Ecolab (ECL) Financials

$283.66 +0.60 (+0.21%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$286.18 +2.52 (+0.89%)

As of 08/22/2025 07:37 PM Eastern

Annual Income Statements for Ecolab

This table shows Ecolab's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	1,203	1,002	1,229	1,505	1,429	1,559	-1,205	1,130	1,092	1,372	2,112
Consolidated Net Income / (Loss)	1,222	1,017	1,247	1,519	1,445	1,576	-1,188	1,144	1,109	1,393	2,132
Net Income / (Loss) Continuing Operations	1,222	1,017	1,247	1,519	1,266	1,443	985	1,144	1,109	1,393	2,132
Total Pre-Tax Income	1,698	1,318	1,649	1,762	1,587	1,732	1,161	1,414	1,343	1,756	2,571
Total Operating Income	1,955	1,561	1,870	1,950	1,728	1,845	1,396	1,599	1,563	1,992	2,802
Total Gross Profit	6,601	6,322	5,618	5,772	5,347	5,516	4,884	5,117	5,357	6,165	6,842
Total Revenue	14,281	13,545	13,152	13,836	12,222	12,562	11,790	12,733	14,188	15,320	15,741
Operating Revenue	14,281	13,545	13,152	13,836	12,222	12,562	11,790	12,733	14,188	15,320	15,741
Total Cost of Revenue	7,679	7,224	7,534	8,064	6,875	7,046	6,906	7,616	8,831	9,155	8,900
Operating Cost of Revenue	7,679	7,224	7,534	8,064	6,875	7,046	6,906	7,616	8,831	9,155	8,900
Total Operating Expenses	4,646	4,760	3,748	3,822	3,619	3,671	3,489	3,519	3,794	4,173	4,039
Selling, General & Admin Expense	4,578	4,346	3,708	3,825	3,506	3,551	3,309	3,416	3,654	4,062	4,228
Other Special Charges / (Income)	69	415	40	-3.70	113	120	180	103	141	111	-189
Total Other Income / (Expense), net	-257	-244	-221	-188	-141	-114	-234	-184	-219	-237	-231
Interest Expense	257	244	265	255	221	191	290	218	244	297	283
Other Income / (Expense), net	-	-	44	67	80	77	56	34	25	60	51
Income Tax Expense	476	301	403	244	321	289	177	270	235	363	439
Net Income / (Loss) Attributable to Noncontrolling Interest	19	15	18	14	16	17	17	14	17	21	20
Basic Earnings per Share	$4.01	$3.38	$4.20	$5.20	$4.95	$5.41	($4.20)	$3.95	$3.83	$4.82	$7.43
Weighted Average Basic Shares Outstanding	300.10M	296.40M	292.50M	289.60M	288.60M	288.10M	287M	286.30M	285.20M	285M	284.30M
Diluted Earnings per Share	$3.93	$3.32	$4.14	$5.12	$4.88	$5.33	($4.15)	$3.91	$3.81	$4.79	$7.37
Weighted Average Diluted Shares Outstanding	305.90M	301.40M	296.70M	294M	292.80M	292.50M	290.30M	289.10M	286.60M	286.50M	286.60M
Weighted Average Basic & Diluted Shares Outstanding	299.25M	296.00M	291.72M	-150.46B	288.70M	288.17M	285.85M	286.75M	284.46M	285.51M	283.00M
Cash Dividends to Common per Share	$1.16	$1.34	-	$1.52	$1.69	$1.85	-	$1.95	$2.06	$2.16	$2.36

This table shows Ecolab's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	264	233	330	404	405	412	491	737	473	403	524
Consolidated Net Income / (Loss)	270	238	335	409	411	417	495	741	480	407	529
Net Income / (Loss) Continuing Operations	270	238	335	409	411	417	495	741	480	407	529
Total Pre-Tax Income	322	291	421	506	538	459	591	987	534	510	660
Total Operating Income	399	352	485	566	590	518	657	1,045	583	555	710
Total Gross Profit	1,416	1,366	1,517	1,628	1,654	1,624	1,745	1,737	1,736	1,635	1,802
Total Revenue	3,671	3,572	3,852	3,958	3,938	3,752	3,986	3,999	4,005	3,695	4,025
Operating Revenue	3,671	3,572	3,852	3,958	3,938	3,752	3,986	3,999	4,005	3,695	4,025
Total Cost of Revenue	2,255	2,205	2,335	2,331	2,284	2,128	2,241	2,262	2,269	2,060	2,223
Operating Cost of Revenue	2,255	2,205	2,335	2,331	2,284	2,128	2,241	2,262	2,269	2,060	2,223
Total Operating Expenses	1,017	1,015	1,033	1,062	1,064	1,106	1,088	692	1,153	1,080	1,092
Selling, General & Admin Expense	922	990	1,012	1,025	1,035	1,078	1,076	1,025	1,050	1,050	1,068
Other Special Charges / (Income)	95	25	21	37	29	28	12	-333	103	30	25
Total Other Income / (Expense), net	-78	-61	-63	-60	-53	-59	-66	-58	-49	-45	-50
Interest Expense	70	74	78	74	70	72	79	70	62	58	63
Other Income / (Expense), net	-8.10	13	14	15	18	13	13	13	13	13	13
Income Tax Expense	52	52	87	97	127	42	96	247	55	104	131
Net Income / (Loss) Attributable to Noncontrolling Interest	5.10	4.70	5.00	5.40	5.60	4.50	4.10	4.30	6.60	4.00	4.30
Basic Earnings per Share	$0.93	$0.82	$1.16	$1.42	$1.42	$1.44	$1.72	$2.60	$1.67	$1.42	$1.85
Weighted Average Basic Shares Outstanding	285.20M	284.60M	284.90M	285.10M	285M	285.70M	284.60M	283.60M	284.30M	283.40M	283.50M
Diluted Earnings per Share	$0.92	$0.82	$1.15	$1.41	$1.41	$1.43	$1.71	$2.58	$1.65	$1.41	$1.84
Weighted Average Diluted Shares Outstanding	286.60M	285.90M	286.30M	286.90M	286.50M	287.80M	287M	286M	286.60M	285.30M	285.40M
Weighted Average Basic & Diluted Shares Outstanding	284.46M	284.72M	285.03M	285.14M	285.51M	285.57M	284.54M	283.16M	283.00M	283.51M	283.62M

