# PPG Industries Inc. (PPG) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/PPG/thesis · /stocks/PPG/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/PPG/fundamental

## Navigation

- Overview: /stocks/PPG
- Financials (this page): /stocks/PPG/financials
- Thesis: /stocks/PPG/thesis
- Investment Memo: /stocks/PPG/memo
- Coverage universe: /stocks