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PPG Industries key statistics and ratios

In fiscal 2025, PPG Industries had return on equity of 21.4% and a net margin of 9.9%. 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.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Net margin2.7%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%
Return on equity9.0%20.8%31.8%25.7%71.8%41.6%27.7%17.8%30.7%26.3%25.1%19.3%24.0%15.9%17.6%15.3%21.4%19.1%
Return on assets2.4%5.3%7.5%6.2%20.4%12.6%8.1%5.3%9.9%8.2%7.4%5.7%7.0%4.9%6.0%5.4%7.6%7.0%
Effective tax rate31.0%32.0%21.3%17.9%20.6%17.6%23.7%27.5%30.7%20.9%23.6%21.4%20.6%23.6%25.3%25.6%22.4%23.3%
R&D as % of revenue3.3%3.0%3.4%3.3%3.2%3.4%3.4%3.3%3.2%3.0%3.0%2.9%2.8%2.9%2.7%2.8%2.8%2.7%
SG&A as % of revenue24.0%22.2%23.7%22.1%23.1%25.0%25.2%24.9%24.1%23.2%23.8%24.5%22.5%19.5%20.9%21.4%21.7%21.5%
Dividends ÷ net income105.1%46.8%32.4%38.0%10.7%17.2%27.2%47.4%27.2%33.8%37.7%46.8%37.2%55.6%47.1%55.7%39.8%40.9%

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 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.

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.

Compare with peers

Head to head: ECL vs PPGPPG vs SHWLYB vs PPGPPG vs RPM

More: Specialty Chemicals stocks compared, Materials sector, rankings of US companies

Figures from PPG Industries's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to PPG Industries.