NYSE: PPG · Specialty Chemicals
PPG Industries
PPG Industries, founded in Pennsylvania in 1883 and based in Pittsburgh, makes and distributes paints, coatings and specialty products. It reports three segments: Global Architectural Coatings (decorative paints in EMEA, Latin America and Asia Pacific, after the divestiture of its U.S. and Canada architectural business), Performance Coatings (aerospace, automotive refinish, protective and marine, traffic solutions) and Industrial Coatings (automotive OEM, industrial, packaging and specialty products). 2025 net sales were $15,875 million, flat versus 2024, and net income rose to $1,576 million. The U.S. was 32%, Mexico 11% and China 10% of net sales. 2025 was PPG’s 54th consecutive year of higher annual dividends per share.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 1, 2026 09:41 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-1910-Q (quarter ended 2026-09-30) · filed 2026-10-28Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 2.8%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.23x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 17.8x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.89
Higher than 12% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 27% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$124.81close on 2026-11-04
Market cap$27.89B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 17.8x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 3.5x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.2%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.2%
At FY2025 year-end: 14.8x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 2.9x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 5.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$4.08B → $4.35B (vs. a year earlier)↑ +6.6%$4.08B → $4.35B (vs. a year earlier)
- Net income$453M → $451M (vs. a year earlier)→ −0.4%$453M → $451M (vs. a year earlier)
- Diluted EPS$2.00 → $2.02 (vs. a year earlier)↑ +1.0%$2.00 → $2.02 (vs. a year earlier)
- Cash$1.52B → $1.59B (vs. previous quarter-end)↑ +4.8%$1.52B → $1.59B (vs. previous quarter-end)
- Long-term debt$6.88B → $6.83B (vs. previous quarter-end)↓ −0.7%$6.88B → $6.83B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Management outlook ↑ Raised
Raised the midpoint of 2026 adjusted EPS guidance; the range starts at $7.90. Source sentence
Updating full-year 2026 adjusted EPS guidance to a higher midpoint and tighter range of $7.90 to $8.10
Key changes
Q3 net sales $4.4B, up 7%. Source sentence
Net sales of $4.4 billion, an increase of 7% versus prior year
Record EPS $2.12; adjusted $2.25. Source sentence
Record third quarter reported earnings per diluted share (EPS) of $2.12 and adjusted EPS of $2.25, an increase of 6% versus prior year
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- PPG INDUSTRIES INC
- Headquarters
- PITTSBURGH, PA
- Incorporated in
- Pennsylvania
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: PPG
- Industry
- Specialty Chemicals
- CIK
- 79879
- Website
- https://www.ppg.com/ ↗
- IR page
- https://investor.ppg.com/ ↗
Workforce (as of FY2025 year-end)
Employees
43,500
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 18–31 days after quarter end (Jan 27, 2026; Jan 31, 2025; Jan 18, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 16–31 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 28, 2026 (+28 days) | Jul 29, 2026 10-Q (+29 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 27, 2026 (+27 days) | Feb 19, 2026 10-K (+50 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 28, 2025 (+28 days) | Oct 29, 2025 10-Q (+29 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 29, 2025 (+29 days) | Jul 30, 2025 10-Q (+30 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 29, 2025 (+29 days) | Apr 30, 2025 10-Q (+30 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 31, 2025 (+31 days) | Feb 20, 2025 10-K (+51 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 16, 2024 (+16 days) | Oct 17, 2024 10-Q (+17 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 18, 2024 (+18 days) | Jul 19, 2024 10-Q (+19 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 18, 2024 (+18 days) | Apr 19, 2024 10-Q (+19 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 18, 2024 (+18 days) | Feb 15, 2024 10-K (+46 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Global Architectural Coatings
Decorative paints
Paints, wood stains, adhesives and sealants under brands such as SIGMA, JOHNSTONE’S and TIKKURILA.
Performance Coatings
Aerospace coatings
Coatings, sealants and transparencies for commercial and military aircraft.
Performance Coatings
Automotive refinish
Refinish coatings, sundries and digital solutions for collision repair.
Performance Coatings
Protective, marine and traffic
Protective and marine coatings and Ennis-Flint pavement marking.
