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. In the quarter to June 2026, revenue grew 9.69%, EPS grew 3.24%, free cash flow fell 2.91% and total debt rose 60.5%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years, revenue growth for five, operating cash flow growth for three; insiders bought in the last twelve months.
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Ecolab Inc. (ECL) Piotroski F-score
Ecolab Inc.'s Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, down from 8 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | (2.00) |
| FY2024 | 8 | 0.00 |
| FY2023 | 8 | 2.00 |
| FY2022 | 6 | 0.00 |
| FY2021 | 6 | 2.00 |
| FY2020 | 4 | (5.00) |
| FY2019 | 9 | 3.00 |
| FY2018 | 6 | 0.00 |
| FY2017 | 6 | 0.00 |
| FY2016 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 8.82% | 9.55% | Pass | 1 |
| Positive operating cash flow | 2.95b | 2.81b | Pass | 1 |
| Rising return on assets | 8.82% | 9.55% | Fail | 0 |
| Cash flow above net income | 877.00m | 701.50m | Pass | 1 |
| Falling long-term leverage | 0.31 | 0.31 | Pass | 1 |
| Rising current ratio | 1.08 | 1.26 | Fail | 0 |
| No new shares issued | 283,300,000 | 284,300,000 | Pass | 1 |
| Rising gross margin | 44.46% | 43.46% | Pass | 1 |
| Rising asset turnover | 0.68 | 0.71 | Fail | 0 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| RPM RPM International Inc. compare | 6 |
| DD DuPont de Nemours, Inc. compare | 6 |
| LIN Linde PLC compare | 6 |
| SHW The Sherwin-Williams Company compare | 6 |
| IFF International Flavors & Fragrances Inc. compare | 6 |
| ECL Ecolab Inc. | 6 |
| PPG PPG Industries, Inc. compare | 6 |
| LYB LyondellBasell Industries N.V. compare | 3 |
| APD Air Products and Chemicals, Inc. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover
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- P/E ratio
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- EV/EBITDA
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- Current ratio
- Total debt
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- Altman Z-score
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