This table details how cash moves in and out of Ecolab's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-130	-117	288	-158	75	-128	1,074	-900	239	321	337
Net Cash From Operating Activities	1,816	2,000	1,940	2,091	2,278	2,421	1,860	2,062	1,788	2,412	2,814
Net Cash From Continuing Operating Activities	1,816	2,000	1,940	2,091	2,007	2,047	1,742	2,062	1,788	2,412	2,814
Net Income / (Loss) Continuing Operations	1,222	1,017	1,247	1,519	1,266	1,443	985	1,144	1,109	1,393	2,132
Consolidated Net Income / (Loss)	1,222	1,017	1,247	1,519	1,266	1,443	-1,186	1,144	1,109	1,393	2,132
Depreciation Expense	558	560	561	586	536	569	594	604	619	617	635
Amortization Expense	314	300	290	308	195	206	218	239	320	307	301
Non-Cash Adjustments To Reconcile Net Income	26	447	-97	-9.60	113	-32	199	75	160	-12	-239
Changes in Operating Assets and Liabilities, net	-304	-324	-61	-311	-102	-140	-255	-0.50	-419	107	-14
Net Cash From Investing Activities	-848	-916	-774	-1,727	-1,030	-1,199	-415	-4,580	-717	-991	-434
Net Cash From Continuing Investing Activities	-848	-916	-774	-1,727	-962	-1,130	-858	0.00	-717	-991	-434
Purchase of Property, Plant & Equipment	-794	-815	-757	-869	-779	-731	-489	-643	-713	-775	-995
Acquisitions	-83	-270	-50	-989	-230	-391	-487	-3,924	-7.20	-180	-313
Sale of Property, Plant & Equipment	11	15	31	11	28	7.50	5.30	12	2.20	9.90	11
Divestitures	10	0.50	0.90	119	9.20	6.80	116	-	0.00	0.00	890
Other Investing Activities, net	-0.70	46	0.00	-0.80	9.40	-21	-3.20	-25	1.00	-45	-27
Net Cash From Financing Activities	-1,071	-1,151	-868	-523	-1,173	-1,350	-342	1,603	-837	-1,055	-2,024
Net Cash From Continuing Financing Activities	-1,071	-1,151	-868	-523	-1,171	-1,347	-340	0.00	-837	-1,055	-2,024
Repayment of Debt	-912	-1,347	-1,570	-858	-571	-375	-1,657	-1,062	-7.10	-505	-634
Repurchase of Common Equity	-429	-755	-740	-600	-562	-354	-146	-107	-518	-14	-987
Payment of Dividends	-353	-401	-428	-449	-495	-553	-561	-566	-603	-617	-664
Issuance of Debt	600	1,224	1,784	1,309	342	-252	1,790	3,169	90	0.00	1.90
Other Financing Activities, net	23	128	85	75	115	187	233	169	201	82	259
Effect of Exchange Rate Changes	-26	-50	-	-	-	-	-30	14	4.40	-	-19
Cash Interest Paid	256	237	267	239	206	189	263	209	222	325	343
Cash Income Taxes Paid	522	533	359	403	365	337	367	276	309	469	647

This table details how cash moves in and out of Ecolab's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	486	-179	135	447	-82	-440	-90	871	-4.30	-94	758
Net Cash From Operating Activities	859	198	573	788	853	649	611	787	767	369	702
Net Cash From Continuing Operating Activities	1,788	198	573	788	853	649	611	787	767	369	702
Net Income / (Loss) Continuing Operations	270	238	335	409	411	417	495	741	480	407	529
Consolidated Net Income / (Loss)	270	238	335	409	411	417	495	741	480	407	529
Depreciation Expense	155	159	153	152	153	157	160	157	161	161	167
Amortization Expense	81	76	77	77	77	78	75	73	74	75	75
Non-Cash Adjustments To Reconcile Net Income	129	-5.60	27	-30	-2.60	37	26	-363	60	49	19
Changes in Operating Assets and Liabilities, net	224	-269	-17	179	214	-39	-145	179	-8.70	-322	-87
Net Cash From Investing Activities	-210	-189	-274	-179	-348	-201	-244	639	-628	-224	-224
Net Cash From Continuing Investing Activities	-717	-189	-274	-179	-348	-201	-244	639	-628	-224	-224
Purchase of Property, Plant & Equipment	-203	-174	-172	-167	-263	-202	-197	-236	-360	-238	-217
Sale of Property, Plant & Equipment	0.80	4.80	3.80	0.90	0.40	0.70	2.80	-0.20	8.00	22	21
Other Investing Activities, net	-8.40	-21	-0.90	-11	-13	-0.20	-12	3.70	-19	7.20	-28
Net Cash From Financing Activities	-162	-166	-156	-147	-586	-889	-446	-548	-140	-242	297
Net Cash From Continuing Financing Activities	-837	-166	-156	-147	-586	-889	-446	-548	-140	-242	297
Repayment of Debt	-3.90	-0.70	-0.80	-0.90	-503	-630	-0.70	-1.80	-1.10	1.10	-4.40
Repurchase of Common Equity	-73	-11	-0.30	-0.80	-2.00	-196	-323	-464	-2.80	-154	-46
Payment of Dividends	-158	-158	-151	-154	-155	-175	-166	-162	-161	-192	-188
Issuance of Debt	2.10	5.50	-3.80	-2.00	0.30	7.20	-5.50	1.60	-1.40	4.50	495
Other Financing Activities, net	71	-2.90	-	11	74	106	48	78	27	99	41
Effect of Exchange Rate Changes	-1.40	-22	-	-	-	1.30	-	-6.40	-3.40	2.00	-16

This table presents Ecolab's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	19,427	18,642	18,330	19,964	20,075	20,869	18,126	21,206	21,464	21,847	22,388
Total Current Assets	4,853	4,448	4,279	4,594	4,678	4,828	5,117	4,687	5,494	5,644	6,026
Cash & Equivalents	210	93	327	211	115	119	1,260	360	599	920	1,257
Accounts Receivable	2,627	2,390	2,341	2,571	2,663	2,382	2,274	2,478	2,698	2,834	2,865
Inventories, net	1,467	1,388	1,319	1,447	1,546	1,082	1,285	1,492	1,793	1,497	1,465
Other Current Assets	367	326	291	365	354	295	298	357	405	393	439
Plant, Property, & Equipment, net	3,051	3,228	3,365	3,707	3,836	3,228	3,125	3,289	3,293	3,475	3,752
Total Noncurrent Assets	11,524	10,966	10,686	11,662	11,561	12,812	9,884	13,231	12,677	12,728	12,610
Goodwill	6,717	6,491	6,383	7,167	7,078	5,569	6,007	8,064	8,013	8,148	7,907
Intangible Assets	4,457	4,109	3,818	4,018	3,798	2,928	2,977	4,224	3,681	3,494	3,309
Other Noncurrent Operating Assets	350	366	485	477	685	983	900	943	983	1,086	1,394
Total Liabilities & Shareholders' Equity	19,427	18,642	18,330	19,964	20,075	20,869	18,126	21,206	21,464	21,847	22,388
Total Liabilities	12,045	11,661	11,359	12,310	12,021	12,143	11,925	13,953	14,206	13,774	13,599
Total Current Liabilities	4,368	4,764	3,019	3,475	3,686	3,631	2,932	3,553	4,210	4,346	4,793
Short-Term Debt	1,705	2,205	541	564	744	381	17	411	505	630	616
Accounts Payable	1,162	1,050	983	1,177	1,256	1,075	1,161	1,384	1,728	1,566	1,810
Current Deferred & Payable Income Tax Liabilities	89	52	87	184	101	137	96	104	198	159	127
Current Employee Benefit Liabilities	560	509	516	549	580	566	469	510	494	656	727
Other Current Liabilities	852	948	891	1,001	1,006	1,111	1,189	1,144	1,286	1,335	1,513
Total Noncurrent Liabilities	7,677	6,897	8,340	8,835	8,335	8,513	8,992	10,400	9,995	9,429	8,806
Long-Term Debt	4,843	4,260	6,146	6,758	6,302	5,973	6,669	8,347	8,075	7,551	6,949
Noncurrent Deferred & Payable Income Tax Liabilities	-	1,281	970	635	765	537	484	622	506	418	280
Noncurrent Employee Benefit Liabilities	1,189	1,117	1,019	1,026	944	1,084	1,226	894	670	652	635
Other Noncurrent Operating Liabilities	1,646	238	205	415	325	616	613	537	744	807	942
Commitments & Contingencies	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,382	6,980	6,971	7,654	8,054	8,726	6,202	7,253	7,259	8,072	8,789
Total Preferred & Common Equity	7,316	6,910	6,901	7,584	8,003	8,685	6,167	7,224	7,236	8,045	8,757
Total Common Equity	7,316	6,910	6,901	7,584	8,003	8,685	6,167	7,224	7,236	8,045	8,757
Common Stock	5,222	5,436	5,623	5,790	5,990	6,267	6,598	6,829	6,945	7,132	7,527
Retained Earnings	5,555	6,160	6,975	8,012	8,910	9,994	8,243	8,815	9,319	10,075	11,517
Treasury Stock	-2,510	-3,264	-3,984	-4,575	-5,135	-5,485	-6,680	-6,784	-7,301	-7,313	-8,305
Accumulated Other Comprehensive Income / (Loss)	-952	-1,423	-1,713	-1,643	-1,762	-2,090	-1,994	-1,635	-1,727	-1,850	-1,982
Noncontrolling Interest	66	71	70	70	50	41	35	29	23	28	32