Industrial Coatings
Automotive OEM, industrial and packaging coatings
Coatings, pretreatments and paint films for vehicles, equipment and metal cans.
Industrial Coatings
Specialty products
TESLIN substrate, OLED materials and optical lens materials.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
PPG does not state a market share in its 10-K.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
Q3 2026 results
Q3 net sales $4,353M (vs $4,082M); net income attributable to PPG $451M (vs $453M); diluted EPS from continuing operations $2.12 (vs $1.96).
Source: Form 10-Q (quarter ended 2026-09-30)
CFO change
Jamie A. Beggs became SVP and CFO effective July 6, 2026, after Vincent Morales retired.
Source: Form 8-K (2026-04-28) — Item 5.02
Westlake case
Delaware Chancery decision expected in Q4 2026 or early 2027; PPG views the risk of loss as remote.
Source: Form 10-Q (quarter ended 2026-09-30) — Note on Commitments and Contingent Liabilities
Capex ÷ D&A (FY2025)
1.47x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$778M ÷ $528M = 1.47x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
2.8%
formularesearch & development expense ÷ revenue × 100
e.g.$446M ÷ $15,875M × 100 = 2.8%
M&A spend (6-year total)
$3.56B
Latest year: $1M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $304M in FY2020 to $778M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$15.88B
As reported in the 10-K
Revenue CAGR (5 years)
+2.8%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($15,875M ÷ $13,834M) ^ (1÷5) − 1 = 2.8%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
21.4%▲favorable
6-year average: 18.8%
As reported in the 10-K
P/B (FY2025 end)
2.88x
formulafiscal year-end closing price ÷ book value per share
e.g.$102.46 ÷ $35.54 = 2.88x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +2.8% a year over 5 years (modest growth)
From $13.83B in FY2020 to $15.88B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 35.9% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 18.8% over 6 years (latest: 21.4%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Asian Paints
07 · what it does
Key activities
- Global Architectural Coatings: decorative paints through stores, home centers and dealers
- Performance Coatings: aftermarket and select OEM coatings
- Industrial Coatings: direct-to-factory OEM coatings
06 · what it draws on
Key resources
- About 43,500 employees (about 11,000 in the U.S.)
- R&D spending of $446M in 2025
- Plants and distribution facilities worldwide
02 · why customers buy
Value propositions
- Paints, coatings and specialty products with technical service.
04 · how it keeps them
Customer relationships
- Ongoing supply to OEMs and contractors.
03 · how it reaches them
Channels
- Direct sales to OEMs; distributors, company-owned stores and retailers.
01 · who it serves
Customer segments
- Painting contractors and consumers
- Aerospace, auto refinish, marine and infrastructure customers
- Automotive, industrial and packaging OEMs
09 · where money goes
Cost structure
FY2025, share of revenue ($15.88B)
- Cost of revenue58.7%
- Research & development2.8%
- Selling, general & administrative21.7%
Depreciation & amortization (inside the costs above): $528M. Capital spending: $778M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Net sales $15,875M (2025)
- Industrial $6,524M; Performance $5,513M; Architectural $3,838M
- U.S. and Canada $5,372M; EMEA $5,368M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Formulates and sells paints and coatings to OEMs, contractors, distributors and retailers worldwide, with technical service built into customers’ operations.
01 what it draws on
Inputs & resources
- About 43,500 employees (about 11,000 in the U.S.)
- R&D spending of $446M in 2025
- Plants and distribution facilities worldwide
02 what it does
Activities
- Global Architectural Coatings: decorative paints through stores, home centers and dealers
- Performance Coatings: aftermarket and select OEM coatings
- Industrial Coatings: direct-to-factory OEM coatings
03 who it serves
Customers
- Painting contractors and consumers
- Aerospace, auto refinish, marine and infrastructure customers
- Automotive, industrial and packaging OEMs
04 how money comes in
How it earns
- Net sales $15,875M (2025)
- Industrial $6,524M; Performance $5,513M; Architectural $3,838M
- U.S. and Canada $5,372M; EMEA $5,368M
How the business makes money
- Uninterrupted annual dividends since 1899.
