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Not Investment Advice

PPG

NYSE · USD
PPG Industries, Inc.
Basic Materials · Chemicals - Specialty
CEO Timothy Knavish Employees 43,500 R&D / revenue 2.7%
Last price
$107.34−0.44%last session
Market cap
$23.9B
P/E (TTM)
15.3x
From 52w high
−19.6%
From 52w low
+14.9%
1-year return
+7.1%
RSI 14 · vs SMA200
53.0 · −4.1%
IS score
69.1/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

PPG   SPY   XLB (sector ETF) · weekly closes
100110120130Jan 26Apr 26Jul 26Oct 26XLB 118SPY 116PPG 107

Score DNA

Each bar is a 0-100 score within the scored universe
51
Profitability
67
Growth
57
Value
92
Momentum
90
Risk (safety)
76
Quality
60
Balance sheet
71
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+✓ Insider buying✓ Congress buying
Warnings
None of the computed warning flags fires for PPG (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Intangible AssetsPiotroski 8 / 9Altman Z 3.8Beta 1.064 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
4
$0.00M bought
Form 144 notices (12m): 5, $15.2M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
5
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+48
134 new holders, 73 closed
1,099 filers hold 91.6% · 386 added, 362 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+181
1,064 funds adding shares
883 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
60.2%
20-day avg 58.6%, 50-day avg 59.4%
Latest 1.6 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$15.9B
Revenue growth YoY+0.2%
Gross margin38.0%
Operating income$2.2B
Operating margin13.7%
Net income$1.6B
Net margin9.9%
EPS (diluted)$6.92
Cash flow
Operating cash flow$1.9B
Capital expenditure$778.0M
Free cash flow$1.2B
FCF conversion (FCF / OCF)59.9%
Stock-based compensation$0
FCF less SBC$1.2B
Buybacks$790.0M
Dividends$628.0M
Balance sheet & returns
Cash & short-term investments$2.2B
Total debt$7.4B
Net debt$5.2B
Shareholders' equity−$3.5B
Goodwill & intangibles$0
Debt / equity0.88
ROE (TTM)19.5%
ROIC (TTM)8.8%
Operating margin by fiscal year
10.0%FY20219.7%FY202211.5%FY202314.7%FY202412.7%FY2025
Revenue $16.8B (FY2021) to $15.9B (FY2025), a -1.4% CAGR.

Valuation

P/E (TTM)15.3x
EV / EBITDA10.7x
Price / sales1.45x
Price / FCF17.0x
FCF yield5.90%
Buyback yield3.31%
SBC / revenue0.2%
Price / book2.84x
Forward P/E FY202613.6x
Forward P/E FY202712.5x
Forward P/E FY202811.4x
Forward multiples divide today's price by Street EPS estimates. Street mean target $128.00 across 7 analysts last quarter is theirs, not ours.

PPG vs industry median

207 companies in Chemicals - Specialty
Gross margin 40.1% 28.5% Operating margin 12.5% 7.9% Net margin 9.6% 3.3% ROIC 8.8% 6.4%
PPG (TTM)Industry median Asset turnover 0.73 vs industry 0.70 · financial leverage 2.67

Earnings delivery

Next report 2026-10-27 · consensus EPS $2.13
58%
beat rate, 7 of 12 quarters
+1.1%
median EPS surprise
3
longest beat streak
+5+7+2+0+1-1-2+6-0+1-4+3
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-20 to 2026-04-28. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
PPG PPG Industries, Inc. $23.9B15.3x19.5%9.6%+0.2% +7.1%
IFF International Flavors & Frag $23.1B83.2x2.0%2.6%−11.7% +45.7%
LYB LyondellBasell Industries N. $20.7Bn/m-3.1%6.1%−11.3% +43.6%
SQM Sociedad Química y Minera d $17.2B12.5x23.9%26.7%+59.3% +35.6%
RPM RPM International Inc. $12.7B18.4x21.1%11.6%+6.0% −11.1%
ALB Albemarle Corporation $11.3B198.9x2.2%27.5%+18.3% —
SOLS Solstice Advanced Materials $9.4B44.5x15.4%10.4%— —
ESI Element Solutions Inc $8.5B47.7x6.6%7.9%+26.6% —
12-month window: SPY +15.9%, sector ETF XLB +17.8%. Past returns describe history only.

