Detailed financial statements for PPG Industries, Inc. (PPG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
PPG Industries, Inc. operates globally as a manufacturer and distributor of paints, protective coatings, and various specialty materials. Its Performance Coatings division offers an extensive range of products, including paints, solvents, adhesives, sealants, and software, designed for the repair and refurbishment of automotive and commercial vehicles, light industrial applications, and signage.
Analysis Summary
PPG Industries, Inc. reported revenue of $15.88B in the most recent fiscal year, growing at a 5-year CAGR of 2.8%. Net income reached $1.58B, with a 8.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 40.1%, operating margin 12.5%, net margin 9.6%. Free cash flow grew at -8.6% CAGR over 5 years.
At the current price of $105.27, PPG trades at a P/E of 15.06 and an ROE of 19.47%. Market capitalisation stands at $23.4B, placing it among large-cap names.
Balance sheet quality for PPG: current ratio of 1.6, net debt of $5.68B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $1.16B represents 74% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.27B | $14.75B | $15.37B | $15.15B | $13.83B | $16.80B | $15.61B | $16.24B | $15.85B | $15.88B |
| Cost of Revenue | $7.67B | $8.21B | $9.00B | $8.65B | $7.78B | $10.29B | $9.97B | $9.68B | $9.25B | $9.84B |
| Gross Profit | $6.61B | $6.54B | $6.37B | $6.49B | $6.06B | $6.52B | $5.64B | $6.56B | $6.59B | $6.03B |
| Research & Development | $453.0M | $451.0M | $441.0M | $432.0M | $379.0M | $439.0M | $434.0M | $424.0M | $423.0M | $423.0M |
| Selling, General & Admin | $4.52B | $3.61B | $3.57B | $3.60B | $3.39B | $3.83B | $3.04B | $3.59B | $3.39B | $3.44B |
| Operating Expenses | $5.42B | $4.53B | $4.51B | $4.55B | $4.28B | $4.83B | $3.97B | $4.53B | $4.31B | $3.86B |
| Operating Income | $1.19B | $2.01B | $1.86B | $1.95B | $1.78B | $1.69B | $1.67B | $2.04B | $2.29B | $2.17B |
| EBITDA | $1.34B | $2.57B | $2.31B | $2.30B | $2.01B | $2.50B | $2.02B | $2.45B | $2.58B | $2.81B |
| Interest Expense | $125.0M | $105.0M | $118.0M | $132.0M | $138.0M | $121.0M | $167.0M | $247.0M | $241.0M | $241.0M |
| Pre-tax Income | $779.0M | $2.00B | $1.69B | $1.66B | $1.36B | $1.81B | $1.35B | $1.69B | $1.85B | $2.04B |
| Income Tax | $214.0M | $615.0M | $353.0M | $392.0M | $291.0M | $374.0M | $320.0M | $428.0M | $475.0M | $458.0M |
| Net Income | $873.0M | $1.59B | $1.34B | $1.24B | $1.06B | $1.44B | $1.03B | $1.27B | $1.12B | $1.58B |
| EPS | $3.30 | $6.22 | $5.50 | $5.25 | $4.47 | $6.06 | $4.35 | $5.38 | $4.77 | $6.96 |
| EPS (Diluted) | $3.28 | $6.18 | $5.46 | $5.22 | $4.45 | $6.01 | $4.32 | $5.35 | $4.75 | $6.92 |
| Shares Outstanding (Diluted) | $267.4M | $257.8M | $245.4M | $238.2M | $237.9M | $239.4M | $237.3M | $237.2M | $234.9M | $227.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $4.08B | $3.91B | $3.93B | $4.50B |
| Gross Profit | $1.66B | $1.46B | $1.66B | $1.81B |
| Operating Income | $438.0M | $450.0M | $525.0M | $636.0M |
| EBITDA | $759.0M | $581.0M | $710.0M | $732.0M |
| Net Income | $453.0M | $300.0M | $382.0M | $437.0M |
| EPS | $2.01 | $1.34 | $1.71 | $1.96 |
