NYSE: ECL · Specialty Chemicals
Ecolab
Ecolab provides water, hygiene and infection prevention solutions and services to customers in more than 170 countries. It has four segments: Global Water, Global Institutional & Specialty, Global Pest Elimination and Global Life Sciences. 2025 sales were $16.1 billion and net income $2.1 billion, and the company has about 48,000 employees, more than 25,000 of them in sales and service. In December 2025 it bought Ovivo Electronics, an ultrapure water business for semiconductor manufacturing, for $1.6 billion. In 2026 it agreed to buy CoolIT Systems, a liquid cooling company for AI data centers, for about $4.75 billion in cash; the deal closed July 2, 2026. In Q3 2026 sales rose 13% (7% organic), and Ecolab expects 2026 adjusted EPS of $8.10–8.20.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: February 23, 2026
Built on10-K FY2025 · filed 2026-02-2310-Q (quarter ended 2026-09-30) · filed 2026-10-29
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 6.4%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 17.0%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +4.8 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.2x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.42x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 41.6x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.69
Higher than 35% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 45% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 55% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 60% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 43% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$307.39close on 2026-11-04
Market cap$86.68B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 41.6x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 8.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 27.6x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 2.2%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.9%
At FY2025 year-end: 36.1x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 7.6x
Book value at FY2025 year-end
At FY2025 year-end: 23.9x
EBITDA for FY2025
At FY2025 year-end: 2.6%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$4.17B → $4.69B (vs. a year earlier)↑ +12.7%$4.17B → $4.69B (vs. a year earlier)
- Operating margin18.3% → 17.3% (vs. a year earlier)↓ −1.0 pts18.3% → 17.3% (vs. a year earlier)
- Net income$585M → $551M (vs. a year earlier)↓ −5.8%$585M → $551M (vs. a year earlier)
- Diluted EPS$2.05 → $1.95 (vs. a year earlier)↓ −4.9%$2.05 → $1.95 (vs. a year earlier)
- Cash$5.14B → $722M (vs. previous quarter-end)↓ −85.9%$5.14B → $722M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Management outlook • Issued
Expects 2026 adjusted EPS of $8.10–$8.20, up 8%–9%. Source sentence
2026: Expect adjusted diluted EPS in the $8.10 to $8.20 range, +8% to 9%.
Key changes
Q3 sales up 13%; organic growth 7%. Source sentence
Ecolab’s third quarter reported sales increased 13% and organic sales growth accelerated to 7%.
Adjusted EPS $2.18, up 5%. Source sentence
Adjusted diluted EPS $2.18, +5%, including an approximate 10% headwind from CoolIT acquisition-related amortization and financing costs.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- ECOLAB INC.
- Headquarters
- SAINT PAUL, MN
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: ECL
- Industry
- Specialty Chemicals
- CIK
- 31462
- Website
- https://www.ecolab.com/ ↗
Workforce (as of FY2025 year-end)
Employees
48,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 41–44 days after quarter end (Feb 10, 2026; Feb 11, 2025; Feb 13, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 27–44 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Oct 29, 2026 10-Q (+29 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 28, 2026 (+28 days) | Aug 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | May 7, 2026 10-Q (+37 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 10, 2026 (+41 days) | Feb 23, 2026 10-K (+54 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 28, 2025 (+28 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 29, 2025 (+29 days) | Aug 7, 2025 10-Q (+38 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 29, 2025 (+29 days) | May 8, 2025 10-Q (+38 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 11, 2025 (+42 days) | Feb 21, 2025 10-K (+52 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 29, 2024 (+29 days) | Oct 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 30, 2024 (+30 days) | Aug 2, 2024 10-Q (+33 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 13, 2024 (+44 days) | Feb 23, 2024 10-K (+54 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Global Water
Global Water
Water treatment and process solutions for industrial customers (Light & Heavy, Food & Beverage, Paper)
Global Institutional & Specialty
Global Institutional & Specialty
Specialized cleaning and sanitizing products for foodservice, hospitality, lodging, government, education and retail; warewashing was about 13% of 2025 sales
Global Pest Elimination
Global Pest Elimination
Services to detect, prevent and eliminate pests in restaurants, food processors, hotels, grocery and other commercial sites
Global Life Sciences
Global Life Sciences
End-to-end cleaning and contamination control solutions for pharmaceutical and personal care manufacturers
Global Water
CoolIT liquid cooling
Examples: CDUs, cold plates, direct-to-chip cooling
Acquired 2026.
