Tearsheet

PPG Industries (PPG)

Market Price (12/18/2025): $103.83 | Market Cap: $23.4 Bil
Sector: Materials | Industry: Specialty Chemicals

PPG Industries (PPG)

Market Price (12/18/2025): $103.83
Market Cap: $23.4 Bil
Sector: Materials
Industry: Specialty Chemicals

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, Dividend Yield is 2.6%	Weak multi-year price returns 2Y Excs Rtn is -69%, 3Y Excs Rtn is -85%	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.5%
1	Low stock price volatility Vol 12M is 30%		Key risks PPG key risks include [1] geopolitical and currency exposure from its extensive global operations and [2] significant liabilities tied to its product portfolio of hazardous chemicals.
2	Megatrend and thematic drivers Megatrends include Advanced Materials, Sustainable & Green Buildings, and Renewable Energy Transition. Themes include Specialty Chemicals for Performance, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, Dividend Yield is 2.6%
1	Low stock price volatility Vol 12M is 30%
2	Megatrend and thematic drivers Megatrends include Advanced Materials, Sustainable & Green Buildings, and Renewable Energy Transition. Themes include Specialty Chemicals for Performance, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -69%, 3Y Excs Rtn is -85%
4	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.5%
5	Key risks PPG key risks include [1] geopolitical and currency exposure from its extensive global operations and [2] significant liabilities tied to its product portfolio of hazardous chemicals.

Valuation, Metrics & Events

	12/18/25	2024	2023	2022	2021
Share Price CYE	$103.83	$116.37	$142.72	$117.76	$158.51
Market Cap CYE ($ Bil)	23.4	27.0	33.7	27.8	37.6
Total Debt ($ Bil)	7.9	6.4	6.6	7.6	7.5
Total Cash ($ Bil)	1.9	1.4	1.6	1.2	1.1
Enterprise Value ($ Bil)	29.4	33.4	40.3	35.4	45.1
Valuation Ratios
P/S TTM	1.51	1.76	2.17	1.90	2.44
P/EBIT TTM	12.01	13.34	18.22	19.51	21.16
P/FCF TTM	33.21	39.95	18.62	62.24	34.40
P/E TTM	23.84	25.02	27.79	28.93	28.47
Sector Ratios
P/S TTM (Sector)	1.73	1.32	1.35	1.18	1.53
P/EBIT TTM (Sector)	9.19	8.43	7.87	6.07	7.03
P/FCF TTM (Sector)	6.70	5.82	5.02	2.67	5.72
P/E TTM (Sector)	-0.21	6.12	7.12	4.77	6.78

	12/18/25	2024	2023
Share Price CYE	$103.83	$116.37	$142.72
Market Cap CYE ($ Bil)	23.4	27.0	33.7
Total Debt ($ Bil)	7.9	6.4	6.6
Total Cash ($ Bil)	1.9	1.4	1.6
Enterprise Value ($ Bil)	29.4	33.4	40.3
Valuation Ratios
P/S TTM	1.51	1.76	2.17
P/EBIT TTM	12.01	13.34	18.22
P/FCF TTM	33.21	39.95	18.62
P/E TTM	23.84	25.02	27.79
Sector Ratios
P/S TTM (Sector)	1.73	1.32	1.35
P/EBIT TTM (Sector)	9.19	8.43	7.87
P/FCF TTM (Sector)	6.70	5.82	5.02
P/E TTM (Sector)	-0.21	6.12	7.12

	PPG	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	15.7
Rev Chg Q	1.2%	7.3%
Rev Chg LTM	8.5%	6.0%
Rev Chg 3Y Avg	-3.5%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	2.2
CFO LTM ($ Bil)	1.4
Net Inc LTM ($ Bil)	1.0
Op Mgn LTM	13.8%	18.8%
CFO/Rev LTM	8.9%	20.4%
Net Inc Mgn	6.3%	13.1%
VALUATION	MODERATE
P/S	1.5	3.2
P/CFO	17.0	16.0
P/FCF	33.2	20.8
P/E	23.8	23.5
STABILITY	GOOD
Debt/Equity	0.33	0.21
Cash/Assets	0.09	0.07

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Metric	Value	Date	Source
Total Patents Globally	17239	5312022	Link
Active Patents	7870	5312022	Link
Percentage of Sales from Sustainably Advantaged Products	41%	12312024	Link
Injury and Illness Rate	0.25	12312024	Link
Total Employees	45000	5312025	Link
Number of Manufacturing Facilities	177	5312025	Link
Community Giving Investment	$18.4 million	12312024	Link
Automotive OEM Coatings Net Sales Growth	8%	9302025	Link
Percentage of Key Suppliers Assessed Against Sustainability and Social Responsibility Criteria	98%	12312024	Link

Upcoming
1/29/2026	Earnings Release	Rev: $3.0 Bil (E) EPS: $1.61 (E)

PPG Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Following a period of mixed economic signals and specific company-related developments, PPG Industries (PPG) experienced a -6.1% movement in its stock from approximately August 31, 2025, to December 18, 2025. Key factors contributing to this decline include: 1. Concerns about the company's operating performance and financial condition. An analysis published in early August 2025 highlighted PPG Industries as an "unattractive" stock, citing weak operating performance and profit margins that were comparatively worse than many other companies.

2. Softening global demand and anticipated customer inventory management in key segments. Despite reporting strong third-quarter 2025 results, PPG noted a softening in global demand compared to earlier in the year and expected customer inventory management in automotive refinish coatings as the year concluded.

Stock Movement Drivers

Fundamental Drivers

The -3.3% change in PPG stock from 9/17/2025 to 12/17/2025 was primarily driven by a -2.4% change in the company's P/E Multiple.

	9172025	12172025	Change
Stock Price ($)	107.30	103.72	-3.34%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	15640.00	15690.00	0.32%
Net Income Margin (%)	6.46%	6.35%	-1.80%
P/E Multiple	24.07	23.50	-2.36%
Shares Outstanding (Mil)	226.80	225.70	0.49%
Cumulative Contribution			-3.34%

LTM = Last Twelve Months as of date shown

Market Drivers

9/17/2025 to 12/17/2025

	Return	Correlation
PPG	-3.3%
Market (SPY)	1.9%	26.8%
Sector (XLB)	-0.1%	62.9%

Fundamental Drivers

The -2.8% change in PPG stock from 6/18/2025 to 12/17/2025 was primarily driven by a -8.6% change in the company's Net Income Margin (%).

