Demand and volumepositive · 3 filings
“Organic operating income margin increased in 2025 and decreased in 2024 when compared to prior periods.”10-K · Feb 23, 2026 ↗
Ecolab Inc.
ECL
Market read
Ecolab Inc.'s current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 6 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 5 directly disclosed connections are confirming.
What changed
- Revenue increased 10.0% versus the comparable filing period.
Company-2.4% todayVolume comparison unavailable
Market group0 of 6 activeBroad Domestic Cyclicals · unavailable
Disclosed network0 of 5 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Ecolab reported a 2.2-point margin impact from higher supply-chain costs, including commodity inflation, partly offsetting pricing gains.
Invalidation: The isolated read changes if ECL's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 6 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 5 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 10.0% versus the comparable filing period.
- Operating cash flow covered net income at 1.03x, improving versus the comparable period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Ecolab reported a 2.2-point margin impact from higher supply-chain costs, including commodity inflation, partly offsetting pricing gains.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations615
Usable filing statements124
Verified relationships6
Evidence supporting the case
- Operating cash flow covered net income at 1.42x in the latest annual period.
- Demand and volume has repeated favorable evidence across 3 filings.
Evidence challenging the case
No qualifying adverse evidence was identified; that is not proof there is no downside.
Questions before a position
- P/E is 18% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 26% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 30, 2026
274.896m+3.3%12m+0.7%24m+7.8%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$12.7B+8.0%$3.91-0.4%
2022-12-31$14.2B+11.4%$3.81-0.9%
2023-12-31$15.3B+8.0%$4.79-0.0%
2024-12-31$15.7B+2.7%$7.37+0.0%
2025-12-31$16.1B+2.2%$7.28-0.5%
What management says matters
Persistent and emerging business drivers
Legal and regulatory exposurenegative · 3 filings
“Due to the large number of remaining plaintiffs and the fact that many of the claims do not specify an amount of supported damages, any estimate of any further loss or range of losses cannot be made at this time.”10-K · Feb 23, 2026 ↗
Restructuring and cost reductionsmixed · 3 filings
“There has been no impairment of the Nalco trade name intangible asset since it was acquired.”10-K · Feb 23, 2026 ↗
Supply chain and availabilitymixed · 3 filings
“Organic operating income margins increased 0.5 percentage points during the second quarter of 2026 as the 3.0 percentage point positive impact from accelerating pricing was partially offset by the 2.2 percentage point impact of higher supply chain costs, incl…”10-Q · Aug 6, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 4.9× · EV/sales 4.8×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
271.36-2.4% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 1 Oct, 15:30 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for ECL. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing presents a mixed picture
10-Q filed 2026-05-07 against the comparable filing from 2025-05-08.
OperationsmixedEvidence score +1
liquidityconstructiveEvidence score +1
valuationmixed
What improved
- Revenue increased 10.0% versus the comparable filing period.
- Operating cash flow covered net income at 1.03x, improving versus the comparable period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Cash provided by operating activities increased by $77 million in the first quarter of 2026 compared to the first quarter of 2025, primarily driven by a favorable change in working capital and higher net income, partially offset by $60 million of one-time, equity incentive payments to the Ovivo Electronics employees relating to the acquisition. Investing Activities First Quarter Ended March 31 (millions) 2026 2025 Change Cash used for investing activities ($355.5) ($224.0) ($131.5) Cash (used for) provided by investing activities is primarily impacted by capital investments in the business.”
“The remaining net tax expense of $16.4 million was primarily due to prior year return adjustments, unrecognized tax benefits, and other changes in estimates. We recognized net tax benefits related to discrete tax items of $0.5 million in the first quarter of 2025.”
“Specialty organic sales increased 9% in the first quarter of 2026, driven by new business wins and continued value pricing. Operating Income Organic operating income and organic operating income margin increased in the first quarter of 2026 for our Global Institutional & Specialty segment. Organic operating income margins increased 1.8 percentage points during the first quarter of 2026 as the 2.7 percentage point positive impact from value pricing was partially offset by the 0.9 percentage point impact of higher commodity costs.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind ECL
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
ETNEaton Corporation plcsupplierFeb 23, 2026 ▾
“Saluja was employed by Eaton Corporation plc, a power management company, as Senior Vice President, Corporate Development and Planning from 2013 until 2024.”
JTGEYFiling-linked namepartnerMay 7, 2026 ▾
“Document Method of Filing (a) The following documents are filed as exhibits to this report: (10.1) Term Credit Agreement, dated April 10, 2026, by and among Ecolab Inc., the financial institutions party thereto as lenders from time to time, and Citi…”
Depended on by
MDLNMedline Inc.supplierFeb 25, 2026 ▾
“During 2024, we acquired the global surgical solutions business of Ecolab, Inc., including industry-leading Microtek product lines (“Microtek”), and Sinclair Dental Co.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 2 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
ECL is currently a Follower in the organic co-movement group Broad Domestic Cyclicals. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for ECL; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.