From the FY2025 Form 10-K and 2026 releases.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Water treatment and process solutions
Worldwide
U.S. share
—
Not disclosedWorldwide share
One of the leading suppliers
Company-disclosedThe 10-K says Ecolab believes it is one of the leading global suppliers of water treatment; no percentage is given.
Sources:
07
Recent strategic focusSite analysis
2026 developments.
CoolIT acquisition
Agreed March 20, 2026 to buy CoolIT from KKR-managed funds for about $4.75B in cash, funded by a $4.75B delayed-draw term loan and $5.0B of notes; closed by July 2026. The deal closed July 2, 2026 for $4,627M in cash, net of cash acquired.
Source: CoolIT release; 8-Ks filed 2026-04-15 and 2026-05-29; Q2 2026 earnings release; Form 10-Q (quarter ended 2026-09-30)
Q3 2026
Sales $4.69B (+13%, organic +7% with volume +2% and pricing +5%); reported EPS $1.95, adjusted $2.18 (+5%, including about a 10% headwind from CoolIT amortization and financing). 2026 adjusted EPS outlook $8.10–8.20.
Source: Q3 2026 earnings release
Leadership
Christophe Beck added the title of President; Darrell Brown and Gregory Cook became Co-COOs (April 1, 2026).
Source: 8-K filed 2026-02-25
One Ecolab expansion
Restructuring expanded in February 2026.
Source: 8-K filed 2026-02-10
Capex ÷ D&A (FY2025)
1.56x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,048M ÷ $673M = 1.56x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
1.3%
formularesearch & development expense ÷ revenue × 100
e.g.$202M ÷ $16,081M × 100 = 1.3%
M&A spend (6-year total)
$6.53B
Latest year: $1.62B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $489M in FY2020 to $1.05B in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$16.08B
As reported in the 10-K
Revenue CAGR (5 years)
+6.4%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($16,081M ÷ $11,790M) ^ (1÷5) − 1 = 6.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
17.0%▲favorable
+5.2pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$2,738M ÷ $16,081M × 100 = 17.0%
ROE (FY2025)
22.4%▲favorable
6-year average: 13.0%
As reported in the 10-K
P/B (FY2025 end)
7.58x
formulafiscal year-end closing price ÷ book value per share
e.g.$262.52 ÷ $34.65 = 7.58x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
23.9x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($74,031M + $8,125M − $646M) ÷ ($2,738M + $673M) = 23.9x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +6.4% a year over 5 years (strong growth)
From $11.79B in FY2020 to $16.08B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 11.8% → 17.0%
How much operating profit is left per $100 of revenue. It moved +5.2 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 39.6% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 13.0% over 6 years (latest: 22.4%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Formulation, dosing equipment, monitoring, field service
06 · what it draws on
Key resources
- Chemical raw materials
- Over 25,000 sales and service employees
- About 3,000 R&D, engineering and digital experts
02 · why customers buy
Value propositions
- Water, hygiene and infection-prevention programs that help customers do more with less; competes on demonstrated value, technical expertise and innovation.
04 · how it keeps them
Customer relationships
- A field selling and service organization working with customers on ongoing programs.
03 · how it reaches them
Channels
- A large direct sales-and-service force; third-party foodservice, healthcare and janitorial distributors for logistics.