- Divested silicas and U.S./Canada architectural coatings businesses.
- Westlake dispute over a Brazilian judgment is pending in Delaware.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
PPG’s raw materials are exposed to chemical regulation, and it faced a Clean Water Act penalty trial.
Approvals & licenses
Chemical regulation
Regulatory developments could affect availability of raw materials.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Environmental rules
Clean Water Act penalty
A trial on a Clean Water Act civil penalty was held in June 2024.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Industrial Coatings
6,524 (41%)Performance Coatings
5,513 (35%)Global Architectural Coatings
3,838 (24%)
Source: Form 10-K (FY2025) Segment net sales; total $15,875M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States and Canada — 34% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States and Canada
5,372 (34%)EMEA
5,368 (34%)Asia Pacific
2,937 (19%)Latin America
2,198 (14%)
Source: Form 10-K (FY2025) By location of the shipping operating unit.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Business partnership
Asian Paints
Alliance to serve certain automotive refinish customers in India.
Source: Form 10-K (FY2025)
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
OEMs, contractors, distributors, retailers and consumers.
Named by the company
No single customer is named as material.
Suppliers
Resins, solvents, reactants, titanium dioxide, additives, epoxy and pigments, mostly from outside sources.
Named by the company
Supply is managed through contracts with multiple sources; no single supplier is named.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The coatings industry has several large global firms and many regional ones; PPG names its global competitors by segment.
Competitors named in the 10-K
Peer group the company chose
Comparator group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Executive compensation comparator group from the 2026 proxy statement.
- 3Msite ↗
- Air Productssite ↗
- Celanesesite ↗
- DuPontsite ↗
- Eastman Chemicalsite ↗
- Eatonsite ↗
- Ecolabsite ↗
- Emersonsite ↗
- Honeywellsite ↗
- Howmet Aerospacesite ↗
- International Papersite ↗
- Illinois Tool Workssite ↗
- Johnson Controls Internationalsite ↗
- Lindesite ↗
- LyondellBasellsite ↗
- Parker-Hannifinsite ↗
- Rockwell Automationsite ↗
- Sherwin-Williamssite ↗
- Stanley Black & Deckersite ↗
- Textronsite ↗
- Trane Technologiessite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
| Line item | FY2020In next year’s 10-K | FY2021In next year’s 10-K | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 13,834 | 16,802 | 15,614 | 16,242 | 15,845 | 15,875 |
| Operating income | 2,109 | 2,171 | 2,042 | 2,675 | — | — |
| Pretax income | 1,362 | 1,815 | 1,355 | 1,690 | 1,852 | 2,045 |
| Net income (attributable) | 1,059 | 1,439 | 1,026 | 1,270 | 1,116 | 1,576 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 21.5% | -7.1% | 4.0% | -2.4% | 0.2% |
| Operating margincalcoperating income ÷ revenue × 100 | 15.2% | 12.9% | 13.1% | 16.5% | — | — |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 7.7% | 8.6% | 6.6% | 7.8% | 7.0% | 9.9% |
| Balance sheet ($M) | ||||||
| Total assets | 19,556 | 21,351 | 20,744 | 21,647 | 19,433 | 22,098 |
| Total equity | 5,815 | 6,411 | 6,709 | 8,023 | 6,962 | 8,097 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 5,749 | 6,581 | 6,816 | 6,054 | 5,815 | 7,308 |
| Equity ratio | 29.1% | 29.4% | 31.8% | 36.2% | 34.9% | 35.9% |
| ROE | 18.6% | 24.0% | 15.9% | 17.6% | 15.3% | 21.4% |
| Cash flow ($M) | ||||||
| Operating CF | 2,130 | 1,562 | 963 | 2,411 | 1,420 | 1,941 |
| Investing CF | -1,447 | -2,404 | -461 | -556 | 107 | -700 |
| Financing CF | -59 | 93 | -409 | -1,550 | -1,425 | -545 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,826 | 1,191 | 477 | 1,895 | 699 | 1,163 |
| Cash and equivalents | 1,826 | 1,005 | 1,099 | 1,493 | 1,270 | 2,163 |
| Per share & other | ||||||
| EPS ($) | 4.45 | 6.01 | 4.32 | 5.35 | 4.75 | 6.94 |
