PPG Industries, Inc.

PPG · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$22,992	$27,712	$35,264	$29,552	$40,937	$34,238	$31,691	$24,269	$27,733	$22,496	$23,460	$31,969	$27,197	$20,764	$13,135	$13,831	$9,647	$6,982	$11,554	$10,643	$9,831	$11,697	$10,868	$8,438	$8,702	$7,977	$10,867	$10,310	$10,273	$10,539	$9,244	$7,866	$8,423	$6,968	$5,355	$5,026	$4,425	$4,430	$3,903	$4,334	$3,388
Enterprise value	$28,825	$32,926	$40,486	$36,150	$47,456	$39,048	$36,381	$28,424	$30,503	$25,136	$26,398	$34,885	$29,124	$22,640	$15,683	$16,119	$12,098	$10,029	$12,475	$11,616	$10,743	$12,434	$12,172	$10,503	$11,121	$10,965	$13,597	$11,987	$11,927	$12,028	$10,427	$9,018	$9,492	$8,273	$6,967	$6,654	$6,043	$5,630	$5,234	$5,622	$4,586
P/E (TTM) at period end	14.59×	24.83×	27.77×	28.80×	28.45×	32.33×	25.50×	18.10×	17.40×	25.77×	16.69×	15.21×	8.42×	22.07×	12.00×	17.99×	28.71×	12.98×	13.85×	14.97×	16.50×	17.13×	22.00×	–	22.49×	12.87×	19.13×	12.87×	14.39×	14.17×	12.04×	15.29×	379.40×	21.81×	26.59×	10.59×	9.51×	9.47×	10.35×	13.70×	11.19×
P/S (TTM) at period end	1.45×	1.75×	2.17×	1.89×	2.44×	2.47×	2.09×	1.58×	1.88×	1.58×	1.65×	2.16×	1.91×	1.64×	1.00×	1.15×	0.79×	0.44×	0.95×	1.08×	1.09×	1.23×	1.24×	1.05×	1.07×	0.92×	1.36×	1.33×	1.39×	1.46×	1.31×	1.24×	1.46×	1.20×	0.94×	0.83×	0.77×	0.79×	0.75×	0.92×	0.78×
P/B at period end	2.90×	4.08×	4.50×	4.48×	6.51×	6.02×	6.00×	5.24×	4.99×	4.66×	4.71×	6.17×	5.51×	5.11×	4.04×	3.80×	2.57×	2.09×	2.78×	3.24×	3.22×	3.27×	3.73×	3.92×	2.83×	2.58×	3.50×	3.58×	4.09×	4.24×	3.60×	3.08×	3.41×	2.58×	2.02×	1.97×	1.94×	1.97×	1.91×	2.19×	1.99×
EV / EBITDA (TTM)	10.71×	12.93×	12.70×	14.21×	17.37×	14.92×	13.08×	10.87×	11.08×	8.91×	9.66×	13.21×	12.26×	11.16×	7.53×	8.21×	7.26×	5.55×	7.30×	7.22×	6.90×	8.31×	8.90×	8.02×	8.11×	6.65×	8.90×	7.35×	7.06×	7.25×	6.31×	6.70×	8.90×	7.82×	7.42×	5.33×	5.27×	–	–	–	–