Recent 8-K filings

2026-07-28Earnings Release; Exhibits
2026-04-28Officer/Director Change; Exhibits
2026-04-28Earnings Release; Exhibits
2026-04-21Officer/Director Change; Shareholder Vote; Exhibits
2026-04-15Earnings Release; Exhibits
2026-01-27Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding222,300,000
Free float99.9%
Institutional ownership91.6%
Beta1.06
Dividend yield2.67%
Last dividend$0.74 on 2026-08-10
50 / 200-day average$109.29 / $112.06
Large-cap Basic Materials median P/E30.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where PPG sits among 43 scored companies in Chemicals - Specialty (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasurePPGIndustry medianIndustry percentileSector median
P/E (TTM) 15.2x 28.9x
12th		 19.5x
PEG (P/E ÷ 3-yr EPS CAGR) 1.89 2.33
43rd		 0.89
Price / sales 1.5x 1.5x
49th		 1.9x
Price / book 2.8x 2.4x
57th		 2.3x
Price / tangible book 82.0x 5.2x
100th		 3.3x
Price / free cash flow 17.0x 18.0x
47th		 16.3x
Price / operating cash flow 11.0x 11.4x
48th		 9.6x
Enterprise value $29.7B $5.0B
88th		 $5.4B
EV / sales 1.8x 1.9x
44th		 2.0x
EV / EBITDA 10.7x 12.3x
34th		 10.8x
EV / EBIT 13.2x 23.2x
10th		 14.7x
EV / free cash flow 21.1x 29.7x
33rd		 21.6x
Earnings yield 6.6% 2.2%
93rd		 3.9%
FCF yield 5.9% 3.9%
60th		 4.3%
Operating cash flow yield 9.1% 7.8%
55th		 9.8%
Graham number (per share) $77.18 $51.61
80th		 $36.55

Profitability (TTM)

MeasurePPGIndustry medianIndustry percentileSector median
Gross margin 40.1% 29.4%
81st		 32.1%
EBITDA margin 16.9% 15.0%
61st		 19.0%
Operating margin 12.5% 9.7%
62nd		 13.8%
EBIT margin 13.7% 8.7%
71st		 12.3%
Net margin 9.6% 4.8%
80th		 6.8%
NOPAT margin 9.7% 7.6%
68th		 10.1%
FCF margin 8.6% 8.0%
54th		 6.4%
Operating cash flow margin 13.2% 11.6%
56th		 15.6%
R&D / revenue 2.6% 0.5%
83rd		 0.0%
SG&A / revenue 21.6% 12.8%
80th		 9.4%
Stock comp / revenue 0.2% 0.5%
20th		 0.4%
Effective tax rate 22.4% 21.0%
60th		 22.5%

Returns on capital

MeasurePPGIndustry medianIndustry percentileSector median
ROE (on average equity) 19.6% 7.2%
78th		 12.1%
ROA 7.0% 2.9%
76th		 5.0%
ROIC 11.1% 6.5%
67th		 9.8%
ROCE 13.0% 6.0%
76th		 9.7%
Return on tangible assets 10.1% 4.9%
71st		 8.5%
Cash ROIC (OCF / invested capital) 15.1% 13.6%
62nd		 14.9%
Gross profitability (GP / assets) 29.2% 16.9%
88th		 17.5%
ROIC, 3-yr average 8.2% 3.9%
64th		 6.5%
ROIC, 5-yr average 9.3% 6.9%
69th		 8.1%
ROE, 5-yr average 17.1% 9.1%
79th		 9.1%
Incremental ROIC 213.6% 0.7%
98th		 28.3%

