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Ecolab

ECL NYSE Specialty Chemicals Financials FY2016–FY2025

Ecolab's revenue rose 2.2% to $16.1 billion in fiscal 2025. Its operating margin was 17.0%, down from 17.8% a year earlier. Free cash flow was $1.9 billion, up 4.7%. It paid out $1.5 billion in dividends and buybacks, 81% of free cash flow. The diluted share count fell 0.5%.

Last close · Oct 23, 2026

$288.53

1.3%
Value it Compare
Revenue Total sales reported in the income statement.
$16.1B
2.2% vs prior year
Operating margin Operating income as a share of revenue.
17.0%
0.8 pts
Net income Profit after all expenses, interest and tax.
$2.1B
1.7%
Free cash flow Cash from operations minus capital spending.
$1.9B
4.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.8%
1.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$81.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
38.7x
On $7.45 EPS (TTM)

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.

What Ecolab does

No business description yet.

Legal name
ECOLAB INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104659-26-018357
0000031462

Revenue and margins

Ecolab had $16.1B of revenue in fiscal 2025, up 2.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 6.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.9B in fiscal 2025, 11.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Ecolab returned $1.5B to shareholders in fiscal 2025, 81% of free cash flow. The diluted share count fell 0.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Ecolab yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$7.6B and divides by 285.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 38.7x · peers 31.1x · sector 20.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably Ecolab can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $360M$599M$920M$1.3B$646M
Debt incl. finance leases $8.8B$8.6B$8.2B$7.6B$8.2B
Net debt / EBITDA 3.4x3.2x2.5x1.7x2.0x
Debt / equity 1.2x1.2x1.0x0.9x0.8x
Interest coverage 6.9x6.2x5.7x8.2x8.9x
Current ratio 1.3x1.3x1.3x1.3x1.1x
Quick ratio 0.9x0.9x1.0x1.0x0.8x
Total assets $21.2B$21.5B$21.8B$22.4B$24.7B
Total liabilities $14.0B$14.2B$13.8B$13.6B$14.9B
Shareholders' equity $7.2B$7.2B$8.0B$8.8B$9.8B
Net debt (− = net cash) $8.4B$8.0B$7.3B$6.3B$7.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$3.7M

4 insiders

Sold, 12 months

$11.6M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 11, 2026 Eric Mark GreenDirector Bought 3,690 $276.64 $1.0M Form 4
Aug 18, 2026 Christophe BeckChairman, President & CEO, Director Sold 17,862 $280.14 $5.0M Form 4
Aug 11, 2026 Gregory B CookCo-COO - Global Businesses Sold 4,567 $285.13 $1.3M Form 4
Jul 30, 2026 Scott D KirklandChief Financial Officer Sold 3,357 $276.96 $0.9M Form 4
Jun 11, 2026 Benjamin M. ClarkEVP - Global Supply Chain Bought 1,000 $263.83 $0.3M Form 4
Jun 10, 2026 Michel D DoukerisDirector Bought 7,750 $258.00 $2.0M Form 4
Jun 9, 2026 Darrell R BrownCo-COO - Global Markets Sold 10,000 $260.89 $2.6M Form 4
May 27, 2026 Suzanne M VautrinotDirector Sold 1,004 $264.98 $0.3M Form 4
May 13, 2026 David MacLennanDirector Bought 1,000 $250.65 $0.3M Form 4
May 4, 2026 David MacLennanDirector Bought 800 $256.91 $0.2M Form 4
Feb 26, 2026 Gregory B CookEVP & Pres - Inst Group Sold 3,519 $304.25 $1.1M Form 4
Feb 25, 2026 Tracy B McKibbenDirector Sold 1,265 $308.66 $0.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✓ ✕ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✕
F-score 8 / 97 / 95 / 9
Accruals ratio −4.8%−3.2%−3.7%
Altman Z'' 3.123.563.24

