PPG Industries, Inc. Overview
PPG is the world's second-largest paints and coatings company by revenue, behind Sherwin-Williams. It has completed a multi-year transformation from a diversified glass, chemicals and coatings conglomerate into a focused coatings and specialty-materials group.
Following the 2024 divestitures of its low-margin U.S./Canada architectural business and its silicas business, roughly 70% of sales are generated outside the United States. The portfolio is now weighted towards technology-advantaged, highly specified niches: aerospace sealants, coatings and transparencies; automotive OEM and refinish; protective and marine; packaging; and traffic markings.
PPG also retains leading decorative-paint franchises in Mexico (Comex), Europe and Asia-Pacific. Management's "enterprise growth strategy" emphasises organic volume above market growth, digital tools for refinish and retail, capacity investment in aerospace, and structural cost reduction in Europe.
FY2025 results were net sales of $15.9bn, adjusted EPS of $7.58 and operating cash flow of $1.9bn. The balance sheet carries investment-grade A3/BBB+ ratings. PPG is also a Dividend King: in July 2026 it raised its dividend for the 55th consecutive year, and it has paid annual dividends without interruption since 1899.
Company's own description (FY2025 10-K, paraphrased)
PPG describes itself as a manufacturer and distributor of a broad range of paints, coatings and specialty products, incorporated in Pennsylvania in 1883. Its stated vision is to be the first-choice partner for innovative paints, coatings and surface solutions. Its corporate purpose is "We protect and beautify the world®."
The company supplies customers across:
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industrial equipment and components;
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packaging;
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aircraft and marine;
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automotive OEM;
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automotive refinish and aftermarket;
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pavement marking;
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other industrial and consumer products;
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residential and commercial new-build and maintenance.
It reports through three segments, as of FY2025:
Global Architectural Coatings: trusted decorative brands and distribution networks serving DIY, trade and retail customers.
Performance Coatings: highly specified, differentiated products and services focused on aftermarket and select OEM customers.
Industrial Coatings: direct-to-factory, technology-advantaged solutions integrated into OEM customers' operations.
Business model and revenue model
PPG's revenue is overwhelmingly product-based: formulated coatings, sealants, adhesives, pretreatments, films, transparencies and specialty materials sold by volume. Service, subscription and licensing elements are a small but strategically growing layer. Disclosed elements include:
Services embedded in product sales: These include on-site coatings application services within automotive OEM customer plants and regional coatings-services centres. They also include aerospace chemical-management and packaging services delivered through PPG's distribution network.
Digital subscriptions: In refinish these include PPG LINQ™ (cloud-based body-shop management and connectivity platform) and PPG MOONWALK™ (automated paint-mixing system). The 10-K reports that the number of LINQ subscriptions and Moonwalk installations continued to grow in 2025.
Alliances and licensing-type arrangements: PPG runs alliances with Asian Paints (India refinish, automotive OEM and industrial) and Kansai Paint (Japanese automotive OEM transplants in North America and Europe).
PPG does not disclose a product / service / subscription / licensing revenue split. Our characterisation is that services and subscriptions are not material as separately reported revenue (estimated low-single-digit % of sales, not disclosed).
Value-chain position
PPG is a formulator. It sits downstream of commodity and specialty raw-material suppliers:
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resins, solvents and reactants;
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titanium dioxide (TiO₂);
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epoxy;
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pigments and additives.
It is upstream of OEMs (auto, aerospace, appliances, packaging), body shops, contractors, retailers and government agencies. Raw materials are PPG's single largest production cost (FY2025 10-K). The company is increasing backward integration selectively, including on-site resin production at certain plants.
PPG captures value through formulation IP, application know-how, customer specifications and qualification barriers (especially aerospace and auto OEM), colour-matching data (refinish), and brand and distribution (architectural).
Customer types and end-markets
| Customer type | Principal segment(s) | Channel |
|---|---|---|
| Automotive OEMs and tier suppliers (ICE, EV, commercial vehicles, battery components) | Industrial | Direct to factory; on-site services |
| Aerospace OEMs, MRO and military | Performance | Direct; company-owned distribution |
| Collision repair shops, fleet refurbishers | Performance | Independent distributors; direct |
| Shipbuilders, fabricators, heavy-maintenance contractors | Performance | Direct; distributors; company-owned stores; concessionaires |
| Government road agencies, infrastructure contractors | Performance (Traffic Solutions) | Direct; government agencies; distributors |
| Appliance, ag/construction equipment, electronics, building-products, coil, kitchenware OEMs | Industrial | Direct |
| Can/closure/tube makers (food, beverage, personal care) | Industrial | Direct |
| Labels, ID/e-passport, optical lens makers, OLED display makers | Industrial (Specialty Products) | Direct |
| Painting contractors, DIY consumers, retailers | Global Architectural | Company-owned stores, home centres, dealers, concessionaires, distributors |
Independent characterisation
Post-portfolio reshaping, PPG is best understood as a mid-cycle specialty coatings compounder with three distinct economic engines:
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Performance Coatings is the profit engine: 35% of FY2025 sales, 44% of segment income, and a segment EBITDA margin of about 23%. It contains PPG's highest-quality franchises. Aerospace has a backlog of about $300–350m and is capacity-constrained. Protective & marine has posted 13 consecutive quarters of volume growth as of Q2 2026. Refinish is high-margin but cyclical with collision-claim frequency. Traffic markings are infrastructure-funded.
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Industrial Coatings is the largest segment by sales (41%) but the lowest-margin (FY2025 segment EBITDA margin about 16%). Its pricing is partly governed by index-based contracts that pass through raw-material moves with a lag. Its volume depends on global industrial production and auto builds. Share gains in packaging (BPA-non-intent internal coatings driven by EU regulation) and auto OEM have been the 2025–26 differentiator.
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Global Architectural Coatings (24% of sales) is now a Mexico-plus-Europe-plus-APAC decorative business. It is anchored by Comex's dense concessionaire network in Mexico, which is a structural moat, plus a sub-scale-to-mid-scale European portfolio being restructured (four plant closures in 2H 2026).
The key analytical tension is clear. PPG has deliberately sacrificed absolute revenue to lift mix, growth and margin quality. It has not yet translated this into EPS growth: adjusted EPS fell 4% in FY2025. This is because European demand, the refinish destock and a 2026 input-cost spike have offset portfolio-mix gains.
Strategy
Stated strategy (FY2025 10-K, 2026 Proxy, earnings materials)
PPG frames its strategy as an "enterprise growth strategy" executed through a "sharpened portfolio of technology-advantaged products and services." The recurring themes are paraphrased below with filing references:
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Portfolio focus. Concentrate on higher-margin, technology-driven businesses that are strong organic growth drivers. The silicas and U.S./Canada architectural exits in 2024 are described by the board as creating "a sharper, more focused company" (2026 Proxy, Lead Director letter).
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Above-market organic growth. Grow via share gains (packaging, auto OEM, P&M), capacity debottlenecking (aerospace), commercial excellence and digital tools (LINQ, Moonwalk).
