PPG Industries

PPG · NYSE · Materials · Financials, fiscal 2016 to 2025

PPG · Last close · October 26, 2026

$109.90

PPG Industries' revenue rose 0.2% to $15.9 billion in fiscal 2025. Its net margin was 9.9%, up from 7.0% a year earlier. Free cash flow was $1.2 billion, up 66.4%. It paid out $1.4 billion in dividends and buybacks, 122% of free cash flow. The diluted share count fell 3.3%.

PPG INDUSTRIES INC Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0000079879-26-000046 Updated October 9, 2026

Revenue

$15.9B

0.2%

Net margin

9.9%

2.9 pts

Net income

$1.6B

41.2%

Free cash flow

$1.2B

66.4%

Return on capital

14.4%

1.4 pts

Market cap

$24.7B

Oct 26 close

P/E

15.7x

On $7.02 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What PPG Industries does

PPG makes paints, coatings and specialty products and sells them in more than 50 countries. Its customers range from car makers, aircraft and ship builders and packaging producers to painting contractors and home owners who buy paint for decoration and upkeep. Products also include adhesives, sealants and pavement marking materials.

It reports three segments. Global Architectural Coatings sells paints, stains and related products for buildings through its own stores, home centers, dealers and distributors. Performance Coatings serves aerospace, car repair shops, protective and marine uses and road markings. Industrial Coatings sells directly to factories, including car makers, appliance and equipment producers and packaging makers, and also makes specialty products such as Teslin label material and optical lens materials. PPG says it competes with the world's largest coatings companies, including Akzo Nobel, Nippon Paint and Sherwin-Williams, and with many regional makers.

Raw materials such as resins, solvents and titanium dioxide are its largest production cost. PPG had about 43,500 employees at the end of 2025, and it has set aside $206 million for environmental cleanup at current and former sites.

Its biggest risks, as it describes them

Higher prices or short supply of raw materials, which are its single largest production cost.
Weak economic growth and uncertainty, and swings in currency exchange rates across its many countries.
Strong competition from several large global coatings companies and many regional ones.
Environmental rules and cleanup costs at current and former manufacturing sites.
Lawsuits and claims in which large damages are sought, and difficulty absorbing acquired businesses.

From PPG Industries's annual report on Form 10-K, filed February 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 8.7% a year and net income 6.8% a year, as buybacks cut the share count by 15%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value PPG Industries yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from PPG Industries' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from PPG Industries' fiscal 2025 free cash flow of $1.2B, net cash of −$5.1B at December 31, 2025 and 227 million diluted shares, from its filings. The scenarios are fitted to PPG Industries: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 0.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Specialty Chemicals), plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to PPG Industries's own revenue growth, as above. Cautious: growth of -1.5% then 0% a year, 2% after year 10, a 13% discount rate. Base: growth of 0.5% then 1.5% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 2.5% then 3% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $109.90
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from PPG Industries' earnings per share of $7.02 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 20.5×, the middle of PPG Industries' own P/E today, its peers' median and its sector's median (the Materials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to March 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Ecolab, International Flavors & Fragrances, Sherwin-Williams.

Earnings growth in the years ahead (% a year) Starts at PPG Industries' revenue growth over the last 3 years, 0.6% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $109.90
Value at this multiple, against the last close: —
PPG Industries' P/E at the last close: 15.7×