Growth

MeasurePPGIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 12.3% 3.5%
80th		 9.7%
Revenue growth (QoQ) 14.4% 13.2%
55th		 9.5%
Revenue CAGR, 3 yr -2.8% -0.6%
36th		 2.3%
Revenue CAGR, 5 yr 0.9% 4.4%
18th		 7.3%
Gross profit CAGR, 3 yr -2.0% 0.3%
44th		 5.4%
Operating income CAGR, 3 yr 2.6% 6.2%
43rd		 7.8%
Net income growth (TTM YoY) 55.5% 5.6%
83rd		 45.4%
Net income CAGR, 3 yr 6.0% 6.0%
50th		 7.3%
EPS growth (TTM YoY) 58.1% 7.7%
83rd		 44.1%
EPS CAGR, 3 yr 8.0% 8.0%
55th		 8.0%
EPS CAGR, 5 yr 2.0% 6.1%
30th		 11.5%
FCF growth (TTM YoY) 75.9% 12.6%
85th		 19.4%
FCF CAGR, 3 yr 4.8% 5.9%
46th		 3.8%
Operating cash flow CAGR, 3 yr 8.0% 1.1%
63rd		 7.7%
Book value CAGR, 3 yr 5.5% 1.9%
56th		 6.5%
Dividend CAGR, 3 yr 2.6% 2.1%
56th		 2.6%
Sustainable growth rate 11.7% 11.5%
52nd		 13.5%

Margin history & stability

MeasurePPGIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 41.0% 28.9%
88th		 29.8%
Operating margin, 3-yr average 13.4% 10.3%
78th		 12.0%
Net margin, 3-yr average 8.2% 3.7%
72nd		 6.3%
FCF margin, 3-yr average 7.4% 6.3%
57th		 7.1%
Revenue stability (0-1) 0.01 0.52
2nd		 0.60
Earnings stability (0-1) 0.00 0.42
0th		 0.41
Margin stability (0-1) 0.97 0.89
100th		 0.83

Liquidity (latest quarter)

MeasurePPGIndustry medianIndustry percentileSector median
Cash & short-term investments $1.6B $189.6M
86th		 $245.7M
Net cash (− = net debt) −$5.9B −$968.6M
12th		 −$465.1M
Working capital $3.0B $530.0M
88th		 $531.5M
Current ratio 1.58 1.84
33rd		 2.08
Quick ratio 1.15 1.16
45th		 1.42
Cash ratio (cash + ST investments / current liabilities) 0.30 0.30
50th		 0.45
Defensive interval (days) 443 days 609 days
34th		 773 days

Leverage & solvency (latest quarter)

MeasurePPGIndustry medianIndustry percentileSector median
Total debt $7.5B $1.3B
88th		 $807.4M
Debt / equity 0.88 0.79
62nd		 0.50
Net debt / equity 0.69 0.60
57th		 0.30
Debt / assets 33.1% 33.1%
50th		 24.4%
Debt / capital 46.9% 44.1%
62nd		 33.5%
Debt / EBITDA 2.68 3.76
34th		 1.80
Net debt / EBITDA 2.11 2.94
31st		 1.17
Interest coverage (EBIT / interest) 8.8x 3.1x
75th		 6.7x
Cash interest coverage 8.5x 6.2x
68th		 7.7x
Debt payback (years of OCF) 3.4 yrs 4.4 yrs
30th		 2.6 yrs
Liabilities / assets 61.9% 56.9%
69th		 47.8%
IS credit model rating A — —
Implied credit spread (bps) 150 350
21st		 162

Efficiency

MeasurePPGIndustry medianIndustry percentileSector median
Asset turnover 0.74 0.68
55th		 0.66
Fixed asset turnover 3.56 2.14
79th		 1.53
Inventory turnover 4.4 4.6
41st		 4.9
Receivables turnover 4.2 6.4
2nd		 8.7
Days sales outstanding 87 days 57 days
98th		 42 days
Days inventory outstanding 83 days 80 days
59th		 74 days
Days payables outstanding 75 days 51 days
79th		 49 days
Cash conversion cycle (days) 94 days 88 days
62nd		 61 days
Capex / revenue 4.6% 5.1%
41st		 7.8%
Capex / depreciation 1.41 0.94
76th		 1.09
Operating expense ratio 26.1% 20.4%
71st		 11.3%