	6182025	12172025	Change
Stock Price ($)	106.73	103.72	-2.82%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	15680.00	15690.00	0.06%
Net Income Margin (%)	6.95%	6.35%	-8.60%
P/E Multiple	22.35	23.50	5.18%
Shares Outstanding (Mil)	228.00	225.70	1.01%
Cumulative Contribution			-2.83%

LTM = Last Twelve Months as of date shown

Market Drivers

6/18/2025 to 12/17/2025

	Return	Correlation
PPG	-2.8%
Market (SPY)	12.7%	34.9%
Sector (XLB)	4.9%	73.7%

Fundamental Drivers

The -12.8% change in PPG stock from 12/17/2024 to 12/17/2025 was primarily driven by a -38.2% change in the company's Net Income Margin (%).

	12172024	12172025	Change
Stock Price ($)	118.92	103.72	-12.78%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	14462.00	15690.00	8.49%
Net Income Margin (%)	10.28%	6.35%	-38.22%
P/E Multiple	18.67	23.50	25.89%
Shares Outstanding (Mil)	233.30	225.70	3.26%
Cumulative Contribution			-12.87%

LTM = Last Twelve Months as of date shown

Market Drivers

12/17/2024 to 12/17/2025

	Return	Correlation
PPG	-12.8%
Market (SPY)	12.1%	63.5%
Sector (XLB)	4.8%	80.8%

Fundamental Drivers

The -12.2% change in PPG stock from 12/18/2022 to 12/17/2025 was primarily driven by a -11.1% change in the company's Total Revenues ($ Mil).

	12182022	12172025	Change
Stock Price ($)	118.17	103.72	-12.22%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	17657.00	15690.00	-11.14%
Net Income Margin (%)	6.08%	6.35%	4.36%
P/E Multiple	25.91	23.50	-9.29%
Shares Outstanding (Mil)	235.50	225.70	4.16%
Cumulative Contribution			-12.38%

LTM = Last Twelve Months as of date shown

Market Drivers

12/18/2023 to 12/17/2025

	Return	Correlation
PPG	-26.9%
Market (SPY)	44.9%	57.5%
Sector (XLB)	10.2%	78.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
PPG Return	10%	21%	-26%	21%	-18%	-11%	-13%
Peers Return	17%	22%	-26%	21%	10%	-10%	26%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
PPG Win Rate	67%	50%	25%	58%	58%	42%
Peers Win Rate	57%	58%	40%	45%	55%	42%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
PPG Max Drawdown	-45%	-7%	-37%	-3%	-20%	-23%
Peers Max Drawdown	-43%	-6%	-36%	-10%	-12%	-22%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MMM, SHW, DOW, MAS, EMN. See PPG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/17/2025 (YTD)

How Low Can It Go

Unique Key	Event	PPG	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-40.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	68.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-45.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	84.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	199 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-21.7%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	27.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	371 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-65.4%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	188.6%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	655 days	1,480 days

Compare to MMM, SHW, DOW, MAS, EMN

In The Past

PPG Industries's stock fell -40.5% during the 2022 Inflation Shock from a high on 6/4/2021. A -40.5% loss requires a 68.0% gain to breakeven.

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About PPG Industries (PPG)

PPG Industries, Inc. manufactures and distributes paints, coatings, and specialty materials worldwide. The company's Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft. It also provides coatings and finishes for the protection of metals and structures, such as metal fabricators, heavy duty maintenance contractors, and manufacturers of ships, bridges, and rail cars; paints, wood stains, adhesives, and purchased sundries for painting and maintenance contractors, and consumers for decoration and maintenance of residential and commercial building structures; and paints, thermoplastics, pavement marking products, and other technologies for pavement marking. The company's Industrial Coatings segment offers coatings, adhesives and sealants, and metal pretreatments, as well as services and coatings applications for appliances, agricultural and construction equipment, consumer electronics, automotive parts and accessories, building products, kitchenware, and transportation vehicles and other finished products; and on-site coatings services. It also provides coatings for metal cans, closures, plastic tubes, and promotional and specialty packaging; amorphous precipitated silica for tire, battery separator, and other end-uses; TESLIN substrates for labels, e-passports, drivers' licenses, breathable membranes, and loyalty and identification cards; and organic light emitting diode materials, displays and lighting lens materials, optical lenses, color-change products, and photochromic dyes. The company was incorporated in 1883 and is headquartered in Pittsburgh, Pennsylvania.

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The Dow Chemical or DuPont of paints and coatings.

A global, industrial Sherwin-Williams.

Like 3M, but purely focused on paints and protective coatings for nearly every industry.

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Architectural Coatings: Paints, stains, and related products for residential and commercial building applications.
Automotive Coatings: Original equipment manufacturer (OEM) and refinish coatings for cars, trucks, and buses.
Industrial Coatings: Coatings for a diverse range of manufactured goods, including appliances, electronics, and heavy equipment.
Aerospace Coatings: Specialized coatings, sealants, and transparencies for aircraft.
Protective and Marine Coatings: High-performance coatings that protect infrastructure and marine vessels from harsh environments.
Specialty Materials: Advanced materials used in various applications, including optical products and sealants.

