olivLaw · US equity research
Ecolab Inc. ECL
Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics · SIC 2840 · Vertical: Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics (SIC 2840)
Ecolab is a global leader in water, hygiene and infection prevention solutions and services, with reported net sales of 16.1 billion USD in fiscal 2025. In 2026 the company is accelerating organic growth, supported by its Global High-Tech segment and recent acquisitions, which makes its profile relevant to discussions about water stewardship.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Ecolab Inc. (ECL) stock was 315.01 USD (+3.39% on the day), with market capitalisation 88.4 bn USD, P/E 42.9 on diluted EPS of 7.35 USD over the last 12 months, dividend yield 0.93%, beta 0.55, 52-week range 245.73–315.01 USD. Latest reported quarter (Q3 2026): revenue of 4.7 bn USD (+12.7% YoY), net income of 551.3 m USD (−5.8% YoY), diluted EPS 1.95 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 76.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 274.63 – 310.21
- above the upper band · %B 1.13 · band width 12.2%
- SMA 50 / 200
- 283.36 / 276.45
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 7.24 / 5.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.7% | −1.1% | +14.8 pp | — |
| 3 months | +10.3% | −0.5% | +10.8 pp | — |
| 6 months | +19.6% | +4.4% | +15.2 pp | — |
| Year to date | +20.0% | +12.3% | +7.7 pp | — |
| 1 year | +21.8% | +13.5% | +8.2 pp | +5.5% |
| 3 years | +80.2% | +76.4% | +3.8 pp | +9.0% |
| 5 years | +36.6% | +63.7% | −27.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.0 bn | 3.7 bn | 4.0 bn | 4.2 bn | 4.2 bn | 4.1 bn | 4.4 bn | 4.7 bn |
| Cost of revenue | 2.3 bn | 2.1 bn | 2.2 bn | 2.3 bn | 2.3 bn | 2.3 bn | 2.5 bn | 2.6 bn |
| SG&A | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn |
| Operating income | 582.8 m | 555.3 m | 710.1 m | 760.2 m | 712.0 m | 622.0 m | 757.9 m | 810.5 m |
| Interest expense | 79.2 m | 72.6 m | 76.2 m | 74.6 m | 82.9 m | 77.3 m | 95.0 m | 135.8 m |
| Pre-tax income | 534.3 m | 510.0 m | 659.9 m | 717.7 m | 660.3 m | 558.1 m | 693.6 m | 694.5 m |
| Income tax | 54.8 m | 103.5 m | 131.4 m | 128.0 m | 91.7 m | 121.5 m | 154.9 m | 140.1 m |
| Net income | 472.9 m | 402.5 m | 524.2 m | 585.0 m | 563.9 m | 432.6 m | 534.9 m | 551.3 m |
| Diluted EPS | 1.66 | 1.41 | 1.84 | 2.05 | 1.98 ≈ | 1.52 | 1.90 | 1.95 |
| Operating cash flow | 766.7 m | 369.4 m | 701.8 m ≈ | 791.3 m ≈ | 1.1 bn | 445.9 m | 729.5 m ≈ | 763.7 m ≈ |
| Capex | 359.7 m | 237.9 m | 216.7 m ≈ | 261.6 m ≈ | 332.1 m | 348.5 m | 240.1 m ≈ | 313.4 m ≈ |
| Dividends paid | 161.4 m | 192.0 m | 188.0 m ≈ | 184.4 m ≈ | 189.2 m | 215.9 m | 208.2 m ≈ | 204.6 m ≈ |
| Share repurchases | 2.8 m | 153.7 m | 45.5 m ≈ | 175.4 m ≈ | 409.2 m | 344.4 m | 324.9 m ≈ | 2.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 88 percentile of its own 40-quarter history (min 26.2, median 36.1, max 60.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.2 bn | 12.6 bn | 11.8 bn | 12.7 bn | 14.2 bn | 15.3 bn | 15.7 bn | 16.1 bn |