01 · who it serves
Customer segments
- Industrial, food and beverage, institutional, healthcare, data center and life sciences customers
09 · where money goes
Cost structure
FY2025, share of revenue ($16.08B)
- Cost of revenue55.5%
- Research & development1.3%
- Selling, general & administrative26.5%
Operating profit left: 17.0% of revenue. Depreciation & amortization (inside the costs above): $673M. Capital spending: $1.05B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Global Water $7.68B
- Institutional & Specialty $5.96B
- Pest Elimination $1.22B
- Life Sciences $0.71B (2025, fixed currency)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Sells programs of chemistry, equipment, digital monitoring and on-site service through a large sales-and-service force. Its 'One Ecolab' strategy aims to sell across the customer's operations.
01 what it draws on
Inputs & resources
- Chemical raw materials
- Over 25,000 sales and service employees
- About 3,000 R&D, engineering and digital experts
02 what it does
Activities
- Formulation, dosing equipment, monitoring, field service
03 who it serves
Customers
- Industrial, food and beverage, institutional, healthcare, data center and life sciences customers
04 how money comes in
How it earns
- Global Water $7.68B
- Institutional & Specialty $5.96B
- Pest Elimination $1.22B
- Life Sciences $0.71B (2025, fixed currency)
How the business makes money
- The growth engines are Global High-Tech, Life Sciences, Pest Elimination and Ecolab Digital.
- Global High-Tech is approaching $1.5B in annualized sales (Q2 2026) and grew 63% organically in Q3 2026.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Ecolab’s pesticide products need EPA and state registrations.
Approvals & licenses
Pesticide registrations
Pays fees to the EPA and states to obtain and maintain pesticide registrations.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Environmental rules
Emissions reporting
Subject to SARA reporting on hazardous substance emissions.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Global Water
7,679.9 (49%)profit 1,263.9 · margin 16.5%
Global Institutional & Specialty
5,962 (38%)profit 1,357.8 · margin 22.8%
Global Pest Elimination
1,219.2 (8%)profit 237.1 · margin 19.4%
Global Life Sciences
706.1 (5%)profit 120.7 · margin 17.1%
Source: Form 10-K (FY2025) — segment results at fixed currency At management's fixed currency rates; profit is operating income. Corporate −$353.2M; currency translation +$514.0M of sales. From Q1 2026 the segment structure changed (8-K filed 2026-03-27).
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Industrial, institutional, food and beverage, hospitality, data center and life sciences customers worldwide.
Named by the company
No customer accounts for 10% or more of revenue.
Suppliers
Chemical raw materials and equipment.
Named by the company
The 10-K doesn't name suppliers.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K describes a few large competitors and many smaller regional ones but names none.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
2025 compensation peer group (21 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
S&P 500 materials, industrials, life sciences and consumer staples companies at 1/4 to 4x Ecolab's revenue; unchanged for 2025.
- 3Msite ↗
- Doversite ↗
- Illinois Tool Workssite ↗
- Agilent Technologiessite ↗
- Dowsite ↗
- Lindesite ↗
- Air Productssite ↗
- DuPontsite ↗
- PPGsite ↗
- Celanesesite ↗
- Eastman Chemicalsite ↗
- Republic Servicessite ↗
- Cintassite ↗
- Eatonsite ↗
- Sherwin-Williamssite ↗
- Cloroxsite ↗
- Emersonsite ↗
- Thermo Fisher Scientificsite ↗
- Danahersite ↗
- Honeywellsite ↗
- Waste Managementsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Ecolab is expanding in high-tech water and cooling.
Cash spent on acquisitions, FY2020–FY2025: $6.53B
July 2, 2026
CoolIT Systems
$4,627M in cash, net of cash acquired (agreed at about $4.75B)
Liquid cooling for AI data centers; about $550M of expected next-12-month sales.