Cash flow & earnings quality

MeasurePPGIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.38 1.45
36th		 1.55
FCF / net income 0.90 1.09
36th		 0.89
FCF / operating cash flow 65.0% 60.8%
56th		 52.6%
Capex / operating cash flow 35.0% 39.2%
44th		 47.0%
Accruals ratio -2.7% -6.8%
83rd		 -5.6%
Sloan accruals ratio 0.3% -4.9%
76th		 -3.6%
Earnings quality score (0-1) 1.00 1.00
40th		 0.75

Dividends & buybacks

MeasurePPGIndustry medianIndustry percentileSector median
Dividend yield 2.7% 1.4%
79th		 0.9%
Dividend per share (TTM) $2.87 $0.97
81st		 $0.40
Payout ratio (dividends / net income) 40.5% 37.1%
64th		 18.3%
Dividends / FCF 45.3% 25.9%
71st		 17.9%
Dividend growth (YoY) 3.6% 3.4%
52nd		 4.2%
Buyback yield 1.8% 0.5%
86th		 0.2%
Shareholder yield (dividends + buybacks) 4.5% 2.5%
90th		 2.3%
Share count change (YoY) -1.7% 0.0%
22nd		 0.0%
Buybacks, last 5 years $3.6B $90.1M
95th		 $35.6M

Scores & forensic checks

MeasurePPGIndustry medianIndustry percentileSector median
IS score 69 45
93rd		 57
IS profitability 51 29
76th		 44
IS growth 67 50
93rd		 59
IS value 57 47
74th		 54
IS momentum 92 69
95th		 78
IS risk (safety) 90 65
71st		 80
IS quality 76 61
83rd		 70
IS balance sheet 60 49
67th		 65
IS earnings quality 71 66
60th		 71
IS cash flow 63 51
81st		 49
Piotroski F-score (0-9) 8 5
88th		 6
Altman Z-score 3.8 2.5
74th		 3.1
Beneish M-score −2.57 −2.64
63rd		 −2.55
Ohlson O-score −8.00 −7.29
26th		 −8.14
IS credit score 74 54
74th		 70

Per share

MeasurePPGIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.02 $1.54
90th		 $1.57
Book value per share $37.71 $26.43
67th		 $16.95
Tangible book per share $2.14 $4.59
33rd		 $8.43
Revenue per share $73.34 $43.37
76th		 $31.21
FCF per share $6.28 $2.63
76th		 $1.99
Operating cash flow per share $9.67 $5.86
83rd		 $4.23
Cash per share $7.12 $2.95
74th		 $2.16

Size (TTM)

MeasurePPGIndustry medianIndustry percentileSector median
Market cap $23.9B $3.6B
90th		 $4.7B
Revenue $16.4B $2.4B
90th		 $2.5B
EBITDA $2.8B $241.5M
88th		 $488.0M
Net income $1.6B $89.2M
93rd		 $137.1M
Free cash flow $1.4B $131.6M
86th		 $142.7M
Total assets $22.5B $3.5B
86th		 $3.8B
Shareholders' equity $8.4B $1.4B
83rd		 $1.6B
Employees 43,500 4,064
93rd		 4,067

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-15Massy Robert L.
Sr. VP and Chief HR Officer
 Award / grant 16——223
2026-10-15Knavish Timothy M
Director, Chairman and CEO
 Award / grant 29——12,938
2026-10-15Hefel Juliane M.
Sr. VP, Ind Coatings & Sp Prod
 Award / grant 1——1,432
2026-10-15Hagerty Chancey E.
Sr. VP, Perf Coatings Segment
 Award / grant 16——303
2026-10-15Braun Kevin D.
Sr VP, Operations
 Award / grant 18——995
2026-10-15Bellezza Alisha
Sr. VP, Ind Coatings Segment
 Award / grant 17——186
2026-10-15Beggs Jamie A.
Senior VP & CFO
 Award / grant 9——55
2026-10-01Novo Guillermo
Director
 Award / grant 383——14,015
2026-10-01Fortmann Kathy Lynn
Director
 Award / grant 335——6,084
2026-09-30Massy Robert L.
Sr. VP and Chief HR Officer
 Award / grant 16——207
2026-09-30Knavish Timothy M
Director, Chairman and CEO
 Award / grant 35——12,908
2026-09-30Hefel Juliane M.
Sr. VP, Ind Coatings & Sp Prod
 Award / grant 2——1,430

