International Flavors & Fragrances vs PPG Industries
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The short version
- PPG Industries is the larger business, with $15.9B of revenue in fiscal 2025 against $10.9B for International Flavors & Fragrances.
- PPG Industries grew revenue faster (0.2%, against −5.2%).
- PPG Industries turned more of its sales into free cash flow (7.3% FCF margin, against 2.4%).
- PPG Industries earned a higher return on the capital invested in it (14.4%, against −1.4%).
- Investors pay more for each dollar of International Flavors & Fragrances’s earnings: a P/E of 82.6x against 15.8x for PPG Industries.
| Latest fiscal year | IFF · FY25 | PPG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.2B | $24.8B |
| Revenue | $10.9B | $15.9B |
| Free cash flow | $256M | $1.2B |
| Net income | −$359M | $1.6B |
| Growth | ||
| Revenue growth | −5.2% | 0.2% |
| 5-year growth | 16.5% | 2.8% |
| Share count change | 0.0% | −3.3% |
| Profitability | ||
| Gross margin | 36.2% | 41.3% |
| Operating margin | −3.5% | — |
| Net margin | −3.3% | 9.9% |
| FCF margin | 2.4% | 7.3% |
| Return on capital | −1.4% | 14.4% |
| Return on equity | −2.6% | 21.4% |
| Balance sheet | ||
| Net debt | $5.4B | $5.1B |
| Net debt / EBITDA | 9.4x | 1.8x |
| Dividends and buybacks | $447M | $1.4B |
| Valuation & quality | ||
| P/E | 82.6x | 15.8x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
IFF $3.1B
PPG $14.3B
FY17
IFF $3.4B
PPG $14.7B
FY18
IFF $4.0B
PPG $15.4B
FY19
IFF $5.1B
PPG $15.1B
FY20
IFF $5.1B
PPG $13.8B
FY21
IFF $11.7B
PPG $16.8B
FY22
IFF $12.4B
PPG $15.6B
FY23
IFF $11.5B
PPG $16.2B
FY24
IFF $11.5B
PPG $15.8B
FY25
IFF $10.9B
PPG $15.9B
IFF
PPG
Operating margin
FY16
IFF 17.7%
PPG 16.7%
FY17
IFF 16.3%
PPG 15.5%
FY18
IFF 14.7%
PPG 13.8%
FY19
IFF 12.9%
PPG 15.0%
FY20
IFF 11.1%
PPG 15.3%
FY21
IFF 5.0%
PPG 12.9%
FY22
IFF −10.7%
PPG 13.1%
FY23
IFF −18.4%
PPG 16.5%
FY24
IFF 6.7%
PPG —
FY25
IFF −3.5%
PPG —
IFF
PPG
Free cash flow
FY16
IFF $424M
PPG $971M
FY17
IFF $262M
PPG $1.2B
FY18
IFF $267M
PPG $1.1B
FY19
IFF $463M
PPG $1.7B
FY20
IFF $522M
PPG $1.8B
FY21
IFF $1.0B
PPG $1.2B
FY22
IFF −$107M
PPG $477M
FY23
IFF $952M
PPG $1.9B
FY24
IFF $607M
PPG $699M
FY25
IFF $256M
PPG $1.2B
IFF
PPG
Return on capital
FY16
IFF 16.7%
PPG 22.5%
FY17
IFF 10.9%
PPG 20.2%
FY18
IFF 6.9%
PPG 19.6%
FY19
IFF 5.5%
PPG 19.3%
FY20
IFF 4.7%
PPG 17.6%
FY21
IFF 2.2%
PPG 16.0%
FY22
IFF −3.5%
PPG 12.8%
FY23
IFF −6.4%
PPG 16.1%
FY24
IFF 2.9%
PPG 13.0%
FY25
IFF −1.4%
PPG 14.4%
IFF
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.