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Sustainably advantaged products. 43% of FY2025 sales came from such products; the target is 50% by 2030 (2026 Proxy).
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Operational excellence and cost. The October 2024 programme targets ~$175m of annualised savings: $75m realised in 2025 and +$50m in 2026, with ~$50m more in 2027, including $25m from four European plant closures. Manufacturing productivity and "The PPG Way 2030" culture programme support this.
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Disciplined capital allocation. Priorities are organic capex (~$650–700m in 2026), bolt-on M&A (Ozark), a growing dividend and opportunistic buybacks ($2.0bn remaining authorisation at YE2025).
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Organisational simplification. Three segments under single segment leaders from September 2026, "capturing synergies and reducing complexity."
Strategic initiatives in the last 24 months (Oct 2024 – Oct 2026)
| Date | Initiative | Type | Detail / target |
|---|---|---|---|
| Oct 2024 | Global cost-reduction programme | Cost | $239m charge; ~$175m annualised savings; Europe focus |
| Oct–Dec 2024 | Silicas and U.S./Canada architectural divestitures | Portfolio | $310m + $550m proceeds |
| Q1 2025 | Three-segment reorganisation | Organisation | New reporting structure |
| 2,025 | Russia exit completed | Portfolio | Following the 2024 held-for-sale classification |
| May 2025 | $380m Shelby, NC aerospace plant | Capacity | Construction from Oct 2025; completion 1H 2027 |
| 2,025 | Thailand waterborne auto coatings plant | Capacity / sustainability | Local waterborne basecoat/primer |
| 2,025 | Toulouse aerospace application support centre ($17m) | Customer service | Europe aerospace |
| 2,025 | Colorful Communities extended 10 years; $15m commitment | Community / ESG | 2026 Proxy |
| 2,025 | Internal AI Policy adopted | Governance / technology | 2026 Proxy |
| 2,025 | Human Rights Policy adopted | ESG | 2026 Proxy |
| 2,025 | Virtual power purchase agreements | Decarbonisation | Towards Scope 1+2 −50% by 2030 |
| Apr 2026 | Price increases up to 20% (product-specific) | Pricing | Offset energy, logistics and raw-material inflation |
| Apr 2026 | Ozark Materials bolt-on ($65m) | M&A | Traffic Solutions North America |
| Apr 2026 | Four European plant closures (2H 2026) | Restructuring | ~$25m perpetual fixed-cost reduction from 2027 |
| 2,026 | AI-driven formulation optimisation (reported on Q1 2026 call) | Technology | Raw-material cost mitigation |
| Sep 2026 | Segment leadership model | Organisation | Bellezza, Hagerty, Bergström |
Management guidance and medium-term targets
| Item | Guidance | Status |
|---|---|---|
| FY2026 adjusted EPS | $7.70–$8.10 (midpoint +4% YoY) | Reaffirmed 28 Apr and 28 Jul 2026 |
| FY2026 organic sales | Flat to low-single-digit growth | Running ahead: 1H +~2.5% |
| Q3 2026 organic sales | Low- to mid-single-digit growth | Reported 28 Jul 2026 |
| Q3 2026 adjusted EBITDA margin | Flat to −100bp YoY | Reported 28 Jul 2026 |
| FY2026 effective tax rate | 24–25% | FY2025 10-K |
| FY2026 capex | $650–700m | Q4 2025 call |
| Restructuring savings | +$50m in 2026; ~+$50m in 2027 | Q1 2026 call |
| Price / cost | 100% COGS-inflation coverage by Q4 2026 | Q2 2026 release |
| Sustainably advantaged sales | 50% by 2030 | 2026 Proxy |
| Medium-term financial framework (multi-year EPS / organic CAGR) | no 2025–26 investor-day targets were located in this research | — |
Products & Services
PPG does not publish product-level revenue, pricing or launch-year data for most lines. "n/d" denotes not disclosed. Brand ownership is from the FY2025 10-K. Flagship product names are from PPG product literature and releases where noted.
Global Architectural Coatings
| Product line / brand | Description & capabilities | Target customer | Region | Launch / latest | Pricing model |
|---|---|---|---|---|---|
| COMEX (incl. Comex-branded paints, Vinimex, Pro-1000 family) | Interior/exterior decorative paints, waterproofing, sealants; sold through ~thousands of concessionaire-operated stores | DIY consumers, contractors, government housing/projects | Mexico, Central America | Acquired 2014; ranges n/d | Retail list price via concessionaires |
| PPG / GLIDDEN (ex-US/Canada) | Decorative paints | Consumers, trade | LatAm, APAC | — | Retail/trade |
| MERIDIAN | Decorative paints | Consumers/trade | LatAm (Central America) | — | Retail |
| POLYFORM, RENNER | Wood finishes, varnishes, coatings | Trade, consumers, wood industry | Brazil | — | Distributor |
| TAUBMANS, WHITE KNIGHT | Decorative paints and specialty paints | Consumers/trade | Australia | — | Retail via home centres |
| TIKKURILA | Premium decorative paints, wood treatments, plus industrial wood/metal coatings (latter partly in Industrial) | Consumers, professionals | Nordics, Baltics, Eastern Europe, China | Acquired 2021 | Retail/trade |
| SIGMA | Professional decorative paints | Painting contractors | Netherlands, Benelux | Acquired 2008 | Trade |
| HISTOR | Consumer decorative paints | DIY | Netherlands | — | Retail |
| SEIGNEURIE, GUITTET, PEINTURES GAUTHIER | Professional paints | Contractors | France | — | Company stores/trade |
| RIPOLIN | Consumer paints | DIY | France | — | Retail |
| JOHNSTONE'S, LEYLAND | Trade and DIY paints | Contractors, DIY | UK & Ireland | — | Trade centres/retail |
| PRIMALEX, DEKORAL | Decorative paints | DIY/trade | Czech Rep./Slovakia; Poland | — | Retail |
| TRILAK | Decorative paints, enamels | DIY/trade | Poland, CEE | — | Retail |
| GORI | Wood protection stains | DIY | Denmark/Nordics | — | Retail |
| BONDEX | Wood stains/protection | DIY | France/Europe | — | Retail |
| DANKE! | Interior paints | DIY | Germany | — | Retail |
Performance Coatings — Aerospace
| Product line | Description | Target customer | Notes |
|---|---|---|---|
| Aerospace sealants (PRC® / PRC-DeSoto heritage lines) | Fuel-tank, fastener, firewall and lightweight sealants | Commercial, military, regional, GA airframers; MRO | Lightweight sealant technology cited in 10-K sustainability discussion |
| Aerospace coatings (DESOTHANE®, AEROCRON® electrocoat primer families) | Topcoats, primers, chromate-free systems | OEMs, MRO, military | Product family names per PPG aerospace literature |
| Transparencies | Cockpit windows, canopies, cabin windows (glass/acrylic/polycarbonate) | Commercial and military OEMs | Huntsville AL / Sylmar CA among facilities |
| Adhesives & engineered materials | Structural adhesives, engineered materials | OEMs | — |
| Packaging & chemical management services | Kitting, application-ready packaging (SEMCO® style), chemical management at customer sites | OEMs/MRO | Service revenue embedded |