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired12355,705$2.3M
Open-market buyAcquired425$2,753
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 5 notices · 118,811 shares · $15.2M
FiledFilerShares proposedEst. proceeds
2026-02-20Foulkes Anne M.3,594$447,848
2026-02-13Morales Vincent J78,095$10.2M
2026-02-04Morales Vincent J29,672$3.7M
2026-01-29Hagerty Chancey E.2,250$260,078
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 12 trades (11 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-11Lloyd DoggettHousePurchase$1,001 - $15,0002026-10-06
2026-06-12Lloyd DoggettHousePurchase$1,001 - $15,0002026-07-07
2025-07-31Shelley Moore CapitoSenateSale$1,001 - $15,0002025-08-04
2025-07-31Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002025-08-04
2025-07-31Shelley Moore CapitoSenateSale$1,001 - $15,0002025-08-04
2025-07-31Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002025-08-03
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.23,550,100$2.9B10.59%
VANGUARD CAPITAL MANAGEMENT LLC14,548,240$1.8B6.54%
STATE STREET CORP13,871,116$1.7B6.24%
VANGUARD PORTFOLIO MANAGEMENT LLC12,826,587$1.6B5.77%
WELLINGTON MANAGEMENT GROUP LLP8,612,746$1.0B3.87%
FRANKLIN RESOURCES INC7,881,808$956.0M3.55%
PZENA INVESTMENT MANAGEMENT LLC7,807,438$947.0M3.51%
First Eagle Investment Management, LLC6,509,824$789.6M2.93%
GEODE CAPITAL MANAGEMENT, LLC6,082,060$734.8M2.74%
JPMORGAN CHASE & CO4,133,077$499.7M1.86%
Invesco Ltd.3,584,819$434.8M1.61%
Beutel, Goodman & Co Ltd.3,227,294$391.4M1.45%
DIMENSIONAL FUND ADVISORS LP3,042,437$369.0M1.37%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC2,973,301$360.6M1.34%
Sixth Street Partners Management Company, L.P.2,973,301$360.6M1.34%

Institutional ownership by quarter

2023-092026-0691.6%
% of shares held by 13F filers
2023-092026-061,099
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,09991.6%13438636273
2026-03-311,05190.3%15937329585
2025-12-3199389.3%120301398117
2025-09-301,00485.7%94337359101
2025-06-301,02587.9%111322407116
2025-03-311,04186.7%104334422125
2024-12-311,08089.1%157327404137
2024-09-301,08586.9%10232743584
2024-06-301,08087.5%93364395127
2024-03-311,13088.6%9741338291
2023-12-311,13786.5%16836938281
2023-09-301,06785.5%10437834376

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-07SCHEDULE 13GSTATE STREET CORPORATION6.2%13,883,511
2026-05-15SCHEDULE 13G/AWellington Investment Advisors Holdings LLP4.6%10,372,845
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%16,800,620
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.7%12,853,300
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.03%$735.4M
VTI0.03%$735.4M
VSMPX0.03%$735.4M
VTSAX0.03%$735.4M
VFIAX0.04%$609.2M
VFINX0.04%$609.2M

