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PPG Industries (PPG) stock

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NYSE: PPG NYSE Specialty Chemicals Next results ~January 26, 2027

B+ Fundamentals grade

PPG Industries is a US-listed company in the specialty chemicals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$82

Cash-flow model

Base case. Range ~$55–$120 across our lower- and higher-growth cases (-1.1%–8.9% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 34% below it.

Price used: $124.89, November 2, 2026

PPG Industries valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter PPG Industries files

10-Q filed October 28: PPG Industries

Model value −3.8%

Revenue for the twelve months to September 2026 was $16.7bn, up 6.4% on a year earlier, faster than the 5.0% growth a quarter earlier. Free-cash-flow margin rose to 7.7% from 4.6% a year earlier. Operating margin widened to 18.7% from 15.9%. The diluted share count is down 2.1% on a year earlier, which lifts each remaining share. Our model value falls from $85.74 to $82.44 a share, against a share price of $121. The rating stays Sell. At that price, our model says the market is pricing in about 8.8% a year of cash-flow growth for five years, faster than the -0.1% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: PPG Industries

PPG Industries reported revenue of $16.7bn for the twelve months to June 2026, up 6.4% on a year earlier and faster than the 5.0% pace seen a quarter earlier. Free-cash-flow margin climbed to 7.7% from 4.6%, while operating margin widened to 18.7% from 15.9%. A 2.1% reduction in the diluted share count has also lifted the value attached to each remaining share. These shifts push the fundamentals grade from C to B. Our model value, however, is little changed at $85.74 a share, well below the current price of $113. The rating remains Sell. At that price, the market appears to be pricing in cash-flow growth of about 7.7% a year for five years, a sharp contrast with the -0.1% annual revenue growth PPG has actually delivered.

10-Q on SEC EDGAR

Where PPG Industries stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $16.4bn, up 5.0% on a year earlier, faster than 2.8% a quarter earlier. Free-cash-flow margin rose to 8.6% from 5.1% a year earlier. Operating margin widened to 18.7% from 15.9%. The diluted share count is down 2.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $75.93 a share, against a share price of $109. At that price, our model says the market is pricing in about 8.2% a year of cash-flow growth for five years, faster than the -0.5% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

PPG Industries's trailing-twelve-month revenue grew 6.4% year on year, with a free-cash-flow margin of 7.7%. Where it stands out: stock pay as % of revenue of 0.3% ranks 4 of 36 specialty chemicals companies we cover.

Our discounted-cash-flow model values the business at ~$82 per share in the base case (~$55–$120 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 79.0% while net income grew 57.6%: a 21pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.1% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $124.89 is 34% above our value per share of $82.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$2.25 against an average estimate of $2.12: beat by 6.0%
Revenue
$4.35bn, up 6.6% on a year earlier
Share reaction
+7.8% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
adjusted EPS guidance $7.7 to $8.1 (full-year 2026); company adjusted EBITDA margin 100 (third quarter)
Next report
January 26, 2027; average EPS estimate $1.73

PPG Industries' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.5%
  • 1 week+13.6%
  • 1 month+18.8%
  • This year+24.2%
  • 1 year+31.1%
  • 5 years-14.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$16.7B
Net margin
9.4%
EPS (TTM, diluted)
$7.00

Growth

Revenue growth
+6.4%
Change in growth rate
+1.4 pts
Share count change
−2.1%

Cash

Free cash flow (TTM)
$1.3B
FCF margin
7.7%
Stock pay % of revenue
0.3%

Earnings

Last results
October 27, 2026
Next results (est.)
January 26, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Leadership
  3. Guidance
  4. Results
  5. Our research
  6. Announcement
  7. Dividend
  8. Product
  9. Product
  10. Announcement
  11. Results
  12. Leadership
  13. Announcement
  14. Results
  15. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

PPG Industries valuation models and calculator

What the price is pricing in

The share price implies about 9.3% a year of cash-flow growth for five years.That is faster than the -0.1% a year revenue growth PPG Industries has delivered.