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PPG Industries (symbol: PPG) primarily sells its paints, coatings, and specialty materials to other companies (B2B). While PPG's financial reports indicate that no single customer accounts for more than 10% of its net sales, its major customers are found across several industrial sectors. Below are categories of companies that represent PPG's significant customer base, with examples of prominent public companies within those categories:

Automotive Original Equipment Manufacturers (OEMs): These companies utilize PPG's coatings for new vehicle production, offering protection, durability, and aesthetic appeal.
- Ford Motor Company (symbol: F)
- General Motors (symbol: GM)
- Stellantis N.V. (symbol: STLA)
Aerospace Manufacturers: PPG supplies specialized coatings for aircraft and aerospace components, meeting stringent performance and regulatory requirements.
- The Boeing Company (symbol: BA)
- Airbus SE (symbol: EADSY)
Packaging Manufacturers: Companies producing beverage, food, and other industrial packaging rely on PPG's coatings for product protection, food safety, and brand aesthetics.
- Ball Corporation (symbol: BALL)
- Crown Holdings, Inc. (symbol: CCK)

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Here is the management team of PPG Industries:

Timothy M. Knavish, Chairman & CEO

Timothy M. Knavish was elected Chairman and CEO of PPG, effective October 1, 2023. He previously served as President and CEO from January 1, 2023, and as Chief Operating Officer starting in March 2022. Knavish joined PPG in 1987 in an engineering role in the former flat glass business. He held various roles in glass manufacturing, supply chain, and coatings operations in locations including Michigan, Georgia, and Australia. He served as global vice president for protective and marine coatings, senior vice president of automotive coatings, and senior vice president of industrial coatings. Knavish earned a Bachelor of Science degree in mechanical engineering and a Master of Business Administration degree from the University of Pittsburgh. He serves on the boards of the American Coatings Association and the Allegheny Conference on Community Development.

Vincent J. Morales, Senior Vice President and Chief Financial Officer

Vincent J. Morales has served as Senior Vice President and Chief Financial Officer of PPG since March 1, 2017. He joined PPG in 1985 in the corporate controller's office. Morales advanced through various finance and accounting assignments, including supervisor of shared accounting services and plant controller at a former PPG glass plant. He also served as director of internal financial reporting, director and vice president of investor relations, and corporate treasurer. Morales earned a Bachelor of Science in accounting from Robert Morris University and a Master of Business Administration from The Ohio State University.

Irene Tasi, Senior Vice President, Chief Transformation Officer

Irene Tasi is the Senior Vice President and Chief Transformation Officer at PPG. Prior to this role, she served as Vice President, Architectural Coatings, U.S. and Canada. She joined PPG in 2017 as Vice President, Global Color, and then led the global architectural coatings portfolio for the EMEA region. Before joining PPG, Tasi held various leadership roles at Masco Corporation and The Sherwin-Williams Company.

Kevin D. Braun, Senior Vice President, Operations

Kevin D. Braun is the Senior Vice President, Operations, effective October 1, 2024. In this role, he leads PPG's supply chain, operational excellence, manufacturing operations, procurement, and environment, health and safety functions. He also has executive oversight accountability for packaging coatings and specialty coatings and materials. Braun joined PPG in 1989 and has held various leadership roles, including senior vice president, industrial coatings segment, and global leadership roles in automotive refinish and protective and marine coatings.

Anne M. Foulkes, Senior Vice President and General Counsel

Anne M. Foulkes serves as Senior Vice President and General Counsel at PPG. She is responsible for PPG’s global legal affairs, compliance, and government affairs functions. Foulkes joined PPG in 1995 and has held various legal leadership positions within the company, including Assistant General Counsel and Chief Compliance Officer.

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PPG Industries faces several significant risks to its business operations and financial performance.

The most significant risk stems from fluctuations in raw material prices and availability, as well as energy costs. As a global manufacturer of paints, coatings, and specialty materials, PPG's financial results can be negatively impacted by volatility in the costs and supply of its essential inputs. This is a recurring concern highlighted in their financial reporting, and it directly affects operating costs and profitability. Furthermore, general economic risks can also affect demand for their products across various end markets.

Another key risk involves its extensive global operations, which expose the company to foreign currency exchange rate fluctuations and geopolitical uncertainties. With significant non-U.S. operations, PPG is subject to varying legal, political, social, and regulatory requirements, as well as diverse economic conditions in numerous countries. Unfavorable foreign currency translation has previously decreased net sales and income, and geopolitical tensions and conflicts can further complicate international business and supply chains.

Finally, PPG faces substantial regulatory and environmental risks, particularly concerning hazardous chemicals and climate change impacts. The company is exposed to evolving environmental laws, potential liabilities from lawsuits and claims related to public health, and risks associated with its product portfolio containing persistent and hazardous chemicals. There are growing concerns about "forever chemicals" and their potential for significant liability risks and stranded assets due to accelerating regulations. Additionally, PPG faces physical climate risks from extreme weather events and transition risks related to the global shift to a low-carbon economy, including changes in technology, raw materials markets, and regulations.

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PPG Industries operates in several key coatings markets globally. The addressable markets for their main products and services are as follows:

Architectural Coatings:
- Global market size: USD 80.3 billion in 2024, projected to reach USD 101.6 billion by 2032. (Another source states USD 91.62 billion in 2025, projected to reach USD 114.28 billion by 2030. Another states USD 83.68 billion in 2025, projected to reach USD 125.08 billion by 2032. Another states USD 85.0 billion in 2023, projected to reach USD 102.7 billion by 2028. Another states USD 63.3 billion in 2020, projected to reach USD 107.9 billion by 2030.)
- North America market size: Estimated at USD 24.5 billion in 2025, expected to reach USD 29.05 billion by 2030. (Another source states USD 23.98 billion in 2024, projected to reach USD 37.48 billion by 2033. Another states USD 28.23 billion by 2033.)
Industrial Coatings:
- Global market size: USD 93.63 billion in 2024, projected to reach USD 116.68 billion by 2030. (Another source states USD 149.72 billion in 2023, projected to grow to USD 210.15 billion by 2032. Another states USD 92.74 billion in 2024, projected to reach USD 130.50 billion by 2034. Another source states USD 87.19 billion in 2022. Another source states USD 41.97 billion in 2025, projected to reach USD 49.58 billion by 2030.)
- Asia Pacific industrial coatings market: Valued at USD 12,518.79 million in 2024, expected to reach USD 15,969.66 million by 2030. (Another source states USD 64.23 billion in 2023.)
- North America industrial coatings market: Expected to grow at a significant CAGR from 2024 to 2030.
- Europe industrial coatings market: Generated USD 27,405.6 million in revenue in 2024, expected to reach USD 35,046.1 million by 2030. (Another source states USD 15.6 billion in 2024, projected to grow to USD 21.8 billion by 2035.)
Automotive Coatings (OEM and Refinish):
- Global automotive coatings market size: Estimated at USD 29.60 billion in 2025, expected to reach USD 37.67 billion by 2030. (Another source states USD 23.2 billion in 2023, projected to reach USD 33.4 billion by 2030. Another states USD 23.72 billion in 2023, projected to reach USD 57.27 billion by 2032. Another states USD 15.5 billion in 2023, projected to reach USD 19.0 billion by 2028.)
- Global automotive refinish coatings market size: Valued at USD 10.91 billion in 2024, projected to reach USD 15.61 billion by 2033.
- Asia Pacific automotive coatings market size: Valued at USD 3.79 billion in 2024, projected to be worth USD 5.80 billion by 2033. (Another source states USD 11.75 billion in 2020. Another source states Asia-Pacific held 58.82% of global 2024 revenue for automotive coatings. Another source states Asia Pacific accounted for 51.4% of the global automotive coatings market in 2023.)
- Asia Pacific automotive refinish coatings market: Asia Pacific currently dominates the market, holding a market share of over 37.5% in 2024.
Aerospace Coatings:
- Global aerospace coatings market size: Valued at USD 3.79 billion in 2024 and projected to reach USD 6.13 billion by 2032. (Another source states USD 3.854.30 million in 2024. Another states USD 1.48 billion in 2024, projected to reach USD 2.23 billion by 2033. Another states USD 4.89 billion in 2025, expected to reach USD 6.51 billion by 2030. Another states USD 1.56 billion in 2017, projected to reach USD 2.48 billion by 2025.)
- North America aerospace coatings market: Expected to dominate in terms of market share and revenue from 2025-2032. (Another source states North America currently dominates the market, holding a significant market share of over 38.6% in 2024. Another source states North America commanded 38.92% revenue share in 2024.)
- Asia-Pacific aerospace coatings market: Projected to witness significant growth during the forecast period of 2025-2032. (Another source states Asia-Pacific records the fastest regional CAGR at 6.52% to 2030.)
Packaging Coatings:
- Global packaging coatings market size: Estimated at USD 4,234.7 million in 2024 and projected to reach USD 6,448.1 million by 2033. (Another source states USD 4.21 billion in 2024, projected to reach USD 5.37 billion by 2029. Another states USD 6.22 billion in 2025, expected to reach USD 7.73 billion by 2030. Another states USD 5.24 billion in 2024 to USD 8.33 billion by 2034. Another states USD 4.2 billion in 2025, projected to increase to USD 8.1 billion by 2035.)
- Asia Pacific packaging coatings market: Dominated the market with the largest revenue share of 42.5% in 2024. (Another source states Asia-Pacific led with a 43% revenue share in 2024. Asia-Pacific is the dominating region.)
- Europe packaging coatings market: Held 20.0% of the global revenue share in 2024.

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Here are 3-5 expected drivers of future revenue growth for PPG Industries (symbol: PPG) over the next 2-3 years:

Strategic Price Increases: PPG Industries has consistently implemented selling price increases across its various business segments to mitigate the impact of rising raw material costs and enhance profitability. These pricing actions are expected to continue supporting revenue growth.
Innovation and Growth of Technology-Advantaged Products: The company is focused on leveraging its innovations in chemistry and process applications to drive organic growth. There is strong and expected continued demand for technology-advantaged products, particularly in aerospace coatings, protective and marine coatings, and packaging coatings, which have shown double-digit organic growth. Recent product launches such as PFAS-free filtration technology and low-carbon, bio-based paints also cater to evolving customer needs and sustainability goals.
Volume Growth and Market Share Gains in Key Segments: PPG anticipates achieving organic sales growth through volume expansion and market share gains. This is especially evident in the automotive original equipment manufacturer (OEM) coatings segment, packaging coatings, aerospace coatings, and protective and marine coatings. The company has seen solid volume growth in regions like China and India, indicating further opportunities for expansion.
Expansion in High-Growth Markets and Sustainable Solutions: PPG aims to capitalize on opportunities in high-growth markets such as Mexico and China. There is also a significant focus on sustainable coatings, including non-BPA coatings and biocide-free marine coatings, which are seeing growing demand due to their higher pricing and appeal to health-conscious consumers and industries prioritizing safety and environmental standards. The expanding smart windows market also presents a notable opportunity.

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Share Repurchases

PPG repurchased approximately $752 million worth of shares in 2024.
As of late 2024/early 2025, PPG had $2.8 billion remaining on its current share repurchase authorization.
Year-to-date as of the third quarter of 2025, the company deployed $690 million towards share repurchases.

Share Issuance

PPG's basic shares outstanding for the quarter ending June 30, 2025, saw a 3.28% decline year-over-year.

Outbound Investments

In December 2020, PPG acquired Tikkurila for $1.3 billion.
PPG is making significant strategic investments in its aerospace sector, with over $500 million allocated for new capacity, technological enhancements, and debottlenecking facilities over the next few years, including a new manufacturing facility to be commissioned in 2027.
The company divested its U.S. and Canada architectural coatings business to American Industrial Partners for $550 million, with the transaction closing in late 2024 or early 2025.

Capital Expenditures

Capital expenditures were approximately $720 million in 2024.
Expected capital expenditures for 2025 are projected to be between $725 million and $775 million.
The primary focus of these expenditures includes supporting future organic growth opportunities, particularly in the aerospace sector, and enhancing manufacturing capabilities.

Better Bets than PPG Industries (PPG)

	PPG	Better Performance than PPG
Metric	Value	INDUSTRY: Specialty Chemicals
Rev Chg LTM	8.5%	GEVO (675.8%), CITR (101.3%), ECVT (22.7%), PRM (19.1%), DD (14.0%)
Rev Chg 3Y Avg	-3.5%	ALB (6.2%), ECL (5.2%), RPM (2.5%), SHW (2.4%), DD (1.3%)
Op Mgn LTM	13.8%	NEU (20.6%), ECL (17.3%), DD (15.9%), SHW (15.8%), AXTA (14.7%)
CFO/Rev LTM	8.9%	ALB (18.3%), ECL (16.7%), DD (15.3%), SHW (14.2%), RPM (10.1%)
FCF/Rev LTM	4.6%	SHW (10.4%), ECL (10.0%), DD (9.7%), RPM (6.9%), AXTA (6.6%)
Total Yield	6.8%	LYB (12.7%), EMN (12.3%), AXTA (7.4%), SCL (7.3%), AVNT (7.0%)
P/S	1.5	LYB (0.4), EMN (0.8), WLK (0.9), AXTA (1.2), IFF (1.4)
P/Op Inc	10.9	CE (5.4), EMN (6.1), AXTA (8.1), FUL (9.4), LYB (10.4)