| Revenue YoY | −11.7% | +2.8% | −6.1% | +8.0% | +11.4% | +8.0% | +2.7% | +2.2% |
| Net income | 1.4 bn | 1.6 bn | -1.2 bn | 1.1 bn | 1.1 bn | 1.4 bn | 2.1 bn | 2.1 bn |
| Net income YoY | −5.2% | +9.4% | −175.2% | unavailable | −3.4% | +25.7% | +53.9% | −1.7% |
| Diluted EPS | 4.88 | 5.33 | -4.15 | 3.91 | 3.81 | 4.79 | 7.37 | 7.28 |
| Diluted EPS YoY | −4.7% | +9.2% | −177.9% | unavailable | −2.6% | +25.7% | +53.9% | −1.2% |
| net % | 11.8% | 12.5% | -10.1% | 8.9% | 7.7% | 9.0% | 13.4% | 12.9% |
| Free cash flow | 1.5 bn | 1.7 bn | 1.4 bn | 1.4 bn | 1.1 bn | 1.6 bn | 1.8 bn | 1.9 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 646.2 m USD
- Financial debt
- 870.4 m USD
- Net debt
- 224.2 m USD
- Equity
- 9.8 bn USD
- Total assets
- 24.7 bn USD
- Debt / equity
- 0.09x
- Current ratio
- 1.08x
- ROE
- 22.3%
- ROA
- 8.8%
- FCF margin
- 11.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.8 bn | 12.7 bn | 14.2 bn | 15.3 bn | 15.7 bn | 16.1 bn | SEC (XBRL)· 23 Feb 2026verified |
| Cost of revenue | 6.9 bn | 7.6 bn | 8.8 bn | 9.2 bn | 8.9 bn | 8.9 bn | SEC (XBRL)· 23 Feb 2026verified |
| Gross profit | 4.9 bn ≈ | 5.1 bn ≈ | 5.4 bn ≈ | 6.2 bn ≈ | 6.8 bn ≈ | 7.2 bn ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Research & development | 185.0 m | 186.0 m | 190.0 m | 192.0 m | 207.0 m | 202.0 m | SEC (XBRL)· 23 Feb 2026verified |
| SG&A | 3.3 bn | 3.4 bn | 3.7 bn | 4.1 bn | 4.2 bn | 4.3 bn | SEC (XBRL)· 23 Feb 2026verified |
| Operating income | 1.4 bn | 1.6 bn | 1.6 bn | 2.0 bn | 2.8 bn | 2.7 bn | SEC (XBRL)· 23 Feb 2026verified |
| Interest expense | 304.8 m | 230.6 m | 252.1 m | 348.9 m | 340.3 m | 306.2 m | SEC (XBRL)· 23 Feb 2026verified |
| Pre-tax income | 1.2 bn | 1.4 bn | 1.3 bn | 1.8 bn | 2.6 bn | 2.5 bn | SEC (XBRL)· 23 Feb 2026verified |
| Income tax | 176.6 m | 270.2 m | 234.5 m | 362.5 m | 439.3 m | 454.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Net income | -1.2 bn | 1.1 bn | 1.1 bn | 1.4 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 23 Feb 2026verified |
| Diluted EPS | -4.15 | 3.91 | 3.81 | 4.79 | 7.37 | 7.28 | SEC (XBRL)· 23 Feb 2026verified |
| Weighted average diluted shares | 290.3 m | 289.1 m | 286.6 m | 286.5 m | 286.6 m | 285.2 m | SEC (XBRL)· 23 Feb 2026verified |
| Dividend per share | 1.89 | 1.95 | 2.06 | 2.16 | 2.36 | 2.68 | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.3 bn | 359.9 m | 598.6 m | 919.5 m | 1.3 bn | 646.2 m | SEC (XBRL)· 23 Feb 2026verified |
| Receivables | 2.3 bn | 2.5 bn | 2.7 bn | 2.8 bn | 2.9 bn | 3.2 bn | SEC (XBRL)· 23 Feb 2026verified |
| Inventories | 1.3 bn | 1.5 bn | 1.8 bn | 1.5 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 23 Feb 2026verified |
| Current assets | 5.1 bn | 4.7 bn | 5.5 bn | 5.6 bn | 6.0 bn | 6.0 bn | SEC (XBRL)· 23 Feb 2026verified |
| Property, plant & equipment, net | 3.1 bn | 3.3 bn | 3.3 bn | 3.5 bn | 3.8 bn | 4.3 bn | SEC (XBRL)· 23 Feb 2026verified |
| Goodwill | 6.0 bn | 8.1 bn | 8.0 bn | 8.1 bn | 7.9 bn | 9.2 bn | SEC (XBRL)· 23 Feb 2026verified |
| Intangibles (excl. goodwill) | 3.0 bn | 4.2 bn | 3.7 bn | 3.5 bn | 3.3 bn | 3.7 bn | SEC (XBRL)· 23 Feb 2026verified |
