A Business at a Glance
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PPG INDUSTRIES INC
PPG
$26.3B
Mkt Cap
$116.00
+1.98%
PPG INDUSTRIES INC (PPG) has a current P/E ratio of 16.7, compared to its historical median P/E of 24.5. The stock is currently considered Cheap based on its historical valuation range.
PPG INDUSTRIES INC (PPG) has a 5-year average return on invested capital (ROIC) of 13.9%. This indicates solid capital allocation.
PPG INDUSTRIES INC (PPG) has a market capitalization of $25.9B. It is classified as a large-cap stock.
Yes, PPG INDUSTRIES INC (PPG) pays a dividend with a trailing twelve-month yield of 2.45%. The company also returns capital through share buybacks, with a buyback yield of 1.90%.
Based on historical P/E analysis, PPG INDUSTRIES INC (PPG) appears cheap. The current P/E of 16.7 is 32% below its historical median of 24.5. The estimated fair value CAGR (P/E method) is 1.5%.
PPG INDUSTRIES INC (PPG) operates in the Paints, Varnishes, Lacquers, Enamels & Allied Prods industry, within the Materials sector.
PPG INDUSTRIES INC (PPG) reported annual revenue of $15.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
PPG Industries manufactures and distributes paints, coatings, and specialty products across three reportable segments: Global Architectural Coatings, which supplies decorative coatings and related products to painting contractors, consumers, and retail outlets through company-owned stores, home centers, and distributors across more than 50 countries; Performance Coatings, which delivers highly-specified protective and decorative coatings, sealants, adhesives, and pavement marking products to aerospace, automotive refinish, marine, and infrastructure customers through direct sales and independent distributors; and Industrial Coatings, which provides technology-advantaged solutions including coatings, adhesives, sealants, and specialty materials to original equipment manufacturers in automotive, appliances, construction equipment, packaging, and consumer electronics. The company's business model relies on direct-to-factory integration with OEM customers, regional distribution networks for architectural products, and specialized aftermarket channels for refinish and protective coatings, with competitive advantages rooted in product performance, technology innovation, technical service, and brand recognition. Raw materials represent PPG's largest production cost component, with the company managing supply through multi-source contracting and strategic supplier relationships to maintain cost competitiveness and supply security. PPG operates manufacturing and distribution facilities across Europe, North America, Asia Pacific, and Latin America, serving end-uses ranging from industrial equipment and packaging to aircraft, automotive, and residential and commercial building maintenance.
【Aerospace-led growth momentum】 Management expects organic sales growth in the range of flat to positive low single-digit percentage for 2026, driven by strong aerospace demand with high single-digit to double-digit growth expected to continue, share gains in industrial coatings of approximately $100 million, and recovery in architectural coatings Mexico, partially offset by continued softness in European architectural coatings and automotive refinish volumes in the first half of 2026. The company anticipates sequential margin improvement through the year as pricing actions offset mid-single-digit cost-of-goods-sold inflation from geopolitical impacts, with low single-digit to mid-single-digit price realization expected to flow through performance and architectural segments first, then industrial coatings, supported by aggressive cost management including $50 million in additional operational excellence savings and closure of four European manufacturing plants in the second half of 2026. Management expects earnings per share growth at the midpoint of guidance to represent a mid-single-digit percentage increase for the full year, with flat to low single-digit growth in the first half accelerating to high single-digit growth in the second half as volume normalization and pricing realization accelerate.
| Metric | Target | Period |
|---|---|---|
| Earnings per share | $7.70 - $8.10 | FY2026 |
| Cost of goods sold inflation | mid-single digit percentage | Remainder of FY2026 |
| Organic sales growth | flat to positive low single-digit percentage | FY2026 |
| Earnings per share growth | mid-single-digit percentage increase at midpoint | FY2026 |
| Raw material costs | flat | FY2026 |
| Operational excellence cost reductions | $50 million | FY2026 |
Earnings per share (FY2026): “We are reaffirming our full year 2026 EPS guidance range of $7.70 - $8.10.”
