Axalta Coating Systems Ltd. AXTA
Axalta Coating Systems Ltd. ("Axalta," the "Company," "we," "our" and "us"), a Bermuda exempted holding company incorporated in 2012, is a leading global manufacturer, marketer and distributor of high-performance coatings systems and products. We have over a 150-year heritage in the coatings industry and are known for manufacturing high-quality products with well-recognized brands supported by market-leading technology and customer service. Over the course of our history we have remained at the forefront of our industry by continually developing innovative coatings technologies and services designed to enhance the performance, appearance and sustainability attributes of our customers' products, while improving their productivity and profitability.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.12B | $5.28B | $5.18B | $4.88B | $4.42B | $3.74B | $4.48B | $4.70B | $4.38B | $4.07B |
| Cost of revenue | $3.35B | $3.48B | $3.57B | $3.47B | $2.99B | $2.46B | $2.92B | $3.11B | $2.78B | $2.53B |
| Gross profit | $1.76B | $1.80B | $1.62B | $1.42B | $1.43B | $1.28B | $1.56B | $1.59B | $1.60B | $1.54B |
| R&D | $71.0M | $74.0M | $74.0M | $66.0M | $62.4M | $55.2M | $70.2M | $73.1M | $65.3M | $57.7M |
| SG&A | $805.0M | $847.0M | $840.0M | $772.0M | $738.7M | $695.0M | $822.1M | $876.4M | $934.7M | $959.8M |
| Operating income | $735.0M | $706.0M | $588.0M | $423.0M | $462.4M | $305.5M | $488.2M | $442.1M | $363.7M | $405.1M |
| Interest expense | $176.0M | $205.0M | $213.0M | $140.0M | $134.2M | $149.9M | $162.6M | $159.6M | $147.0M | $178.2M |
| Pre-tax income | $546.0M | $496.0M | $355.0M | $257.0M | $340.5M | $122.2M | $330.0M | $267.5M | $189.6M | $82.7M |
| Income tax | $167.0M | $105.0M | $86.0M | $65.0M | $76.1M | $200.0K | $77.4M | $54.2M | $141.9M | $38.1M |
| Net income | $379.0M | $391.0M | $269.0M | $192.0M | $264.0M | $121.6M | $249.0M | $207.1M | $36.7M | $38.8M |
| EPS, basic | 1.75 | 1.78 | 1.21 | 0.86 | 1.14 | 0.52 | 1.06 | 0.87 | 0.15 | 0.16 |
| EPS, diluted | 1.74 | 1.78 | 1.21 | 0.86 | 1.14 | 0.52 | 1.06 | 0.85 | 0.15 | 0.16 |
| Shares, diluted (wtd. avg.) | $217.0M | $220.4M | $221.9M | $222.3M | $231.9M | $236.0M | $235.8M | $242.9M | $246.1M | $244.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $657.0M | $593.0M | $700.0M | $655.0M | $851.0M | $1.36B | $1.02B | $696.4M | $772.9M | $538.1M |
| Receivables | $1.01B | $1.01B | $1.04B | $909.3M | $760.4M | $738.3M | $718.4M | $739.9M | $748.2M | $640.4M |
| Inventory | $756.0M | $734.0M | $741.0M | $829.6M | $669.7M | $559.9M | $591.6M | $613.0M | $608.6M | $529.7M |
| Total current assets | $2.81B | $2.72B | $2.82B | $2.69B | $2.58B | $2.93B | $2.57B | $2.31B | $2.32B | $1.92B |
| Property, plant and equipment | $1.30B | $1.18B | $1.20B | $1.19B | $1.19B | — | $1.22B | $1.30B | $1.39B | $1.32B |
| Goodwill | $1.79B | $1.64B | $1.59B | $1.50B | $1.59B | $1.29B | $1.21B | $1.23B | $1.27B | $964.1M |
| Other intangibles | $1.15B | $1.15B | $1.13B | $1.11B | $1.28B | $1.15B | $1.22B | $1.35B | $1.43B | $1.13B |
| Total assets | $7.60B | $7.25B | $7.27B | $7.06B | $7.22B | $7.16B | $6.82B | $6.68B | $6.83B | $5.87B |
| Accounts payable | $637.0M | $659.0M | $725.0M | $733.5M | $657.4M | $564.4M | $483.7M | $522.8M | $554.9M | $474.2M |
| Short-term debt | $20.0M | $20.0M | $26.0M | $31.0M | $79.7M | $54.2M | $43.9M | $42.2M | $37.7M | $27.9M |
| Total current liabilities | $1.37B | $1.35B | $1.43B | $1.38B | $1.33B | $1.18B | $1.07B | $1.04B | $1.08B | $942.1M |
| Long-term debt | $3.18B | $3.40B | $3.48B | $3.67B | $3.86B | — | $3.88B | $3.89B | $3.95B | $3.30B |
| Total liabilities | $5.21B | $5.29B | $5.50B | $5.56B | $5.68B | $5.68B | $5.41B | $5.37B | $5.42B | $4.62B |
| Retained earnings | $2.06B | $1.68B | $1.29B | $1.02B | $827.2M | $563.3M | $443.2M | $198.6M | -$21.4M | -$58.1M |
| Total equity | $2.35B | $1.91B | $1.77B | $1.50B | $1.54B | $1.48B | $1.41B | $1.31B | $1.41B | $1.25B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $649.0M | $576.0M | $575.0M | $294.0M | $558.6M | $509.3M | $573.1M | $496.1M | $540.0M | $559.3M |
| Depreciation and amortisation | $131.0M | $127.0M | $121.0M | $117.0M | $316.5M | $320.3M | $353.0M | $183.4M | $176.6M | $176.8M |
| Stock-based compensation | $25.0M | $28.0M | $26.0M | $22.0M | $14.9M | $15.1M | $15.7M | $37.3M | $38.5M | $41.1M |
| Capital expenditure | $196.0M | $140.0M | $138.0M | $151.0M | $121.6M | $82.1M | $112.5M | $143.4M | $125.0M | $136.2M |
| Investing cash flow | -$212.0M | -$440.0M | -$206.0M | -$106.0M | -$716.0M | -$61.5M | -$93.9M | -$189.2M | -$689.6M | -$257.0M |
| Financing cash flow | -$401.0M | -$201.0M | -$315.0M | -$369.0M | -$334.5M | -$130.9M | -$158.4M | -$368.2M | $367.3M | -$232.6M |
| Buybacks | $165.0M | $100.0M | $50.0M | $200.0M | $243.8M | $26.0M | $105.3M | $253.8M | $58.4M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-166838.
Others in SIC 2851
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| PPG | PPG INDUSTRIES INC | $25.08B | 16.2x | 0.2% |
| RPM | RPM INTERNATIONAL INC/DE/ | $13.48B | 20.4x | 6.7% |