PPG INDUSTRIES INC (PPG) Fundamental Analysis & Valuation

NYSE:PPG • US6935061076

104.08 USD
-1.77 (-1.67%)
At close: Mar 11, 2026
104.92 USD
+0.84 (+0.81%)
After Hours: 3/11/2026, 7:00:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This PPG fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to PPG. PPG was compared to 83 industry peers in the Chemicals industry. While PPG belongs to the best of the industry regarding profitability, there are some minor concerns on its financial health. PPG has a decent growth rate and is not valued too expensively. Finally PPG also has an excellent dividend rating. These ratings would make PPG suitable for dividend investing!


Dividend Valuation Growth Profitability Health

8

1. PPG Profitability Analysis

1.1 Basic Checks

  • PPG had positive earnings in the past year.
  • PPG had a positive operating cash flow in the past year.
  • PPG had positive earnings in each of the past 5 years.
  • PPG had a positive operating cash flow in each of the past 5 years.
PPG Yearly Net Income VS EBIT VS OCF VS FCFPPG Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B

1.2 Ratios

  • The Return On Assets of PPG (7.13%) is better than 86.75% of its industry peers.
  • Looking at the Return On Equity, with a value of 19.85%, PPG belongs to the top of the industry, outperforming 91.57% of the companies in the same industry.
  • PPG's Return On Invested Capital of 9.50% is amongst the best of the industry. PPG outperforms 80.72% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for PPG is above the industry average of 6.35%.
Industry RankSector Rank
ROA 7.13%
ROE 19.85%
ROIC 9.5%
ROA(3y)6.25%
ROA(5y)6.09%
ROE(3y)17.5%
ROE(5y)18.19%
ROIC(3y)10.47%
ROIC(5y)9.39%
PPG Yearly ROA, ROE, ROICPPG Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15 20 25

1.3 Margins

  • The Profit Margin of PPG (9.93%) is better than 86.75% of its industry peers.
  • In the last couple of years the Profit Margin of PPG has grown nicely.
  • The Operating Margin of PPG (13.55%) is better than 73.49% of its industry peers.
  • PPG's Operating Margin has improved in the last couple of years.
  • The Gross Margin of PPG (41.32%) is better than 86.75% of its industry peers.
  • PPG's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 13.55%
PM (TTM) 9.93%
GM 41.32%
OM growth 3Y8.57%
OM growth 5Y1.73%
PM growth 3Y14.75%
PM growth 5Y5.34%
GM growth 3Y4.59%
GM growth 5Y-1.12%
PPG Yearly Profit, Operating, Gross MarginsPPG Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30 40

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5

2. PPG Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so PPG is destroying value.
  • Compared to 1 year ago, PPG has less shares outstanding
  • The number of shares outstanding for PPG has been reduced compared to 5 years ago.
  • The debt/assets ratio for PPG is higher compared to a year ago.
PPG Yearly Shares OutstandingPPG Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M 200M 250M
PPG Yearly Total Debt VS Total AssetsPPG Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B

2.2 Solvency

  • PPG has an Altman-Z score of 3.66. This indicates that PPG is financially healthy and has little risk of bankruptcy at the moment.
  • With an excellent Altman-Z score value of 3.66, PPG belongs to the best of the industry, outperforming 84.34% of the companies in the same industry.
  • The Debt to FCF ratio of PPG is 6.28, which is on the high side as it means it would take PPG, 6.28 years of fcf income to pay off all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 6.28, PPG is in the better half of the industry, outperforming 72.29% of the companies in the same industry.
  • PPG has a Debt/Equity ratio of 0.83. This is a neutral value indicating PPG is somewhat dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.83, PPG is doing worse than 60.24% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.83
Debt/FCF 6.28
Altman-Z 3.66
ROIC/WACC0.74
WACC12.82%
PPG Yearly LT Debt VS Equity VS FCFPPG Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B

2.3 Liquidity

  • A Current Ratio of 1.62 indicates that PPG should not have too much problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 1.62, PPG is doing worse than 65.06% of the companies in the same industry.
  • PPG has a Quick Ratio of 1.22. This is a normal value and indicates that PPG is financially healthy and should not expect problems in meeting its short term obligations.
  • PPG has a Quick ratio (1.22) which is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 1.62
Quick Ratio 1.22
PPG Yearly Current Assets VS Current LiabilitesPPG Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. PPG Growth Analysis

