RPM International Inc Overview
RPM International is a holding company for more than a dozen semi-autonomous specialty-chemicals franchises. These businesses make coatings, sealants, roofing, concrete admixtures, flooring, fireproofing and building-envelope systems, mostly for maintenance, repair and restoration rather than new construction. Its brand portfolio is unusually deep for a USD 7.9 billion company: Rust-Oleum, DAP, Zinsser, Varathane and The Pink Stuff on the consumer side; Tremco, Euclid, Dryvit, Nudura, Kalzip, Stonhard, Carboline and Fibergrate on the professional side. Each brand holds a leading position in a niche that larger diversified coatings groups do not dominate. Since 2018 RPM has run successive operational-improvement programs (MAP to Growth, MAP 2025, and now "MAP 3.0"). These have lifted gross margin from about 36% (FY2022) to about 41% (FY2026) and moved the group from a loose federation toward a centrally coordinated operating company. RPM is a disciplined, dividend-growing compounder with 52 consecutive annual dividend increases. Its growth vectors are engineered building systems, emerging markets (the "Platform" model) and bolt-on M&A.
Company's own description (FY2026 Form 10-K, Item 1)
RPM describes itself as follows: its subsidiaries manufacture, market and sell specialty chemical product lines, including high-quality specialty paints, infrastructure rehab and repair products, protective coatings, roofing systems, sealants and adhesives. These products focus on the maintenance and improvement needs of the construction, industrial, specialty and consumer markets.
Footprint as of 31 May 2026:
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Products marketed in about 167 countries and territories.
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Manufacturing in about 120 locations across 22 countries.
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About 31% of sales generated internationally: foreign operations 29.8% of net sales, plus direct U.S. exports of 0.9%.
The press-release boilerplate calls RPM "a world leader in specialty coatings, sealants, building materials and related services."
Business model
RPM's model has four defining features.
- Decentralised entrepreneurial structure, becoming more integrated. The founder's philosophy, still quoted in the 2026 proxy, is: "Hire the best people you can find. Create an atmosphere that will keep them. Then let them do their jobs." Operating companies historically kept their own brands, sales forces and ERP systems. The MAP programs are deliberately centralising procurement, manufacturing, accounting and IT. The stated goal is to consolidate more than 75 ERP systems to one platform per segment (Q4 FY2026 8-K).
Repair and maintenance bias: Much of the portfolio serves existing assets: roof restoration, re-cover, concrete repair, corrosion control, rust prevention and DIY touch-up. That demand is less cyclical than new-build construction. The FY2026 10-K notes that re-roofing has historically accounted for over three-quarters of U.S. roofing demand.
Systems and turnkey selling: In CPG and PCG, RPM increasingly sells integrated systems (the "Power of One" building envelope) and supply-and-apply turnkey services. Examples include Stonhard flooring installation and Weatherproofing Technologies roofing services. This captures more of each construction project's spend.
Bolt-on M&A plus organic growth: RPM completed six acquisitions in each of FY2025 and FY2026 (FY2026 10-K Note F).
Revenue model mix
| Revenue type | Characterisation | Evidence |
|---|---|---|
| Product sales | Dominant (estimated well above 90% of revenue; exact split not publicly disclosed) | Manufactured coatings, sealants, admixtures and similar products sold through retail, distribution and direct channels |
| Installation and services | Material within CPG and PCG; not separately disclosed | WTI/WTC roofing services, turnkey general contracting, TremCare maintenance programs, Stonhard installed flooring, Legend Brands/RoofTec restoration services, Pure Air Control Services |
| Warranty and extended programs | Embedded in pricing; generates deferred revenue | Current unearned revenue USD 75.3M and long-term unearned revenue USD 92.4M at FY2026 (standardized balance sheet) |
| Licensing and royalties | Minor | The 10-K notes license fees and royalty income from numerous international license agreements, plus equity-method joint ventures |
| Subscription | None identified | — |
RPM does not disclose a product versus service versus licensing split. From filings, the mix is:
Value-chain position
RPM is a formulator and brand owner, positioned downstream of commodity chemical producers. It buys petroleum-derived resins, solvents, pigments, minerals, metals and packaging (FY2026 10-K, Raw Materials). It is selectively backward-integrated: RPM cites expanding in-house raw material production, and Arnette Polymers makes amine curing agents and epoxy intermediates.
Channels downstream include:
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Mass merchants and home centres, where the single largest Consumer customer was 20% of Consumer sales in FY2026.
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Hardware and paint stores.
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Distributors.
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Contractors and specifiers.
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Direct sales to industrial plant owners, public institutions and infrastructure agencies.
Customer types and end markets
| End market | Segment exposure | Representative brands |
|---|---|---|
| Commercial / institutional building envelope (roofing, walls, waterproofing, sealants) | CPG | Tremco, Dryvit, Nudura, illbruck, Kalzip, Volteco |
| Concrete, cement and infrastructure | CPG, PCG | Euclid, Toxement, Viapol, Prime Resins, Fibrecrete |
| Industrial maintenance, oil and gas, petrochemical, power, data centres | PCG | Carboline, Stonhard, Fibergrate, Nullifire |
| Food and pharma | PCG | Mantrose-Haeuser, NatureSeal, Profile Food Ingredients |
| Marine, wood finishes, powder coatings | PCG | Pettit, Woolsey, FinishWorks/Mohawk, TCI |
| Residential DIY and professional painters | Consumer | Rust-Oleum, Zinsser, Varathane, DAP |
| Household cleaning | Consumer | The Pink Stuff, Krud Kutter, Mean Green |
| Pigments, colorants, OEM and personal care | Consumer (Color Group) | Day-Glo |
| Restoration services equipment | CPG (Legend Brands) | Dri-Eaz, Sapphire Scientific |
Independent characterisation
RPM is best understood as a portfolio of niche category leaders with a structural margin-improvement story layered on top.
The professional segments (CPG and PCG) are about 66% of sales and supply the growth. In FY2026 they posted record results driven by high-performance buildings, data centres, infrastructure, fireproofing and concrete admixtures. In Q1 FY2027, emerging-market regions grew more than 20%.
The Consumer segment is about 34% of sales. It is a cash-generative but volume-challenged DIY business. Organic Consumer sales fell 0.8% in Q4 FY2026 and 4.7% in Q2 FY2026. They recovered to +5.2% in Q1 FY2027 on shelf-space wins and pricing.
The equity debate therefore centres on three questions:
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Can MAP savings and pricing protect margins against renewed raw-material inflation linked to the Middle East conflict?
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Is the Q1 FY2027 CPG slowdown temporary?
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Will the 9 November 2026 investor day credibly frame the next margin plan?
