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Ecolab Inc.

ECL Basic Materials Specialty Chemicals

Ecolab Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.1 billion, up 2.16% from fiscal 2024.

Revenue
+12.7%
EPS
−4.37%
Free cash flow
−15.6%
Total debt
+63.5%

Quarter to September 2026, against a year earlier

306.11 8.90 −2.83%
Market cap
$85.8B
P/E
41.3×
Fwd P/E
40.1×
Dividend yield
0.95%
F-score
6/9
Altman Z
4.76
Beneish M
−2.51
Dividend safety
89/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Global Water
  • Global Institutional & Specialty
  • Global Pest Elimination
  • Global Life Sciences

Every year since 2010 →

Insider Decisions last twelve months

Bought, $m 2.91
Sold, $m 21.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — 2 2 — — — — —
Sell — — 6 — — 1 1 1 2 — — —
Insider Ownership 10.53%

Capital & Financial Ratios $m

Size
Market Cap 85,780.00
Revenue ttm 17,372.30
Net income ttm 2,098.30
Free cash flow ttm 1,803.30
Net debt Q 12,469.70
Valuation
P/E 41.31 (above 35: high)
Forward P/E 40.10 (above 35: high)
Price / sales 4.94
Forward P/S Powerpack
Price / FCF 47.60
Price / book 8.21 (above 6: high)
Financial health
Current ratio Q 1.11
Debt / equity Q 1.26
Interest coverage Q 6.49
Growth
Revenue growth Q +12.72% (above 0%: growing)
Operating income growth Q +6.62% (above 0%: growing)
EPS, this year +8.34%
EPS, next year A +15.25% (at or above 15%: strong)
Revenue, next year A +11.41% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +12.58%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.7×, against a ten-year median of 4.6×; over the ten years it ranged from 2.7× in 2016 to 6.1× in 2020.
P/E against its own 10 years 77.66%
10-year low 10-year high
P/S against its own 10 years 83.61%
10-year low 10-year high
P/B against its own 10 years 78.03%
10-year low 10-year high
EV/Sales against its own 10 years 91.90%
10-year low 10-year high
EV/FCF against its own 10 years 96.85%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.95%
Annual rate
2.92
Payout ratio
39.7%
Growth, 2017–25
+7.35%/yr
  1. 1.52 ’17
  2. 1.69 ’18 +11
  3. 1.85 ’19 +9
  4. 1.89 ’20 +2
  5. 1.95 ’21 +3
  6. 2.06 ’22 +6
  7. 2.16 ’23 +5
  8. 2.36 ’24 +9
  9. 2.68 ’25 +14
  10. 2.91 ’26e +9
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 920 1,257 646 722
Receivables 2,834 2,865 3,249 3,795
Inventory 1,497 1,465 1,490 1,765
Other 393 439 570 817
5,644 6,026 5,956 7,100
2023 2024 2025 Q'26
Payables 1,566 1,810 2,071 2,340
ST’ Debt 630 616 870 1,277
Other 1,335 1,513 1,738 2,027
4,346 4,793 5,535 6,380

Compound Annual Growth %

10y 5y 3y
Sales 1.73% 6.40% 4.26%
Cash Flow 3.97% 9.68% 18.19%
Earnings 7.55% 0.00% 23.88%
Book Value 3.46% 9.59% 10.54%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.18 Actual 2.18

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.06 2.08 Beat by 0.02
Q1 FY26 1.70 1.70 Met by 0.00
Q2 FY26 2.08 2.09 Beat by 0.01
Q3 FY26 2.18 2.18 Met by 0.00
Q4 FY26 2.19 — Reports 9 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.52 1.90 1.95 — —
’25 1.41 1.84 2.05 1.98 7.28
’24 1.43 1.71 2.58 1.66 7.37
’23 0.82 1.15 1.41 1.41 4.79
’22 0.60 1.08 1.21 0.93 3.81
’21 0.67 1.08 1.12 1.04 3.91
’20 0.97 (6.98) 0.85 1.04 (4.15)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,066 4,415 4,695 — —
’25 3,695 4,025 4,165 4,196 16,081
’24 3,752 3,986 3,999 4,005 15,741
’23 3,572 3,852 3,958 3,938 15,320
’22 3,267 3,581 3,669 3,671 14,188
’21 2,885 3,163 3,321 3,365 12,733
’20 3,021 2,686 3,019 3,065 11,790
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 446 730 764 — —
’25 369 702 791 1,090 2,953
’24 649 611 787 767 2,814
’23 198 573 788 853 2,412
’22 170 322 437 859 1,788
’21 295 503 623 641 2,062
’20 372 387 452 650 1,860
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 98 491 451 — —
’25 153 506 534 764 1,957
’24 449 417 550 415 1,831
’23 29 405 622 590 1,647
’22 22 154 245 657 1,078
’21 193 360 457 422 1,431
’20 225 285 341 526 1,377
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 20.2% a year for ten years. It grew 5.1% a year over the last ten.

