At a glance
Ecolab Inc is worth $86.49B, about 42 times its fiscal 2025 earnings. Revenue grew 2.2% to $16.08B in fiscal 2025, with 12.9% kept as profit; over 5 years it has grown 6.4% a year. It pays a 0.95% dividend yield, raised every year for at least 9 years, and returned $5.61B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +21.6% over the past year with dividends reinvested and +7.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 40.3% in the 2020 crash (S&P 500: 33.7%) and 39.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 17 months after the lows.
The business in plain English
Ecolab supplies cleaning, sanitizing, infection-prevention and water-treatment products and services to businesses, not households. Its customers range from restaurants, hotels and hospitals to food processors, farms, factories, refineries, paper mills, data centers and microelectronics makers. In its annual report for fiscal 2025, the company reported about $16 billion in annual sales, 48,000 employees and customers in more than 170 countries.
Most revenue comes from products and equipment, which made up 78.5% of 2025 sales. Service and leasing made up the other 21.5%. Ecolab's own sales and service staff work at customer sites. They install dispensing and monitoring systems that apply Ecolab's chemicals, and one customer may use several Ecolab businesses. Hotels and restaurants, for example, can lease dishwashing machines that come with detergents, sanitizers and maintenance. Products for farms, and some others, reach customers through independent distributors.
The water business treats water for factories, power plants, refineries and data centers. It also supplies cleaning and process products to food, beverage and paper makers, and it brought in 49.6% of 2025 sales. The institutional and specialty business supplies dishwashing detergents, sanitizers, laundry and hand-hygiene products to restaurants, hotels and hospitals, and it brought in 38%. Life sciences added 4.7%, and pest elimination is reported as its own segment. About 47% of 2025 net sales came from outside the United States.
Price history
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ECL +21.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product And Equipment | $12.62B | 78.5% |
| Service And Lease | $3.46B | 21.5% |
By business segment
| Water Services | $7.98B | 49.6% |
| Global Institutional | $6.10B | 38% |
| Global Healthcare And Life Sciences | $747.9M | 4.7% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.69B, up 12.7% from a year earlier, and net income was $551.3M (-5.8%).
- For fiscal 2025, revenue was $16.08B (+2.2% year over year; +6.4% a year from FY2020 to FY2025) with a 12.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.4% good |
|---|---|
| Operating margin | 17% good |
| Free cash flow margin | 11.8% good |
| Return on equity (FY2025) | 21.2% good |
| Return on assets (FY2025) | 8.4% good |
| Net cash (cash minus debt) | $-12.46B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.79B | $-1.21B | $1.37B |
| FY2021 | $12.73B | $1.13B | $1.42B |
| FY2022 | $14.19B | $1.09B | $1.08B |
| FY2023 | $15.32B | $1.37B | $1.64B |
| FY2024 | $15.74B | $2.11B | $1.82B |
| FY2025 | $16.08B | $2.08B | $1.90B |
Valuation snapshot
| Market value | $86.49B |
|---|---|
| P/E ratio | 42.4 |
| Dividend yield | 0.95% |
Rank among 1514 US companies
Market value at each year end
Ecolab’s market value went from $34.18B at the end of 2016 to $86.49B on Nov 2, 2026, about 2.5 times as much; since the end of 2025 it is up 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $86.49B | +16.3% |
| 2025 | $74.36B | +12.1% |
| 2024 | $66.35B | +17.3% |
| 2023 | $56.56B | +36.4% |
| 2022 | $41.46B | -38.3% |
| 2021 | $67.23B | +8.9% |
| 2020 | $61.76B | +11.0% |
| 2019 | $55.63B | +30.7% |
| 2018 | $42.57B | +9.8% |
| 2017 | $38.77B | +13.4% |
| 2016 | $34.18B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ECL price data to Nov 2, 2026 | +18.4% | +21.6% | +23.0% | +7.5% | +11.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +18.4% |
| 2025 | +13.2% |
| 2024 | +19.3% |
| 2023 | +37.9% |
| 2022 | -37.1% |
| 2021 | +9.4% |
| 2020 | +13.2% |
| 2019 | +32.3% |
| 2018 | +11.1% |
| 2017 | +15.8% |
| 2016 | +4.1% |
| 2015 | +10.7% |
| 2014 | +1.3% |
| 2013 | +46.6% |
| 2012 | +26.0% |
| 2011 | +16.3% |
| 2010 | +14.6% |
| 2009 | +28.7% |
| 2008 | -30.5% |
| 2007 | +14.5% |
| 2006 | +25.9% |
| 2005 | +4.4% |
| 2004 | +29.7% |
| 2003 | +11.9% |
| 2002 | +24.5% |
| 2001 | -5.5% |
| 2000 | +11.8% |
| 1999 | +9.3% |
| 1998 | +32.2% |
| 1997 | +49.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 35.1% over that stretch · deepest drop along the way 41.9%, back to its old high 18.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.3% over that stretch · deepest drop along the way 40.3%, back to its old high 2.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.3% over that stretch · deepest drop along the way 39.2%, back to its old high 17.2 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 2 open-market purchases ($1.0M) and 3 sales ($7.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 18, 2026 | Christophe Beck CHAIRMAN, PRESIDENT & CEO, Director | sell | $5.0M |
| Aug 11, 2026 | Gregory B Cook Co-COO - Global Businesses | sell | $1.3M |
| Sep 11, 2026 | Eric Mark Green Director | buy | $932K |
| Jul 30, 2026 | Scott D Kirkland CHIEF FINANCIAL OFFICER | sell | $930K |
| Sep 11, 2026 | Eric Mark Green Director | buy | $89K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 6.72% | Mar 31, 2026 |
| JPMORGAN CHASE & CO | 5.1% | Jun 30, 2026 |
ETFs with the most weight in ECL
| EVX VanEck Environmental Services ETF | 9.77% |
| IYM iShares U.S. Basic Materials ETF | 7.94% |
| PHO Invesco Water Resources ETF | 7.77% |
| PIO Invesco Global Water ETF | 7.49% |
| TBLU Tortoise Global Water ESG Fund | 7.18% |
| XLB Materials Select Sector SPDR Fund | 5.33% |
| FMAT Fidelity MSCI Materials Index ETF | 5.09% |
| VAW Vanguard Materials ETF | 5.06% |
What could go wrong
- Tax and liability risk from energy split-off. Ecolab split off its Upstream Energy business. If that deal is ruled taxable, Ecolab and its shareholders could owe significant taxes, and Ecolab may owe money under promises to cover related liabilities.