  • Priced in9.3%
  • Last 12 months6.4%
  • 3 years a year1.3%
  • 5 years a year-0.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($123.61, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$82
Price used
$123.61close November 3, 2026
Implied change
▼ 33%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of PPG Industries's free cash flow after stock-based pay with after-tax interest added back ($1.3B, FY2026 Q3 TTM), growing 3.4% and 3.4% in the next two years (forecasts, guidance and its record), then back to 3.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$55–~$120 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of PPG Industries's free cash flow after stock-based pay ( $1.3B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value PPG Industries as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.89 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$82 ~$55–$120 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$99–$150 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$85 ~$64–$120 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$95 ~$81–$110 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$94 ~$82–$120 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare PPG Industries with Specialty Chemicals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −31%
  • Revenue growth 5 points higher ▲ +40%
  • Free-cash-flow margin 1 point lower ▼ −14%
  • Last year's free-cash-flow margin change, if it persists ▲ +77%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $60$90$132$186$256$348
8.5% $39$62$91$130$180$245
10% $27$44$67$97$135$184

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$80.85$78.75$98.62$87.77$116.57$128.31$155.62$115.61$140.11$114.25$100.59$124.89
Market value$22.1bn$21.1bn$25.4bn$21.5bn$27.8bn$30.5bn$37.3bn$27.4bn$33.2bn$26.8bn$22.8bn$28.0bn
+ Net debt (− = net cash)$3.3bn$3.1bn$2.7bn$4.8bn$4.3bn$4.1bn$5.6bn$6.0bn$4.9bn$5.5bn$5.8bn$5.2bn
Enterprise value$25.4bn$24.2bn$28.1bn$26.3bn$32.1bn$34.6bn$42.8bn$33.5bn$38.1bn$32.3bn$28.7bn$33.2bn
Multiples
Price / sales 1.6x1.5x1.7x1.4x1.8x2.2x2.2x1.8x2.0x1.7x1.4x1.7x
Price / earnings 15.7x24.1x15.9x16.1x22.3x28.8x25.9x26.7x26.2x24.0x14.5x17.8x
Price / free cash flow 15.1x21.7x21.0x20.4x16.7x16.7x31.3x57.5x17.5x38.4x19.6x21.9x
EV / EBITDA 9.3x8.6x10.2x10.1x11.5x13.2x15.7x13.2x11.9x———

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

71 /100

Strong moat

How hard PPG Industries'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 9 / 20

    Net income has been a median 6.6% of total assets over 10 years.

  • Pricing power 14 / 20

    Gross margin has been a median 41.1%, moving by 1.9 percentage points (standard deviation) across 8 years.

  • Durability 14 / 20

    Operating margin has been a median 15.0%; its worst year was 11.1%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 8.9% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 6.3% over five years; stock-based pay has been a median 0.3% 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.

Forecasts and guidance

Next results: January 26, 2027, after the close. Analysts expect revenue of $4.1bn and EPS of $1.73 (range $1.70 to $1.79) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.95 +5% $16.9bn +6%
Next $8.58 +8% $17.3bn +3%

Next year's EPS estimate has moved −1.0% in 90 days, across 24 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.0% on 90 days ago. In the last 30 days, 2 analysts raised PPG Industries's forecast and 3 cut it.

Consensus EPS forecast PPG Industries, last 90 days
$7.50 $8.00 $8.50 $9.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.87 Current fiscal year, 60 days ago: $7.90 Current fiscal year, 30 days ago: $7.90 Current fiscal year, 7 days ago: $7.88 Current fiscal year, Now: $7.95 $7.95 Next fiscal year, 90 days ago: $8.66 Next fiscal year, 60 days ago: $8.67 Next fiscal year, 30 days ago: $8.66 Next fiscal year, 7 days ago: $8.58 Next fiscal year, Now: $8.58 $8.58

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.87$8.66
60 days ago $7.90$8.67
30 days ago $7.90$8.66
7 days ago $7.88$8.58
Now $7.95$8.58