Company	Last close	Earnings per share	P/E today
International Flavors & FragrancesIFF	$93.69	$1.14	82.2×
EcolabECL	$288.89	$7.45	38.8×
Sherwin-WilliamsSHW	$335.16	$10.85	30.9×
PPG IndustriesPPG	$109.90	$7.02	15.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,072	1,154	1,568	1,358	2,219
Debt incl. finance leases	6,581	6,816	6,054	5,815	7,308
Net debt (negative means net cash)	5,509	5,662	4,486	4,457	5,089
Net debt to EBITDA	2.0x	2.2x	1.4x	1.7x	1.8x
Debt to equity	1.1x	1.0x	0.8x	0.9x	0.9x
Interest coverage	17.9x	12.2x	10.8x	8.7x	9.5x
Current ratio	1.4x	1.5x	1.5x	1.3x	1.6x
Quick ratio	1.0x	1.0x	1.1x	0.9x	1.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $2,753 of PPG Industries shares on the open market, and 3 insiders sold $15.2 million, $4.3 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 11, 2026	Juliane M. HefelSr. VP, Ind Coatings & Sp Prod	Bought	13	$105.31	$1,409	Form 4
Jun 12, 2026	Juliane M. HefelSr. VP, Ind Coatings & Sp Prod	Bought	12	$116.45	$1,344	Form 4
Feb 20, 2026	Anne M. FoulkesSr. VP, Legal & Spl. Projects	Sold	3,594	$124.61	$447,848	Form 4
Feb 13, 2026	Vincent J MoralesSenior VP & CFO	Sold	78,095	$131.00	$10.2 million	Form 4
Feb 4, 2026	Vincent J MoralesSenior VP & CFO	Sold plan	29,672	$125.00	$3.7 million	Form 4
Jan 29, 2026	Chancey E. HagertySr. VP, Auto. Refinish Ctgs.	Sold	2,250	$115.59	$260,078	Form 4
Jan 15, 2026	Vincent J MoralesSenior VP & CFO	Sold plan	5,200	$110.00	$572,000	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Pass
F-score	8 of 9	6 of 9	7 of 9
Accruals ratio	−5.4%	−1.5%	−1.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put PPG Industries side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
PPG Industries	FY25	0.2%	—	7.3%	14.4%	1.8x	7
Ecolab	FY25	2.2%	17.0%	11.8%	13.8%	2.0x	5	Compare
Westlake	FY25	−8.0%	−14.1%	−4.7%	−10.0%	—	3	Compare
International Flavors & Fragrances	FY25	−5.2%	−3.5%	2.4%	−1.4%	9.4x	6	Compare
Sherwin-Williams	FY25	2.1%	—	11.3%	19.9%	2.4x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	14,270	14,748	15,374	15,146	13,834	16,802	15,614	16,242	15,845	15,875
Revenue growth	0.2%	3.4%	4.2%	−1.5%	−8.7%	21.4%	−7.1%	4.0%	−2.4%	0.2%
Gross profit	—	6,539	6,373	6,493	6,057	6,516	5,639	6,564	6,593	6,559
Research and development	473	472	464	456	401	463	457	446	447	446
Operating income	2,382	2,292	2,118	2,271	2,109	2,171	2,042	2,675	—	—
Net income	873	1,594	1,341	1,243	1,059	1,439	1,026	1,270	1,116	1,576
Diluted EPS (US$)	3.27	6.18	5.47	5.22	4.45	6.01	4.32	5.35	4.75	6.94
Diluted shares (millions)	267	258	245	238	238	239	237	237	235	227
Cash flow
Cash from operations	1,351	1,568	1,467	2,080	2,130	1,562	963	2,411	1,420	1,941
Capital expenditure	380	360	411	413	304	371	486	516	721	778
Free cash flow	971	1,208	1,056	1,667	1,826	1,191	477	1,895	699	1,163
Dividends paid	414	434	453	468	496	536	570	598	622	628
Share buybacks	1,050	813	1,721	325	0	210	190	86	752	790
Acquisitions	349	225	378	643	1,169	2,137	114	109	31	1
Stock-based compensation	45	35	37	39	44	57	34	56	42	46
Balance sheet at fiscal year end
Cash and short-term investments	1,863	1,491	963	1,273	1,922	1,072	1,154	1,568	1,358	2,219
Debt incl. finance leases	4,398	4,131	5,004	5,052	5,749	6,581	6,816	6,054	5,815	7,308
Total assets	15,771	16,538	16,015	17,708	19,556	21,351	20,744	21,647	19,433	22,098
Total liabilities	10,856	10,866	11,283	12,305	13,741	14,940	14,035	13,624	12,471	14,001
Shareholders' equity	4,828	5,557	4,630	5,284	5,689	6,286	6,592	7,832	6,785	7,941
Margins and ratios
Gross margin	—	44.3%	41.5%	42.9%	43.8%	38.8%	36.1%	40.4%	41.6%	41.3%
Operating margin	16.7%	15.5%	13.8%	15.0%	15.2%	12.9%	13.1%	16.5%	—	—
Net margin	6.1%	10.8%	8.7%	8.2%	7.7%	8.6%	6.6%	7.8%	7.0%	9.9%
Free cash flow margin	6.8%	8.2%	6.9%	11.0%	13.2%	7.1%	3.0%	11.7%	4.4%	7.3%
Return on capital	22.5%	20.2%	19.6%	19.3%	17.6%	16.0%	12.8%	16.1%	13.0%	14.4%
Return on equity	17.8%	30.7%	26.3%	25.1%	19.3%	24.0%	15.9%	17.6%	15.3%	21.4%
Return on assets	5.3%	9.9%	8.2%	7.4%	5.7%	7.0%	4.9%	6.0%	5.4%	7.6%
Net debt to EBITDA	0.9x	1.0x	1.6x	1.4x	1.5x	2.0x	2.2x	1.4x	1.7x	1.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: PPG Industries' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with PPG Industries.