Ecolab Inc. (ECL)
Ecolab provides water treatment, cleaning, and hygiene products and services to businesses.
ECL vs PPG: how the two businesses compare
- Similar size: ECL and PPG each brought in about $16.1B of yearly revenue.
- More profitable: ECL keeps 13 cents of each sales dollar as profit, against 10 cents at PPG.
- More cash from each sale: ECL turns 18 cents of each sales dollar into operating cash flow, against 12 cents at PPG.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Ecolab (ECL) and PPG Industries (PPG) reported similar revenue: $16.1B (fiscal year ended Dec 2025) versus $15.9B (fiscal year ended Dec 2025). ECL's net margin was 12.9% and PPG's 9.9%. The SEC places them in related industries (Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics; Paints, Varnishes, Lacquers, Enamels & Allied Prods), and both map to the Economic trends research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Materials
- Different
- Separate classifications
- December 31
- Same calendar
- Feb 23, 2026
ECL vs PPG: quick comparison
| Company fact | ECL | PPG |
|---|---|---|
| Company | Ecolab Inc. | PPG Industries, Inc. |
| Exchange | NYSE | NYSE |
| SEC industry | Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics | Paints, Varnishes, Lacquers, Enamels & Allied Prods |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-23 | 10-K · 2026-02-19 |
ECL vs PPG: audited financials
- Scale: revenue is roughly in line ($16.1B for ECL versus $15.9B for PPG).
- Net margin: ECL kept 12.9% of revenue as net income versus 9.9% at PPG.
- Cash conversion: operating cash flow equalled ECL 18.4% of revenue, or 1.42× net income; PPG 12.2% of revenue, or 1.23× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | ECL | PPG |
|---|---|---|
| Revenue | $16.1B2025-01-01 to 2025-12-31 · SEC filing | $15.9B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $2.1B2025-01-01 to 2025-12-31 · SEC filing | $1.6B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $3.0B2025-01-01 to 2025-12-31 · SEC filing | $1.9B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $7.282025-01-01 to 2025-12-31 · SEC filing | $6.942025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 12.9%2025-01-01 to 2025-12-31 · SEC filing | 9.9%2025-01-01 to 2025-12-31 · SEC filing |
ECL: FY ending 2025-12-31 · PPG: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where ECL and PPG overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 28.
- Shared research theme: Economic trends.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different four-digit SIC codes: ECL is 2840 (Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics); PPG is 2851 (Paints, Varnishes, Lacquers, Enamels & Allied Prods).
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
PPG Industries, Inc. (PPG)
PPG Industries makes paints, coatings, and specialty materials for industrial and consumer markets.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves ECL
We have not yet published a company-specific driver list for ECL. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-23.
What moves PPG
We have not yet published a company-specific driver list for PPG. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-19.
The investment question
You now know how ECL and PPG are classified, when their fiscal years end, and where their exposures overlap. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 9 matched transaction rows for ECL and 12 matched transaction rows for PPG. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
ECL primary filings
PPG primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving ECL or PPG
ECL vs PPG FAQs
Are ECL and PPG direct competitors?
Not necessarily. Ecolab files as Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics and PPG Industries as Paints, Varnishes, Lacquers, Enamels & Allied Prods. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is ECL or PPG the bigger company by revenue?
Ecolab (ECL) and PPG Industries (PPG) reported similar revenue: $16.1B (fiscal year ended Dec 2025) versus $15.9B (fiscal year ended Dec 2025). ECL's net margin was 12.9% and PPG's 9.9%. The SEC places them in related industries (Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics; Paints, Varnishes, Lacquers, Enamels & Allied Prods), and both map to the Economic trends research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, ECL or PPG?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this ECL vs PPG comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Ecolab Inc. and PPG Industries, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
ECL vs PPG compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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