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Ecolab ECL $81.4B 2.2% 17.0% 11.8% 13.8% 38.7x 5
PPG Industries PPG $24.8B 0.2% — 7.3% 14.4% 15.8x 7 Compare →
Westlake WLK $8.3B −8.0% −14.1% −4.7% −10.0% — 3 Compare →
Sherwin-Williams SHW $82.9B 2.1% — 11.3% 19.9% 31.1x 6 Compare →
International Flavors & Fragrances IFF $24.2B −5.2% −3.5% 2.4% −1.4% 82.6x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $13.2B $13.8B $12.2B $12.6B $11.8B $12.7B $14.2B $15.3B $15.7B $16.1B
Gross profit $5.6B $5.8B $5.3B $5.5B $4.9B $5.1B $5.4B $6.2B $6.8B $7.2B
Research and development $189M $201M $193M $190M $185M $186M $190M $192M $207M $202M
Operating income $1.9B $2.0B $1.7B $1.8B $1.4B $1.6B $1.6B $2.0B $2.8B $2.7B
Interest expense $285M $275M $236M $214M $305M $231M $252M $349M $340M $306M
Pretax income $1.6B $1.8B $1.6B $1.7B $1.2B $1.4B $1.3B $1.8B $2.6B $2.5B
Income tax $403M $244M $321M $289M $177M $270M $235M $363M $439M $455M
Net income $1.2B $1.5B $1.4B $1.6B −$1.2B $1.1B $1.1B $1.4B $2.1B $2.1B
Diluted EPS $4.14 $5.12 $4.88 $5.33 −$4.15 $3.91 $3.81 $4.79 $7.37 $7.28
Diluted shares 0.30B 0.29B 0.29B 0.29B 0.29B 0.29B 0.29B 0.29B 0.29B 0.29B
Cash flow
Cash from operations $1.9B $2.1B $2.3B $2.4B $1.9B $2.1B $1.8B $2.4B $2.8B $3.0B
Capital expenditure $757M $869M $779M $731M $489M $643M $713M $775M $995M $1.0B
Free cash flow $1.2B $1.2B $1.5B $1.7B $1.4B $1.4B $1.1B $1.6B $1.8B $1.9B
Depreciation and amortization $851M $894M $729M $775M $813M $843M $939M $924M $936M $977M
Stock-based compensation $85.7M $90.5M $88.0M $84.0M $82.1M $89.5M $87.8M $95.1M $135M $137M
Acquisitions $85.0M $989M $230M $391M $487M $3.9B $7.2M $180M $313M $1.6B
Share buybacks $740M $600M $562M $354M $146M $107M $518M $13.7M $987M $784M
Dividends paid $428M $449M $495M $553M $561M $566M $603M $617M $664M $754M
Dividends and buybacks $1.2B $1.0B $1.1B $907M $707M $673M $1.1B $631M $1.7B $1.5B
Balance sheet
Cash and short-term investments $327M $211M $115M $119M $1.3B $360M $599M $920M $1.3B $646M
Total debt $6.7B $7.3B $7.0B $6.4B $6.7B $8.8B $8.6B $8.2B $7.6B $8.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $4.3B $4.6B $4.7B $4.8B $5.1B $4.7B $5.5B $5.6B $6.0B $6.0B
Current liabilities $3.0B $3.5B $3.7B $3.6B $2.9B $3.6B $4.2B $4.3B $4.8B $5.5B
Inventory $1.3B $1.4B $1.5B $1.1B $1.3B $1.5B $1.8B $1.5B $1.5B $1.5B
Property and equipment, net $3.4B $3.7B $3.8B $3.2B $3.1B $3.3B $3.3B $3.5B $3.8B $4.3B
Total assets $18.3B $20.0B $20.1B $20.9B $18.1B $21.2B $21.5B $21.8B $22.4B $24.7B
Total liabilities $11.4B $12.3B $12.0B $12.1B $11.9B $14.0B $14.2B $13.8B $13.6B $14.9B
Shareholders' equity $6.9B $7.6B $8.0B $8.7B $6.2B $7.2B $7.2B $8.0B $8.8B $9.8B
Margins
Gross margin 42.7% 41.7% 43.8% 43.9% 41.4% 40.2% 37.8% 40.2% 43.5% 44.5%
Operating margin 14.2% 14.1% 14.1% 14.7% 11.8% 12.6% 11.0% 13.0% 17.8% 17.0%
EBITDA margin 20.7% 20.6% 20.1% 20.9% 18.7% 19.2% 17.6% 19.0% 23.8% 23.1%
Net margin 9.5% 11.0% 11.8% 12.6% −10.1% 8.9% 7.7% 9.0% 13.4% 12.9%
FCF margin 9.0% 8.8% 12.3% 13.5% 11.6% 11.1% 7.6% 10.7% 11.6% 11.8%
Returns
Return on capital 10.6% 12.0% 9.3% 10.3% 8.9% 9.5% 8.4% 10.3% 15.3% 13.8%
Return on capital employed 12.8% 12.3% 10.5% 11.0% 8.6% 9.7% 9.0% 11.5% 16.0% 14.9%
Return on equity 18.1% 21.0% 18.5% 18.9% −16.0% 16.9% 15.1% 18.0% 25.1% 22.4%
Return on assets 6.7% 7.9% 7.2% 7.7% −6.1% 5.8% 5.1% 6.3% 9.6% 8.8%
Growth
Revenue growth −2.9% 5.2% −11.7% 2.8% −6.1% 8.0% 11.4% 8.0% 2.8% 2.2%
Net income growth 22.5% 21.8% −5.2% 9.4% −175.2% — −3.4% 25.7% 53.9% −1.7%
EPS growth 24.7% 23.7% −4.7% 9.2% −177.9% — −2.6% 25.7% 53.9% −1.2%
FCF growth −3.7% 3.4% 22.6% 12.7% −18.8% 3.5% −24.2% 52.2% 11.1% 4.7%
Share count change −1.6% −0.9% −0.4% −0.1% −0.8% −0.4% −0.9% −0.0% 0.0% −0.5%
Financial health
Net debt / EBITDA 2.3x 2.5x 2.8x 2.4x 2.5x 3.4x 3.2x 2.5x 1.7x 2.0x
Debt / equity 1.0x 1.0x 0.9x 0.7x 1.1x 1.2x 1.2x 1.0x 0.9x 0.8x
Interest coverage 6.6x 7.1x 7.3x 8.6x 4.6x 6.9x 6.2x 5.7x 8.2x 8.9x
Current ratio 1.4x 1.3x 1.3x 1.3x 1.8x 1.3x 1.3x 1.3x 1.3x 1.1x
Quick ratio 1.0x 0.9x 0.9x 1.0x 1.3x 0.9x 0.9x 1.0x 1.0x 0.8x
Capital allocation
Capex / revenue 5.8% 6.3% 6.4% 5.8% 4.2% 5.1% 5.0% 5.1% 6.3% 6.5%
Stock comp / revenue 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 0.9% 0.9%
Payouts / FCF 98.7% 85.8% 70.5% 53.7% 51.6% 47.4% 104.2% 38.6% 90.7% 80.7%
Quality scores
Piotroski F-score 7.0 6.0 6.0 9.0 4.0 6.0 5.0 8.0 7.0 5.0
Altman Z'' 3.0 3.0 3.1 3.3 3.3 2.8 2.8 3.1 3.6 3.2
Accruals ratio −3.8% −3.0% −4.2% −4.1% −15.6% −4.7% −3.3% −4.8% −3.2% −3.7%

Source: SEC EDGAR XBRL filings (CIK 0000031462). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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