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PPGPPG Industries

Materials · Paints & Coatings · NYSE
PPG quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 0.2%, free cash flow up to $1.2B

XBRL, from each 10-K
RevenueStatements ↓
$15.9B
from $15.8B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.6B
from $1.1B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$1.2B
from $699.0M in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$6.94
from $4.75 in FY2024
FY2016FY2025
Total debtStatements ↓
$7.3B
from $5.8B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)7.01Sales (ttm)16.7BNet income (ttm)1.6BSales growth+0.2%EPS growth+46.1%Sales Q/Q+6.6%
Free cash flow1.3BGross margin40.9%Oper. margin-Net margin9.4%FCF margin7.7%ROE18.5%
ROA7.0%R&D / sales2.8%Dividend2.78Debt/Eq0.81Curr. ratio1.58Cash1.6B
Op. cash flow (ttm)2.0BNet debt5.2BQuick ratio1.20Payout ratio40.1%Tax rate22.4%Stock pay / sales0.3%
Shares out.220.9MShares Y/Y-3.3%Book / share38.42Cash / share7.21Sales / share75.56Asset turnover0.74
Inventory turns4.67Days sales out.64Sales 3Y CAGR+0.6%Sales 5Y CAGR+2.8%EPS 3Y CAGR+17.1%EPS 5Y CAGR+9.3%
Employees43,500Sales / employee384K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt rose 26%$5.8B → $7.3B · Short-term + long-term debt at year end
  • Free cash flow rose 66%$699.0M → $1.2B · Cash from operations − capital expenditure · 10-K ↗
What management wrote about it → · Every company →

PPG against Materials peers

Ten years, side by side → · All 24 →
GrowthProfitBalanceCleanInsiders
PPGPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 24 companies, the better end on the right. Hover a dot for the company.

Sales growth
+0.2%19th of 24 · median +4.4%
Net margin
9.4%10th of 24 · median 8.4%
Return on equity
18.5%7th of 24 · median 13.1%
Free cash flow margin
7.7%10th of 24 · median 6.8%
Debt / equity (less is better)
0.8115th of 24 · median 0.76
PPG and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
PPG PPG Industries$16.7B +0.2%40.9%9.4%18.5%7.7%0.81
STLD Steel Dynamics$22.2B +3.6%15.9%8.8%19.9%4.9%0.43
ECL Ecolab$17.4B +2.2%43.9%12.0%20.0%10.3%1.27
BALL Ball Corporation$15.1B +11.6%-3.5%9.3%4.0%1.27
APD Air Products$12.6B -0.5%32.1%-0.4%-0.3%-2.4%1.27
MOS Mosaic$11.9B +8.4%7.4%-9.4%-9.9%-6.8%0.48
Where each dollar goes

From $16.8B of sales to $1.4B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $6.5BRevenue to Cost of revenue: $10.3BGross profit to Operating profit: $2.2BGross profit to Operating expenses: $4.3BOperating profit to Net profit: $1.4BOperating profit to Tax & other: $732.0MOperating expenses to R&D: $463.0MOperating expenses to SG&A: $3.9B Revenue: $16.8B Revenue$16.8B +21% Y/Y Gross profit: $6.5B · 39% margin Gross profit$6.5B39% margin Cost of revenue: $10.3B · 61% of revenue Cost of revenue$10.3B61% of revenue Operating profit: $2.2B · 13% margin Operating profit$2.2B13% margin +3% Y/Y Operating expenses: $4.3B · 26% of revenue Operating expenses$4.3B26% of revenue Net profit: $1.4B · 9% margin Net profit$1.4B9% margin +36% Y/Y Tax & other: $732.0M · 4% of revenue Tax & other$732.0M4% of revenue R&D: $463.0M · 3% of revenue R&D$463.0M3% of revenue SG&A: $3.9B · 23% of revenue SG&A$3.9B23% of revenue