This table presents Ecolab's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	21,464	21,252	21,456	21,858	21,847	21,299	21,462	22,102	22,388	22,366	23,736
Total Current Assets	5,494	5,273	5,437	5,789	5,644	5,212	5,752	6,118	6,026	6,081	7,076
Cash & Equivalents	599	419	554	1,001	920	480	384	1,261	1,257	1,163	1,921
Accounts Receivable	2,698	2,668	2,780	2,824	2,834	2,787	2,876	2,883	2,865	2,857	3,059
Inventories, net	1,793	1,727	1,646	1,536	1,497	1,566	1,506	1,572	1,465	1,547	1,569
Other Current Assets	405	458	456	429	393	379	986	402	439	514	527
Plant, Property, & Equipment, net	3,293	3,313	3,327	3,333	3,475	3,451	3,417	3,546	3,752	3,776	3,939
Total Noncurrent Assets	12,677	12,666	12,693	12,736	12,728	12,636	12,293	12,438	12,610	12,510	12,721
Goodwill	8,013	8,062	8,101	8,098	8,148	8,111	7,822	7,899	7,907	7,865	8,047
Intangible Assets	3,681	3,617	3,604	3,529	3,494	3,414	3,334	3,282	3,309	3,229	3,197
Other Noncurrent Operating Assets	983	987	988	1,109	1,086	1,111	1,137	1,257	1,394	1,416	1,477
Total Liabilities & Shareholders' Equity	21,464	21,252	21,456	21,858	21,847	21,299	21,462	22,102	22,388	22,366	23,736
Total Liabilities	14,206	13,887	13,876	14,036	13,774	13,073	13,154	13,526	13,599	13,463	14,385
Total Current Liabilities	4,210	4,490	4,468	4,601	4,346	3,701	3,848	4,709	4,793	4,609	4,909
Short-Term Debt	505	1,118	1,122	1,129	630	11	5.90	643	616	614	689
Accounts Payable	1,728	1,470	1,477	1,499	1,566	1,607	1,691	1,812	1,810	1,766	1,884
Current Deferred & Payable Income Tax Liabilities	198	172	117	134	159	202	137	235	127	179	199
Current Employee Benefit Liabilities	494	450	469	553	656	527	541	605	727	540	548
Other Current Liabilities	1,286	1,280	1,282	1,285	1,335	1,354	1,411	1,414	1,513	1,511	1,590
Total Noncurrent Liabilities	9,995	9,397	9,408	9,435	9,429	9,372	9,306	8,817	8,806	8,854	9,477
Long-Term Debt	8,075	7,522	7,500	7,487	7,551	7,529	7,539	6,975	6,949	6,998	7,522
Noncurrent Deferred & Payable Income Tax Liabilities	506	496	474	451	418	352	291	265	280	249	180
Noncurrent Employee Benefit Liabilities	670	666	661	627	652	640	627	625	635	590	617
Other Noncurrent Operating Liabilities	744	714	774	870	807	851	850	953	942	1,016	1,158
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,259	7,365	7,581	7,823	8,072	8,226	8,308	8,576	8,789	8,904	9,351
Total Preferred & Common Equity	7,236	7,344	7,557	7,796	8,045	8,206	8,287	8,548	8,757	8,876	9,320
Total Common Equity	7,236	7,344	7,557	7,796	8,045	8,206	8,287	8,548	8,757	8,876	9,320
Common Stock	6,945	6,992	7,049	7,076	7,132	7,284	7,369	7,476	7,527	7,667	7,741
Retained Earnings	9,319	9,401	9,580	9,833	10,075	10,325	10,653	11,228	11,517	11,735	12,075
Treasury Stock	-7,301	-	-	-	-7,313	-7,522	-7,836	-8,303	-8,305	-8,462	-8,493
Accumulated Other Comprehensive Income / (Loss)	-1,727	-1,737	-1,762	-1,801	-1,850	-1,881	-1,899	-1,854	-1,982	-2,064	-2,003
Noncontrolling Interest	23	21	24	27	28	20	21	28	32	28	30

