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PPG Industries

PPG NYSE Specialty Chemicals Financials FY2016–FY2025

PPG Industries' revenue rose 0.2% to $15.9 billion in fiscal 2025. Its net margin was 9.9%, up from 7.0% a year earlier. Free cash flow was $1.2 billion, up 66.4%. It paid out $1.4 billion in dividends and buybacks, 122% of free cash flow. The diluted share count fell 3.3%.

Last close · Oct 23, 2026

$110.61

2.2%
Value it Compare
Revenue Total sales reported in the income statement.
$15.9B
0.2% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$1.6B
41.2%
Free cash flow Cash from operations minus capital spending.
$1.2B
66.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
14.4%
1.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$24.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.8x
On $7.02 EPS (TTM)

What PPG Industries does

PPG makes paints, coatings and specialty products and sells them in more than 50 countries. Its customers range from car makers, aircraft and ship builders and packaging producers to painting contractors and home owners who buy paint for decoration and upkeep. Products also include adhesives, sealants and pavement marking materials.

It reports three segments. Global Architectural Coatings sells paints, stains and related products for buildings through its own stores, home centers, dealers and distributors. Performance Coatings serves aerospace, car repair shops, protective and marine uses and road markings. Industrial Coatings sells directly to factories, including car makers, appliance and equipment producers and packaging makers, and also makes specialty products such as Teslin label material and optical lens materials. PPG says it competes with the world's largest coatings companies, including Akzo Nobel, Nippon Paint and Sherwin-Williams, and with many regional makers.

Raw materials such as resins, solvents and titanium dioxide are its largest production cost. PPG had about 43,500 employees at the end of 2025, and it has set aside $206 million for environmental cleanup at current and former sites.

Legal name
PPG INDUSTRIES INC
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 19, 2026
Accession · CIK
0000079879-26-000046
0000079879

Revenue and margins

PPG Industries had $15.9B of revenue in fiscal 2025, up 0.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 8.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.2B in fiscal 2025, 7.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

PPG Industries returned $1.4B to shareholders in fiscal 2025, 122% of free cash flow. The diluted share count fell 3.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value PPG Industries yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$5.1B and divides by 227.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 15.8x · peers 38.7x · sector 20.6x.

Balance sheet

Cash, debt and the ratios that show how comfortably PPG Industries can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.1B$1.2B$1.6B$1.4B$2.2B
Debt incl. finance leases $6.6B$6.8B$6.1B$5.8B$7.3B
Net debt / EBITDA 2.0x2.2x1.4x1.7x1.8x
Debt / equity 1.1x1.0x0.8x0.9x0.9x
Interest coverage 17.9x12.2x10.8x8.7x9.5x
Current ratio 1.4x1.5x1.5x1.3x1.6x
Quick ratio 1.0x1.0x1.1x0.9x1.2x
Total assets $21.4B$20.7B$21.6B$19.4B$22.1B
Total liabilities $14.9B$14.0B$13.6B$12.5B$14.0B
Shareholders' equity $6.3B$6.6B$7.8B$6.8B$7.9B
Net debt (− = net cash) $5.5B$5.7B$4.5B$4.5B$5.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

1 insider

Sold, 12 months

$15.2M

3 insiders

Of sales under plans

28%

$4.3M

DateInsiderTradeSharesPriceValueFiling
Sep 11, 2026 Juliane M. HefelSr. VP, Ind Coatings & Sp Prod Bought 13 $105.31 $0.0M Form 4
Jun 12, 2026 Juliane M. HefelSr. VP, Ind Coatings & Sp Prod Bought 12 $116.45 $0.0M Form 4
Feb 20, 2026 Anne M. FoulkesSr. VP, Legal & Spl. Projects Sold 3,594 $124.61 $0.4M Form 4
Feb 13, 2026 Vincent J MoralesSenior VP & CFO Sold 78,095 $131.00 $10.2M Form 4
Feb 4, 2026 Vincent J MoralesSenior VP & CFO Sold plan 29,672 $125.00 $3.7M Form 4
Jan 29, 2026 Chancey E. HagertySr. VP, Auto. Refinish Ctgs. Sold 2,250 $115.59 $0.3M Form 4
Jan 15, 2026 Vincent J MoralesSenior VP & CFO Sold plan 5,200 $110.00 $0.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✓
F-score 8 / 96 / 97 / 9
Accruals ratio −5.4%−1.5%−1.8%
Altman Z'' 5.415.525.60

