Detailed financial statements for RPM International Inc. (RPM): 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.
RPM International Inc. provides specialty chemicals for the construction, industrial, specialty, and consumer markets. It operates in four segments: CPG, PCG, Consumer, and SPG. The company offers waterproofing, coating, and traditional roofing systems; sealants, air barriers, tapes, and foams; residential home weatherization systems; roofing and building maintenance services; sealing and bonding, subfloor preparation, flooring, and glazing solutions; resin flooring systems,...
Analysis Summary
RPM International Inc. reported revenue of $7.86B in the most recent fiscal year, growing at a 5-year CAGR of 5.2%. Net income reached $661.4M, with a 5.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 41.2%, operating margin 12.5%, net margin 8.7%. Free cash flow grew at 2.1% CAGR over 5 years.
At $102.22 (closing price, October 29, 2026), RPM trades at a P/E of 18.89 and an ROE of 21.13%. Market capitalisation stands at $13.0B, placing it among large-cap names.
Balance sheet quality for RPM: current ratio of 1.7, net debt of $2.56B. 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 strong: free cash flow of $675.2M represents 102% 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 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.96B | $5.32B | $5.56B | $5.51B | $6.11B | $6.71B | $7.26B | $7.34B | $7.37B | $7.86B |
| Cost of Revenue | $2.79B | $3.14B | $3.30B | $3.40B | $3.70B | $4.30B | $4.51B | $4.32B | $4.32B | $4.61B |
| Gross Profit | $2.17B | $2.18B | $2.26B | $2.11B | $2.41B | $2.41B | $2.75B | $3.01B | $3.05B | $3.26B |
| Research & Development | $64.9M | $69.7M | $71.6M | $76.5M | $77.6M | $80.5M | 0 | $92.2M | $94.7M | 0 |
| Selling, General & Admin | $1.64B | $1.50B | $1.60B | $1.48B | $1.60B | $1.70B | $1.96B | $2.04B | $2.04B | $2.29B |
| Operating Expenses | $1.64B | $1.65B | $1.77B | $1.55B | $1.68B | $1.78B | $1.96B | $2.13B | $2.14B | $2.33B |
| Operating Income | $525.8M | $527.8M | $495.7M | $554.4M | $728.1M | $630.0M | $781.6M | $883.3M | $906.3M | $923.5M |
| EBITDA | $458.1M | $650.1M | $584.0M | $665.6M | $897.3M | $844.5M | $923.3M | $1.08B | $1.08B | $1.20B |
| Interest Expense | $97.0M | $104.5M | $102.4M | $101.0M | $82.0M | $84.7M | $119.0M | $118.0M | $96.5M | $111.5M |
| Pre-tax Income | $244.3M | $417.0M | $339.8M | $407.8M | $668.4M | $606.8M | $649.4M | $787.8M | $792.8M | $870.3M |
| Income Tax | $59.7M | $77.8M | $72.2M | $102.7M | $164.9M | $114.3M | $169.7M | $198.4M | $102.4M | $207.9M |
| Net Income | $181.8M | $337.8M | $266.6M | $304.4M | $502.6M | $491.5M | $478.7M | $588.4M | $688.7M | $661.4M |
| EPS | $1.37 | $2.57 | $2.04 | $2.35 | $3.89 | $3.81 | $3.74 | $4.58 | $5.38 | $5.19 |
| EPS (Diluted) | $1.36 | $2.46 | $1.98 | $2.34 | $3.87 | $3.79 | $3.72 | $4.56 | $5.35 | $5.17 |
| Shares Outstanding (Diluted) | 135.2 M | 137.2 M | 134.3 M | 130.0 M | 128.9 M | 129.6 M | 128.8 M | 128.3 M | 128.2 M | 127.6 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.91B | $1.61B | $2.23B | $2.22B |
| Gross Profit | $780.2M | $634.8M | $950.0M | $914.0M |
| Operating Income | $230.7M | $81.1M | $334.6M | $349.0M |
| EBITDA | $291.0M | $148.5M | $416.0M | $415.7M |
| Net Income | $161.2M | $51.4M | $221.2M | $256.4M |