Cost of goods sold inflation (Remainder of FY2026): “the impact of PPG is expected to be a mid-single digit percentage on the cost of goods sold for the remainder of the year.”
Organic sales growth (FY2026): “This will result in organic sales growth in the range of flat to positive low single-digit percentage.”
Earnings per share growth (FY2026): “This, combined with the leverage from acceleration and volume growth, is expected to drive earnings per share growth that at the midpoint of our guidance represents a mid-single-digit percentage increase.”
Raw material costs (FY2026): “Raw material basket remains favorable to coatings producers, and we are consolidating our supplier base, which will help us offset the impacts of already enacted tariffs, resulting in expected overall flat raw material costs for the year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Operating Segments | $10.33B | $10.69B | $11.16B | $6.69B | $6.52B | 26% |
Industrial Coatings Segment | $6.47B | $6.97B | $7.09B | $6.69B | $6.52B | 26% |
Performance Coatings Segment | $10.33B | $10.69B | $11.16B | $5.24B | $5.51B | 22% |
Global Architectural Coatings | — | $3.85B | $4.02B | $3.92B | $3.84B | 15% |
United States and Canada | $4.37B | $4.72B | $4.91B | $2.98B | $3.16B | 12% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 16.1B | 15.9B | 15.8B | 16.2B | 15.6B | 16.8B |
| Net Income | 1.6B | 1.6B | 1.1B | 1.3B | 1.0B | 1.4B |
| EPS | $7.07 | $6.94 | $4.75 | $5.35 | $4.32 | $6.01 |
| Free Cash Flow | 1.2B | 1.2B | 699M | 1.9B | 477M | 1.2B |
| ROIC | 0.0% | 14.2% | 11.3% | 15.9% | 12.5% | 15.5% |
| Gross Margin | - | 41.3% | 41.6% | 40.4% | 36.1% | 38.8% |
| Debt/Equity | 0.89 | 0.99 | 0.94 | 0.84 | 1.16 | 1.19 |
| Dividends/Share | $2.84 | $2.78 | $2.66 | $2.54 | $2.42 | $2.26 |
| Operating Income | 0 | 2.3B | 1.8B | 2.7B | 2.0B | 2.2B |
| Operating Margin | 0.0% | 14.3% | 11.6% | 16.5% | 13.1% | 12.9% |
| ROE | 19.6% | 21.4% | 15.3% | 17.6% | 15.9% | 24.0% |
| Shares Outstanding | 223M | 227M | 235M | 237M | 238M | 239M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 14.8B | 14.2B | 14.3B | 14.7B | 15.4B | 15.1B | 13.8B | 16.8B | 15.6B | 16.2B | 15.8B | 15.9B | 16.1B |
| Gross Margin | 43.6% | 45.3% | 46.3% | 44.3% | 41.5% | 42.9% | 43.8% | 38.8% | 36.1% | 40.4% | 41.6% | 41.3% | N/A |
| R&D | 499M | 484M | 473M | 472M | 464M | 456M | 401M | 463M | 457M | 446M | 447M | 446M | 457M |
| SG&A | 3.7B | 3.6B | 3.6B | 3.6B | 3.6B | 3.6B | 3.4B | 3.8B | 3.0B | 3.4B | 3.4B | 3.4B | 3.5B |
| EBIT | 2.2B | 2.3B | 2.4B | 2.3B | 2.1B | 2.3B | 2.1B | 2.2B | 2.0B | 2.7B | 1.8B | 2.3B | 0 |
| Op. Margin | 14.8% | 16.1% | 16.7% | 15.5% | 13.8% | 15.0% | 15.2% | 12.9% | 13.1% | 16.5% | 11.6% | 14.3% | 0.0% |
| Net Income | 2.1B | 1.4B | 873M | 1.6B | 1.3B | 1.2B | 1.1B | 1.4B | 1.0B | 1.3B | 1.1B | 1.6B | 1.6B |
