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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. 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.

287.52 3.29 −1.13%
Market cap
$81.5B
P/E
38.3×
Fwd P/E
32.3×
Dividend yield
1.02%
F-score
6/9
Altman Z
4.76
Beneish M
−2.51
Dividend safety
89/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 2.91
Total sells 27.15
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — 1 — — — — 2 2 — — — —
Sell 2 — — 6 — — 1 1 1 2 — —
Insider Ownership 10.67%

Capital & Financial Ratios $m

Market Cap 81,520.00
Revenue 16,842.50
Net Income 2,133.60
Free Cash Flow 1,886.40
Net Debt 8,040.90
Current Ratio 1.84 (at or above 1.5: strong)
Debt/Equity 1.31
P/E ratio 38.34 (above 35: high)
Fwd P/E 32.30
P/S ratio 4.79
P/B ratio 8.00 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth 8.23%
Next Y EPS Growth 15.11% (at or above 15%: strong)
Next Y revenue growth 11.47% (at or above 10%: strong)
Next 5Y EPS Growth 12.47%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.3×, 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 64.93%
10-year low 10-year high
P/S against its own 10 years 75.19%
10-year low 10-year high
P/B against its own 10 years 72.54%
10-year low 10-year high
EV/Sales against its own 10 years 76.37%
10-year low 10-year high
EV/FCF against its own 10 years 75.49%
10-year low 10-year high

Dividends

Payout Ratio 0.39
Annual Dividend Rate 2.92
Annual Dividend Yield 1.02%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.94
0.73
0.73
0.73
2025 2.68
0.65
0.65
0.65
0.73
2024 2.36
0.57
0.57
0.57
0.65
2023 2.16
0.53
0.53
0.53
0.57
2022 2.06
0.51
0.51
0.51
0.53
2021 1.95
0.48
0.48
0.48
0.51
2020 1.89
0.47
0.47
0.47
0.48
2019 1.85
0.46
0.46
0.46
0.47
2018 1.69
0.41
0.41
0.41
0.46
2017 1.52
0.37
0.37
0.37
0.41
2016 1.42
0.35
0.35
0.35
0.37
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 920 1,257 646 5,135
Receivables 2,834 2,865 3,249 3,453
Inventory 1,497 1,465 1,490 1,644
Other 393 439 570 788
5,644 6,026 5,956 11,020
2023 2024 2025 Q'26
Payables 1,566 1,810 2,071 2,158
ST’ Debt 630 616 870 1,271
Other 1,335 1,513 1,738 1,863
4,346 4,793 5,535 5,987

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%

Revenue $m

Mar Jun Sep Dec Year
’26 4,066 4,415 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 1.52 1.90 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 98.62 117.29 125.74 141.30 124.60 201.15 131.04 143.91 193.46 221.62

