Ppg Industries Inc (PPG)

Materials · Specialty Chemicals · US stock · S&P 500 component

$113.09 ▲ +2.92 (2.65%)

At close 22 Oct 2026 · USD · Volume 1,651,016

Compare with SHW

Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueUndervalued

$135 +19.0% to fair value

$67fair band $115–$163$202

Day's range

$108.82 – $113.15

52-week range

$93.39 – $133.43

About Ppg Industries Inc

PPG Industries makes paints, coatings and specialty materials used in buildings, vehicles, aircraft, packaging and industrial equipment. Its products include architectural paints sold through retailers and professional channels, automotive refinish coatings for body shops, and protective and marine coatings for demanding environments. The company earns revenue by selling these products to contractors, manufacturers and consumers around the world, and results track construction, vehicle production and industrial activity.

The X-Ray Score for Ppg Industries Inc is 66 out of 100. Revenue over the last twelve months was $16.1 billion, and it grew 0.6% a year over the past three years. The business shows an operating margin of 15.6% and a return on invested capital of 14%. Net debt to EBITDA is 1.8 times. The company pays a dividend with a yield of 2.5%.

Price chart

Interactive chart Historical data & CSV

52-wk range $93.39 – $133.43Volume 1,651,016Daily, split-adjusted

Vitals

Market cap$25.4B

52-week range$93.39 – $133.43

Volume (last day)1,651,016

P/E (TTM)16.2

EBIT / EV yield8.1%

Free-cash-flow yield4.8%

Dividend yield2.5%

Revenue (TTM)$16.1B

Net income (TTM)$1.6B

Operating margin15.6%

Return on capital14.2%

Debt incl. leases$7.2B

Cash & securities$1.6B

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$135middle half of models $128 – $141

Undervalued +19.0% to fair value

Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Price $113

Undervalued < $115Fair $115 – $163Overvalued > $163

P/E multiple

$122

P/B multiple

$140

P/S multiple

$143

EV/EBITDA multiple

$148

EV/EBIT multiple

$165

EV/revenue multiple

$137

10-year DCF, EBITDA exit

$131

5-year DCF, EBITDA exit

$129

10-year DCF, revenue exit

$131

5-year DCF, revenue exit

$128

10-year DCF, growth exit

$134

5-year DCF, growth exit

$133

Dividend discount, stable

$89

Dividend discount, multi-stage

$116

Earnings power value

$173

Growth the price implies

5.7%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Average business at a low price

Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better ✓ 65 The price is not above fair value $135 fair value Debt looks manageable 1.8× EBITDA Revenue has been growing 0.6% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Materials peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Strong

81/100

Cheap against its sector on earnings and cash flow.

See the numbers →

EBIT / EV yield8.1%

Free-cash-flow yield4.8%

Fair value vs price1.2×

Growth Fair

54/100

Growing at a typical pace for its sector.

See the numbers →

Revenue growth (3y)0.6%

EPS growth (3y)17.1%

Growth consistency50%

Profitability Fair

67/100

Returns on capital are typical for its sector.

See the numbers →

Return on invested capital14.2%

Operating margin15.6%

Gross profitability30.1%

Financial health Fair

62/100

Balance sheet is in typical shape for its sector.

See the numbers →

Piotroski F-Score6 / 9

Net debt / EBITDA1.8×

Interest cover10.2×

Dividends Fair

58/100

Dividend is typical for its sector.

See the numbers →

Dividend yield2.5%

Dividends vs free cash flow52%

Dividend growth3.3%

Quarterly results: last 6 quarters

+59.0%

Dec '24

-4.3%

Mar '25

-0.9%

Jun '25

+1.2%

Sep '25

+5.0%

Dec '25

+6.7%

Mar '26

Revenue against the same quarter a year earlier. Latest quarter revenue $3.9B, diluted EPS $1.70.

Compare with peers

SHW Sherwin Williams Co54 ECL Ecolab Inc.50 ALB Albemarle Corp46 IFF International Flavors...24

Other Specialty Chemicals companies by X-Ray Score.

SWOT analysis: Ppg Industries Inc

Strengthsinside the company

Return on invested capital is 14.2%, against a median of 7.9% for industry peers.
Operating margin of 15.6% is well above the 12.0% median of industry peers, a sign of pricing power or lower costs.
Earnings per share have compounded at 17.1% a year over three years.

Weaknessesinside the company

No clear weakness in the figures we track.

Opportunitiesvaluation and setting

Trades at 16.0x earnings, 66% below the 47.6x median of industry peers.
The price is 19% below our fair value estimate, with the gap larger than the margin we allow for error.
Price momentum is strong on the weekly and monthly signals (trends can reverse).

