LyondellBasell vs PPG Industries
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The short version
- LyondellBasell is the larger business, with $30.2B of revenue in fiscal 2025 against $15.9B for PPG Industries, about 1.9 times as much.
- PPG Industries grew revenue faster (0.2%, against −9.7%).
- PPG Industries turned more of its sales into free cash flow (7.3% FCF margin, against 1.3%).
- PPG Industries earned a higher return on the capital invested in it (14.4%, against −1.9%).
| Latest fiscal year | LYB · FY25 | PPG · FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $24.8B |
| Revenue | $30.2B | $15.9B |
| Free cash flow | $384M | $1.2B |
| Net income | −$738M | $1.6B |
| Growth | ||
| Revenue growth | −9.7% | 0.2% |
| 5-year growth | 1.7% | 2.8% |
| Share count change | — | −3.3% |
| Profitability | ||
| Gross margin | 8.6% | 41.3% |
| Operating margin | −1.4% | — |
| Net margin | −2.5% | 9.9% |
| FCF margin | 1.3% | 7.3% |
| Return on capital | −1.9% | 14.4% |
| Return on equity | −6.6% | 21.4% |
| Balance sheet | ||
| Net debt | $7.5B | $5.1B |
| Net debt / EBITDA | 7.7x | 1.8x |
| Dividends and buybacks | $2.0B | $1.4B |
| Valuation & quality | ||
| P/E | — | 15.8x |
| Piotroski F-score | — | 7 |
Revenue
FY16
LYB $29.2B
PPG $14.3B
FY17
LYB $34.5B
PPG $14.7B
FY18
LYB $39.0B
PPG $15.4B
FY19
LYB $34.7B
PPG $15.1B
FY20
LYB $27.8B
PPG $13.8B
FY21
LYB $46.2B
PPG $16.8B
FY22
LYB $50.5B
PPG $15.6B
FY23
LYB $33.3B
PPG $16.2B
FY24
LYB $33.4B
PPG $15.8B
FY25
LYB $30.2B
PPG $15.9B
LYB
PPG
Operating margin
FY16
LYB 17.3%
PPG 16.7%
FY17
LYB 15.8%
PPG 15.5%
FY18
LYB 13.4%
PPG 13.8%
FY19
LYB 11.9%
PPG 15.0%
FY20
LYB 5.6%
PPG 15.3%
FY21
LYB 14.7%
PPG 12.9%
FY22
LYB 10.1%
PPG 13.1%
FY23
LYB 8.2%
PPG 16.5%
FY24
LYB 5.7%
PPG —
FY25
LYB −1.4%
PPG —
LYB
PPG
Free cash flow
FY16
LYB $3.4B
PPG $971M
FY17
LYB $3.7B
PPG $1.2B
FY18
LYB $3.4B
PPG $1.1B
FY19
LYB $2.3B
PPG $1.7B
FY20
LYB $1.5B
PPG $1.8B
FY21
LYB $5.7B
PPG $1.2B
FY22
LYB $4.2B
PPG $477M
FY23
LYB $3.4B
PPG $1.9B
FY24
LYB $2.0B
PPG $699M
FY25
LYB $384M
PPG $1.2B
LYB
PPG
Return on capital
FY16
LYB 29.0%
PPG 22.5%
FY17
LYB 35.0%
PPG 20.2%
FY18
LYB 27.9%
PPG 19.6%
FY19
LYB 18.4%
PPG 19.3%
FY20
LYB 7.7%
PPG 17.6%
FY21
LYB 25.8%
PPG 16.0%
FY22
LYB 19.0%
PPG 12.8%
FY23
LYB 11.0%
PPG 16.1%
FY24
LYB 9.0%
PPG 13.0%
FY25
LYB −1.9%
PPG 14.4%
LYB
PPG
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.