- Stated purpose (company)
- Strengthen the Global High-Tech growth engine and create an end-to-end fluid management and cooling platform for AI data centers.
Source: Ecolab news release (2026-03-20) · Q2 2026 earnings release · Form 10-Q (quarter ended 2026-09-30) — Acquisitions
2025-12-16
Ovivo Electronics
$1.6B cash
Ultrapure water technologies for semiconductor manufacturing.
- Stated purpose (company)
- Not stated.
Source: Form 10-K (FY2025)
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 11,790 | 12,733 | 14,188 | 15,320 | 15,741 | 16,081 |
| Operating income | 1,396 | 1,599 | 1,563 | 1,992 | 2,802 | 2,738 |
| Pretax income | 1,161 | 1,414 | 1,343 | 1,756 | 2,571 | 2,548 |
| Net income (attributable) | -1,185 | 1,130 | 1,092 | 1,372 | 2,112 | 2,076 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 8.0% | 11.4% | 8.0% | 2.7% | 2.2% |
| Operating margincalcoperating income ÷ revenue × 100 | 11.8% | 12.6% | 11.0% | 13.0% | 17.8% | 17.0% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -10.1% | 8.9% | 7.7% | 9.0% | 13.4% | 12.9% |
| Balance sheet ($M) | ||||||
| Total assets | 18,126 | 21,206 | 21,464 | 21,847 | 22,388 | 24,696 |
| Total equity | 6,202 | 7,253 | 7,259 | 8,072 | 8,789 | 9,805 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 6,671 | 8,350 | 8,577 | 8,180 | 7,561 | 8,125 |
| Equity ratio | 34.0% | 34.1% | 33.7% | 36.8% | 39.1% | 39.6% |
| ROE | -19.2% | 16.9% | 15.1% | 18.0% | 25.1% | 22.4% |
| Cash flow ($M) | ||||||
| Operating CF | 1,860 | 2,062 | 1,788 | 2,412 | 2,814 | 2,953 |
| Investing CF | -414 | -4,580 | -717 | -990 | -434 | -2,707 |
| Financing CF | -342 | 1,603 | -837 | -1,055 | -2,024 | -853 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,371 | 1,419 | 1,076 | 1,637 | 1,819 | 1,904 |
| Cash and equivalents | 1,260 | 360 | 599 | 920 | 1,257 | 646 |
| Per share & other | ||||||
| EPS ($) | -4.15 | 3.91 | 3.81 | 4.79 | 7.37 | 7.28 |
| BVPS ($) | 21.58 | 25.18 | 25.43 | 28.19 | 30.90 | 34.65 |
| Dividend per share ($) | 1.89 | 1.95 | 2.06 | 2.16 | 2.36 | 2.68 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 49.9% | 54.1% | 45.1% | 32.0% | 36.8% |
| P/E (x) | — | 60.0 | 38.2 | 41.4 | 31.8 | 36.1 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 33.8 | 34.2 | 22.6 | 24.5 | 21.2 | 23.9 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 10.02 | 9.32 | 5.72 | 7.04 | 7.58 | 7.58 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $4.69B+12.7% | $811M+6.6% | $551M-5.8% | $1.95 |
| 2026-06-30 | $4.42B+9.7% | $758M+6.7% | $535M+2.0% | $1.90 |
| 2026-03-31 | $4.07B+10.0% | $622M+12.0% | $433M+7.5% | $1.52 |
| 2025-12-31 † | $4.2B+4.8% | $712M+22.2% | $564M+19.2% | — |
| 2025-09-30 | $4.17B | $760M | $585M | $2.05 |
| 2025-06-30 | $4.03B | $710M | $524M | $1.84 |
| 2025-03-31 | $3.7B | $555M | $403M | $1.41 |
| 2024-12-31 † | $4.01B | $583M | $473M | $1.66 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
13.0%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$2,738M × (1 − 18.5%) ÷ $17,140M × 100 = 13.0%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.18%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $74.03B ÷ ($74.03B + $8.13B) = 90.1%
e.g.Debt weight: $8.13B ÷ ($74.03B + $8.13B) = 9.9%
e.g.WACC: 8.7% × 90.1% + 3.8% × (1 − 18.5%) × 9.9% = 8.18%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.8%–10.0% and ROIC − WACC runs +3.0 to +6.3 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 8.18% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.69 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 8.75%
- Cost of debt
- 3.77%
- Tax rate
