Ecolab (ECL)
Materials · $76.5B market cap · SEC CIK 0000031462
fundamentals score out of 100
Next reports on Oct 26, 2026, before the open, with analysts expecting $2.20 in earnings per share.
The case for ECL
- Return on equity of 21%.
- Pays a modest 1.1% dividend.
The case against
- Pricey at 36.2× earnings, against a long-run market average nearer 20×.
- Weakest against its peers: price/sales of 4.5× is higher than 84% of Materials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Materials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 32 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 43 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 71 |
| Momentumhow the price has behaved lately | 50 |
| Stabilityhow violently it moves, what it owes and what it pays you | 59 |
- Each factor except momentum is half fixed thresholds, half rank among the 26 Materials companies.
Key numbers
| Price / earnings | 36.2× |
|---|---|
| Price / book | 7.80× |
| Price / sales | 4.5× |
| Revenue growth (YoY) | +7.1% |
| EPS growth (YoY) | -0.4% |
| Gross margin | 44% |
| Operating margin | 17% |
| Net margin | 13% |
| Return on equity | 21% |
| Debt / equity | 1.31× |
| Current ratio | 1.84 |
| Dividend yield | 1.13% |
| Beta | 0.88 |
| 52-week range | $243.15 – $309.27 |
| Position in that range | 50% of the way up |
| 3-month return | +0.3% |
| 1-year return | +1.7% |
Five years of financials, as filed
Pulled from Ecolab's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $16.1B | $15.7B | $15.3B | $14.2B | $12.7B |
| Operating income | $2.7B | $2.8B | $2.0B | $1.6B | $1.6B |
| Net income | $2.1B | $2.1B | $1.4B | $1.1B | $1.1B |
| Operating cash flow | $3.0B | $2.8B | $2.4B | $1.8B | $2.1B |
| Capital expenditure | $1.0B | $995M | $775M | $713M | $643M |
| Total assets | $24.7B | $22.4B | $21.8B | $21.5B | $21.2B |
| Total liabilities | $14.9B | $13.6B | $13.8B | $14.2B | $14.0B |
| Shareholder equity | $9.8B | $8.8B | $8.0B | $7.2B | $7.2B |
| Cash | $646M | $1.3B | $920M | $599M | $360M |
| Free cash flow | $1.9B | $1.8B | $1.6B | $1.1B | $1.4B |
| Operating margin | 17.0% | 17.8% | 13.0% | 11.0% | 12.6% |
| Net margin | 12.9% | 13.4% | 9.0% | 7.7% | 8.9% |
| Diluted shares | 285M | 287M | 287M | 287M | 289M |
Share count is essentially flat over 4 years.
What Ecolab says it does
_15998"> Item 1. Business . ​ General Development of Business. ​ Ecolab was incorporated as a Delaware corporation in 1924. Our fiscal year is the calendar year ending December 31. International subsidiaries are included in the consolidated financial statements on the basis of their U.S. GAAP (accounting principles generally accepted in the United States of America) November 30 fiscal year ends to facilitate the timely inclusion of such entities in our consolidated financial reporting. ​ ​ Narrative Description of Business. ​ General ​ A trusted partner for millions of customers, we are a global leader in water, hygiene and infection prevention solutions and services that protect people and the resources vital to life. For more than a century, we have advanced innovation by integrating science-based solutions, data-driven insights, AI-technology and world-class service. This unique combination…
Risk factors ECL lists in its 10-K
- Legal, Regulatory & Compliance Risks
- Our results are impacted by general worldwide economic factors
- Our results depend upon the continued vitality of the markets we serve
- Our significant non-U.S. operations expose us to global economic, political and legal risks that could impact our profitability
- Our increasing reliance on artificial intelligence ("AI") technologies in our products, services, and operations presents several risks that could adversely impact our business, financial condition, and results of operations
- We are subject to information technology system failures, network disruptions and breaches in data security
- Our results could be materially and adversely affected by difficulties in securing the supply of certain raw materials or by fluctuations in the cost of raw materials
- We may experience business disruption if we fail to execute organizational change and management transitions
- Severe public health outbreaks not limited to COVID-19 may adversely impact our business
- If we are unsuccessful in integrating acquisitions our business could be materially and adversely affected
- If we are unsuccessful in executing on key business initiatives, our business could be materially and adversely affected
- Our growth depends upon our ability to compete successfully with respect to value, innovation and customer support
- Consolidation of our customers and vendors could materially and adversely affect our results
- We enter into multi-year contracts with customers that could impact our results