Ecolab
ConvictionModerate
Razor/razorblade recurring-service: places dispensing equipment and digital sensors at customer sites, then sells consumable chemicals, monitoring, and a large (~48,000-associate) sales-and-service field force under multi-year embedded contracts. Blend of consumables (high-recurring) + equipment + software/data, with a newer high-tech water/cooling hardware leg (CoolIT).
Revenue
$16.08BFY2025); ~$16.45B TTM through Q1 2026Rev growth
+2.2% reported FY2025~2-3% organic; ~mid-single-digit underlying ex basic-industries/Paper/distributor-inventory drags; reported also dragged by FX); +10% reported / +4% organic in Q1 2026Gross margin
~44.5%FY2025Op margin
17.0% reported / 17.9% adjustedFY2025Capex intensity
~6% of salescapex ~$1.0B, FY2025Market cap
~$79.5BNYSE: ECL, ~282M shares, early July 2026The read
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