Ecolab

Revenue is diversified across Institutional & Specialty, Water, Pest and Life Sciences with millions of service visits that behave like recurring revenue. Secular demand from water scarcity, sustainability and stricter hygiene standards adds tailwinds.

Management guided to 2026 adjusted EPS growth of 12% to 15%, and raised the One Ecolab productivity target to ~$325 million annualized by 2027, supporting continued margin and cash flow compounding. Geographic mix is balanced with about 47% of sales outside the U.S., reducing single‑country risk but adding FX volatility.

Cyclical headwinds remain in paper/basic industries, but these are being offset by high‑growth engines (semiconductors, data centers, life sciences) and continued new business wins.