EV / Sales (TTM)	1.82×	2.08×	2.49×	2.32×	2.82×	2.82×	2.40×	1.85×	2.07×	1.76×	1.85×	2.36×	2.04×	1.78×	1.19×	1.34×	0.99×	0.63×	1.02×	1.18×	1.19×	1.31×	1.39×	1.30×	1.36×	1.27×	1.70×	1.55×	1.62×	1.67×	1.48×	1.42×	1.65×	1.42×	1.23×	1.11×	1.05×	1.00×	1.01×	1.20×	1.06×
Returns
Return on equity	19.8%	16.4%	16.2%	15.6%	22.9%	18.6%	23.5%	29.0%	28.7%	18.1%	28.2%	40.6%	65.5%	23.2%	33.7%	21.1%	9.0%	16.1%	20.1%	21.7%	19.5%	19.1%	17.0%	(3.2%)	12.6%	20.0%	18.3%	27.8%	28.5%	30.0%	29.9%	20.1%	0.9%	11.8%	7.6%	18.6%	20.4%	20.8%	18.5%	16.0%	17.8%
Return on invested capital	12.1%	12.6%	15.2%	11.8%	13.4%	15.7%	17.3%	19.0%	19.0%	23.0%	21.6%	21.0%	20.4%	19.0%	23.8%	16.0%	13.2%	13.4%	13.6%	21.5%	21.2%	17.9%	15.1%	16.2%	10.3%	12.4%	11.4%	17.3%	19.6%	20.0%	21.3%	16.7%	11.2%	10.2%	7.7%	13.4%	13.3%	16.0%	11.4%	10.8%	10.8%
Dividend yield	2.7%	2.2%	1.7%	1.9%	1.3%	1.4%	1.5%	1.9%	1.6%	1.8%	1.6%	1.1%	1.3%	1.7%	2.7%	2.6%	3.7%	4.9%	2.9%	3.0%	3.2%	2.6%	2.7%	3.4%	3.3%	3.5%	2.4%	2.4%	2.3%	2.2%	2.6%	3.0%	2.6%	2.9%	3.4%	3.5%	3.7%	–	–	–	–
Financial health
Current ratio	1.62×	1.31×	1.47×	1.52×	1.42×	1.41×	1.41×	1.36×	1.66×	1.55×	1.43×	1.32×	1.74×	1.73×	1.81×	1.95×	1.67×	1.51×	1.50×	1.72×	1.71×	1.83×	1.65×	1.53×	1.38×	1.22×	1.28×	1.39×	1.55×	1.30×	1.40×	1.52×	1.58×	1.56×	1.62×	1.51×	1.54×	1.50×	1.44×	1.66×	1.66×
Debt / equity	0.92×	0.86×	0.77×	1.03×	1.05×	1.01×	0.96×	1.08×	0.75×	0.91×	0.86×	0.77×	0.69×	0.99×	1.13×	1.12×	0.89×	1.17×	0.73×	0.39×	0.42×	0.38×	0.57×	0.95×	0.78×	0.96×	0.90×	0.58×	0.66×	0.59×	0.46×	0.44×	0.46×	0.48×	0.59×	0.64×	0.71×	0.58×	0.69×	0.68×	0.72×
Effective tax rate	22.4%	25.6%	25.3%	23.6%	20.6%	21.4%	23.6%	20.9%	30.7%	27.5%	23.7%	17.6%	20.6%	17.9%	16.3%	31.3%	31.0%	31.3%	29.1%	25.1%	29.0%	30.3%	34.8%	25.0%	39.0%	37.3%	39.9%	36.8%	37.9%	38.8%	38.5%	38.7%	44.5%	40.6%	42.1%	38.1%	37.9%	40.0%	40.8%	42.7%	43.6%
Share count
Diluted shares outstanding	227	235	237	237	239	238	238	245	258	267	274	280	290	310	319	332	331	331	329	333	342	346	342	337	338	347	352	358	362	379	407	429	444	426	429	430	447	441	471	476	531