| EPS | $1.26 | $0.41 | $1.74 | $2.02 |
| EPS (Diluted) | $1.26 | $0.40 | $1.74 | $2.01 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $350.5M | $244.4M | $223.2M | $233.4M | $246.7M | $201.7M | $215.8M | $237.4M | $302.1M | $315.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $995.3M | $1.11B | $1.23B | $1.14B | $1.28B | $1.43B | $1.50B | $1.42B | $1.51B | $1.66B |
| Inventory | $788.2M | $834.5M | $841.9M | $810.4M | $938.1M | $1.21B | $1.14B | $956.5M | $1.04B | $1.06B |
| Total Current Assets | $2.40B | $2.47B | $2.52B | $2.42B | $2.78B | $3.15B | $3.18B | $2.90B | $3.17B | $3.46B |
| Property, Plant & Equipment | $742.7M | $780.3M | $819.2M | $1.13B | $1.27B | $1.41B | $1.57B | $1.66B | $1.84B | $3.32B |
| Goodwill | $1.14B | $1.19B | $1.25B | $1.25B | $1.35B | $1.34B | $1.29B | $1.31B | $1.62B | $1.69B |
| Intangible Assets | $573.1M | $584.3M | $601.1M | $584.4M | $628.7M | $592.3M | $555.0M | $513.0M | $780.8M | $824.6M |
| Total Assets | $5.09B | $5.27B | $5.44B | $5.63B | $6.25B | $6.71B | $6.78B | $6.59B | $7.78B | $8.34B |
| Accounts Payable | $534.7M | $592.3M | $556.7M | $535.3M | $717.2M | $800.4M | $680.9M | $649.6M | $755.9M | $853.5M |
| Short-term Debt | $253.6M | $3.5M | $552.4M | $80.9M | $1.3M | $603.5M | $178.6M | $136.2M | $7.7M | $407.8M |
| Total Current Liabilities | $1.24B | $1.01B | $1.54B | $1.09B | $1.33B | $2.02B | $1.49B | $1.47B | $1.47B | $2.06B |
| Long-term Debt | $1.84B | $2.17B | $1.97B | $2.46B | $2.38B | $2.08B | $2.51B | $1.99B | $2.64B | $2.13B |
| Total Liabilities | $3.65B | $3.64B | $4.03B | $4.37B | $4.51B | $4.72B | $4.64B | $4.07B | $4.89B | $5.03B |
| Retained Earnings | $1.17B | $1.34B | $1.43B | $1.54B | $1.85B | $2.14B | $2.40B | $2.76B | $3.19B | $3.58B |
| Total Equity | $1.44B | $1.63B | $1.41B | $1.26B | $1.74B | $1.98B | $2.14B | $2.51B | $2.89B | $3.31B |
| Total Debt | $2.09B | $2.17B | $2.53B | $2.78B | $2.64B | $2.95B | $2.97B | $2.41B | $2.96B | $2.87B |
| Net Debt | $1.74B | $1.93B | $2.30B | $2.55B | $2.39B | $2.75B | $2.75B | $2.17B | $2.66B | $2.56B |
| Working Capital | $1.16B | $1.46B | $978.7M | $1.33B | $1.45B | $1.14B | $1.69B | $1.43B | $1.70B | $1.40B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $316.6M | $294.2M | $315.2M | $312.8M |
| Total Assets | $7.87B | $7.88B | $8.34B | $8.23B |
| Total Liabilities | $4.74B | $4.74B | $5.03B | $4.75B |
| Total Equity | $3.13B | $3.15B | $3.31B | $3.48B |
| Total Debt | $2.87B | $2.90B | $2.87B | $2.74B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $184.7M | $339.3M | $267.7M | $305.1M | $503.5M | $492.5M | $479.7M | $589.4M | $690.3M | $662.5M |
| Depreciation & Amortization | $116.8M | $128.5M | $141.7M | $156.8M | $146.9M | $153.1M | $154.9M | $171.3M | $193.8M | $213.5M |
| Stock-based Compensation | $32.5M | $25.4M | $31.2M | $19.8M | $40.9M | $40.1M | $28.7M | $25.9M | $27.0M | $32.8M |
| Change in Working Capital | -$170.6M | -$108.0M | -$176.2M | $74.1M | $99.3M | -$448.2M | -$104.4M | $360.0M | -$46.1M | -$20.0M |
| Operating Cash Flow | $386.1M | $390.4M | $292.9M | $549.9M | $766.2M | $178.7M | $577.1M | $1.12B | $768.2M | $898.7M |
| Capital Expenditure | -$126.1M | -$114.6M | -$136.8M | -$147.8M | -$157.2M | -$222.4M | -$254.4M | -$214.0M | -$229.9M | -$223.5M |