Strategy
Stated strategy themes
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"A strategy centered on organic growth, margin expansion, disciplined investment and strong free cash flow generation" (Sullivan, 2026 proxy letter).
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Capital allocation: reinvestment, strategic acquisitions and "RPM's longstanding commitment to returning capital to stockholders."
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Operational excellence via MAP: MAP to Growth (2018–2021) → MAP 2025 (FY2023–FY2025) → SG&A-focused optimization and "early stage MAP 3.0 actions" (FY2026) → the "next operational improvement plan" to be outlined at the 9 November 2026 investor day.
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Systems selling / "Power of One": winning a higher share of construction project spend through system sales, turnkey services and cross-business collaboration (Q4 FY2026; Volteco release).
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Repair and restoration focus: "focusing on our restoration and maintenance solutions, nimbly targeting growing end markets" (Q4 FY2026).
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Emerging markets via the Platform model: "leverages shared regional resources to accelerate growth and improve efficiency" (Q1 FY2027).
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Sustainability ("Building a Better World"): pillars of Our Products, Our People and Our Processes, built on Our Governance.
Initiative register (last 24 months)
| Initiative | Announced | Description | Targets / status |
|---|---|---|---|
| MAP 2025 | Aug 2022 | Plant consolidations, procurement, ERP consolidation (more than 75 ERPs → one per segment), accounting centralisation, new global manufacturing methodologies | Concluded 31 May 2025; trailing costs into FY2027 (FY2026 MAP 2025 costs USD 23.1M; Q1 FY2027 USD 0.7M) |
| Three-segment reorganisation | Jul 2025 (effective 1 Jun 2025) | SPG dissolved; overhead streamlined; Color Group leverages Consumer marketing | Completed |
| Growth investments | FY2025–FY2026 | Technical sales-force expansion, marketing, new products, new facility build-outs (Q4 FY2025 call) | Weighed on Q2 FY2026 margins |
| SG&A-focused optimization (early MAP 3.0) | Jan 2026 | Headcount reductions, facility closures, executive departures | About USD 100M benefit: USD 5M Q3 FY26, USD 20M Q4 FY26, USD 75M FY27. FY2026 cost USD 32.1M; Q1 FY2027 USD 5.5M |
| Profit metric change | Jul 2026 | Adjusted EBITDA replaces adjusted EBIT as the primary measure from FY2027 | Implemented Q1 FY2027 |
| Platform model expansion | Ongoing; 1 Jun 2026 | LatAm businesses moved into PCG to join APAC/Middle East Platform | More than 20% emerging-market growth in Q1 FY2027 |
| Healthcare cost procurement | FY2027 | Lower prescription-drug costs | Healthcare expense lower YoY in Q1 FY2027 |
| Buyback expansion | Jul 2026 | USD 700M added to the USD 114.8M remaining | No expiration date |
| Next operating plan ("MAP 3.0") | Investor day 9 Nov 2026 | Strategic priorities and the next operational improvement plan | Targets not yet disclosed |
| Sustainability FY2030 goals | FY2025 report | New goals aligned to a double-materiality assessment (ESRS) | Detail on company website; not enumerated here |
Management guidance
| Measure | Q2 FY2027 outlook |
|---|---|
| Consolidated sales | Low- to mid-single-digit growth |
| CPG sales | Low-single-digit growth |
| PCG sales | Mid- to high-single-digit growth |
| Consumer sales | Low- to mid-single-digit growth |
| Adjusted EBITDA | Low- to mid-single-digit growth |
FY2027 (as of 6 October 2026):
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Sales growth in the mid-single digits. The prior range (22 July 2026) was +3% to +7%.
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Adjusted EBITDA growth in the mid-single digits. The prior range was +5% to +10%, so the top end was trimmed.
Other management commentary:
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CPG is expected to return to positive organic growth by fiscal year-end.
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July 2026 call: raw-material inflation of 5–6% in Q1 and 6–8% in Q2, with price increases intended to recover gross-margin percentage as the year progresses.
They are expected at the 9 November 2026 investor day.
Products & Services
Descriptions follow the FY2026 10-K brand lists. RPM does not disclose launch years, versions, pricing models or brand-level revenue. These are marked "n.d." (not publicly disclosed) unless known from deal announcements.
Construction Products Group (FY2026 sales USD 3.07B)
| Product line / brand(s) | Description and capabilities | Target customer | Notes (launch / pricing / flagship) |
|---|---|---|---|
| Tremco roofing: AlphaGuard, AlphaGrade, BURmastic, OneSeal, POWERply, THERMastic, TremPly, TremLock, Vulkem, TREMproof | Waterproofing, coatings, built-up and modified-bitumen roofing; restoration, re-cover and new-build systems | Commercial and institutional building owners, roofing contractors | Tremco founded 1928; warranty-backed systems; flagship is roof restoration |
| TremSafe (with Fibergrate, PCG) | Retrofit structural panels; FRP and metal rooftop safety | Facility owners | Cross-segment collaboration |
| Tremco sealants and air barriers: Dymonic, ExoAir, illbruck, Spectrem, TREMstop | Joint sealants, air barriers, tapes, foams; firestopping | Glazing and building-envelope contractors | Dymonic is a flagship urethane sealant |