Implied
20.2%
10 years, reported
5.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 13,152 13,836 12,222 12,562 11,790 12,733 14,188 15,320 15,741 16,081 17,372 +2.3% 17,916 19,351 20,587 +8.6%
Gross margin, % 42.72 41.72 43.75 43.91 41.43 40.19 37.76 40.24 43.46 44.46 43.94 +1.7 pt
EBT 1,649 1,762 1,587 1,732 1,161 1,414 1,343 1,756 2,571 2,548 2,606 +5.0%
EBT margin, % 12.54 12.74 12.99 13.78 9.85 11.11 9.47 11.46 16.33 15.84 15.00 +3.3 pt
Net income 1,247 1,519 1,440 1,443 (1,185) 1,144 1,109 1,393 2,132 2,093 2,098 +5.9%
Per share, $
Per share, $ Revenue 44.96 47.78 42.35 43.60 41.08 44.47 49.75 53.76 55.37 56.76 61.96 +2.6%
Earnings 4.20 5.21 4.95 5.41 (4.20) 3.95 3.83 4.82 7.43 7.33 7.41 +6.4%
Cash flow 6.63 7.22 7.89 8.40 6.48 7.20 6.27 8.46 9.90 10.42 10.80 +5.2%
Capex (2.48) (2.96) (2.60) (2.51) (1.69) (2.20) (2.49) (2.68) (3.46) (3.52) (4.37) +3.9%
Free cash flow 4.15 4.26 5.29 5.89 4.80 5.00 3.78 5.78 6.44 6.91 6.43 +5.8%
Book value 23.83 26.43 27.91 30.29 21.61 25.33 25.45 28.32 30.92 34.61 37.28 +4.2%
Shares, m 293 290 289 288 287 286 285 285 284 283 282 (0.4%)
Valuation, ×
Valuation, × P/E 28.10 25.77 29.71 35.67 0.00 59.39 38.44 41.12 31.54 35.81 41.31 32.6
P/S 2.63 2.82 3.48 4.43 5.27 5.27 2.96 3.69 4.23 4.62 4.94 3.9
P/B 4.95 5.09 5.28 6.37 10.01 9.26 5.78 7.00 7.58 7.59 8.21 6.9
EV/Sales 3.11 3.33 4.05 4.92 5.73 5.93 3.52 4.16 4.63 5.10 5.66 4.4
EV/FCF 33.70 37.35 32.39 36.44 49.05 52.80 46.36 38.71 39.83 41.89 54.51 40.9
Cash, $m
Cash, $m Operating cash flow 1,940 2,091 2,278 2,421 1,860 2,062 1,788 2,412 2,814 2,953 3,029 +4.8%
Capex (726) (858) (751) (724) (484) (631) (711) (765) (983) (996) (1,226) +3.6%
Free cash flow 1,213 1,233 1,527 1,697 1,377 1,431 1,078 1,647 1,831 1,957 1,803 +5.5%
Balance, $m
Balance, $m Working capital 1,260 1,119 992 1,198 2,185 1,134 1,284 1,298 1,233 421 720 (11.5%)
Net debt 6,360 7,111 6,931 6,235 5,426 8,398 7,982 7,262 6,308 7,590 12,470 +2.0%
Shareholders’ equity 6,971 7,654 8,054 8,726 6,202 7,253 7,259 8,072 8,789 9,805 10,455 +3.9%
Returns, %
Returns, % ROA 6.65 7.86 7.14 7.61 (6.18) 5.75 5.12 6.34 9.55 8.82 7.57 +2.2 pt
ROIC 8.77 8.25 7.21 7.71 7.50 6.38 6.41 8.12 11.60 9.84 7.91 +1.1 pt
ROE 17.62 20.58 18.20 18.58 (16.15) 16.80 15.05 17.90 25.06 22.33 20.61 +4.7 pt
People
People Employees 47,565 48,400 49,000 50,200 44,000 47,000 47,000 48,000 48,000 48,000 — +0.1%
Revenue/emp, $m 0.28 0.29 0.25 0.25 0.27 0.27 0.30 0.32 0.33 0.34 — +2.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Ecolab is a Saint Paul-headquartered company led by Chairman and Chief Executive Officer Christophe Beck. It supplies water treatment, cleaning, sanitation, infection-prevention, pest-elimination and contamination-control solutions. Its model combines chemicals and other consumables with dispensing or monitoring equipment, digital tools and field service.