| Acquisitions | -$254.2M | -$112.4M | -$168.2M | -$65.1M | -$165.2M | -$127.5M | -$47.5M | -$15.5M | -$595.8M | -$202.4M |
| Stock Repurchased | -$21.9M | -$17.2M | -$222.0M | -$143.1M | -$72.8M | -$64.0M | -$67.0M | -$79.5M | -$88.7M | -$82.5M |
| Dividends Paid | -$156.8M | -$167.5M | -$181.4M | -$185.1M | -$194.7M | -$204.4M | -$213.9M | -$231.9M | -$255.6M | -$271.7M |
| Free Cash Flow | $260.0M | $275.8M | $156.2M | $402.2M | $609.0M | -$43.7M | $322.7M | $908.3M | $538.3M | $675.2M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $345.7M | $73.5M | $242.0M | $263.9M |
| Capital Expenditure | -$49.3M | -$47.8M | -$63.9M | -$58.5M |
| Free Cash Flow | $296.4M | $25.6M | $178.2M | $205.4M |
| Dividends Paid | -$69.2M | -$69.1M | -$68.9M | -$68.1M |
| Stock-based Compensation | $9.1M | $9.9M | $8.4M | $9.6M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.3% | +4.6% | -1.0% | +10.9% | +9.8% | +8.2% | +1.1% | +0.5% | +6.7% | |
| Net Income Growth (YoY) | +85.8% | -21.1% | +14.2% | +65.1% | -2.2% | -2.6% | +22.9% | +17.0% | -4.0% | |
| EPS Growth (YoY) | +87.6% | -20.6% | +15.2% | +65.5% | -2.1% | -1.8% | +22.5% | +17.5% | -3.5% | |
| Shares Change (YoY) | +1.5% | -2.1% | -3.2% | -0.8% | +0.5% | -0.6% | -0.4% | -0.1% | -0.5% | |
| FCF Growth (YoY) | +6.1% | -43.4% | +157.5% | +51.4% | -107.2% | +838.8% | +181.5% | -40.7% | +25.4% | |
| Gross Margin | 43.7% | 41.0% | 40.6% | 38.3% | 39.4% | 35.9% | 37.9% | 41.1% | 41.4% | 41.4% |
| Operating Margin | 10.6% | 9.9% | 8.9% | 10.1% | 11.9% | 9.4% | 10.8% | 12.0% | 12.3% | 11.7% |
| EBITDA Margin | 9.2% | 12.2% | 10.5% | 12.1% | 14.7% | 12.6% | 12.7% | 14.7% | 14.7% | 15.2% |
| Net Margin | 3.7% | 6.3% | 4.8% | 5.5% | 8.2% | 7.3% | 6.6% | 8.0% | 9.3% | 8.4% |
| FCF Margin | 5.2% | 5.2% | 2.8% | 7.3% | 10.0% | -0.7% | 4.4% | 12.4% | 7.3% | 8.6% |
| Effective Tax Rate | 24.4% | 18.7% | 21.2% | 25.2% | 24.7% | 18.8% | 26.1% | 25.2% | 12.9% | 23.9% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.92 | $2.01 | $1.16 | $3.09 | $4.72 | $-0.34 | $2.50 | $7.08 | $4.20 | $5.29 |
| Dividends Per Share | $1.16 | $1.22 | $1.35 | $1.42 | $1.51 | $1.58 | $1.66 | $1.81 | $1.99 | $2.13 |
| Shares Outstanding (Basic) | 130.7 M | 131.2 M | 130.6 M | 128.5 M | 128.3 M | 127.9 M | 127.5 M | 127.8 M | 127.6 M | 127.0 M |
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 | 21.13% |
| Return on Invested Capital | 11.25% |
| Return on Assets | 8.39% |
| Gross Margin | 41.17% |
| Operating Margin | 12.50% |
| Net Margin | 8.66% |
Financial Health
| Debt / Equity | 0.79 |
| Current Ratio | 1.76 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 3.69 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 39.58 | 19.26 | 26.24 | 31.53 | 24.18 | 23.12 | 21.33 | 24.48 | 21.16 | 20.16 |
| P/B | 4.93 | 3.98 | 4.97 | 7.54 | 6.93 | 5.69 | 4.75 | 5.70 | 5.03 | 4.01 |
| P/S | 1.43 | 1.22 | 1.26 | 1.73 | 1.98 | 1.68 | 1.40 | 1.95 | 1.97 | 1.69 |
| Gross Margin | 43.7% | 41.0% | 40.6% | 38.3% | 39.4% | 35.9% | 37.9% | 41.1% | 41.4% | 41.4% |
| Operating Margin | 10.6% | 9.9% | 8.9% | 10.1% | 11.9% | 9.4% | 10.8% | 12.0% | 12.3% | 11.7% |
| Net Margin | 3.7% | 6.3% | 4.8% | 5.5% | 8.2% | 7.3% | 6.6% | 8.0% | 9.3% | 8.4% |
Related companies: SHW · CRH · VMC · PPG · CX · CSL · OC · AXTA
Explore sector: Basic Materials · Chemicals - Specialty
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