| Residential weatherization: TUFF-N-DRI, Watchdog Waterproofing, Enviro-Dri; illbruck vapour-control membranes; Skytech breather membranes | Below-grade foundation waterproofing; fire-classified membranes | Home builders | — |
| Weatherproofing Technologies Inc. / WTC (services) | Turnkey general contracting, roof repair and restoration, building asset management, diagnostics, indoor air-quality audits, HVAC restoration (Pure Air Control Services), TremCare maintenance, StructureCare car-park repair | Owners of large building portfolios | Service-based revenue; customised warranties |
| illbruck TremGlaze, Winco | Window, door and façade sealing and bonding | Fenestration manufacturers and installers | — |
| Tremco / Isocrete | Subfloor preparation, levelling screeds | Flooring contractors | — |
| Tremco / EnerEDGE | In-plant and structural glazing | Insulated-glass manufacturers | — |
| Flowcrete, Flow Resin, Vulkem, Deckshield, Key Resin | Resin flooring, terrazzo, PU/MMA waterproof coatings, traffic-deck coatings, decorative concrete | Industrial and commercial facilities, car parks | — |
| Viapol, Vandex, Betumat | Rolled asphalt roofing, waterproofing, chemical admixtures (Brazil and Latin America) | Latin American construction | Part of the LatAm business transferred to PCG from FY2027 |
| Euclid / EUCO / Eucon / CAVE / Toxement / Dural / Increte / Plastol / Accelguard / Eucem / Tuf-Strand / Fiberstrand / Sentinel / Speed Crete / E3 / Color-Crete / Prime family / Tremco PUMA | Concrete and masonry admixtures, fibres, cement grinding aids, curing compounds, grouts, epoxy adhesives, PU foams, floor hardeners, decorative concrete, restoration materials | Ready-mix producers, cement plants, infrastructure contractors | Concrete admixtures led CPG's Q4 FY2026 growth |
| Nullifire, Veda, TREMStop (formerly Firetherm) | Fire stopping and intumescent coatings for steel | Commercial construction | Brand migration completed |
| Pactan | Adhesives and sealants for manufacturing | Industrial OEMs | — |
| Dryvit, NewBrick | EIFS insulated cladding; architectural coatings; prefabricated MCM/ACM/EIFS panels | Commercial and multifamily builders | Labour-saving panelised wall systems cited in Q4 FY2026 |
| Nudura, Prebuck | Insulated concrete forms (ICF), industrial concrete panels, buck framing, ICF bracing | Residential and light-commercial builders | Plants in Canada (Coaldale, Granby) and Columbus, GA |
| Willseal, Veda | Foam joint sealants; expansion-joint covers; linear fire-stopping | Commercial construction | — |
| Legend Brands: Dri-Eaz, Unsmoke, ODORx, Sapphire Scientific, Chemspec, Prochem, RoofTec | Fire- and water-damage restoration equipment; carpet-cleaning truck mounts; RoofTec cleaning and drying services | Restoration contractors | Moved from SPG in FY2026 |
| HCJ | Armoured floor joints for industrial buildings | Warehouses and logistics | — |
| Kalzip | Aluminium flat, pitched and composite roof and façade systems; more than 1.2 billion sq ft installed globally | Architects and specifiers (airports, arenas, retail) | Acquired April 2026; about EUR 75M CY2024 sales |
| Volteco: Amphibia membrane | Below-grade waterproofing sheet membranes, mortars, resins, flexible liquids, damp-proofing | Infrastructure and heritage projects | Acquired 1 Oct 2026; about EUR 28M CY2025 sales |
Performance Coatings Group (FY2026 sales USD 2.13B)
| Product line / brand(s) | Description and capabilities | Target customer | Notes |
|---|---|---|---|
| Stonhard, Hummervoll, Kemtile, Liquid Elements, API, Pava, Dudick | Polymer flooring with turnkey installation; offshore, marine and naval flooring | Pharma, food, healthcare, industrial, cruise and navy | Supply-and-apply model; investor day hosted at Stonhard (NJ) |
| Carboline, Specialty Polymer Coatings, Nullifire, Charflame, Firefilm, A/D Fire, Strathmore, Thermo-Lag, Plasite, Perlifoc, Dudick, Farbocustic, Southwest | Heavy-duty corrosion control, linings (incl. railcar), fireproofing, soundproofing, heat and cryogenic insulation | Oil and gas, petrochemical, power, infrastructure, high-rise | Fireproofing a key FY2026 growth driver |
| Pitchmastic PMB, Nufins, Visul, Fibrecrete, Texacrete, Fibrejoint, Samiscreed, Prime Resins, Logiball, Epoplex | Bridge expansion joints, bridge decks, highway markings, trenchless pipe rehab, asphalt and concrete repair | Transport agencies, utilities | Infrastructure exposure |
| Fibergrate, Chemgrate, Corgrate, Fibregrid, Safe-T-Span, Bison, Jouplast, Ocape | FRP grating and structures; adjustable polypropylene pedestals for raised outdoor flooring | Chemical, water, food plants; data centres (non-conductive FRP) | Data-centre share gains cited on the Q4 FY2025 call |
| Arnette Polymers | Amine curing agents, reactive diluents, specialty epoxy resins | Internal and external formulators | Backward integration |
| Mantrose-Haeuser, NatureSeal, Profile Food Ingredients, Holton Food Products | Shellac-based coatings, edible glazes, pharma glazes, produce coatings, food ingredients | Food processors, pharma | Food coatings cited in Q4 FY2026 and Q1 FY2027 growth |
| ValvTect | Fuel additives | Marine and fuel distributors | — |
| Kop-Coat, TRU CORE | Wood treatments and preservation | Lumber treaters | — |
| Pettit, Woolsey, Z-Spar, Tuffcoat | Pleasure-marine coatings | Boat owners and yards | — |
| FinishWorks, Mohawk, Morrells | Wood coatings and touch-up for furniture and interiors | Furniture OEMs, refinishers | — |
| TCI | Powder coatings | Industrial OEMs | — |
