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PPG Industries, Inc.

PPG Basic Materials Specialty Chemicals

PPG Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $15.9 billion, roughly unchanged from fiscal 2024.

Revenue
+6.64%
EPS
+1.00%
Free cash flow
−23.6%
Total debt
−6.47%

Quarter to September 2026, against a year earlier

123.65 3.62 −2.84%
Market cap
$27.2B
P/E
17.6×
Fwd P/E
16.2×
Dividend yield
2.32%
F-score
6/9
Altman Z
3.65
Beneish M
−2.47
Dividend safety
79/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Industrial Coatings
  • Performance Coatings
  • Global Architectural Coatings

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.00
Sold, $m 15.54
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — 1 — — 1 — —
Sell — 2 3 — — — — — — — — 1
Insider Ownership 0.69%

Capital & Financial Ratios $m

Size
Market Cap 27,230.00
Revenue ttm 16,692.00
Net income ttm 1,590.00
Free cash flow ttm 1,280.00
Net debt Q 5,199.00
Valuation
P/E 17.56
Forward P/E 16.20
Price / sales 1.65
Forward P/S Powerpack
Price / FCF 21.46
Price / book 3.18
Financial health
Current ratio Q 1.58 (at or above 1.5: strong)
Debt / equity Q 0.79
Interest coverage Q 9.67
Growth
Revenue growth Q +6.64% (above 0%: growing)
Operating income growth Q +10.20% (above 0%: growing)
EPS, this year +5.54%
EPS, next year A +7.90%
Revenue, next year A +5.95%
EPS, past 5 yrs +9.29%
EPS, next 5 yrs A +7.52%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.0×, against a ten-year median of 2.1×; over the ten years it ranged from 1.6× in 2020 to 3.3× in 2021.
P/E against its own 10 years 13.38%
10-year low 10-year high
P/S against its own 10 years 19.69%
10-year low 10-year high
P/B against its own 10 years 9.50%
10-year low 10-year high
EV/Sales against its own 10 years 21.31%
10-year low 10-year high
EV/FCF against its own 10 years 50.79%
10-year low 10-year high

Dividends raised every year since 2018

Yield
2.32%
Annual rate
2.87
Payout ratio
41.0%
Growth, 2018–26
+5.71%/yr
  1. 1.86 ’18
  2. 1.98 ’19 +6
  3. 2.10 ’20 +6
  4. 2.26 ’21 +8
  5. 2.42 ’22 +7
  6. 2.54 ’23 +5
  7. 2.66 ’24 +5
  8. 2.78 ’25 +5
  9. 2.90 ’26 +4
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,568 1,358 2,219 1,642
Receivables 3,007 2,985 3,336 3,857
Inventory 1,934 1,846 1,996 2,236
Other 922 368 408 507
7,431 6,557 7,959 8,242
2023 2024 2025 Q'26
Payables 4,161 3,731 3,957 4,339
ST’ Debt 306 939 706 686
Other 459 218 99 69
5,054 5,014 4,900 5,221

Compound Annual Growth %

10y 5y 3y
Sales 1.09% 2.79% 0.55%
Cash Flow 0.24% (1.84%) 26.32%
Earnings 1.15% 8.28% 15.38%
Book Value 4.79% 6.85% 6.47%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.13 Actual 2.25

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.57 1.51 Miss by 0.06
Q1 FY26 1.83 1.83 Met by 0.00
Q2 FY26 2.26 2.23 Miss by 0.03
Q3 FY26 2.13 2.25 Beat by 0.12
Q4 FY26 1.70 — Reports 26 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.70 1.95 2.02 — —
’25 1.63 1.98 2.00 1.33 6.94
’24 1.69 2.24 2.00 (1.20) 4.75
’23 1.11 2.06 1.79 0.38 5.35
’22 0.08 1.85 1.39 1.01 4.32
’21 1.58 1.80 1.43 1.20 6.01
’20 1.02 0.43 1.86 1.14 4.45
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,930 4,495 4,353 — —
’25 3,684 4,195 4,082 3,914 15,875
’24 3,849 4,235 4,032 3,729 15,845
’23 4,380 4,872 4,644 2,346 16,242
’22 4,308 4,691 4,468 2,147 15,614
’21 3,881 4,359 4,372 4,190 16,802
’20 3,377 3,015 3,685 3,757 13,834
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 33 559 566 — —
’25 (18) 387 685 887 1,941
’24 (60) 365 769 346 1,420
’23 85 536 892 898 2,411
’22 (304) 168 512 587 963
’21 (23) 604 525 456 1,562
’20 (159) 481 842 966 2,130
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (163) 446 411 — —
’25 (227) 266 538 586 1,163
’24 (312) 250 623 138 699
’23 (35) 414 778 738 1,895
’22 (498) 214 408 353 477
’21 (103) 542 447 352 1,238
’20 (196) 426 764 832 1,826
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 9.5% a year for ten years. It grew −3.0% a year over the last ten.

