Ecolab Inc. (ECL)
Materials · Specialty Chemicals · US stock · S&P 500 component
$292.30
▲ +4.21 (1.46%)
Fair valueOvervalued
$240 −17.7% to fair value
$120fair band $205–$291$361
Day's range
$286.94 – $292.58
52-week range
$243.15 – $309.27
About Ecolab Inc.
Ecolab provides water, hygiene and infection prevention solutions and services to customers in hospitality, food service, health care, manufacturing and energy. It sells cleaning and sanitising chemicals, dispensing equipment and monitoring technology, and its representatives visit customer sites to manage programmes. Because customers repeatedly purchase consumables and services, a large part of its revenue is recurring, and costs for raw materials affect its margins.
Trailing twelve-month revenue stands at $16.8 billion, while revenue grew by 4.3% a year over the past three years. Return on invested capital is 13%, alongside an operating margin of 16.9%. Net debt is 2.8 times EBITDA. The company pays a dividend, and the yield is 1.0%. On the X-Ray Score, it is rated 50 out of 100. These figures describe past results and the present financial position only.
Price chart
52-wk range $243.15 – $309.27Volume 1,249,426Daily, split-adjusted
Vitals
Market cap$82.5B
52-week range$243.15 – $309.27
Volume (last day)1,249,426
P/E (TTM)39.2
EBIT / EV yield3.1%
Free-cash-flow yield2.3%
Dividend yield1.0%
Revenue (TTM)$16.8B
Net income (TTM)$2.1B
Operating margin16.9%
Return on capital12.8%
Debt incl. leases$13.2B
Cash & securities$5.1B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$240middle half of models $234 – $270
Overvalued
−17.7% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $292
Undervalued < $205Fair $205 – $291Overvalued > $291
P/E multiple
$293
P/B multiple
$271
P/S multiple
$247
EV/EBITDA multiple
$262
EV/EBIT multiple
$294
EV/revenue multiple
$257
10-year DCF, EBITDA exit
$234
5-year DCF, EBITDA exit
$270
10-year DCF, revenue exit
$234
5-year DCF, revenue exit
$266
10-year DCF, growth exit · not used
$99
5-year DCF, growth exit · not used
$108
Dividend discount, stable
$121
Dividend discount, multi-stage
$231
Earnings power value
$145
Growth the price implies
26.5%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, priced high
Our models put fair value below today's price, so a lot of good news may already be in the price. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Materials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
15/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.1%
Free-cash-flow yield2.3%
Fair value vs price0.8×
Growth
Strong
71/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)4.3%
EPS growth (3y)24.1%
Growth consistency90%
Profitability
Fair
64/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital12.8%
Operating margin16.9%
Gross profitability24.8%
Financial health
Fair
52/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA2.8×
Interest cover8.6×
Dividends
Fair
56/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.0%
Dividends vs free cash flow44%
Dividend growth7.7%
Quarterly results: last 6 quarters
-1.5%
Mar '25
+1.0%
Jun '25
+4.2%
Sep '25
+4.8%
Dec '25
+10.0%
Mar '26
+9.7%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $4.4B, diluted EPS $1.90.
Compare with peers
PPG Ppg Industries Inc66 SHW Sherwin Williams Co54 ALB Albemarle Corp46 IFF International Flavors...24Other Specialty Chemicals companies by X-Ray Score.
SWOT analysis: Ecolab Inc.
Strengthsinside the company
- Return on invested capital is 12.8%, against a median of 8.6% for industry peers.
- Operating margin of 16.9% is well above the 11.6% median of industry peers, a sign of pricing power or lower costs.
- Earnings per share have compounded at 24.1% a year over three years.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- The price is 18% above our fair value estimate, so there is little room for disappointment.
- Earnings in Specialty Chemicals follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare ECL with peers and sector
Medians of 4 Specialty Chemicals peers and of 22 Materials stocks in our universe.
Largest peers (X-Ray Score): SHW 54, PPG 66, IFF 24, ALB 46.
