Materials · Specialty Chemicals · US stock · price as of 22 Oct 2026
Key indicators
Price
$113.09
52-week range
$93.39 – $133.43
Market cap
$25.4B
P/E (trailing)
16.2×
EV / EBITDA
10.1×
Free-cash-flow yield
4.8%
Dividend yield
2.5%
Revenue (last 12 months)
$16.1B
Revenue growth (3y a year)
0.6%
Operating margin
15.6%
Return on invested capital
14.2%
Net debt / EBITDA
1.8×
Fair value
Fair value (average of valid models)$134.59 middle half of models $128 – $141
Versus priceUndervalued+19% to fair value
P/E multiple
$122.24
P/B multiple
$140.24
P/S multiple
$142.69
EV/EBITDA multiple
$148.16
EV/EBIT multiple
$164.98
EV/revenue multiple
$137.16
10-year DCF, EBITDA exit
$130.80
5-year DCF, EBITDA exit
$128.55
10-year DCF, revenue exit
$130.71
5-year DCF, revenue exit
$127.72
10-year DCF, growth exit
$134.34
5-year DCF, growth exit
$133.02
Dividend discount, stable
$89.12
Dividend discount, multi-stage
$115.81
Earnings power value
$173.29
Model uncertainty
Medium
X-Ray Score
66/ 100 · High confidence · ahead of 87% of sector peers
Valuation81
Growth54
Profitability67
Financial health62
Dividends58
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
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%.
StocksXray gives Ppg Industries Inc an X-Ray Score of 66 out of 100 (high confidence), ahead of 87% of the S&P 500 stocks in its sector. Its strongest lens is valuation (81) and its weakest is growth (54).
Our fair value (the average of the valid models) is $134.59 (range $128.14 to $141.46). At $113.09 the stock trades 16% below that value, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Ppg Industries Inc (PPG)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$155.61
$115.61
$140.11
$114.25
$100.59
$113.09
Market cap
$37.3B
$27.4B
$33.2B
$26.8B
$22.8B
$25.4B
P/E
25.9×
26.8×
26.2×
24.1×
14.5×
16.2×
EV / revenue
2.6×
2.1×
2.3×
2.0×
1.8×
1.9×
EV / EBITDA
15.7×
13.1×
11.9×
12.2×
10.0×
10.2×
Price / free cash flow
31.3×
57.5×
17.5×
38.4×
19.6×
20.7×
Free-cash-flow yield
3.2%
1.7%
5.7%
2.6%
5.1%
4.8%
Price / book
5.9×
4.2×
4.2×
4.0×
2.9×
3.1×
Dividend yield
1.45%
2.09%
1.81%
2.33%
2.76%
2.54%
Fundamentals checklist ● 9 Good · ● 5 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−1.8%Bad
Free-cash-flow yield4.8%Good
Risk models
Altman Z score5.7×Good
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)17.1%Good
Free-cash-flow growth (3y)34.6%Good
Revenue growth (3y)0.6%Average
Growth consistency50%Bad
Balance sheet
Current ratio1.6×Average
Net debt / EBITDA1.8×Good
Interest cover10.2×Average
Valuation
Fair value vs price1.2×Good
EBIT / EV yield8.1%Good
Profitability
Return on invested capital14.2%Good
Operating margin15.6%Average
Gross profitability30.1%Good
XStocksXray
Ppg Industries Inc (PPG)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
16,802
15,614
16,242
15,845
15,875
16,121
Gross profit
6,516
5,639
6,564
6,593
6,559
6,672
Operating income
2,171
2,042
2,675
2,093
2,286
2,515
Net income
1,439
1,026
1,270
1,116
1,576
1,585
Diluted EPS ($)
6.01
4.32
5.35
4.75
6.94
7.00
Free cash flow
1,191
477
1,895
699
1,163
1,227
Gross margin
38.8%
36.1%
40.4%
41.6%
41.3%
41.4%
Operating margin
12.9%
13.1%
16.5%
13.2%
14.4%
15.6%
Net margin
8.6%
6.6%
7.8%
7.0%
9.9%
9.8%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
21,351
20,744
21,647
19,433
22,098
22,150
Cash
1,005
1,099
1,493
1,270
2,163
1,573
Total debt
6,581
6,816
6,054
5,815
7,308
7,184
Equity
6,286
6,592
7,832
6,785
7,941
8,104
Dividend per share ($)
2.26
2.42
2.54
2.66
2.78
2.81
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