	PPG	Better Performance than PPG
Metric	Value	SECTOR: Materials
Rev Chg LTM	8.5%	FNV (41.1%), AEM (35.2%), NEM (26.6%), B (18.4%), SCCO (12.7%)
Rev Chg 3Y Avg	-3.5%	AEM (26.0%), NEM (23.9%), SCCO (7.1%), CRH (5.7%), LIN (0.6%)
Op Mgn LTM	13.8%	SCCO (50.3%), AEM (49.4%), NEM (43.5%), LIN (26.9%), SHW (15.8%)
CFO/Rev LTM	8.9%	AEM (55.2%), NEM (42.9%), SCCO (37.4%), LIN (29.8%), CRH (14.7%)
FCF/Rev LTM	4.6%	AEM (34.5%), NEM (28.5%), SCCO (28.2%), LIN (15.2%), CRH (7.1%)
Total Yield	6.8%	NTR (10.1%), AU (9.9%), NEM (9.0%), B (7.8%), NUE (7.0%)
P/S	1.5	SW (0.7), IP (1.0), NUE (1.0), NTR (1.1), STLD (1.2)
P/Op Inc	10.9	NTR (8.0), FCX (8.1), NEM (9.9), BALL (10.0), SW (10.2)

	PPG	Better Performance than PPG
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	8.5%	NVDA (65.2%), META (21.3%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	-3.5%	NVDA (91.6%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	13.8%	NVDA (58.8%), MSFT (46.3%), META (43.2%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	8.9%	MSFT (50.0%), NVDA (44.4%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	4.6%	NVDA (41.3%), MSFT (26.6%), META (23.7%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	6.8%	XOM (9.8%), JNJ (8.4%), UNH (8.1%), BAC (7.7%), KO (7.5%)
P/S	1.5	UNH (0.7), WMT (1.2), VZ (1.4), XOM (1.5), COST (1.5)
P/Op Inc	10.9	VZ (5.9), T (8.3), BN (8.4), MRK (9.4), PFE (9.4)

		Best Bets In Materials Sector
	PPG	SCCO	USLM	CF	NEU	EXP	NEM	CBT	RGLD	AXTA	CCK
What You Pay
P/E	23.8	26.1	28.8	10.5	17.3	16.8	12.9	10.8	27.5	13.5	11.8
P/EBIT	12.0	15.7	24.6	6.5	12.4	12.3	8.9	5.6	23.0	8.2	6.1
What You Get
Rev Chg Q	1.2%	15.2%	14.1%	21.1%	-4.8%	2.5%	20.0%	-10.2%	30.0%	-2.4%	4.2%
Rev Chg LTM	8.5%	12.7%	20.3%	12.6%	-1.1%	1.5%	26.6%	-7.0%	28.1%	-1.8%	3.3%
Rev Chg 3Y Avg	-3.5%	7.1%	17.8%	-13.5%	1.1%	4.1%	23.9%	-4.8%	12.3%	2.7%	-2.1%
FCF/Rev 3Y Avg	7.9%	27.0%	25.6%	22.3%	17.5%	16.7%	13.8%	10.3%	9.3%	8.0%	7.6%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	PPG Industries Earnings Notes
2	With PPG Industries Stock Surging, Have You Considered The Downside?	Return
3	PPG Industries vs Merck: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	PPG Industries vs Newmont: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	PPG Industries vs NewMarket: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	How Does PPG Industries Stock Stack Up Against Its Peers?	Peer Comparison
7	Better Bet Than PPG Stock: Pay Less Than PPG Industries To Get More From MRK, PYPL
8	Better Bet Than PPG Stock: Pay Less Than PPG Industries To Get More From AA
9	PPG Dip Buy Analysis
10	PPG Industries Total Shareholder Return (TSR): -15.8% in 2024 and -7.6% 3-yr compounded annual returns (below peer average)
11	ARTICLES
12	Why You Shouldn’t Be Buying PPG Industries Stock		August 1st, 2025
13	PNC Stock Up 7.1% after 6-Day Win Streak		June 27th, 2025
14	What’s Happening With PPG Stock?		September 24th, 2024

	Title
0	DASHBOARDS
1	PPG Industries Earnings Notes
2	With PPG Industries Stock Surging, Have You Considered The Downside?
3	PPG Industries vs Merck: Which Is A Better Investment?
4	PPG Industries vs Newmont: Which Is A Better Investment?
5	PPG Industries vs NewMarket: Which Is A Better Investment?
6	How Does PPG Industries Stock Stack Up Against Its Peers?
7	Better Bet Than PPG Stock: Pay Less Than PPG Industries To Get More From MRK, PYPL
8	Better Bet Than PPG Stock: Pay Less Than PPG Industries To Get More From AA
9	PPG Dip Buy Analysis
10	PPG Industries Total Shareholder Return (TSR): -15.8% in 2024 and -7.6% 3-yr compounded annual returns (below peer average)
11	ARTICLES
12	Why You Shouldn’t Be Buying PPG Industries Stock
13	PNC Stock Up 7.1% after 6-Day Win Streak
14	What’s Happening With PPG Stock?