Implied
9.5%
10 years, reported
−3.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 14,270 14,748 15,374 15,146 13,834 16,802 15,614 16,242 15,845 15,875 16,692 +1.2% 16,819 17,327 17,805 +3.9%
Gross margin, % 46.29 44.34 41.45 42.87 43.78 38.78 36.12 40.41 41.61 41.32 40.89 (5.0) pt
EBT 779 2,005 1,693 1,661 1,362 1,815 1,355 1,690 1,852 2,045 2,106 +11.3%
EBT margin, % 5.46 13.60 11.01 10.97 9.85 10.80 8.68 10.41 11.69 12.88 12.62 +7.4 pt
Net income 895 1,615 1,358 1,269 1,071 1,441 1,054 1,309 1,149 1,592 1,590 +6.6%
Per share, $
Per share, $ Revenue 53.73 57.59 63.03 63.93 58.42 70.72 66.13 68.82 67.77 70.15 75.12 +3.0%
Earnings 3.30 6.36 5.50 5.25 4.47 6.06 4.35 5.38 4.77 6.96 7.04 +8.6%
Cash flow 5.09 6.12 6.01 8.78 8.99 6.57 4.08 10.22 6.07 8.58 9.20 +6.0%
Capex (1.43) (1.41) (1.69) (1.74) (1.28) (1.36) (2.06) (2.19) (3.08) (3.44) (3.44) +10.2%
Free cash flow 3.66 4.72 4.33 7.04 7.71 5.21 2.02 8.03 2.99 5.14 5.76 +3.9%
Book value 18.51 22.15 19.40 22.81 24.56 26.98 28.42 34.00 29.78 35.78 38.83 +7.6%
Shares, m 266 256 244 237 237 238 236 236 234 226 224 (1.8%)
Valuation, ×
Valuation, × P/E 28.86 18.55 18.39 25.43 32.19 28.50 29.09 27.38 25.09 14.70 17.56 24.8
P/S 1.77 2.05 1.62 2.09 2.47 2.44 1.92 2.14 1.76 1.46 1.65 2.0
P/B 5.15 5.33 5.27 5.85 5.87 6.39 4.46 4.33 4.01 2.86 3.18 5.0
EV/Sales 1.95 2.23 1.89 2.34 2.75 2.77 2.28 2.42 2.04 1.78 1.96 2.2
EV/FCF 28.68 27.21 27.45 21.24 20.80 37.55 74.65 20.71 46.33 24.31 25.53 32.9
Cash, $m
Cash, $m Operating cash flow 1,351 1,568 1,467 2,080 2,130 1,562 963 2,411 1,420 1,941 2,045 +4.1%
Capex (380) (360) (411) (413) (304) (324) (486) (516) (721) (778) (765) +8.3%
Free cash flow 971 1,208 1,056 1,667 1,826 1,238 477 1,895 699 1,163 1,280 +2.0%
Balance, $m
Balance, $m Working capital 2,321 2,582 1,588 1,795 1,967 2,008 2,452 2,377 1,543 3,059 3,021 +3.1%
Net debt 2,553 2,655 4,053 3,779 3,827 5,509 5,662 4,486 4,457 5,089 5,199 +8.0%
Shareholders’ equity 4,915 5,672 4,732 5,403 5,815 6,411 6,709 8,023 6,962 8,097 8,629 +5.7%
Returns, %
Returns, % ROA 5.32 9.87 8.24 7.37 5.68 7.04 4.87 5.99 5.43 7.59 7.02 +2.3 pt
ROIC 16.45 15.57 12.78 12.05 10.41 9.10 8.25 11.13 11.24 10.25 10.18 (6.2) pt
ROE 17.49 30.11 25.78 24.53 18.88 23.54 15.64 17.24 14.89 20.93 18.93 +3.4 pt
People
People Employees 47,000 28,200 47,300 47,600 26,400 27,500 52,000 53,000 46,000 43,500 — (0.9%)
Revenue/emp, $m 0.30 0.52 0.33 0.32 0.52 0.61 0.30 0.31 0.34 0.36 — +2.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

PPG Industries manufactures and distributes paints, coatings and specialty products. Its coatings protect or decorate surfaces ranging from houses and cars to aircraft, ships and metal packaging. The company also sells adhesives, sealants, pavement-marking products and materials used in optical lenses and displays.

