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PPG

PPG Industries, Inc.

PPG

PPG Industries, Inc. • NYSE
$100.04 ▲ 0.15% (+0.15)
Market Cap $22.45 B
52w High $130.05
52w Low $90.24
Dividend Yield 2.78%
P/E 17.9
Volume 689.82K
Outstanding Shares 224.41M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.082B ▼ $1.218B ▲ $453M ▲ 11.098% ▲ $2.01 ▲ $759M ▼
Q2-2025 $4.195B ▲ $1.113B ▲ $450M ▲ 10.727% ▲ $1.98 ▲ $795M ▲
Q1-2025 $3.684B ▲ $1.061B ▲ $373M ▲ 10.125% ▲ $1.64 ▲ $679M ▲
Q4-2024 $2.165B ▼ $374M ▼ $-280M ▼ -12.933% ▼ $-1.2 ▼ $155M ▼
Q3-2024 $4.575B $1.296B $468M 10.23% $2.01 $828M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.908B ▲ $22.144B ▲ $14.188B ▼ $7.8B ▲
Q2-2025 $1.625B ▼ $22.099B ▲ $14.355B ▲ $7.577B ▲
Q1-2025 $1.893B ▲ $21.14B ▲ $14.048B ▲ $6.927B ▲
Q4-2024 $1.358B ▲ $19.433B ▼ $12.471B ▼ $6.785B ▼
Q3-2024 $1.322B $21.858B $13.886B $7.788B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-838M ▼ $685M ▲ $-129M ▼ $-306M ▲ $271M ▲ $538M ▲
Q2-2025 $458M ▲ $387M ▲ $-120M ▲ $-661M ▼ $-269M ▼ $266M ▲
Q1-2025 $380M ▲ $-18M ▼ $-168M ▼ $698M ▲ $560M ▲ $-227M ▼
Q4-2024 $-43M ▼ $346M ▼ $618M ▲ $-808M ▼ $19M ▼ $148M ▼
Q3-2024 $504M $769M $-141M $-432M $120M $613M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Global Architectural Coatings Segment
Global Architectural Coatings Segment
 $0 ▲$860.00M ▲$1.02Bn ▲$1.01Bn ▼
Industrial Coatings Segment
Industrial Coatings Segment
 $1.65Bn ▲$1.56Bn ▼$1.67Bn ▲$1.66Bn ▼
Performance Coatings Segment
Performance Coatings Segment
 $2.92Bn ▲$1.26Bn ▼$1.51Bn ▲$1.41Bn ▼

Five-Year Company Overview

Income Statement

Income Statement PPG’s sales have been broadly stable over the past few years, with a bump during the post‑pandemic rebound and a small step back more recently. The more interesting story is margins: profit on each dollar of sales has generally improved since 2022, helped by pricing, mix and cost actions. Operating profit has trended upward, showing that the core business is healthier than it was a few years ago. However, net income and earnings per share have been more up‑and‑down, likely reflecting items below the operating line such as interest, taxes, and one‑time charges. Overall, this looks like a mature, reasonably profitable industrial business that is working its way back to stronger profitability after a period of cost pressure and volatility.

Balance Sheet

Balance Sheet PPG’s balance sheet looks solid and typical for a global industrial leader. Total assets have stayed relatively steady, suggesting no aggressive balance‑sheet expansion. Debt increased earlier in the period and has since edged down, indicating that leverage is meaningful but not excessive for a company of this size. Equity has grown over time, which points to cumulative profit retention. Cash balances move around but have generally been comfortable rather than bloated, implying the company is using its capital rather than letting it sit idle. Overall, the financial structure supports ongoing investment and acquisitions but still depends on debt markets, so interest rates and credit conditions remain important watch‑points.

Cash Flow

Cash Flow Cash generation has been positive throughout, but it has swung from year to year. Operating cash flow was strong in some years, weaker in others, likely driven by changes in working capital and the timing of customer demand and raw‑material costs. Free cash flow has remained positive even in softer years, after funding a gradually rising level of capital spending. This suggests PPG is both reinvesting in its business and still generating surplus cash. The pattern is what you’d expect from a cyclical, materials‑linked company: reliable over the cycle, but not smooth quarter to quarter. The key risk to monitor is whether cash conversion remains healthy when end‑markets slow or raw materials become more volatile again.

Competitive Edge

Competitive Edge PPG sits among the global leaders in paints and specialty coatings, with competitive strength built on scale, brand, and technology. Its wide geographic footprint and diversified customer base across automotive, aerospace, construction and industrial markets reduce reliance on any single segment or region. Long‑standing customer relationships and strong color and application know‑how make it hard for smaller rivals to displace. At the same time, the company operates in a cyclical, competitive industry, facing price pressure, raw‑material swings, and environmental regulation. Its scale and product breadth are clear advantages, but it must continually innovate and execute to maintain pricing power and defend share, especially against other global coatings majors.

Innovation and R&D

Innovation and R&D Innovation is a clear pillar of PPG’s strategy. The company focuses on higher‑value coatings and materials that solve specific customer problems, such as protection and thermal management for electric‑vehicle batteries, antimicrobial paints for healthier buildings, and advanced coatings that are compatible with sensors in autonomous vehicles. It is also pushing into “smart” and functional coatings and expanding digital tools that improve color matching and shop efficiency. A growing share of sales comes from products positioned as more sustainable, which aligns with tightening regulations and customer sustainability goals. The main opportunity is to keep shifting the portfolio toward these differentiated solutions; the main risk is that competitors are also investing heavily in similar areas, so speed and successful commercialization matter.

Summary

Overall, PPG looks like a mature, globally entrenched coatings company that has navigated a volatile few years reasonably well. Revenue has been stable with some cyclical bumps, profitability at the operating level has improved, and the balance sheet and cash flows appear resilient enough to support ongoing investment and acquisitions. Its competitive position is underpinned by scale, technology, and deep customer relationships, especially in performance and specialty coatings. Future growth levers center on advanced materials for electric and autonomous vehicles, smart and sustainable coatings, and digital service tools. Key uncertainties are the usual industrial risks: economic cycles, raw‑material cost swings, regulatory pressure, and aggressive competition from other large coatings players. The story is one of steady, incremental strength rather than dramatic transformation.

NEWS

November 19, 2025 · 9:05 AM UTC

PPG earns top ‘AAA' sustainability rating from MSCI for second consecutive year

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November 13, 2025 · 3:00 AM UTC

PPG and FIRE-OFF launch packaging recycling program in the Netherlands

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November 5, 2025 · 1:41 PM UTC

PPG sets paint stirring world record at SEMA 2025 to highlight benefits of new automated system for body shops

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November 4, 2025 · 9:02 AM UTC

PPG introduces ultrafiltration antifouling membrane for water treatment

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October 30, 2025 · 4:15 PM UTC

PPG, Universal Display Corporation celebrate 25 years of partnership with community donations

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