3.1 Past

  • The earnings per share for PPG have decreased by -6.42% in the last year.
  • Measured over the past 5 years, PPG shows a small growth in Earnings Per Share. The EPS has been growing by 5.87% on average per year.
  • The Revenue has been growing slightly by 0.19% in the past year.
  • Measured over the past years, PPG shows a small growth in Revenue. The Revenue has been growing by 2.79% on average per year.
EPS 1Y (TTM)-6.42%
EPS 3Y7.75%
EPS 5Y5.87%
EPS Q2Q%-6.21%
Revenue 1Y (TTM)0.19%
Revenue growth 3Y0.55%
Revenue growth 5Y2.79%
Sales Q2Q%4.96%

3.2 Future

  • The Earnings Per Share is expected to grow by 8.62% on average over the next years. This is quite good.
  • PPG is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.30% yearly.
EPS Next Y6.73%
EPS Next 2Y7.6%
EPS Next 3Y8.36%
EPS Next 5Y8.62%
Revenue Next Year4.18%
Revenue Next 2Y3.54%
Revenue Next 3Y3.49%
Revenue Next 5Y4.3%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
PPG Yearly Revenue VS EstimatesPPG Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 5B 10B 15B 20B
PPG Yearly EPS VS EstimatesPPG Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2 4 6 8 10

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5

4. PPG Valuation Analysis

4.1 Price/Earnings Ratio

  • PPG is valuated correctly with a Price/Earnings ratio of 13.73.
  • Based on the Price/Earnings ratio, PPG is valued a bit cheaper than the industry average as 75.90% of the companies are valued more expensively.
  • PPG's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 26.15.
  • With a Price/Forward Earnings ratio of 12.86, PPG is valued correctly.
  • Based on the Price/Forward Earnings ratio, PPG is valued a bit cheaper than the industry average as 72.29% of the companies are valued more expensively.
  • PPG is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 24.27, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 13.73
Fwd PE 12.86
PPG Price Earnings VS Forward Price EarningsPPG Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • The rest of the industry has a similar Enterprise Value to EBITDA ratio as PPG.
  • 68.67% of the companies in the same industry are more expensive than PPG, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 20
EV/EBITDA 10.71
PPG Per share dataPPG EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • The excellent profitability rating of PPG may justify a higher PE ratio.
PEG (NY)2.04
PEG (5Y)2.34
EPS Next 2Y7.6%
EPS Next 3Y8.36%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

7

5. PPG Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 2.54%, PPG has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 2.09, PPG pays a bit more dividend than its industry peers.
  • PPG's Dividend Yield is a higher than the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 2.54%

5.2 History

  • The dividend of PPG has a limited annual growth rate of 5.73%.
  • PPG has been paying a dividend for at least 10 years, so it has a reliable track record.
  • PPG has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)5.73%
Div Incr Years34
Div Non Decr Years34
PPG Yearly Dividends per sharePPG Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5 2 2.5

5.3 Sustainability

  • 39.85% of the earnings are spent on dividend by PPG. This is a low number and sustainable payout ratio.
  • PPG's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP39.85%
EPS Next 2Y7.6%
EPS Next 3Y8.36%
PPG Yearly Income VS Free CF VS DividendPPG Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B
PPG Dividend Payout.PPG Dividend Payout, showing the Payout Ratio.PPG Dividend Payout.PayoutRetained Earnings

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PPG Fundamentals: All Metrics, Ratios and Statistics

PPG INDUSTRIES INC

NYSE:PPG (3/11/2026, 7:00:00 PM)

After market: 104.92 +0.84 (+0.81%)