This table displays calculated financial ratios and metrics derived from Ecolab's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.75%	-5.15%	-2.90%	5.20%	-11.66%	2.78%	-6.14%	8.00%	11.42%	7.98%	2.75%
EBITDA Growth	18.94%	-14.37%	14.21%	5.28%	-12.78%	6.26%	-16.06%	9.33%	2.02%	17.82%	27.33%
EBIT Growth	25.27%	-20.14%	22.59%	5.40%	-10.37%	6.30%	-24.48%	12.46%	-2.79%	29.31%	39.06%
NOPAT Growth	20.21%	-14.33%	17.27%	18.89%	-17.96%	11.54%	-23.03%	9.27%	-0.26%	22.57%	46.98%
Net Income Growth	25.53%	-16.77%	22.54%	21.83%	-4.87%	9.10%	-175.35%	196.32%	-3.07%	25.62%	53.04%
EPS Growth	24.37%	-15.52%	24.70%	23.67%	-4.69%	9.22%	-177.86%	194.22%	-2.56%	25.72%	53.86%
Operating Cash Flow Growth	-0.72%	237.01%	-3.01%	7.82%	8.91%	6.28%	-23.15%	10.84%	-13.26%	34.86%	16.67%
Free Cash Flow Firm Growth	231.79%	-5.30%	-8.70%	-82.89%	371.86%	346.83%	-82.70%	-404.67%	162.29%	-12.58%	72.24%
Invested Capital Growth	-1.82%	-2.68%	-0.17%	10.76%	1.48%	-24.32%	2.53%	34.60%	-2.63%	0.62%	-1.55%
Revenue Q/Q Growth	0.86%	-1.95%	-0.46%	2.20%	-16.04%	12.03%	31.56%	-14.31%	2.21%	1.78%	0.43%
EBITDA Q/Q Growth	1.93%	-7.75%	9.22%	6.58%	-14.79%	10.75%	-1.78%	-0.97%	0.71%	7.62%	-0.18%
EBIT Q/Q Growth	2.62%	-11.24%	13.87%	8.87%	-11.84%	5.23%	-3.48%	-1.94%	-0.19%	11.81%	-0.42%
NOPAT Q/Q Growth	3.83%	-8.71%	8.92%	16.77%	-21.65%	9.35%	-3.70%	0.27%	-0.38%	7.94%	3.19%
Net Income Q/Q Growth	4.60%	-10.58%	13.52%	14.91%	-10.18%	1.95%	-196.11%	135.00%	-3.13%	11.29%	3.33%
EPS Q/Q Growth	4.24%	-10.99%	15.00%	15.58%	-10.29%	2.11%	-12.47%	0.77%	-3.05%	11.40%	3.37%
Operating Cash Flow Q/Q Growth	-9.93%	169.62%	-36.07%	10.48%	8.63%	-0.26%	-8.43%	-0.43%	13.90%	-0.28%	-2.96%
Free Cash Flow Firm Q/Q Growth	140.12%	-30.56%	10.93%	14.18%	-23.89%	385.44%	-80.18%	-326.59%	177.57%	-2.75%	-7.12%
Invested Capital Q/Q Growth	-4.49%	-0.50%	-0.70%	0.80%	0.68%	-25.50%	-2.53%	30.27%	-1.69%	-0.67%	1.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.23%	46.67%	42.72%	41.72%	43.75%	43.91%	41.43%	40.19%	37.76%	40.24%	43.46%
EBITDA Margin	19.80%	17.87%	21.02%	21.04%	20.77%	21.47%	19.20%	19.44%	17.80%	19.42%	24.07%
Operating Margin	13.69%	11.53%	14.22%	14.09%	14.14%	14.69%	11.84%	12.55%	11.01%	13.00%	17.80%
EBIT Margin	13.69%	11.53%	14.55%	14.58%	14.79%	15.30%	12.31%	12.82%	11.19%	13.40%	18.13%
Profit (Net Income) Margin	8.56%	7.51%	9.48%	10.98%	11.82%	12.55%	-10.07%	8.98%	7.82%	9.09%	13.54%
Tax Burden Percent	71.96%	77.20%	75.57%	86.17%	91.03%	91.03%	-102.26%	80.89%	82.54%	79.35%	82.91%
Interest Burden Percent	86.87%	84.40%	86.18%	87.36%	87.77%	90.08%	80.01%	86.63%	84.65%	85.54%	90.10%
Effective Tax Rate	28.04%	22.80%	24.43%	13.83%	20.24%	16.67%	15.21%	19.11%	17.46%	20.65%	17.09%
Return on Invested Capital (ROIC)	10.16%	8.90%	10.59%	11.96%	9.27%	11.68%	10.31%	9.48%	8.35%	10.34%	15.27%
ROIC Less NNEP Spread (ROIC-NNEP)	7.30%	5.94%	7.97%	9.56%	10.21%	12.49%	-48.67%	7.32%	6.14%	7.88%	12.45%
Return on Net Nonoperating Assets (RNNOA)	6.37%	5.26%	7.28%	8.81%	9.13%	7.11%	-26.22%	7.52%	6.93%	7.83%	10.02%
Return on Equity (ROE)	16.53%	14.16%	17.87%	20.77%	18.40%	18.79%	-15.91%	17.01%	15.28%	18.17%	25.29%
Cash Return on Invested Capital (CROIC)	11.99%	11.62%	10.76%	1.75%	7.80%	39.36%	7.80%	-20.02%	11.01%	9.73%	16.83%
Operating Return on Assets (OROA)	10.01%	8.20%	10.35%	10.54%	9.03%	9.39%	7.45%	8.30%	7.44%	9.48%	12.90%
Return on Assets (ROA)	6.26%	5.34%	6.74%	7.93%	7.22%	7.70%	-6.09%	5.82%	5.20%	6.43%	9.64%
Return on Common Equity (ROCE)	16.38%	14.03%	17.69%	20.57%	18.25%	18.69%	-15.83%	16.92%	15.23%	18.11%	25.20%
Return on Equity Simple (ROE_SIMPLE)	16.71%	14.72%	18.06%	20.02%	18.05%	18.15%	-19.26%	15.84%	15.32%	17.32%	24.34%
Net Operating Profit after Tax (NOPAT)	1,407	1,205	1,413	1,680	1,379	1,538	1,183	1,293	1,290	1,581	2,324
NOPAT Margin	9.85%	8.90%	10.75%	12.14%	11.28%	12.24%	10.04%	10.16%	9.09%	10.32%	14.76%
Net Nonoperating Expense Percent (NNEP)	2.86%	2.96%	2.62%	2.40%	-0.94%	-0.81%	58.98%	2.16%	2.21%	2.47%	2.83%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	8.14%	9.73%	14.21%
Cost of Revenue to Revenue	53.77%	53.33%	57.28%	58.28%	56.25%	56.09%	58.57%	59.81%	62.24%	59.76%	56.54%
SG&A Expenses to Revenue	32.05%	32.08%	28.20%	27.65%	28.68%	28.27%	28.07%	26.83%	25.75%	26.51%	26.86%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	32.54%	35.14%	28.50%	27.62%	29.61%	29.22%	29.59%	27.63%	26.74%	27.24%	25.66%
Earnings before Interest and Taxes (EBIT)	1,955	1,561	1,914	2,017	1,808	1,922	1,452	1,633	1,587	2,052	2,854
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,827	2,421	2,765	2,911	2,539	2,698	2,264	2,476	2,526	2,976	3,789
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.88	4.47	4.59	4.79	5.04	6.13	9.67	9.07	5.61	6.96	7.58
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	282.08	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.99	2.28	2.41	2.62	3.30	4.24	5.06	5.14	2.86	3.66	4.22
Price to Earnings (P/E)	23.58	30.83	25.75	24.14	28.22	34.15	0.00	57.98	37.15	40.81	31.41
Dividend Yield	1.22%	1.28%	1.31%	1.21%	1.21%	1.00%	0.90%	0.85%	1.45%	1.10%	1.01%
Earnings Yield	4.24%	3.24%	3.88%	4.14%	3.54%	2.93%	0.00%	1.72%	2.69%	2.45%	3.18%
Enterprise Value to Invested Capital (EV/IC)	2.53	2.80	2.86	2.95	3.16	5.25	5.60	4.72	3.19	4.13	4.81
Enterprise Value to Revenue (EV/Rev)	2.43	2.76	2.90	3.14	3.87	4.74	5.52	5.81	3.42	4.13	4.62
Enterprise Value to EBITDA (EV/EBITDA)	12.30	15.42	13.77	14.94	18.64	22.06	28.76	29.87	19.23	21.27	19.18
Enterprise Value to EBIT (EV/EBIT)	17.78	23.92	19.89	21.56	26.17	30.96	44.86	45.29	30.60	30.84	25.47
Enterprise Value to NOPAT (EV/NOPAT)	24.71	30.98	26.94	25.89	34.32	38.70	55.02	57.17	37.65	40.04	31.28
Enterprise Value to Operating Cash Flow (EV/OCF)	58.58	18.67	19.63	20.80	20.77	24.58	35.00	35.86	27.15	26.25	25.83
Enterprise Value to Free Cash Flow (EV/FCFF)	20.93	23.74	26.52	177.01	40.80	11.48	72.66	0.00	28.55	42.57	28.39
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.89	0.93	0.96	0.96	0.87	0.73	1.08	1.21	1.18	1.01	0.86
Long-Term Debt to Equity	0.66	0.61	0.88	0.88	0.78	0.68	1.08	1.15	1.11	0.94	0.79
Financial Leverage	0.87	0.89	0.91	0.92	0.89	0.57	0.54	1.03	1.13	0.99	0.80
Leverage Ratio	2.64	2.65	2.65	2.62	2.55	2.44	2.61	2.92	2.94	2.83	2.62