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
PPG Industries PPG $24.8B 0.2% — 7.3% 14.4% 15.8x 7
Ecolab ECL $81.4B 2.2% 17.0% 11.8% 13.8% 38.7x 5 Compare →
Westlake WLK $8.3B −8.0% −14.1% −4.7% −10.0% — 3 Compare →
International Flavors & Fragrances IFF $24.2B −5.2% −3.5% 2.4% −1.4% 82.6x 6 Compare →
Sherwin-Williams SHW $82.9B 2.1% — 11.3% 19.9% 31.1x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $14.3B $14.7B $15.4B $15.1B $13.8B $16.8B $15.6B $16.2B $15.8B $15.9B
Gross profit — $6.5B $6.4B $6.5B $6.1B $6.5B $5.6B $6.6B $6.6B $6.6B
Research and development $473M $472M $464M $456M $401M $463M $457M $446M $447M $446M
Operating income $2.4B $2.3B $2.1B $2.3B $2.1B $2.2B $2.0B $2.7B — —
Interest expense $125M $105M $118M $132M $138M $121M $167M $247M $241M $241M
Pretax income $779M $2.0B $1.7B $1.7B $1.4B $1.8B $1.4B $1.7B $1.9B $2.0B
Income tax $214M $615M $353M $392M $291M $374M $320M $428M $475M $458M
Net income $873M $1.6B $1.3B $1.2B $1.1B $1.4B $1.0B $1.3B $1.1B $1.6B
Diluted EPS $3.27 $6.18 $5.47 $5.22 $4.45 $6.01 $4.32 $5.35 $4.75 $6.94
Diluted shares 0.27B 0.26B 0.25B 0.24B 0.24B 0.24B 0.24B 0.24B 0.23B 0.23B
Cash flow
Cash from operations $1.4B $1.6B $1.5B $2.1B $2.1B $1.6B $963M $2.4B $1.4B $1.9B
Capital expenditure $380M $360M $411M $413M $304M $371M $486M $516M $721M $778M
Free cash flow $971M $1.2B $1.1B $1.7B $1.8B $1.2B $477M $1.9B $699M $1.2B
Depreciation and amortization $440M $460M $497M $511M $509M $561M $502M $514M $492M $528M
Stock-based compensation $45.0M $35.0M $37.0M $39.0M $44.0M $57.0M $34.0M $56.0M $42.0M $46.0M
Acquisitions $349M $225M $378M $643M $1.2B $2.1B $114M $109M $31.0M $1.0M
Share buybacks $1.1B $813M $1.7B $325M $0.0M $210M $190M $86.0M $752M $790M
Dividends paid $414M $434M $453M $468M $496M $536M $570M $598M $622M $628M
Dividends and buybacks $1.5B $1.2B $2.2B $793M $496M $746M $760M $684M $1.4B $1.4B
Balance sheet
Cash and short-term investments $1.9B $1.5B $963M $1.3B $1.9B $1.1B $1.2B $1.6B $1.4B $2.2B
Total debt $4.4B $4.1B $5.0B $5.0B $5.7B $6.6B $6.8B $6.0B $5.8B $7.3B
Finance lease liabilities $0.0M $0.0M $0.0M $11.0M $12.0M $10.0M $10.0M $8.0M $7.0M $7.0M
Current assets $6.6B $6.5B $6.0B $6.2B $6.8B $6.8B $7.2B $7.4B $6.6B $8.0B
Current liabilities $4.3B $3.9B $4.4B $4.4B $4.8B $4.8B $4.7B $5.1B $5.0B $4.9B
Inventory $1.5B $1.7B $1.8B $1.7B $1.7B $2.2B $2.3B $1.9B $1.8B $2.0B