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$16,421	$15,875	$15,845	$16,242	$15,614	$16,802	$13,834	$15,146	$15,374	$14,748	$14,270	$14,241	$14,791	$14,265	$12,686	$13,153	$11,989	$12,239	$15,849	$12,220	$9,861	$9,028	$9,513	$8,756	$8,067	$8,169	$8,629	$7,995	$7,751	$7,379	$7,218	$7,058	$6,331	$5,754	$5,814	$5,673	$6,021	$5,734	$5,639	$5,183	$4,687	$4,346
Cost of revenue	($9,704)	($9,316)	($9,252)	($9,678)	($9,975)	($10,286)	($7,777)	($8,653)	($9,001)	($8,209)	($7,665)	($7,786)	($8,348)	($8,314)	($7,599)	($7,865)	($7,104)	($7,539)	($10,155)	($7,828)	($6,153)	($5,597)	($5,999)	($5,521)	($5,066)	($5,137)	($5,334)	($4,957)	($4,717)	($4,397)	($4,340)	($4,212)	($3,866)	($3,614)	($3,673)	($3,654)	($3,721)	($3,591)	($3,334)	($3,087)	($2,791)	($2,639)
Gross profit	$6,717	$6,559	$6,593	$6,564	$5,639	$6,516	$6,057	$6,493	$6,373	$6,539	$6,605	$6,455	$6,443	$5,951	$5,087	$5,288	$4,885	$4,700	$5,694	$4,392	$3,708	$3,431	$3,514	$3,235	$3,001	$3,032	$3,295	$3,038	$3,034	$2,982	$2,878	$2,846	$2,466	$2,140	$2,141	$2,018	$2,300	$2,143	$2,305	$2,095	$1,896	$1,707
Operating expenses
Research and development	($435)	($423)	($423)	($424)	($434)	($439)	($379)	($432)	($441)	($451)	($453)	($466)	($483)	($463)	($430)	($428)	($392)	($388)	($468)	($348)	($305)	($294)	($303)	($290)	($273)	($266)	($282)	($284)	($271)	($250)	($239)	($236)	($218)	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,545)	($3,439)	($3,391)	($3,401)	($3,037)	($3,780)	($3,389)	($3,604)	($3,573)	($3,554)	($3,555)	($3,584)	($3,696)	($3,486)	($2,987)	($3,122)	($2,887)	($2,936)	($3,432)	($2,310)	($1,833)	($1,628)	($1,715)	($1,578)	($1,419)	($1,395)	($1,364)	($1,230)	($1,133)	($1,068)	($1,004)	($977)	($919)	($1,073)	($1,083)	($1,079)	($1,051)	($997)	($1,092)	($1,000)	($878)	($787)
Total operating expenses	($4,312)	($4,396)	($4,539)	($3,889)	($3,597)	($4,345)	($3,948)	($4,222)	($4,255)	($4,247)	($4,223)	($4,168)	($4,252)	($4,028)	($3,458)	($3,631)	($3,352)	($3,514)	($4,450)	($3,085)	($2,479)	($2,247)	($2,406)	($2,262)	($2,090)	($2,108)	($2,093)	($1,929)	($1,785)	($1,666)	($1,583)	($1,545)	($1,455)	($1,423)	($1,456)	($1,452)	($1,396)	($1,307)	($1,385)	($1,444)	($1,278)	($1,149)
Total costs and expenses	($14,016)	($13,712)	($13,791)	($13,567)	($13,572)	($14,631)	($11,725)	($12,875)	($13,256)	($12,456)	($11,888)	($11,954)	($12,600)	($12,342)	($11,057)	($11,496)	($10,456)	($11,053)	($14,605)	($10,913)	($8,632)	($7,844)	($8,405)	($7,783)	($7,156)	($7,245)	($7,427)	($6,886)	($6,502)	($6,063)	($5,923)	($5,757)	($5,320)	($5,037)	($5,129)	($5,106)	($5,117)	($4,898)	($4,718)	($4,532)	($4,069)	($3,788)
Operating income	$2,405	$2,163	$2,054	$2,675	$2,042	$2,171	$2,109	$2,271	$2,118	$2,292	$2,382	$2,287	$2,191	$1,923	$1,629	$1,657	$1,533	$1,186	$1,244	$1,307	$1,229	$1,184	$1,108	$973	$911	$924	$1,202	$1,109	$1,249	$1,316	$1,295	$1,301	$1,011	$717	$685	$566	$904	$836	$920	$651	$618	$558
Earnings
EBITDA	$2,943	$2,691	$2,546	$3,189	$2,544	$2,732	$2,618	$2,782	$2,615	$2,752	$2,822	$2,733	$2,641	$2,375	$2,028	$2,082	$1,963	$1,666	$1,807	$1,710	$1,609	$1,556	$1,496	$1,367	$1,309	$1,371	$1,649	$1,528	$1,632	$1,689	$1,658	$1,653	$1,346	$1,067	$1,058	$939	$1,249	$1,146	–	–	–	–
