Ecolab Inc. (ECL) intrinsic value & 10-year financials
Ecolab Inc. (ECL) has a Graham intrinsic value of $134.66 per share. At $288.89 on Oct 17, 2026, the stock trades 115% above that value. Over the last 10 fiscal years revenue grew 2.3% a year to $16.1B, with an average return on invested capital of 11.7%.
- Graham intrinsic value
- $134.66
- Share price (Oct 17, 2026)
- $288.89
- Price vs Graham value
- 115% above
- Market cap
- $82.4B
- Revenue (FY2025)
- $16.1B
- Revenue growth (10-yr CAGR)
- 2.3%
- ROIC (10-yr avg)
- 11.7%
- Free cash flow (FY2025)
- $1.9B
ECL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $16.1B | $2.1B | $7.28 | $1.9B | 17.0% | 14.5% |
| FY2024 | $15.7B | $2.1B | $7.37 | $1.8B | 17.8% | 15.9% |
| FY2023 | $15.3B | $1.4B | $4.79 | $1.6B | 13.0% | 10.7% |
| FY2022 | $14.2B | $1.1B | $3.81 | $1.1B | 11.0% | 8.6% |
| FY2021 | $12.7B | $1.1B | $3.91 | $1.4B | 12.6% | 9.6% |
| FY2020 | $11.8B | -$1.2B | -$4.15 | $1.4B | 11.8% | 10.7% |
| FY2019 | $14.9B | $1.6B | $5.33 | $1.6B | 13.5% | 11.7% |
| FY2018 | $14.7B | $1.4B | $4.88 | $1.4B | 13.3% | 11.0% |
| FY2017 | $13.8B | $1.5B | $5.13 | $1.3B | 14.6% | 13.0% |
| FY2016 | $13.2B | $1.2B | $4.14 | $1.2B | 14.6% | 11.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Ecolab has demonstrated mature, steady growth, with revenue compounding at 2.3% annually over the past decade.
Ecolab returns on capital have been average, hovering around 11.7% ROIC over the decade.
Ecolab has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Ecolab is modeled at 6.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $134.66 per share.