Ecolab Overview
Ecolab is the world's largest pure-play provider of water treatment, hygiene and infection-prevention solutions. It sells mission-critical chemistry, dispensing and monitoring equipment, digital analytics and on-site service, mostly under recurring, programme-based customer relationships.
FY2025 net sales were $16.08bn. The mix by segment was:
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Global Water: about 49%
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Global Institutional & Specialty: about 38%
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Global Pest Elimination: about 8%
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Global Life Sciences: about 5%
The company says it helps protect about one-third of the world's food production and about a quarter of global power generation.
Under CEO Christophe Beck, Ecolab is moving its portfolio toward higher-growth, higher-margin "growth engines": Global High-Tech, Life Sciences, Pest Elimination and Ecolab Digital. The pivot accelerated in 2025–26 with two acquisitions:
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Ovivo Electronics (ultrapure water for semiconductor fabs)
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CoolIT Systems (direct-to-chip liquid cooling for AI data centres)
Together these make Ecolab a full-stack "water-for-AI" supplier. The equity is valued as a quality compounder at about 34x 2026 adjusted EPS. The investment case rests on 12–15% EPS growth with margins above 20%.
Company's own description (paraphrased from the FY2025 10-K and 2026 releases)
Ecolab describes itself as a global leader in water, hygiene and infection-prevention solutions and services that protect people and vital resources. It says it combines science-based solutions, data-driven insights, AI technology and on-site service so that customers can define best-in-class operations and scale them across sites.
The company lists its served markets as food, hospitality, healthcare, data centres, microelectronics, life sciences and heavy industry. It positions itself as "the world's water company" in the AI value chain, with three roles:
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ultrapure water for chip fabrication
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water treatment for the power plants that supply AI
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direct liquid cooling for high-density compute
Its 2030 impact goals are to help protect 2 billion people from infections and to conserve enough drinking water for 1 billion people (Q2-2026 release, "About Ecolab").
Business model and revenue model
Ecolab's model is a razor/razor-blade service model with three layers:
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Consumable chemistry. Detergents, sanitisers, water-treatment chemicals, process aids, pest products and purification resins. These are replenished continuously and drive most revenue and gross profit.
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Equipment. Dispensers, controllers, sensors and liquid-cooling hardware. These are often placed at customer sites under lease or service arrangements, which creates switching costs.
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Field service and digital. The 25,000-plus sales-and-service workforce audits, optimises and documents outcomes such as water saved, energy saved and regulatory compliance. Ecolab Digital (software and enabling hardware subscriptions) is a fast-growing overlay.
Characterisation of the mix:
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About 78% of revenue is product and equipment, though much of it is contractually recurring.
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About 22% is service and lease.
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Subscription revenue is a small but fast-growing slice. Ecolab Digital sales were $121m in Q2-2026, up 27% (8-K, 28 Jul 2026), implying a run-rate of roughly $0.45–0.5bn.
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Licensing is not material.
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The single largest product class is warewashing, at about 13% of FY2025 consolidated sales (10-K FY2025).
Value-chain position
Ecolab sits downstream of commodity and specialty chemical producers. Its main inputs are:
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caustic soda, surfactants, phosphonates and polymers
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solvents and resins
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energy and plastics packaging
It formulates, packages and distributes its products. It then captures margin through application know-how and service rather than molecule ownership.
Pricing power comes from three sources:
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customer total-cost-of-operation savings, which Ecolab quantifies as "value pricing"
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the low cost of chemistry relative to the customer processes it protects (food safety, uptime, compliance)
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embedded equipment and digital monitoring
The 2026 energy surcharge shows both the pass-through ability and its lag. Organic gross margin dipped in early 2026 and then stabilised within one quarter (Q2-2026 release).
Customer types and end-markets
| End-market cluster | Typical customers | Segment |
|---|---|---|
| Heavy industry | Power generation, refining and downstream, chemicals, mining, primary metals | Global Water (Heavy Water) |
| Light industry and commercial water | Manufacturing, commercial buildings, institutional campuses | Global Water (Light Water) |
| High-Tech | Semiconductor fabs (ultrapure water), hyperscale and colocation data centres (cooling water, direct liquid cooling) | Global Water (High-Tech) |
| Food & beverage processing | Dairy, protein, beverage, brewing, packaged food | Global Water (Food & Beverage) |
| Pulp & paper | Paper and board mills | Global Water (Paper) |
| Hospitality and foodservice | Full-service restaurants, hotels, lodging, contract foodservice | Global Institutional & Specialty |
| Healthcare | Hospitals, long-term care | Global Institutional & Specialty (healthcare moved here in the 2025 realignment) |
| Quick-service restaurants and food retail | QSR chains, grocery | Global Institutional & Specialty (Specialty) |
| Pest-sensitive commercial sites | Restaurants, food retail, food plants, hospitality | Global Pest Elimination |
| Biopharma and personal care | Bioprocessing, pharmaceutical manufacturing, personal care, industrial purification | Global Life Sciences |
Independent characterisation
Ecolab is best understood as a service-intensive specialty-chemicals compounder with three core features:
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a defensive base: hospitality, food safety and healthcare hygiene, about 45% of sales
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a cyclical but sticky industrial water franchise (Nalco, acquired 2011)
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a set of secular-growth options
FY2025 organic growth was about 3%. The company's long-term algorithm is 5–7% organic growth, 100–150 bps of annual operating-margin expansion, and 12–15% adjusted EPS growth. The 2026 acquisitions deliberately raise exposure to AI capital-expenditure cycles. That improves the growth mix but adds cyclicality and technology risk not historically present in the franchise.
Strategy
Stated strategy themes (paraphrased from the FY2025 Annual Report, 2026 releases and the Investor Day notice)
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One Ecolab growth strategy. Present a single integrated offering across water, hygiene, pest and digital to each customer, cross-selling to gain share in core businesses.
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Growth engines. Over-invest in Global High-Tech, Life Sciences, Pest Elimination and Ecolab Digital, which collectively grew at low-double-digit rates in Q1-2026.
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Value pricing. Price to the total value delivered, with the stated aim that value created for customers exceeds price increases over time.
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Productivity through digital and AI. One Ecolab restructuring uses AI and digital tools to consolidate functional work into global centres of excellence.