| Metric | ECL | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 50 | 50 | 53 |
| Valuation | 15 | 47 | 46 |
| Growth | 71 | 36 | 55 |
| Profitability | 64 | 49 | 49 |
| Financial health | 52 | 49 | 48 |
| Dividends | 56 | 60 | 54 |
Sector leaders: highest X-Ray Score in Materials
ECL ranks #13 of 23 in Materials and #3 of 5 in Specialty Chemicals by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for ECL
Each factor is rated by where ECL stands among the 23 Materials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 7 Good · 8 Average · 8 Bad of 23
Growth: 2 · 1 · 0
Profitability: 5 · 0 · 0
Financial strength: 0 · 4 · 0
Valuation: 0 · 0 · 5
Cash flow: 0 · 2 · 2
Efficiency: 0 · 1 · 1
| Factor | ECL | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +4.3% | Good beats 80% | +0.6% | – | – |
| Revenue growth, last year | +2.2% | Average beats 37% | +5.3% | +8.0% | ▼ Worse |
| EPS growth, 3 years a year | +24.1% | Good beats 97% | +0.5% | – | – |
| Profitability | |||||
| Gross margin | 44.1% | Good beats 93% | 27.9% | 40.2% | ≈ In line |
| Operating margin | 16.9% | Good beats 72% | 11.8% | 13.0% | ▲ Better |
| Net margin | 12.6% | Good beats 76% | 7.8% | 9.0% | ▲ Better |
| Return on invested capital | 12.8% | Good beats 72% | 10.0% | – | – |
| Return on equity | 21.0% | Good beats 76% | 14.8% | 17.1% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 2.8x | Average beats 41% | 2.4x | 3.6x | ▲ Better |
| Interest cover | 8.6x | Average beats 57% | 7.8x | 6.9x | ▲ Better |
| Current ratio | 1.84 | Average beats 54% | 1.61 | 1.30 | ▲ Better |
| Piotroski F-score | 6 / 9 | Average beats 46% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 39.0x | Bad beats 24% | 21.6x | 38.2x | ≈ In line |
| Price / book | 8.2x | Bad beats 7% | 3.1x | 7.7x | ≈ In line |
| Price / sales | 4.9x | Bad beats 11% | 2.1x | 4.3x | ▼ Worse |
| EV / EBITDA | 31.7x | Bad beats 15% | 14.2x | 31.8x | ≈ In line |
| Free cash flow yield | 2.3% | Bad beats 21% | 3.4% | 2.6% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 11.1% | Average beats 57% | 7.7% | 11.1% | ≈ In line |
| Cash from operations / net income | 1.44 | Bad beats 29% | 1.50 | 1.64 | ▼ Worse |
| Free cash flow growth, 3 years a year | +21.0% | Average beats 59% | +11.3% | – | – |
| Accruals (lower is better) | −3.1% | Bad beats 30% | −4.2% | – | – |
| Efficiency | |||||
| Inventory turnover | 5.7x | Average beats 58% | 5.3x | 6.0x | ≈ In line |
| Days sales outstanding | 75 days | Bad beats 8% | 54 days | 69 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 7 Good · ● 5 Average · ● 4 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldBad
Risk models
Altman Z''Good
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Average
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverAverage
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 53/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $12.7B | $14.2B | $15.3B | $15.7B | $16.1B |
| Operating income | $1.6B | $1.6B | $2.0B | $2.8B | $2.7B |
| Net income | $1.1B | $1.1B | $1.4B | $2.1B | $2.1B |
| Operating cash flow | $2.1B | $1.8B | $2.4B | $2.8B | $3.0B |
| Operating margin | 12.6% | 11.0% | 13.0% | 17.8% | 17.0% |
| Free cash flow | $1.4B | $1.1B | $1.6B | $1.8B | $1.9B |
| Diluted EPS | $3.91 | $3.81 | $4.79 | $7.37 | $7.28 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 287.4 | Bullish |
| EMA 10 | 287.0 | Bullish |
| SMA 20 | 282.4 | Bullish |
| EMA 20 | 283.9 | Bullish |
| SMA 50 | 279.8 | Bullish |
| EMA 50 | 280.1 | Bullish |
| SMA 100 | 276.0 | Bullish |
| EMA 100 | 276.8 | Bullish |
| SMA 200 | 274.1 | Bullish |
| EMA 200 | 273.0 | Bullish |
Oscillators (daily)
| RSI (14) | 65.69 | Neutral |
| MACD (12, 26) | 3.46 | Bullish |
| Momentum (12) | 4.09 | Bullish |
| Stochastic %K (14) | 85.37 | Bearish |
| Williams %R (14) | -14.63 | Bearish |
| CCI (20) | 112.7 | Bearish |
Pivot points (classic, last session)
S3 283.0 | S2 285.0 | S1 288.6 | Pivot 290.6 | R1 294.3 | R2 296.2 | R3 299.9 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.92 USD
Yield on today's price
1.00%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.7300 | |
| 0.7300 | |
| 0.7300 | |
| 0.7300 | |
| 0.6500 | |
| 0.6500 | |
| 0.6500 | |
| 0.6500 | |
| 0.5700 | |
| 0.5700 | |
| 0.5700 | |
| 0.5700 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold ECL
| ETF | Share of the fund |
|---|---|
| PHO Invesco Water Resources | 8.21% |
| XLB Materials Select Sector SPDR | 4.73% |
| SAMT The Advisorsa Inner Circle Fund III | 1.87% |
| KNG FT Cboe Vest S&P 500 Dividend Aristocr... | 1.43% |
| NOBL ProShares S&P 500 Dividend Aristocrats | 1.39% |
| JEPI JPMorgan Equity Premium Income | 1.27% |
| NULV Nuveen ESG Large-Cap Value | 1.08% |
| SPLV Invesco S&P 500 Low Volatility | 0.95% |
The eight funds with the largest weight in ECL among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
ECL stock splits
ECL has split its stock 3 times since 1994. The latest was a 2-for-1 split on 9 Jun 2003.
Full ECL stock split history →ECL SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
424B5SEC EDGAR
424B5
8-KSEC EDGAR
Director or officer change; Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.