Swipe sideways for the whole flow →

From $15.6B of sales to $1.0B of profit

FY2022, from the 10-K income statement and revenue by segment
Industrial Coatings Segment to Revenue: $7.0BPerformance Coatings Segment to Revenue: $4.8BGlobal Architectural Coatings to Revenue: $3.9BRevenue to Gross profit: $5.6BRevenue to Cost of revenue: $10.0BGross profit to Operating profit: $2.0BGross profit to Operating expenses: $3.6BOperating profit to Net profit: $1.0BOperating profit to Tax & other: $1.0BOperating expenses to R&D: $457.0MOperating expenses to Sales, admin & other: $3.1B Industrial Coatings Segment: $7.0B · 45% Industrial Coatings Seg…$7.0B45% Performance Coatings Segment: $4.8B · 31% Performance Coatings Se…$4.8B31% Global Architectural Coatings: $3.9B · 25% Global Architectural Co…$3.9B25% Revenue: $15.6B Revenue$15.6B −7% Y/Y Gross profit: $5.6B · 36% margin Gross profit$5.6B36% margin Cost of revenue: $10.0B · 64% of revenue Cost of revenue$10.0B64% of revenue Operating profit: $2.0B · 13% margin Operating profit$2.0B13% margin −6% Y/Y Operating expenses: $3.6B · 23% of revenue Operating expenses$3.6B23% of revenue Net profit: $1.0B · 7% margin Net profit$1.0B7% margin −29% Y/Y Tax & other: $1.0B · 7% of revenue Tax & other$1.0B7% of revenue R&D: $457.0M · 3% of revenue R&D$457.0M3% of revenue Sales, admin & other: $3.1B · 20% of revenue Sales, admin & other$3.1B20% of revenue

Swipe sideways for the whole flow →

From $16.2B of sales to $1.3B of profit

FY2023, from the 10-K income statement and revenue by segment
Industrial Coatings Segment to Revenue: $7.1BPerformance Coatings Segment to Revenue: $5.1BGlobal Architectural Coatings to Revenue: $4.0BRevenue to Gross profit: $6.6BRevenue to Cost of revenue: $9.7BGross profit to Operating profit: $2.7BGross profit to Operating expenses: $3.9BOperating profit to Net profit: $1.3BOperating profit to Tax & other: $1.4BOperating expenses to R&D: $446.0MOperating expenses to SG&A: $3.4B Industrial Coatings Segment: $7.1B · 44% Industrial Coatings Seg…$7.1B44% Performance Coatings Segment: $5.1B · 32% Performance Coatings Se…$5.1B32% Global Architectural Coatings: $4.0B · 25% Global Architectural Co…$4.0B25% Revenue: $16.2B Revenue$16.2B +4% Y/Y Gross profit: $6.6B · 40% margin Gross profit$6.6B40% margin Cost of revenue: $9.7B · 60% of revenue Cost of revenue$9.7B60% of revenue Operating profit: $2.7B · 16% margin Operating profit$2.7B16% margin +31% Y/Y Operating expenses: $3.9B · 24% of revenue Operating expenses$3.9B24% of revenue Net profit: $1.3B · 8% margin Net profit$1.3B8% margin +24% Y/Y Tax & other: $1.4B · 9% of revenue Tax & other$1.4B9% of revenue R&D: $446.0M · 3% of revenue R&D$446.0M3% of revenue SG&A: $3.4B · 21% of revenue SG&A$3.4B21% of revenue

Swipe sideways for the whole flow →

From $15.8B of sales to $1.1B of profit

FY2024, from the 10-K income statement and revenue by segment
Industrial Coatings Segment to Revenue: $6.7BPerformance Coatings Segment to Revenue: $5.2BGlobal Architectural Coatings to Revenue: $3.9BRevenue to Gross profit: $6.6BRevenue to Cost of revenue: $9.3BGross profit to Net profit: $1.1BGross profit to Costs, tax, other: $5.5B Industrial Coatings Segment: $6.7B · 42% Industrial Coatings Seg…$6.7B42% Performance Coatings Segment: $5.2B · 33% Performance Coatings Se…$5.2B33% Global Architectural Coatings: $3.9B · 25% Global Architectural Co…$3.9B25% Revenue: $15.8B Revenue$15.8B −2% Y/Y Gross profit: $6.6B · 42% margin Gross profit$6.6B42% margin Cost of revenue: $9.3B · 58% of revenue Cost of revenue$9.3B58% of revenue Net profit: $1.1B · 7% margin Net profit$1.1B7% margin −12% Y/Y Costs, tax, other: $5.5B · 35% of revenue Costs, tax, other$5.5B35% of revenue