Compound Leverage Factor	2.29	2.24	2.28	2.29	2.24	2.20	2.09	2.53	2.49	2.42	2.36
Debt to Total Capital	47.01%	48.09%	48.96%	48.89%	46.66%	42.13%	51.88%	54.70%	54.17%	50.34%	46.26%
Short-Term Debt to Total Capital	12.24%	16.40%	3.96%	3.77%	4.92%	2.52%	0.13%	2.57%	3.19%	3.88%	3.76%
Long-Term Debt to Total Capital	34.77%	31.68%	45.00%	45.13%	41.74%	39.61%	51.75%	52.13%	50.98%	46.46%	42.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.48%	0.52%	0.51%	0.47%	0.33%	0.27%	0.27%	0.18%	0.14%	0.17%	0.20%
Common Equity to Total Capital	52.52%	51.39%	50.53%	50.64%	53.01%	57.60%	47.85%	45.12%	45.69%	49.49%	53.55%
Debt to EBITDA	2.32	2.67	2.42	2.52	2.78	2.36	2.95	3.54	3.40	2.75	2.00
Net Debt to EBITDA	2.24	2.63	2.30	2.44	2.73	2.31	2.40	3.39	3.16	2.44	1.66
Long-Term Debt to EBITDA	1.71	1.76	2.22	2.32	2.48	2.21	2.95	3.37	3.20	2.54	1.83
Debt to NOPAT	4.65	5.36	4.73	4.36	5.11	4.13	5.65	6.77	6.65	5.18	3.26
Net Debt to NOPAT	4.51	5.29	4.50	4.23	5.03	4.05	4.59	6.49	6.19	4.59	2.71
Long-Term Debt to NOPAT	3.44	3.53	4.35	4.02	4.57	3.88	5.64	6.45	6.26	4.78	2.99
Altman Z-Score	2.91	3.03	3.35	3.43	3.60	4.28	4.70	4.32	3.30	4.17	4.84
Noncontrolling Interest Sharing Ratio	0.89%	0.95%	1.01%	0.96%	0.77%	0.54%	0.51%	0.47%	0.35%	0.33%	0.35%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.11	0.93	1.42	1.32	1.27	1.33	1.75	1.32	1.30	1.30	1.26
Quick Ratio	0.65	0.52	0.88	0.80	0.75	0.69	1.21	0.80	0.78	0.86	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,661	1,573	1,436	246	1,160	5,181	896	-2,730	1,701	1,487	2,561
Operating Cash Flow to CapEx	80.43%	249.91%	267.07%	243.77%	303.41%	334.44%	384.58%	326.87%	251.67%	315.31%	286.20%
Free Cash Flow to Firm to Interest Expense	6.47	6.46	5.43	0.96	5.24	27.17	3.09	-12.51	6.98	5.01	9.06
Operating Cash Flow to Interest Expense	2.31	8.21	7.33	8.20	10.30	12.69	6.41	9.45	7.34	8.13	9.96
Operating Cash Flow Less CapEx to Interest Expense	-0.56	4.92	4.59	4.84	6.91	8.90	4.74	6.56	4.42	5.55	6.48
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.73	0.71	0.71	0.72	0.61	0.61	0.60	0.65	0.67	0.71	0.71
Accounts Receivable Turnover	5.50	5.40	5.56	5.63	4.67	4.98	5.06	5.36	5.48	5.54	5.52
Inventory Turnover	5.51	5.06	5.57	5.83	4.59	5.36	5.84	5.48	5.38	5.57	6.01
Fixed Asset Turnover	4.81	4.31	3.99	3.91	3.24	3.56	3.71	3.97	4.31	4.53	4.36
Accounts Payable Turnover	7.03	6.53	7.41	7.47	5.65	6.05	6.18	5.99	5.67	5.56	5.27
Days Sales Outstanding (DSO)	66.39	67.60	65.65	64.80	78.15	73.29	72.07	68.11	66.59	65.90	66.07
Days Inventory Outstanding (DIO)	66.28	72.13	65.59	62.59	79.44	68.07	62.55	66.55	67.88	65.59	60.74
Days Payable Outstanding (DPO)	51.91	55.89	49.24	48.89	64.57	60.37	59.09	60.98	64.32	65.67	69.24
Cash Conversion Cycle (CCC)	80.75	83.84	82.00	78.50	93.02	80.98	75.53	73.68	70.14	65.81	57.58
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	13,721	13,353	13,331	14,765	14,984	11,341	11,628	15,651	15,240	15,335	15,097
Invested Capital Turnover	1.03	1.00	0.99	0.98	0.82	0.95	1.03	0.93	0.92	1.00	1.03
Increase / (Decrease) in Invested Capital	-254	-368	-23	1,435	219	-3,644	287	4,024	-411	94	-237
Enterprise Value (EV)	34,764	37,340	38,077	43,499	47,313	59,504	65,115	73,935	48,563	63,299	72,690
Market Capitalization	28,359	30,896	31,647	36,317	40,332	53,229	59,653	65,508	40,559	56,009	66,350
Book Value per Share	$24.38	$23.40	$23.67	$26.25	$27.70	$30.13	$21.60	$25.21	$25.41	$28.21	$30.93
Tangible Book Value per Share	($12.85)	($12.50)	($11.32)	($12.46)	($9.94)	$0.65	($9.87)	($17.67)	($15.65)	($12.61)	($8.68)
Total Capital	13,930	13,446	13,658	14,977	15,099	15,079	12,888	16,011	15,839	16,254	16,354
Total Debt	6,548	6,466	6,687	7,323	7,045	6,354	6,687	8,758	8,580	8,182	7,565
Total Long-Term Debt	4,843	4,260	6,146	6,758	6,302	5,973	6,669	8,347	8,075	7,551	6,949
Net Debt	6,339	6,373	6,360	7,111	6,931	6,235	5,426	8,398	7,982	7,262	6,308
Capital Expenditures (CapEx)	738	800	726	858	751	724	484	631	711	765	983
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,980	1,796	1,474	1,472	1,621	1,460	942	1,185	1,190	1,009	592
Debt-free Net Working Capital (DFNWC)	2,190	1,888	1,801	1,684	1,736	1,578	2,203	1,545	1,789	1,929	1,849
Net Working Capital (NWC)	485	-317	1,260	1,119	992	1,198	2,185	1,134	1,284	1,298	1,233
Net Nonoperating Expense (NNE)	185	188	167	162	-66	-39	2,371	149	181	188	192
Net Nonoperating Obligations (NNO)	6,339	6,373	6,360	7,111	6,931	2,615	5,426	8,398	7,982	7,262	6,308
Total Depreciation and Amortization (D&A)	872	860	851	893	730	775	813	843	939	924	935
Debt-free, Cash-free Net Working Capital to Revenue	13.87%	13.26%	11.21%	10.64%	13.26%	11.62%	7.99%	9.31%	8.39%	6.59%	3.76%
Debt-free Net Working Capital to Revenue	15.33%	13.94%	13.70%	12.17%	14.20%	12.56%	18.68%	12.13%	12.61%	12.59%	11.74%
Net Working Capital to Revenue	3.40%	-2.34%	9.58%	8.09%	8.12%	9.54%	18.53%	8.91%	9.05%	8.47%	7.83%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$5.41	($4.20)	$3.95	$0.00	$4.82	$7.43
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	288.10M	287M	286.30M	0.00	285M	284.30M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$5.33	($4.15)	$3.91	$0.00	$4.79	$7.37
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	292.50M	290.30M	289.10M	0.00	286.50M	286.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	288.17M	285.85M	286.75M	0.00	285.51M	283.00M
Normalized Net Operating Profit after Tax (NOPAT)	1,456	1,525	1,443	1,677	1,468	1,638	1,336	1,376	1,406	1,669	2,167
Normalized NOPAT Margin	10.20%	11.26%	10.97%	12.12%	12.01%	13.04%	11.33%	10.81%	9.91%	10.90%	13.77%
Pre Tax Income Margin	11.89%	9.73%	12.54%	12.74%	12.99%	13.78%	9.85%	11.11%	9.47%	11.46%	16.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.62	6.41	7.23	7.91	8.18	10.08	5.00	7.48	6.51	6.92	10.10
NOPAT to Interest Expense	5.48	4.95	5.34	6.59	6.23	8.06	4.08	5.92	5.29	5.33	8.23
EBIT Less CapEx to Interest Expense	4.74	3.12	4.49	4.55	4.78	6.28	3.34	4.59	3.60	4.34	6.62
NOPAT Less CapEx to Interest Expense	2.61	1.66	2.60	3.23	2.84	4.27	2.41	3.03	2.38	2.75	4.74
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	28.87%	39.39%	34.30%	29.55%	34.25%	35.08%	-47.22%	49.51%	54.36%	44.31%	31.16%
Augmented Payout Ratio	63.93%	113.63%	93.63%	69.08%	73.18%	57.52%	-59.53%	58.83%	101.09%	45.30%	77.43%