Share structure

Shares outstanding222,300,000
Float222,053,469
Free float99.9%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$16.8B$15.6B$16.2B$15.8B$15.9B
Cost of revenue$10.3B$10.0B$9.7B$9.3B$9.8B
Gross profit$6.5B$5.6B$6.6B$6.6B$6.0B
R&D$439.0M$434.0M$424.0M$423.0M$423.0M
SG&A$3.8B$3.0B$3.6B$3.4B$3.4B
Operating income$1.7B$1.7B$2.0B$2.3B$2.2B
EBITDA$2.5B$2.0B$2.5B$2.6B$2.8B
Pretax income$1.8B$1.4B$1.7B$1.9B$2.0B
Income tax$374.0M$320.0M$428.0M$475.0M$458.0M
Net income$1.4B$1.0B$1.3B$1.1B$1.6B
EPS, diluted$6.01$4.32$5.35$4.75$6.92
Diluted shares239.4M237.3M237.2M234.9M227.1M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.1B$1.2B$1.6B$1.4B$2.2B
Receivables$3.2B$3.3B$3.0B$3.0B$3.3B
Inventory$2.2B$2.3B$1.9B$1.8B$2.0B
Total current assets$6.8B$7.2B$7.4B$6.6B$8.0B
PP&E, net$4.3B$4.2B$4.0B$4.1B$0
Goodwill & intangibles$9.0B$8.5B$8.4B$7.6B$0
Total assets$21.4B$20.7B$21.6B$19.4B$8.0B
Accounts payable$3.7B$3.5B$3.3B$3.0B$4.0B
Total current liabilities$4.8B$4.7B$5.1B$5.0B$4.9B
Long-term debt$6.6B$6.5B$5.7B$4.9B$6.6B
Total liabilities$14.9B$14.0B$13.6B$12.5B$11.5B
Shareholders' equity$6.4B$6.7B$8.0B$7.0B−$3.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.4B$1.0B$1.3B$1.4B$1.6B
Depreciation & amortization$561.0M$502.0M$514.0M$492.0M$546.0M
Stock-based compensation$57.0M$34.0M$56.0M$42.0M$0
Change in working capital−$188.0M−$432.0M$288.0M−$601.0M−$117.0M
Operating cash flow$1.6B$963.0M$2.4B$1.4B$1.9B
Capital expenditure−$371.0M−$486.0M−$516.0M−$721.0M−$778.0M
Free cash flow$1.2B$477.0M$1.9B$699.0M$1.2B
Investing cash flow−$2.4B−$461.0M−$556.0M$107.0M−$700.0M
Net debt issued / repaid$827.0M$377.0M−$850.0M−$26.0M$903.0M
Buybacks−$210.0M−$190.0M−$86.0M−$752.0M−$790.0M
Dividends paid−$536.0M−$570.0M−$598.0M−$622.0M−$628.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin38.8%37.1%41.1%41.3%40.5%
Operating margin10.0%9.7%11.5%14.7%12.7%
Net margin8.6%5.8%7.0%7.3%9.9%
FCF margin7.1%2.5%10.2%4.5%7.3%
ROE24.0%15.9%17.6%15.3%97.2%
ROIC10.6%10.0%12.2%14.1%93.0%
ROA7.0%4.9%6.0%5.4%11.5%
Debt / equity1.191.160.840.94-2.10
Interest coverage16.0x9.3x8.1x8.5x9.5x
Current ratio1.421.521.471.311.62
Revenue growth+21.5%+5.1%+3.4%−16.2%+3.9%
EPS growth+35.5%−27.9%+23.4%−11.0%+46.9%
P/E at year end26.3x27.2x26.7x24.4x14.6x
EV / EBITDA at year end17.7x16.3x15.2x12.6x10.1x
FCF yield at year end3.14%1.60%5.50%2.55%5.04%
Dividend payout37.2%55.6%47.1%55.7%39.8%

Revenue by segment

FY2021FY2022FY2023FY2025
Performance Coatings Segment$10.3B$10.7B$11.2B—
Industrial Coatings Segment$6.5B$7.0B$7.1B—
Industrial Coatings———$6.5B
Performance Coatings———$5.5B
Global Architectural Coatings———$3.8B

Revenue by region · FY2025

North America$5.4B · 34%
EMEA$5.4B · 34%
Asia Pacific$2.9B · 19%
Latin America$2.2B · 14%