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.12 $2.25 +6.0%
Jun 2026 $2.25 $2.23 −1.0%
Mar 2026 $1.77 $1.83 +3.6%
Dec 2025 $1.58 $1.51 −4.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 28, 2026
  • adjusted EPS guidance full-year 2026 $7.70 to $8.10 Non-GAAP Maintained
    “Reaffirming full-year 2026 adjusted EPS guidance range of $7.70 to $8.10” source
  • company adjusted EBITDA margin third quarter — Non-GAAP
    “The company expects third quarter organic sales growth in the range of a low single-digit to a mid-single-digit percentage and company adjusted EBITDA margin in the range of flat to a decline of 100 basis points year over year.” source
  • cost of goods sold inflation coverage fourth quarter about 100%
    “In the second quarter we covered about 90% of the cost of goods sold inflation and expect to cover 100% by the fourth quarter, one quarter ahead of our original commitment.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows PPG Industries's revenue by +3.4% next year and +3.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.2%, weight 68%) and the company's own record (+3.9%, weight 32%) . How the weights are set.

Analyst recommendations

25 analysts, Oct 2026
Buy1248%
Hold1352%
Sell00%

Monthly trend

  1. Oct 20262101325
  2. Sep 20262101224
  3. Aug 202691323
  4. Jul 202691323

Counts of recommendations published by analysts covering PPG Industries, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.5%
of tradable shares
Days to cover
3.84
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
0.1%
of shares
Employees
43,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +31.1%

$95.26 on October 31, 2025 to $124.89

ThenNowEffect
Revenue (last 12 months) $15.6bn $16.4bn +5.0%
Net margin 6.5% 9.6% +48.1%
P/E multiple 21.8x 17.9x −17.8%
Share count 231m 225m +2.6%

Biggest factor: net margin.

Last 3 years +4.4%

$119.61 on November 3, 2023 to $124.89

ThenNowEffect
Revenue (last 12 months) $15.9bn $16.4bn +3.5%
Net margin 8.3% 9.6% +15.0%
P/E multiple 21.5x 17.9x −16.7%
Share count 237m 225m +5.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PPG+21%−26%+21%−19%−12%+24%
Industry peers (median)+17%−25%−9%+7%−15%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PPG50%25%58%58%42%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PPG−21%−37%−20%−20%−26%−26%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 46% from June 4, 2021 to April 8, 2025. Getting back needed a 85% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$92.50 – $129.16
From 52-week high
−3.3%
vs 50-day average
+14.6%
vs 200-day average
+11.8%
Volatility (1 year)
31%
Beta vs S&P 500
1.02

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±4.7%
After a week
3 up, 8 down
typical move ±4.8%
After a month
4 up, 7 down
typical move ±5.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +7.8% +0.9% — —
July 28, 2026 −5.6% −1.3% −0.6% −2.8%
April 28, 2026 −5.1% −0.5% −3.5% +3.0%
April 15, 2026 +1.5% +1.0% +1.0% −3.6%
January 27, 2026 +1.2% +0.4% +6.1% +10.2%
October 28, 2025 −6.0% +0.3% −10.0% −4.6%
July 29, 2025 −6.8% −0.4% −7.0% −1.0%
April 29, 2025 +5.7% +0.7% +5.4% +8.8%
January 31, 2025 −8.8% −1.2% −6.4% −10.4%
October 16, 2024 +1.1% +0.4% −2.8% −4.4%
July 18, 2024 −4.3% −1.4% −5.8% −8.0%
April 18, 2024 −3.0% −1.1% −4.2% +0.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How PPG Industries’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.14× the last 60 days’ realised volatility , richer than 40% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

PPG PPG Industries Grade B+ $124.63

Own 100 shares, sell the $130 call expiring December 18, 2026 (46 days) for $2.15 a share — $215 per contract.

Previous session · Bid $2.15, ask $2.65, quoted Mon 2 Nov, 17:33 New York time with PPG at $124.63. Option prices move with the shares: check the live chain at your broker before trading.

