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Side-by-side financial comparison of Ecolab (ECL) and Fresenius Medical Care AG (FMS). Click either name above to swap in a different company.
Fresenius Medical Care AG is the larger business by last-quarter revenue ($5.5B vs $4.1B, roughly 1.3× Ecolab). Ecolab runs the higher net margin — 10.6% vs 7.9%, a 2.7% gap on every dollar of revenue. On growth, Ecolab posted the faster year-over-year revenue change (10.0% vs -0.3%).
Ecolab Inc., headquartered in Saint Paul, Minnesota, provides products related to water treatment, sanitation, and hygiene, primarily to commercial and industrial customers.
Fresenius Medical Care AG & Co. KGaA is a German healthcare company which provides kidney dialysis services through a network of 4,171 outpatient dialysis centers, serving 345,425 patients. The company primarily treats end-stage renal disease (ESRD), which requires patients to undergo dialysis 3 times per week for the rest of their lives.
ECL vs FMS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.1B | $5.5B |
| Net Profit | $432.6M | $434.2M |
| Gross Margin | — | 27.4% |
| Operating Margin | 15.3% | 11.7% |
| Net Margin | 10.6% | 7.9% |
| Revenue YoY | 10.0% | -0.3% |
| Net Profit YoY | 1.3% | 240.4% |
| EPS (diluted) | $1.52 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q2 26 | $4.1B | — | ||
| Q4 25 | $4.2B | $5.5B | ||
| Q3 25 | $4.2B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $3.7B | — | ||
| Q4 24 | $4.0B | $5.5B | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $4.0B | — |
| Q2 26 | $432.6M | — | ||
| Q4 25 | $563.9M | $434.2M | ||
| Q3 25 | $585.0M | — | ||
| Q2 25 | $524.2M | — | ||
| Q1 25 | $402.5M | — | ||
| Q4 24 | $472.9M | $127.6M | ||
| Q3 24 | $736.5M | — | ||
| Q2 24 | $490.9M | — |
| Q2 26 | — | — | ||
| Q4 25 | 44.0% | 27.4% | ||
| Q3 25 | 44.8% | — | ||
| Q2 25 | 44.8% | — | ||
| Q1 25 | 44.2% | — | ||
| Q4 24 | 43.3% | 25.0% | ||
| Q3 24 | 43.4% | — | ||
| Q2 24 | 43.8% | — |
| Q2 26 | 15.3% | — | ||
| Q4 25 | 17.0% | 11.7% | ||
| Q3 25 | 18.3% | — | ||
| Q2 25 | 17.6% | — | ||
| Q1 25 | 15.0% | — | ||
| Q4 24 | 14.6% | 5.1% | ||
| Q3 24 | 26.1% | — | ||
| Q2 24 | 16.5% | — |
| Q2 26 | 10.6% | — | ||
| Q4 25 | 13.4% | 7.9% | ||
| Q3 25 | 14.0% | — | ||
| Q2 25 | 13.0% | — | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 11.8% | 2.3% | ||
| Q3 24 | 18.4% | — | ||
| Q2 24 | 12.3% | — |
| Q2 26 | $1.52 | — | ||
| Q4 25 | $1.98 | — | ||
| Q3 25 | $2.05 | — | ||
| Q2 25 | $1.84 | — | ||
| Q1 25 | $1.41 | — | ||
| Q4 24 | $1.65 | — | ||
| Q3 24 | $2.58 | — | ||
| Q2 24 | $1.71 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $519.8K | $1.7B |
| Total DebtLower is stronger | $8.5M | — |
| Stockholders' EquityBook value | $10.0M | $15.4B |
| Total Assets | $25.0M | $33.5B |
| Debt / EquityLower = less leverage | 0.85× | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | $519.8K | — | ||
| Q4 25 | $646.2M | $1.7B | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $384.0M | — |
| Q2 26 | $8.5M | — | ||
| Q4 25 | $7.4B | — | ||
| Q3 25 | $8.1B | — | ||
| Q2 25 | $7.5B | — | ||
| Q1 25 | $7.0B | — | ||
| Q4 24 | $6.9B | — | ||
| Q3 24 | $7.0B | — | ||
| Q2 24 | $7.5B | — |
| Q2 26 | $10.0M | — | ||
| Q4 25 | $9.8B | $15.4B | ||
| Q3 25 | $9.7B | — | ||
| Q2 25 | $9.3B | — | ||
| Q1 25 | $8.9B | — | ||
| Q4 24 | $8.8B | $17.0B | ||
| Q3 24 | $8.5B | — | ||
| Q2 24 | $8.3B | — |
| Q2 26 | $25.0M | — | ||
| Q4 25 | $24.7B | $33.5B | ||
| Q3 25 | $23.9B | — | ||
| Q2 25 | $23.7B | — | ||
| Q1 25 | $22.4B | — | ||
| Q4 24 | $22.4B | $36.3B | ||
| Q3 24 | $22.1B | — | ||
| Q2 24 | $21.5B | — |
| Q2 26 | 0.85× | — | ||
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.83× | — | ||
| Q2 25 | 0.81× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 0.79× | — | ||
| Q3 24 | 0.82× | — | ||
| Q2 24 | 0.91× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $2.9B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 6.67× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | — | — | ||
| Q4 25 | $1.1B | $2.9B | ||
| Q3 25 | $791.3M | — | ||
| Q2 25 | $701.8M | — | ||
| Q1 25 | $369.4M | — | ||
| Q4 24 | $766.7M | $2.6B | ||
| Q3 24 | $786.7M | — | ||
| Q2 24 | $611.1M | — |
| Q2 26 | — | — | ||
| Q4 25 | $758.0M | — | ||
| Q3 25 | $529.7M | — | ||
| Q2 25 | $485.1M | — | ||
| Q1 25 | $131.5M | — | ||
| Q4 24 | $407.0M | — | ||
| Q3 24 | $550.3M | — | ||
| Q2 24 | $414.2M | — |
| Q2 26 | — | — | ||
| Q4 25 | 18.1% | — | ||
| Q3 25 | 12.7% | — | ||
| Q2 25 | 12.1% | — | ||
| Q1 25 | 3.6% | — | ||
| Q4 24 | 10.2% | — | ||
| Q3 24 | 13.8% | — | ||
| Q2 24 | 10.4% | — |
| Q2 26 | — | — | ||
| Q4 25 | 7.9% | — | ||
| Q3 25 | 6.3% | — | ||
| Q2 25 | 5.4% | — | ||
| Q1 25 | 6.4% | — | ||
| Q4 24 | 9.0% | — | ||
| Q3 24 | 5.9% | — | ||
| Q2 24 | 4.9% | — |
| Q2 26 | — | — | ||
| Q4 25 | 1.93× | 6.67× | ||
| Q3 25 | 1.35× | — | ||
| Q2 25 | 1.34× | — | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | 1.62× | 20.20× | ||
| Q3 24 | 1.07× | — | ||
| Q2 24 | 1.24× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ECL
| Product and equipment sales | $3.2B | 78% |
| Service and lease sales | $891.5M | 22% |
FMS
Segment breakdown not available.