Street estimates by fiscal year

Next report 2026-10-27 · consensus EPS $2.13 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$16.8B$16.2B – $17.0B$7.90$7.76 – $7.971313.6x
2027$17.3B$17.0B – $17.9B$8.60$8.35 – $8.851312.5x
2028$17.9B$17.4B – $18.4B$9.41$8.95 – $9.69511.4x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-28$1.78$1.83+2.8%$3.9B$3.9B+2.0%
2026-01-27$1.58$1.51−4.4%$3.8B$3.9B+3.5%
2025-10-28$2.10$2.13+1.4%$4.0B$4.1B+0.9%
2025-07-29$2.23$2.22−0.4%$4.2B$4.2B+0.8%
2025-04-29$1.62$1.72+6.2%$3.7B$3.7B+0.7%
2025-01-30$1.64$1.61−1.8%$4.1B$2.2B−46.5%
2024-10-16$2.15$2.13−0.9%$4.7B$4.6B−1.9%
2024-07-18$2.48$2.50+0.8%$4.9B$4.8B−2.2%
2024-04-18$1.86$1.860.0%$4.4B$4.3B−2.7%
2024-01-18$1.50$1.53+2.0%$4.3B$4.3B+1.9%
2023-10-18$1.94$2.07+6.7%$4.6B$4.6B+0.1%
2023-07-20$2.14$2.25+5.1%$4.8B$4.9B+0.8%
2023-04-20$1.55$1.82+17.4%$4.4B$4.4B−0.3%
2023-01-19$1.13$1.22+8.0%$4.1B$4.2B+1.7%
2022-10-19$1.65$1.66+0.6%$4.4B$4.5B+0.9%
2022-07-21$1.73$1.81+4.6%$4.7B$4.7B+0.4%
2022-04-21$1.12$1.37+22.3%$4.2B$4.3B+1.6%
2022-01-20$1.17$1.26+7.7%$4.3B$4.2B−1.5%
2021-10-20$1.58$1.69+7.0%$4.3B$4.4B+0.9%
2021-07-19$2.19$1.94−11.4%$4.3B$4.4B+0.5%
2021-04-15$1.56$1.88+20.5%$3.7B$3.9B+5.8%
2021-01-21$1.57$1.59+1.3%$3.7B$3.8B+0.6%
2020-10-19$1.92$1.93+0.5%$3.7B$3.7B+0.5%
2020-07-16$0.65$0.99+52.3%$2.2B$3.0B+39.4%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.306-220.306-290.307-060.207-130.307-200.607-270.308-030.208-100.208-170.208-240.208-31
Week ofNotionalSharesTrades
2026-08-31$215.2M1,931,41958,712
2026-08-24$163.5M1,437,50547,667
2026-08-17$203.3M1,794,92853,505
2026-08-10$211.2M1,830,40550,923
2026-08-03$281.8M2,408,74668,695
2026-07-27$644.9M5,618,999105,777

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1560.2%
DateShort shareShort volumeTotal volume
2026-10-1560.2%376,431625,641
2026-10-1471.9%522,009726,521
2026-10-1376.1%513,118674,013
2026-10-1264.5%428,915664,597
2026-10-0962.2%292,505470,447
2026-10-0846.6%294,969633,156
2026-10-0777.0%688,717893,927
2026-10-0660.4%279,447462,582
2026-10-0563.9%332,604520,606
2026-10-0269.7%291,725418,592
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-1.4Jan-0.9Feb+1.3Mar+2.7Apr-0.2May-0.1Jun+1.4Jul-0.1Aug-0.7Sep+2.4Oct+3.2Nov+1.1Dec
MonthAvg returnUp yearsYears
Jan−1.4%35%20
Feb−0.9%60%20
Mar+1.3%62%21
Apr+2.7%55%20
May−0.2%50%20
Jun−0.1%55%20
Jul+1.4%50%20
Aug−0.1%45%20
Sep−0.7%45%20
Oct+2.4%55%20
Nov+3.2%80%20
Dec+1.1%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1453.0
MFI48.5
ADX19.0
Stochastic %K / %D70.2 / 58.8
Williams %R-31.1
CCI136
TSI / signal-10.4 / -16.8
Chaikin money flow0.18
ATR$2.39
Bollinger width4.9%
Volume vs 20-day avg0.87x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$105.78 (+1.5%)
SMA 50$109.08 (−1.6%)
SMA 200$111.90 (−4.1%)
EMA 21$106.16 (+1.1%)
EMA 50$108.36 (−0.9%)
EMA 200$110.54 (−2.9%)
Bollinger upper$108.37 (−1.0%)
Bollinger lower$103.19 (+4.0%)
Parabolic SAR$101.84 (+5.4%)
Open the live chart, 110+ indicators

About PPG Industries, Inc.