  • If PPG ends below $130: you keep your shares and the $215 — 1.7% extra on the position, 13.7% a year at that pace.
  • If it ends above $130: your shares are sold at $130, a total return of 6.0% including the premium — at or above our value of ~$82.
$752 $0 −$2.4k Break-even $122.48 Price $124.63 ← Our value ~$82
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$215
Annualised
13.7%
Break-even
$122.48
Max gain
$752
Chance of selling
~36%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

PPG Industries in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) PPG Industries
$14B $15B $16B $17B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $16.2B Revenue (TTM), FY24 Q1: $15.7B Revenue (TTM), FY24 Q2: $15.1B Revenue (TTM), FY24 Q3: $14.5B Revenue (TTM), FY24 Q4: $15.8B Revenue (TTM), FY25 Q1: $15.7B Revenue (TTM), FY25 Q2: $15.6B Revenue (TTM), FY25 Q3: $15.7B Revenue (TTM), FY25 Q4: $15.9B Revenue (TTM), FY26 Q1: $16.1B Revenue (TTM), FY26 Q2: $16.4B Revenue (TTM), FY26 Q3: $16.7B $16.7B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $16.2B
FY24 Q1 $15.7B
FY24 Q2 $15.1B
FY24 Q3 $14.5B
FY24 Q4 $15.8B
FY25 Q1 $15.7B
FY25 Q2 $15.6B
FY25 Q3 $15.7B
FY25 Q4 $15.9B
FY26 Q1 $16.1B
FY26 Q2 $16.4B
FY26 Q3 $16.7B
Revenue growth, TTM YoY PPG Industries
-10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 4.0% Revenue growth, TTM YoY, FY24 Q1: 0.2% Revenue growth, TTM YoY, FY24 Q2: -5.0% Revenue growth, TTM YoY, FY24 Q3: -9.9% Revenue growth, TTM YoY, FY24 Q4: -2.4% Revenue growth, TTM YoY, FY25 Q1: -0.2% Revenue growth, TTM YoY, FY25 Q2: 3.8% Revenue growth, TTM YoY, FY25 Q3: 8.5% Revenue growth, TTM YoY, FY25 Q4: 0.2% Revenue growth, TTM YoY, FY26 Q1: 2.8% Revenue growth, TTM YoY, FY26 Q2: 5.0% Revenue growth, TTM YoY, FY26 Q3: 6.4% 6.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 4.0%
FY24 Q1 0.2%
FY24 Q2 -5.0%
FY24 Q3 -9.9%
FY24 Q4 -2.4%
FY25 Q1 -0.2%
FY25 Q2 3.8%
FY25 Q3 8.5%
FY25 Q4 0.2%
FY26 Q1 2.8%
FY26 Q2 5.0%
FY26 Q3 6.4%
Operating margin (TTM) PPG Industries
10% 12% 14% 16% 18% 20% FY21 Q4 FY22 Q3 FY23 Q2 FY24 Q3 Operating margin (TTM), FY21 Q4: 12.9% Operating margin (TTM), FY22 Q1: 11.6% Operating margin (TTM), FY22 Q2: 11.1% Operating margin (TTM), FY22 Q3: 11.1% Operating margin (TTM), FY22 Q4: 13.1% Operating margin (TTM), FY23 Q1: 14.1% Operating margin (TTM), FY23 Q2: 15.1% Operating margin (TTM), FY23 Q3: 15.9% Operating margin (TTM), FY23 Q4: 16.5% Operating margin (TTM), FY24 Q1: 17.2% Operating margin (TTM), FY24 Q2: 18.0% Operating margin (TTM), FY24 Q3: 18.7% 18.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY21 Q4 12.9%
FY22 Q1 11.6%
FY22 Q2 11.1%
FY22 Q3 11.1%
FY22 Q4 13.1%
FY23 Q1 14.1%
FY23 Q2 15.1%
FY23 Q3 15.9%
FY23 Q4 16.5%
FY24 Q1 17.2%
FY24 Q2 18.0%
FY24 Q3 18.7%
FCF margin (TTM) PPG Industries
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 11.7% FCF margin (TTM), FY24 Q1: 10.3% FCF margin (TTM), FY24 Q2: 9.6% FCF margin (TTM), FY24 Q3: 9.2% FCF margin (TTM), FY24 Q4: 4.4% FCF margin (TTM), FY25 Q1: 5.0% FCF margin (TTM), FY25 Q2: 5.1% FCF margin (TTM), FY25 Q3: 4.6% FCF margin (TTM), FY25 Q4: 7.3% FCF margin (TTM), FY26 Q1: 7.6% FCF margin (TTM), FY26 Q2: 8.6% FCF margin (TTM), FY26 Q3: 7.7% 7.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 11.7%
FY24 Q1 10.3%
FY24 Q2 9.6%
FY24 Q3 9.2%
FY24 Q4 4.4%
FY25 Q1 5.0%
FY25 Q2 5.1%
FY25 Q3 4.6%
FY25 Q4 7.3%
FY26 Q1 7.6%
FY26 Q2 8.6%
FY26 Q3 7.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