Swipe sideways for the whole flow →

From $15.9B of sales to $1.6B of profit

FY2025, from the 10-K income statement and revenue by segment
Industrial Coatings Segment to Revenue: $6.5BPerformance Coatings Segment to Revenue: $5.5BGlobal Architectural Coatings to Revenue: $3.8BRevenue to Gross profit: $6.6BRevenue to Cost of revenue: $9.3BGross profit to Net profit: $1.6BGross profit to Costs, tax, other: $5.0B Industrial Coatings Segment: $6.5B · 41% Industrial Coatings Seg…$6.5B41% Performance Coatings Segment: $5.5B · 35% Performance Coatings Se…$5.5B35% Global Architectural Coatings: $3.8B · 24% Global Architectural Co…$3.8B24% Revenue: $15.9B Revenue$15.9B +0% Y/Y Gross profit: $6.6B · 41% margin Gross profit$6.6B41% margin Cost of revenue: $9.3B · 59% of revenue Cost of revenue$9.3B59% of revenue Net profit: $1.6B · 10% margin Net profit$1.6B10% margin +41% Y/Y Costs, tax, other: $5.0B · 31% of revenue Costs, tax, other$5.0B31% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Costs, tax, other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 3
  • ✓
    Net margin above the peer median9.4% vs 8.4%
  • ✓
    Return on equity above 15%18.5%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 6.1% → 9.9%

Balance sheet

2 of 3
  • ✓
    Debt smaller than equityDebt / equity 0.81 on the latest balance sheet (peer median 0.76)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.58
  • !
    Net debt over 3 years of free cash flow$5.2B net debt, 4.1 years
Debt / equity at each year end, FY2016 to FY2025: 0.91 → 0.92
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$1.2B last year
  • ✓
    Share count down over 5 years−4.5%
  • ✓
    Dividend per share up over 5 years$2.10 → $2.78
  • ✓
    Cash from operations above net income$1.9B vs $1.6B
Free cash flow, FY2016 to FY2025: 971.0M → 1.2B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$7.3B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 15.9B Net income 1.6B
FY2016 revenue 14.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000079879-19-000008 FY2016 net income 873.0M · NetIncomeLoss, 0000079879-19-000008 14.3B FY2016 FY2017 revenue 14.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000079879-20-000008 FY2017 net income 1.6B · NetIncomeLoss, 0000079879-20-000008 14.7B FY2017 FY2018 revenue 15.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000079879-21-000008 FY2018 net income 1.3B · NetIncomeLoss, 0000079879-21-000008 15.4B FY2018 FY2019 revenue 15.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000079879-22-000009 FY2019 net income 1.2B · NetIncomeLoss, 0000079879-22-000009 15.1B FY2019 FY2020 revenue 13.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000079879-23-000007 FY2020 net income 1.1B · NetIncomeLoss, 0000079879-23-000007 13.8B FY2020 FY2021 revenue 16.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000079879-24-000040 FY2021 net income 1.4B · NetIncomeLoss, 0000079879-24-000040 16.8B FY2021 FY2022 revenue 15.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000079879-25-000034 FY2022 net income 1.0B · NetIncomeLoss, 0000079879-25-000034 15.6B FY2022 FY2023 revenue 16.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000079879-26-000046 FY2023 net income 1.3B · NetIncomeLoss, 0000079879-26-000046 16.2B FY2023 FY2024 revenue 15.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000079879-26-000046 FY2024 net income 1.1B · NetIncomeLoss, 0000079879-26-000046 15.8B FY2024 FY2025 revenue 15.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000079879-26-000046 FY2025 net income 1.6B · NetIncomeLoss, 0000079879-26-000046 15.9B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

