PPG INDUSTRIES INC PPG

Healthcare SIC 2851 - Paints, Varnishes, Lacquers, Enamels & Allied Prods NAICS Manufacturing › Chemical Manufacturing › Paint, Coating, and Adhesive Manufacturing › Paint and Coating Manufacturing derived NYSE

Last close 110.61 2026-10-23
Market cap $24.65B 2026-03-31 share count
52-week range 93.39 - 133.43

Valuation FY2025 figures against the last close

P/S1.6x
P/E15.9x
P/FCF21.2x
EV/EBITDA—
Dividend yield2.5%
Diluted EPS6.94

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Industrial Coatings Segment
  • Performance Coatings Segment
  • Global Architectural Coatings
Revenue by segment, 3 categories over 3 years. The same figures are in the table below. FY2025 Industrial Coatings Segment, FY2025: 6.5B (41.1%) 41% Industrial Coatings Segment Performance Coatings Segment, FY2025: 5.5B (34.7%) 35% Performance Coatings Segment Global Architectural Coatings, FY2025: 3.8B (24.2%) 24% Global Architectural Coatings FY2024 Industrial Coatings Segment, FY2024: 6.7B (42.2%) 42% Performance Coatings Segment, FY2024: 5.2B (33.1%) 33% Global Architectural Coatings, FY2024: 3.9B (24.7%) 25% FY2023 Industrial Coatings Segment, FY2023: 7.1B (43.6%) 44% Performance Coatings Segment, FY2023: 5.1B (31.6%) 32% Global Architectural Coatings, FY2023: 4B (24.8%) 25%
Segment FY2025FY2024FY2023
Industrial Coatings Segment $6.52B $6.69B $7.09B
Performance Coatings Segment $5.51B $5.24B $5.13B
Global Architectural Coatings $3.84B $3.92B $4.02B