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

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 12.2 13.4 13.2 13.5 15.1 14.8 14.2 14.3 14.7 15.4 15.1 13.8 16.8 15.6 16.2 15.8 15.9 16.7
Gross profit — — — — — — — — 6.5 6.4 6.5 6.1 6.5 5.6 6.6 6.6 6.6 6.8
EBITDA 1.7 2.2 2.1 2.0 2.4 2.6 2.7 2.8 2.8 2.6 2.8 2.6 2.7 2.5 3.2 — — —
Operating income 1.2 1.7 1.7 1.6 1.9 2.2 2.3 2.4 2.3 2.1 2.3 2.1 2.2 2.0 2.7 — — —
Net income 0.3 0.8 1.1 0.9 3.2 2.1 1.4 0.9 1.6 1.3 1.2 1.1 1.4 1.0 1.3 1.1 1.6 1.6
Diluted EPS $1.01 $2.31 $3.44 $3.03 $11.13 $7.52 $5.14 $3.27 $6.18 $5.47 $5.22 $4.45 $6.01 $4.32 $5.35 $4.75 $6.94 $7.00
Growth (year on year)
Revenue −22.8% +9.7% −2.0% +2.7% +11.8% −2.1% −3.7% +0.2% +3.3% +4.2% −1.5% −8.7% +21.5% −7.1% +4.0% −2.4% +0.2% +6.4%
EBITDA — +31.6% −5.0% −2.6% +17.1% +11.2% +3.5% +3.3% −2.5% −5.0% +6.4% −5.9% +4.4% −6.9% +25.4% — — —
Operating income — +45.2% −3.8% −1.7% +18.0% +13.9% +4.4% +4.2% −3.8% −7.6% +7.2% −7.1% +2.9% −5.9% +31.0% — — —
Net income −37.5% +128.9% +42.4% −14.1% +243.4% −34.9% −33.1% −37.9% +82.6% −15.9% −7.3% −14.8% +35.9% −28.7% +23.8% −12.1% +41.2% +57.6%
Diluted EPS −37.5% +128.1% +48.4% −11.8% +267.3% −32.4% −31.6% −36.4% +89.0% −11.5% −4.6% −14.8% +35.1% −28.1% +23.8% −11.2% +46.1% +61.0%
Margins
Gross margin — — — — — — — — 44.3% 41.5% 42.9% 43.8% 38.8% 36.1% 40.4% 41.6% 41.3% 40.9%
EBITDA margin 13.6% 16.3% 15.8% 15.0% 15.7% 17.9% 19.2% 19.8% 18.7% 17.0% 18.4% 18.9% 16.3% 16.3% 19.6% — — —
Operating margin 9.7% 12.8% 12.6% 12.1% 12.7% 14.8% 16.1% 16.7% 15.5% 13.8% 15.0% 15.2% 12.9% 13.1% 16.5% — — —
Net margin 2.7% 5.7% 8.3% 7.0% 21.4% 14.2% 9.9% 6.1% 10.8% 8.7% 8.2% 7.7% 8.6% 6.6% 7.8% 7.0% 9.9% 9.4%
Free-cash-flow margin 9.0% 7.5% 8.4% 10.8% 8.6% 6.5% 10.3% 6.8% 8.2% 6.9% 11.0% 13.2% 7.1% 3.1% 11.7% 4.4% 7.3% 7.7%
Cash flow
Cash from operations 1.3 1.3 1.4 1.8 1.8 1.5 1.9 1.4 1.6 1.5 2.1 2.1 1.6 1.0 2.4 1.4 1.9 2.0
Capital spending 0.2 0.3 0.3 0.3 0.5 0.6 0.4 0.4 0.4 0.4 0.4 0.3 0.4 0.5 0.5 0.7 0.8 0.8
Free cash flow 1.1 1.0 1.1 1.5 1.3 1.0 1.5 1.0 1.2 1.1 1.7 1.8 1.2 0.5 1.9 0.7 1.2 1.3
Stock-based pay 0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.0 0.0
Free cash flow after stock pay 1.1 1.0 1.1 1.4 1.2 0.9 1.4 0.9 1.2 1.0 1.6 1.8 1.1 0.4 1.8 0.7 1.1 1.2
Balance sheet
Cash 1.1 1.3 1.3 1.3 1.1 0.7 1.3 1.8 1.4 0.9 1.2 1.8 1.0 1.1 1.5 1.3 2.2 1.6
Total debt 4.6 4.1 3.8 4.6 3.9 4.4 4.6 4.9 4.2 5.7 5.6 5.9 6.6 7.1 6.4 6.7 8.0 6.8
Net debt (negative = net cash) 3.5 2.7 2.5 3.3 2.8 3.7 3.3 3.1 2.7 4.8 4.3 4.1 5.6 6.0 4.9 5.5 5.8 5.2
