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Dutch maker of paints and coatings, including Dulux and marine/industrial protective coatings brands.
Dutch maker of paints and coatings, including Dulux and marine/industrial protective coatings brands.
Sells paint through DIY retailers and its own trade shops to homeowners and professional painters, and coatings directly to industrial and marine customers. Since selling its specialty chemicals business in 2018, which became Nouryon, it has been a pure paint-and-coatings company.
In one line: A European Sherwin-Williams/PPG.
Moat: narrow (brand, distribution, scale). Strong regional paint brands (Dulux) and distribution reach, in an otherwise commoditized industry.
Headquarters: Amsterdam, Netherlands · Founded: 1994 · Employees: 31,500
Size Akzo Nobel (AKZA.AS) is a Netherlands Materials company (Industrial Specialties) with a market value of $12.1B, the 22nd largest of 61 Netherlands companies the cockpit tracks. Shares closed at €62.90 on 6 Nov 2026.
Performance Over six months the shares gained 26.2%, against +0.7% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 5.0% over the last twelve months (peer median +14.3%); the operating margin is 6.5% (peer median 13.6%).
Valuation It trades at 16.1× forward earnings against a peer median of 17.6× (8th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.2 points below its cost of capital (7.0% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €9.88B | €10.2B | €10.7B | €10.7B | €10.8B |
| Revenue growth | — | -5% | 0% | -2% | — |
| Gross profit | €4.02B | €3.84B | €4.13B | €4.03B | €3.71B |
| EBITDA | €1.02B | €736M | €1.46B | €1.43B | €1.17B |
| Net income | €652M | €635M | €542M | €442M | €352M |
| Free cash flow | €578M | €684M | €459M | €945M | €29.0M |
| Capital expenditure | €286M | €309M | €306M | €286M | €292M |
| Total debt | €6.50B | €4.86B | €5.37B | €5.56B | €5.88B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Akzo Nobel AKZA.AS | $12.1B | +26% | -5% | 6% | 16.1× | 10.7% |
| Sherwin-Williams SHW | $83.1B | +9% | +7% | 16% | 26.8× | 14.9% |
| PPG Industries PPG | $27.0B | +12% | +6% | 13% | 14.6× | 7.1% |
| RPM International RPM | $13.2B | +2% | +6% | 13% | 16.9× | 7.5% |
| Nippon Paint 4612.T | $20.4B | +40% | +16% | 15% | 16.6× | 1.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AKZA.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.9% | +1.0% | 5th highest of 21 |
| 6-month return | +26.2% | +0.7% | 2nd highest of 21 |
| Distance from 52-week high | -7.0% | -16.9% | 5th highest of 21 |
| Revenue growth (TTM) | -5.0% | +14.3% | lowest of 21 |
| Operating margin | 6.5% | 13.6% | 2nd lowest of 21 |
| Forward P/E | 16.1× | 17.6× | 8th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 10.7% | 10.9% | 9th least demanding of 17 |
| Growth delivered (Del g) | +3.6% | +11.2% | 3rd lowest of 17 |
| Hurdle (Req g minus delivered) | +7.2 pp | +2.1 pp | 6th most demanding of 17 |
| ROIC minus cost of capital | -1.2 pp | +2.9 pp | 3rd lowest of 21 |
| EV / EBITDA | 13.7× | 12.2× | 7th most expensive of 15 |
| Net debt / EBITDA | 3.0× | 0.8× | most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Akzo Nobel AKZA.AS | Netherlands | $12.1B | +26% | -5% | 6% | 16.1× | 10.7% | +3.6% |
| RPM International RPM | United States | $13.2B | +2% | +6% | 13% | 16.9× | 7.5% | +5.2% |
| China Jushi 600176.SS | China | $16.6B | -20% | +27% | 34% | 13.5× | 14.6% | +10.1% |
| Pidilite Industries PIDILITIND.NS | India | $17.0B | +9% | +17% | 21% | 56.8× | 40.3% | +14.9% |
| Solar Industries India SOLARINDS.NS | India | $17.8B | +17% | +53% | 25% | 64.6× | n/a | n/a |
| Axalta Coating Systems AXTA | United States | $7.80B | +25% | 0% | 14% | 14.0× | 8.3% | +6.5% |
| Srf SRF.NS | India | $7.67B | -11% | +20% | 19% | 30.3× | 25.2% | +13.5% |
| Orica ORI.AX | Australia | $7.23B | +1% | +2% | 11% | 18.2× | 6.9% | +9.6% |
| Nippon Paint 4612.T | Japan | $20.4B | +40% | +16% | 15% | 16.6× | 1.9% | +18.1% |
| Sekisui Chemical 4204.T | Japan | $6.61B | +9% | +6% | 9% | 13.4× | n/a | n/a |
| Berger Paints India BERGEPAINT.NS | India | $5.90B | -2% | +5% | 12% | 41.5× | 38.5% | +11.8% |
| Fuchs FPE.DE | Germany | $5.87B | +21% | +12% | 13% | 13.8× | -4.4% | +8.4% |
| Asian Paints ASIANPAINT.NS | India | $25.9B | +1% | +12% | 16% | 47.5× | 37.3% | +10.6% |
| PPG Industries PPG | United States | $27.0B | +12% | +6% | 13% | 14.6× | 7.1% | +2.8% |
| Taiwan Glass Industry 1802.TW | Taiwan | $5.08B | -21% | +12% | 12% | 16.7× | n/a | n/a |
| SICC 688234.SS | China | $4.98B | -24% | +20% | -5% | 202.4× | n/a | n/a |
| Sichuan EM Technology 601208.SS | China | $4.88B | -15% | +23% | 7% | 51.1× | 44.5% | +22.5% |
| Sunresin New Materials 300487.SZ | China | $4.77B | -2% | +17% | 36% | 31.2× | 19.0% | +24.7% |
| CSW Industrials CSW | United States | $4.43B | 0% | +30% | 18% | 20.8× | 13.5% | +20.9% |
| Wanhua Chemical 600309.SS | China | $34.1B | -19% | +37% | 11% | 11.3× | -2.6% | +22.7% |
| Henkel AG & Co. KGaA HEN.DE | Germany | $35.4B | +25% | -3% | 15% | 13.6× | -1.9% | +1.3% |