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Water for AI. Position Ecolab across the whole AI water value chain: chip fabs, power generation and data-centre cooling. This is the theme of the 17 Nov 2026 Investor Day.
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Purpose-led growth. 2030 goals: help protect 2 billion people from infections and conserve drinking water for 1 billion people.
Strategic initiatives, last 24 months
| Initiative | Announced | Targets / status |
|---|---|---|
| One Ecolab initiative and restructuring | 30 Jul 2024; expanded Feb 2026 | Annualised savings raised from $225m to about $325m by 2027. About $425m of pre-tax charges through 2027, mostly cash severance (Q4-2025 release). One Ecolab special charges were $140.2m in FY2025 and $59.1m in H1-2026. |
| Segment realignment | Effective Q1-2025 and Q1-2026 | Improves transparency on growth engines; see Section 4.5 |
| Ovivo Electronics acquisition | Closed 16 Dec 2025 | Doubles Global High-Tech and creates an end-to-end water-circularity offering for fabs. Mid-teens growth expected in 2026; $0.13 per share of 2026 amortisation. |
| CoolIT Systems acquisition | Signed 20 Mar 2026; closed 2 Jul 2026 | Adds about 1 pt to company organic growth and about 2 pts to Global Water one year after closing. Doubles High-Tech addressable market from about $5bn to about $10bn (company / Futurum). |
| Global High-Tech 2030 target | 2 Jul 2026 | About $150m sales in 2021, approaching $1.5bn annualised in 2026, $4bn by 2030 at about 25% OI margin |
| Global energy surcharge | Q1-2026 | Pricing rose to +4% in Q2-2026; 5–6% guided for H2-2026 to offset commodity inflation |
| Cooling-as-a-Service and 3D TRASAR cooling platform | Launch at SC26, Nov 2026 | Integrates CoolIT hardware with 3D TRASAR digital and fluids |
| Leadership restructure (co-COO model) | 1 Apr 2026 | Sharpen accountability between markets and businesses |
| Life Sciences capacity investment | Ongoing | Addresses industrial purification capacity constraints flagged in Q4-2025 |
| Pest Intelligence digital rollout | Ongoing | Cited as a growth investment in 2025–26 segment commentary |
| Water Resilience Coalition advocacy (Climate Week NYC) | Sep 2026 | Corporate water-security agenda |
Medium-term financial framework
| Metric | Target | Source |
|---|---|---|
| Organic sales growth | +5% to 7% per year (long-term) | Q2-2026 supplemental deck |
| Operating income margin | +100–150 bps per year; above 20% (company says "well beyond 20%") | Q2-2026 release and deck |
| Adjusted EPS growth | +12% to 15% per year | Q2-2026 deck; Dec 2025 dividend release |
| Leverage | About 3x net debt / adjusted EBITDA at CoolIT close, back to about 2x within two years | CoolIT 8-K |
| EPS tailwind | Nalco merger amortisation (about $28m per quarter) rolls off in 2027 | CoolIT closing release |
Products & Services
Ecolab does not publish a priced SKU catalogue. Its pricing is programme-based: chemistry consumption plus equipment placement, service visits and digital subscriptions, usually under multi-year agreements. The catalogue below draws on 10-K descriptions, segment commentary and Ecolab brand literature.
Launch years are given only where publicly dated. Otherwise "n.d." means not disclosed. No list prices are disclosed for any offering.
Global Water
| Offering / brand | Description and capabilities | Target customer | Launch / latest | Pricing model |
|---|---|---|---|---|
| Nalco Water (franchise brand) | Cooling-water, boiler-water and wastewater treatment chemistry: scale and corrosion inhibitors, biocides, dispersants, membrane treatments | Power, refining, chemicals, manufacturing, commercial buildings | Nalco merger 2011 | Chemistry consumption plus service |
| 3D TRASAR | Patented fluorescent-tracer monitoring and automated control for cooling, boiler and membrane systems. Continuous sensing, dosing optimisation and remote alarms. The trademark is named in the 10-K as material to all segments. | Industrial and institutional water systems | Original TRASAR 1990s; continuous upgrades; new 3D TRASAR cooling platform to launch at SC26 in Nov 2026 | Equipment lease / subscription bundled with chemistry |
| ECOLAB3D | Cloud-based IIoT platform aggregating 3D TRASAR and other site data into enterprise dashboards and AI-driven insights | Multi-site industrial and commercial customers | n.d. (part of Ecolab Digital) | Software subscription |
| Global High-Tech — microelectronics UPW (Ovivo Electronics) | Ultrapure water system design, build and service for semiconductor fabs; water reuse and circularity. Expected to grow mid-teens in 2026 versus pre-acquisition sales. | Semiconductor fabs | Acquired Dec 2025 | Capital projects plus recurring services and consumables |
| Global High-Tech — data-centre water | Cooling-tower and evaporative water treatment, water-reuse programmes, alternative water sourcing for AI data centres | Hyperscalers, colocation operators | n.d.; growth engine since about 2021 | Chemistry plus monitoring subscription |
| CoolIT Systems | Direct liquid cooling: coolant distribution units (CDUs), custom cold plates and direct-to-chip technology. Expected to deliver about $550m of next-12-month sales at announcement; pre-acquisition sales grew more than 100% in H1-2026. | AI and HPC data centres; server OEMs and hyperscalers; designs for NVIDIA and AMD platforms per industry analysts | Acquired 2 Jul 2026 | Hardware sales plus service; integration into "Cooling-as-a-Service" |
| 3D TRASAR Cooling Platform (end-to-end) | Integrates CoolIT CDUs and cold plates with 3D TRASAR digital optimisation and advanced cooling fluids to optimise water, power and compute performance | AI data-centre operators | To be introduced at SC26, Nov 2026 | Not yet disclosed |
| Heavy Water programmes | Process and water treatment for downstream refining, power, primary metals and mining | Heavy industry | Legacy Nalco | Chemistry plus service |
| Light Water programmes | Water treatment for light manufacturing, F&B utilities and institutional campuses | Mid-size plants, commercial real estate | — | Chemistry plus service |
| Food & Beverage | Cleaning-in-place (CIP) and open-plant cleaning, sanitisers, membrane cleaning, animal-health and teat-dip programmes, food-safety audits | Dairy, beverage, brewing, protein, packaged food processors | Long-standing; recent One Ecolab cross-selling wins | Chemistry plus service |
| Paper | Retention, drainage, sizing, deposit control and microbial control programmes for paper and board mills | Pulp & paper mills | Legacy Nalco | Chemistry plus service |