- 18.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 90% : 10%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.18%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.69 (price-derived adjusted beta. Raw β 0.54, R² 0.16, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.536 + 0.33 = 0.689
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.69 × 5.5% = 8.7%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
6.2%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.2% − 2.0%
Past FCF growth (FY2020–FY2025)
+6.8%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+6.4%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.9B (operating CF − capex); enterprise value $94.16B = market cap $86.68B (latest close, 2026-11-04) + debt $8.13B − cash and short-term investments $646M; r = WACC of 8.2% using this page’s default assumptions (β 0.69, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$95.22B
FCF $1.9B ÷ (8.2% − 6.2%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.2% | 7.2% | 8.2% | 9.2% | 10.2% |
|---|---|---|---|---|---|
| 0% | 0.33x | 0.28x | 0.25x | 0.22x | 0.20x |
| 2% | 0.48x | 0.39x | 0.33x | 0.28x | 0.25x |
| 4% | 0.92x | 0.63x | 0.48x | 0.39x | 0.33x |
| 6% | 10.11x | 1.69x | 0.92x | 0.63x | 0.48x |
| 8% | — | — | 10.11x | 1.69x | 0.92x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.60x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.7%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 107%
Most profit comes from core operations.
- ✓
Days sales outstanding: 70 → 69 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,953M ÷ $2,076M = 1.42x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$2,738M ÷ $2,548M × 100 = 107%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,865M + $3,249M) ÷ 2 ÷ $16,081M × 365 = 69 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($1,465M + $1,490M) ÷ 2 ÷ $8,931M × 365 = 60 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 80.6%
- Directors & officers (shares)
- 0.5%
- Everyone else (est.)
- 18.9%
- Directors & officers (voting power)
- 0.5%
- Institutional-ownership rank
- 297 of 416
- Beta (adjusted)
- 0.69
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 71% of covered companies have more
above 1 = swings more than the market
- 225.8M shares reported by 1,707 13F filers ÷ 280.3M shares outstanding on 2026-06-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-20 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
19
Strengths & weaknessesSite analysis
Strengths
1. Margin expansion
Operating income rose from $1.99B (2023) to $2.74B (2025).
Evidence: Form 10-K (FY2025)
2. Diversified customers
No customer or distributor reached 10% of sales.
Evidence: Form 10-K (FY2025)
3. Data center and semiconductor exposure
Ovivo Electronics (ultrapure water) and CoolIT (liquid cooling; pre-acquisition sales up more than 100% in H1 2026).
Evidence: Form 10-K (FY2025); Q2 and Q3 2026 earnings releases
Weaknesses
1. Higher leverage
Issued $5.0B of notes in May 2026 to fund the CoolIT deal; the $4.75B price was 29x CoolIT's estimated next-12-month adjusted EBITDA.
Evidence: 8-K filed 2026-05-29; CoolIT release (2026-03-20)
2. Commodity costs
Rising commodity costs in Q2 and Q3 2026 were offset by pricing (+5% in Q3); M&A cut adjusted gross margin 70 bp in Q3.
Evidence: Q2 and Q3 2026 earnings releases
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
36.1x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.02%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
37%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
2.6%
(Operating CF − capex) ÷ market cap
1. Earnings growth
EPS rose from $3.91 (2021) to $7.28 (2025).
- What has to hold
- Pricing and productivity continue.
- The other side
- P/E of about 36 in 2025.