| Platform (international) | Decorative paints, primers, waterproofing, roof coatings, sealants, grouts, admixtures, resin floors, intumescents under Tremco, Euclid, Flowcrete, Nullifire | Emerging-market construction (Middle East, India, SE Asia, Africa, LatAm) | Facilities in Malaysia, UAE, India; emerging regions grew more than 20% in Q1 FY2027 |
Consumer Group (FY2026 sales USD 2.66B)
| Product line / brand(s) | Description and capabilities | Target customer | Notes |
|---|---|---|---|
| Rust-Oleum, Stops Rust, American Accents, Painter's Touch, Universal, Industrial Choice, Rust-Oleum Automotive, Sierra Performance, Hard Hat, TOR, Mathys, CombiColor, Noxyde, MultiSpec, Tremclad | Rust-preventative, decorative and special-purpose coatings, notably aerosols | DIY consumers, professional painters, MRO | Rust-Oleum holds more than 1,000 trademark registrations or applications |
| Zinsser, B-I-N, Bulls Eye 1-2-3, Cover Stain, DIF, FastPrime, Sealcoat, Gardz, Perma-White, Shieldz, Watertite, Okon | Primers, stain blockers, mould and mildew prevention, wallpaper removal, waterproofing | Paint contractors, DIY | — |
| Ready Seal, Varathane, Watco, Wolman | Interior and exterior woodcare | DIY and professional | Ready Seal acquired June 2025 (~USD 45M 2024 sales) |
| The Pink Stuff, Krud Kutter, Mean Green, Moldex, Concrobium, Whink, Jomax | Household and specialty cleaners | Mass retail consumers | Star Brands acquired April 2025 (USD 487.4M). The Pink Stuff is a social-media-driven brand with a signature paste |
| Epoxy Shield, Rock Solid, Seal Krete, Concrete Saver | Concrete restoration and garage-floor systems | DIY and floor contractors | — |
| Modern Masters | Metallic and faux finishes | DIY and decorators | — |
| Miracle Sealants | Tile and stone sealants and cleaners | DIY and installers | — |
| Gator, Finish 1st, Zip Sander | Abrasives | DIY and pro | — |
| Testors | Hobby paints and cements | Hobbyists | — |
| Day-Glo, Radiant (Color Group) | Fluorescent colorants and pigments; nail-enamel and personal-care coating components | OEMs, personal care, internal (Rust-Oleum is Day-Glo's largest customer) | Impairments in FY2025 and FY2026 |
| DAP and sub-brands: '33', '53', 1012, Alex family, Dynaflex, Kwik Seal, Touch 'N Foam, Weldwood, Plastic Wood, DryDex, RapidFuse, Silicone Max and others | Caulks, sealants, adhesives, insulating foam, spackling, glazing, patch and repair | DIY and residential trades | DAP holds nearly 400 trademark registrations or applications |
Financial Detail
Segment Revenue
| Segment | Share of FY2026 sales | Contents (FY2026 10-K) |
|---|---|---|
CPG (Construction Products Group) | ~39% | Construction sealants and adhesives; coatings and chemicals; roofing systems; concrete admixtures and repair; building envelope; parking-deck products; insulated cladding; MCM/ACM wall panels; firestopping; flooring; weatherproofing; restoration-services equipment (Legend Brands) |
PCG (Performance Coatings Group) | ~27% | High-performance flooring; corrosion-control and fireproofing coatings; infrastructure repair; FRP structures; raised outdoor flooring; factory-applied industrial coatings; wood preservation; edible coatings and pharma glazes; food coatings. Since FY2027 also includes the Latin American Platform businesses |
Consumer | ~34% | Rust-preventative, special-purpose and decorative paints; caulks and sealants; primers; contact cement; cleaners; DIY flooring and sealers; woodcare; abrasives; colorants and fluorescent pigments; hobby paints |
Corporate/Other | — | Non-operating corporate costs (FY2026 adjusted EBIT −USD 166.9M) |
Segment net sales (USD Mn)
| Segment net sales (USD Mn) | FY2025 | FY2026 |
|---|---|---|
CPG | 2,874.5 | 3,069.8 |
PCG | 1,995.8 | 2,131.9 |
Consumer | 2,502.4 | 2,661.7 |
Total | 7,372.6 | 7,863.4 |
Segment net sales, legacy basis (USD Mn)
| Segment net sales, legacy basis (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
CPG (legacy) | 2,508.8 | 2,702.5 | 2,767.4 |
PCG (legacy) | 1,433.6 | 1,462.5 | 1,491.7 |
Consumer (legacy) | 2,514.8 | 2,457.9 | 2,414.1 |
SPG (dissolved 1 Jun 2025) | 799.2 | 712.4 | 699.5 |
Total | 7,256.4 | 7,335.3 | 7,372.6 |
Results by Segment and Segment Margins & Growth (%)
| Metric (USD Mn) | CPG FY25 | CPG FY26 | PCG FY25 | PCG FY26 | Consumer FY25 | Consumer FY26 |
|---|---|---|---|---|---|---|
Net sales | 2,874.5 | 3,069.8 | 1,995.8 | 2,131.9 | 2,502.4 | 2,661.7 |
Income before income taxes | 425.1 | 448.3 | 278.0 | 309.0 | 332.8 | 362.4 |
EBIT | 427.6 | 450.8 | 275.2 | 305.9 | 334.2 | 362.8 |
Adjusted EBIT | 438.4 | 473.1 | 293.8 | 321.5 | 383.5 | 391.7 |
Adjusted EBIT margin % (derived) | 15.3 | 15.4 | 14.7 | 15.1 | 15.3 | 14.7 |
Sales growth % YoY (derived) | — | 6.8 | — | 6.8 | — | 6.4 |
% of group sales (derived) | 39.0 | 39.0 | 27.1 | 27.1 | 33.9 | 33.8 |
Segment adjusted EBIT margin (%)
| Segment adjusted EBIT margin (%) | FY2025 | FY2026 |
|---|---|---|
CPG | 15.3 | 15.4 |
PCG | 14.7 | 15.1 |
Consumer | 15.3 | 14.7 |
Consolidated (adjusted EBIT / sales) | 13.2 | 13.0 |
Effective Date Details
| Effective date | Change | Source |
|---|---|---|
1 Jun 2023 | APAC businesses CPG → PCG; history recast from FY2022 | FY2025 10-K |
1 Jun 2025 | SPG dissolved; four reportable segments become three | FY2026 10-K |
1 Jun 2026 | About USD 143M of Latin American businesses moved from CPG and Consumer → PCG; FY2026 quarters recast via 8-K | Q1 FY2027 8-K |
FY2027 | Primary profit measure changes from adjusted EBIT to adjusted EBITDA; FY2026 recast provided via 8-K | Q4 FY2026 8-K |
Results by Segment and Segment Margins & Growth (%) (Quarterly)