Global Institutional & Specialty
| Offering / brand | Description and capabilities | Target customer | Launch / latest | Pricing model |
|---|---|---|---|---|
| Warewashing (e.g. Apex, Solid Power solid-detergent systems) | Machine and manual dishwashing detergents, rinse aids, sanitisers, dispensers and monitoring. The largest product class at about 13% of FY2025 sales. | Restaurants, hotels, contract foodservice, healthcare kitchens | Soilax 1924 heritage; continuous reformulation | Product plus dispenser placement and service |
| On-premise laundry | Laundry detergents, softeners and destainers with automated dosing | Hotels, healthcare, long-term care | — | Product plus equipment and service |
| Housekeeping / surface care (e.g. Oasis) | Multi-surface cleaners and disinfectants with closed-loop dispensing | Hospitality, facilities | — | Product plus dispenser |
| Hand hygiene (e.g. Nexa dispensers) | Soaps and alcohol-based hand rubs, dispensers, compliance monitoring | Healthcare, foodservice | — | Product plus dispenser |
| Healthcare infection prevention (incl. Anios in Europe) | Surface disinfectants, instrument reprocessing chemistries, environmental hygiene programmes | Hospitals, clinics | Anios acquired 2017. Surgical solutions divested Aug 2024. | Product plus programme |
| Kay Chemical / Specialty | Cleaning and sanitation systems tailored to quick-service restaurants and food retail; kitchen, front-of-house and food-safety programmes | QSR chains, grocery | Kay acquired 1994 | Programme pricing per location |
| Ecolab Science Certified | Public-health and food-safety certification programme for hospitality venues | Hotels, restaurants, venues | Introduced during COVID-19 (2020) | Programme fee |
Global Pest Elimination
| Offering / brand | Description and capabilities | Target customer | Launch / latest | Pricing model |
|---|---|---|---|---|
| Commercial pest elimination service | Inspection, prevention, monitoring and elimination by trained specialists, plus regulatory documentation | Restaurants, food retail, food & beverage plants, hospitality, healthcare | Long-standing | Recurring service contract |
| Pest Intelligence (digital) | Connected sensors and traps with remote monitoring and analytics. Management cites it as a growth investment in 2025–26 releases. | Same | Scaling 2024–26 | Service plus digital subscription |
| North American tuck-ins | Targeted route-density acquisitions, contributing about 2% to segment sales in Q2-2026 | — | 2025–26 | — |
Global Life Sciences
| Offering / brand | Description and capabilities | Target customer | Launch / latest | Pricing model |
|---|---|---|---|---|
| Bioprocessing resins (Purolite; e.g. Praesto agarose Protein A chromatography resins) | Affinity and ion-exchange chromatography resins for monoclonal-antibody and biologics purification. Bioprocessing sales more than doubled in Q1-2026. | Biopharma manufacturers, CDMOs | Purolite acquired Dec 2021; capacity expansions ongoing | Product sales, often qualified into drug processes (high switching cost) |
| Pharmaceutical & personal-care contamination control | Cleanroom disinfectants, sterile alcohols, sporicides, cleaning validation, hydrogen-peroxide vapour bio-decontamination (Bioquell) | Pharma fill-finish, personal-care manufacturing | — | Product plus service |
| Industrial purification (Purolite ion-exchange resins) | Ion-exchange resins for water and industrial process purification. Capacity-constrained in Q4-2025; performance improved in Q2-2026. | Industrial water, food, hydrometallurgy | Purolite heritage | Product sales |
Cross-cutting: Ecolab Digital
Ecolab Digital covers software and enabling-hardware subscriptions. Quarterly sales were:
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Q1-2025: $80m (+12%)
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Q2-2025: $95m (+29%)
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Q3-2025: $96m (+25%)
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Q4-2025: $99m (+24%)
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Q1-2026: $99m (+24%)
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Q2-2026: $121m (+27%)
Source: quarterly 8-K releases. Pricing is subscription-based.
Financial Narrative
Sources by year:
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FY2024–FY2025: Q4-2025 release and FY2025 10-K (GAAP).
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FY2021–FY2023: S&P Global Market Intelligence standardised data via StockAnalysis.com, and the FY2023 10-K for capex, buybacks and dividends.
Standardised "operating income" from S&P excludes unusual items and is therefore not equal to GAAP operating income. Both are shown where available.
Income statement
Notes:
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FY2021–23 pre-tax income is derived from S&P pre-tax margins (11.11%, 9.47%, 11.46%) and is rounded.
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EBITDA is not reported by Ecolab. Barchart lists trailing EBITDA of about $3,829m; that is a third-party calculation. Annual history is left blank rather than estimated.
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FY2024 GAAP figures include the $340.3m pre-tax gain on the surgical solutions sale, which is why GAAP EPS fell 1% in FY2025 even as adjusted EPS rose 13%.
Margins and growth
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Revenue CAGR FY2021–FY2025 (derived): 6.0% per year (16,081 / 12,733 over 4 years).
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Adjusted EPS CAGR FY2021–FY2025 (derived): 9.7% per year.
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Adjusted EPS CAGR FY2022–FY2025 (derived): 14.9% per year.
Commentary.
The five-year arc has three phases:
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FY2021–22: inflation shock. Revenue grew 8% and then 11%, helped by Purolite and price. Gross margin compressed about 270 bps to 38.3% in FY2022 as raw-material, freight and energy inflation outran pricing. Adjusted EPS fell to $4.97.
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FY2023–24: margin recovery. Value pricing caught up and delivery costs normalised. Gross margin rebuilt by more than 500 bps to 43.5%. Adjusted EPS rose 34% across the two years.
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FY2025: margin-led compounding on low volume. Reported sales grew only 2% (organic 3%), yet adjusted operating income grew 11% and adjusted EPS 13%. Drivers were productivity (One Ecolab), mix toward the growth engines and pricing. Organic OI margin reached 17.9% for the year and 18.5% in Q4, against a stated target of above 20%.
