PPGNYSEPaints, Varnishes, Lacquers, Enamels & Allied ProdsFiscal year ends December 31
PPG INDUSTRIES INC
Financials through Q1 FY2026, quarter ended Mar 31, 2026Last filing: 10-Q on Jul 29, 2026
$107.55+0.16 (+0.15%)
Close on Oct 19, 2026
- Market cap
- $24.13B
- P/E (TTM)
- 15.3
- Dividend yield
- 2.58%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
41.3%−2.5 pts over 5 years
Operating margin
–
Net margin
9.9%+2.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +0.2% | +0.6% | +2.8% | +1.1% | |
| Gross profit | -0.5% | +5.2% | +1.6% | – | |
| Net income | +41.2% | +15.4% | +8.3% | +1.1% | |
| EPS, diluted | +46.1% | +17.1% | +9.3% | +3.0% | |
| Free cash flow | +66.4% | +34.6% | -8.6% | -2.3% | |
| Dividend per share | +4.5% | +4.7% | +5.8% | +7.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 17.8% | 19.3% | 21.4% | |
| Return on assets | 5.3% | 5.7% | 7.6% | |
| Current ratio | 1.55 | 1.41 | 1.62 | |
| Debt to equity | 0.91 | 1.01 | 0.92 | |
| Net debt to EBITDA | 0.92× | 1.50× | – | |
| Interest coverage | 19.1× | 15.3× | – | |
| Inventory turnover | – | 4.5× | 4.8× | |
| Capex to revenue | 2.7% | 2.2% | 4.9% | |
| Diluted shares | 267M | 238M | 227M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ppg Industries generated $8.30B from operations and spent $7.85B on capital expenditure, dividends and share buybacks. 37% of that went back into the business.
Generated
$8.30B
Used
$7.85B
Capital expenditure$2.87B37%Dividends$2.95B38%Share buybacks$2.03B26%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin9.9%
×Asset turnover0.76×
×Equity multiplier2.82×
=Return on equity, FY202521.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 9.9% | 0.76× | 2.82× | 21.4% |
| FY2024 | 7.0% | 0.77× | 2.81× | 15.3% |
| FY2023 | 7.8% | 0.77× | 2.94× | 17.6% |
| FY2022 | 6.6% | 0.74× | 3.27× | 15.9% |
| FY2021 | 8.6% | 0.82× | 3.42× | 24.0% |
| FY2020 | 7.7% | 0.74× | 3.40× | 19.3% |
| FY2019 | 8.2% | 0.90× | 3.40× | 25.1% |
| FY2018 | 8.7% | 0.94× | 3.20× | 26.3% |
| FY2017 | 10.8% | 0.91× | 3.11× | 30.7% |
| FY2016 | 6.1% | 0.87× | 3.35× | 17.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.58B
- Cash generatingOperating cash flow above zero$1.94B
- Return on assets improvedROA up on the prior year5.2% → 8.1%
- Earnings backed by cashOperating cash flow above net income$1.94B vs $1.58B
- Less leverageLong-term debt to assets fell25.1% → 29.9%
- Better liquidityCurrent ratio rose1.31 → 1.62
- No dilutionShare count did not rise235M → 227M
- Gross margin improvedGross margin up on the prior year41.61% → 41.32%
- More efficientAsset turnover rose0.73 → 0.82