PPG was founded in 1883 and is headquartered in Pittsburgh. Timothy M. Knavish is its chairman and chief executive officer. The company markets and sells in more than 50 countries.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Industrial Coatings 6,524 41.10%
Performance Coatings 5,513 34.73%
Global Architectural Coatings 3,838 24.18%
Gross margin 41.32%
Operating margin 13.63%
Pre-tax margin 12.88%

Revenue by segment since 2009

PPG Industries, Inc. vs peers in Specialty Chemicals (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
APD Air Products and Chemicals, Inc. $68.9B — (loss-making) 93.9× +4.58% (above 0%: growing) n/m +180.09% (above 0%: growing) 32.77% (66.34%) Compare
PPG PPG Industries, Inc. $27.2B 17.6× 16.2× +6.64% (above 0%: growing) +1.00% (above 0%: growing) −23.61% (below 0%: shrinking) 40.52% 14.89%
IFF International Flavors & Fragrances Inc. $21.6B 121× 60.3× +3.91% (above 0%: growing) n/m −123.33% (below 0%: shrinking) 42.48% 8.24% Compare
LYB LyondellBasell Industries N.V. $19.9B 15.6× 9.2× +9.99% (above 0%: growing) n/m +144.89% (above 0%: growing) 17.60% 12.55% Compare
DD DuPont de Nemours, Inc. $19.2B 64.2× 26.3× +4.07% (above 0%: growing) n/m +36.69% (above 0%: growing) 35.71% 16.81% Compare
RPM RPM International Inc. $13.5B 19.5× 17.3× +4.82% (above 0%: growing) +13.48% (above 0%: growing) +33.14% (above 0%: growing) 41.25% 15.99% Compare
ALB Albemarle Corporation $11.6B 22.6× 9.9× +18.75% (above 0%: growing) n/m +708.43% (above 0%: growing) 19.36% 9.54% Compare
SSL Sasol Ltd. $9.6B 3.3× 5.5× −5.20% (below 0%: shrinking) +20.86% (above 0%: growing) +6,912.65% (above 0%: growing) 31.35% 0.00% Compare
SOLS Solstice Advanced Materials Inc. $8.8B 26.5× 20.5× +7.95% (above 0%: growing) −11.11% (below 0%: shrinking) +276.34% (above 0%: growing) 32.98% 15.68% Compare
Median of peers $16.3B 22.6× 18.9× +4.70% +13.48% +162.49% 32.88% 11.04%

All 61 Specialty Chemicals stocks →

From the latest earnings call

Updated

  • CEO Tim Knavish said pricing actions fully offset companywide cost-of-goods-sold inflation, although index-based contracts delayed the benefit in Industrial Coatings.
  • Knavish said automotive refinish destocking was behind PPG, while aerospace demand supported capacity investments and a backlog near $300 million.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 92.89%
Held by the ten largest 54.40%
Holder Shares Stake Change
Vanguard 29.72m 13.33% +45.80k
BlackRock 23.55m 10.57% −473.31k
State Street 13.87m 6.22% +1.12m
First Eagle Investment Management, LLC 13.02m 5.84% +6.58m
Wellington Management 8.61m 3.86% −1.76m
Franklin Templeton 7.91m 3.55% +299.27k
PZENA INVESTMENT MANAGEMENT LLC 7.69m 3.45% +344.54k
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 6.33m 2.84% +171.70k
Geode Capital Management 6.08m 2.73% +38.57k
JPMorgan Chase 4.46m 2.00% −161.52k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 5 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 14.89m 6.64m 78.00
2024 11.72m 3.69m 98.00
2023 12.47m 15.22m 120.00
2022 8.87m 238.66k 99.00
2021 13.20m 22.57m 133.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

PPG Industries, Inc. (PPG) Latest News

29 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Business Wire

28 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks
Impact 4 · · Moby transcript
Impact 3 · · Associated Press earnings

27 Oct

Impact 4 · · Business Wire earnings
Impact 3 · · Zacks
Impact 3 · · Zacks

21 Oct

Impact 4 · · Zacks

15 Oct

Impact 3 · · Business Wire

14 Oct

Impact 4 · · TipRanks
Impact 3 · · Trefis

11 Oct

Impact 3 · · Insider Monkey

9 Oct

Impact 4 · · Trefis
Impact 4 · · Zacks

8 Oct

Impact 4 · · Zacks

7 Oct

Impact 4 · · Business Wire
Impact 3 · · Barchart

5 Oct

Impact 3 · · Zacks

24 Sep

Impact 3 · · Simply Wall St.

23 Sep

Impact 3 · · Business Wire

22 Sep

Impact 3 · · Insider Monkey

21 Sep

Impact 3 ·

1 Sep

Impact 3 ·

31 Aug

Impact 3 ·

7 Aug

Impact 3 ·

30 Jul

Impact 3 · · MarketBeat

29 Jul

Impact 3 ·
Impact 3 ·

PPG metrics, ten years each

stockrow.com/PPG · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com