Ecolab

TTM 2025 free cash flow was about $1.90 billion (cash from operations ~$2.95 billion less capex ~$1.05 billion). Net leverage stands around 1.9x adjusted EBITDA, and long‑term ratings are A‑/A3 with stable outlooks.

Liquidity is strong: a $2.0 billion revolver was extended to March 2030 to back commercial paper programs rated A‑2/P‑2/F‑1. The debt maturity ladder is manageable after repayments of euro bonds in 2024 and 2025. Interest coverage improved as margins expanded and interest expense moderated.

These metrics indicate resilience through cycles and capacity to fund organic investment, acquisitions and shareholder returns.