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Makes paints, coatings and specialty materials for industrial, automotive and architectural customers worldwide.
Makes paints, coatings and specialty materials for industrial, automotive and architectural customers worldwide.
Sells coatings both to factories that apply them in production, under qualified supply contracts, and for repainting through body shops, paint stores and homeowners, so part of its sales follows cars on the road and building upkeep rather than new output. Based in Pittsburgh, it earns much of its sales outside the US.
Moat: narrow (scale, customer qualification, brand). Coatings are qualified into automotive/industrial production lines, creating switching costs versus smaller rivals.
Headquarters: Pittsburgh, Pennsylvania, US · Founded: 1883 · Employees: 43,500
Size PPG Industries (PPG) is a United States Materials company (Industrial Specialties) with a market value of $27.0B, the 398th largest of 3,117 United States companies the cockpit tracks. Shares closed at $122.38 on 6 Nov 2026.
Performance Over six months the shares gained 12.4%, against +8.9% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 14 in its peer set.
Growth Revenue grew 6.4% over the last twelve months (peer median +12.4%); the operating margin is 13.4% (peer median 14.8%).
Valuation It trades at 14.6× forward earnings against a peer median of 16.9× (5th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +4 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 3.2 points above its cost of capital (8.9% WACC).
Credit PPG Industries has 8 bonds outstanding ($4.67B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 81 bp.
Short interest Short interest is 3.0% of the free float (15 Oct 2026).
Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $16.7B | $15.9B | $15.8B | $16.2B | $17.7B |
| Revenue growth | — | 0% | -2% | -8% | — |
| Gross profit | $6.27B | $6.01B | $6.07B | $6.01B | $5.99B |
| EBITDA | $2.79B | $2.66B | $2.78B | $2.74B | $2.27B |
| Net income | $1.60B | $1.57B | $1.40B | $1.27B | $1.03B |
| Free cash flow | $1.28B | $1.16B | $699M | $1.90B | $445M |
| Capital expenditure | $765M | $778M | $721M | $516M | $518M |
| Total debt | $7.46B | $7.90B | $6.39B | $6.60B | $7.63B |
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 |
|---|---|---|---|---|---|---|
| PPG Industries PPG | $27.0B | +12% | +6% | 13% | 14.6× | 7.1% |
| Sherwin-Williams SHW | $83.1B | +9% | +7% | 16% | 26.8× | 14.9% |
| Axalta Coating Systems AXTA | $7.80B | +25% | 0% | 14% | 14.0× | 8.3% |
| Akzo Nobel AKZA.AS | $12.1B | +26% | -5% | 6% | 16.1× | 10.7% |
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 | PPG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.0% | +6.1% | 2nd highest of 14 |
| 6-month return | +12.4% | +8.9% | 6th highest of 14 |
| Distance from 52-week high | -7.2% | -14.7% | 5th highest of 14 |
| Revenue growth (TTM) | +6.4% | +12.4% | 6th lowest of 14 |
| Operating margin | 13.4% | 14.8% | 5th lowest of 14 |
| Forward P/E | 14.6× | 16.9× | 5th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 7.1% | 9.5% | 5th least demanding of 13 |
| Growth delivered (Del g) | +2.8% | +9.9% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | +4.3 pp | +3.4 pp | 7th least demanding of 13 |
| ROIC minus cost of capital | +3.2 pp | +3.4 pp | 7th lowest of 14 |
| EV / EBITDA | 11.8× | 13.7× | 5th cheapest of 12 |
| Net debt / EBITDA | 2.1× | 1.7× | 5th most indebted of 12 |
| Bond spread | 81 bp | 81 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PPG Industries PPG | United States | $27.0B | +12% | +6% | 13% | 14.6× | 7.1% | +2.8% |
| Asian Paints ASIANPAINT.NS | India | $25.9B | +1% | +12% | 16% | 47.5× | 37.3% | +10.6% |
| 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% |
| Nippon Paint 4612.T | Japan | $20.4B | +40% | +16% | 15% | 16.6× | 1.9% | +18.1% |
| Solar Industries India SOLARINDS.NS | India | $17.8B | +17% | +53% | 25% | 64.6× | n/a | n/a |
| Pidilite Industries PIDILITIND.NS | India | $17.0B | +9% | +17% | 21% | 56.8× | 40.3% | +14.9% |
| China Jushi 600176.SS | China | $16.6B | -20% | +27% | 34% | 13.5× | 14.6% | +10.1% |
| RPM International RPM | United States | $13.2B | +2% | +6% | 13% | 16.9× | 7.5% | +5.2% |
| Akzo Nobel AKZA.AS | Netherlands | $12.1B | +26% | -5% | 6% | 16.1× | 10.7% | +3.6% |
| Sherwin-Williams SHW | United States | $83.1B | +9% | +7% | 16% | 26.8× | 14.9% | +5.1% |
| 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% |
PPG Industries has 8 bonds outstanding with $4.67B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 4.50%, a spread of 81 bp over government bonds.