| Total assets | 18.1 bn | 21.2 bn | 21.5 bn | 21.8 bn | 22.4 bn | 24.7 bn | SEC (XBRL)· 23 Feb 2026verified |
| Accounts payable | 1.2 bn | 1.4 bn | 1.7 bn | 1.6 bn | 1.8 bn | 2.1 bn | SEC (XBRL)· 23 Feb 2026verified |
| Short-term debt | 17.3 m | 411.0 m | 505.1 m | 630.4 m | 615.7 m | 870.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Current liabilities | 2.9 bn | 3.6 bn | 4.2 bn | 4.3 bn | 4.8 bn | 5.5 bn | SEC (XBRL)· 23 Feb 2026verified |
| Total liabilities | 11.9 bn | 14.0 bn | 14.2 bn | 13.8 bn | 13.6 bn | 14.9 bn | SEC (XBRL)· 23 Feb 2026verified |
| Equity | 6.2 bn | 7.3 bn | 7.3 bn | 8.1 bn | 8.8 bn | 9.8 bn | SEC (XBRL)· 23 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.9 bn | 2.1 bn | 1.8 bn | 2.4 bn | 2.8 bn | 3.0 bn | SEC (XBRL)· 23 Feb 2026verified |
| Capex | 489.0 m | 643.0 m | 712.8 m | 774.8 m | 994.5 m | 1.0 bn | SEC (XBRL)· 23 Feb 2026verified |
| Free cash flow | 1.4 bn ≈ | 1.4 bn ≈ | 1.1 bn ≈ | 1.6 bn ≈ | 1.8 bn ≈ | 1.9 bn ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Investing cash flow | -414.5 m | -4.6 bn | -716.8 m | -990.5 m | -433.8 m | -2.7 bn | SEC (XBRL)· 23 Feb 2026verified |
| Financing cash flow | -341.8 m | 1.6 bn | -837.3 m | -1.1 bn | -2.0 bn | -853.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Dividends paid | 560.8 m | 566.4 m | 602.8 m | 617.3 m | 664.3 m | 753.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Share repurchases | 146.2 m | 106.6 m | 518.2 m | 13.7 m | 986.5 m | 783.8 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 88.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet65
- Valuation11
- Quality81
- Growth68
- Returns58
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 35.22 – 148.78 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)97.03 – 148.78 (Mid 117.18)WACC 9.2% · starting FCFF 2.1 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)35.22 – 47.36 (Mid 40.40)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 24.8% | 100 (on a fixed band) | 13% |
| Net margin · Quality | 12.0% | 50 (vs peers) | 8% |
| FCF conversion · Quality | 86.2% | 80 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 4.3% | 36 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 24.1% | 100 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.4x | 91 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.1x | 26 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 42.9x | 0 (on a fixed band) | 13% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.0% | 25 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 2.1% | 31 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 45.6% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet65/100 · 2/3 factors with a value
- Growth68/100 · 2/2 factors with a value
- Quality81/100 · 3/3 factors with a value
- Returns58/100 · 2/2 factors with a value
- Valuation11/100 · 2/3 factors with a value
Memo
ECOLAB INC. (ECL). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 16.1 bn USD in 2025; YoY growth 2.2%; net margin 12.0%; ROE 20.7%.
