PPG Industries Inc.

PPG
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2

Financial Snapshot


ticker: PPG step: 04 generated: 2026-05-12 source: quick-research

PPG Industries Inc. (PPG) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$17.7B ~$18.2B ~$16.2B -11%
Gross Margin ~42% ~43% ~44% +1pp
Operating Margin ~11% ~12% ~12% flat
Net Income (adj) ~$1.4B ~$1.75B ~$1.85B +6%
Adj. EPS ~$5.84 ~$7.42 $7.87 +6%

Note: 2022 and 2023 revenues include acquired businesses and higher raw material cost pass-through; 2024 revenue declined on organic volume weakness in industrial/architectural EMEA markets and FX headwinds, partially offset by pricing. Adjusted EPS grew 6% in 2024 despite lower sales, reflecting favorable product mix and cost discipline.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.7B (est.)
Free Cash Flow ~$1.3B (est.)
Cash & Equivalents ~$1.2B
Total Debt ~$6.5B

Key Ratios (approximate)

  • P/E: ~15x | EV/EBITDA: ~12x | FCF Yield: ~4.5%
  • Revenue Growth (2025): ~flat to -1% reported; +2% organic
  • Dividend Yield: ~2.2%

Growth Profile

PPG's 2023 results were record by most metrics, aided by pricing power after years of raw material inflation. The 2024 downturn reflected softness in construction (architectural coatings EMEA), automotive OEM slowdown, and FX headwinds in Latin America/Asia. The 2025 recovery was organic (+2%), led by aerospace coatings, protective/marine, and traffic solutions. Management targets continued adjusted EPS growth of 8–10% over the medium term through pricing discipline, structural cost savings ($175M+ annualized), and share buybacks. PPG completed $781M in buybacks in 2025.

Forward Estimates

  • FY2025 Revenue: ~$15.9B (+2% organic, flat reported); Adj. EPS: ~$8.50 (est.)
  • FY2026E: EPS growth weighted toward second half; consensus adj. EPS ~$9.00
  • Medium-term: 8–10% adj. EPS CAGR target; median analyst price target ~$125

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $PPG.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
GET /api/v1/research/PPG/fundamental$1.00 · Bearer token required
Markdown: /stocks/ppg/financials/md · → thesis · → memo