Trade Ideas

Select past ideas related to PPG. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	5.9%	5.9%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.6%	0.6%	-3.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	45.1%	45.1%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	17.1%	17.1%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	6.6%	6.6%	-2.5%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	5.9%	5.9%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.6%	0.6%	-3.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	45.1%	45.1%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	17.1%	17.1%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	6.6%	6.6%	-2.5%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.8	282.6%	459.2%
WVE	WAVE Life Sciences	2.7	128.5%	32.1%
ALMS	Alumis	0.8	89.8%	34.6%
NUVB	Nuvation Bio	2.9	82.4%	220.3%
SEMR	SEMrush	1.8	75.7%	-0.2%
TE	T1 Energy	0.8	70.4%
ANF	Abercrombie & Fitch	5.6	68.4%	-21.6%
CBLL	CeriBell	0.8	67.5%	-16.6%
FTRE	Fortrea	1.5	65.4%	-13.2%
VERA	Vera Therapeutics	3.1	64.7%	14.8%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.3%	-85.2%
RZLT	Rezolute	0.2	-80.3%	-59.0%
JANX	Janux Therapeutics	0.9	-50.9%	-73.7%
FRMI	Fermi	6.3	-50.6%
AGIO	Agios Pharmaceuticals	1.5	-43.6%	-22.6%
IMSR	Terrestrial Energy	0.7	-38.9%
LENZ	LENZ Therapeutics	0.5	-36.3%	-43.3%
LWLG	Lightwave Logic	0.4	-36.3%	41.4%
UAMY	United States Antimony	0.5	-33.7%	156.5%
BETR	Better Home & Finance	0.5	-33.6%	292.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

Peer Comparisons for PPG Industries

Peers to compare with:

Financials

	PPG	MMM	SHW	DOW	MAS	EMN	Median
Name	PPG Indu.	3M	Sherwin-.	Dow	Masco	Eastman .
Mkt Price	103.72	162.17	327.95	23.07	65.11	63.93	84.41
Mkt Cap	23.4	86.6	80.7	16.4	13.6	7.3	19.9
Rev LTM	15,690	24,825	23,276	40,913	7,597	9,024	19,483
Op Inc LTM	2,172	5,082	3,680	472	1,291	1,190	1,732
FCF LTM	715	1,588	2,426	-1,120	846	395	780
FCF 3Y Avg	1,213	2,393	2,305	903	935	511	1,074
CFO LTM	1,400	2,541	3,294	1,562	1,011	1,008	1,481
CFO 3Y Avg	1,824	3,715	3,225	3,645	1,137	1,195	2,525

Growth & Margins

	PPG	MMM	SHW	DOW	MAS	EMN	Median
Name	PPG Indu.	3M	Sherwin-.	Dow	Masco	Eastman .
Rev Chg LTM	8.5%	1.1%	1.0%	-5.3%	-3.6%	-3.4%	-1.2%
Rev Chg 3Y Avg	-3.5%	-10.3%	2.4%	-11.3%	-4.7%	-5.9%	-5.3%
Rev Chg Q	1.2%	3.5%	3.2%	-8.3%	-3.3%	-10.6%	-1.0%
QoQ Delta Rev Chg LTM	0.3%	0.9%	0.8%	-2.2%	-0.9%	-2.8%	-0.3%
Op Mgn LTM	13.8%	20.5%	15.8%	1.2%	17.0%	13.2%	14.8%
Op Mgn 3Y Avg	13.8%	1.1%	15.8%	3.5%	16.8%	12.6%	13.2%
QoQ Delta Op Mgn LTM	-0.0%	1.0%	-0.0%	-0.5%	-0.6%	-1.2%	-0.3%
CFO/Rev LTM	8.9%	10.2%	14.2%	3.8%	13.3%	11.2%	10.7%
CFO/Rev 3Y Avg	11.9%	13.8%	13.9%	8.3%	14.5%	12.9%	13.4%
FCF/Rev LTM	4.6%	6.4%	10.4%	-2.7%	11.1%	4.4%	5.5%
FCF/Rev 3Y Avg	7.9%	8.8%	10.0%	1.9%	11.9%	5.5%	8.3%

Valuation

	PPG	MMM	SHW	DOW	MAS	EMN	Median
Name	PPG Indu.	3M	Sherwin-.	Dow	Masco	Eastman .
Mkt Cap	23.4	86.6	80.7	16.4	13.6	7.3	19.9
P/S	1.5	3.3	3.7	0.4	1.9	0.8	1.7
P/EBIT	12.0	16.0	22.8	138.3	11.6	6.7	14.0
P/E	23.8	24.4	33.1	-14.4	17.8	10.3	20.8
P/CFO	16.9	32.6	25.9	10.4	14.6	7.2	15.7
Total Yield	6.8%	5.0%	3.9%	3.7%	7.4%	12.3%	5.9%
Dividend Yield	2.6%	0.9%	0.9%	10.6%	1.8%	2.6%	2.2%
FCF Yield 3Y Avg	4.2%	4.7%	2.9%	1.2%	6.4%	5.3%	4.4%
D/E	0.3	0.2	0.2	1.2	0.2	0.7	0.3
Net D/E	0.3	0.1	0.2	0.9	0.2	0.6	0.2

Returns

	PPG	MMM	SHW	DOW	MAS	EMN	Median
Name	PPG Indu.	3M	Sherwin-.	Dow	Masco	Eastman .
1M Rtn	8.8%	-1.9%	0.3%	8.0%	9.7%	12.7%	8.4%
3M Rtn	-3.3%	5.0%	-6.1%	-4.6%	-9.7%	-1.9%	-4.0%
6M Rtn	-2.8%	14.8%	-0.6%	-16.7%	7.9%	-12.2%	-1.7%
12M Rtn	-12.8%	29.0%	-8.8%	-38.9%	-13.4%	-29.9%	-13.1%
3Y Rtn	-12.2%	78.0%	40.1%	-44.6%	44.3%	-12.7%	14.0%
1M Excs Rtn	8.0%	-2.7%	-0.4%	7.3%	9.0%	11.9%	7.7%
3M Excs Rtn	-5.5%	3.5%	-7.3%	-4.2%	-11.7%	-3.9%	-4.9%
6M Excs Rtn	-15.2%	2.4%	-13.0%	-29.0%	-4.5%	-24.6%	-14.1%
12M Excs Rtn	-25.3%	16.1%	-20.3%	-50.4%	-26.9%	-42.6%	-26.1%
3Y Excs Rtn	-84.7%	2.3%	-35.7%	-114.5%	-30.6%	-84.6%	-60.1%

Comparison Analyses

	Title
0	How Does PPG Industries Stock Stack Up Against Its Peers?
1	PPG Industries vs. Sherwin-Williams: With Return Forecast Of 16%, Sherwin-Williams Is A Better Bet
2	With 14% Gains On The Table, PPG May Outshine MMM
3	MAS or PPG - With 14% Return Forecast, PPG Probably Deserves Your Money
4	With 14% Gains On The Table, PPG May Outshine DD
5	EMN Looks Stronger Than PPG With 14% Return Potential
6	PPG Industries vs. Edwards Lifesciences: With Return Forecast Of 23%, Edwards Lifesciences Is A Better Bet
7	PPG Industries vs. Intuitive Surgical: With Return Forecast Of 43%, Intuitive Surgical Is A Better Bet
8	PPG Industries vs. Fiserv: With Return Forecast Of 70%, Fiserv Is A Better Bet
9	PPG Industries vs. NextEra Energy: Similar Revenue, Similar Bets