2026 inflection.
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H1-2026 reported sales rose 10%, with Ovivo Electronics adding about 2.7 points company-wide.
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Organic growth accelerated to 4% in Q1 and 5% in Q2.
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A Middle East conflict-driven energy spike lifted commodity costs. Adjusted gross margin fell 60 bps in Q2 to 44.2%; organic gross margin excluding Ovivo was stable at 44.9%.
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TTM revenue at 30 Jun 2026 was $16,843m.
Balance sheet
Notes and post-year-end position.
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FY2021–23 debt lines are from S&P standardised data. FY2024–25 are from the company balance sheet; S&P long-term debt differs slightly ($6,927m and $7,235m respectively).
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The 30 Jun 2026 balance sheet (Q2-2026 release) shows cash of $5,135.3m, short-term debt of $1,271.1m, long-term debt of $11,905.1m and total equity of $10,084.4m. Cash was elevated because the $5bn note proceeds were held for the CoolIT closing on 2 Jul 2026.
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Pro forma for the roughly $4.75bn CoolIT payment, net debt rises to about $12.8bn. This is a derived approximation. Management guided pro forma net debt to adjusted EBITDA of about 3x at transaction close, returning to about 2x within two years (CoolIT 8-K, 20 Mar 2026).
Commentary.
Balance-sheet quality is defined by acquisition goodwill and intangibles. These totalled $12.9bn at FY2025 against equity of $9.8bn, so tangible book value is negative (about -$3.1bn per S&P).
Leverage fell steadily from FY2021 to FY2024 as Purolite debt was paid down. The FY2025 uptick reflects Ovivo Electronics, which also drove the $1.32bn goodwill increase. FY2025 working capital fell to $421m, mainly because cash was used for Ovivo and current maturities rose.
Cash flow
Notes:
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FY2021–23 capex, buybacks and dividends are from the FY2023 10-K. FY2024–25 OCF and capex are from S&P; the company's FY2025 10-K gives OCF of $3.0bn and capex of $1.0bn, rounded. FY2025 dividends paid are from AlphaQuery's standardised data.
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Ecolab defines free cash flow as OCF less capex. Management called FY2025 free cash flow a record.
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FY2024 conversion is depressed by the non-cash surgical gain included in net income.
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Buybacks slowed to $375m in 9M-2025, versus $984m in 9M-2024, to conserve cash for Ovivo.
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About 1.3m shares were repurchased in Q1-2026 and 1.2m in Q2-2026.
Ratios
All ratios below are derived by the analyst from the tables above.
Method notes:
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ROIC uses S&P standardised OI taxed at 20% for FY2021–23. For FY2024–25 it uses company adjusted OI taxed at the adjusted rates of 19.3% and 20.2%.
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Net debt to EBITDA is left blank because Ecolab does not report EBITDA; the company's own pro forma guide of about 3x at the CoolIT close is the authoritative leverage reference.
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Net interest expense was $282.5m in FY2024 and $241.1m in FY2025.
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FY2025 accounts receivable of $3,249.4m includes consolidation of Ovivo Electronics only weeks before year-end. This inflates DSO, because sales in the denominator include only $3.7m from Ovivo.
Commentary.
Returns stepped up structurally in FY2024–25 as margins recovered. ROIC rose from about 9% to about 13%, comfortably above an estimated high-single-digit cost of capital.
The cash conversion cycle improved by about 26 days over five years, largely through longer payables, a supply-chain financing discipline.
The FY2025 dip in the current ratio and the 2026 rise in leverage are deliberate consequences of the High-Tech M&A programme. Interest coverage remains above 9x, but H2-2026 interest expense will rise materially on the new $5bn of notes, with coupons of 4.60%–5.35%.
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Segment Overview
| Segment | Operating units (2026) | Main products and services |
|---|---|---|
Global Water | Heavy Water; Light Water; Global High-Tech (microelectronics UPW via Ovivo Electronics; data-centre cooling water; CoolIT direct liquid cooling from Q3-2026); Food & Beverage; Paper | Water treatment and process chemistry, 3D TRASAR monitoring, ultrapure water systems and services, cooling-as-a-service, F&B cleaning-in-place and sanitation, paper process chemistry |
Global Institutional & Specialty | Institutional (hospitality, foodservice, healthcare); Specialty (QSR, food retail) | Warewashing, laundry, housekeeping, hand hygiene, surface disinfection, infection prevention, Kay QSR programmes |
Global Pest Elimination | Standalone segment since Q1-2024 | Commercial pest prevention and elimination services, digital "pest intelligence" monitoring |
Global Life Sciences | Standalone segment since Q1-2025 | Bioprocessing purification resins (Purolite), pharma and personal-care cleaning and contamination control, industrial purification resins |
Corporate | Not a business segment | Nalco, Purolite and Ovivo Electronics intangible amortisation; special gains and charges |
