PPG Industries vs Sherwin-Williams
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The short version
- Sherwin-Williams is the larger business, with $23.6B of revenue in fiscal 2025 against $15.9B for PPG Industries.
- Sherwin-Williams grew revenue faster (2.1%, against 0.2%).
- Sherwin-Williams turned more of its sales into free cash flow (11.3% FCF margin, against 7.3%).
- Sherwin-Williams earned a higher return on the capital invested in it (19.9%, against 14.4%).
- Investors pay more for each dollar of Sherwin-Williams’s earnings: a P/E of 31.1x against 15.8x for PPG Industries.
| Latest fiscal year | PPG · FY25 | SHW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.8B | $82.9B |
| Revenue | $15.9B | $23.6B |
| Free cash flow | $1.2B | $2.7B |
| Net income | $1.6B | $2.6B |
| Growth | ||
| Revenue growth | 0.2% | 2.1% |
| 5-year growth | 2.8% | 5.1% |
| Share count change | −3.3% | −1.5% |
| Profitability | ||
| Gross margin | 41.3% | 48.9% |
| Operating margin | — | — |
| Net margin | 9.9% | 10.9% |
| FCF margin | 7.3% | 11.3% |
| Return on capital | 14.4% | 19.9% |
| Return on equity | 21.4% | 59.4% |
| Balance sheet | ||
| Net debt | $5.1B | $10.9B |
| Net debt / EBITDA | 1.8x | 2.4x |
| Dividends and buybacks | $1.4B | $2.4B |
| Valuation & quality | ||
| P/E | 15.8x | 31.1x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
PPG $14.3B
SHW $11.9B
FY17
PPG $14.7B
SHW $15.0B
FY18
PPG $15.4B
SHW $17.5B
FY19
PPG $15.1B
SHW $17.9B
FY20
PPG $13.8B
SHW $18.4B
FY21
PPG $16.8B
SHW $19.9B
FY22
PPG $15.6B
SHW $22.1B
FY23
PPG $16.2B
SHW $23.1B
FY24
PPG $15.8B
SHW $23.1B
FY25
PPG $15.9B
SHW $23.6B
PPG
SHW
Operating margin
FY16
PPG 16.7%
SHW 18.3%
FY17
PPG 15.5%
SHW 14.9%
FY18
PPG 13.8%
SHW 14.9%
FY19
PPG 15.0%
SHW 15.7%
FY20
PPG 15.3%
SHW 18.4%
FY21
PPG 12.9%
SHW 15.5%
FY22
PPG 13.1%
SHW 15.3%
FY23
PPG 16.5%
SHW 18.1%
FY24
PPG —
SHW —
FY25
PPG —
SHW —
PPG
SHW
Free cash flow
FY16
PPG $971M
SHW $1.1B
FY17
PPG $1.2B
SHW $1.7B
FY18
PPG $1.1B
SHW $1.7B
FY19
PPG $1.7B
SHW $2.0B
FY20
PPG $1.8B
SHW $3.1B
FY21
PPG $1.2B
SHW $1.9B
FY22
PPG $477M
SHW $1.3B
FY23
PPG $1.9B
SHW $2.6B
FY24
PPG $699M
SHW $2.1B
FY25
PPG $1.2B
SHW $2.7B
PPG
SHW
Return on capital
FY16
PPG 22.5%
SHW 55.3%
FY17
PPG 20.2%
SHW 26.4%
FY18
PPG 19.6%
SHW 15.8%
FY19
PPG 19.3%
SHW 17.0%
FY20
PPG 17.6%
SHW 22.0%
FY21
PPG 16.0%
SHW 21.5%
FY22
PPG 12.8%
SHW 21.0%
FY23
PPG 16.1%
SHW 23.9%
FY24
PPG 13.0%
SHW 22.1%
FY25
PPG 14.4%
SHW 19.9%
PPG
SHW
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.