Diluted shares 331m 332m 319m 310m 290m 280m 274m 267m 258m 245m 238m 238m 239m 237m 237m 235m 227m 224m
Returned to shareholders
Dividends 0.4 0.4 0.4 0.4 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6
Buybacks 0.1 0.6 0.9 0.1 1.0 0.8 0.8 1.1 0.8 1.7 0.3 0.0 0.2 0.2 0.1 0.8 0.8 0.4
Total returned 0.4 0.9 1.2 0.5 1.3 1.1 1.1 1.5 1.2 2.2 0.8 0.5 0.7 0.8 0.7 1.4 1.4 1.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 30, 2026
What it owns · $22.6bn
Short-term assets $8.2bnLonger-term assets $14.3bn
What it owes, and who funded it · $22.4bn
Short-term liabilities $5.2bnLonger-term liabilities $8.7bnShareholders' equity $8.5bn
  • Short-term assets cover short-term liabilities $8.2bn of assets due within a year against $5.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8.2bn short-term assets against $8.7bn of longer-dated liabilities.
  • More cash than debt $1.6bn of cash against $6.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 81% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 110% to 81% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.0bn of operating cash flow against $6.8bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From PPG Industries'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.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$425M
Dividends (TTM)
$642M
Returned to shareholders
83%
of free cash flow
Buybacks, last 3 fiscal years
$1.6B
Diluted share count
−2.1%
year over year
Total shareholder yield
3.8%
dividends 2.3% + buybacks 1.5% of market value
Dividend payout ratio
41%
of net income paid out
R&D spending
2.7%
of revenue
Sales & admin spending
21.5%
of revenue
Days sales outstanding
64 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in specialty chemicals
Last 12 months unless stated PPG ECL SHW LYB RPM ALB Median
Revenue, last 12 months $16.7bn $17.4bn $24.9bn $32.0bn $8.0bn $5.9bn $906m
Revenue growth, last 12 months 6.4% 9.3% 7.0% 3.5% 6.0% 18.3% 5.4%
Revenue growth, 3-year average 1.3% 4.9% 2.7% −8.2% 2.8% −15.1% 0.9%
Revenue growth, latest quarter 6.6% 12.7% 7.9% 10.0% 4.8% 31.1% 8.3%
Gross margin 40.9% 43.9% 48.6% 14.3% 41.2% 23.8% 28.8%
Operating margin 18.7% 16.7% 19.1% 8.6% — 4.3% 4.3%
Operating margin, 3-year average 15.2% 17.0% 17.2% 4.9% — −12.9% 5.5%
Net margin 9.4% 12.0% 10.7% 4.1% 8.7% 3.8% 0.8%
Cash from operations / revenue 12.3% 17.4% 14.8% 11.6% 11.6% 30.5% 6.9%
Free-cash-flow margin 7.7% 10.3% 12.4% 7.6% 8.9% 22.7% 4.3%
Free-cash-flow margin, 3-year average 7.1% 11.0% 10.6% 5.2% 8.9% 0.6% 5.1%
Stock pay / revenue 0.3% 0.8% 0.5% 0.3% 0.5% 0.6% 1.0%
Change in share count −2.1% −0.8% −1.9% — −0.6% 4.2% 0.1%