| BVPS ($) | 24.04 | 26.65 | 28.04 | 33.30 | 29.51 | 35.54 |
| Dividend per share ($) | 2.10 | 2.26 | 2.42 | 2.54 | 2.66 | 2.78 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 47.2% | 37.6% | 56.0% | 47.5% | 56.0% | 40.1% |
| P/E (x) | 32.4 | 28.7 | 29.1 | 28.0 | 25.2 | 14.8 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 14.5 | 16.9 | 13.9 | 12.5 | — | — |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 6.00 | 6.47 | 4.48 | 4.49 | 4.05 | 2.88 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $4.35B+6.6% | $451M-0.4% | $2.02 |
| 2026-06-30 | $4.5B+7.2% | $437M-2.9% | $1.95 |
| 2026-03-31 | $3.93B+6.7% | $382M+2.4% | $1.70 |
| 2025-12-31 † | $3.91B+5.0% | $300M | — |
| 2025-09-30 | $4.08B | $453M | $2.00 |
| 2025-06-30 | $4.2B | $450M | $1.98 |
| 2025-03-31 | $3.68B | $373M | $1.63 |
| 2024-12-31 † | $3.73B | −$280M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
4.5%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.1% − 3.5%
Past FCF growth (FY2020–FY2025)
-8.6%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+2.8%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.16B (operating CF − capex); enterprise value $32.97B = market cap $27.89B (latest close, 2026-11-04) + debt $7.31B − cash and short-term investments $2.22B; r = WACC of 8.1% using this page’s default assumptions (β 0.89, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$32.31B
FCF $1.16B ÷ (8.1% − 4.5%)
Theoretical ÷ actual enterprise value
0.98x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.1% | 7.1% | 8.1% | 9.1% | 10.1% |
|---|---|---|---|---|---|
| 0% | 0.58x | 0.50x | 0.44x | 0.39x | 0.35x |
| 2% | 0.86x | 0.69x | 0.58x | 0.50x | 0.44x |
| 4% | 1.68x | 1.14x | 0.86x | 0.69x | 0.58x |
| 6% | 35.27x | 3.21x | 1.68x | 1.14x | 0.86x |
| 8% | — | — | 35.27x | 3.21x | 1.68x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.41x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -1.8%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 64 → 60 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,941M ÷ $1,576M = 1.23x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,477M + $2,783M) ÷ 2 ÷ $15,875M × 365 = 60 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($1,846M + $1,996M) ÷ 2 ÷ $9,316M × 365 = 75 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 93.7%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 6.3%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 140 of 416
- Beta (adjusted)
- 0.89
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 33% of covered companies have more
above 1 = swings more than the market
- 208.3M shares reported by 1,093 13F filers ÷ 222.3M shares outstanding on 2026-06-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-05 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
20
Strengths & weaknessesSite analysis
Strengths
1. Global scale
Sells across U.S. and Canada, EMEA, Asia Pacific and Latin America, each over $2B.
Evidence: Form 10-K (FY2025)
2. Dividend record
54 consecutive years of higher annual dividends per share; dividends paid since 1899.
Evidence: Form 10-K (FY2025)
3. Earnings recovery
Net income rose to $1,576M in 2025 from $1,116M in 2024.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Stagnant sales
Net sales were $16,242M in 2023 and $15,875M in 2025.
Evidence: Form 10-K (FY2025)
2. Industrial decline
Industrial Coatings sales fell from $7,089M (2023) to $6,524M (2025).
Evidence: Form 10-K (FY2025)
3. Legacy liabilities
Carries asbestos and environmental remediation reserves ($206M environmental).
Evidence: Form 10-K (FY2025)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
14.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.71%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
40%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
5.1%
(Operating CF − capex) ÷ market cap
1. Dividend compounder
54 straight years of dividend increases; quarterly dividend raised about 5% to $0.71 in July 2025.
- What has to hold
- Cash flow stays solid (CFO $1,941M in 2025).
- The other side
- Flat sales.