Segment net sales, public currency (USD Mn)
| Segment net sales, public currency (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Global Water (USD Mn) | 7,284 | 7,775.9 | 7,982.4 |
Global Institutional & Specialty (USD Mn) | 5,911 | 6,103.4 | 6,104.6 |
Global Pest Elimination (USD Mn) | 1,066 | 1,162.8 | 1,246.3 |
Global Life Sciences (USD Mn) | 675.4 | 699.3 | 747.9 |
Consolidated net sales (USD Mn) | 15,320.2 | 15,741.4 | 16,081.2 |
Segment operating income, public currency (USD Mn)
| Segment operating income, public currency (USD Mn) | FY2024 | FY2025 |
|---|---|---|
Global Water OI (USD Mn) | 1,274.2 | 1,332.9 |
Global Institutional & Specialty OI (USD Mn) | 1,227.4 | 1,385.9 |
Global Pest Elimination OI (USD Mn) | 214.3 | 242.9 |
Global Life Sciences OI (USD Mn) | 101.2 | 136.0 |
Corporate (USD Mn) | -14.7 | -360.1 |
Consolidated GAAP OI (USD Mn) | 2,802.4 | 2,737.6 |
Segment OI margin (%) — derived (%)
| Segment OI margin (%) — derived (%) | FY2024 | FY2025 |
|---|---|---|
Global Water (%) | 16.4 | 16.7 |
Global Institutional & Specialty (%) | 20.1 | 22.7 |
Global Pest Elimination (%) | 18.4 | 19.5 |
Global Life Sciences (%) | 14.5 | 18.2 |
Segment sales growth, public currency YoY (%) — derived (%)
| Segment sales growth, public currency YoY (%) — derived (%) | FY2024 | FY2025 |
|---|---|---|
Global Water (%) | 6.8 | 2.7 |
Global Institutional & Specialty (%) | 3.3 | 0.0 |
Global Pest Elimination (%) | 9.1 | 7.2 |
Global Life Sciences (%) | 3.5 | 7.0 |
Contribution to FY sales (%) — derived (%)
| Contribution to FY sales (%) — derived (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Global Water (%) | 47.5 | 49.4 | 49.6 |
Global Institutional & Specialty (%) | 38.6 | 38.8 | 38.0 |
Global Pest Elimination (%) | 7.0 | 7.4 | 7.8 |
Global Life Sciences (%) | 4.4 | 4.4 | 4.7 |
Segment Overview — Global Water
| Segment | Fixed-currency sales growth | Organic sales growth | Fixed-currency OI growth | Organic OI |
|---|---|---|---|---|
Global Water | +3% | +2% (7,599.7 vs 7,452.5) | +5% | $1,253.8m vs $1,207.4m (+4%) |
Institutional & Specialty | 0% | +3% | +13% | $1,358.3m vs $1,149.3m (+18%) |
Pest Elimination | +7% | +6% | +13% | — |
Life Sciences | +5% | +5% | +31% | — |
Segment Revenue
| Segment | H1-2026 sales ($M) | H1-2025 ($M) | Reported growth | Organic growth (Q2) | H1-2026 OI ($M) | H1 OI growth |
|---|---|---|---|---|---|---|
Global Water | 4,266.4 | 3,803.7 | +12% (Ovivo adds about 6 pts) | +4% | 648.1 | +11% |
Institutional & Specialty | 3,132.2 | 2,962.6 | +6% | +4% | 738.5 | +11% |
Pest Elimination | 661.9 | 598.0 | +11% | +7% | 122.5 | +13% |
Life Sciences | 421.0 | 355.9 | +18% | +15% | 96.0 | +49% |
Total | 8,481.5 | 7,720.2 | +10% | +5% (Q2) | 1,379.9 (GAAP) | +9% |
Effective Details
| Effective | Change | Disclosure |
|---|---|---|
Q1-2024 | Global Pest Elimination elevated to a standalone reportable segment, previously inside Institutional & Specialty | Q1-2024 8-K |
Q1-2025 | Global Industrial renamed Global Water, comprising Light & Heavy (formerly "Water"), Food & Beverage and Paper. Global Life Sciences elevated to a standalone segment. The healthcare business (formerly in Healthcare & Life Sciences) moved into I&S; goodwill of $717.0m was reclassified from Life Sciences to I&S. Restated 2023–24 figures were published in an 8-K on 28 Mar 2025. | 8-K 11 Feb 2025; 8-K 28 Mar 2025; 10-K FY2025 goodwill table |
Q1-2026 | Within Global Water, "Light & Heavy" split into Heavy Water, Light Water and Global High-Tech. These are operating-unit disclosures; the reportable segment is unchanged. | Q1-2026 10-Q and release |
Q3-2026 | CoolIT Systems consolidated from 2 Jul 2026 within Global Water / High-Tech. Its amortisation is expected to sit in Corporate, consistent with treatment of Ovivo Electronics. | Q2-2026 10-Q; CoolIT closing release |
Income statement (USD Mn)
| Income statement (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 12,733 | 14,188 | 15,320.2 | 15,741.4 | 16,081.2 |
Gross profit, standardised/adjusted (USD Mn) | 5,211 | 5,427 | 6,188 | 6,847 | 7,158 |
Gross profit, GAAP (USD Mn) | — | — | — | 6,841.7 | 7,150.4 |
Operating income, S&P standardised (USD Mn) | 1,866 | 1,848 | 2,186 | 2,670 | 2,952 |
Operating income, GAAP (USD Mn) | — | — | — | 2,802.4 | 2,737.6 |
Adjusted operating income, company non-GAAP (USD Mn) | — | — | — | 2,618.8 | 2,900.7 |
Pre-tax income (USD Mn) | 1,415 | 1,344 | 1,756 | 2,571.2 | 2,547.9 |
Net income attributable to Ecolab (USD Mn) | 1,130 | 1,092 | 1,372.3 | 2,112.4 | 2,075.6 |
EPS basic (USD) | — | — | — | 7.43 | 7.33 |
EPS diluted, GAAP (USD) | 3.91 | 3.81 | 4.79 | 7.37 | 7.28 |
EPS diluted, adjusted (USD) | 5.20 | 4.97 | 5.21 | 6.65 | 7.53 |
Dividends declared per share (USD) | 1.95 | 2.06 | 2.16 | 2.36 | 2.68 |
Margins (%)
| Margins (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 40.9 | 38.3 | 40.4 | 43.5 | 44.5 |
Operating margin, S&P standardised (%) | 14.7 | 13.0 | 14.3 | 17.0 | 18.4 |
Operating margin, GAAP (%) | — | — | — | 17.8 | 17.0 |
Organic operating margin, company (%) | — | — | — | 16.4 | 17.9 |
Net margin (%) | 8.9 | 7.7 | 9.0 | 13.4 | 12.9 |
Revenue growth YoY (%) | 8.0 | 11.4 | 8.0 | 2.7 | 2.2 |
Balance Sheet
| Balance sheet, year-end (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 21,206 | 21,464 | 21,847 | 22,387.8 | 24,696.3 |
Cash and equivalents (USD Mn) | 359.9 | 598.6 | 919.5 | 1,256.8 | 646.2 |
Short-term debt incl. current LTD (USD Mn) | 411.0 | 505.1 | 630.4 | 615.7 | 870.4 |
Long-term debt (USD Mn) | 8,339 | 8,063 | 7,538 | 6,949.2 | 7,365.9 |