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/29/2025	2/20/2025	2/15/2024	2/16/2023	2/17/2022	2/18/2021	2/20/2020
Key Financials
Total Revenue	15,690	15,845	16,242	15,614	16,802	13,834	15,146
EBITDA	2,490	2,585	2,451	2,024	2,497	2,009	2,304
Operating Income	2,172	2,287	2,035	1,666	1,686	1,780	1,946
Net Income	996	1,116	1,270	1,026	1,439	1,059	1,243
EPS	4.42	4.77	5.38	4.34	6.06	4.47	5.25
Growth Rates
Total Revenue Growth	8.5%	-2.4%	4.0%	-7.1%	21.5%	-8.7%	-1.5%
EBITDA Growth	-5.1%	5.5%	21.1%	-18.9%	24.3%	-12.8%	-0.2%
Operating Income Growth	-1.9%	12.4%	22.1%	-1.2%	-5.3%	-8.5%	4.5%
Net Income Growth	-33.0%	-12.1%	23.8%	-28.7%	35.9%	-14.8%	-7.3%
Margins
EBITDA Margin	15.9%	16.3%	15.1%	13.0%	14.9%	14.5%	15.2%
Operating Income Margin	13.8%	14.4%	12.5%	10.7%	10.0%	12.9%	12.8%
Net Income Margin	6.3%	7.0%	7.8%	6.6%	8.6%	7.7%	8.2%
Cash & Debt
Total Cash	1,908	1,358	1,568	1,154	1,072	1,922	1,273
Total Debt	7,914	6,395	6,599	7,635	7,466	6,606	5,844
Net Debt / (Cash)	6,006	5,037	5,031	6,481	6,394	4,684	4,571
Cash Flows
Net Cash from Operations	1,400	1,420	2,411	963	1,562	2,130	2,080
Free Cash from Operations	715	699	1,895	477	1,191	1,826	1,667
Returns to Shareholders
Dividends	626	622	598	570	536	496	468
Share Repurchases	928	752	86	190	210	-0	325

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/29/2025	7/30/2025	4/30/2025	2/20/2025	10/17/2024	7/19/2024	4/19/2024	2/15/2024	10/19/2023	7/21/2023	4/21/2023	2/16/2023
Key Financials Quarterly
Total Revenue	4,082	4,195	3,684	3,729	4,032	4,235	3,849	2,346	4,644	4,872	4,380	2,147
Ebitda	759	795	679	257	764	837	727	297	763	846	545	427
Operating Income	588	650	481	453	582	695	557	381	595	694	365	320
Net Income	453	450	373	-280	468	528	400	90	426	490	264	238
EPS	2.01	1.98	1.63	-1.20	2.01	2.25	1.70	0.38	1.80	2.08	1.12	1.01
Key Financials TTM
Total Revenue TTM	15,690	15,640	15,680	15,845	14,462	15,074	15,711	16,242	16,043	15,867	15,686	15,614
Ebitda TTM	2,490	2,495	2,537	2,585	2,625	2,624	2,633	2,451	2,581	2,417	2,316	2,024
Operating Income TTM	2,172	2,166	2,211	2,287	2,215	2,228	2,227	2,035	1,974	1,850	1,655	1,666
Net Income TTM	996	1,011	1,089	1,116	1,486	1,444	1,406	1,270	1,418	1,321	1,272	1,026
Growth Rates Quarterly
Total Revenue Growth	1.2%	-0.9%	-4.3%	59.0%	-13.2%	-13.1%	-12.1%	9.3%	3.9%	3.9%	1.7%	-48.8%
EBITDA Growth	-0.7%	-5.0%	-6.6%	-13.5%	0.1%	-1.1%	33.4%	-30.4%	27.4%	13.6%	115.4%	-7.4%
Operating Income Growth	1.0%	-6.5%	-13.6%	18.9%	-2.2%	0.1%	52.6%	19.1%	26.3%	39.1%	-2.9%	60.8%
Net Income Growth	-3.2%	-14.8%	-6.8%	-411.1%	9.9%	7.8%	51.5%	-62.2%	29.5%	11.1%	1366.7%	-16.8%
Margins Quarterly
EBITDA Margin	18.6%	19.0%	18.4%	6.9%	18.9%	19.8%	18.9%	12.7%	16.4%	17.4%	12.4%	19.9%
Operating Income Margin	14.4%	15.5%	13.1%	12.1%	14.4%	16.4%	14.5%	16.2%	12.8%	14.2%	8.3%	14.9%
Net Income Margin	11.1%	10.7%	10.1%	-7.5%	11.6%	12.5%	10.4%	3.8%	9.2%	10.1%	6.0%	11.1%
Cash & Debt
Total Cash	1,908	1,625	1,893	1,358	1,322	1,192	1,235	1,568	1,282	1,296	1,482	1,154
Total Debt	7,914	7,948	7,862	6,395	7,269	7,202	7,043	6,599	7,013	7,729	8,108	7,635
Net Debt / (Cash)	6,006	6,323	5,969	5,037	5,947	6,010	5,808	5,031	5,731	6,433	6,626	6,481
Cash Flows Quarterly
FCF from Operations	685	387	-18	346	769	365	-60	898	892	536	85	587
Cash Flows TTM
FCF from Operations TTM	1,400	1,484	1,462	1,420	1,972	2,095	2,266	2,411	2,100	1,720	1,352	963
Returns to Shareholders Quarterly
Dividends	160	154	154	158	159	152	153	153	153	146	146	146
Share Repurchases	147	146	394	241	199	163	149	86	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	30.8%	31.5%	24.4%	4.9%	30.5%	35.7%	29.3%	12.7%	32.5%	33.2%	17.0%	15.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	26.8%	25.3%	27.5%	33.8%	27.8%	27.7%	28.6%	30.2%	26.7%	22.4%	19.7%	19.6%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Industrial Coatings	7,089	6,958	6,469	5,339	6,112
Performance Coatings	5,132	10,694	10,333	8,495	9,034
Global Architectural Coatings	4,021
Total	16,242	17,652	16,802	13,834	15,146