Evidence: Form 10-K (FY2025)
2. Portfolio refocus
Divested the silicas products and U.S./Canada architectural coatings businesses.
- What has to hold
- Remaining segments grow.
- The other side
- Restructuring costs.
Evidence: Form 10-K (FY2025)
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
3.1x
$2.22B vs. $706M
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
1.9x
$1.16B vs. $628M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -7.1% in FY2022 ($16.8B → $15.61B) | Not yet, as of FY2025 |
| Operating income | -5.9% in FY2022 ($2.17B → $2.04B) | Yes, by FY2023 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable through 2020
Net income was $1,059M in 2020.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
PPG carries asbestos and environmental reserves and is in a contract dispute with Westlake over a Brazilian judgment; management expects no material effect on financial position or liquidity in aggregate.
2 open matters (1 flagged as major)
Di Gregório judgment / Westlake dispute
PendingContract disputeMajorPPG; Westlake (Eagle Spinco); Di Gregório Navegação
A Brazilian court entered an award against PPG (nominal defendant) over a 1998 cargo ship fire; Westlake, whose subsidiaries assumed the liability under the 2012 separation of PPG’s commodity chemicals business, says the award is about $350M. PPG sued Westlake in Delaware Chancery; a decision is expected in Q4 2026 or early 2027, and PPG views its risk of loss as remote.
- Amounts
- About $350M per Westlake (over $700M with compound interest)
- Next step
- Delaware Chancery decision
Source: Form 10-K (FY2025) — Item 3 Legal Proceedings · Form 10-Q (quarter ended 2026-09-30) — Note on Commitments and Contingent Liabilities
Environmental remediation
PendingEnvironmentalPPG; NJDEP and others
Reserves for remediation including New Jersey Chrome sites; reasonably possible unreserved losses relate to sites none of which is individually significant.
Source: Form 10-Q (quarter ended 2026-09-30) — Note on Commitments and Contingent Liabilities
Based on Form 10-K (FY2025) — Item 3 Legal Proceedings, reviewed 2026-11-01. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Global coatings rivals
- Company disclosure (summarized from the 10-K)
- Competes with Akzo Nobel, Sherwin-Williams, Nippon Paint, Axalta, BASF and others.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Raw materials & energy
Raw material costs
- Company disclosure (summarized from the 10-K)
- Key raw materials include resins, solvents, titanium dioxide, epoxy and pigments, mostly bought from outside sources.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Demand & macro
Industrial and auto demand
- Company disclosure (summarized from the 10-K)
- Industrial and automotive OEM volumes drive segment sales.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
Environmental and asbestos liabilities
- Company disclosure (summarized from the 10-K)
- Environmental remediation and asbestos reserves are subject to many uncertainties.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Geopolitics & supply chain
Non-U.S. exposure
- Company disclosure (summarized from the 10-K)
- About two-thirds of sales are outside the U.S.
- Company’s stated mitigation
- We continue to focus on improving our competitive cost position and expanding our supply of high-quality raw materials, including strategic initiatives to qualify multiple sources of supply.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (2)
We are incorporating artificial intelligence technologies into our research, products, services and processes. Read more
These technologies may present business, operational, compliance and reputational risks.
Artificial intelligence (“AI”) and machine-learning technology continue to advance rapidly, presenting both opportunities and risks. Read more
If we cannot incorporate these rapidly advancing technologies as quickly or effectively as other companies, our competitive position and business results may suffer. Incorporation of these new technologies into our processes may result in new or expanded risks, including risks related to regulatory compliance, litigation, ethical concerns, confidentiality or cybersecurity, among other factors that could potentially adversely impact our business, reputation and financial results. The use of AI in the development of our products and services could increase the risk of loss or theft of our intellectual property and could subject us to incremental risks related to data privacy and cybersecurity. The use of AI can lead to unintended consequences, including…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 19, 2026 ↗ with the 10-K filed Feb 20, 2025 ↗.
26
What to watch going forwardSite analysis
- Delaware ruling on the Westlake dispute.
- Industrial Coatings volume.
- New CFO Jamie Beggs (from July 2026).
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 1, 2026 09:41 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-19Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent PPG Industries’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.