PPG's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue15.9B
FY2016: 14.3BFY2017: 14.7BFY2018: 15.4BFY2019: 15.1BFY2020: 13.8BFY2021: 16.8BFY2022: 15.6BFY2023: 16.2BFY2024: 15.8BFY2025: 15.9B FY2017FY2019FY2021FY2023FY2025
Net income1.6B
FY2016: 873.0MFY2017: 1.6BFY2018: 1.3BFY2019: 1.2BFY2020: 1.1BFY2021: 1.4BFY2022: 1.0BFY2023: 1.3BFY2024: 1.1BFY2025: 1.6B FY2017FY2019FY2021FY2023FY2025
Free cash flow1.2B
FY2016: 971.0MFY2017: 1.2BFY2018: 1.1BFY2019: 1.7BFY2020: 1.8BFY2021: 1.2BFY2022: 477.0MFY2023: 1.9BFY2024: 699.0MFY2025: 1.2B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)6.94
FY2016: 3.27FY2017: 6.18FY2018: 5.47FY2019: 5.22FY2020: 4.45FY2021: 6.01FY2022: 4.32FY2023: 5.35FY2024: 4.75FY2025: 6.94 FY2017FY2019FY2021FY2023FY2025
Dividend per share2.78
FY2016: 1.56FY2017: 1.70FY2018: 1.86FY2019: 1.98FY2020: 2.10FY2021: 2.26FY2022: 2.42FY2023: 2.54FY2024: 2.66FY2025: 2.78 FY2017FY2019FY2021FY2023FY2025
Diluted shares227.1M
FY2016: 267.4MFY2017: 257.8MFY2018: 245.4MFY2019: 238.2MFY2020: 237.9MFY2021: 239.4MFY2022: 237.3MFY2023: 237.2MFY2024: 234.9MFY2025: 227.1M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Industrial Coatings Segment 6.5B41.1% -2.4%
Performance Coatings Segment 5.5B34.7% +5.3%
Global Architectural Coatings 3.8B24.2% -2.1%

10-K 0000079879-26-000046, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States and Canada 5.4B33.8% +0.4%
EMEA 5.4B33.8% -0.3%
Asia Pacific 2.9B18.5% +0.9%
Latin America 2.2B13.8% +0.1%

