PPG Industries, Inc.
Paints, Varnishes, Lacquers, Enamels & Allied Prods
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.
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
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- 2021AcquisitionPPG completed the acquisition of Wörwag, a German coating manufacturer
- FY2017FinancialBest year on record$1.59B net income
- 2017AcquisitionThe company launched an unsolicited takeover bid of €20.9 billion
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $10B$14.8B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2016AcquisitionPittsburgh Post-Gazette announced the acquisition of the naming rights to Consol Energy Center by PPG
- 2015AcquisitionPPG Industries completed the acquisition of REVOCOAT, a global supplier of sealants
- 2013AcquisitionPPG completed the acquisition of AkzoNobel North American architectural coatings business including…
- 2008MilestonePPG renamed their automotive glass division PGW (Pittsburgh Glass Works) and sold a majority of it to…
- Jan 2, 2008AcquisitionPPG acquired the SigmaKalon Group of companies for $3.2 billion from private investment firm…
- 2007AcquisitionPPG in Australia acquired Barloworld, producer of the Taubmans, Bristol and White Knight brands of paint
- 2006ProductThe company rolled out a two-tiered pay system which resulted in massive strikes at union locations across…
- Dec 19, 1968MilestoneThe company changed its name to PPG Industries, Inc., to show its diverse offerings
Achievements
Verifiable track record, straight from the reported numbers.
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.
- Revenue growing — the company sells more than a year ago+12.3% YoY
- Profitable — makes more than it spends$1.57B TTM
- Profit growing — earnings are higher than last year+17.1% YoY
- Generates cash — cash left after running and investing$1.41B TTM
- Debt under control — could handle its obligations~3.6y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$23.1B market cap
- Not printing shares — share count not ballooning — you keep your slice-4.6% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 3.4 — safe
- Pays a dividend — returns cash to shareholdersyield 2.76%
- Valuation not extreme — price not wildly above earningsP/E 14.7
Peer comparisonPPG Industries, Inc. vs 6 largest basic materials peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| PPG this company | $23.1B | 14.7 | +12.3% | 9.6% | Solid |
| LIN Linde plc Ordinary Share | $223.2B | 30.8 | +6.6% | 20.4% | Solid |
| SCCO Southern Copper Corporation | $176.8B | 31.2 | +32.8% | 35.9% | Strong |
| NEM Newmont Corporation | $124.2B | 14.4 | +25.2% | 33.4% | Strong |
| FCX Freeport-McMoran Inc. | $105.8B | 35.9 | +0.2% | 11.4% | Strong |
| AEM Agnico Eagle Mines Ltd. | $95.8B | 15.9 | +43.7% | 37.5% | Strong |
| B Barrick Mining Corporation | $67.5B | 10.1 | +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.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/PPG
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of PPG on PreMarketPriceFigures 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.