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Global Architectural Coatings	6,595
Industrial Coatings	5,643	5,802	5,807	5,040	4,912
Performance Coatings	5,586	13,088	13,395	11,551	10,636
Corporate / Non-Segment Items	3,823	1,854	2,149	2,965	2,160
Total	21,647	20,744	21,351	19,556	17,708

Price Behavior

Price Behavior

Market Price	$103.72
Market Cap ($ Bil)	23.4
First Trading Date	04/06/1983
Distance from 52W High	-14.3%
	50 Days	200 Days
DMA Price	$99.26	$106.00
DMA Trend	down	down
Distance from DMA	4.5%	-2.2%
	3M	1YR
Volatility	23.3%	29.6%
Downside Capture	71.06	112.01
Upside Capture	47.11	85.75
Correlation (SPY)	27.3%	63.5%

PPG Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.33	0.45	0.58	0.93	0.95	0.96
Up Beta	0.24	1.16	1.17	1.32	1.15	1.06
Down Beta	-1.26	0.21	0.09	0.41	0.62	0.75
Up Capture	86%	14%	23%	64%	71%	62%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	10	19	28	61	120	388
Down Capture	43%	52%	97%	133%	108%	103%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	21	33	63	127	360

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of PPG With Other Asset Classes (Last 1Y)
	PPG	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-14.2%	2.4%	12.1%	61.5%	2.2%	-2.2%	-12.7%
Annualized Volatility	29.5%	20.2%	19.7%	19.3%	15.9%	17.7%	35.4%
Sharpe Ratio	-0.51	0.01	0.46	2.36	-0.05	-0.28	-0.17
Correlation With Other Assets		80.8%	63.3%	0.6%	7.1%	63.1%	28.1%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of PPG With Other Asset Classes (Last 5Y)
	PPG	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-4.7%	6.8%	14.4%	18.3%	11.4%	4.8%	36.3%
Annualized Volatility	26.7%	18.9%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	-0.17	0.27	0.68	0.95	0.49	0.17	0.63
Correlation With Other Assets		75.8%	63.0%	8.7%	6.4%	57.1%	19.8%

Based On 10-Year Data

		Comparison of PPG With Other Asset Classes (Last 10Y)
	PPG	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.1%	9.3%	14.5%	14.6%	6.1%	5.4%	70.7%
Annualized Volatility	26.9%	20.8%	18.0%	14.7%	17.7%	20.8%	55.9%
Sharpe Ratio	0.11	0.40	0.69	0.82	0.27	0.23	0.91
Correlation With Other Assets		77.8%	66.2%	1.9%	18.4%	57.9%	13.6%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	4,355,528
Short Interest: % Change Since 11152025	-9.4%
Average Daily Volume	2,404,366
Days-to-Cover Short Interest	1.81
Basic Shares Quantity	225,700,000
Short % of Basic Shares	1.9%

Returns Analyses

	Title
0	With PPG Industries Stock Surging, Have You Considered The Downside?
1	PPG Industries During 2008 Recession vs. 2022 Inflation Shock: PPG Stock Has 60% Upside If It Recovers To Pre-Inflation Shock Levels
2	PPG YTD Stock Return Of -100% Underperforms MMM by 0% and Underperforms MMM by 0%
3	PPG Industries Stock Return Comparison
4	[10/6/2021] PPG Industries (PPG) Stock Price Forecast: AI Forecasts PPG Stock Price To Be Around $148 In A Month (Up 1%)
5	PPG Industries Total Shareholder Return (TSR): -25.7% in 2022 and -0.4% 3-yr returns (below peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/28/2025	-5.9%	-9.9%	-4.4%
7/29/2025	-5.3%	-5.5%	0.6%
4/29/2025	4.9%	4.6%	7.9%
1/31/2025	-2.9%	-0.5%	-4.7%
10/16/2024	0.8%	-3.1%	-4.7%
7/18/2024	-2.8%	-4.4%	-6.5%
4/18/2024	-3.1%	-4.4%	-0.0%
1/18/2024	-2.5%	-1.5%	-1.6%
...
SUMMARY STATS
# Positive	10	7	13
# Negative	14	17	11
Median Positive	3.4%	3.6%	5.6%
Median Negative	-3.0%	-3.3%	-5.9%
Max Positive	8.7%	11.4%	16.7%
Max Negative	-5.9%	-9.9%	-9.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10292025	10-Q 9/30/2025
6302025	7302025	10-Q 6/30/2025
3312025	4302025	10-Q 3/31/2025
12312024	2202025	10-K 12/31/2024
9302024	10172024	10-Q 9/30/2024
6302024	7192024	10-Q 6/30/2024
3312024	4192024	10-Q 3/31/2024
12312023	2152024	10-K 12/31/2023
9302023	10192023	10-Q 9/30/2023
6302023	7212023	10-Q 6/30/2023
3312023	4212023	10-Q 3/31/2023
12312022	2162023	10-K 12/31/2022
9302022	10202022	10-Q 9/30/2022
6302022	7222022	10-Q 6/30/2022
3312022	4222022	10-Q 3/31/2022
12312021	2172022	10-K 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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PPG Industries (PPG)

Market Price (12/18/2025): $103.83 | Market Cap: $23.4 BilSector: Materials | Industry: Specialty Chemicals

PPG Industries (PPG)

Market Price (12/18/2025): $103.83Market Cap: $23.4 BilSector: MaterialsIndustry: Specialty Chemicals

Valuation, Metrics & Events

PPG Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

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Return vs. Risk

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How Low Can It Go

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About PPG Industries (PPG)

Interactive Breakdown

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Financials

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Based On 1-Year Data

Based On 5-Year Data

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Market Price (12/18/2025): $103.83 | Market Cap: $23.4 Bil
Sector: Materials | Industry: Specialty Chemicals

Market Price (12/18/2025): $103.83
Market Cap: $23.4 Bil
Sector: Materials
Industry: Specialty Chemicals