Evidence: SEC EDGAR XBRL
2. Dividend growth
Dividend per share rose from $1.95 (2021) to $2.68 (2025).
- What has to hold
- Cash flow grows.
- The other side
- Acquisitions add debt.
Evidence: SEC EDGAR XBRL
2024 operating income includes special gains of $183M (net).
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.7x
$646M vs. $870M
Interest coverage (operating income ÷ interest expense)
8.9x
$2.74B vs. $306M
Free cash flow ÷ dividends paid
2.5x
$1.9B vs. $754M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -2.3% in FY2025 ($2.8B → $2.74B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Recurring service model
Programs combine products with on-site service by more than 25,000 sales and service employees.
Source: Form 10-K (FY2025)
Cash flow
Operating cash flow of $2.95B in 2025.
Source: SEC EDGAR XBRL
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Ecolab's Nalco unit has reached settlements with substantially all plaintiffs over the 2019 TPC Group Port Neches plant explosion. It otherwise reports ordinary-course litigation and environmental remediation at about 25 sites.
0 open matters · 1 settled or closed
TPC Port Neches explosion litigation
SettledProduct liabilityOver 5,000 plaintiffs including TPC's insurers (In re TPC Group Litigation MDL, Orange County, Texas)
Nalco supplied process chemicals to TPC's butadiene plant, which exploded in November 2019. Nalco settled with part of the plaintiffs in July 2025 and reached a settlement in principle with substantially all the rest in July 2026.
- Amounts
- Ecolab expects potential losses to be covered by insurance subject to deductibles.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Company statement: Ecolab does not believe a material loss beyond amounts accrued is reasonably possible for its lawsuits, claims and environmental matters.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1M&A & integration
Large acquisitions
- Company disclosure (summarized from the 10-K)
- Integrating CoolIT and Ovivo Electronics.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 2Raw materials & energy
Input costs
- Company disclosure (summarized from the 10-K)
- Commodity cost inflation can pressure gross margin.
- Company’s stated mitigation
- Pricing actions.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with a few large companies and many smaller regional competitors in each segment.
- Company’s stated mitigation
- Value, service and innovation (10-K).
- This site’s assessment
- Impact Med / Likelihood Med
- 4Labor & workforce
Restructuring
- Company disclosure (summarized from the 10-K)
- The expanded One Ecolab program expects $334M of restructuring costs, mainly severance, plus $91M of special charges by the end of 2027.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (4)
● changes in international trade policies, including the imposition of tariffs and other trade restrictions;
Our operations may present a safety risk to our employees and others.
Notwithstanding our emphasis on safety and the precautions we take related to health and safety, we may be unable to avoid safety incidents relating to our operations that result in injuries or deaths of our employees, contractors or others. Read more
Certain safety incidents may result in legal or regulatory action that could result in increased expenses or reputational damage. We maintain workers' compensation and other insurances to address the risk of incurring material liabilities for injuries or deaths, but there can be no assurance that the insurance coverage will be adequate or will continue to be available on terms acceptable to us, or at all, which could result in material liabilities to us for any injuries or deaths. Changes to federal, state, and local employee health and safety regulations, and legislative, regulatory, or societal responses to safety incidents may result in…
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. Read more
The OBBBA includes significant provisions, such as permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. An estimate of the financial impact has been included in operating results as of December 31, 2025. While we expect certain provisions of OBBBA to change the timing of U.S. cash taxes related to the current and future periods, OBBBA did not have a material impact to the Company’s income tax expense.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 23, 2026 ↗ with the 10-K filed Feb 21, 2025 ↗.
25
What to watch going forwardSite analysis
- 2026 adjusted EPS outlook of $8.05–8.25.
- CoolIT growth and its effect on Global Water's organic growth (+2% expected).
- Effects of the new segment structure from 2026.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: February 23, 2026
Built on10-K FY2025 · filed 2026-02-23
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Ecolab’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.