Axalta Coating Systems Ltd. key statistics and ratios

In fiscal 2025, Axalta Coating Systems Ltd. had return on equity of 17.8%, an operating margin of 14.4%, debt equal to 137.5% of equity and a current ratio of 2.06. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Axalta Coating Systems Ltd.: financial ratios, annual
Fiscal year	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	—	—	38.2%	36.5%	33.9%	34.9%	34.2%	32.4%	29.0%	31.2%	34.1%	34.4%	33.6%
Operating margin	8.4%	11.3%	9.9%	8.3%	9.4%	10.9%	8.2%	10.5%	8.7%	11.3%	13.4%	14.4%	12.4%
Net margin	0.6%	2.2%	0.9%	0.8%	4.4%	5.6%	3.3%	6.0%	3.9%	5.2%	7.4%	7.4%	6.5%
Free-cash-flow margin	1.4%	6.6%	10.3%	9.5%	7.5%	10.3%	11.4%	9.9%	2.9%	8.4%	8.3%	8.9%	9.6%
Return on equity	2.6%	8.2%	3.4%	2.9%	15.8%	19.5%	8.7%	18.0%	13.0%	16.8%	21.5%	17.8%	13.5%
Return on assets	0.4%	1.5%	0.7%	0.6%	3.1%	3.7%	1.7%	3.7%	2.7%	3.7%	5.4%	5.1%	4.4%
Asset turnover	0.71	0.69	0.70	0.69	0.70	0.66	0.53	0.61	0.68	0.72	0.73	0.69	0.67
Current ratio	1.98	2.11	2.04	2.14	2.22	2.40	2.48	1.93	1.94	1.98	2.01	2.06	1.53
Debt to equity	346.0%	292.4%	294.4%	279.0%	324.6%	287.6%	274.5%	262.4%	258.2%	205.4%	180.8%	137.5%	115.0%
Interest cover (operating income ÷ interest)	1.7x	2.4x	2.3x	2.5x	2.8x	3.0x	2.0x	3.4x	3.0x	2.8x	3.4x	4.2x	4.2x
Effective tax rate	5.7%	39.3%	46.1%	74.8%	20.3%	23.5%	0.2%	22.3%	25.3%	24.2%	21.2%	30.6%	31.1%
R&D as % of revenue	1.1%	1.3%	1.4%	1.5%	1.6%	1.6%	1.5%	1.4%	1.4%	1.4%	1.4%	1.4%	1.4%
SG&A as % of revenue	22.6%	22.3%	23.5%	21.4%	18.7%	18.3%	18.6%	16.7%	15.8%	16.2%	16.1%	15.7%	15.7%
Capital spending as % of revenue	4.3%	3.4%	3.3%	2.9%	3.1%	2.5%	2.2%	2.8%	3.1%	2.7%	2.7%	3.8%	3.9%
Free cash flow ÷ net income	229.9%	296.6%	>999%	>999%	170.3%	185.0%	351.3%	165.6%	74.5%	163.7%	111.5%	119.8%	148.8%
Dividends and buybacks ÷ free cash flow	—	0.0%	0.0%	14.1%	72.0%	22.9%	6.1%	55.8%	139.9%	11.4%	22.9%	36.4%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Axalta Coating Systems Ltd.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	34.1%	34.3%	35.0%	34.9%	33.4%	33.2%	34.5%	33.1%
Operating margin	14.3%	13.9%	14.8%	15.8%	12.8%	11.6%	12.4%	12.6%
Net margin	10.4%	7.8%	8.4%	8.5%	4.8%	7.2%	6.6%	7.2%
Free-cash-flow margin	13.1%	−1.3%	7.4%	6.8%	22.7%	1.4%	7.7%	6.8%
Current ratio	2.01	2.12	2.12	2.20	2.06	2.10	1.53	1.53
Debt to equity	178.9%	164.6%	150.8%	149.3%	136.4%	130.0%	121.6%	114.3%
R&D as % of revenue	1.4%	1.3%	1.5%	1.4%	1.3%	1.4%	1.3%	1.4%
SG&A as % of revenue	16.5%	16.0%	15.9%	15.3%	15.7%	15.9%	15.8%	15.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · September 30, 2026

What it owns · $7.7bn

Short-term assets $3.1bnLonger-term assets $4.7bn

What it owes, and who funded it · $7.7bn

Short-term liabilities $2.0bnLonger-term liabilities $3.1bnShareholders' equity $2.6bn

Short-term assets cover short-term liabilities $3.1bn of assets due within a year against $2.0bn of liabilities due within a year.
Short-term assets cover long-term liabilities $3.1bn short-term assets against $3.1bn of longer-dated liabilities.
More cash than debt $650m of cash against $3.0bn of debt.
Debt below 40% of shareholders' equity Debt is 114% of equity.
Debt burden no higher than five years ago Debt to equity moved from 272% to 114% over five years.
A year's operating cash flow covers at least 20% of debt $699m of operating cash flow against $3.0bn of debt.
Operating profit covers interest at least five times over Operating income of $640m against $154m of interest.

From Axalta Coating Systems Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

70 /100

Strong moat

How hard Axalta Coating Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 13 / 20

Cash operating profit has been a median 10.4% of total assets over 9 years.
Pricing power 12 / 20

Gross margin has been a median 33.8%, moving by 1.9 percentage points (standard deviation) across 9 years.
Durability 11 / 20

Operating margin has been a median 10.8%; its worst year was 6.7%.
Cash conversion 15 / 20

Free cash flow was positive in 10 of 10 years, at a median 9.5% of revenue.
Discipline 19 / 20

The diluted share count fell 8.2% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Axalta Coating Systems Ltd.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Axalta Coating Systems Ltd.