Total debt excl. leases (USD Mn) | 8,750 | 8,568 | 8,168 | 7,564.9 | 8,236.3 |
Net debt excl. leases (USD Mn) | 8,390 | 7,970 | 7,249 | 6,308 | 7,590 |
Total debt incl. leases, S&P (USD Mn) | 9,156 | 9,027 | 8,733 | 8,283 | 8,998 |
Total equity incl. NCI (USD Mn) | 7,253 | 7,259 | 8,072 | 8,789.2 | 9,804.5 |
Goodwill (USD Mn) | 8,064 | 8,013 | 8,148 | 7,907.3 | 9,227.0 |
Other intangibles, net (USD Mn) | 4,224 | 3,681 | 3,494 | 3,308.8 | 3,688.5 |
Working capital (USD Mn) | 1,134 | 1,284 | 1,298 | 1,232.9 | 420.9 |
Cash flow (USD Mn)
| Cash flow (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | 2,062 | 1,788 | 2,412 | 2,814 | 2,953 |
Capital expenditures (USD Mn) | 643 | 713 | 775 | 995 | 1,048 |
Free cash flow (USD Mn) | 1,419 | 1,076 | 1,637 | 1,819 | 1,904 |
Dividends paid (USD Mn) | 566 | 603 | 617 | — | 754 |
Dividends declared, derived from retained earnings (USD Mn) | — | — | 616 | 670 | 759 |
Share repurchases (USD Mn) | 107 | 518 | 14 | — | — |
Net increase in treasury stock, proxy for buybacks (USD Mn) | — | 517 | 12 | 992 | 774 |
FCF margin (%) | 11.1 | 7.6 | 10.7 | 11.6 | 11.8 |
FCF conversion of net income (%) | 126 | 99 | 119 | 86 | 92 |
Ratios — derived
| Ratios — derived | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on year-end common equity (%) | 15.6 | 15.1 | 17.1 | 24.1 | 21.2 |
ROA on year-end assets (%) | 5.3 | 5.1 | 6.3 | 9.4 | 8.4 |
ROIC, NOPAT / (equity + net debt incl. leases) (%) | 9.3 | 9.4 | 11.0 | 13.4 | 12.7 |
Current ratio (x) | 1.32 | 1.30 | 1.30 | 1.26 | 1.08 |
Debt to equity, S&P debt incl. leases (x) | 1.26 | 1.24 | 1.08 | 0.94 | 0.92 |
Interest coverage, GAAP OI / net interest (x) | — | — | — | 9.9 | 11.4 |
Asset turnover (x) | 0.60 | 0.66 | 0.70 | 0.70 | 0.65 |
Days sales outstanding (days) | 71.0 | 69.4 | 67.5 | 66.4 | 73.8 |
Days inventory outstanding (days) | 72.4 | 74.7 | 59.8 | 60.1 | 60.9 |
Days payables outstanding (days) | 67.2 | 72.0 | 62.6 | 74.2 | 84.6 |
Cash conversion cycle (days) | 76.2 | 72.1 | 64.7 | 52.3 | 50.1 |
Sales by region, % of total
| Sales by region, % of total | FY2025 |
|---|---|
North America (%) | 56 |
Europe and IMEA (%) | 24 |
Asia Pacific incl. Greater China (%) | 13 |
Latin America (%) | 7 |
Sales outside the US (% of total)
| Sales outside the US (% of total) | FY2025 |
|---|---|
International share (%) | 47 |
Valuation Snapshot
| Metric | Value | Source |
|---|---|---|
Share price | $277.07 close (5 Oct 2026) | StockAnalysis.com |
52-week range | $243.15 – $309.27 | Ad-hoc News / MarketBeat |
Market capitalisation | About $77.9bn | Ad-hoc News |
Shares outstanding | About 280.3m | Q2-2026 data |
Trailing P/E (GAAP) | About 37.2x | StockAnalysis.com |
Forward P/E | About 32.1x (S&P consensus basis) | StockAnalysis.com |
P/E on 2026 guidance midpoint ($8.15 adjusted) | About 34.0x (derived) | — |
EV / Sales TTM | About 5.4x (derived; EV about $90.7bn using pro forma net debt of about $12.8bn post-CoolIT) | Derived |
EV / EBITDA TTM | About 24x (derived using Barchart TTM EBITDA of about $3.83bn; indicative only) | Derived |
Price / Book | About 7.7x (on $10.06bn Ecolab equity at 30 Jun 2026; derived) | Derived |
Beta (60-month) | 0.88 | Barchart |
Dividend yield (forward) | About 1.05% ($2.92 indicated) | StockAnalysis.com |
Share Price & Returns
| Date | Broker | Rating | Price target |
|---|---|---|---|
5 Oct 2026 | UBS | Buy | $344 (from $342) |
Mid-2026 | Wells Fargo | Equal Weight | $275 |
Mar 2026 | RBC Capital | Outperform | $337 |
Mar 2026 | Berenberg | Buy (upgraded from Hold) | $326 |
Dividend
| Dividend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
Dividends declared per share (USD) | 1.95 | 2.06 | 2.16 | 2.36 | 2.68 | 2.92 |
DPS growth YoY (%) | 3.2 | 5.6 | 4.9 | 9.3 | 13.6 | 9.0 |
Credit Ratings
| Agency | Long-term | Outlook | Short-term / CP | Source |
|---|---|---|---|---|
Moody's | A3 | Stable | P-2 | FWP 19 May 2026; 10-Q Q2-2026 |
S&P Global | A- | Stable | A-2 | Same |
Fitch | A- | Stable | F-1 | Same |
Capital Instruments
| Instrument | Amount | Coupon | Maturity |
|---|---|---|---|
Notes / debt due within 12 months (at 30 Jun 2026) | $1,271m | various | by mid-2027 |
Senior notes (May 2026) | $1,200m | 4.600% | 2029 |
Senior notes (May 2026) | $900m | 4.800% | 2031 |
Senior notes (May 2026) | $1,500m | 5.150% | 2033 |
Senior notes (May 2026) | $1,400m | 5.350% | 2036 |
Revolving credit facility (undrawn) | $2,000m | floating | Mar 2030 |
$4.75bn delayed-draw term loan | committed | — | Not expected to be used after the notes issuance |
Analyst Conclusions
Management guidance (as of the 28 Jul 2026 release)
| Item | Guidance |
|---|---|
| FY2026 adjusted diluted EPS | $8.05 – $8.25, +7% to 10%. Includes CoolIT amortisation and financing drag of about $0.20 per quarter in H2. |
| Q3-2026 adjusted EPS | $2.13 – $2.23, +3% to 8% |
| H2-2026 reported sales growth | +12% to 14% |
| H2-2026 organic sales growth | +6% to 7% |
| H2-2026 pricing | +5% to 6% |
| H2-2026 adjusted OI margin | About 19% (organic about 20%) |
| Adjusted tax rate (H2) | 20.5% – 21.5% |
| FY2026 special charges | About $0.75 – $0.80 per share |
| Long-term algorithm | Organic growth 5–7%; OI margin +100–150 bps per year; adjusted EPS +12–15% |
| High-Tech | $4bn sales by 2030 at about 25% OI margin |
| 2,027 | EPS growth expected to re-accelerate into the 12–15% range as CoolIT contribution rises and Nalco amortisation rolls off |
Consensus. A forward P/E of about 32x on $277 implies next-12-month EPS of about $8.6. That is consistent with the street modelling a return to double-digit growth in 2027.