The estimated value range is 66.12–98.07 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 78.79 USD, the price of 315.01 USD leaves a potential of -75.0% (value / price − 1) and a margin of safety of -299.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 24.8%
- FCF conversion: 86.2%
- EPS CAGR 3Y: 24.1%
- Interest coverage: 7.4x
- Payout ratio (FCF): 45.6%
What contradicts it
- Current ratio: 1.1x
- P/E (TTM): 42.9x
- FCF yield: 2.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics (SIC 2840) · same industry (4-digit SIC) · compared with 6 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PGPROCTER & GAMBLE Co | 387.8 bn | 25.2 | 29.4% | 18.2% | +3.3% | +13% / +9% |
| ECLEcolab Inc. | 88.4 bn | 42.9 | 20.7% | 12.0% | +2.2% | +22% / +80% |
| CHDChurch & Dwight Co., Inc. | 26.4 bn | 34.5 | 17.8% | 12.4% | +1.6% | +32% / +16% |
| SCLStepan Company | 1.6 bn | 374.7 | 0.4% | 0.2% | +7.0% | +56% / −14% |
| BYAHPark Ha Biological Technology Co., Ltd. | 56.5 m | — | -885.8% | -965.0% | +6.0% | −98% / unavailable |
| WNWMeiwu Technology Company Limited | 30.8 m | — | -34.2% | -262.5% | +4,368.0% | −98% / −100% |
| ULUnilever PLC | — | — | 53.3% | 18.7% | −3.8% | −2% / +25% |
1- and 3-year price returns: for ECL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 187.69 Total return -40% · Per year -40% | 331.86 Total return 6% · Per year 6% | 499.93 Total return 60% · Per year 60% |
| 3 years | 181.30 Total return -40% · Per year -16% | 360.77 Total return 18% · Per year 6% | 596.85 Total return 93% · Per year 25% |
| 5 years | 175.12 Total return -41% · Per year -10% | 392.19 Total return 30% · Per year 5% | 712.55 Total return 133% · Per year 18% |
- Exit P/E± 90.19
- Net margin± 63.13
- Annual revenue growth± 51.94
- Annual dilution± 5.31
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (27 Oct 2026 · results).
In brief
Ecolab is a global leader in water, hygiene and infection prevention solutions and services, with reported net sales of 16.1 billion USD in fiscal 2025 1. In 2026 the company is accelerating organic growth, supported by its Global High-Tech segment and recent acquisitions, which makes its profile relevant to discussions about water stewardship.
SWOT
Strengths
- The company has a strong global position, a broad range of products and services, and a sales model that combines products with data and digital monitoring 1.
- Its balance sheet and cash generation allow it to fund acquisitions, dividends and investments, and its credit ratings sit in the A range 1.
- The One Ecolab strategy allows selling several product lines to the same customer, supporting market share 3.
Weaknesses
- International operations generally have lower margins than US operations, due to diverse operating costs and reliance on distributors 1.
- The company depends on raw material and energy costs, and their pressure weighed on gross margin in the second quarter of 2026 23.
- Some segments, such as Heavy Water and Paper, saw softer sales in recent years, although their performance has improved 3.
Opportunities
- Demand for AI infrastructure and data centers could grow the High-Tech segment, especially after recent acquisitions 3.
- Water conservation and emissions reduction goals may create demand for the company's efficiency solutions 1.
- The Life Sciences segment, with high margins and fast growth, could keep supporting results if its investments pay off 3.
Threats
- Trade tariffs and retaliatory measures could raise costs and reduce sales outside the United States 1.
- Risks linked to artificial intelligence, including algorithmic errors, regulation and cybersecurity, could affect reputation and results 1.
- An economic slowdown could reduce demand from industry, hospitality and food service, where the company has substantial exposure 1.
Risks
- Exposure to international tradehigh
A large part of sales comes from outside the United States, where tariffs, currency controls and sanctions could reduce results 1.
- Cost pressuremedium
Rising raw material and energy costs could compress margins if prices are not adjusted quickly enough 23.
