ECL vs PPG: Ecolab and PPG Industries compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Ecolab is the larger company, worth $78.1B, about 3.5 times PPG Industries.
- Ecolab grew revenue faster over the last year (+9.7% vs +6.7%).
- On earnings, PPG Industries is the cheaper stock (14.4x vs 37.5x).
- Ecolab's price assumes faster free cash flow growth: about 14% a year, against 4% for PPG Industries (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ECL | PPG |
|---|---|---|
| Market cap | $78.1B | $22.3B |
| Share price | $281.83 | $103.96 |
| Revenue (last fiscal year) | $16.1B | $15.9B |
| Free cash flow (last fiscal year) | $1.9B | $1.2B |
| Revenue growth, last year | +9.7% | +6.7% |
| Revenue growth per year, last 5 fiscal years | +6.0% | -1.4% |
| Operating margin | 16.9% | — |
| Net margin | 12.6% | 9.8% |
| Return on equity | 21.1% | 19.6% |
| P/E (trailing) | 37.5x | 14.4x |
| Price / free cash flow | 41.0x | 19.2x |
| EV / EBITDA | 21.9x | 10.8x |
| FCF growth the price implies | 14.4% | 4.5% |
| Dividend yield | 0.98% | 2.7% |
| Debt / equity | 1.97x | 1.71x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 7 |
| Insider purchases, last 12 months | 7 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Ecolab
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.7B | $1.4B | 12.6% |
| 2022 | $14.2B | $1.1B | 11.0% |
| 2023 | $15.3B | $1.6B | 13.0% |
| 2024 | $15.7B | $1.8B | 17.8% |
| 2025 | $16.1B | $1.9B | 17.0% |
PPG Industries
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $16.8B | $1.2B | 12.9% |
| 2022 | $15.6B | $477M | 13.1% |
| 2023 | $16.2B | $1.9B | 16.5% |
| 2024 | $15.8B | $699M | — |
| 2025 | $15.9B | $1.2B | — |
Where the revenue comes from
Ecolab · by segments, 2025
Global Water$7.7B49%
Global Institutional and Specialty$6.0B38%
Global Pest Elimination$1.2B8%
Global Life Sciences$706M5%
PPG Industries · by segments, 2025
Industrial Coatings Segment$6.5B41%
Performance Coatings Segment$5.5B35%
Global Architectural Coatings$3.8B24%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ECL in InvestinglyQuestions
Which is bigger, Ecolab or PPG Industries?
Ecolab (ECL), at $78.1B against $22.3B.
Is ECL or PPG cheaper?
By trailing P/E, PPG Industries (14.4x) is cheaper than Ecolab (37.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, ECL or PPG?
Ecolab: revenue grew +9.7% over the last year, against +6.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.