| Capacity | Backlog ~$315m (Dec 2025), ~$350m (Q1 2026), "near $300m" (Q2 2026). ~$150m debottlenecking spend; $380m Shelby NC plant (completion 1H 2027); $17m Toulouse application support centre | — | 10-K; Q1/Q2 2026 releases |
Performance Coatings — Automotive Refinish
| Product line | Description | Target customer | Notes |
|---|---|---|---|
| PPG refinish paint systems (DELTRON®, ENVIROBASE® High Performance waterborne, NEXA AUTOCOLOR®) | Basecoat/clearcoat systems, primers | Collision shops, MSOs, dealers | Brand names per PPG literature |
| PPG LINQ™ | Cloud-based digital platform connecting shop operations, inventory and paint data | Body shops | Subscription; growing installed base (10-K 2025) |
| PPG MOONWALK™ | Automated, digitally guided paint-mixing machine | Body shops | Capital/placement plus consumables pull-through |
| COLAD®, FINIXA® | Sundries, masking, abrasives, accessories | Body shops | Purchased/branded sundries |
| SEM® | Aftermarket specialty refinish (bumper, vinyl, interior coatings) | Shops, restorers | — |
| SPRINT® | Refinish brand (regional) | Shops | — |
| Paint films | Protective/appearance films | Shops/fleet | — |
| PPG ONE RANGE | Portfolio introduction reported 31 Aug 2026 | — | — |
Performance Coatings — Protective & Marine
| Product line | Description | Target customer | Notes |
|---|---|---|---|
| SIGMA® marine & protective | Anti-corrosion, tank, deck, hull coatings | Shipyards, owners, fabricators | — |
| PPG SIGMAGLIDE® 2390 | Biocide-free fouling-release coating with HYDRORESET™ technology | Shipowners | Up to 20% power savings, <1% speed loss, up to 35% CO₂ reduction vs traditional antifouling (company claim, 2026 Proxy) |
| PPG AMERCOAT®, PPG STEELGUARD®, PPG PITT-CHAR® | Heavy-duty protective, intumescent and fire-protection coatings | Infrastructure, energy, petrochem | Brand names per PPG literature |
| Bridges, rail-car, metal fabrication coatings | Protective systems | Fabricators, contractors | 10-K |
Performance Coatings — Traffic Solutions
| Product line | Description | Target customer | Notes |
|---|---|---|---|
| ENNIS-FLINT® pavement markings | Waterborne traffic paints, thermoplastics, preformed thermoplastics, raised pavement markers, epoxy/polyurea durables | State DOTs, municipalities, contractors | Acquired Dec 2020 (~$1.15bn) |
| Ozark Materials (acquired Apr 2026) | Thermoplastic markings, waterborne traffic paint, preformed thermoplastic; ~130 employees; U.S./Canada customers | Public/private road owners | $65m all-cash from Ingevity |
Industrial Coatings
| Product line | Description | Target customer | Notes |
|---|---|---|---|
| Automotive OEM coatings (electrocoat ENVIRO-PRIME®, B1:B2 compact process, primers, basecoats, clearcoats) | Full body-shop coating systems; low-temperature-cure capability; adhesives/sealants; pretreatment; paint films | Global auto OEMs incl. EV makers | Compact processes save energy and water at customer plants (10-K) |
| EV/battery coatings | Dielectric and protective coatings for battery packs/components | EV OEMs, battery makers | Named in 10-K end-uses |
| Coatings services | On-site application inside OEM plants and regional service centres | OEMs/tiers | Querétaro (MX) solar project cited (Proxy) |
| General industrial coatings (liquid, powder ENVIROCRON®, coil DURANAR®-type) | Coatings for appliances, ag/construction equipment, electronics, building products, kitchenware, transport | Industrial OEMs | Powder expansion in Italy (Arsonsisi, 2022; SARO/Siccardi tie-up) |
| Packaging coatings (PPG INNOVEL®, BPA-non-intent internal coatings) | Internal/external coatings for beverage/food cans, closures, tubes | Can makers | Double-digit organic growth Q4 2025 and Q2 2026; EU regulation tailwind |
| TESLIN® substrate | Synthetic printable substrate | Labels (incl. blood-bag), e-passports, licences, ID/loyalty cards | Specialty Products |
| OLED materials | Organic materials for displays and lighting | Display makers | Specialty Products |
| Optical monomers & coatings (CR-39®, TRIVEX®, HI-GARD® hard coats) | Lens monomers, hard coats; photochromic dyes | Ophthalmic lens makers | HI-GARD Non-Methanol hard coat launched 16 Sep 2025 |
Financial Narrative
Income statement
Notes on the income statement.
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Adjusted EPS as originally reported: about $6.12 (FY2021), $6.05 (FY2022) and $7.67 (FY2023), each including since-divested businesses.
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DPS for FY2021 and FY2022 is derived from quarterly declarations ($0.54×2 + $0.59×2 in FY2021; $0.59×2 + $0.62×2 in FY2022). It is consistent with dividends paid of $536m and $570m.
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FY2023 EBIT is pretax income of $1,690m plus net interest of $107m.
Margin profile (%)
Revenue CAGR.
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FY2022–FY2025, continuing ops, 3-year: +0.5% p.a. (15,614 → 15,875).
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FY2023–FY2025, 2-year: −1.1% p.a.
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Organic growth was about +2% in FY2025 and +1% in Q1 2026, then +4% in Q2 2026.
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Reported growth has been diluted by divestitures: −3% in FY2025 (silicas, Russia).
Cash flow
Sources: FY2025 10-K; Q4 2025 8-K; S&P Global MI via StockAnalysis (capex FY2021–FY2023, total OCF).
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FY2024 divestiture proceeds exclude the $506m received in discontinued-operations investing (U.S./Canada architectural).
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1H 2026 cash flow:
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OCF from continuing operations $594m (vs $371m in 1H 2025);
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capex $309m;
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dividends $317m;
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buybacks $175m.
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FY2026 capex guidance is $650–700m (Q4 2025 call).
Return and efficiency ratios
Ratio notes.
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The cash conversion cycle (DSO + DIO − DPO) is not disclosed by PPG. Year-end receivables were $3,336m and inventories $1,996m (FY2025), against accounts payable and accrued liabilities of $3,957m. Accrued liabilities are not separated, so a precise CCC cannot be calculated.
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The company's operating working capital metric deteriorated from 15.6% to 17.6% of annualised sales in FY2025. It stood at 18.2% at Q2 2026.
Commentary — trends, inflections and drivers
Revenue. The reported top line has been essentially flat since FY2022 (continuing basis). This masks three offsetting forces:
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Pricing realised in 2022–23 to recover the post-COVID raw-material spike: FY2023 grew +4%.
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Volume weakness in European decorative and global industrial in 2023–24.
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Deliberate portfolio pruning: silicas, Russia and Argentina in 2024–25.
The inflection in 2025–26 is the return of positive organic growth. Q2 2026 was the sixth consecutive quarter of organic growth, at +4%, with volume and price at +2% each. Management states this outpaced industry by about 300bp. The drivers were aerospace, protective & marine, packaging share gains and Mexico.
Gross margin. Calculated gross margin expanded from 36.1% (FY2022) to 41.6% (FY2024) as pricing caught up and raws deflated. It held at 41.3% in FY2025. 2026 is a test year. Management acknowledged mid-single-digit COGS inflation, with energy, logistics and packaging elevated by the Iran conflict (Q1 2026 call). PPG implemented price increases of up to 20% (April 2026). It covered about 90% of COGS inflation in Q2 2026 and targets 100% by Q4 2026, one quarter ahead of plan. That is faster than in prior cycles, but 2Q 2026 adjusted EBITDA margin still fell 110bp to 17.4%.
Earnings quality. GAAP EPS rose 21% in FY2025 to $6.92 because FY2024 carried $377m of restructuring-related costs and a $146m Russia impairment. Adjusted EPS fell 4% to $7.58. The drivers were:
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unfavourable mix (refinish weakness, Mexico project pause in 1H25);
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wage and overhead inflation;
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higher net interest ($88m vs $64m), as interest income fell with lower cash yields;
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a higher Q4 corporate expense (medical claims, incentive true-up).
Adjustments are relatively modest outside restructuring. Acquisition amortisation was $0.41/share in FY2025 and legacy environmental $0.05. Adjusted-to-GAAP conversion is therefore reasonable.
Cash flow. Operating cash flow is volatile with working capital. It was depressed in FY2022 ($963m) by inventory rebuilds, then strong in FY2023 ($2.4bn) on working-capital release. FY2024 ($1.4bn) was weighed down by restructuring cash and divested-business timing, and FY2025 recovered to $1.94bn. FCF of $1.16bn in FY2025 implies about 74% conversion of adjusted net income of $1,722m. It was fully absorbed by $1.42bn of shareholder returns, with incremental debt funding the balance.
Balance sheet. Gross debt rose about $1.5bn in FY2025:
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€900m 3.25% 2032 notes (Feb 2025);
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USD notes including 4.375% 2031 notes (Oct 2025);
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CHF320m in Q2 2026.
Part of the proceeds pre-funded the $700m March 2026 maturity, which explains year-end cash of $2.2bn. Leverage (net debt / adjusted EBITDA about 1.9×) is comfortably within A3/BBB+ parameters. Goodwill and intangibles total about $8.1bn, roughly 102% of PPG shareholders' equity. Tangible book value is therefore approximately nil, which is typical of acquisitive coatings peers.
Returns. ROE of about 21% (FY2025) is respectable and flattered by leverage and buybacks. Company-reported return on average capital improved from 9.4% to 12.2%, mainly because FY2024 carried large non-recurring charges.
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Segment Overview
| Segment | Strategic business units | Principal products | Key brands | Principal plants (10-K) |
|---|---|---|---|---|
Global Architectural Coatings | Architectural Coatings Latin America & Asia-Pacific; Architectural Coatings EMEA | Paints, wood stains, adhesives, sealants, purchased sundries, paint strippers | LatAm/APAC: COMEX, PPG, GLIDDEN (ex-US/Canada), MERIDIAN, POLYFORM, RENNER, TAUBMANS, TIKKURILA, WHITE KNIGHT. EMEA: SIGMA, HISTOR, SEIGNEURIE, GUITTET, PEINTURES GAUTHIER, RIPOLIN, JOHNSTONE'S, LEYLAND, PRIMALEX, DEKORAL, TRILAK, GORI, BONDEX, DANKE!, TIKKURILA | Amsterdam (NL); Birstall (UK); Dębica (PL); Mexico City, San Juan del Río, Tepexpan, Tepotzotlán (MX); Moreuil, Ruitz (FR); Nykvarn (SE); Vantaa (FI); Wrocław (PL) |
Performance Coatings | Aerospace; Automotive Refinish; Protective & Marine; Traffic Solutions | Aerospace coatings, sealants, transparencies, adhesives, engineered materials, chemical management; refinish coatings, solvents, sundries, digital solutions, paint films; protective/marine coatings; pavement-marking paints, thermoplastics, raised markers | PPG, COLAD, FINIXA, SEM, SPRINT, SIGMA, ENNIS-FLINT | Clayton (AU); Delaware OH; Deurne (BE); Ennis TX; Gonfreville (FR); Greensboro NC; Huntsville AL; Kunshan (CN); Little Rock AR; Milan (IT); Mojave CA; Nykvarn (SE); Ontario (CA); Ostrów Wlkp. (PL); Ruitz (FR); Shildon, Stowmarket (UK); Sylmar CA; Tepexpan (MX); Ulsan (KR); Wrocław (PL) |
Industrial Coatings | Automotive OEM; Industrial Coatings; Packaging Coatings; Specialty Products | OEM coatings, adhesives/sealants, pretreatments, paint films, coatings services; general-industrial liquid/powder/coil coatings; can/closure/tube coatings; TESLIN substrate, OLED materials, optical monomers, photochromic dyes | PPG, TESLIN | Barberton, Circleville, Cleveland OH; Busan, Cheonan (KR); Cieszyn (PL); Monroeville, Springdale PA; Oak Creek WI; Quattordio (IT); San Juan del Río (MX); Sumaré (BR); Weingarten (DE); Tianjin, Zhangjiagang (CN) |
Revenue by Segment
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Global Architectural Coatings net sales (USD Mn) | 4,021 | 3,921 | 3,838 |
Performance Coatings net sales (USD Mn) | 5,132 | 5,237 | 5,513 |
Industrial Coatings net sales (USD Mn) | 7,089 | 6,687 | 6,524 |
Total net sales continuing ops (USD Mn) | 16,242 | 15,845 | 15,875 |
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View Subscription PlansResults by Segment and Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Global Architectural segment income (USD Mn) | 673 | 678 | 599 |
Performance Coatings segment income (USD Mn) | 1,019 | 1,142 | 1,148 |
Industrial Coatings segment income (USD Mn) | — | 893 | 875 |
Global Architectural segment EBITDA (USD Mn) | 774 | 782 | 708 |
Performance Coatings segment EBITDA (USD Mn) | 1,158 | 1,274 | 1,282 |
Industrial Coatings segment EBITDA (USD Mn) | — | 1,099 | 1,067 |
Global Architectural segment income margin (%) | 16.7 | 17.3 | 15.6 |
Performance Coatings segment income margin (%) | 19.9 | 21.8 | 20.8 |
Industrial Coatings segment income margin (%) | — | 13.4 | 13.4 |
Global Architectural segment EBITDA margin (%) | 19.2 | 19.9 | 18.4 |
Performance Coatings segment EBITDA margin (%) | 22.6 | 24.3 | 23.3 |
Industrial Coatings segment EBITDA margin (%) | — | 16.4 | 16.4 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Global Architectural YoY sales growth (%) | — | -2.5 | -2.1 |
Performance Coatings YoY sales growth (%) | — | 2.0 | 5.3 |
Industrial Coatings YoY sales growth (%) | — | -5.7 | -2.4 |
Global Architectural share of total sales (%) | 24.8 | 24.7 | 24.2 |
Performance Coatings share of total sales (%) | 31.6 | 33.1 | 34.7 |
Industrial Coatings share of total sales (%) | 43.6 | 42.2 | 41.1 |
Segment Revenue
| Metric | Q2 2025 | Q2 2026 | YoY |
|---|---|---|---|
Global Architectural net sales | 1,018 | 1,098 | +8% (organic +2%) |
Global Architectural segment EBITDA / margin | 187 / 18.4% | 213 / 19.4% | +14% / +100bp |
Performance net sales | 1,512 | 1,619 | +7% (organic +3%; acquisitions +3%) |
Performance segment EBITDA / margin | 389 / 25.7% | 368 / 22.7% | −5% / −300bp |
Industrial net sales | 1,665 | 1,778 | +7% (organic +5%) |
Industrial segment EBITDA / margin | 276 / 16.6% | 282 / 15.9% | +2% / −70bp |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 16,802 | 15,614 | 16,242 | 15,845 | 15,875 |
Revenue YoY growth (%) | — | — | 4.0 | -2.4 | 0.2 |
Cost of sales excl D&A (USD Mn) | 10,286 | 9,975 | 9,678 | 9,252 | 9,316 |
Gross profit calc (USD Mn) | 6,516 | 5,639 | 6,564 | 6,593 | 6,559 |
SG&A (USD Mn) | — | — | — | 3,391 | 3,439 |
R&D net (USD Mn) | 439 | 434 | 424 | 423 | 423 |
Depreciation (USD Mn) | — | — | — | 360 | 403 |
Amortization (USD Mn) | — | — | — | 132 | 125 |
EBIT calc pretax plus net interest (USD Mn) | — | — | 1,797 | 1,916 | 2,133 |
Reported EBITDA (USD Mn) | — | — | — | 2,408 | 2,631 |
Adjusted EBITDA (USD Mn) | — | — | — | 2,864 | 2,749 |
Income before taxes continuing (USD Mn) | — | — | 1,690 | 1,852 | 2,045 |
Income tax expense (USD Mn) | — | — | — | 475 | 458 |
Net income attributable continuing (USD Mn) | 1,420 | 1,007 | 1,223 | 1,344 | 1,571 |
Net income attributable total (USD Mn) | 1,439 | 1,026 | 1,270 | 1,116 | 1,576 |
EPS basic continuing (USD) | 5.98 | 4.26 | 5.18 | 5.75 | 6.94 |
EPS diluted continuing (USD) | 5.93 | 4.24 | 5.16 | 5.72 | 6.92 |
Adjusted EPS continuing (USD) | — | — | 7.42 | 7.87 | 7.58 |
Dividends per share (USD) | 2.26 | 2.42 | 2.54 | 2.66 | 2.78 |
Diluted shares avg (M) | — | — | — | 234.9 | 227.1 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin calc (%) | 38.8 | 36.1 | 40.4 | 41.6 | 41.3 |
EBIT margin calc (%) | — | — | 11.1 | 12.1 | 13.4 |
Adjusted EBITDA margin (%) | — | — | — | 18.1 | 17.3 |
Segment EBITDA margin (%) | — | — | — | 19.9 | 19.3 |
Net margin continuing (%) | 8.5 | 6.4 | 7.5 | 8.5 | 9.9 |
Effective tax rate reported (%) | — | — | — | 25.6 | 22.4 |
Adjusted effective tax rate (%) | — | — | — | 22.9 | 23.5 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 21,351 | 20,744 | 21,647 | 19,433 | 22,098 |
Cash and equivalents (USD Mn) | 1,005 | 1,099 | 1,493 | 1,270 | 2,163 |
Short-term investments (USD Mn) | 67 | 55 | 75 | 88 | 56 |
Short-term debt incl current LTD (USD Mn) | — | — | — | 939 | 706 |
Long-term debt (USD Mn) | — | — | — | 4,876 | 6,602 |
Total debt filings basis (USD Mn) | — | — | — | 5,815 | 7,308 |
Total debt aggregator basis incl leases (USD Mn) | 7,466 | 7,635 | 6,599 | 6,395 | 7,896 |
Net debt company reported (USD Mn) | — | — | — | 4,470 | 5,100 |
PPG shareholders equity (USD Mn) | 6,286 | 6,592 | 7,832 | 6,785 | 7,941 |
Total equity incl NCI (USD Mn) | 6,411 | 6,709 | 8,023 | 6,962 | 8,097 |
Goodwill (USD Mn) | 6,248 | 6,078 | 6,115 | 5,690 | 6,149 |
Identifiable intangibles net (USD Mn) | 2,783 | 2,414 | 2,261 | 1,922 | 1,971 |
Total current assets (USD Mn) | 6,774 | 7,173 | 7,431 | 6,557 | 7,959 |
Total current liabilities (USD Mn) | 4,766 | 4,721 | 5,054 | 5,014 | 4,900 |
Working capital calc (USD Mn) | 2,008 | 2,452 | 2,377 | 1,543 | 3,059 |
Operating working capital company metric (USD Mn) | — | — | — | 2,331 | 2,748 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow total (USD Mn) | 1,562 | 963 | 2,411 | 1,420 | 1,941 |
Operating cash flow continuing (USD Mn) | 1,562 | 1,000 | 2,294 | 1,391 | 1,936 |
Capital expenditures (USD Mn) | 371 | 486 | 516 | 721 | 778 |
Free cash flow OCF minus capex (USD Mn) | 1,191 | 477 | 1,895 | 699 | 1,163 |
Acquisitions net of cash (USD Mn) | 2,137 | 114 | 109 | 31 | 1 |
Divestiture proceeds (USD Mn) | 0 | 117 | 36 | 325 | 43 |
Dividends paid (USD Mn) | 536 | 570 | 598 | 622 | 628 |
Share repurchases (USD Mn) | 210 | 190 | 86 | 752 | 790 |
Total shareholder returns (USD Mn) | 746 | 760 | 684 | 1,374 | 1,418 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE continuing on avg PPG equity (%) | 22.6 | 15.6 | 17.0 | 18.4 | 21.3 |
ROA continuing on avg assets (%) | 6.7 | 4.8 | 5.8 | 6.5 | 7.6 |
Return on average capital company reported (%) | — | — | — | 9.4 | 12.2 |
Current ratio (x) | 1.42 | 1.52 | 1.47 | 1.31 | 1.62 |
Debt to equity aggregator debt (x) | 1.19 | 1.16 | 0.84 | 0.94 | 0.99 |
Debt to equity filings debt (x) | — | — | — | 0.86 | 0.92 |
Net debt to adjusted EBITDA (x) | — | — | — | 1.56 | 1.86 |
Interest coverage EBIT over gross interest (x) | — | — | — | 7.9 | 8.9 |
Asset turnover sales over avg assets (x) | 0.79 | 0.74 | 0.77 | 0.77 | 0.76 |
Operating working capital pct of annualised Q4 sales (%) | — | — | — | 15.6 | 17.6 |
Revenue by Region
| Region | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
United States and Canada net sales (USD Mn) | — | 5,352 | 5,372 |
EMEA net sales (USD Mn) | — | 5,386 | 5,368 |
Asia Pacific net sales (USD Mn) | — | 2,912 | 2,937 |
Latin America net sales (USD Mn) | — | 2,195 | 2,198 |
Total net sales (USD Mn) | 16,242 | 15,845 | 15,875 |
Region Margins & Growth (%) and Revenue by Region (%)
| Region | FY2024 | FY2025 |
|---|---|---|
United States and Canada YoY growth (%) | — | 0.4 |
EMEA YoY growth (%) | — | -0.3 |
Asia Pacific YoY growth (%) | — | 0.9 |
Latin America YoY growth (%) | — | 0.1 |
United States and Canada share of sales (%) | 33.8 | 33.8 |
EMEA share of sales (%) | 34.0 | 33.8 |
Asia Pacific share of sales (%) | 18.4 | 18.5 |
Latin America share of sales (%) | 13.9 | 13.8 |
Valuation Snapshot
| Metric | Value | Source |
|---|---|---|
Last close | $105.27 (5 Oct 2026) | StockTitan / StockAnalysis |
1-year price change | +0.8% (to 5 Oct 2026) | StockTitan |
YTD 2026 price change | ~+2.7% (implied start ~$102.5) | Derived from MarketScreener YTD data |
52-week range | $93.39–$133.43 | Market data |
3-year range (Aug 2026) | $90.24–$151.16 | MarketScreener |
5-year range (Aug 2026) | $90.24–$177.32 | MarketScreener |
Short interest | ~6.5m shares, ~2.9% of float (Oct 2026) | StockTitan |
Valuation Multiples
| Multiple | PPG | Basis |
|---|---|---|
P/E, TTM adjusted | 13.7x | TTM adjusted EPS $7.70 (FY2025 $7.58 − 1H25 $3.94 + 1H26 $4.06) |
P/E, TTM GAAP (continuing) | 15.1x | TTM diluted EPS $6.97 |
P/E, FY2026 guidance midpoint | 13.3x | $7.90 |
EV/EBITDA | ~10.5x | EV ~$28.9bn (mkt cap $23.4bn + net debt $5.3bn + NCI ~$0.16bn) ÷ FY2025 adjusted EBITDA $2,749m |
EV/Sales, TTM | ~1.76x | TTM sales $16,421m |
P/B | ~2.8x | PPG equity ~$8.44bn (30 Jun 2026) |
Dividend yield | ~2.8% | $2.96 annualised |
FCF yield (FY2025 FCF ÷ current mkt cap) | ~5.0% | $1,163m |
Vendor forward P/E (MarketScreener, Aug 2026) | 15.7x 2026E; 14.0x 2027E | Vendor estimates |
Capital Markets
| Item | Value | Source / date |
|---|---|---|
Rating distribution | "Moderate Buy": 23 analysts (9 Strong Buy, 14 Hold) | Barchart, Jul 2026 |
Average price target | $125.60 (Jul 2026); ~$129.08 (Public.com, Oct 2026) | Vendors |
Q3 2026 EPS consensus | ~$2.13 | Public.com |
FY2026 EPS consensus at guidance (Jan 2026) | $8.06 vs guidance $7.70–$8.10 | TipRanks |
Recent actions | KeyBanc initiation Overweight (11 Sep 2026); Argus Hold (Aug 2026); Berenberg Hold (Aug 2026); RBC Sector Perform (Apr 2026) | TipRanks / CNN |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividends per share (USD) | 2.26 | 2.42 | 2.54 | 2.66 | 2.78 |
Dividends paid (USD Mn) | 536 | 570 | 598 | 622 | 628 |
Share repurchases (USD Mn) | 210 | 190 | 86 | 752 | 790 |
Credit Ratings
| Agency | Rating | Outlook | Date |
|---|---|---|---|
Moody's | A3 | Stable | Oct 2025 (FWP) |
S&P | BBB+ | Stable | Oct 2025 (FWP) |
Fitch | BBB+ | Stable | Oct 2025 (FWP); downgraded from A- (negative outlook) between 2022 and Feb 2025 |
Capital Instruments
| Instrument | Maturity | Notes |
|---|---|---|
1.200% notes ($700m) | 15 Mar 2026 | Repaid Q1 2026 |
1.400% euro notes | 2027 | NYSE-listed (PPG 27) |
3.750% notes | 2028 | ≥$800m aggregate (2020 FWP) |
2.750% euro notes | 2029 | NYSE-listed (PPG 29A) |
CHF notes (1.22%) | 2030 | Part of CHF320m issued Q2 2026 |
4.375% notes | 15 Mar 2031 | Issued Oct 2025; amount n/d |
3.250% euro notes (€900m) | 2032 | Issued Feb 2025; NYSE-listed (PPG 32) |
CHF notes (1.66%) | 2034 | Part of CHF320m issued Q2 2026 |
Analyst Conclusions
Management guidance (as of 28 Jul 2026)
-
FY2026 adjusted EPS of $7.70–$8.10, reaffirmed; the midpoint is +4% YoY. The trajectory is weighted to 2H, with 2H growth guided at high-single-digit percent in January.
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Q3 2026 organic sales growth in the low- to mid-single-digit range. Adjusted EBITDA margin is guided flat to −100bp YoY.
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By segment for Q3 2026:
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Global Architectural: organic flat to +LSD, margin flat.
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Performance: organic +MSD to +HSD, with 2H margin expansion.
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Industrial: organic flat to +LSD, with 2H margin compression from index-price timing.
-
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100% COGS-inflation coverage by Q4 2026.
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FY2026 effective tax rate of 24–25% and capex of $650–700m.
Consensus expectations
Q3 2026 consensus EPS is about $2.13. Vendor consensus implies 2026E P/E of about 15.7x and 2027E of about 14.0x (MarketScreener, Aug 2026), consistent with roughly 10–12% EPS growth into 2027. The average price target is about $126–129, implying about 20–23% upside.
Bull case
-
Aerospace step-change. Shelby's completion in 1H 2027 converts a persistent ~$300–350m backlog. The highest-margin business can then compound at double-digit organic rates (FY2025 and Q2 2026 double-digit organic).
-
Self-help is visible and banked. Restructuring adds about $50m in 2026 and about $50m in 2027, including $25m of perpetual savings from four European closures. Refinish comparisons ease in 2H 2026, and pricing catches up by Q4. Together these support high-single-digit 2H EPS growth and a cleaner 2027.
-
Undemanding valuation with capital-return support. Shares trade at about 13–14× adjusted EPS, about 10.5× EV/EBITDA, a ~5% FCF yield and a 2.8% dividend yield. A $2bn buyback authorisation and 1.9× leverage provide downside support and optionality for bolt-ons.
Bear case
-
Growth without earnings. Reported sales have been flat for four years (+0.5% CAGR) and adjusted EPS fell in FY2025. Q2 2026 adjusted EPS was flat despite +7% sales, showing that inflation, tax (24–25%) and interest absorb operating gains.
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Margin squeeze in 2H 2026. Industrial's index-pricing lag, energy inflation tied to the Middle East conflict and a slower refinish recovery could push FY2026 to the low end of guidance. Q2 adjusted EBITDA margin was already −110bp YoY.
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Competitive and legal overhangs. The AkzoNobel–Axalta combination creates a scaled rival in refinish, industrial and aerospace. Separately, an adverse Delaware ruling on Westlake's indemnity would expose PPG to a $350–700m Brazilian award, even though PPG calls the risk remote.
Catalysts and monitorables (next 12 months)
| Timing | Catalyst / metric |
|---|---|
| 27–28 Oct 2026 | Q3 2026 results: price/cost coverage, refinish trajectory, Industrial margin, FY2026 guidance range narrowing |
| 2H 2026 | Execution of the four European plant closures; restructuring cash costs |
| 2026 (pending) | Delaware Chancery decision in PPG v. Westlake (Di Gregório indemnity) |
| Late 2026 – 2027 | AkzoNobel–Axalta closing and integration; competitive pricing responses |
| Jan 2027 | FY2026 results and FY2027 guidance (first full guidance cycle under CFO Beggs) |
| 1H 2027 | Shelby, NC aerospace plant completion and start-up |
| Ongoing | Aerospace backlog level; Mexico project and government spending; European decorative volumes; U.S. collision claims; working-capital ratio (18.2% Q2 2026) |
| Apr 2027 | Annual meeting: independent-chair vote trends, say-on-pay |
| Jul 2027 | Dividend increase (56th year) |
Analyst verdict
PPG today is a structurally better company than its share price implies, but it has not yet proved that a better portfolio translates into a better earnings algorithm.
What the reshaping achieved. The 2024 exits removed roughly $2.3bn of low-margin, low-growth sales: U.S./Canada architectural at low-single-digit EBITDA margins, plus silicas. They also raised the weight of Performance Coatings, which now produces about 44% of segment income at roughly 23% EBITDA margins. The operating evidence of improved franchise quality is real:
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six consecutive quarters of organic growth through Q2 2026;
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volume share gains in packaging, auto OEM and protective & marine against weak industrial production;
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double-digit aerospace growth constrained only by capacity;
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faster price realisation than in prior inflation cycles.
Why the market is unconvinced. Reported revenue has been flat since 2022, and adjusted EPS slipped 4% in FY2025. 2026 guidance of $7.70–$8.10 implies only mid-single-digit growth, despite restructuring savings and buybacks. Each source of operating improvement has been offset by an external drag:
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European demand;
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refinish destocking;
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Pillar 2 tax;
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higher net interest;
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in 2026, a geopolitically driven cost spike.
Valuation. At about 13–14× adjusted earnings, about 10.5× EV/EBITDA and a roughly 5% FCF yield, the shares already discount a low-growth outcome. The A3/BBB+ balance sheet (about 1.9× net debt/EBITDA) and a 55-year dividend record limit downside.
What would re-rate the stock. The rerating case requires three things to happen together in 2H 2026–2027:
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price/cost turning positive by Q4 2026;
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refinish normalisation;
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Shelby's start-up, which converts the aerospace backlog into growth.
These would deliver credible high-single-digit EPS growth in 2027.
Overall stance. On balance, we view PPG as a quality-at-a-reasonable-price, execution-dependent hold-to-accumulate. Positive asymmetry rests on visible self-help and aerospace capacity. Near-term risk is concentrated in Q3–Q4 2026 margins, Industrial index resets and the unresolved Westlake indemnity ruling. The October 2026 print is the near-term proof point. A beat-and-narrow toward the upper half of guidance would validate the thesis; a cut to the low end would extend the "growth without earnings" narrative into 2027.
Data integrity statement: Figures are drawn from PPG SEC filings (10-K FY2025, DEF 14A 2026, 8-K earnings releases Q4 2025–Q2 2026, FWPs) wherever possible. Aggregator data (S&P Global MI via StockAnalysis, edgar.tools, 13F trackers, MarketScreener, Barchart) are used only where filings were not directly extracted, and are labelled accordingly.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Since | Age (Feb 2026) | Prior roles / background |
|---|---|---|---|---|
Timothy M. Knavish | Chairman & CEO | CEO Jan 2023; Chair Oct 2023 | 60 | COO 2022; EVP 2019–22; SVP Arch. Coatings & President EMEA 2019; SVP Industrial 2017–18; SVP Automotive 2016–17; VP P&M 2012–16; joined PPG 1987 (flat glass engineering). BSME and MBA, University of Pittsburgh. Director, Rockwell Automation. |
Jamie A. Beggs | SVP & CFO (also corporate development and IT) | 6 Jul 2026 | 49 | CFO, Avient (2020–26); CFO, Hunt Consolidated; ~10 years at Celanese (VP & Treasurer; CFO Materials Solutions); began at PwC. BBA/MPA accounting, University of Texas. Director, International Paper. |
Vincent J. Morales | SVP & CFO (retired 6 Jul 2026) | Mar 2017 – Jul 2026 | 60 | 41-year PPG career; VP IR, Treasurer, VP Finance |
Joseph R. Gette | SVP, General Counsel & Secretary | Jan 2026 | 53 | VP, Deputy GC & Secretary 2022–25; Assistant GC M&A/Securities 2018–22 |
Anne M. Foulkes | SVP, Law & Special Projects | Jan 2026 | 63 | SVP & GC 2018–25 |
Alisha E. Bellezza | SVP, Industrial Coatings segment (from 1 Sep 2026; previously SVP Automotive Coatings) | Mar 2024 / Sep 2026 | 50 | Ex-Chemours (President, Thermal & Specialized Solutions; VP Treasurer & IR) |
Chancey E. Hagerty | SVP, Performance Coatings segment (from 1 Sep 2026; previously SVP Refinish and Aerospace) | May 2023 / Sep 2026 | 52 | VP Global Refinish 2020–23 |
K. Henrik Bergström | SVP, Global Architectural Coatings | May 2023 | 53 | VP Arch. LatAm/EMEA/APAC; VP Arch. LatAm |
Juliane M. Hefel | SVP, Industrial Coatings & Specialty Products (reports to Bellezza from Sep 2026) | Jan 2025 | 50 | Ex-Henkel (CVP Auto OEM Americas) |
Amy R. Ericson | SVP, Protective & Marine Coatings | Jan 2023 | 60 | SVP Packaging 2018–22; ex-SUEZ, GE Water, Alstom U.S. CEO |
Kevin D. Braun | SVP, Operations | Oct 2024 | 57 | SVP Industrial Coatings 2023–24 |
Robert L. Massy | SVP & CHRO | Mar 2024 | 48 | Ex-Westinghouse (EVP, CAO & CHRO) |
Sam Millikin | SVP, Global Aerospace (reports to Hagerty) | — | — | Operating Committee member |
Alex Lopez | VP, Investor Relations & Operational Finance | 1 Oct 2026 | — | IR lead |
Directors' Remuneration
| Component | T. M. Knavish FY2025 (USD) |
|---|---|
Salary | 1,300,000 |
Stock awards | 7,333,542 |
Option awards | 3,666,690 |
Non-equity incentive | 1,924,000 |
Change in pension value / NQDC | 317,929 |
All other compensation | 342,861 |
Total | 14885022 |
Board of Directors
| Director | Age | Since | Principal occupation | Independent | Committees |
|---|---|---|---|---|---|
Timothy M. Knavish (Chair) | 60 | 2022 | Chairman & CEO, PPG | No | — |
Michael W. Lamach (Independent Lead Director) | 62 | 2015 | Retired Exec. Chair & CEO, Trane Technologies | Yes | HCM&C; Nominating & Governance |
Kathy L. Fortmann | 58 | 2024 | CEO, Amyris | Yes | Audit; Sustainability & Innovation |
Melanie L. Healey | 64 | 2016 | Former Group President NA, Procter & Gamble | Yes | Nominating & Governance; HCM&C |
Gary R. Heminger | 72 | 2017 | Retired Chair & CEO, Marathon Petroleum | Yes | HCM&C; Nominating & Governance |
Kathleen A. Ligocki | 69 | 2020 | Former CEO, Agility Fuel Solutions | Yes | Nominating & Governance; HCM&C |
Michael T. Nally | 50 | 2021 | CEO, Generate Biomedicines; CEO-partner, Flagship Pioneering | Yes | Audit; Sustainability & Innovation |
Guillermo Novo | 63 | 2021 | Chair & CEO, Ashland | Yes | HCM&C; Sustainability & Innovation |
Christopher N. Roberts III | 63 | 2023 | SVP Global SH&E, Ecolab | Yes | Audit; Sustainability & Innovation |
Todd M. Schneider | 58 | Jan 2026 | President & CEO, Cintas | Yes | Nominating & Governance; Sustainability & Innovation |
Catherine R. Smith | 62 | 2019 | EVP & CFO, Starbucks | Yes | Audit; Nominating & Governance |
Leon J. Topalian | 57 | Jul 2025 | Chair, President & CEO, Nucor | Yes | Audit; Sustainability & Innovation |
Major Shareholders
| Holder | Shares | % outstanding | Source / date |
|---|---|---|---|
The Vanguard Group | 28,611,578 (proxy) / 29,306,454 (13F Q4 2025) | 12.8% (proxy) / ~13.1% | 2026 Proxy (13G/A as of 30 Sep 2024); 13F 31 Dec 2025 |
BlackRock, Inc. | 19,546,603 (proxy) / 23,280,792 (13F) | 8.7% (proxy) / ~10.4% | 2026 Proxy; 13F 31 Dec 2025 |
Wellington Management | 15,159,770 (proxy) / 13,449,284 (13F) | 6.8% (proxy) / ~6.0% | 2026 Proxy; 13F 31 Dec 2025 |
State Street | 11,719,387 (proxy) / 12,829,677 (13F) | 5.2% (proxy) / ~5.7% | 2026 Proxy (13G 30 Sep 2024); 13F |
Pzena Investment Management | 7,098,767 | ~3.2% | 13F 31 Dec 2025 (position +306% QoQ) |
Franklin Resources | 6,990,595 | ~3.1% | 13F 31 Dec 2025 |
First Eagle Investment Management | 6,290,622 | ~2.8% | 13F 31 Dec 2025 |
Hotchkis & Wiley | 5,877,095 | ~2.6% | 13F 31 Dec 2025 |
Geode Capital Management | 5,809,127 | ~2.6% | 13F 31 Dec 2025 |
Beutel, Goodman & Co. | 3,921,122 | ~1.8% | 13F 31 Dec 2025 |
Competitive Landscape
Competitors by Segment
| Segment / business | Principal competitors |
|---|---|
Architectural (Mexico/LatAm) | Sherwin-Williams (incl. Suvinil in Brazil, acquired Oct 2025), AkzoNobel, local players (e.g., Berel in Mexico; Renner/Coral in Brazil) |
Architectural (Europe) | AkzoNobel (Dulux, Sikkens), Hempel, Jotun, Sherwin-Williams (Europe), regional independents |
Architectural (APAC) | Nippon Paint (incl. Dulux Group in Australia), AkzoNobel, Jotun |
Aerospace | Sherwin-Williams Aerospace, AkzoNobel Aerospace, Axalta (aerospace via merger), 3M (sealants/adhesives), Mankiewicz, Henkel |
Automotive refinish | Axalta (Cromax, Spies Hecker, Standox), BASF (Glasurit, R-M), AkzoNobel (Sikkens), Sherwin-Williams Automotive |
Protective & marine | Jotun, Hempel, AkzoNobel (International), Sherwin-Williams, Chugoku Marine, Nippon Paint Marine |
Traffic solutions | Ingevity (exited Ozark to PPG), Swarco, Geveko Markings, regional producers |
Automotive OEM | BASF Coatings, Axalta, Kansai, Nippon Paint, KCC |
General industrial / powder / coil | Sherwin-Williams (Valspar heritage), AkzoNobel (Interpon), Axalta, Nippon, Beckers, Tiger |
Packaging | Sherwin-Williams (Valspar packaging), AkzoNobel, Actega (Altana) |
Peer Comparison FY2025
| Metric | PPG | Sherwin-Williams | AkzoNobel | Axalta |
|---|---|---|---|---|
FY2025 revenue | $15.9bn | $23.57bn | ~€10.2bn (derived) | $5.12bn |
Reported revenue growth FY2025 | +0.2% (organic +2%) | +2.1% | −5% (organic flat) | −3% |
Adjusted EBITDA margin | 17.3% | — | 14.2% | ~22.1% (derived) |
Adjusted EPS FY2025 | $7.58 | $11.43 | — | — |
R&D intensity | 2.8% (incl. facilities depreciation) | — | — | — |
2026 EPS guidance | $7.70–$8.10 | $11.50–$11.90 | — | — |
Recent Developments
Note:* an aggregator displayed an after-hours quote of $109.76 (+4.3%) on 5 Oct 2026. A European venue showed only +1.0% after hours, and no corresponding company news was identified.