This table displays calculated financial ratios and metrics derived from Ecolab's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.11%	9.33%	7.58%	7.87%	7.28%	5.05%	3.47%	1.02%	1.70%	-1.52%	0.99%
EBITDA Growth	2.94%	17.91%	7.13%	14.05%	33.59%	27.76%	24.16%	59.01%	-0.82%	5.11%	6.67%
EBIT Growth	-0.76%	33.44%	12.08%	21.62%	55.43%	45.46%	34.14%	82.21%	-1.96%	7.13%	8.01%
NOPAT Growth	-1.22%	42.79%	12.59%	10.98%	34.79%	63.15%	42.96%	71.25%	15.99%	-5.86%	3.31%
Net Income Growth	-11.73%	36.29%	7.04%	16.31%	52.43%	74.97%	47.89%	80.95%	16.72%	-2.42%	6.77%
EPS Growth	-11.54%	36.67%	6.48%	16.53%	53.26%	74.39%	48.70%	82.98%	17.02%	-1.40%	7.60%
Operating Cash Flow Growth	34.06%	16.52%	77.85%	80.38%	-0.78%	227.65%	6.57%	-0.13%	-10.06%	-43.12%	14.84%
Free Cash Flow Firm Growth	120.23%	112.59%	115.30%	116.98%	-52.14%	64.25%	29.08%	147.04%	113.05%	-51.26%	-31.14%
Invested Capital Growth	-2.63%	-1.15%	-0.84%	-0.41%	0.62%	-1.92%	-0.75%	-3.27%	-1.55%	0.44%	0.70%
Revenue Q/Q Growth	0.05%	-2.71%	7.85%	2.75%	-0.50%	-4.74%	6.23%	0.32%	0.17%	-7.74%	8.94%
EBITDA Q/Q Growth	-11.62%	-4.56%	21.62%	11.17%	3.52%	-8.72%	18.19%	42.38%	-35.43%	-3.26%	19.94%
EBIT Q/Q Growth	-18.06%	-6.75%	36.85%	16.31%	4.72%	-12.73%	26.20%	57.98%	-43.65%	-4.65%	27.24%
NOPAT Q/Q Growth	-18.89%	-13.86%	33.62%	18.88%	-1.49%	4.27%	17.08%	42.41%	-33.28%	-15.38%	28.49%
Net Income Q/Q Growth	-23.44%	-11.65%	40.57%	22.32%	0.34%	1.41%	18.82%	49.66%	-35.27%	-15.22%	30.01%
EPS Q/Q Growth	-23.97%	-10.87%	40.24%	22.61%	0.00%	1.42%	19.58%	50.88%	-36.05%	-14.55%	30.50%
Operating Cash Flow Q/Q Growth	96.75%	-76.93%	189.30%	37.37%	8.23%	-23.82%	-5.90%	28.74%	-2.54%	-51.82%	89.98%
Free Cash Flow Firm Q/Q Growth	124.25%	-37.12%	10.26%	0.99%	-31.64%	115.78%	-13.35%	93.27%	-41.04%	-50.63%	22.41%
Invested Capital Q/Q Growth	-1.69%	2.26%	0.40%	-1.34%	-0.67%	-0.32%	1.61%	-3.86%	1.11%	1.69%	1.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.58%	38.26%	39.39%	41.12%	42.00%	43.28%	43.78%	43.44%	43.35%	44.24%	44.78%
EBITDA Margin	17.10%	16.77%	18.91%	20.46%	21.29%	20.40%	22.69%	32.21%	20.76%	21.77%	23.97%
Operating Margin	10.87%	9.84%	12.58%	14.30%	14.98%	13.80%	16.48%	26.13%	14.55%	15.03%	17.64%
EBIT Margin	10.65%	10.21%	12.96%	14.67%	15.44%	14.14%	16.80%	26.45%	14.88%	15.38%	17.96%
Profit (Net Income) Margin	7.34%	6.67%	8.69%	10.34%	10.43%	11.10%	12.42%	18.53%	11.97%	11.00%	13.13%
Tax Burden Percent	83.80%	81.96%	79.44%	80.88%	76.43%	90.78%	83.80%	75.03%	89.74%	79.71%	80.09%
Interest Burden Percent	82.23%	79.65%	84.41%	87.20%	88.42%	86.50%	88.23%	93.34%	89.65%	89.74%	91.26%
Effective Tax Rate	16.20%	18.04%	20.56%	19.12%	23.57%	9.22%	16.20%	24.97%	10.26%	20.29%	19.91%
Return on Invested Capital (ROIC)	8.37%	7.46%	9.39%	11.25%	11.47%	12.58%	13.85%	20.24%	13.51%	12.26%	14.25%
ROIC Less NNEP Spread (ROIC-NNEP)	7.58%	6.87%	8.79%	10.65%	10.95%	11.88%	13.12%	19.62%	12.87%	11.73%	13.66%
Return on Net Nonoperating Assets (RNNOA)	8.55%	8.01%	10.00%	11.45%	10.89%	11.65%	12.63%	16.72%	10.36%	9.25%	10.45%
Return on Equity (ROE)	16.92%	15.47%	19.40%	22.70%	22.36%	24.23%	26.48%	36.96%	23.87%	21.51%	24.71%
Cash Return on Invested Capital (CROIC)	11.01%	9.93%	9.87%	9.88%	9.73%	13.37%	13.12%	18.16%	16.83%	14.56%	14.16%
Operating Return on Assets (OROA)	7.08%	6.99%	8.98%	10.29%	10.92%	10.30%	12.24%	18.86%	10.59%	11.05%	12.50%
Return on Assets (ROA)	4.88%	4.57%	6.02%	7.26%	7.38%	8.09%	9.05%	13.21%	8.52%	7.90%	9.14%
Return on Common Equity (ROCE)	16.86%	15.42%	19.33%	22.62%	22.29%	24.17%	26.41%	36.83%	23.78%	21.45%	24.64%
Return on Equity Simple (ROE_SIMPLE)	0.00%	15.96%	15.80%	16.06%	0.00%	19.15%	20.90%	24.14%	0.00%	23.91%	0.00%
Net Operating Profit after Tax (NOPAT)	335	288	385	458	451	470	550	784	523	443	569
NOPAT Margin	9.11%	8.07%	10.00%	11.57%	11.45%	12.53%	13.81%	19.61%	13.06%	11.98%	14.13%
Net Nonoperating Expense Percent (NNEP)	0.79%	0.59%	0.60%	0.60%	0.53%	0.70%	0.73%	0.62%	0.64%	0.53%	0.60%
Return On Investment Capital (ROIC_SIMPLE)	2.11%	-	-	-	2.77%	-	-	-	3.20%	2.68%	3.24%
Cost of Revenue to Revenue	61.42%	61.74%	60.61%	58.88%	58.00%	56.72%	56.22%	56.56%	56.65%	55.76%	55.22%
SG&A Expenses to Revenue	25.12%	27.73%	26.26%	25.89%	26.27%	28.72%	26.99%	25.63%	26.22%	28.42%	26.53%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	27.70%	28.41%	26.81%	26.82%	27.02%	29.48%	27.29%	17.31%	28.80%	29.22%	27.14%
Earnings before Interest and Taxes (EBIT)	391	365	499	581	608	531	670	1,058	596	568	723
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	628	599	729	810	838	765	905	1,288	832	804	965
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.61	6.34	6.96	6.13	6.96	8.02	8.20	8.50	7.58	8.08	8.20
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.86	3.21	3.56	3.18	3.66	4.25	4.35	4.64	4.22	4.57	4.86
Price to Earnings (P/E)	37.15	40.37	44.77	38.82	40.81	42.45	39.69	35.53	31.41	34.12	35.76
Dividend Yield	1.45%	1.27%	1.14%	1.26%	1.10%	0.95%	0.94%	0.89%	1.01%	0.96%	0.94%
Earnings Yield	2.69%	2.48%	2.23%	2.58%	2.45%	2.36%	2.52%	2.81%	3.18%	2.93%	2.80%
Enterprise Value to Invested Capital (EV/IC)	3.19	3.52	3.88	3.59	4.13	4.77	4.84	5.29	4.81	5.10	5.29
Enterprise Value to Revenue (EV/Rev)	3.42	3.78	4.11	3.68	4.13	4.70	4.81	5.04	4.62	4.99	5.26
Enterprise Value to EBITDA (EV/EBITDA)	19.23	20.94	22.77	20.05	21.27	23.21	22.65	20.82	19.18	20.43	21.27
Enterprise Value to EBIT (EV/EBIT)	30.60	32.65	35.03	30.21	30.84	32.88	31.46	27.58	25.47	27.05	28.08
Enterprise Value to NOPAT (EV/NOPAT)	37.65	39.82	42.74	37.86	40.04	41.36	38.97	35.10	31.28	34.04	35.70
Enterprise Value to Operating Cash Flow (EV/OCF)	27.15	30.17	29.35	22.93	26.25	25.47	25.91	27.26	25.83	30.87	31.51
Enterprise Value to Free Cash Flow (EV/FCFF)	28.55	35.20	39.11	36.27	42.57	35.35	36.75	28.67	28.39	35.07	37.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.18	1.17	1.14	1.10	1.01	0.92	0.91	0.89	0.86	0.85	0.88
Long-Term Debt to Equity	1.11	1.02	0.99	0.96	0.94	0.92	0.91	0.81	0.79	0.79	0.80
Financial Leverage	1.13	1.17	1.14	1.07	0.99	0.98	0.96	0.85	0.80	0.79	0.77
Leverage Ratio	2.94	2.92	2.90	2.88	2.83	2.73	2.70	2.68	2.62	2.55	2.56
Compound Leverage Factor	2.42	2.33	2.45	2.51	2.50	2.36	2.38	2.50	2.35	2.29	2.34
