Surcharge pass-through
Forward multiple

Ecolab surcharge pass-through to EPS to multiple costs energy + product surcharge pass-through op. margin toward ~19% adjusted EPS guidance growth forward multiple 32.5x toward 37x 15% target engine + multiple on EPS miss volume pullback multiple compresses downside

engine: cost pass-through → margin → adjusted EPS · valuation: EPS × forward multiple → target · failure: surcharge lag / volume pullback