Threatsvaluation and setting

Earnings in Specialty Chemicals follow the industry cycle, so margins and profits can swing from year to year.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare PPG with peers and sector

Medians of 4 Specialty Chemicals peers and of 22 Materials stocks in our universe. Largest peers (X-Ray Score): SHW 54, ECL 50, IFF 24, ALB 46.

Metric	PPG	Peers	Sector
X-Ray Score (out of 100)	66	48	51
Valuation	81	27	43
Growth	54	39	57
Profitability	67	47	49
Financial health	62	44	48
Dividends	58	59	54

Sector leaders: highest X-Ray Score in Materials

PPG ranks #3 of 23 in Materials and #1 of 5 in Specialty Chemicals by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 NEM NEWMONT Corp	81
#2 CF CF Industries Holdings, In...	68
#3 PPG Ppg Industries Inc (this stock)	66
#4 AVY Avery Dennison Corp	61
#5 CRH Crh Public Ltd Co	58

Metric	PPG	Peers	Sector
P/E ratio	16.0x	47.6x	26.6x
PEG ratio	0.94	–	1.55
Price / book	3.1x	5.0x	3.1x
Price / sales	1.6x	2.9x	2.2x
EV / EBITDA	10.2x	20.8x	14.5x
Price / free cash flow	20.7x	35.2x	28.2x
Dividend yield	2.5%	1.4%	1.7%
Gap to our fair value	+19.0%	−14.5%	−4.5%

Metric	PPG	Peers	Sector
Price change, 1 month	+4.9%	+5.5%	+4.9%
Price change, 3 months	−3.1%	+9.1%	+1.9%
Price change, 6 months	+2.6%	+6.5%	+3.8%
Price change, 1 year	+13.6%	+5.8%	+17.8%

Metric	PPG	Peers	Sector
Market value	$25.4B	$53.3B	$27.6B
Revenue (last 12 months)	$16.1B	$13.4B	$18.7B
EBITDA (last 12 months)	$3.1B	$2.3B	$2.5B
Net income (last 12 months)	$1.6B	$1.2B	$1.1B
Free cash flow (last 12 months)	$1.2B	$1.6B	$1.1B

Metric	PPG	Peers	Sector
Revenue growth, last year	+0.2%	−1.2%	+5.5%
Revenue growth, 3 years a year	+0.6%	−1.1%	+0.3%
EPS growth, 3 years a year	+17.1%	–	−1.5%
Free cash flow growth, 3 years a year	+34.6%	+21.0%	+8.5%
Dividend growth	+3.3%	+4.4%	+5.4%

Metric	PPG	Peers	Sector
Gross margin	41.4%	40.8%	27.7%
EBITDA margin	18.9%	16.7%	15.4%
Operating margin	15.6%	12.0%	11.3%
Net margin	9.8%	7.4%	7.7%
Return on invested capital	14.2%	7.9%	9.9%
Return on equity	19.6%	11.6%	14.0%

Metric	PPG	Peers	Sector
Net debt / EBITDA	1.8x	2.9x	2.5x
Interest cover	10.2x	8.2x	7.8x
Current ratio	1.6x	2.0x	1.7x
Piotroski F-score (0 to 9)	6	6	6

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for PPG

Each factor is rated by where PPG stands among the 23 Materials stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 9 Good · 9 Average · 5 Bad of 23 Growth: 1 · 1 · 1 Profitability: 3 · 2 · 0 Financial strength: 1 · 3 · 0 Valuation: 3 · 2 · 0 Cash flow: 1 · 1 · 2 Efficiency: 0 · 0 · 2

Factor	PPG	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	+0.6%	Average beats 50%	+0.6%	–	–
Revenue growth, last year	+0.2%	Bad beats 20%	+5.3%	+0.2%	≈ In line
EPS growth, 3 years a year	+17.1%	Good beats 78%	+0.5%	–	–
Profitability
Gross margin	41.4%	Good beats 83%	27.9%	40.4%	≈ In line
Operating margin	15.6%	Average beats 63%	11.8%	13.2%	▲ Better
Net margin	9.8%	Average beats 63%	7.8%	7.8%	▲ Better
Return on invested capital	14.2%	Good beats 80%	10.0%	–	–
Return on equity	19.6%	Good beats 72%	14.8%	16.4%	▲ Better
Financial strength
Net debt / EBITDA	1.8x	Good beats 67%	2.4x	1.8x	≈ In line
Interest cover	10.2x	Average beats 61%	7.8x	10.8x	≈ In line
Current ratio	1.61	Average beats 50%	1.61	1.47	≈ In line
Piotroski F-score	6 / 9	Average beats 46%	6 / 9	–	–
Valuation
P/E ratio	16.0x	Good beats 76%	21.6x	27.9x	▲ Better
Price / book	3.1x	Average beats 50%	3.1x	4.5x	▲ Better
Price / sales	1.6x	Average beats 63%	2.1x	1.9x	▲ Better
EV / EBITDA	10.2x	Good beats 85%	14.2x	12.6x	▲ Better
Free cash flow yield	4.8%	Good beats 74%	3.4%	2.9%	▲ Better
Cash flow
Free cash flow margin	7.6%	Average beats 48%	7.7%	7.1%	≈ In line
Cash from operations / net income	1.26	Bad beats 18%	1.50	1.23	≈ In line
Free cash flow growth, 3 years a year	+34.6%	Good beats 91%	+11.3%	–	–
Accruals (lower is better)	−1.8%	Bad beats 11%	−4.2%	–	–
Efficiency
Inventory turnover	4.4x	Bad beats 25%	5.3x	4.7x	≈ In line
Days sales outstanding	83 days	Bad beats 3%	54 days	59 days	▼ Worse

