ECL vs PPG
Ecolab Inc. and PPG Industries Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | ECL | PPG |
|---|---|---|
| Revenue | $16.1B | $15.9B |
| Net income | $2.1B | $1.6B |
| Gross margin | 44.5% | 41.3% |
| Net margin | 13.0% | 10.0% |
| Return on equity | 22.4% | 21.4% |
| Diluted EPS | $7.28 | $6.94 |
| Dividend / share | $2.68 | $2.78 |
| Payout ratio | 36.3% | 39.8% |
| Free cash flow | $1.9B | $1.2B |
| Equity | $9.8B | $7.9B |
| Net debt / equity | 0.78× | 0.65× |
| Current ratio | 1.08× | 1.62× |
| Revenue CAGR 5y | 6.4% | 2.8% |
| Profit CAGR 5y | · | 8.3% |
ECL and PPG book revenue within 15% of each other, and keeps more of each dollar of revenue as profit (13.0% against 10.0%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | ECL | PPG |
|---|---|---|
| FY2025 | $16.1B | $15.9B |
| FY2024 | $15.7B | $15.8B |
| FY2023 | $15.3B | $16.2B |
| FY2022 | $14.2B | $15.6B |
| FY2021 | $12.7B | $16.8B |
| FY2020 | $11.8B | $13.8B |
| FY2019 | $12.6B | $15.1B |
| FY2018 | $12.2B | $15.4B |
| FY2017 | $13.8B | $14.7B |
| FY2016 | $13.2B | $14.3B |
Bottom line
| Fiscal year | ECL | PPG |
|---|---|---|
| FY2025 | $2.1B | $1.6B |
| FY2024 | $2.1B | $1.1B |
| FY2023 | $1.4B | $1.3B |
| FY2022 | $1.1B | $1.0B |
| FY2021 | $1.1B | $1.4B |
| FY2020 | $-1.2B | $1.1B |
| FY2019 | $1.6B | $1.2B |
| FY2018 | $1.4B | $1.3B |
| FY2017 | $1.5B | $1.6B |
| FY2016 | $1.2B | $873.0M |
19 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$206,200,000 | ECL |
| FY2024 | −$103,600,000 | PPG |
| FY2023 | −$921,800,000 | PPG |
| FY2022 | −$1,426,200,000 | PPG |
| FY2021 | −$4,068,900,000 | PPG |
| FY2020 | −$2,043,800,000 | PPG |
| FY2019 | −$2,584,000,000 | PPG |
| FY2018 | −$3,151,900,000 | PPG |
| FY2017 | −$912,100,000 | PPG |
| FY2016 | −$1,118,200,000 | PPG |
| FY2015 | −$695,900,000 | PPG |
| FY2014 | −$510,500,000 | PPG |
| FY2013 | −$1,011,600,000 | PPG |
| FY2012 | −$847,300,000 | PPG |
| FY2011 | −$6,354,500,000 | PPG |
| FY2010 | −$7,333,300,000 | PPG |
| FY2009 | −$6,338,400,000 | PPG |
| FY2008 | −$9,711,500,000 | PPG |
| FY2007 | −$6,750,400,000 | PPG |
The higher-revenue side has changed between ECL and PPG over this period. The gap has narrowed since the earliest year compared.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
19 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +3.0 pp | ECL |
| FY2024 | +6.3 pp | ECL |
| FY2023 | +1.0 pp | ECL |
| FY2022 | +1.1 pp | ECL |
| FY2021 | +0.3 pp | ECL |
| FY2020 | −17.8 pp | PPG |
| FY2019 | +4.2 pp | ECL |
| FY2018 | +3.0 pp | ECL |
| FY2017 | +0.0 pp | ECL |
| FY2016 | +3.2 pp | ECL |
| FY2015 | −2.5 pp | PPG |
| FY2014 | −6.0 pp | PPG |
| FY2013 | −16.2 pp | PPG |
| FY2012 | −2.5 pp | PPG |
| FY2011 | −2.4 pp | PPG |
| FY2010 | +2.2 pp | ECL |
| FY2009 | +3.6 pp | ECL |
| FY2008 | +3.4 pp | ECL |
| FY2007 | +0.4 pp | ECL |
The higher net margin has changed hands between ECL and PPG over this period.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
ECL's net margin has been more volatile than PPG's over the 19 comparable fiscal years — 4.8 percentage points of standard deviation against 4.2.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between ECL and PPG over these 19 fiscal years — ECL led in 13 and PPG in 6.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
PPG's return on equity has been more volatile than ECL's over the 19 comparable fiscal years — 13.2 percentage points of standard deviation against 8.8.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between ECL and PPG over these 19 fiscal years — ECL led in 8 and PPG in 11.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.