Property and equipment, net $2.6B $2.8B $2.8B $3.0B $3.1B $3.4B $3.3B $3.5B $3.5B $4.0B
Total assets $15.8B $16.5B $16.0B $17.7B $19.6B $21.4B $20.7B $21.6B $19.4B $22.1B
Total liabilities $10.9B $10.9B $11.3B $12.3B $13.7B $14.9B $14.0B $13.6B $12.5B $14.0B
Shareholders' equity $4.8B $5.6B $4.6B $5.3B $5.7B $6.3B $6.6B $7.8B $6.8B $7.9B
Margins
Gross margin — 44.3% 41.5% 42.9% 43.8% 38.8% 36.1% 40.4% 41.6% 41.3%
Operating margin 16.7% 15.5% 13.8% 15.0% 15.3% 12.9% 13.1% 16.5% — —
EBITDA margin 19.8% 18.7% 17.0% 18.4% 18.9% 16.3% 16.3% 19.6% 16.3% 17.7%
Net margin 6.1% 10.8% 8.7% 8.2% 7.7% 8.6% 6.6% 7.8% 7.0% 9.9%
FCF margin 6.8% 8.2% 6.9% 11.0% 13.2% 7.1% 3.1% 11.7% 4.4% 7.3%
Returns
Return on capital 22.5% 20.2% 19.6% 19.3% 17.6% 16.0% 12.8% 16.1% 13.0% 14.4%
Return on capital employed 19.9% 19.0% 17.4% 18.2% 15.0% 13.9% 12.5% 16.4% 13.5% 14.5%
Return on equity 17.8% 30.7% 26.3% 25.1% 19.3% 24.0% 15.9% 17.6% 15.3% 21.4%
Return on assets 5.3% 9.9% 8.2% 7.4% 5.7% 7.0% 4.9% 6.0% 5.4% 7.6%
Growth
Revenue growth 0.2% 3.4% 4.2% −1.5% −8.7% 21.5% −7.1% 4.0% −2.4% 0.2%
Net income growth −37.9% 82.6% −15.9% −7.3% −14.8% 35.9% −28.7% 23.8% −12.1% 41.2%
EPS growth −36.4% 89.0% −11.5% −4.6% −14.8% 35.1% −28.1% 23.8% −11.2% 46.1%
FCF growth −33.7% 24.4% −12.6% 57.9% 9.5% −34.8% −60.0% 297.3% −63.1% 66.4%
Share count change −2.3% −3.6% −4.8% −2.9% −0.1% 0.6% −0.9% −0.0% −1.0% −3.3%
Financial health
Net debt / EBITDA 0.9x 1.0x 1.6x 1.4x 1.5x 2.0x 2.2x 1.4x 1.7x 1.8x
Debt / equity 0.9x 0.7x 1.1x 1.0x 1.0x 1.1x 1.0x 0.8x 0.9x 0.9x
Interest coverage 19.1x 21.8x 18.0x 17.2x 15.3x 17.9x 12.2x 10.8x 8.7x 9.5x
Current ratio 1.6x 1.7x 1.4x 1.4x 1.4x 1.4x 1.5x 1.5x 1.3x 1.6x
Quick ratio 1.2x 1.2x 1.0x 1.0x 1.1x 1.0x 1.0x 1.1x 0.9x 1.2x
Capital allocation
Capex / revenue 2.7% 2.4% 2.7% 2.7% 2.2% 2.2% 3.1% 3.2% 4.6% 4.9%
Stock comp / revenue 0.3% 0.2% 0.2% 0.3% 0.3% 0.3% 0.2% 0.3% 0.3% 0.3%
Payouts / FCF 150.8% 103.2% 205.9% 47.6% 27.2% 62.6% 159.3% 36.1% 196.6% 121.9%
Quality scores
Piotroski F-score 6.0 7.0 4.0 8.0 5.0 6.0 4.0 8.0 6.0 7.0
Altman Z'' 5.8 5.9 5.7 5.5 5.1 4.9 5.2 5.4 5.5 5.6
Accruals ratio −2.9% 0.2% −0.8% −5.0% −5.8% −0.6% 0.3% −5.4% −1.5% −1.8%

Source: SEC EDGAR XBRL filings (CIK 0000079879). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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