Bull case
-
AI water-and-cooling flywheel. High-Tech is growing 29% organically, and CoolIT doubled its sales in H1-2026. Moving from $1.5bn to $4bn by 2030 at a 25% margin could add about $600–700m of segment OI. That would lift group organic growth by more than 2 points per year, as management targets.
-
Margin runway plus mechanical EPS uplift. Organic OI margin was already 18.8% in Q2-2026 and is guided to about 20% in H2. $325m of One Ecolab savings by 2027 and the 2027 Nalco amortisation roll-off (about $112m per year pre-tax) support 12–15% EPS growth.
-
Pricing power is proven again. Ecolab stabilised organic gross margin within one quarter of an energy shock (44.9% in Q2-2026), as it did after 2022. That validates the value-pricing model, and pricing of 5–6% plus volume growth supports 6–7% organic growth.
Bear case
-
Expensive, cyclical M&A. CoolIT cost about 29x NTM EBITDA and lifted gross debt to about $13bn (about 3x leverage). It exposes a defensive franchise to the AI capex cycle and to large electrical-infrastructure competitors. Any hyperscaler pause risks goodwill impairment and stranded growth investment.
-
Weak core volume. Underlying FY2025 growth was price-led: organic +3% with roughly flat volume. Heavy Water, Paper and Institutional remain soft. Surcharge-driven pricing may fade or erode customer goodwill in 2027.
-
Valuation leaves little room for error. At about 34x 2026 adjusted EPS and about 24x EBITDA, with 2026 EPS growth temporarily cut to 7–10% from 12–15%, the stock needs flawless delivery at the November Investor Day. The 52-week range of $243–309 shows sensitivity to narrative shifts.
Catalysts and monitorables, next 12 months
| Date / period | Catalyst | What to watch |
|---|---|---|
| 27 Oct 2026 | Q3-2026 results | Delivery against $2.13–2.23; H2 organic growth tracking 6–7%; first CoolIT quarter; pricing at or above 5% |
| 17 Nov 2026 | Investor Day at SC26 | Updated long-term targets; High-Tech economics; 3D TRASAR Cooling Platform launch; capital-allocation framework and buyback resumption |
| Dec 2026 | Dividend declaration | Likely 35th consecutive increase; size signals balance-sheet confidence |
| Feb 2027 | Q4 and FY2026 results; 2027 guidance | Return to 12–15% EPS growth; Nalco amortisation roll-off; leverage path toward 2x |
| Ongoing | Commodity and energy prices; Middle East | Gross-margin trajectory; surcharge retention or roll-back |
| Ongoing | AI capex announcements by hyperscalers and chipmakers | CoolIT order momentum; fab construction cadence |
| Ongoing | Co-COO execution | Succession signals |
Analyst verdict
Ecolab enters late 2026 as a better business than it was three years ago, but a more complicated one.
The core franchise has repaired the damage of the 2022 inflation squeeze. Gross margin rebuilt from 38% to 44.5%. Organic operating margin approaches 19%, and returns on invested capital have climbed from about 9% to about 13%. That reflects real pricing power, route density and the productivity dividend from One Ecolab. The franchise also absorbed a second commodity shock in 2026 within a single quarter, which validates the resilience thesis that underpins its premium multiple.
Management has now chosen to spend that credibility. The roughly $6.3bn deployed on Ovivo Electronics and CoolIT turns Ecolab from a defensive hygiene-and-water compounder into a company whose fastest-growing division is levered to AI infrastructure. Strategically, the logic is coherent. Water and heat are the two physical constraints of advanced compute, and Ecolab already owns the chemistry, monitoring and service relationships at fabs, power plants and data centres. Combining CoolIT hardware with 3D TRASAR is a genuine differentiation attempt. The $4bn-by-2030 High-Tech target is ambitious but grounded in current 29% organic growth.
Execution and valuation are the open questions. The 2026 EPS growth algorithm has temporarily slipped to 7–10%, leverage has risen to about 3x, and core volumes remain sluggish. At about 34x this year's earnings, the market is already paying for 2027's re-acceleration.