| Net Margin | 14.2% | 9.9% | 6.1% | 10.8% | 8.7% | 8.2% | 7.7% | 8.6% | 6.6% | 7.8% | 7.0% | 9.9% | 9.8% |
| Non-Recurring | 317M | 276M | 191M | 0 | 92M | 176M | 179M | 86M | 95M | 182M | 508M | 48M | 48M |
| Returns on Capital | |||||||||||||
| ROIC | 24.7% | 22.0% | 22.7% | 20.4% | 19.8% | 18.7% | 17.1% | 15.5% | 12.5% | 15.9% | 11.3% | 14.2% | 0.0% |
| ROE | 41.6% | 27.7% | 17.8% | 30.7% | 26.3% | 25.1% | 19.3% | 24.0% | 15.9% | 17.6% | 15.3% | 21.4% | 19.6% |
| ROA | 12.6% | 8.1% | 5.3% | 9.9% | 8.2% | 7.4% | 5.7% | 7.0% | 4.9% | 6.0% | 5.4% | 7.6% | 7.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.5B | 1.9B | 1.4B | 1.6B | 1.5B | 2.1B | 2.1B | 1.6B | 963M | 2.4B | 1.4B | 1.9B | 2.0B |
| Free Cash Flow | 964M | 1.5B | 971M | 1.2B | 1.1B | 1.7B | 1.8B | 1.2B | 477M | 1.9B | 699M | 1.2B | 1.2B |
| Owner Earnings | 1.0B | 1.4B | 866M | 1.1B | 933M | 1.5B | 1.6B | 944M | 427M | 1.8B | 886M | 1.4B | -3.2B |
| CapEx | 564M | 430M | 380M | 360M | 411M | 413M | 304M | 371M | 486M | 516M | 721M | 778M | 765M |
| Maint. CapEx | 450M | 446M | 440M | 460M | 497M | 511M | 509M | 561M | 502M | 514M | 492M | 528M | 5.1B |
| Growth CapEx | 114M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.0M | 229M | 250M | 0 |
| D&A | 450M | 446M | 440M | 460M | 497M | 511M | 509M | 561M | 502M | 514M | 492M | 528M | 5.1B |
| CapEx/OCF | 38.4% | 24.7% | 28.1% | 23.0% | 28.0% | 19.9% | 14.3% | 23.8% | 53.8% | 21.4% | 50.8% | 40.1% | 38.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 361M | 383M | 414M | 434M | 453M | 468M | 496M | 536M | 570M | 598M | 622M | 628M | 633M |
| Dividend Yield | 0.8% | 1.6% | 1.8% | 1.8% | 2.0% | 1.9% | 2.0% | 1.6% | 2.0% | 2.0% | 2.1% | 2.6% | 2.4% |
| Share Buybacks | 750M | 751M | 1.1B | 813M | 1.7B | 325M | 0 | 210M | 190M | 86M | 752M | 790M | 492M |
| Buyback Yield | 2.8% | 3.3% | 4.9% | 3.1% | 8.0% | 1.2% | N/A | 0.6% | 0.7% | 0.3% | 2.7% | 3.4% | 1.9% |
| Stock-Based Comp | 71M | 54M | 45M | 35M | 37M | 39M | 44M | 57M | 34M | 56M | 42M | 46M | 34M |
| Debt Repayment | 1.8B | 340M | 379M | 588M | 6.0M | 637M | 500M | 847M | 0 | 300M | 300M | 1.0B | 1.0B |
| Balance Sheet | |||||||||||||
| Net Debt | 2.8B | 2.9B | 2.6B | 2.7B | 4.1B | 4.6B | 4.7B | 6.4B | 6.5B | 5.0B | 5.0B | 5.7B | 5.6B |
| Cash & Equiv. | 686M | 1.3B | 1.8B | 1.4B | 902M | 1.2B | 1.8B | 1.0B | 1.1B | 1.5B | 1.3B | 2.2B | 1.6B |
| Long-Term Debt | 3.5B | 4.0B | 3.8B | 4.1B | 4.4B | 4.5B | 5.2B | 6.6B | 6.5B | 5.7B | 4.9B | 6.6B | 6.4B |
| Debt/Equity | 0.77 | 0.86 | 0.91 | 0.75 | 1.08 | 1.11 | 1.16 | 1.19 | 1.16 | 0.84 | 0.94 | 0.99 | 0.89 |
| Interest Coverage | 11.7 | 18.3 | 19.1 | 21.8 | 17.9 | 17.2 | 15.3 | 17.9 | 12.2 | 10.8 | 7.6 | 9.4 | 9.4 |
| Equity | 5.2B | 5.0B | 4.8B | 5.6B | 4.6B | 5.3B | 5.7B | 6.3B | 6.6B | 7.8B | 6.8B | 7.9B | 8.1B |