- Large debt and acquisition write-downs. Ecolab had $13.2 billion of debt as of June 30, 2026. Past deals, including Nalco, Purolite and Ovivo Electronics, left goodwill (the premium paid above the value of assets acquired) that could be written down.
- Downturns in key customer industries. Sales depend on restaurants, hotels, travel, health care, food processing, refining, paper, mining and steel. When these slow, customers order fewer cleaning and water-treatment products, as restaurants and hotels did during COVID-19.
- Chemical spills and safety incidents. Ecolab makes, ships and applies chemicals at its own plants and at customer sites. A spill, release or injury could lead to costly cleanup, legal claims, regulatory penalties and harm to its reputation.
- Raw material shortages and cost swings. Ecolab's products depend on raw materials whose supply and prices can swing. Shortages or sharp cost increases could disrupt production or squeeze profit margins if Ecolab cannot raise its own prices enough.
- Currency swings, tariffs and overseas exposure. About 47% of 2025 net sales came from outside the United States. A stronger dollar, tariffs, trade restrictions or economic upheaval like that in Argentina and Turkey can reduce reported sales and earnings.
Recent events
- Quarterly results released
- Quarterly results released
- Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Executive or board change
- Quarterly results released; Restructuring or exit costs
For income and retirement investors
Ecolab has raised its dividend at least nine years in a row through fiscal 2025. Dividends per share grew from $1.89 in 2020 to $2.68 in 2025, about 7.2% a year. In 2025 the company paid out 36.3% of earnings and 39.6% of free cash flow (cash left after running and investing in the business) as dividends. The dividend yield (yearly dividends divided by the share price) was about 1% as of October 28, 2026, so the appeal is growing income rather than high income. Ecolab also spent $2.41 billion repurchasing its own shares from 2021 through 2025.
The shares fell hard in past downturns: 41.9% in the 2008 financial crisis, 40.3% in the 2020 COVID crash and 39.2% in the 2022 bear market. Regaining the prior peak took about 18 months after the 2009 low, about two months after the 2020 low and about 17 months after the 2022 low. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Ecolab make money?
Ecolab makes money by supplying cleaning, sanitizing and water-treatment products, equipment and services to businesses such as restaurants, hotels, hospitals, food processors, factories and data centers. In 2025, products and equipment made up 78.5% of its $16.1 billion in revenue, and service and leasing made up 21.5%. The water business brought in 49.6% of sales and the institutional and specialty business 38%. About 47% of 2025 net sales came from customers outside the United States.
Does Ecolab raise its dividend every year?
Yes, so far. Ecolab has raised its dividend at least nine years in a row through fiscal 2025, and the true streak may be longer. Dividends per share rose from $2.36 in 2024 to $2.68 in 2025 and have grown about 7.2% a year since 2020. In 2025 dividends used 36.3% of earnings, leaving most profit for reinvestment and share repurchases. Past increases do not guarantee future ones.
What is Ecolab's P/E ratio?
Ecolab's price-to-earnings (P/E) ratio was about 40 as of October 28, 2026, based on fiscal 2025 earnings of $7.28 per share. That means investors were paying about $40 for each $1 of yearly profit, a price that reflects expectations of continued growth. In 2025, revenue grew 2.2% and net income slipped 1.7%. In the quarter ended June 30, 2026, revenue rose 9.7% and net income 2% from a year earlier. Its stock market value was about $82 billion on October 28, 2026.
How has Ecolab stock performed over the long term?
Ecolab stock has risen over the long run, with deep drops along the way. In the 10 years to October 28, 2026, it returned about 11% a year, a cumulative gain of 183%. Over five years it returned 6.9% a year, held back by a 37.1% loss in 2022, and over three years 24.2% a year. Its largest drop from peak to low in about 30 years of price history was 43.7%. Past returns do not predict future results.
Which ETFs hold Ecolab stock?
Ecolab is held by 237 ETFs (exchange-traded funds). It carries the most weight in funds focused on environmental services, water and materials, such as VanEck Environmental Services ETF (EVX), iShares U.S. Basic Materials ETF (IYM), Invesco Water Resources ETF (PHO), Invesco Global Water ETF (PIO) and the Materials Select Sector SPDR Fund (XLB). Among large shareholders, Vanguard Capital Management reported owning 6.72% of the company as of March 31, 2026, and JPMorgan Chase 5.1% as of June 30, 2026.