Debt to Total Capital	54.17%	53.98%	53.21%	52.41%	50.34%	47.83%	47.59%	47.04%	46.26%	46.09%	46.75%
Short-Term Debt to Total Capital	3.19%	6.99%	6.92%	6.87%	3.88%	0.07%	0.04%	3.97%	3.76%	3.72%	3.92%
Long-Term Debt to Total Capital	50.98%	47.00%	46.29%	45.55%	46.46%	47.75%	47.56%	43.07%	42.49%	42.37%	42.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.14%	0.13%	0.15%	0.16%	0.17%	0.13%	0.13%	0.17%	0.20%	0.17%	0.17%
Common Equity to Total Capital	45.69%	45.89%	46.64%	47.42%	49.49%	52.05%	52.28%	52.79%	53.55%	53.74%	53.07%
Debt to EBITDA	3.40	3.30	3.23	3.12	2.75	2.40	2.27	2.01	2.00	1.99	2.11
Net Debt to EBITDA	3.16	3.14	3.03	2.75	2.44	2.25	2.16	1.67	1.66	1.68	1.62
Long-Term Debt to EBITDA	3.20	2.87	2.81	2.71	2.54	2.40	2.27	1.84	1.83	1.83	1.93
Debt to NOPAT	6.65	6.28	6.07	5.88	5.18	4.28	3.91	3.38	3.26	3.31	3.54
Net Debt to NOPAT	6.19	5.97	5.68	5.20	4.59	4.00	3.71	2.82	2.71	2.81	2.72
Long-Term Debt to NOPAT	6.26	5.47	5.28	5.11	4.78	4.27	3.91	3.10	2.99	3.05	3.25
Altman Z-Score	3.11	3.41	3.72	3.51	3.95	4.60	4.73	4.88	4.50	4.80	4.77
Noncontrolling Interest Sharing Ratio	0.35%	0.31%	0.33%	0.36%	0.33%	0.26%	0.28%	0.33%	0.35%	0.28%	0.29%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.30	1.17	1.22	1.26	1.30	1.41	1.50	1.30	1.26	1.32	1.44
Quick Ratio	0.78	0.69	0.75	0.83	0.86	0.88	0.85	0.88	0.86	0.87	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	746	469	517	522	357	770	667	1,289	760	375	459
Operating Cash Flow to CapEx	425.35%	117.35%	340.90%	475.66%	325.13%	323.41%	314.84%	332.50%	218.00%	170.78%	358.24%
Free Cash Flow to Firm to Interest Expense	10.73	6.32	6.64	7.03	5.07	10.75	8.47	18.32	12.32	6.44	7.27
Operating Cash Flow to Interest Expense	12.36	2.67	7.37	10.60	12.11	9.07	7.76	11.17	12.43	6.34	11.10
Operating Cash Flow Less CapEx to Interest Expense	9.46	0.39	5.21	8.37	8.38	6.27	5.29	7.81	6.73	2.63	8.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.67	0.68	0.69	0.70	0.71	0.73	0.73	0.71	0.71	0.72	0.70
Accounts Receivable Turnover	5.48	5.60	5.42	5.44	5.54	5.68	5.53	5.49	5.52	5.56	5.30
Inventory Turnover	5.38	5.40	5.40	5.47	5.57	5.51	5.70	5.74	6.01	5.67	5.73
Fixed Asset Turnover	4.31	4.39	4.48	4.57	4.53	4.58	4.64	4.56	4.36	4.34	4.28
Accounts Payable Turnover	5.67	6.19	6.05	5.92	5.56	5.90	5.67	5.38	5.27	5.24	4.93
Days Sales Outstanding (DSO)	66.59	65.18	67.34	67.14	65.90	64.22	66.03	66.44	66.07	65.67	68.89
Days Inventory Outstanding (DIO)	67.88	67.54	67.62	66.77	65.59	66.21	64.03	63.63	60.74	64.33	63.68
Days Payable Outstanding (DPO)	64.32	58.92	60.29	61.66	65.67	61.86	64.34	67.78	69.24	69.69	74.01
Cash Conversion Cycle (CCC)	70.14	73.80	74.68	72.25	65.81	68.57	65.72	62.29	57.58	60.30	58.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,240	15,585	15,648	15,437	15,335	15,286	15,531	14,932	15,097	15,353	15,640
Invested Capital Turnover	0.92	0.92	0.94	0.97	1.00	1.00	1.00	1.03	1.03	1.02	1.01
Increase / (Decrease) in Invested Capital	-411	-181	-132	-64	94	-300	-117	-506	-237	67	109
Enterprise Value (EV)	48,563	54,798	60,677	55,445	63,299	72,919	75,147	79,035	72,690	78,223	82,710
Market Capitalization	40,559	46,557	52,586	47,803	56,009	65,839	67,966	72,651	66,350	71,745	76,390
Book Value per Share	$25.41	$25.82	$26.54	$27.35	$28.21	$28.72	$29.02	$30.04	$30.93	$31.36	$32.87
Tangible Book Value per Share	($15.65)	($15.24)	($14.57)	($13.44)	($12.61)	($11.62)	($10.04)	($9.25)	($8.68)	($7.84)	($6.79)
Total Capital	15,839	16,005	16,202	16,439	16,254	15,766	15,853	16,193	16,354	16,516	17,561
Total Debt	8,580	8,640	8,622	8,616	8,182	7,540	7,545	7,618	7,565	7,612	8,211
Total Long-Term Debt	8,075	7,522	7,500	7,487	7,551	7,529	7,539	6,975	6,949	6,998	7,522
Net Debt	7,982	8,220	8,067	7,615	7,262	7,060	7,161	6,356	6,308	6,449	6,290
Capital Expenditures (CapEx)	202	169	168	166	262	201	194	237	352	216	196
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,190	1,482	1,537	1,317	1,009	1,042	1,527	791	592	924	935
Debt-free Net Working Capital (DFNWC)	1,789	1,901	2,091	2,318	1,929	1,522	1,911	2,052	1,849	2,086	2,856
Net Working Capital (NWC)	1,284	783	969	1,189	1,298	1,511	1,905	1,409	1,233	1,472	2,167
Net Nonoperating Expense (NNE)	65	50	50	48	40	54	55	43	44	36	40
Net Nonoperating Obligations (NNO)	7,982	8,220	8,067	7,615	7,262	7,060	7,223	6,356	6,308	6,449	6,290
Total Depreciation and Amortization (D&A)	237	234	229	229	231	235	235	230	236	236	242
Debt-free, Cash-free Net Working Capital to Revenue	8.39%	10.23%	10.41%	8.75%	6.59%	6.72%	9.76%	5.05%	3.76%	5.89%	5.95%
Debt-free Net Working Capital to Revenue	12.61%	13.12%	14.16%	15.40%	12.59%	9.82%	12.22%	13.09%	11.74%	13.30%	18.16%
Net Working Capital to Revenue	9.05%	5.40%	6.56%	7.90%	8.47%	9.75%	12.18%	8.99%	7.83%	9.38%	13.78%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.93	$0.82	$1.16	$1.42	$1.42	$1.44	$1.72	$2.60	$1.67	$1.42	$1.85
Adjusted Weighted Average Basic Shares Outstanding	285.20M	284.60M	284.90M	285.10M	285M	285.70M	284.60M	283.60M	284.30M	283.40M	283.50M
Adjusted Diluted Earnings per Share	$0.92	$0.82	$1.15	$1.41	$1.41	$1.43	$1.71	$2.58	$1.65	$1.41	$1.84
Adjusted Weighted Average Diluted Shares Outstanding	286.60M	285.90M	286.30M	286.90M	286.50M	287.80M	287M	286M	286.60M	285.30M	285.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	284.46M	284.72M	285.03M	285.14M	285.51M	285.57M	284.54M	283.16M	283.00M	283.51M	283.62M
Normalized Net Operating Profit after Tax (NOPAT)	414	308	402	487	473	496	561	534	616	466	588
Normalized NOPAT Margin	11.28%	8.63%	10.43%	12.32%	12.02%	13.21%	14.07%	13.36%	15.37%	12.61%	14.62%
Pre Tax Income Margin	8.76%	8.13%	10.94%	12.79%	13.65%	12.23%	14.82%	24.69%	13.34%	13.80%	16.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.63	4.92	6.42	7.81	8.63	7.41	8.50	15.02	9.66	9.75	11.44
NOPAT to Interest Expense	4.81	3.88	4.95	6.16	6.41	6.57	6.99	11.14	8.48	7.59	9.00
EBIT Less CapEx to Interest Expense	2.72	2.64	4.25	5.58	4.91	4.60	6.03	11.66	3.96	6.04	8.34
NOPAT Less CapEx to Interest Expense	1.91	1.61	2.79	3.93	2.68	3.76	4.52	7.77	2.78	3.88	5.90
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	54.36%	51.74%	51.18%	49.56%	44.31%	40.39%	37.50%	31.87%	31.16%	32.10%	32.65%
Augmented Payout Ratio	101.09%	74.49%	61.76%	56.32%	45.30%	53.09%	67.65%	79.65%	77.43%	76.58%	63.56%