| Total Assets | 17.5B | 17.1B | 15.8B | 16.5B | 16.0B | 17.7B | 19.6B | 21.4B | 20.7B | 21.6B | 19.4B | 22.1B | 22.1B |
| Total Liabilities | 12.3B | 12.0B | 10.9B | 10.9B | 11.3B | 12.3B | 13.7B | 14.9B | 14.0B | 13.6B | 12.5B | 14.0B | 13.9B |
| Intangibles | 2.4B | 2.2B | 2.0B | 2.0B | 2.0B | 2.1B | 2.4B | 2.8B | 2.4B | 2.3B | 1.9B | 2.0B | 2.0B |
| Retained Earnings | 14.5B | 15.5B | 16.0B | 17.1B | 18.1B | 18.9B | 19.5B | 20.4B | 20.8B | 21.5B | 22.0B | 22.9B | 23.2B |
| Working Capital | 1.6B | 2.0B | 2.3B | 2.6B | 1.6B | 1.8B | 2.0B | 2.0B | 2.5B | 2.4B | 1.5B | 3.1B | 3.0B |
| Current Assets | 6.4B | 6.7B | 6.6B | 6.5B | 6.0B | 6.2B | 6.8B | 6.8B | 7.2B | 7.4B | 6.6B | 8.0B | 8.0B |
| Current Liabilities | 4.9B | 4.7B | 4.3B | 3.9B | 4.4B | 4.4B | 4.8B | 4.8B | 4.7B | 5.1B | 5.0B | 4.9B | 5.0B |
| Per Share Data | |||||||||||||
| EPS | 3.76 | 5.14 | 3.27 | 6.18 | 5.47 | 5.22 | 4.45 | 6.01 | 4.32 | 5.35 | 4.75 | 6.94 | 7.07 |
| Owner EPS | 1.80 | 5.10 | 3.24 | 4.16 | 3.81 | 6.43 | 6.63 | 3.94 | 1.80 | 7.76 | 3.77 | 6.02 | -14.32 |
| Book Value | 9.27 | 18.22 | 18.08 | 21.54 | 18.89 | 22.19 | 23.91 | 26.25 | 27.76 | 32.99 | 28.88 | 34.97 | 36.36 |
| Cash Flow/Share | 2.73 | 6.93 | 5.06 | 6.08 | 5.98 | 8.73 | 8.95 | 6.52 | 4.05 | 10.16 | 6.04 | 8.55 | 30.21 |
| Dividends/Share | 0.66 | 1.41 | 1.56 | 1.70 | 1.86 | 1.98 | 2.10 | 2.26 | 2.42 | 2.54 | 2.66 | 2.78 | 2.84 |
| Shares Out. | 559.0M | 273.5M | 267.0M | 257.9M | 245.2M | 238.1M | 238.0M | 239.4M | 237.5M | 237.4M | 234.9M | 227.1M | 222.9M |
| Valuation | |||||||||||||
| P/E Ratio | 12.6 | 16.1 | 24.4 | 16.2 | 16.1 | 22.6 | 29.0 | 26.0 | 26.8 | 26.7 | 24.5 | 14.9 | 16.4 |
| P/FCF | 54.9 | 15.5 | 21.9 | 21.4 | 20.4 | 16.8 | 16.8 | 31.5 | 57.6 | 17.9 | 39.2 | 20.3 | 21.1 |
| EV/EBIT | 13.6 | 11.3 | 10.3 | 12.4 | 12.4 | 14.6 | 17.1 | 20.2 | 16.8 | 14.7 | 18.2 | 13.2 | N/A |
| Price/Book | 5.1 | 4.5 | 4.4 | 4.6 | 4.7 | 5.3 | 5.4 | 6.0 | 4.2 | 4.3 | 4.0 | 3.0 | 3.2 |
| Price/Sales | 1.5 | 1.6 | 1.6 | 1.6 | 1.5 | 1.6 | 1.8 | 2.1 | 1.6 | 1.9 | 1.9 | 1.5 | 1.6 |
| FCF Yield | 3.6% | 6.5% | 4.6% | 4.7% | 4.9% | 5.9% | 5.9% | 3.2% | 1.7% | 5.6% | 2.6% | 4.9% | 4.7% |
| Market Cap | 26.5B | 22.6B | 21.3B | 25.8B | 21.6B | 28.1B | 30.7B | 37.5B | 27.5B | 33.9B | 27.4B | 23.6B | 25.9B |
| Avg. Price | 81.08 | 88.86 | 85.24 | 91.36 | 93.55 | 101.44 | 103.48 | 144.07 | 119.59 | 127.77 | 126.01 | 106.69 | 116.00 |
| Year-End Price | 94.71 | 82.78 | 79.68 | 100.18 | 88.03 | 117.90 | 129.01 | 156.46 | 115.72 | 142.69 | 116.61 | 103.72 | 116.00 |
PPG INDUSTRIES INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
PPG INDUSTRIES INC trades at 16.7x trailing earnings, compared to its 15-year median P/E of 24.5x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 22.7x vs a median of 20.9x. The company's 5-year average ROIC is 13.9% with a gross margin of 39.6%. Total shareholder yield (dividends + buybacks) is 4.4%. At current prices, the estimated annualized return to fair value is -4.4%.