Our stance is constructive with discipline: high-quality hold to accumulate on weakness. Conviction would rise if the 17 November Investor Day shows two things:
-
credible CoolIT unit economics and customer breadth beyond a few hyperscalers
-
a visible path back to 2x leverage alongside resumed buybacks
Conversely, a slowdown in AI capex or any retreat in H2 pricing would expose the multiple. The long-term franchise remains among the highest-quality assets in specialty chemicals and services.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / prior roles | Age | Latest disclosed total compensation |
|---|---|---|---|---|
Christophe Beck | Chairman (since 2022), CEO (since 2021), President (added 1 Apr 2026) | Previously President & COO of Ecolab; joined from Nestlé (career history per company biography) | 58 | About $17.4m (Simply Wall St, latest proxy year) |
Scott D. Kirkland | Chief Financial Officer (since 2022) | SVP & Corporate Controller 2019–21; SVP Finance, Global Energy Services 2017–19 | About 52 (GlobalData) | — |
Darrell R. Brown | Co-COO, Global Markets (from 1 Apr 2026) | President & COO 2022–26; EVP & President Global Industrial 2019–22; EVP & President Energy Services 2018–19; joined 2002 | 62 | — |
Gregory B. Cook | Co-COO, Global Businesses (from 1 Apr 2026) | EVP & President Institutional Group 2023–26; EVP & GM Global Institutional 2021–23; SVP & GM Global Pest 2020–21; President Latin America; joined 1997 | 57 | — |
Margeaux M. King | EVP, Human Resources (since 2025) | — | — | About $4.7m (Simply Wall St) |
Jandeen Boone | EVP (General Counsel and Secretary, per third-party listings) | About 2 years tenure | — | — |
Dan LeCloux | EVP & Chief Technical Officer | — | — | — |
Chris Leong | EVP & Chief Marketing and Innovation Officer | — | — | — |
Ben Clark | EVP & Chief Supply Chain Officer | Previously COO & CFO, Flagstone Foods | — | — |
Andrew Hedberg | VP, Investor Relations | — | — | — |
Board of Directors
| Director | Role / background | Verification status |
|---|---|---|
Christophe Beck | Chairman, President & CEO; non-independent | Verified 2026 |
Judson B. Althoff | Independent director; Microsoft senior executive. Form 4 deferred-compensation grant on 30 Sep 2026. | Verified 2026 |
Eric M. Green | Independent director; CEO of West Pharmaceutical Services. Form 4 grants on 30 Sep 2026. | Verified 2026 |
Shari L. Ballard | Independent director | Per prior proxies; confirm in 2026 DEF 14A |
Arthur J. Higgins | Independent director | Per prior proxies; confirm |
Michael Larson | Independent director | Per prior proxies; confirm |
David W. MacLennan | Independent director (former Cargill CEO) | Per prior proxies; confirm |
Tracy B. McKibben | Independent director | Per prior proxies; confirm |
Lionel L. Nowell III | Independent director | Per prior proxies; confirm |
Victoria J. Reich | Independent director | Per prior proxies; confirm |
Suzanne M. Vautrinot | Independent director | Per prior proxies; confirm |
John J. Zillmer | Independent director | Per prior proxies; confirm |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
20 Feb 2026 (board action), announced 25 Feb 2026 | Beck adds President; Brown becomes Co-COO Global Markets; Cook becomes Co-COO Global Businesses; effective 1 Apr 2026 | Management said it was intensifying leadership focus after strong end-2025 momentum. The split creates a markets (geographies) versus businesses (product lines) matrix and visibly positions two internal succession candidates. |
| 2025 | Margeaux King appointed EVP HR | Per proxy NEO list |
| 2022 | Kirkland appointed CFO; Brown appointed President & COO; Beck becomes Chairman | Succession from the Baker era |
Major Shareholders
| Holder | Shares (M) | % outstanding | Date reported | Source |
|---|---|---|---|---|
Cascade Investment LLC (Bill Gates) | 29.18 | 10.37 | 10 Mar 2026 | Investing.com / 13D-G |
BlackRock, Inc. | 22.79 | 8.10 | 31 Mar 2026 | Investing.com / 13F |
Vanguard Capital Management LLC | 16.52 | 5.87 | 31 Mar 2026 | 13F |
State Street Global Advisors | 11.22 | 3.99 | 31 Mar 2026 | 13F |
JP Morgan Asset Management | 8.24 | 2.93 | latest | Simply Wall St |
Vanguard Portfolio Management LLC | 6.32 | 2.25 | 31 Mar 2026 | 13F |
Geode Capital Management | 5.99 | 2.13 | latest | Simply Wall St |
Bill & Melinda Gates Foundation Trust | 5.22 | 1.85 | 31 Mar 2026 | 13F |
UBS Asset Management AG | 4.84 | 1.72 | latest | Simply Wall St |
Capital Research and Management | 4.70 | 1.67 | latest | Simply Wall St |
Competitive Landscape
Competitors by Segment
| Segment / arena | Named competitors | Notes |
|---|---|---|
Industrial water treatment | Veolia (Water Technologies), Kurita Water Industries, Solenis, Xylem (treatment and analytics), ChemTreat (Danaher), Suez | Veolia Water Technologies revenue was €4,954m in FY2025 (+3.6% like-for-like), EBITDA margin 13.5% (Veolia FY2025 results) |
Microelectronics UPW | Veolia, Kurita, Organo, Evoqua (now part of Xylem) | Ovivo gives Ecolab a scaled UPW position |
Data-centre liquid cooling | Vertiv, Schneider Electric (Motivair), nVent, Boyd, LiquidStack, server OEM in-house solutions | CoolIT is among the few scaled independent DLC platforms (Futurum) |
Institutional hygiene | Solenis (including Diversey, acquired 2023), Kimberly-Clark Professional, Essity / Tork, Procter & Gamble Professional, regional distributors such as Sysco and US Foods private label | Solenis is privately held and does not publish audited results |
Healthcare infection prevention | Steris, Diversey (Solenis), 3M Health Care (Solventum), GOJO / Purell, Clorox Professional | — |
Pest elimination | Rollins (Orkin), Rentokil Initial (including Terminix), Anticimex | Rollins FY2025 revenue about $3.8bn (+11%), operating margin 19.3% |
Bioprocess purification resins | Cytiva (Danaher), Merck KGaA (MilliporeSigma), Tosoh, Bio-Rad, Repligen | Protein A resin market is concentrated, with Cytiva the leader |
Peer Comparison FY2024
| Metric | Ecolab | Xylem | Rollins | Veolia (group) |
|---|---|---|---|---|
Revenue | $16,081m | $9,035m | About $3.8bn | €44,396m (about $50.1bn) |
Reported revenue growth | +2.2% | +5.5% (derived) | +11.0% | -0.7% reported; +2.8% like-for-like excluding energy |
Organic growth | +3% | About 4–5% (guided) | +6.9% | +2.8% (excluding energy prices) |
Margin | GAAP OI 17.0%; adjusted 18.0% | Adjusted EBITDA 22.2% | OI 19.3%; adjusted 20.0% | EBITDA 15.9% |
R&D intensity | About 1.3% (FY2024) | — | Not material | — |
Ownership | Public (NYSE) | Public (NYSE) | Public (NYSE) | Public (Euronext Paris) |