| Q1 metric (USD Mn) | CPG Q1 FY26 | CPG Q1 FY27 | PCG Q1 FY26 | PCG Q1 FY27 | Consumer Q1 FY26 | Consumer Q1 FY27 |
|---|---|---|---|---|---|---|
Net sales | 852.0 | 859.2 | 571.6 | 629.7 | 690.2 | 726.7 |
Income before taxes | 159.2 | 149.1 | 86.8 | 107.3 | 108.8 | 132.3 |
Adjusted EBITDA | 183.9 | 166.2 | 102.4 | 121.1 | 139.0 | 146.6 |
Adjusted EBITDA margin % (derived) | 21.6 | 19.3 | 17.9 | 19.2 | 20.1 | 20.2 |
Organic growth % | — | −1.7 | — | 7.9 | — | 5.2 |
Income Statement and Margin Analysis (%)
| Metric (USD Mn unless stated) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 6,707.9 | 7,256.4 | 7,335.3 | 7,372.6 | 7,863.4 |
Revenue growth (%) | 9.9 | 8.2 | 1.1 | 0.5 | 6.7 |
Gross profit (USD Mn) | 2,433.0 | 2,748.0 | 3,015.0 | 3,050.5 | 3,258.2 |
Operating income, standardized (USD Mn) | 655.4 | 781.6 | 888.8 | 917.4 | 983.5 |
Depreciation and amortisation (USD Mn) | 153.1 | 155.0 | 171.3 | 193.8 | 213.5 |
EBITDA, derived = op. income + D&A (USD Mn) | 808.5 | 936.6 | 1,060.1 | 1,111.2 | 1,197.0 |
Pre-tax income (USD Mn; FY22–24 derived from S&P pretax margin) | 607.1 | 649.4 | 787.8 | 792.8 | 870.3 |
Net income attributable to IDR Mn (USD Mn) | 491.5 | 478.7 | 588.4 | 688.7 | 661.4 |
Basic EPS (USD; FY22–24 per ROIC.ai) | 3.84 | 3.75 | 4.61 | 5.38 | 5.19 |
Diluted EPS (USD) | 3.79 | 3.72 | 4.56 | 5.35 | 5.17 |
Dividends declared per share (USD) | 1.58 | 1.66 | 1.80 | 1.99 | 2.13 |
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| Metric (USD Mn unless stated) | FY2025 | FY2026 |
|---|---|---|
EBIT, company definition (USD Mn) | 865.2 | 935.0 |
Adjusted EBIT (USD Mn) | 976.0 | 1,019.4 |
Adjusted diluted EPS (USD) | 5.30 | 5.53 |
SG&A (USD Mn) | 2,150.5 | 2,292.1 |
Restructuring expense (USD Mn) | 25.0 | 42.6 |
Interest expense (USD Mn) | 96.5 | 111.5 |
Investment income, net (USD Mn) | 24.1 | 46.9 |
Effective tax rate (%, derived) | 12.9 | 23.9 |
MAP initiative costs excluded from adjusted (USD Mn) | 87.9 | 80.3 |
Margin (%)
| Margin (%) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Gross margin | 36.3 | 37.9 | 41.1 | 41.4 | 41.4 |
Operating margin (standardized) | 9.8 | 10.8 | 12.1 | 12.4 | 12.5 |
EBITDA margin (derived) | 12.1 | 12.9 | 14.5 | 15.1 | 15.2 |
Net margin | 7.3 | 6.6 | 8.0 | 9.3 | 8.4 |
Balance Sheet
| Metric (USD Mn) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 6,708.0 | 6,782.0 | 6,587.0 | 7,775.9 | 8,344.6 |
Cash and equivalents (USD Mn) | 201.7 | 215.8 | 237.4 | 302.1 | 315.2 |
Short-term debt / current portion (USD Mn) | 603.5 | 178.6 | 136.2 | 7.7 | 407.8 |
Long-term debt (USD Mn) | 2,083.0 | 2,505.0 | 1,991.0 | 2,638.9 | 2,125.7 |
Total debt (USD Mn) | 2,686.5 | 2,683.6 | 2,127.2 | 2,646.6 | 2,533.5 |
Net debt (USD Mn) | 2,484.8 | 2,467.8 | 1,889.8 | 2,344.5 | 2,218.3 |
Total equity (USD Mn) | 1,984.0 | 2,143.0 | 2,512.0 | 2,886.8 | 3,313.1 |
Goodwill (USD Mn) | 1,338.0 | 1,294.0 | 1,309.0 | 1,617.6 | 1,688.2 |
Other intangibles (USD Mn) | 592.3 | 555.0 | 513.0 | 780.8 | 824.6 |
Goodwill + intangibles (USD Mn) | 1,930.3 | 1,849.0 | 1,822.0 | 2,398.4 | 2,512.8 |
Working capital (USD Mn) | 1,136.0 | 1,693.0 | 1,429.0 | 1,702.9 | 1,397.8 |
Cash Flow and Margin Analysis (%)
| Metric (USD Mn) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | 178.7 | 577.1 | 1,122.0 | 768.2 | 898.7 |
Capital expenditure (USD Mn) | 222.4 | 254.4 | 214.0 | 229.9 | 223.5 |
Free cash flow (USD Mn) | -43.7 | 322.7 | 908.3 | 538.3 | 675.2 |
Dividends paid (USD Mn) | 204.4 | 213.9 | 231.9 | 255.6 | 271.7 |
Share repurchases incl. tax withholding (USD Mn) | 64.1 | 67.1 | 79.5 | 88.7 | 82.5 |
Cash acquisitions (USD Mn) | 127.5 | 47.5 | 15.6 | 595.8 | 202.4 |
FCF conversion of net income (%, derived) | -8.9 | 67.4 | 154.4 | 78.2 | 102.1 |
Capex as % of sales (derived) | 3.3 | 3.5 | 2.9 | 3.1 | 2.8 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
ROE, year-end equity (%) | 24.8 | 22.3 | 23.4 | 23.9 | 20.0 |
ROA, year-end assets (%) | 7.3 | 7.1 | 8.9 | 8.9 | 7.9 |
ROIC, NOPAT at 24% normalized tax / (debt + equity) (%) | 10.7 | 12.3 | 14.6 | 12.6 | 12.8 |
Current ratio (x) | 1.56 | 2.14 | 1.97 | 2.16 | 1.68 |
Debt / equity (x) | 1.35 | 1.25 | 0.85 | 0.92 | 0.76 |
Net debt / EBITDA (x) | 3.07 | 2.63 | 1.78 | 2.11 | 1.85 |
Interest coverage, op. income / interest (x; FY22–24 on cash interest paid) | 8.0 | 6.9 | 7.6 | 9.5 | 8.8 |
Asset turnover (x) | 1.00 | 1.07 | 1.11 | 0.95 | 0.94 |
Days sales outstanding (days) | 81.1 | 78.1 | 73.5 | 78.3 | 80.0 |
Days inventory outstanding (days) | 103.6 | 91.9 | 80.8 | 87.5 | 83.9 |
Days payables outstanding (days) | 68.3 | 55.1 | 54.9 | 63.8 | 67.6 |
Cash conversion cycle (days) | 116.4 | 114.9 | 99.4 | 102.0 | 96.3 |
FY2026 Quarter Details
| FY2026 quarter | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
Net sales (USD Mn) | 2,113.7 | 1,909.9 | 1,608.0 | 2,231.8 |
Net income (USD Mn) | 227.6 | 161.2 | 51.4 | 221.2 |
Diluted EPS (USD) | 1.77 | 1.26 | 0.40 | 1.73 |
Adjusted EBIT (USD Mn) | 337.8 | 226.6 | 116.4 | 338.6 |
Adjusted diluted EPS (USD) | 1.88 | 1.20 | 0.57 | 1.89 |
Income Statement and Margin Analysis (%) (Quarterly)
| Metric | Q1 FY2026 | Q1 FY2027 | Change |
|---|---|---|---|
Net sales (USD Mn) | 2,113.7 | 2,215.6 | +4.8% (organic +3.1%, M&A +1.6%, FX +0.1%) |
Gross margin (%, derived) | 42.3 | 41.3 | −100 bps |
SG&A (USD Mn) | 573.5 | 559.8 | −2.4% |
Income before taxes (USD Mn) | 298.0 | 337.1 | +13.1% |
Net income (USD Mn) | 227.6 | 256.4 | +12.6% |
Diluted EPS (USD) | 1.77 | 2.01 | +13.6% |
Adjusted EBITDA (USD Mn) | 388.0 | 405.5 | +4.5% |
Adjusted diluted EPS (USD) | 1.88 | 1.98 | +5.3% |
Operating cash flow (USD Mn) | 237.5 | 263.9 | +11.1% |
Region net sales (USD Mn)
| Region net sales (USD Mn) | FY2025 | FY2026 |
|---|---|---|
North America (published, rounded) | 5,800 | 6,000 |
Europe | 1,100 | 1,200 |
Latin America | 290 | 305 |
Asia/Pacific | 159 | 179 |
Africa / Middle East / Other foreign | 109 | 122 |
North America by Quarter
| Quarter | North America | Europe | Emerging markets |
|---|---|---|---|
Q2 FY2026 | +1.9% (about 76% of sales); Canada soft | +13.9% (about 16%), M&A and FX | Africa/ME +5.2%; LatAm −0.2%; APAC −3.5% |
Q3 FY2026 | +6.3%, high-performance buildings and M&A | +20.1%, M&A and FX | All grew; led by Africa/Middle East |
Q4 FY2026 | "Solid" growth on turnkey/system solutions | Growth primarily from acquisitions | Double-digit growth |
Q1 FY2027 | Growth from PCG and Consumer | Growth from acquisitions (Kalzip) | All emerging regions grew more than 20%, driven by the Platform model |
Capital Markets
| Item | Value | Source |
|---|---|---|
Last verified close | USD 100.20 (28 Sep 2026) | StockAnalysis |
Recent low | USD 97.46 post-earnings low (July–August 2026) | Earnings Whispers |
52-week range (as of April 2026) | USD 95.28–129.12 | Yahoo Finance UK |
~1-year price change | About −14% (USD 117.03 on 29 Sep 2025 → USD 100.20 on 28 Sep 2026; derived) | Benzinga; StockAnalysis |
Price on 24 Dec 2025 | USD 105.79 (2025 YTD −14.0%) | Zacks |
Valuation Multiples
| Multiple | IDR Mn | Basis |
|---|---|---|
Market cap | ~USD 12.78B | 127.55M shares |
Enterprise value (excluding leases) | ~USD 14.88B |
|
P/E, FY2026 GAAP | 19.4x | EPS USD 5.17 |
P/E, FY2026 adjusted | 18.1x | EPS USD 5.53 |
P/E, trailing GAAP after Q1 FY2027 | 18.5x | TTM EPS USD 5.41 |
Forward P/E | 16.8x | StockAnalysis, 29 Sep 2026 |
EV / EBITDA | 12.4x | FY2026 standardized EBITDA USD 1,197M |
EV / Sales | 1.87x | TTM sales about USD 7,965M |
P / Book | 3.7x | Equity USD 3.48B |
Dividend yield | 2.16% | USD 2.16 annualised |
Firm / Source Details
| Firm / source | Rating | Price target (USD) | Date |
|---|---|---|---|
UBS (J. Spector) | Upgraded to Buy, then raised | 130, then 142 | 2026 |
BofA | Buy | 129, then 130 | 2026 (BofA was Sell at USD 94 in a prior period) |
Citi | Buy | 128 | 2026 |
RBC Capital | Outperform | 128–130 | 2026 |
BMO Capital (J. McNulty) | Outperform | 151 | 2026 |
Seaport Research | Buy | 145 | 2026 |
Fermium Research (F. Mitsch) | Upgraded to Buy | 124 | 2026 |
MarketBeat consensus (14 analysts) | — | Average 126; high 151; low 111 | Mid-2026 |
Dividends per share (USD)
| Dividends per share (USD) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Dividends declared per share | 1.58 | 1.66 | 1.80 | 1.99 | 2.13 |
Credit Ratings
| Agency | Rating | Basis / date |
|---|---|---|
Moody's | Baa2 | Upgraded from Baa3. |
S&P | BBB | — |
Fitch | BBB- (Jan 2022 term sheet; BBB on 2017 issues) | — |
Capital Instruments
| Instrument | Principal (USD Mn) | Coupon | Maturity |
|---|---|---|---|
2027 Notes | 400 | 3.750% | 15 Mar 2027 (classified current; refinancing or repayment is a near-term monitorable) |
2029 Notes | — | 4.550% | 1 Mar 2029 |
2032 Notes | 300 | 2.950% | 15 Jan 2032 |
2045 Notes | 300 (250 + 50 tap) | 5.250% | 1 Jun 2045 |
2048 Notes | 300 | 4.250% | 15 Jan 2048 |
Revolver, term loans, other (derived residual) | ~760 | Floating | Various |
Total debt (31 Aug 2026) | 2,410 | — | — |
Analyst Conclusions
Management guidance (6 October 2026)
FY2027: sales and adjusted EBITDA up mid-single digits. This narrows the July range of +3–7% sales and +5–10% EBITDA. The implied July revenue range was USD 8.10–8.41B.
Q2 FY2027: sales up low- to mid-single digits (CPG low-single, PCG mid- to high-single, Consumer low- to mid-single); adjusted EBITDA up low- to mid-single digits.
Second half FY2027: management expects benefits from MAP actions and price increases to offset persistent inflation and tougher comparisons. CPG is expected to return to positive organic growth by year-end.
Consensus growth expectations
-
Pre-print consensus put FY2027 revenue at about USD 8.19B (+4.2%), consistent with the mid-single-digit guidance.
-
Forward P/E of 16.8x at about USD 100 implies forward EPS of about USD 5.97 (derived), or about 8% growth over FY2026 adjusted EPS of USD 5.53.
-
Post-Q1 revisions have not been captured.
Bull case
-
Self-help is real and still compounding.
-
Q3 FY2026 adjusted EBIT +48.8% and Q4 FY2026 +7.7%.
-
Q1 FY2027 SG&A −2.4% in absolute terms despite +4.8% sales.
-
About USD 75M of FY2027 SG&A savings already actioned.
-
A credible MAP 3.0 at the 9 November investor day could re-anchor margin targets above the FY2026 adjusted EBIT margin of 13%.
-
-
Growth mix is improving.
-
PCG +7.9% organic and emerging markets more than 20% in Q1 FY2027.
-
Data-centre, fireproofing and infrastructure exposure.
-
Consumer back to +5.2% organic on shelf wins.
-
CPG's dip is attributed to project timing and a temporary supplier issue rather than share loss.
-
-
Valuation and capital return support.
-
At about 18x trailing EPS and about 12x EV/EBITDA, near the low of its five-year multiple range.
-
About 1.85x leverage and about USD 815M of buyback capacity.
-
A 2.2% yield with a 52-year growth streak gives downside support.
-
FCF of about USD 675M (about 5.3% FCF yield).
-
Bear case
-
Price/cost squeeze in H1 FY2027.
-
Inflation of 6–8% guided for Q2.
-
Q1 gross margin already −100 bps.
-
Guidance top end removed after one quarter.
-
If pricing lags, especially in Consumer where retail negotiations are slower, mid-single-digit EBITDA growth is at risk.
-
-
CPG, the largest segment (39%), is decelerating.
-
Q1 organic −1.7% and adjusted EBITDA −9.7%.
-
Bad debt, warranty charges and institutional-construction softness.
-
U.S. non-residential cycle risk could extend the dip beyond "temporary."
-
-
Earnings quality and M&A dilution.
-
Recurring MAP adjustments of about USD 80–88M a year; impairments in Color; earn-out reversals (Star Brands USD 14.4M) signalling below-plan acquisitions.
-
Rising goodwill and intangibles (USD 2.51B, 76% of equity).
-
The metric change from adjusted EBIT to adjusted EBITDA flatters optics as acquisition amortisation grows.
-
Catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable | What to watch |
|---|---|---|
| 8 Oct 2026 | Annual meeting / dividend decision | 53rd consecutive increase (customary) |
| 9 Nov 2026 | Investor day (MAP 3.0) | Multi-year margin, EBITDA and FCF targets; capital-allocation framework; Dennsteadt's operating agenda |
| Early Jan 2027 | Q2 FY2027 results | Gross margin recovery vs 6–8% inflation; CPG organic trend |
| By 15 Mar 2027 | USD 400M 3.75% notes mature | Refinancing coupon and leverage |
| Late 2026 – early 2027 | AkzoNobel–Axalta closing | Competitive and pricing behaviour in protective and powder coatings |
| Apr 2027 | Q3 FY2027 | Seasonally weakest quarter; SG&A savings run-rate |
| Ongoing | Consumer organic growth and retailer shelf resets; Star Brands and Kalzip integration; Color Group remediation or exit | Portfolio quality |
| Ongoing | Buyback execution against the USD 815M authorisation | Pace at about USD 100/share |
| Jul 2027 | FY2027 results | Delivery of mid-single-digit EBITDA growth |
Concluding analyst verdict
RPM International enters FY2027 as a demonstrably better company than the one that launched MAP to Growth in 2018. Its gross margin structure is about five percentage points higher. Cash conversion has tightened by roughly twenty days. Leverage is below 2x, and a three-segment organisation is now led by a clearly designated President and COO. FY2026 delivered record sales of USD 7.86 billion, record adjusted EPS of USD 5.53 and the second-highest operating cash flow in company history, all against a soft DIY consumer and a stop-start U.S. construction market. Q1 FY2027 extended the record run.
The market is nonetheless pricing scepticism. The shares have fallen about 14% over twelve months to around USD 100, roughly 18x trailing earnings and 12x EV/EBITDA. That is the low end of RPM's recent range and below its own history of 20–25x. The scepticism has a basis: margin progress has stalled at the consolidated level (adjusted EBIT margin 13.0% versus 13.2% in FY2025), and the Middle East–driven inflation spike is compressing gross margin. CPG has wobbled twice in four quarters, and management trimmed the top of FY2027 guidance after one quarter. Recurring restructuring add-backs and the switch to an EBITDA headline also invite questions about earnings quality.
On balance, the risk-reward looks moderately favourable for long-term holders. Downside is cushioned by a 52-year dividend record, a 5%+ FCF yield, an underused balance sheet and a newly expanded USD 815 million buyback. Upside depends on two observable tests:
-
A credible, quantified MAP 3.0 at the 9 November investor day.
-
Evidence by Q3 FY2027 that pricing has caught up with raw-material inflation and that CPG has returned to organic growth.
If both are met, a re-rating toward the peer-group midpoint is plausible. If not, RPM likely remains a steady but range-bound dividend compounder.
Derived figures are analyst calculations and may differ from company-reported non-GAAP measures. This document is not investment, legal or financial advice.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / background | Education | Age |
|---|---|---|---|---|
Frank C. Sullivan | Chair and CEO | Joined RPM 1987. CFO 1993; EVP 1995; President 1999; COO 2001; CEO 2002; Chair 2008; President 2018–2026. Director since 1995; Timken director since 2003 | B.A., University of North Carolina (Morehead Scholar) | 65 (2026 DEF 14A) |
David C. Dennsteadt | President and COO (from 17 Jul 2026) | Joined Stonhard 1995 as an engineer. PCG Group President 2018–2025; RPM EVP 2025–2026 (corporate admin functions). Built the Platform emerging-market approach. Now oversees all operating groups, strategy and corporate development | B.S. Civil Engineering, Rutgers; MBA, NYU Stern | — |
Russell L. Gordon | VP and CFO | CFO (NEO since at least FY2024 proxy) | — | — |
Janeen B. Kastner | VP – Corporate Benefits and Risk Management | NEO | — | — |
Timothy R. Kinser | VP – Operations (through FY2026) | VP Manufacturing from Nov 2022. Resigned as executive officer at FY2026 end; retirement expected in FY2027 | — | — |
Tracy D. Crandall | Corporate Secretary; signs 8-Ks as VP, General Counsel and Chief Compliance Officer | Succeeded Edward W. Moore (SVP, GC and CCO in the FY2024 proxy) | — | — |
| — | VP – Operations (appointed July 2026) | Successor to Kinser's operations role | — | — |
Anthony R. Nicholson | VP – Financial Planning and Analysis (July 2026) | — | — | — |
Matthew T. Schlarb | VP – Investor Relations and Sustainability | Chairs the Building a Better World Oversight Committee | — | — |
Gregory Michael | President, Performance Coatings Group | Investor-day speaker (Q1 FY2027 8-K) | — | — |
“—” = not publicly disclosed.
Directors' Remuneration
| NEO | Salary (USD) | Annual cash incentive (USD) | Stock awards (USD Mn) | SAR / option awards (USD Mn) | Total (USD Mn) |
|---|---|---|---|---|---|
Frank C. Sullivan | 1,135,000 (proxy) | 1,703,000 (proxy) | ~5.19 | ~2.67 | ~11.13 (−0.2% YoY) |
David C. Dennsteadt | ~0.62M | ~0.74M | ~1.23 | ~2.01 | ~4.71 |
Russell L. Gordon | ~0.63M | ~0.75M | ~1.20 | ~0.54 | ~3.28 (+13.9%) |
Janeen B. Kastner | ~0.48M | ~0.57M | ~1.02 | ~0.44 | ~2.70 (+3.5%) |
Timothy R. Kinser | ~0.47M | ~0.56M | ~0.98 | ~0.44 | ~2.60 (+3.6%) |
Board of Directors
| Director | Age | Since | Independent | Committees | Principal occupation / background |
|---|---|---|---|---|---|
Frank C. Sullivan | 65 | 1995 | No | Executive | Chair and CEO, RPM |
Robert A. Livingston (Lead Director) | 72 | 2017 | Yes | Compensation (Chair), Executive | Former President and CEO, Dover; Amphenol director |
Salvatore D. Fazzolari | 74 | 2013 | Yes | Audit (Chair), Executive | Former Chair/CEO, Harsco (Enviri) |
Frederick R. Nance | 72 | 2007 | Yes | Governance and Nominating (Chair), Executive | Former Global Managing Partner, Squire Patton Boggs |
Julie A. Beck | 64 | 2025 | Yes | Audit (financial expert) | SVP and CFO, MSA Safety; former CFO, Terex |
Jenniffer D. Deckard | 60 | 2015 | Yes | Audit (financial expert) | Former President and CEO, Covia / Fairmount Santrol |
Thomas C. Gentile III | 62 | 2026 | Yes | Compensation | Chair, President and CEO, Hexcel; former CEO, Spirit AeroSystems |
Christopher L. Mapes | 64 | 2025 | Yes | Compensation | Former Chair/CEO, Lincoln Electric |
Craig S. Morford | 67 | 2025 | Yes | Governance and Nominating | Former General Counsel, ExxonMobil |
Gen. Ellen M. Pawlikowski (Ret.) | 69 | 2022 | Yes | Audit | Former Commander, U.S. Air Force Materiel Command; RTX director |
Elizabeth F. Whited | 61 | 2021 | Yes | Compensation | Former President, Union Pacific |
Jeffrey D. Rowe (new nominee) | 56 | — | Yes | Governance and Nominating (anticipated) | EVP and COO, ADM (from Aug 2026); former CEO, Syngenta Group |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
| 2025 | Dennsteadt moves from PCG Group President to RPM EVP | Succession grooming |
FY2026 | "Higher executive departure costs, including accelerated stock compensation" recorded in the 2026 restructuring action | Individuals not named in the sources reviewed |
17 Jul 2026 | Dennsteadt named President and COO. Sullivan relinquishes the President title. Polanco named VP Operations; Nicholson named VP FP&A | Formalises a clear #2 and probable CEO successor (analyst inference, not company statement) |
End FY2026 | Kinser steps down as executive officer ahead of retirement | Operations leadership transition |
8 Oct 2026 | Carbonari and Summers retire from the board; Rowe joins | Board refresh |
Major Shareholders
| Holder | Shares (M) | % outstanding | Source / date |
|---|---|---|---|
BlackRock Institutional Trust Co. | 11.02 | 8.64 | 13F, 31 Mar 2026 |
Aristotle Capital Management | 7.36 | 5.77 | 13F, 31 Mar 2026 |
Vanguard Portfolio Management | 7.16 | 5.61 | 13F, 31 Mar 2026 |
Vanguard Capital Management | 5.75–6.71 | 4.5–5.3 | 13F 31 Mar 2026 (5.75M) vs 13G 30 Apr 2026 (6.71M dispositive). Sources differ |
State Street | 6.56 | 5.14 | 13F, 31 Mar 2026 (13G Aug 2025: 6.54M) |
T. Rowe Price Group | 5.06 | ~3.9 | Simply Wall St (date not specified; older) |
Eaton Vance Management | — | ~3.4–3.5 | Simply Wall St (older) |
Vanguard Fiduciary Trust | 0.79 | ~0.6 | 13F, 31 Mar 2026 |
CalSTRS | 0.39 | ~0.3 | 13F, Q1 2026 |
Competitive Landscape
Key Competitors
| Competitor | HQ | Latest annual revenue | Overlap with IDR Mn | Relative positioning |
|---|---|---|---|---|
Sherwin-Williams | USA | USD 23.57B (CY2025, +2.1%) | Consumer (Krylon, Minwax, Thompson's vs Rust-Oleum, Varathane, Ready Seal); PCG protective and marine | Roughly 3x RPM's scale. Owns its store channel (Paint Stores Group) |
PPG Industries | USA | USD 15.9B (CY2025; +2% organic) | PCG protective/marine, traffic solutions; Comex (Mexico) | Larger and more OEM/auto-weighted |
Sika AG | Switzerland | CHF 11.20B (2025; −4.8% in CHF, +0.6% local currency); net profit CHF 1,045M; EBITDA margin 18.4% | CPG admixtures (vs Euclid), roofing, sealants, flooring, waterproofing (vs Tremco, Volteco) | Global construction-chemicals leader; higher margin |
AkzoNobel + Axalta (merging) | Netherlands / USA | Combined EV about USD 25B (Nov 2025). | International Protective (vs Carboline), Interpon/Axalta powder (vs TCI), wood coatings | Merger creates a larger rival in industrial and protective coatings |
Carlisle Companies | USA | — | Commercial roofing (SynTec) vs Tremco roofing; building envelope | Strong in new single-ply membranes; RPM focuses on restoration |
H.B. Fuller | USA | — | Construction adhesives and sealants vs DAP and Tremco | Adhesives specialist |
Masco (Behr, Kilz) | USA | — | Primers and paints vs Zinsser, Rust-Oleum | Retail-channel competitor |
Henkel (Loctite, OSI) | Germany | — | Sealants and caulks vs DAP | Consumer adhesives leader |
Saint-Gobain (incl. GCP Applied Technologies) | France | — | Concrete admixtures and waterproofing vs Euclid and Tremco | Construction-chemicals consolidator |
Holcim (Elevate / building envelope) | Switzerland | — | Roofing and building envelope vs Tremco | Building-envelope expansion |
Hempel, Jotun | Denmark, Norway | — | Protective and marine coatings vs Carboline | Strong in marine and Middle East |
Kingspan | Ireland | — | Insulated panels and façades vs Dryvit, Kalzip | Envelope systems |
Reckitt, Clorox | UK, USA | — | Household cleaning vs The Pink Stuff, Krud Kutter | Category giants in cleaning |
Peer Comparison FY2026
| Metric | IDR Mn (FY2026, May) | Sherwin-Williams (CY2025) | PPG (CY2025) | Sika (CY2025) |
|---|---|---|---|---|
Revenue | USD 7.86B | USD 23.57B | USD 15.9B | CHF 11.20B |
Reported growth | +6.7% | +2.1% | about flat (+2% organic) | −4.8% (CHF) / +0.6% (local currency) |
Organic growth | low-single-digit (H2 about +2.5–3.0%) | PSG same-store +1.7% | +2% | −0.4% |
Net margin | 8.4% | — | — | 9.3% (derived) |
EBITDA margin | 15.2% standardized (derived); Q1 FY27 adjusted 18.3% | — | segment EBITDA margin 19% | 18.4% (19.2% adjusted) |
Adjusted EPS | USD 5.53 | USD 11.43 | USD 7.58 | CHF 6.50 diluted (reported) |
R&D intensity | 1.25% (lab only) | — | — | — |