Global Water serves industrial customers with programs for cooling water, boiler water, wastewater, ultra-pure water and process water. It also supplies cleaning, sanitation and water programs to food and beverage processors, farms, breweries and pulp-and-paper producers. Global Institutional & Specialty supplies cleaners, sanitizers, food-safety products, dishwashing and laundry programs, infection-prevention products, and related equipment to foodservice, hospitality, healthcare, education, government and retail customers.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Global Water 7,982 49.64%
Global Institutional & Specialty 6,105 37.96%
Global Pest Elimination 1,246 7.75%
Global Life Sciences 748 4.65%
Gross margin 44.46%
Operating margin 17.02%
Pre-tax margin 15.84%

Revenue by segment since 2010

Ecolab Inc. vs peers in Specialty Chemicals (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LIN Linde PLC $239.3B 34.2× 31.6× +9.16% (above 0%: growing) −8.09% (below 0%: shrinking) +6.28% (above 0%: growing) 47.24% 22.86% Compare
ECL Ecolab Inc. $85.8B 41.3× 40.1× +12.72% (above 0%: growing) −4.37% (below 0%: shrinking) −15.57% (below 0%: shrinking) 44.08% 17.26%
SHW The Sherwin-Williams Company $84.3B 31.8× 29.9× +7.89% (above 0%: growing) +0.89% (above 0%: growing) −12.19% (below 0%: shrinking) 47.77% 17.53% Compare
APD Air Products and Chemicals, Inc. $68.9B — (loss-making) 93.9× +4.58% (above 0%: growing) n/m +180.09% (above 0%: growing) 32.77% (66.34%) Compare
PPG PPG Industries, Inc. $27.2B 17.6× 16.2× +6.64% (above 0%: growing) +1.00% (above 0%: growing) −23.61% (below 0%: shrinking) 40.52% 14.89% Compare
IFF International Flavors & Fragrances Inc. $21.6B 121× 60.3× +3.91% (above 0%: growing) n/m −123.33% (below 0%: shrinking) 42.48% 8.24% Compare
LYB LyondellBasell Industries N.V. $19.9B 15.6× 9.2× +9.99% (above 0%: growing) n/m +144.89% (above 0%: growing) 17.60% 12.55% Compare
DD DuPont de Nemours, Inc. $19.2B 64.2× 26.3× +4.07% (above 0%: growing) n/m +36.69% (above 0%: growing) 35.71% 16.81% Compare
RPM RPM International Inc. $13.5B 19.5× 17.3× +4.82% (above 0%: growing) +13.48% (above 0%: growing) +33.14% (above 0%: growing) 41.25% 15.99% Compare
Median of peers $24.4B 31.8× 28.1× +5.73% +0.95% +19.71% 40.89% 15.44%

All 61 Specialty Chemicals stocks →

From the latest earnings call

Updated

  • CEO Christophe Beck said pricing and supply-chain management should offset higher commodity costs, while Ecolab expands its institutional sales and service efforts.
  • Beck said Ecolab has integrated its data-center business with CoolIT and plans to expand manufacturing capacity closer to customers.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Bank of America Oct 21, 2026 Reiterated — —
Citi Oct 12, 2026 Upgrade Buy —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 78.39%
Held by the ten largest 37.63%
Holder Shares Stake Change
Vanguard 25.42m 9.07% +15.20k
BlackRock 23.05m 8.22% +244.27k
JPMorgan Chase 14.62m 5.22% +2.96m
State Street 11.77m 4.20% +548.06k
Morgan Stanley 7.83m 2.79% +36.27k
Geode Capital Management 6.00m 2.14% +5.50k
GATES FOUNDATION TRUST 5.22m 1.86% 0.00
UBS 4.60m 1.64% −240.82k
Royal Bank of Canada 3.61m 1.29% +114.72k
Norges Bank 3.35m 1.20% +3.35m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 20 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 17.40m 25.91m 128.15
2024 16.39m 30.06m 113.22
2023 15.55m 22.73m 94.91
2022 8.72m 2.63m 68.80
2021 8.37m 10.10m 109.38

Ownership

Directors and executive officers, together 0.50%
William H. Gates III 12.18%
The Vanguard Group 8.21%
BlackRock, Inc. 7.69%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Ecolab Inc. (ECL) Latest News

28 Oct

Impact 4 · · Simply Wall St.

27 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Moby earnings
Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat transcript
Impact 4 · · Zacks
Impact 4 · · Business Wire earnings
Impact 3 · · Zacks
Impact 3 · · Associated Press

23 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Trefis

22 Oct

Impact 4 · · PR Newswire
Impact 4 · · CNW Group
Impact 3 · · Zacks

21 Oct

Impact 4 · · Zacks
Impact 3 · · Investing.com

20 Oct

Impact 3 · · Zacks

15 Oct

Impact 3 · · MT Newswires

12 Oct

Impact 4 · · Investing.com

8 Oct

Impact 3 · · Barchart

7 Oct

Impact 3 · · Insider Monkey

2 Oct

Impact 3 · · Simply Wall St.

18 Aug

Impact 4 ·
Impact 3 ·
Impact 3 ·

28 Jul

Impact 4 · transcript
Impact 3 · · Moby transcript
Impact 3 · · MarketBeat
Impact 3 ·
Impact 3 ·

ECL metrics, ten years each

stockrow.com/ECL · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com