PPG INDUSTRIES INC (PPG) has a net profit margin of 9.9%. This is a modest margin.
PPG INDUSTRIES INC (PPG) generated $1.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PPG INDUSTRIES INC (PPG) has a debt-to-equity ratio of 0.99. This indicates moderate leverage.
PPG INDUSTRIES INC (PPG) reported earnings per share (EPS) of $6.94 in its most recent fiscal year.
PPG INDUSTRIES INC (PPG) has a return on equity (ROE) of 21.4%. This indicates the company generates strong returns for shareholders.
PPG INDUSTRIES INC (PPG) has a 5-year average gross margin of 39.6%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for PPG INDUSTRIES INC (PPG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PPG INDUSTRIES INC (PPG) has a book value per share of $34.97, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects organic sales growth in the range of flat to positive low single-digit percentage for 2026, driven by strong aerospace demand with high single-digit to double-digit growth expected to continue, share gains in industrial coatings of approximately $100 million, and recovery in architectural coatings Mexico, partially offset by continued softness in European architectural coatings and automotive refinish volumes in the first half of 2026. The company anticipates sequential margin improvement through the year as pricing actions offset mid-single-digit cost-of-goods-sold inflation from geopolitical impacts, with low single-digit to mid-single-digit price realization expected to flow through performance and architectural segments first, then industrial coatings, supported by aggressive cost management including $50 million in additional operational excellence savings and closure of four European manufacturing plants in the second half of 2026. Management expects earnings per share growth at the midpoint of guidance to represent a mid-single-digit percentage increase for the full year, with flat to low single-digit growth in the first half accelerating to high single-digit growth in the second half as volume normalization and pricing realization accelerate.
Based on recent SEC filings and earnings calls, PPG INDUSTRIES INC (PPG) has provided the following forward guidance: Earnings per share: $7.70 - $8.10 (FY2026); Cost of goods sold inflation: mid-single digit percentage (Remainder of FY2026); Organic sales growth: flat to positive low single-digit percentage (FY2026); Earnings per share growth: mid-single-digit percentage increase at midpoint (FY2026); Raw material costs: flat (FY2026), plus 1 additional metric.
Operational excellence cost reductions (FY2026): “Finally, during 2026, we expect growing benefits from operational and excellence programs, reducing our costs by another $50 million.”