Ecolab Inc (ECL) is overvalued and PPG Industries Inc (PPG) is slightly overvalued.
Both trade above our estimate of their intrinsic value. PPG is the closer of the two: -16%, against -131% for ECL.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.2% (average of 3 methods) values the shares at $119.68; the price of $276.22 is 131% above that value, and 75% of that value comes from beyond year five.
Leak Score 52/100 on 10 of 12 signals
Discounting its cash flows at 9.0% (average of 3 methods) values the shares at $92.86; the price of $107.77 is 16% above that value, and 76% of that value comes from beyond year five.
Leak Score 53/100 on 9 of 12 signals
| Metric | ECL | PPG |
|---|---|---|
| Verdict | Overvalued | Slightly overvalued |
| Price | $276.22 | $107.77 |
| Intrinsic value | $119.68 | $92.86 |
| Margin of safety | -131% | -16% |
| Leak Score | 52/100 (10/12) | 53/100 (9/12) |
| Market cap | $77.4B | $24.0B |
| Revenue growth, 5 years | 6.4% | 2.8% |
| Operating margin | 18.2% | 13.2% |
| Net margin | 12.6% | 9.5% |
| Return on equity | 21.9% | 19.6% |
| Debt to equity | 1.38 | 0.88 |
| P/E | 37.1x | 15.5x |
| Forward P/E | 29.4x | 12.5x |
| P/B | 7.7x | 2.8x |
| Dividend yield | 1.1% | 2.7% |