Median of all 42 companies we cover in specialty chemicals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

42 specialty chemicals companies
Measure Company Peer median Rank
Revenue growth Growth 6.4% 6.0% 18 of 42
Change in growth rate Growth +1.4pp +1.3pp 20 of 42
Gross margin Profitability 40.9% 31.5% 8 of 40
Net margin Profitability 9.4% 1.7% 7 of 42
Free-cash-flow margin Cash generation 7.7% 4.8% 13 of 42
Stock pay as % of revenue Cash generation 0.3% 1.0% 4 of 36
Long-term debt as % of assets Balance sheet 27.3% 26.8% 20 of 36
Change in share count Balance sheet -2.1% 0.0% 6 of 37
Days sales outstanding Balance sheet 64 days 59 days 18 of 30

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Industrial Coatings $6.5B 41.1% ▼ 2.4%
Performance Coatings $5.5B 34.7% ▲ 5.3%
Global Architectural Coatings $3.8B 24.2% ▼ 2.1%
Geography
Region Revenue Share YoY
North America $5.4B 33.8% ▲ 0.4%
EMEA $5.4B 33.8% ▼ 0.3%
Asia Pacific $2.9B 18.5% ▲ 0.9%
Latin America $2.2B 13.8% ▲ 0.1%

From PPG Industries's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$25.2B
Institutions reporting
1,091
Shares held vs prior quarter
▲ 3.4%
Positions opened / closed
120 / 70

Top buyers and sellers, Q2 2026: 505 institutions bought and 427 sold ; the biggest buyer was First Eagle Investment Management, LLC (+6.6M shares) and the biggest seller Wellington Management Group LLP (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.9B 23.6M 11.3% ▼ 2.0%
Vanguard Capital Management LLC $1.8B 14.5M 7.0% ▲ 0.1%
State Street Corp $1.7B 13.9M 6.7% ▲ 8.8%
First Eagle Investment Management, LLC $1.6B 13.0M 6.3% ▲ 102.3%
Vanguard Portfolio Management LLC $1.6B 12.8M 6.2% 0.0%
Wellington Management Group LLP $1B 8.6M 4.1% ▼ 17.0%
Franklin Resources Inc $956M 7.9M 3.8% ▲ 4.0%
Pzena Investment Management LLC $947M 7.8M 3.8% ▲ 4.4%
Hotchkis & Wiley Capital Management LLC $768M 6.3M 3.0% ▲ 2.8%
Geode Capital Management, LLC $735M 6.1M 2.9% ▲ 0.6%
Jpmorgan Chase & Co $540M 4.5M 2.1% ▼ 3.5%
Invesco Ltd. $435M 3.6M 1.7% ▼ 6.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not PPG Industries's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $2,753 4 trades by 1 insider, last 12 months Insider sales History → $15.2M 8 trades by 3 insiders · 28% under pre-set plans
Net ▼ $15.2M net selling
Insider Date Trade Shares Price Value
Hefel Juliane M. Sr. VP, Ind Coatings & Sp Prod September 11, 2026 Buy 10 $104.78 $1,051
Hefel Juliane M. Sr. VP, Ind Coatings & Sp Prod September 11, 2026 Buy 3 $106.89 $358
Hefel Juliane M. Sr. VP, Ind Coatings & Sp Prod June 12, 2026 Buy 9 $114.84 $1,002
Hefel Juliane M. Sr. VP, Ind Coatings & Sp Prod June 12, 2026 Buy 3 $121.45 $342
Foulkes Anne M. Sr. VP, Legal & Spl. Projects February 20, 2026 Sell 3,594 $124.61 $447,848
Morales Vincent J Senior VP & CFO February 13, 2026 Sell 30,397 $131.00 $4M
Morales Vincent J Senior VP & CFO February 13, 2026 Sell 19,259 $131.10 $2.5M
Morales Vincent J Senior VP & CFO February 13, 2026 Sell 28,439 $130.92 $3.7M
Morales Vincent J Senior VP & CFO February 4, 2026 Sell pre-set plan 17,072 $125.00 $2.1M
Morales Vincent J Senior VP & CFO February 4, 2026 Sell pre-set plan 12,600 $125.00 $1.6M
Hagerty Chancey E. Sr. VP, Auto. Refinish Ctgs. January 29, 2026 Sell 2,250 $115.59 $260,078
Morales Vincent J Senior VP & CFO January 15, 2026 Sell pre-set plan 5,200 $110.00 $572,000