10-K 0000079879-26-000046, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue14.3B14.7B15.4B15.1B13.8B16.8B15.6B16.2B15.8B15.9B
Cost of revenue-8.2B9.0B8.7B7.8B10.3B10.0B9.7B9.3B9.3B
R&D473.0M472.0M464.0M456.0M401.0M463.0M457.0M446.0M447.0M446.0M
SG&A3.6B3.6B3.6B3.6B3.4B3.8B3.0B3.4B3.4B3.4B
Operating income2.4B2.3B2.1B2.3B2.1B2.2B2.0B2.7B--
Interest expense125.0M105.0M118.0M132.0M138.0M121.0M167.0M247.0M241.0M241.0M
Pretax income779.0M2.0B1.7B1.7B1.4B1.8B1.4B1.7B1.9B2.0B
Income tax214.0M615.0M353.0M392.0M291.0M374.0M320.0M428.0M475.0M458.0M
Net income873.0M1.6B1.3B1.2B1.1B1.4B1.0B1.3B1.1B1.6B
EPS (diluted)3.276.185.475.224.456.014.325.354.756.94
Diluted shares267.4M257.8M245.4M238.2M237.9M239.4M237.3M237.2M234.9M227.1M
Depreciation & amortization440.0M460.0M497.0M511.0M509.0M561.0M502.0M514.0M492.0M528.0M
EBITDA2.8B2.8B2.6B2.8B2.6B2.7B2.5B3.2B--
Operating margin16.7%15.5%13.8%15.0%15.2%12.9%13.1%16.5%--
Net margin6.1%10.8%8.7%8.2%7.7%8.6%6.6%7.8%7.0%9.9%
Revenue growth-+3.3%+4.2%-1.5%-8.7%+21.5%-7.1%+4.0%-2.4%+0.2%
EPS growth-+89.0%-11.5%-4.6%-14.8%+35.1%-28.1%+23.8%-11.2%+46.1%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash1.8B1.4B902.0M1.2B1.8B1.0B1.1B1.5B1.3B2.2B
Short-term investments43.0M55.0M61.0M57.0M96.0M67.0M55.0M75.0M88.0M56.0M
Receivables2.3B2.6B2.5B2.5B2.4B2.7B2.8B2.6B2.5B2.8B
Inventory1.5B1.7B1.8B1.7B1.7B2.2B2.3B1.9B1.8B2.0B
Current assets6.6B6.5B6.0B6.2B6.8B6.8B7.2B7.4B6.6B8.0B
Property & equipment2.6B2.8B2.8B3.0B3.1B3.4B3.3B3.5B3.5B4.0B
Goodwill3.6B3.9B4.1B4.5B5.1B6.2B6.0B6.1B5.7B6.1B
Total assets15.8B16.5B16.0B17.7B19.6B21.4B20.7B21.6B19.4B22.1B
Current liabilities4.3B3.9B4.4B4.4B4.8B4.8B4.7B5.1B5.0B4.9B
Total debt4.4B4.1B5.0B5.0B5.7B6.6B6.8B6.0B5.8B7.3B
Total liabilities10.9B10.9B11.3B12.3B13.7B14.9B14.0B13.6B12.5B14.0B
Shareholders' equity4.8B5.6B4.6B5.3B5.7B6.3B6.6B7.8B6.8B7.9B
Retained earnings16.0B17.1B18.1B18.9B19.5B20.4B20.8B21.5B22.0B22.9B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow1.4B1.6B1.5B2.1B2.1B1.6B963.0M2.4B1.4B1.9B
Capital spending380.0M360.0M411.0M413.0M304.0M371.0M486.0M516.0M721.0M778.0M
Free cash flow971.0M1.2B1.1B1.7B1.8B1.2B477.0M1.9B699.0M1.2B
Stock-based pay (added back)45.0M35.0M37.0M39.0M44.0M57.0M34.0M56.0M42.0M46.0M
Dividends paid414.0M434.0M453.0M468.0M496.0M536.0M570.0M598.0M622.0M628.0M
Buybacks1.1B813.0M1.7B325.0M0210.0M190.0M86.0M752.0M790.0M
Acquisitions349.0M225.0M378.0M643.0M1.2B2.1B114.0M109.0M31.0M1.0M
Debt raised1.2B---------
Debt repaid379.0M588.0M6.0M637.0M500.0M847.0M0300.0M300.0M1.0B
Investing cash flow436.0M-67.0M-764.0M-1.0B-1.4B-2.4B-461.0M-556.0M107.0M-700.0M
Financing cash flow-1.2B-2.0B-1.2B-758.0M-59.0M93.0M-409.0M-1.6B-1.4B-545.0M
Dividend per share1.561.701.861.982.102.262.422.542.662.78

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)45.0M35.0M37.0M39.0M44.0M57.0M34.0M56.0M42.0M46.0M
Stock-based pay / revenue0.3%0.2%0.2%0.3%0.3%0.3%0.2%0.3%0.3%0.3%
Operating lease cost---232.0M240.0M260.0M178.0M183.0M188.0M199.0M
Operating lease cash paid---210.0M212.0M224.0M151.0M155.0M157.0M168.0M
Finance lease principal paid---4.0M2.0M3.0M2.0M2.0M2.0M2.0M
Right-of-use assets--0782.0M847.0M891.0M829.0M571.0M597.0M604.0M
Operating lease liabilities--0792.0M857.0M885.0M819.0M816.0M580.0M588.0M
Finance lease liabilities---11.0M12.0M10.0M10.0M8.0M7.0M7.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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