Interest income	$145	$153	$177	$140	$54	$26	$23	$32	$23	$20	$26	$39	$50	$43	$40	$42	$34	$28	$26	$20	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($255)	($241)	($241)	($247)	($167)	($121)	($138)	($132)	($118)	($105)	($125)	($125)	($187)	($196)	($210)	($210)	($189)	($193)	($254)	($93)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,031	$2,045	$1,852	$1,690	$1,355	$1,815	$1,362	$1,661	$1,693	$2,005	$779	$1,745	$1,346	$1,226	$828	$1,597	$1,108	$617	$908	$1,315	$962	$880	$1,063	$843	($28)	$634	$989	$945	$1,267	$1,149	$1,215	$1,248	$840	$531	$538	$348	$767	$749	$779	$637	$553	$537
Income tax expense	($455)	($458)	($475)	($428)	($320)	($374)	($291)	($392)	($353)	($615)	($214)	($413)	($237)	($253)	($148)	($260)	($347)	($191)	($284)	($383)	($241)	($255)	($322)	($293)	$7	($247)	($369)	($377)	($466)	($435)	($471)	($480)	($325)	($236)	($218)	($147)	($292)	($284)	($311)	($260)	($236)	($234)
Net income	$1,572	$1,576	$1,116	$1,270	$1,026	$1,439	$1,059	$1,243	$1,341	$1,594	$873	$1,406	$2,102	$3,231	$941	$1,095	$769	$336	$538	$834	$711	$596	$683	$494	($69)	$387	$620	$568	$801	$714	$744	$768	$515	$22	$319	$201	$475	$465	$468	$377	$316	$303
Per share
Diluted EPS (GAAP)	$6.98	$6.94	$4.75	$5.35	$4.32	$6.01	$4.45	$5.22	$5.47	$6.18	$3.27	$5.14	$7.52	$11.13	$3.03	$3.44	$2.31	$1.01	$1.62	$2.52	$2.13	$1.75	$1.98	$1.45	($0.20)	$1.15	$1.79	$1.62	$2.24	$1.97	$1.97	$1.89	$1.22	$0.05	$0.75	$0.47	$1.11	$1.04	$1.06	$0.80	$0.67	$0.57
Basic EPS (GAAP)	$7.02	$6.96	$4.77	$5.38	$4.34	$6.06	$4.47	$5.25	$5.50	$6.22	$3.29	$5.18	$7.60	$11.27	$3.06	$3.48	$2.33	$1.02	$1.64	$2.54	$2.15	$1.76	$1.99	$1.46	($0.20)	$1.15	$1.80	$1.64	$2.26	$1.99	$1.98	$1.90	$1.22	$0.05	$0.76	$0.48	$1.11	$1.05	$1.07	$0.80	$0.67	$0.57
Basic shares outstanding	224	226	234	236	236	238	237	237	244	256	266	271	277	287	307	315	329	330	329	329	331	340	343	340	337	337	344	347	354	360	376	404	424	444	423	424	428	445	439	471	476	531
Margins
Gross margin	40.9%	41.3%	41.6%	40.4%	36.1%	38.8%	43.8%	42.9%	41.5%	44.3%	46.3%	45.3%	43.6%	41.7%	40.1%	40.2%	40.7%	38.4%	35.9%	35.9%	37.6%	38.0%	36.9%	36.9%	37.2%	37.1%	38.2%	38.0%	39.1%	40.4%	39.9%	40.3%	38.9%	37.2%	36.8%	35.6%	38.2%	37.4%	40.9%	40.4%	40.4%	39.3%
Operating margin	14.6%	13.6%	13.0%	16.5%	13.1%	12.9%	15.2%	15.0%	13.8%	15.5%	16.7%	16.1%	14.8%	13.5%	12.8%	12.6%	12.8%	9.7%	7.8%	10.7%	12.5%	13.1%	11.6%	11.1%	11.3%	11.3%	13.9%	13.9%	16.1%	17.8%	17.9%	18.4%	16.0%	12.5%	11.8%	10.0%	15.0%	14.6%	16.3%	12.6%	13.2%	12.8%
Net margin	9.6%	9.9%	7.0%	7.8%	6.6%	8.6%	7.7%	8.2%	8.7%	10.8%	6.1%	9.9%	14.2%	22.6%	7.4%	8.3%	6.4%	2.7%	3.4%	6.8%	7.2%	6.6%	7.2%	5.6%	(0.9%)	4.7%	7.2%	7.1%	10.3%	9.7%	10.3%	10.9%	8.1%	0.4%	5.5%	3.6%	7.9%	8.1%	8.3%	7.3%	6.8%	7.0%

Analyst consensus

Buy38 analysts

Bearish · 2 · Hold · 15 · Bullish · 21

Earnings history

	EPS	Estimate
Q3 2024	$2.13	$2.15	Miss
Q4 2024	$1.61	$1.64	Miss
Q1 2025	$1.72	$1.62	Beat
Q2 2025	$2.22	$2.23	Miss
Q3 2025	$2.13	$2.10	Beat
Q4 2025	$1.51	$1.58	Miss
Q1 2026	$1.83	$1.78	Beat
Q2 2026	$2.23	$2.25	Miss

Peers

Company overview

IPO dateMar 17, 1980

CEOTimothy Knavish

Employees43,500

SectorBasic Materials

IndustryChemicals - Specialty

CountryUS

ExchangeNew York Stock Exchange

Websitewww.ppg.com

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.

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