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 75 trades and filings

In the last 12 months, 1 member of Congress disclosed 4 purchases and 0 sales of PPG Industries shares.

  • Lloyd Doggett(D-TX 37):Purchase, $1,001 - $15,000, traded September 11, 2026, filed October 5, 2026
  • Lloyd Doggett(D-TX 37):Purchase, $1,001 - $15,000, traded June 12, 2026, filed July 6, 2026
  • Lloyd Doggett(D-TX 37):Purchase, $1,001 - $15,000, traded March 12, 2026, filed April 6, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • April 15, 2026
  • January 27, 2026
  • October 28, 2025

Recent SEC filings

Data status

When each part of this page on PPG Industries was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

PPG Industries in brief

What does PPG Industries do?
PPG Industries is a US-listed company in the specialty chemicals industry. Its financial year ends in December.
What is PPG Industries's stock ticker?
PPG Industries trades under the ticker PPG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is PPG Industries's revenue, and how fast is it growing?
Over its most recent trailing twelve months, PPG Industries reported revenue of $16.7B, 6.4% higher than a year earlier, according to its SEC filings.
What is PPG Industries's free cash flow?
PPG Industries's free-cash-flow margin is 7.7% of revenue over the trailing twelve months, ranking 13 of the 42 specialty chemicals companies we cover.
What is PPG Industries's fair value (intrinsic value) per share?
Our discounted-cash-flow model of PPG Industries's free cash flow after stock-based pay gives ~$82 per share in the base case, and ~$55–$120 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are PPG Industries's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is PPG Industries buying back stock, and does it pay a dividend?
PPG Industries spent $425M on share repurchases over the trailing twelve months, and its diluted share count fell 2.1% over the year.
What is PPG Industries's market cap?
On November 2, 2026, PPG Industries's market capitalisation was about $28B, with a price-to-earnings ratio of 17.8 and net debt of $5.2B. Market figures come from third-party market data and may be delayed.
Does PPG Industries pay a dividend?
Yes: PPG Industries paid $642M in dividends over the trailing twelve months, a dividend yield of 2.30% and a payout ratio of 40.9%.
How much debt does PPG Industries have?
PPG Industries's debt-to-equity ratio is 80.6%, from its latest balance sheet (109.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are PPG Industries's competitors?
In our Specialty Chemicals peer group, the companies closest to PPG Industries are Ecolab, Sherwin-Williams, LyondellBasell, RPM International Inc and Albemarle Corporation. The side-by-side comparison below sets their revenue, margins and growth against PPG Industries's.
Are insiders buying or selling PPG Industries stock?
Over the last 12 months, PPG Industries's directors and officers reported 4 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is PPG Industries's next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — PPG Industries announces its own schedule.