PPG Industries vs Westlake
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The short version
- PPG Industries is the larger business, with $15.9B of revenue in fiscal 2025 against $11.2B for Westlake.
- PPG Industries grew revenue faster (0.2%, against −8.0%).
- PPG Industries turned more of its sales into free cash flow (7.3% FCF margin, against −4.7%).
- PPG Industries earned a higher return on the capital invested in it (14.4%, against −10.0%).
| Latest fiscal year | PPG · FY25 | WLK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $24.8B | $8.3B |
| Revenue | $15.9B | $11.2B |
| Free cash flow | $1.2B | −$530M |
| Net income | $1.6B | −$1.5B |
| Growth | ||
| Revenue growth | 0.2% | −8.0% |
| 5-year growth | 2.8% | 8.3% |
| Share count change | −3.3% | −0.7% |
| Profitability | ||
| Gross margin | 41.3% | 7.3% |
| Operating margin | — | −14.1% |
| Net margin | 9.9% | −13.5% |
| FCF margin | 7.3% | −4.7% |
| Return on capital | 14.4% | −10.0% |
| Return on equity | 21.4% | −15.6% |
| Balance sheet | ||
| Net debt | $5.1B | $2.9B |
| Net debt / EBITDA | 1.8x | — |
| Dividends and buybacks | $1.4B | $335M |
| Valuation & quality | ||
| P/E | 15.8x | — |
| Piotroski F-score | 7 | 3 |
Revenue
FY16
PPG $14.3B
WLK $5.1B
FY17
PPG $14.7B
WLK $8.0B
FY18
PPG $15.4B
WLK $8.6B
FY19
PPG $15.1B
WLK $8.1B
FY20
PPG $13.8B
WLK $7.5B
FY21
PPG $16.8B
WLK $11.8B
FY22
PPG $15.6B
WLK $15.8B
FY23
PPG $16.2B
WLK $12.5B
FY24
PPG $15.8B
WLK $12.1B
FY25
PPG $15.9B
WLK $11.2B
PPG
WLK
Operating margin
FY16
PPG 16.7%
WLK 11.5%
FY17
PPG 15.5%
WLK 15.2%
FY18
PPG 13.8%
WLK 16.3%
FY19
PPG 15.0%
WLK 8.1%
FY20
PPG 15.3%
WLK 5.7%
FY21
PPG 12.9%
WLK 23.8%
FY22
PPG 13.1%
WLK 19.3%
FY23
PPG 16.5%
WLK 5.8%
FY24
PPG —
WLK 7.2%
FY25
PPG —
WLK −14.1%
PPG
WLK
Free cash flow
FY16
PPG $971M
WLK $238M
FY17
PPG $1.2B
WLK $951M
FY18
PPG $1.1B
WLK $707M
FY19
PPG $1.7B
WLK $514M
FY20
PPG $1.8B
WLK $772M
FY21
PPG $1.2B
WLK $1.7B
FY22
PPG $477M
WLK $2.3B
FY23
PPG $1.9B
WLK $1.3B
FY24
PPG $699M
WLK $306M
FY25
PPG $1.2B
WLK −$530M
PPG
WLK
Return on capital
FY16
PPG 22.5%
WLK 8.4%
FY17
PPG 20.2%
WLK 16.4%
FY18
PPG 19.6%
WLK 13.9%
FY19
PPG 19.3%
WLK 6.2%
FY20
PPG 17.6%
WLK 4.8%
FY21
PPG 16.0%
WLK 21.0%
FY22
PPG 12.8%
WLK 19.1%
FY23
PPG 16.1%
WLK 4.3%
FY24
PPG 13.0%
WLK 4.8%
FY25
PPG 14.4%
WLK −10.0%
PPG
WLK
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.