| EPS (Diluted) | $2.00 | $1.33 | $1.70 | $1.95 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.82B | $1.44B | $902.0M | $1.22B | $1.83B | $1.00B | $1.10B | $1.49B | $1.27B | $2.16B |
| Short-term Investments | $43.0M | $55.0M | $61.0M | $57.0M | $96.0M | $67.0M | $55.0M | $75.0M | $88.0M | $56.0M |
| Receivables | $2.65B | $2.90B | $2.85B | $2.76B | $2.73B | $3.15B | $3.30B | $3.01B | $2.98B | $3.34B |
| Inventory | $1.51B | $1.73B | $1.78B | $1.71B | $1.74B | $2.17B | $2.27B | $1.93B | $1.85B | $2.00B |
| Total Current Assets | $6.57B | $6.48B | $5.96B | $6.17B | $6.80B | $6.77B | $7.17B | $7.43B | $6.56B | $7.96B |
| Property, Plant & Equipment | $2.61B | $2.82B | $2.81B | $3.77B | $3.97B | $4.33B | $4.16B | $4.02B | $4.06B | $4.61B |
| Goodwill | $3.57B | $3.94B | $4.07B | $4.47B | $5.10B | $6.25B | $6.08B | $6.12B | $5.69B | $6.15B |
| Intangible Assets | $1.98B | $2.04B | $1.97B | $2.13B | $2.35B | $2.78B | $2.41B | $2.26B | $1.92B | $1.97B |
| Total Assets | $15.77B | $16.54B | $16.02B | $17.71B | $19.56B | $21.35B | $20.74B | $21.65B | $19.43B | $22.10B |
| Accounts Payable | $2.80B | $3.16B | $3.01B | $2.91B | $3.16B | $3.73B | $3.47B | $3.31B | $3.04B | $3.21B |
| Short-term Debt | $629.0M | $12.0M | $651.0M | $513.0M | $578.0M | $9.0M | $313.0M | $306.0M | $939.0M | $706.0M |
| Total Current Liabilities | $4.25B | $3.90B | $4.37B | $4.38B | $4.83B | $4.77B | $4.72B | $5.05B | $5.01B | $4.90B |
| Long-term Debt | $3.79B | $4.13B | $4.37B | $4.54B | $5.17B | $6.57B | $6.50B | $5.75B | $4.88B | $6.60B |
| Total Liabilities | $10.86B | $10.87B | $11.28B | $12.30B | $13.74B | $14.94B | $14.04B | $13.62B | $12.47B | $14.00B |
| Retained Earnings | $15.98B | $17.14B | $18.13B | $18.91B | $19.47B | $20.37B | $20.83B | $21.50B | $21.99B | $22.94B |
| Total Equity | $4.83B | $5.56B | $4.63B | $5.28B | $5.69B | $6.29B | $6.59B | $7.83B | $6.79B | $7.94B |
| Total Debt | $4.42B | $4.15B | $5.02B | $5.84B | $6.61B | $7.47B | $7.63B | $6.60B | $6.39B | $7.90B |
| Net Debt | $2.55B | $2.65B | $4.05B | $4.57B | $4.68B | $6.39B | $6.48B | $5.03B | $5.04B | $5.68B |
| Working Capital | $2.32B | $2.58B | $1.59B | $1.79B | $1.97B | $2.01B | $2.45B | $2.38B | $1.54B | $3.06B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.83B | $2.16B | $1.57B | $1.52B |
| Total Assets | $22.14B | $22.10B | $22.15B | $22.53B |
| Total Liabilities | $14.19B | $14.00B | $13.90B | $13.94B |
| Total Equity | $7.80B | $7.94B | $8.10B | $8.44B |
| Total Debt | $7.91B | $7.90B | $7.73B | $7.46B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $565.0M | $1.39B | $1.34B | $1.27B | $1.07B | $1.44B | $1.03B | $1.26B | $1.38B | $1.59B |
| Depreciation & Amortization | $440.0M | $460.0M | $497.0M | $511.0M | $509.0M | $561.0M | $502.0M | $514.0M | $492.0M | $528.0M |
| Stock-based Compensation | $45.0M | $35.0M | $37.0M | $39.0M | $44.0M | $57.0M | $34.0M | $56.0M | $42.0M | $46.0M |
| Change in Working Capital | -$143.0M | -$346.0M | -$406.0M | $51.0M | $341.0M | -$188.0M | -$432.0M | $288.0M | -$601.0M | -$304.0M |
| Operating Cash Flow | $1.32B | $1.57B | $1.47B | $2.08B | $2.13B | $1.56B | $963.0M | $2.41B | $1.42B | $1.94B |
| Capital Expenditure | -$402.0M | -$360.0M | -$411.0M | -$413.0M | -$304.0M | -$371.0M | -$486.0M | -$516.0M | -$721.0M | -$778.0M |
| Acquisitions | $745.0M | $268.0M | -$378.0M | -$643.0M | -$1.17B | -$2.14B | $3.0M | -$73.0M | $294.0M | $42.0M |
