NYSE: PPG
PPG Industries
Materials · Paints, Varnishes, Lacquers, Enamels & Allied Prods
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$23.0B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $24.4B |
| FY2017, ended Dec 31, 2017 | $29.2B |
| FY2018, ended Dec 31, 2018 | $24.1B |
| FY2019, ended Dec 31, 2019 | $31.5B |
| FY2020, ended Dec 31, 2020 | $34.1B |
| FY2021, ended Dec 31, 2021 | $40.7B |
| FY2022, ended Dec 31, 2022 | $29.6B |
| FY2023, ended Dec 31, 2023 | $35.2B |
| FY2024, ended Dec 31, 2024 | $27.1B |
| FY2025, ended Dec 31, 2025 | $22.9B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $23.0B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$16.7B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $14.3B |
| FY2017, ended Dec 31, 2017 | $14.7B |
| FY2018, ended Dec 31, 2018 | $15.4B |
| FY2019, ended Dec 31, 2019 | $15.1B |
| FY2020, ended Dec 31, 2020 | $13.8B |
| FY2021, ended Dec 31, 2021 | $16.8B |
| FY2022, ended Dec 31, 2022 | $15.6B |
| FY2023, ended Dec 31, 2023 | $16.2B |
| FY2024, ended Dec 31, 2024 | $15.8B |
| FY2025, ended Dec 31, 2025 | $15.9B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $16.7B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $873M | $971M |
| FY2017, ended Dec 31, 2017 | $1.59B | $1.21B |
| FY2018, ended Dec 31, 2018 | $1.34B | $1.06B |
| FY2019, ended Dec 31, 2019 | $1.24B | $1.67B |
| FY2020, ended Dec 31, 2020 | $1.06B | $1.83B |
| FY2021, ended Dec 31, 2021 | $1.44B | $1.19B |
| FY2022, ended Dec 31, 2022 | $1.03B | $477M |
| FY2023, ended Dec 31, 2023 | $1.27B | $1.90B |
| FY2024, ended Dec 31, 2024 | $1.12B | $699M |
| FY2025, ended Dec 31, 2025 | $1.58B | $1.16B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.57B | $1.28B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.59B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.82B |
| FY2017, ended Dec 31, 2017 | $1.44B |
| FY2018, ended Dec 31, 2018 | $902M |
| FY2019, ended Dec 31, 2019 | $1.22B |
| FY2020, ended Dec 31, 2020 | $1.83B |
| FY2021, ended Dec 31, 2021 | $1.00B |
| FY2022, ended Dec 31, 2022 | $1.10B |
| FY2023, ended Dec 31, 2023 | $1.49B |
| FY2024, ended Dec 31, 2024 | $1.27B |
| FY2025, ended Dec 31, 2025 | $2.16B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.59B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$6.83B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.40B |
| FY2017, ended Dec 31, 2017 | $4.13B |
| FY2018, ended Dec 31, 2018 | $5.00B |
| FY2019, ended Dec 31, 2019 | $5.04B |
| FY2020, ended Dec 31, 2020 | $5.74B |
| FY2021, ended Dec 31, 2021 | $6.57B |
| FY2022, ended Dec 31, 2022 | $6.81B |
| FY2023, ended Dec 31, 2023 | $6.05B |
| FY2024, ended Dec 31, 2024 | $5.81B |
| FY2025, ended Dec 31, 2025 | $7.30B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $6.83B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 14.1% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.221M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 257M |
| FY2017, ended Dec 31, 2017 | 250M |
| FY2018, ended Dec 31, 2018 | 236M |
| FY2019, ended Dec 31, 2019 | 236M |
| FY2020, ended Dec 31, 2020 | 237M |
| FY2021, ended Dec 31, 2021 | 236M |
| FY2022, ended Dec 31, 2022 | 235M |
| FY2023, ended Dec 31, 2023 | 235M |
| FY2024, ended Dec 31, 2024 | 227M |
| FY2025, ended Dec 31, 2025 | 223M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 221M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $377M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.05B | $45.0M |
| FY2017, ended Dec 31, 2017 | $813M | $35.0M |
| FY2018, ended Dec 31, 2018 | $1.72B | $37.0M |
| FY2019, ended Dec 31, 2019 | $325M | $39.0M |
| FY2020, ended Dec 31, 2020 | $0 | $44.0M |
| FY2021, ended Dec 31, 2021 | $210M | $57.0M |
| FY2022, ended Dec 31, 2022 | $190M | $34.0M |
| FY2023, ended Dec 31, 2023 | $86.0M | $56.0M |
| FY2024, ended Dec 31, 2024 | $752M | $42.0M |
| FY2025, ended Dec 31, 2025 | $790M | $46.0M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $425M | $48.0M |
Revenue (TTM)
$16.7B
+6.4% YoY
Net income (TTM)
$1.57B
+57.6% YoY
Cash
$1.59B
−13.0% YoY
Total debt
$6.83B
−6.5% YoY
Valuation
At current price- Market Cap
- $26.4B
- P/E
- 16.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.6×
- Price / Book
- 3.1×
- EV / EBITDA
- 10.9×
Growth
Trailing 12 months- Revenue (TTM)
- $16.7B
- Revenue Growth YoY
- 6.4%
- Revenue CAGR 3Y
- 0.6%
- Revenue CAGR 5Y
- 2.8%
- EPS Growth YoY
- 58.6%
- Net Income Growth YoY
- 57.6%
Profitability
Trailing 12 months- Gross Margin
- 40.9%
- Operating Margin
- —
- Net Margin
- 9.4%
- FCF Margin
- 7.7%
- Return on Equity
- 19.3%
Earnings
Trailing 12 months- Net Income
- $1.57B
- EPS (diluted)
- $7.01
- EBITDA
- $2.90B
- Operating Income
- —
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $1.59B
- Total Debt
- $6.83B
- Net Debt
- $5.24B
- Total Assets
- $22.6B
- Total Liabilities
- $13.9B
- Shareholders' Equity
- $8.49B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.04B
- Capital Expenditure
- $765M
- Free Cash Flow
- $1.28B
Dividends and risk
Last 12 months- Dividend Yield
- 2.4%
- Dividend / Share
- $2.87
- Beta (5Y)
- 1.06
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 6.4% year over year, at $16.7B.
