StockCV
PPG Industries, Inc. logo

PPG Industries, Inc.

Paints, Varnishes, Lacquers, Enamels & Allied Prods

$103.96
-1.42%
Market cap $23.1B

PPG is the world's second-largest producer of paints and coatings. PPG's products are sold to a wide variety of end users, including industrial segments such as automotive, aerospace, and protective and marine, as well as paint contractors and do-it-yourself customers.

It is a $23.1B materials company. Revenue grew 12.3% over the last year, it keeps 10¢ of every dollar of sales as profit, and its net debt equals ~3.6 years of free cash flow. It trades at 14.7× earnings — near the lowest of its own history.

Website
ppg.com
Location
Pittsburgh, PA
Employees
43 500
Sector
Basic Materials

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation90Growth38Profitability57Health80Quality82Moat69

Strong valuation, health and quality; Growth lags behind.

Valuation90
  • P/E vs own history0th pct · 25/25
  • FCF yield6.1% · 20/25
  • P/S1.4x · 25/25
  • EV/EBITDA10.8x · 20/25
Growth38
  • Revenue CAGR-1.4% · 0/25
  • Net income CAGR2.3% · 6/25
  • EPS CAGR ~5Y9.3% · 12/25
  • Fwd implied growth15.3% · 20/25
Profitability57
  • ROIC12.1% · 12/25
  • ROE19.5% · 20/25
  • Net margin9.6% · 13/25
  • Operating margin12.8% · 12/25
Health80
  • Altman Z3.38 · 25/25
  • Current ratio1.58 · 18/25
  • Interest coverage30.6x · 25/25
  • Net cash / debtD/A 23% · 12/25
Quality82
  • Piotroski F6/9 · 15/25
  • Beneish M-2.40 · 20/25
  • FCF conversion90% · 22/25
  • Margin stabilityσ 2.7% · 25/25
Moat69
  • ROIC >12% years6/10 yrs · 13/25
  • Median gross margin41.5% · 13/25
  • FCF-positive years10/10 yrs · 25/25
  • Worst-year net marginworst 5.8% · 18/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

  1. 2021Acquisition
    PPG completed the acquisition of Wörwag, a German coating manufacturer
  2. FY2017Financial
    Best year on record
    $1.59B net income
  3. 2017Acquisition
    The company launched an unsolicited takeover bid of €20.9 billion
  4. FY2016Financial
    Profitable every year on record
    10 consecutive profitable years in our data
  5. FY2016Financial
    Revenue already above $10B
    $14.8B in first reported year
  6. FY2016Financial
    Positive free cash flow every year since
    10-year streak
  7. 2016Acquisition
    Pittsburgh Post-Gazette announced the acquisition of the naming rights to Consol Energy Center by PPG
  8. 2015Acquisition
    PPG Industries completed the acquisition of REVOCOAT, a global supplier of sealants
  9. 2013Acquisition
    PPG completed the acquisition of AkzoNobel North American architectural coatings business including…
  10. 2008Milestone
    PPG renamed their automotive glass division PGW (Pittsburgh Glass Works) and sold a majority of it to…
  11. Jan 2, 2008Acquisition
    PPG acquired the SigmaKalon Group of companies for $3.2 billion from private investment firm…
  12. 2007Acquisition
    PPG in Australia acquired Barloworld, producer of the Taubmans, Bristol and White Knight brands of paint
  13. 2006Product
    The company rolled out a two-tiered pay system which resulted in massive strikes at union locations across…
  14. Dec 19, 1968Milestone
    The company changed its name to PPG Industries, Inc., to show its diverse offerings

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$6 915 today — price return only
$15.9B revenue in FY2025
Revenue up 12.3% year over year
Profitable 10 years in a row
Positive free cash flow 10 years in a row
43 500 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

  • High gross margin (40.9%)
  • Revenue growing 12.3% year over year
  • Interest covered 30.6× by operating earnings
  • Altman Z-Score 3.38 — low bankruptcy-risk zone

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

11 of 11 checks passed
  • Revenue growing+12.3% YoY
  • Profitable$1.57B TTM
  • Profit growing+17.1% YoY
  • Generates cash$1.41B TTM
  • Debt under control~3.6y of cash flow to repay
  • Established company$23.1B market cap
  • Not printing shares-4.6% shares over ~5y
  • Proven track record10/10 profitable years
  • Financially stableAltman Z 3.4 — safe
  • Pays a dividendyield 2.76%
  • Valuation not extremeP/E 14.7
Peer comparisonPPG Industries, Inc. vs 6 largest basic materials peers — cap, P/E, growth and margin side by sideOpen ▾
CompanyMarket capP/ERevenue growthNet marginProfile
PPG this company$23.1B14.7+12.3%9.6%Solid
LIN Linde plc Ordinary Share$223.2B30.8+6.6%20.4%Solid
SCCO Southern Copper Corporation$176.8B31.2+32.8%35.9%Strong
NEM Newmont Corporation$124.2B14.4+25.2%33.4%Strong
FCX Freeport-McMoran Inc.$105.8B35.9+0.2%11.4%Strong
AEM Agnico Eagle Mines Ltd.$95.8B15.9+43.7%37.5%Strong
B Barrick Mining Corporation$67.5B10.1+9.2%31.6%Strong

Head-to-head: PPG vs LIN · PPG vs SCCO · PPG vs NEM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 11Hold 15

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of PPG on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $103.96 · market cap $23.1B.