| Stock Repurchased | -$1.05B | -$813.0M | -$1.72B | -$325.0M | 0 | -$210.0M | -$190.0M | -$86.0M | -$752.0M | -$790.0M |
| Dividends Paid | -$414.0M | -$434.0M | -$453.0M | -$468.0M | -$496.0M | -$536.0M | -$570.0M | -$598.0M | -$622.0M | -$628.0M |
| Free Cash Flow | $923.0M | $1.21B | $1.06B | $1.67B | $1.83B | $1.19B | $477.0M | $1.90B | $699.0M | $1.16B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $685.0M | $887.0M | $33.0M | $559.0M |
| Capital Expenditure | -$147.0M | -$301.0M | -$196.0M | -$113.0M |
| Free Cash Flow | $538.0M | $586.0M | -$163.0M | $446.0M |
| Dividends Paid | -$160.0M | -$160.0M | -$159.0M | -$158.0M |
| Stock-based Compensation | -$1.0M | $11.0M | $11.0M | $16.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +3.3% | +4.2% | -1.5% | -8.7% | +21.5% | -7.1% | +4.0% | -2.4% | +0.2% | |
| Net Income Growth (YoY) | +82.6% | -15.9% | -7.3% | -14.8% | +35.9% | -28.7% | +23.8% | -12.1% | +41.2% | |
| EPS Growth (YoY) | +88.5% | -11.6% | -4.5% | -14.9% | +35.6% | -28.2% | +23.7% | -11.3% | +45.9% | |
| Shares Change (YoY) | -3.6% | -4.8% | -2.9% | -0.1% | +0.6% | -0.9% | -0.0% | -1.0% | -3.3% | |
| FCF Growth (YoY) | +30.9% | -12.6% | +57.9% | +9.5% | -34.8% | -59.9% | +297.3% | -63.1% | +66.4% | |
| Gross Margin | 46.3% | 44.3% | 41.5% | 42.9% | 43.8% | 38.8% | 36.1% | 40.4% | 41.6% | 38.0% |
| Operating Margin | 8.3% | 13.7% | 12.1% | 12.8% | 12.9% | 10.0% | 10.7% | 12.5% | 14.4% | 13.7% |
| EBITDA Margin | 9.4% | 17.4% | 15.0% | 15.2% | 14.5% | 14.9% | 13.0% | 15.1% | 16.3% | 17.7% |
| Net Margin | 6.1% | 10.8% | 8.7% | 8.2% | 7.7% | 8.6% | 6.6% | 7.8% | 7.0% | 9.9% |
| FCF Margin | 6.5% | 8.2% | 6.9% | 11.0% | 13.2% | 7.1% | 3.1% | 11.7% | 4.4% | 7.3% |
| Effective Tax Rate | 27.5% | 30.7% | 20.9% | 23.6% | 21.4% | 20.6% | 23.6% | 25.3% | 25.6% | 22.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.45 | $4.69 | $4.30 | $7.00 | $7.68 | $4.97 | $2.01 | $7.99 | $2.98 | $5.12 |
| Dividends Per Share | $1.55 | $1.68 | $1.85 | $1.96 | $2.08 | $2.24 | $2.40 | $2.52 | $2.65 | $2.77 |
| Shares Outstanding (Basic) | $265.6M | $256.1M | $243.9M | $236.9M | $236.8M | $237.6M | $236.1M | $236.0M | $233.8M | $226.3M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 19.47% |
| Return on Invested Capital | 8.77% |
| Return on Assets | 6.98% |
| Gross Margin | 40.09% |
| Operating Margin | 12.48% |
| Net Margin | 9.57% |
Financial Health
| Debt / Equity | 0.88 |
| Current Ratio | 1.58 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 3.66 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 28.72 | 18.78 | 18.59 | 25.43 | 32.26 | 28.46 | 28.91 | 27.80 | 25.04 | 14.72 |
| P/B | 5.21 | 5.38 | 5.39 | 5.98 | 6.00 | 6.52 | 4.50 | 4.51 | 4.12 | 2.92 |
| P/S | 1.76 | 2.03 | 1.62 | 2.09 | 2.47 | 2.44 | 1.90 | 2.17 | 1.76 | 1.46 |
| Gross Margin | 46.3% | 44.3% | 41.5% | 42.9% | 43.8% | 38.8% | 36.1% | 40.4% | 41.6% | 38.0% |
| Operating Margin | 8.3% | 13.7% | 12.1% | 12.8% | 12.9% | 10.0% | 10.7% | 12.5% | 14.4% | 13.7% |
| Net Margin | 6.1% | 10.8% | 8.7% | 8.2% | 7.7% | 8.6% | 6.6% | 7.8% | 7.0% | 9.9% |
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Explore sector: Basic Materials · Chemicals - Specialty
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