As the company reported it, from the “Reportable Business Segment Information (Income(Loss) from Continuing Operations) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $15.88B$15.85B$16.24B$15.61B$16.80B$13.83B$15.15B$15.37B$14.75B$14.27B
Cost of revenue $9.32B$9.25B$9.68B$9.97B$10.29B$7.78B$8.65B$9.00B$8.21B—
Gross profit $6.56B$6.59B$6.56B$5.64B$6.52B$6.06B$6.49B$6.37B$6.54B—
R&D $446.0M$447.0M$446.0M$457.0M$463.0M$401.0M$456.0M$464.0M$472.0M$473.0M
SG&A $3.44B$3.39B$3.40B$3.04B$3.78B$3.39B$3.60B$3.57B$3.55B$3.56B
Operating income ——$2.67B$2.04B$2.17B$2.11B$2.27B$2.12B$2.29B$2.38B
Interest expense $241.0M$241.0M$247.0M$167.0M$121.0M$138.0M$132.0M$118.0M$105.0M$125.0M
Pre-tax income $2.04B$1.85B$1.69B$1.35B$1.81B$1.36B$1.66B$1.69B$2.00B$779.0M
Income tax $458.0M$475.0M$428.0M$320.0M$374.0M$291.0M$392.0M$353.0M$615.0M$214.0M
Net income $1.58B$1.12B$1.27B$1.03B$1.44B$1.06B$1.24B$1.34B$1.59B$873.0M
EPS, basic 6.964.775.384.346.064.475.255.506.223.29
EPS, diluted 6.944.755.354.326.014.455.225.476.183.27
Shares, diluted (wtd. avg.) 227.1M234.9M237.2M237.3M239.4M237.9M238.2M245.4M257.8M267.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $2.16B$1.27B$1.49B$1.08B$992.0M$1.83B$1.22B$902.0M$1.44B$1.82B
Short-term investments $56.0M$88.0M$75.0M$55.0M$67.0M$96.0M$57.0M$61.0M$55.0M$43.0M
Receivables $2.78B$2.48B$2.62B$2.82B$2.69B$2.41B$2.48B$2.50B$2.56B$2.29B
Inventory $2.00B$1.85B$1.93B$2.27B$2.17B$1.74B$1.71B$1.78B$1.73B$1.51B
Total current assets $7.96B$6.56B$7.43B$7.17B$6.77B$6.80B$6.17B$5.96B$6.48B$6.57B
Property, plant and equipment $4.00B$3.46B$3.45B$3.33B$3.44B$3.13B$2.98B$2.81B$2.82B$2.61B
Goodwill $6.15B$5.69B$6.12B$5.99B$6.25B$5.10B$4.47B$4.07B$3.94B$3.57B
Other intangibles $1.97B$1.92B$2.26B$2.41B$2.78B$2.35B$2.13B$1.97B$2.04B$1.98B
Total assets $22.10B$19.43B$21.65B$20.74B$21.35B$19.56B$17.71B$16.02B$16.54B$15.77B
Accounts payable $3.96B$3.73B$4.16B$4.09B$4.39B$3.79B$3.50B$3.62B$3.78B$3.46B
Short-term debt $702.0M$932.0M$302.0M$303.0M$3.0M$175.0M$503.0M$647.0M$4.0M$530.0M
Total current liabilities $4.90B$5.01B$5.05B$4.72B$4.77B$4.83B$4.38B$4.37B$3.90B$4.25B
Long-term debt $6.60B$4.88B$5.75B$6.50B$6.57B$5.17B$4.54B$4.37B$4.13B$3.79B
Total liabilities $14.00B$12.47B$13.62B$14.04B$14.94B$13.74B$12.30B$11.28B$10.87B$10.86B
Retained earnings $22.94B$21.99B$21.50B$20.83B$20.37B$19.47B$18.91B$18.13B$17.14B$15.98B
Total equity $7.94B$6.79B$8.02B$6.71B$6.41B$5.82B$5.40B$4.73B$5.67B$4.92B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.94B$1.42B$2.41B$963.0M$1.56B$2.13B$2.08B$1.47B$1.57B$1.35B
Depreciation and amortisation $403.0M$360.0M$360.0M$357.0M$389.0M$371.0M$375.0M$354.0M$331.0M$319.0M
Stock-based compensation $46.0M$42.0M$56.0M$34.0M$57.0M$44.0M$39.0M$37.0M$35.0M$45.0M
Capital expenditure $778.0M$721.0M$516.0M$486.0M$371.0M$304.0M$413.0M$411.0M$360.0M$380.0M
Investing cash flow -$700.0M$107.0M-$556.0M-$461.0M-$2.40B-$1.45B-$1.01B-$764.0M-$67.0M$436.0M
Financing cash flow -$545.0M-$1.43B-$1.55B-$409.0M$93.0M-$59.0M-$758.0M-$1.21B-$1.95B-$1.21B
Dividends paid $628.0M$622.0M$598.0M$570.0M$536.0M$496.0M$468.0M$453.0M$434.0M$414.0M
Buybacks $790.0M$752.0M$86.0M$190.0M$210.0M$0$325.0M$1.72B$813.0M$1.05B

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 0000079879-26-000046.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 5B 10B 15B 20B Revenue, FY2016: 14.3B Net income, FY2016: 873M Revenue, FY2017: 14.7B Gross profit, FY2017: 6.5B Net income, FY2017: 1.6B Revenue, FY2018: 15.4B Gross profit, FY2018: 6.4B Net income, FY2018: 1.3B Revenue, FY2019: 15.1B Gross profit, FY2019: 6.5B Net income, FY2019: 1.2B Revenue, FY2020: 13.8B Gross profit, FY2020: 6.1B Net income, FY2020: 1.1B Revenue, FY2021: 16.8B Gross profit, FY2021: 6.5B Net income, FY2021: 1.4B Revenue, FY2022: 15.6B Gross profit, FY2022: 5.6B Net income, FY2022: 1B Revenue, FY2023: 16.2B Gross profit, FY2023: 6.6B Net income, FY2023: 1.3B Revenue, FY2024: 15.8B Gross profit, FY2024: 6.6B Net income, FY2024: 1.1B Revenue, FY2025: 15.9B Gross profit, FY2025: 6.6B Net income, FY2025: 1.6B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $14.27B $14.75B $15.37B $15.15B $13.83B $16.80B $15.61B $16.24B $15.85B $15.88B
Gross profit — $6.54B $6.37B $6.49B $6.06B $6.52B $5.64B $6.56B $6.59B $6.56B
Net income $873.0M $1.59B $1.34B $1.24B $1.06B $1.44B $1.03B $1.27B $1.12B $1.58B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 2851

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AXTA Axalta Coating Systems Ltd. $7.31B 19.6x -3.0%