PPG Industries, Inc. operates globally as a manufacturer and distributor of paints, protective coatings, and various specialty materials. Its Performance Coatings division offers an extensive range of products, including paints, solvents, adhesives, sealants, and software, designed for the repair and refurbishment of automotive and commercial vehicles, light industrial applications, and signage. This segment also supplies advanced coatings, sealants, transparent components (such as transparent armor), engineered materials, and chemical management services to the commercial, military, and general aviation aerospace sectors. Furthermore, it develops protective coatings and finishes for metals and large-scale structures, serving metal fabricators, heavy-duty maintenance contractors, and manufacturers of ships, bridges, and rail cars. Architectural offerings include paints, wood stains, adhesives, and sundry items for both professional contractors and individual consumers for the decoration and upkeep of residential and commercial buildings. Additionally, it provides paints, thermoplastics, and other advanced solutions for pavement marking. The Industrial Coatings segment delivers specialized coatings, adhesives, sealants, and metal pretreatment solutions. These are applied across a diverse array of manufactured goods, including appliances, agricultural and construction machinery, consumer electronics, automotive components, building materials, kitchenware, and transportation vehicles, often supported by on-site application services. This segment also produces coatings specifically for packaging, such as metal cans, closures, plastic tubes, and promotional or specialty containers. Beyond coatings, PPG innovates with unique materials like amorphous precipitated silica for tires and battery separators; TESLIN substrates utilized in labels, e-passports, driver's licenses, and identification cards; as well as organic light-emitting diode (OLED) materials, display and lighting lens components, optical lenses, color-changing technologies, and photochromic dyes. Founded in 1883, PPG Industries, Inc. is headquartered in Pittsburgh, Pennsylvania.

https://www.ppg.com

Key executives

NameTitlePayBorn
Timothy KnavishChief Executive Officer & Chairman$3.6M1966
Jamie A. BeggsSenior Vice President & Chief Financial Officer$1.8M1977
Anne FoulkesSenior Vice President of Law & Special Projects$1.3M1963
Karl Henrik BergstromSenior Vice President of Global Architectural Coatings Segment$1.3M1972
Kevin D. BraunSenior Vice President of Operations$1.1M1969
Brian Richard WilliamsVP & Controller——
David Stanley BemSenior Vice President of Science & Technology and Chief Technology Officer—1970
Joseph R. GetteSVP, General Counsel & Secretary—1973

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
T. M. Knavish Chairman and Chief Executive Officer2025$1.3M$7.3M$1.9M$14.9M
V. J. Morales Senior Vice President and Chief Financial Officer2025$845,833$2.3M$785,000$5.5M
A. M. Foulkes Senior Vice President Legal and Special Projects2025$683,333$1.1M$534,000$3.1M
K. H. Bergström Senior Vice President, Global Architectural Coatings2025$728,614$800,044$346,000$2.5M
K. D. Braun Senior Vice President, Operations2025$587,500$800,044$436,000$2.4M

Employees

28k201828k2019202k202049k202152k202253k202346k202444k2025

Dividends

Ex-dateAmountPaid
2026-08-10$0.742026-09-11
2026-05-11$0.712026-06-12
2026-02-20$0.712026-03-12
2025-11-10$0.712025-12-12
2025-08-11$0.712025-09-12
2025-05-12$0.682025-06-12
2025-02-21$0.682025-03-12
2024-11-12$0.682024-12-12

Moat model

Weak · Intangible Assets · 2026-06-30
Cost advantage61
Intangibles68
Switching costs31
Network effect30
Efficient scale60
Our component scores (0-100) and overall 50.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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