Ecolab

Priorities remain reinvestment in growth, targeted M&A, a progressive dividend and opportunistic buybacks. In 2025 Ecolab repurchased roughly 3.0 million shares with 5.9 million shares still authorized.

The dividend was raised 12% in December 2025 (34th consecutive annual increase, 89 years paid), reflecting confidence in durable cash generation.

The Ovivo Electronics acquisition ($1.8 billion cash) is strategically aligned, doubles high‑tech water exposure and is expected to be neutral to adjusted EPS in year 1 excluding non‑cash amortization, with returns building thereafter.

Stock‑based compensation was about $137 million in 2025 (well under 1% of sales), and net leverage remains within the company’s ~2x target after M&A. Overall track record is disciplined, though buybacks have often occurred at premium multiples.