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 9 Good · ● 5 Average · ● 2 Bad

Cash quality

Earnings backed by cashBad

Free-cash-flow yieldGood

Risk models

Altman Z''Good

Piotroski F-ScoreAverage

Growth

EPS growth (3y)Good

Free-cash-flow growth (3y)Good

Revenue growth (3y)Average

Growth consistencyBad

Balance sheet

Current ratioAverage

Net debt / EBITDAGood

Interest coverAverage

Valuation

Fair value vs priceGood

EBIT / EV yieldGood

Profitability

Return on invested capitalGood

Operating marginAverage

Gross profitabilityGood

Each check is graded against the company's sector, not a fixed number. Checklist score 66/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$16.8B	$15.6B	$16.2B	$15.8B	$15.9B
Operating income	$2.2B	$2.0B	$2.7B	$2.1B	$2.3B
Net income	$1.4B	$1.0B	$1.3B	$1.1B	$1.6B
Operating cash flow	$1.6B	$963M	$2.4B	$1.4B	$1.9B
Operating margin	12.9%	13.1%	16.5%	13.2%	14.4%
Free cash flow	$1.2B	$477M	$1.9B	$699M	$1.2B
Diluted EPS	$6.01	$4.32	$5.35	$4.75	$6.94

Fiscal years, from SEC filings.

Technical summary

Daily

Strongly bullish

12 bullish · 1 neutral · 3 bearish

Weekly

Strongly bullish

9 bullish · 1 neutral · 2 bearish

Monthly

Bullish

5 bullish · 1 neutral · 2 bearish

Moving averages (daily)

SMA 10	107.2	Bullish
EMA 10	108.3	Bullish
SMA 20	106.4	Bullish
EMA 20	107.4	Bullish
SMA 50	108.6	Bullish
EMA 50	108.5	Bullish
SMA 100	112.5	Bullish
EMA 100	109.8	Bullish
SMA 200	111.3	Bullish
EMA 200	109.9	Bullish

Oscillators (daily)

RSI (14)	68.81	Neutral
MACD (12, 26)	0.51	Bullish
Momentum (12)	6.17	Bullish
Stochastic %K (14)	99.47	Bearish
Williams %R (14)	-0.53	Bearish
CCI (20)	222.7	Bearish

Pivot points (classic, last session)

105.9

107.4

110.2

Pivot

111.7

114.5

116.0

118.9

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

Dividends

Paid, last 12 months

2.87 USD

Yield on today's price

2.54%

Frequency

Quarterly

Next ex-dividend date

10 Nov 2026

Ex-dividend date	Amount per share
10 Nov 2026 (upcoming)	0.7400
10 Aug 2026	0.7400
11 May 2026	0.7100
20 Feb 2026	0.7100
10 Nov 2025	0.7100
11 Aug 2025	0.7100
12 May 2025	0.6800
21 Feb 2025	0.6800
12 Nov 2024	0.6800
12 Aug 2024	0.6800
9 May 2024	0.6500
15 Feb 2024	0.6500

Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.

ETFs that hold PPG

ETF	Share of the fund
XLB Materials Select Sector SPDR	3.62%
NOBL ProShares S&P 500 Dividend Aristocrats	1.49%
KNG FT Cboe Vest S&P 500 Dividend Aristocr...	1.32%
SDY SPDR S&P Dividend	1.21%
FEGE First Eagle Global Equity	0.91%
NULV Nuveen ESG Large-Cap Value	0.76%
WTV WisdomTree U.S. Quality Shareholder Yi...	0.48%
VOE Vanguard Mid-Cap Value	0.47%

The eight funds with the largest weight in PPG among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.