Note
Net margin of 9.4% over the last 12 months.
Note
Net debt of $5.24B is 1.8× EBITDA.
Note
Free cash flow of $1.28B, 7.7% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K53Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 19, 2026 · Read the filing on EDGAR
- Sales were flat at $15.9 billion, while net income from continuing operations rose about 17% to $1.57 billion, helped mainly by much lower restructuring and impairment charges.
- Underlying results were weaker: total segment income fell 3%, margins slipped, and adjusted earnings per share fell 4% to $7.58.
- Operating cash flow recovered 39% to $1.9 billion, and PPG spent $790 million on buybacks and $628 million on dividends.
- The Delaware trial over the Brazilian court award against PPG took place in 2025; a decision is expected in 2026, and PPG calls the loss risk remote.
Business momentum
Mixed
“Total segment income decreased by 3%.”
Outlook
Cautious
“In 2026, we anticipate demand in Europe and in global industrial end-use markets to remain challenged.”
Financial stress
Low
“We continue to believe that our cash on hand and short-term investments, cash from operations and the Company’s access to capital markets will continue to be sufficient to fund our operating activities”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Reported pre-tax income rose, helped by lower one-off charges
“Income before income taxes was $2,045 million in 2025, an increase of $193 million compared to the prior year.”
Strong growth in aerospace and protective and marine coatings
“Demand for aerospace coatings and protective and marine coatings was strong with double-digit percentage organic sales growth year over year.”
Cash generation recovered, with a larger cash balance at year end
“PPG ended 2025 with approximately $2.2 billion in cash and short-term investments.”
Concerns
Adjusted earnings fell even though reported earnings rose
“Adjusted earnings per diluted share was $7.58, a decrease of 4% compared to $7.87 in 2024.”
Profit margins narrowed, with Architectural Coatings income down 11.7%
“Aggregate segment margins were 60 basis points lower than the prior year”
Weak early 2026 expectations for two of three segments
“First quarter 2026 organic sales for the segment are anticipated to be within the range of down by a low single-digit percentage to flat compared to the first quarter 2025.”
New risks since the previous report
Aerospace backlog could lead to missed deliveries and customer claims
“Our aerospace business is currently experiencing a backlog resulting in product shortages to certain of our customers.”
Fewer collisions could shrink demand for car repair paint
“Automotive refinish coatings demand was impacted by lower collision claims in the U.S. which drove volume declines in the second half of 2025.”
Global minimum tax rules are raising the company's tax rate
“This range is the Company’s best estimate and represents an increase compared to the 2025 adjusted effective tax rate driven by higher rates in certain countries, including the impact of global minimum tax standards”
Using AI brings legal, security and competitive risks
“These technologies may present business, operational, compliance and reputational risks.”
Biggest risks named
- Weak demand in Europe and global industrial markets
- Raw material costs, supply and tariffs
- Brazilian court award and Westlake indemnity dispute
- Geopolitical tension and international exposure, with about 70% of sales outside the US
- Foreign currency swings
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 53 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 19, 2026 | 53 | Mixed | None | |
| 10-K | Feb 20, 2025 | 58 | Improving | 1 medium1 minor | |
| 10-K | Feb 15, 2024 | 63 | Improving | 1 minor | |
| 10-K | Feb 16, 2023 | 48 | Mixed | 1 medium | |
| 10-K | Feb 17, 2022 | 76 | Strong improvement | None | |
| 10-K | Feb 18, 2021 | 56 | Weakening | 1 minor | |
| 10-K | Feb 20, 2020 | 47 | Weakening | 2 minor | |
| 10-K | Feb 21, 2019 | 24 | Mixed | 1 serious2 medium1 minor | |
| 10-K | Feb 15, 2018 | 73 | Strong improvement | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR