 9.5% 11.4% 11.0%
Net Income Margin % 10.3% 10.4% 9.5% 11.4% 11.0%
Net Income Avail. for Common Margin % 10.3% 10.4% 9.5% 11.4% 11.0%
Normalized Net Income Margin % 8.1% 7.9% 8.2% 8.9% 8.9%
Levered Free Cash Flow Margin % 8.7% 7.9% 10.0% 11.1% 9.7%
Unlevered Free Cash Flow Margin % 11.2% 10.3% 12.2% 12.8% 11.6%
Asset Turnover
Total Asset Turnover 0.5x 0.5x 0.4x 0.5x 0.5x
Fixed Asset Turnover 1.3x 1.2x 1.2x 1.2x 1.3x
Accounts Receivable Turnover 9.1x 9.2x 9.2x 9.6x 9.2x
Inventory Turnover 117.9x 114.6x 105.3x 101.2x 95.4x
Short Term Liquidity
Current Ratio 0.6x 0.5x 0.7x 0.7x 0.7x
Quick Ratio 0.5x 0.5x 0.6x 0.6x 0.6x
Cash from Ops. to Curr. Liab. 0.8x 0.8x 1.1x 1.2x 0.9x
Avg. Days Sales Out. 40.1 39.5 40.0 38.2 39.8
Avg. Days Inventory Out. 3.1 3.2 3.5 3.6 3.8
Avg. Days Payable Out. 40.3 44.6 46.7 46.3 48.2
Avg. Cash Conversion Cycle 2.9 (1.9) (3.2) (4.5) (4.5)
Long Term Solvency
Total Debt/Equity 105.1% 110.7% 109.3% 110.1% 125.7%
Total Debt/Capital 51.3% 52.5% 52.2% 52.4% 55.7%
LT Debt/Equity 96.4% 98.4% 106.9% 109.5% 120.4%
LT Debt/Capital 47.0% 46.7% 51.1% 52.1% 53.4%
Total Liabilities/Total Assets 63.3% 64.2% 63.8% 64.0% 66.7%
EBIT / Interest Exp. 4.4x 4.6x 5.2x 6.7x 6.3x
EBITDA / Interest Exp. 7.3x 7.7x 8.7x 10.9x 10.2x
(EBITDA-CAPEX) / Interest Exp. 4.5x 4.6x 5.3x 6.7x 6.5x
Total Debt/EBITDA 2.9x 3.0x 3.0x 2.9x 3.0x
Net Debt/EBITDA 2.9x 3.0x 3.0x 2.9x 3.0x
Total Debt/(EBITDA-CAPEX) 4.7x 5.0x 4.9x 4.7x 4.7x
Net Debt/(EBITDA-CAPEX) 4.7x 5.0x 4.9x 4.7x 4.7x
Altman Z Score 1.98 2.08 2.13 2.42 2.36
Growth Over Prior Year
Total Revenue (0.0%) 2.6% (1.4%) 11.2% 19.6%
Gross Profit 1.7% 2.8% 1.3% 14.7% 17.5%
EBITDA 2.2% 2.7% 3.1% 11.5% 15.9%
EBITA 7.0% 3.7% 3.2% 12.5% 17.9%
EBIT 3.9% 4.0% 3.1% 15.0% 17.6%
Earnings from Cont. Ops. (18.9%) 3.5% (9.7%) 33.3% 15.1%
Net Income (18.9%) 3.5% (9.9%) 33.4% 15.3%
Normalized Net Income 2.8% (0.5%) 3.4% 20.4% 19.8%
Diluted EPS before Extra (16.2%) 5.4% (9.3%) 33.8% 16.1%
Accounts Receivable (0.3%) 2.1% (3.1%) 16.5% 31.9%
Inventory 3.7% 7.0% 4.0% 22.2% 33.8%
Net PP&E 3.1% 7.6% 3.7% 6.1% 16.1%
Total Assets 2.2% 4.9% 3.3% 6.5% 16.4%
Tangible Book Value NM NM NM NM NM
Common Equity (0.4%) 2.4% 4.5% 5.8% 7.9%
Cash from Ops. 17.4% 4.9% 5.1% 12.7% 14.5%
Capital Expenditures 8.3% 12.6% (1.0%) 10.2% 10.5%
Levered Free Cash Flow (8.3%) (7.2%) 25.4% 22.4% 5.4%
Unlevered Free Cash Flow (5.5%) (5.5%) 17.4% 16.3% 8.2%
Dividend per Share 8.3% 8.3% 6.4% 6.6% 7.9%
Compound Annual Growth Rate Over Two Years
Total Revenue 3.4% 1.3% 0.6% 4.7% 15.4%
Gross Profit 3.6% 2.2% 2.1% 7.8% 16.1%
EBITDA 3.3% 2.5% 2.9% 7.2% 13.7%
EBITA 5.6% 5.3% 3.4% 7.7% 15.2%
EBIT 4.1% 4.0% 3.5% 8.8% 16.3%
Earnings from Cont. Ops. 30.1% (8.4%) (3.3%) 9.7% 23.9%
Net Income 30.1% (8.4%) (3.4%) 9.6% 24.0%
Normalized Net Income 4.1% 1.1% 1.4% 11.6% 20.1%
Diluted EPS before Extra 33.2% (6.0%) (2.2%) 10.1% 24.6%
Accounts Receivable 5.3% 0.9% (0.5%) 6.3% 24.0%
Inventory 9.9% 5.3% 5.5% 12.7% 27.8%
Net PP&E 2.8% 5.3% 5.6% 4.9% 11.0%
Total Assets 2.4% 3.6% 4.1% 4.9% 11.3%
Tangible Book Value NM NM NM NM NM
Common Equity 1.5% 1.0% 3.5% 5.2% 6.8%
Cash from Ops. 10.2% 11.0% 5.0% 8.8% 13.6%
Capital Expenditures 7.5% 10.4% 5.6% 4.4% 10.3%
Levered Free Cash Flow (0.3%) (7.8%) 7.9% 23.9% 13.6%
Unlevered Free Cash Flow 0.1% (5.5%) 5.3% 16.8% 12.2%
Dividend per Share 7.8% 8.3% 7.4% 6.5% 7.3%
Compound Annual Growth Rate Over Three Years
Total Revenue 3.3% 3.1% 0.4% 4.0% 9.5%
Gross Profit 3.1% 3.4% 1.9% 6.1% 10.9%
EBITDA 3.4% 3.1% 2.7% 5.7% 10.1%
EBITA 5.2% 5.0% 4.6% 6.4% 11.0%
EBIT 4.3% 4.1% 3.7% 7.2% 11.7%
Earnings from Cont. Ops. 11.4% 20.5% (8.8%) 7.6% 11.5%
Net Income 11.4% 20.6% (8.9%) 7.6% 11.5%
Normalized Net Income 4.4% 2.5% 1.9% 7.4% 14.2%
Diluted EPS before Extra 14.1% 23.2% (7.1%) 8.5% 12.1%
Accounts Receivable 4.6% 4.2% (0.4%) 4.9% 14.2%
Inventory 11.0% 8.9% 4.9% 10.8% 19.4%
Net PP&E 2.0% 4.4% 4.8% 5.8% 8.5%
Total Assets 1.7% 3.2% 3.5% 4.9% 8.6%
Tangible Book Value NM NM NM NM NM
Common Equity 0.7% 1.8% 2.2% 4.2% 6.1%
Cash from Ops. 10.1% 8.4% 9.0% 7.5% 10.7%
Capital Expenditures 4.3% 9.2% 6.5% 7.1% 6.4%
Levered Free Cash Flow (3.5%) (2.7%) 2.2% 12.5% 17.4%
Unlevered Free Cash Flow (2.3%) (1.8%) 1.6% 8.9% 13.9%
Dividend per Share 7.5% 8.0% 7.7% 7.1% 7.0%
Compound Annual Growth Rate Over Five Years
Total Revenue 3.6% 3.2% 2.2% 3.8% 6.1%
Gross Profit 4.1% 4.8% 2.7% 5.1% 7.4%
EBITDA 4.0% 5.4% 3.2% 4.7% 7.0%
EBITA 5.0% 7.6% 4.5% 6.1% 8.7%
EBIT 4.5% 7.3% 4.0% 6.0% 8.5%
Earnings from Cont. Ops. 12.0% 14.4% 5.3% 16.1% 3.1%
Net Income 12.0% 14.4% 5.2% 16.1% 3.1%
Normalized Net Income 8.6% 7.3% 3.2% 6.0% 8.8%
Diluted EPS before Extra 14.3% 16.8% 7.2% 17.8% 4.5%
Accounts Receivable 4.4% 3.9% 2.5% 5.0% 8.7%
Inventory 7.0% 9.6% 8.8% 10.4% 13.5%
Net PP&E 2.7% 3.8% 3.4% 4.6% 7.2%
Total Assets 1.6% 2.5% 2.7% 3.9% 6.6%
Tangible Book Value NM NM NM NM NM
Common Equity 0.1% 0.9% 1.8% 3.1% 4.0%
Cash from Ops. 7.7% 9.0% 8.0% 8.6% 10.8%
Capital Expenditures 4.0% 7.0% 4.8% 7.2% 8.0%
Levered Free Cash Flow 4.5% 2.4% 0.9% 7.2% 6.6%
Unlevered Free Cash Flow 3.7% 2.6% 0.7% 5.3% 5.7%
Dividend per Share 7.8% 7.6% 7.4% 7.4% 7.5%

Key Stats

Republic Services, Inc. (NYSE:RSG) > Financials > Key Stats
In Millions of the trading currency, except per share items. Currency: Trading Currency   Conversion: Historical
Order: Latest on Right   Units: S&P Capital IQ (Default)
Decimals: Capital IQ (Default)   Dilution: Basic
Key Financials¹
