PPG Industries (PPG)
Materials · $23.9B market cap · SEC CIK 0000079879
fundamentals score out of 100
Next reports on Oct 21, 2026, after the close, with analysts expecting $2.16 in earnings per share.
The case for PPG
- Earnings per share up 59.0%.
- Reasonably priced at 15.2× earnings.
- A PEG of 0.26: a P/E of 15.2× is low for EPS growing 59%.
- Return on equity of 19%.
- Pays a modest 1.9% dividend.
The case against
- The price trend is weak (34/100): -4.1% over a year, -11.3% over three months, 36% of the way up its 52-week range.
- Revenue grew only 1.5%, roughly the pace of inflation.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Materials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 78 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 50 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 62 |
| Momentumhow the price has behaved lately | 34 |
| Stabilityhow violently it moves, what it owes and what it pays you | 52 |
- Each factor except momentum is half fixed thresholds, half rank among the 26 Materials companies.
Key numbers
| Price / earnings | 15.2× |
|---|---|
| Price / book | 3.20× |
| Price / sales | 1.5× |
| Revenue growth (YoY) | +1.5% |
| EPS growth (YoY) | +59.0% |
| Gross margin | 41% |
| Operating margin | 13% |
| Net margin | 10% |
| Return on equity | 19% |
| Debt / equity | 0.82× |
| Current ratio | 1.58 |
| Dividend yield | 1.91% |
| Beta | 1.02 |
| 52-week range | $93.39 – $133.43 |
| Position in that range | 36% of the way up |
| 3-month return | -11.3% |
| 1-year return | -4.1% |
Five years of financials, as filed
Pulled from PPG Industries's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $15.9B | $15.8B | $16.2B | $15.6B | $16.8B |
| Operating income | — | — | $2.7B | $2.0B | $2.2B |
| Net income | $1.6B | $1.1B | $1.3B | $1.0B | $1.4B |
| Operating cash flow | $1.9B | $1.4B | $2.4B | $963M | $1.6B |
| Capital expenditure | $778M | $721M | $516M | $486M | $371M |
| Total assets | $22.1B | $19.4B | $21.6B | $20.7B | $21.4B |
| Total liabilities | $14.0B | $12.5B | $13.6B | $14.0B | $14.9B |
| Shareholder equity | $7.9B | $6.8B | $7.8B | $6.6B | $6.3B |
| Cash | $2.2B | $1.3B | $1.5B | $1.1B | $1.0B |
| Long-term debt | $6.6B | $4.9B | $5.7B | $6.5B | $6.6B |
| Free cash flow | $1.2B | $699M | $1.9B | $477M | $1.2B |
| Operating margin | — | — | 16.5% | 13.1% | 12.9% |
| Net margin | 9.9% | 7.0% | 7.8% | 6.6% | 8.6% |
| Diluted shares | 227M | 235M | 237M | 237M | 239M |
Share count is down 5.1% over 4 years. Buybacks have been shrinking the pie.
What PPG Industries says it does
PPG Industries, Inc. manufactures and distributes a broad range of paints, coatings and specialty products. PPG was incorporated in Pennsylvania in 1883. PPG’s vision is to be the first-choice partner to meet our customers’ evolving needs for innovative paints, coatings and surface solutions to protect and beautify the world. PPG has a proud heritage with a demonstrated commitment to innovation, sustainability, community engagement and development of leading-edge paint, coatings and specialty products. Through dedication and industry-leading expertise, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. PPG is a global leader that markets and sells in more than 50 countries. PPG supplies paints, coatings and specialty products to customers serving a wide array of end-uses, including industrial equipment and components; packaging material; aircraft and marine equipment; automotive original…
Risk factors PPG lists in its 10-K
- Increases in prices and declines in the availability of raw materials could negatively impact our financial results
- The pace of economic growth and level of economic and geopolitical uncertainty could have a negative impact on our results of operations and cash flows
- Fluctuations in foreign currency exchange rates could affect our financial results
- The industries in which we operate are highly competitive
- We are subject to existing and evolving standards relating to the protection of the environment
- We are involved in a number of lawsuits and claims, and we may be involved in future lawsuits and claims, in which substantial monetary damages are sought
- We are subject to a variety of laws and regulations, which could increase our compliance costs and could adversely affect our results of operations
- Changes in the tax regimes and related government policies and regulations in the countries in which we operate could adversely affect our results and our effective tax rate
- Our international operations expose us to additional risks and uncertainties that could affect our financial results
- Business disruptions could have a negative impact on our results of operations and financial condition
- The security of our information technology systems could be compromised which could adversely affect our operations or reputation
- We are incorporating artificial intelligence technologies into our research, products, services and processes. These technologies may present business, operational, compliance and reputational risks
- We may not effectively integrate acquired businesses into our existing operations
- Our ability to understand our customers’ specific preferences and requirements, and to innovate, develop, produce and market products that meet customer demand is critical to our business results