ECOLAB INC.
$309.27
+4.86 (+1.60%) · delayed · Nov 13, 2026
Five-year price
52w $243.15 to $318.93
- Market cap
- $86.7B
- Enterprise value
- $94.3B
- P/E
- 42.5×
- 47.7× on 3y avg EPS
- EV / EBIT
- 34.5×
- FCF yield
- 2.2%
- ROIC
- 13.0%
- Debt / equity
- 0.84
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ○ROIC > 12% (5y avg)5y avg ROIC 11.1%
- ●ROE > 15% (5y avg)5y avg ROE 18.6%
- ●Stable operating marginsMargin volatility 2.7% (σ, 5y)
- ●Earnings convert to cashFCF / net income 104% (5y avg)
- ●Growing revenueRevenue CAGR 5y 6.4%
- ●Shrinking share countDiluted shares -1.8% over 5y
Value
0
- ○P/E below 15P/E 42.5
- ○EV/EBIT below 12EV/EBIT 34.5
- ○FCF yield above 6%FCF yield 2.2%
- ○Price below Graham NumberGraham Number $75.54
- ○P/B below 3P/B 8.9
Safety
40
- ○Debt / equity below 0.5D/E 0.84
- ●Debt payable in < 4 yrs of earningsNet debt $7.6B
- ●Interest coverage > 8xCoverage 8.9x
- ○Current ratio > 1.5Current ratio 1.08
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $16.1B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.08
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 37%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 47.7
- ○P/E × P/B ≤ 22.5Product 423.7
Valuation lab
What do you have to believe?
At $309.27, the market is pricing in about 17.7% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $7.6B · 280M shares · 5y revenue CAGR 6.4%
Intrinsic value
$112.36
Price
$309.27
Premium paid
175%
What the price implies
The market is paying for 17.7% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
58% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 13,152 | 13,836 | 12,222 | 12,562 | 11,790 | 12,733 | 14,188 | 15,320 | 15,741 | 16,081 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 1,870 | 1,950 | 1,728 | 1,845 | 1,396 | 1,599 | 1,563 | 1,992 | 2,802 | 2,738 |
| Operating margin | 14.2% | 14.1% | 14.1% | 14.7% | 11.8% | 12.6% | 11.0% | 13.0% | 17.8% | 17.0% |
| Pre-tax income | 1,649 | 1,762 | 1,587 | 1,732 | 1,161 | 1,414 | 1,343 | 1,756 | 2,571 | 2,548 |
| Income tax | 403 | 244 | 321 | 289 | 177 | 270 | 235 | 363 | 439 | 455 |
| Net income | 1,247 | 1,519 | 1,440 | 1,576 | (1,186) | 1,130 | 1,092 | 1,372 | 2,112 | 2,076 |
| EPS (diluted) | 4.14 | 5.12 | 4.88 | 5.33 | -4.15 | 3.91 | 3.81 | 4.79 | 7.37 | 7.28 |
| Diluted shares | 297 | 294 | 293 | 293 | 290 | 289 | 287 | 287 | 287 | 285 |
Who owns it