# Ecolab Inc. (ECL) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/ECL/thesis · /stocks/ECL/memo

## Financial Snapshot

---
ticker: ECL
step: 04
generated: 2026-05-12
source: quick-research
---

### Ecolab Inc. (ECL) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$14.19B | $15.32B | $15.74B | +3% |
| Gross Margin | ~42% | ~43% | ~44.4% | +1.4pp |
| Operating Margin | ~14% | ~16% | ~18.4% | +2.4pp |
| Net Income | ~$0.98B | ~$1.37B | $2.11B | +54% |
| EPS (diluted) | $3.81 | $4.79 | $7.37 | +54% |

*Note: FY2024 EPS growth of 54% reflects both operating leverage and the FY2022–2023 period when raw material cost headwinds compressed margins. FY2025 revenue was $16.08B (+2.2%); FY2025 net margin was 12.9% with $1.9B FCF and 17.0% operating margin.*

#### Cash Flow & Balance Sheet (FY2024/2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$2.5B |
| Free Cash Flow | ~$1.9B (FY2025) |
| Cash & Equivalents | ~$0.7B |
| Total Debt | ~$8.5B |

#### Key Ratios (approximate)
- P/E: ~38x (FY2024 trailing) | EV/EBITDA: ~28x | FCF Yield: ~2.3%
- Revenue Growth (FY2024): +3% | FCF Margin: ~12%
- Dividend Yield: ~1.0% (Dividend Aristocrat; 30+ consecutive years of increases)

#### Growth Profile
Ecolab's organic revenue growth consistently runs at 4–7% per year, driven by pricing power (~3–4% annual price increases), volume growth from market share gains, and mix shift toward higher-margin segments (data centers, life sciences, digital services). The 2022–2023 period saw margin compression from commodity and supply chain inflation that is now fully recovered; FY2024's 54% EPS growth reflects this normalization plus structural margin expansion from the "One Ecolab" efficiency initiative (annualized savings target raised to $325M). Management targets 100–150 bps of annual EBIT margin expansion from 2027–2030, targeting 20%+ EBIT margins.

#### Forward Estimates
- FY2025E Adj. EPS: $7.42–$7.62 (+12–15% YoY; company guidance)
- FY2026E Revenue: ~$16.6–17.0B (consensus, ~3–5% organic growth)
- FY2026E EPS: ~$8.30–8.60 (continued mid-teens adj. EPS growth)
- Long-term EBIT margin target: 20%+ (vs. ~18% in FY2024)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/ECL/fundamental

## Navigation

- Overview: /stocks/ECL
- Financials (this page): /stocks/ECL/financials
- Thesis: /stocks/ECL/thesis
- Investment Memo: /stocks/ECL/memo
- Coverage universe: /stocks