Analyst estimates 2026–2028

Powerpack
High 124.60 137.96 162.91 209.87 231.36 238.93 237.38 201.62 262.61 286.04
People
People Employees 47,565 48,400 49,000 50,200 44,000 47,000 47,000 48,000 48,000 48,000
Revenue/emp, $m 0.28 0.29 0.25 0.25 0.27 0.27 0.30 0.32 0.33 0.34
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
Gross margin, % 42.72 41.72 43.75 43.91 41.43 40.19 37.76 40.24 43.46 44.46
EBT 1,649 1,762 1,587 1,732 1,161 1,414 1,343 1,756 2,571 2,548
EBT margin, % 12.54 12.74 12.99 13.78 9.85 11.11 9.47 11.46 16.33 15.84
Net income 1,247 1,519 1,440 1,443 (1,185) 1,144 1,109 1,393 2,132 2,093
Depreciation 851 893 730 775 813 843 939 924 935 976
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
Earnings 4.20 5.21 4.95 5.41 (4.20) 3.95 3.83 4.82 7.43 7.33
Cash flow 6.63 7.22 7.89 8.40 6.48 7.20 6.27 8.46 9.90 10.42
Capex (2.48) (2.96) (2.60) (2.51) (1.69) (2.20) (2.49) (2.68) (3.46) (3.52)
Free cash flow 4.15 4.26 5.29 5.89 4.80 5.00 3.78 5.78 6.44 6.91
Book value 23.83 26.43 27.91 30.29 21.61 25.33 25.45 28.32 30.92 34.61
Shares, m 293 290 289 288 287 286 285 285 284 283
Valuation, ×
Valuation, × P/E 28.10 25.77 29.71 35.67 0.00 59.39 38.44 41.12 31.54 35.81
P/S 2.63 2.82 3.48 4.43 5.27 5.27 2.96 3.69 4.23 4.62
P/B 4.95 5.09 5.28 6.37 10.01 9.26 5.78 7.00 7.58 7.59
EV/Sales 3.11 3.33 4.05 4.92 5.73 5.93 3.52 4.16 4.63 5.10
EV/FCF 33.70 37.35 32.39 36.44 49.05 52.80 46.36 38.71 39.83 41.89
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
Capex (726) (858) (751) (724) (484) (631) (711) (765) (983) (996)
Free cash flow 1,213 1,233 1,527 1,697 1,377 1,431 1,078 1,647 1,831 1,957
Balance, $m
Balance, $m Working capital 1,260 1,119 992 1,198 2,185 1,134 1,284 1,298 1,233 421
Total debt 6,687 7,323 7,045 6,354 6,687 8,758 8,580 8,182 7,565 8,236
Net debt 6,360 7,111 6,931 6,235 5,426 8,398 7,982 7,262 6,308 7,590
Shareholders’ equity 6,971 7,654 8,054 8,726 6,202 7,253 7,259 8,072 8,789 9,805
Returns, %
Returns, % ROA 6.65 7.86 7.14 7.61 (6.18) 5.75 5.12 6.34 9.55 8.82
ROIC 8.77 8.25 7.21 7.71 7.50 6.38 6.41 8.12 11.60 9.84
ROE 17.62 20.58 18.20 18.58 (16.15) 16.80 15.05 17.90 25.06 22.33
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $227.4B 32.0× 30.9× +9.35% (above 0%: growing) +11.20% (above 0%: growing) −12.68% (below 0%: shrinking) 47.67% 27.49% Compare
SHW The Sherwin-Williams Company $81.8B 30.6× 28.0× +7.52% (above 0%: growing) +13.82% (above 0%: growing) +33.68% (above 0%: growing) 49.17% 18.13% Compare
ECL Ecolab Inc. $81.5B 38.3× 32.3× +9.69% (above 0%: growing) +3.24% (above 0%: growing) −2.91% (below 0%: shrinking) 44.07% 17.16%
APD Air Products and Chemicals, Inc. $66.1B — (loss-making) 21.5× +4.58% (above 0%: growing) n/m +180.09% (above 0%: growing) 32.77% (66.34%) Compare
PPG PPG Industries, Inc. $24.0B 15.3× 15.5× +7.15% (above 0%: growing) −1.01% (below 0%: shrinking) +67.67% (above 0%: growing) 40.22% 14.15% Compare
IFF International Flavors & Fragrances Inc. $23.0B 83.2× 29.3× +1.82% (above 0%: growing) −91.63% (below 0%: shrinking) +94.52% (above 0%: growing) 43.65% 8.09% Compare
LYB LyondellBasell Industries N.V. $20.2B — (loss-making) 6.4× +19.84% (above 0%: growing) +388.57% (above 0%: growing) +356.38% (above 0%: growing) 22.21% 16.81% Compare
DD DuPont de Nemours, Inc. $17.8B 290× 26.5× +4.00% (above 0%: growing) +150.00% (above 0%: growing) +1,250.00% (above 0%: growing) 35.13% 16.38% Compare
RPM RPM International Inc. $12.8B 18.4× 18.3× +4.82% (above 0%: growing) +13.75% (above 0%: growing) +33.14% (above 0%: growing) 41.25% 15.99% Compare
Median of peers $23.5B 31.3× 24.0× +5.99% +13.75% +81.10% 40.74% 16.19%

All 60 Specialty Chemicals stocks →

ECL metrics, ten years each

Ecolab Inc. (ECL) key facts

  • Concern: Net income was $2.1 billion, or $7.33 per share (basic), a net margin of 12.9%.
  • Strength: Ecolab Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.1 billion, up 2.16% from fiscal 2024.
  • Ecolab Inc. (ECL) is a Specialty Chemicals company in the Basic Materials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, ECL traded at $287.52, a market capitalization of $81.5 billion.
  • At that price the stock trades at 38.3× trailing-twelve-month earnings and 4.8× sales; its P/E is higher than 65% of its own readings over the past ten years.
  • Ecolab Inc. pays an annual dividend of $2.92 per share, a yield of 1.02%, with a payout ratio of 39.2%.
  • Return on equity was 22.3% and debt-to-equity 1.31.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 4.76 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/ECL · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com