For the Fiscal Period Ending 12 months Dec-31-2018A 12 months Dec-31-2019A 12 months Dec-31-2020A 12 months Dec-31-2021A 12 months Dec-31-2022A
Currency USD USD USD USD USD
Total Revenue 10,040.9 10,299.4 10,153.6 11,295.0 13,511.3
Growth Over Prior Year (0.0%) 2.6% (1.4%) 11.2% 19.6%
Gross Profit 3,890.9 4,001.0 4,053.1 4,648.0 5,459.1
Margin % 38.8% 38.8% 39.9% 41.2% 40.4%
EBITDA 2,831.4 2,909.1 3,000.1 3,344.3 3,877.7
Margin % 28.2% 28.2% 29.5% 29.6% 28.7%
EBIT 1,717.3 1,786.7 1,841.3 2,116.6 2,488.6
Margin % 17.1% 17.3% 18.1% 18.7% 18.4%
Earnings from Cont. Ops. 1,037.6 1,073.8 969.6 1,292.3 1,487.6
Margin % 10.3% 10.4% 9.5% 11.4% 11.0%
Net Income 1,036.9 1,073.3 967.2 1,290.4 1,487.6
Margin % 10.3% 10.4% 9.5% 11.4% 11.0%
Diluted EPS Excl. Extra Items³ 3.16 3.33 3.02 4.04 4.69
Growth Over Prior Year (16.2%) 5.4% (9.3%) 33.8% 16.1%
Currency USD USD USD USD USD
Exchange Rate 1.0 1.0 1.0 1.0 1.0
Conversion Method H H H H H
¹All results are taken from the most recently filed statement for each period. When there has been more than one, earlier filings can be viewed on the individual statement pages.
Growth Rates are calculated in originally reported currency only and will not reflect any currency conversion selected above.
Latest Capitalization (Millions of USD)
Currency USD
Share Price $135.7
Shares Out. 316.2
Market Capitalization 42,914.3
- Cash & Short Term Investments 143.4
+ Total Debt 12,181.1
+ Pref. Equity -
+ Total Minority Interest 0.8
- Long Term Marketable Securities -
= Total Enterprise Value (TEV) 54,952.8
Book Value of Common Equity 9,686.0
+ Pref. Equity -
+ Total Minority Interest 0.8
+ Total Debt 12,181.1
= Total Capital 21,867.9
**For companies that have multiple share classes that publicly trade, we are incorporating the different prices to calculate our company level market capitalization. Please click on the value to see the detailed calculation. Prices shown on this page are the close price of the company’s primary stock class. Shares shown on this page are total company as-reported share values.
Total Liability includes Total Debt, Minority Interest and Pref. Equity.
Net Liability includes Total Liability, net of Cash and Short Term Investments.
TEV includes Market Cap and Net Liability.
Total Capital includes Common Equity and Total Liability.
Valuation Multiples based on Current Capitalization
For the Fiscal Period Ending 12 months Dec-31-2018A 12 months Dec-31-2019A 12 months Dec-31-2020A 12 months Dec-31-2021A 12 months Dec-31-2022A
TEV/Total Revenue - 5.3x 5.4x 4.9x 4.1x
TEV/EBITDA - 19.0x 18.5x 16.9x 14.2x
TEV/EBIT - 32.8x 31.9x 28.5x 23.7x
P/Diluted EPS Before Extra - 40.8x 44.9x 33.6x 28.9x
P/BV - 5.3x 5.1x 4.8x 4.4x
Price/Tang BV - NM NM NM NM