Key Financial Trends

Over the last four years, Ecolab Inc. (NYSE:ECL) has demonstrated steady financial performance with growth in revenue, profitability, and cash generation, balanced by careful management of its balance sheet and capital expenditures.

Revenue Growth: Ecolab's quarterly operating revenue increased from about $3.57 billion in Q1 2023 to over $4.02 billion by Q2 2025, showing consistent top-line growth.
Net Income Improvement: Quarterly consolidated net income rose from $238 million in Q1 2023 to approximately $528 million in Q2 2025, reflecting improved profitability.
Strong Operating Cash Flow: Net cash from operating activities more than doubled from around $198 million in Q1 2023 to $702 million in Q2 2025, indicating robust cash generation.
Dividends and Share Repurchases: Ecolab continued paying significant dividends (over $160 million quarterly) and repurchasing common equity ($32 million to $45 million in recent quarters), returning capital to shareholders.
Stable Earnings Per Share: Diluted EPS grew from $0.82 in Q1 2023 to $1.84 in Q2 2025, showing earnings growth exceeded share count, which remained relatively stable.
Consistent Investment in Property, Plant & Equipment: Quarterly investments averaged around $200 million, supporting future growth through capital expenditures.
Increasing Goodwill and Intangible Assets: These non-current assets have increased moderately, likely from acquisitions, impacting long-term asset base and potential goodwill impairment risk.
Debt Levels: Total debt (short and long term) has grown over the period but remains manageable relative to the asset base and equity.
Fluctuations in Changes in Operating Assets and Liabilities: Changes have caused variability in operating cash flow but no clear trend toward worsening or improvement.
Rising Interest Expense: Interest expense increased from about $65 million in Q3 2022 to over $63 million in Q2 2025, reflecting higher debt levels or interest rates, which can pressure net income.

Overall, Ecolab's financials show a healthy growth trajectory with improving profitability and cash flows, supported by continued capital investments and shareholder returns. However, shareholders should monitor the company's debt and interest cost trends, as well as goodwill levels, for any emerging risks.

08/23/25 03:33 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Ecolab's Financials

When does Ecolab's fiscal year end?

According to the most recent income statement we have on file, Ecolab's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Ecolab's net income changed over the last 10 years?

Below is a breakdown of Ecolab's net income over the past 5 years:

2020: -$1.19 billion
2021: $1.14 billion
2022: $1.11 billion
2023: $1.39 billion
2024: $2.13 billion

See Ecolab's forecast for analyst expectations on what’s next for the company.

What is Ecolab's operating income?

Ecolab's total operating income in 2024 was $2.80 billion, based on the following breakdown:

Total Gross Profit: $6.84 billion
Total Operating Expenses: $4.04 billion

How has Ecolab's revenue changed over the last 10 years?

Over the last 10 years, Ecolab's total revenue changed from $14.28 billion in 2014 to $15.74 billion in 2024, a change of 10.2%.

How much debt does Ecolab have?

Ecolab's total liabilities were at $13.60 billion at the end of 2024, a 1.3% decrease from 2023, and a 12.9% increase since 2014.

How much cash does Ecolab have?

In the past 10 years, Ecolab's cash and equivalents has ranged from $92.80 million in 2015 to $1.26 billion in 2020, and is currently $1.26 billion as of their latest financial filing in 2024.

How has Ecolab's book value per share changed over the last 10 years?

Over the last 10 years, Ecolab's book value per share changed from 24.38 in 2014 to 30.93 in 2024, a change of 26.9%.

Related Companies

This page (NYSE:ECL) was last updated on 8/23/2025 by MarketBeat.com Staff

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Ecolab (ECL) Financials

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Ecolab (ECL) Financials

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