# PPG Industries, Inc. (PPG) — Stock CV

PPG Industries, Inc. 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.

> 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.

## Identity

- **Ticker**: PPG
- **Sector**: Basic Materials
- **Industry**: Paints, Varnishes, Lacquers, Enamels & Allied Prods
- **Headquarters**: PITTSBURGH, PA
- **Employees**: 43 500
- **Website**: https://www.ppg.com
- **Market cap**: $23.1B
- **Last price**: $103.96
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $16.4B
- **Net income**: $1.57B
- **Free cash flow**: $1.41B
- **Net debt**: $5.09B
- **P/E**: 14.7
- **Revenue growth (YoY)**: 12.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 90 |
| Growth | 38 |
| Profitability | 57 |
| Health | 80 |
| Quality | 82 |
| Moat | 69 |

## Qualifications (beginner checklist) — 11 of 11 passed

- [x] Revenue growing — +12.3% YoY
- [x] Profitable — $1.57B TTM
- [x] Profit growing — +17.1% YoY
- [x] Generates cash — $1.41B TTM
- [x] Debt under control — ~3.6y of cash flow to repay
- [x] Established company — $23.1B market cap
- [x] Not printing shares — -4.6% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 3.4 — safe
- [x] Pays a dividend — yield 2.76%
- [x] Valuation not extreme — P/E 14.7

## Experience (career milestones)

- **2021** — PPG completed the acquisition of Wörwag, a German coating manufacturer
- **FY2017** — Best year on record: $1.59B net income
- **2017** — The company launched an unsolicited takeover bid of €20.9 billion
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $14.8B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2016** — Pittsburgh Post-Gazette announced the acquisition of the naming rights to Consol Energy Center by PPG
- **2015** — PPG Industries completed the acquisition of REVOCOAT, a global supplier of sealants
- **2013** — PPG completed the acquisition of AkzoNobel North American architectural coatings business including…
- **2008** — PPG renamed their automotive glass division PGW (Pittsburgh Glass Works) and sold a majority of it to…
- **Jan 2, 2008** — PPG acquired the SigmaKalon Group of companies for $3.2 billion from private investment firm…
- **2007** — PPG in Australia acquired Barloworld, producer of the Taubmans, Bristol and White Knight brands of paint
- **2006** — The company rolled out a two-tiered pay system which resulted in massive strikes at union locations across…
- **Dec 19, 1968** — The company changed its name to PPG Industries, Inc., to show its diverse offerings

## 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

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $16.8B | $1.44B | $1.19B |
| FY2022 | $17.7B | $1.03B | $445M |
| FY2023 | $18.2B | $1.27B | $1.86B |
| FY2024 | $15.8B | $1.12B | $699M |
| FY2025 | $15.9B | $1.58B | $1.16B |

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Source: https://stockcv.com/PPG — derived from company filings; may be delayed or incomplete. Information, not investment advice.