- Artificial intelligence risksmedium
The use of AI technologies could lead to operational errors, legal liabilities or reputational damage if not managed properly 1.
- Dependence on cyclical sectorsmedium
Hospitality, food service and manufacturing are sensitive to economic cycles, and downturns in them can reduce customer volumes 1.
- Integration of acquisitionslow
Integrating Ovivo Electronics and CoolIT could prove harder than expected, and amortization and financing costs may weigh on short-term results 3.
Investment thesis
What would need to be true (bull case)
- If the High-Tech segment keeps growing quickly and meets its announced revenue and margin targets, the company could become an important supplier of digital infrastructure 3.
- Pricing and productivity strategies could offset cost pressure and support growth in adjusted earnings per share 23.
- A long dividend history and solid cash generation provide a base for returning capital to shareholders 1.
What would break the thesis
What to watch
- Organic sales and pricing trends in the third quarterQ3 2026
- Delivery of the 2026 adjusted diluted EPS outlook2026
- Evolution of commodity costs and gross margin efficiencyQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (27 Oct 2026 · results).
The business
Segments
Global Institutional & Specialty
This segment supplies cleaning and sanitizing products for restaurants, hotels, hospitals and quick-service chains. In the second quarter of 2026 organic sales grew 4%, with Specialty posting mid-single-digit growth 3.
Market context
The market for cleaning, sanitizing and water treatment is mature in many countries, and growth depends on volumes, pricing and digital innovation. The company says it has gained share through its One Ecolab strategy, and cooling demand from data centers and microelectronics offers a new growth direction 3.
Ecolab describes its advantage as global leadership in several industrial categories, but part of its sales depends on sectors sensitive to economic cycles, such as food service, hospitality and manufacturing 1.
Trends
- Demand for AI infrastructure and data centerstailwind
Rising investment in data centers and microelectronics has increased demand for cooling and ultrapure water solutions, and the Ovivo Electronics and CoolIT acquisitions extend this direction. If demand stays high, the High-Tech segment could keep accelerating 3.
- Pressure from commodity costsheadwind
The company reported higher commodity costs in the second quarter of 2026, partly offset by pricing and an energy surcharge. If costs stay elevated, gross margins could be affected again 23.
- Trade tensions and tariffsheadwind
Tariffs introduced in 2025 and retaliatory measures by other countries can raise costs and reduce sales in international operations, where the company earns a significant share of revenue 1.
Competitive position
Ecolab competes in water treatment, hygiene and infection control with specialized firms that have their own product and service ranges. The company positions itself as one of the leading global suppliers in several of these categories, but the source texts do not quantify its market share against rivals 1.
In pest elimination the company competes with specialized services for restaurants, food processors and hotels, and its advantage lies in the Pest Intelligence model and integration with its other product lines 1.
- Diversey
Competitor in cleaning and sanitizing for the food and institutional sectors, named in the company's product categories 1.
- Rentokil Initial
Provider of pest elimination services active in commercial segments similar to those served by Pest Elimination 1.
- Solenis
Competitor in chemicals for industrial water treatment and the pulp and paper industry 1.
- Kimberly-Clark Professional
Participant in hygiene and cleaning products for institutions, an area of competition in the Institutional segment 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- LG Uplus, Ecolab Korea team up to set AI data center cooling standardsKorea Times — Business · 28 Oct 2026 · EN
- Is Ecolab Stock Underperforming the Nasdaq?Yahoo Finance — News · 04 Sept 2026 · EN
- Ecolab Starts Five-Part Bond Sale to Fund Acquisition of CoolITBloomberg Markets · 19 May 2026 · EN
The latest news item in our archive is from 28 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report28 Jul 2026Results of operations · Financial statements and exhibits
- Current report29 May 2026Other events · Financial statements and exhibits
- Current report11 May 2026Departure or appointment of officers · Shareholder vote
- Quarterly report07 May 2026
- Current report28 Apr 2026Results of operations · Financial statements and exhibits
- Current report15 Apr 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report27 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ecolab Inc. · 23 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ecolab Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Ecolab Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.