104.08

-1.77 (-1.67%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryChemicals
Earnings (Last)01-27
Earnings (Next)04-27
Inst Owners91.83%
Inst Owner Change2.68%
Ins Owners0.1%
Ins Owner Change-0.5%
Market Cap23.26B
Revenue(TTM)15.88B
Net Income(TTM)1.58B
Analysts72.26
Price Target126.93 (21.95%)
Short Float %3.22%
Short Ratio3.4
Dividend
Industry RankSector Rank
Dividend Yield 2.54%
Yearly Dividend2.77
Dividend Growth(5Y)5.73%
DP39.85%
Div Incr Years34
Div Non Decr Years34
Ex-Date02-20
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-2.28%
Min EPS beat(2)-5.5%
Max EPS beat(2)0.93%
EPS beat(4)2
Avg EPS beat(4)-0.23%
Min EPS beat(4)-5.5%
Max EPS beat(4)5.06%
EPS beat(8)2
Avg EPS beat(8)-0.92%
EPS beat(12)6
Avg EPS beat(12)1.78%
EPS beat(16)9
Avg EPS beat(16)3.34%
Revenue beat(2)1
Avg Revenue beat(2)1.2%
Min Revenue beat(2)-0.12%
Max Revenue beat(2)2.51%
Revenue beat(4)1
Avg Revenue beat(4)0.4%
Min Revenue beat(4)-0.54%
Max Revenue beat(4)2.51%
Revenue beat(8)1
Avg Revenue beat(8)-2.14%
Revenue beat(12)2
Avg Revenue beat(12)-1.57%
Revenue beat(16)4
Avg Revenue beat(16)-1.12%
PT rev (1m)0.97%
PT rev (3m)4.71%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-3.89%
EPS NY rev (1m)-0.15%
EPS NY rev (3m)-1.44%
Revenue NQ rev (1m)-0.08%
Revenue NQ rev (3m)1.6%
Revenue NY rev (1m)0.18%
Revenue NY rev (3m)1.71%
Valuation
Industry RankSector Rank
PE 13.73
Fwd PE 12.86
P/S 1.47
P/FCF 20
P/OCF 11.98
P/B 2.93
P/tB N/A
EV/EBITDA 10.71
EPS(TTM)7.58
EY7.28%
EPS(NY)8.09
Fwd EY7.77%
FCF(TTM)5.2
FCFY5%
OCF(TTM)8.68
OCFY8.34%
SpS71.03
BVpS35.53
TBVpS-0.8
PEG (NY)2.04
PEG (5Y)2.34
Graham Number77.85
Profitability
Industry RankSector Rank
ROA 7.13%
ROE 19.85%
ROCE 12.51%
ROIC 9.5%
ROICexc 10.91%
ROICexgc 23.81%
OM 13.55%
PM (TTM) 9.93%
GM 41.32%
FCFM 7.33%
ROA(3y)6.25%
ROA(5y)6.09%
ROE(3y)17.5%
ROE(5y)18.19%
ROIC(3y)10.47%
ROIC(5y)9.39%
ROICexc(3y)11.71%
ROICexc(5y)10.36%
ROICexgc(3y)27.1%
ROICexgc(5y)24.13%
ROCE(3y)13.79%
ROCE(5y)12.36%
ROICexgc growth 3Y6.59%
ROICexgc growth 5Y0.95%
ROICexc growth 3Y8.92%
ROICexc growth 5Y1.97%
OM growth 3Y8.57%
OM growth 5Y1.73%
PM growth 3Y14.75%
PM growth 5Y5.34%
GM growth 3Y4.59%
GM growth 5Y-1.12%
F-Score6
Asset Turnover0.72
Health
Industry RankSector Rank
Debt/Equity 0.83
Debt/FCF 6.28
Debt/EBITDA 2.47
Cap/Depr 147.35%
Cap/Sales 4.9%
Interest Coverage 10.24
Cash Conversion 72.45%
Profit Quality 73.79%
Current Ratio 1.62
Quick Ratio 1.22
Altman-Z 3.66
F-Score6
WACC12.82%
ROIC/WACC0.74
Cap/Depr(3y)130.76%
Cap/Depr(5y)110.38%
Cap/Sales(3y)4.28%
Cap/Sales(5y)3.67%
Profit Quality(3y)94.35%
Profit Quality(5y)81.84%
High Growth Momentum
Growth
EPS 1Y (TTM)-6.42%
EPS 3Y7.75%
EPS 5Y5.87%
EPS Q2Q%-6.21%
EPS Next Y6.73%
EPS Next 2Y7.6%
EPS Next 3Y8.36%
EPS Next 5Y8.62%
Revenue 1Y (TTM)0.19%
Revenue growth 3Y0.55%
Revenue growth 5Y2.79%
Sales Q2Q%4.96%
Revenue Next Year4.18%
Revenue Next 2Y3.54%
Revenue Next 3Y3.49%
Revenue Next 5Y4.3%
EBIT growth 1Y-4.7%
EBIT growth 3Y9.17%
EBIT growth 5Y4.57%
EBIT Next Year25.47%
EBIT Next 3Y12.14%
EBIT Next 5Y10.04%
FCF growth 1Y66.38%
FCF growth 3Y37.74%
FCF growth 5Y-8.43%
OCF growth 1Y36.69%
OCF growth 3Y26.32%
OCF growth 5Y-1.66%

PPG INDUSTRIES INC / PPG FAQ

What is the fundamental rating for PPG stock?

ChartMill assigns a fundamental rating of 6 / 10 to PPG.


What is the valuation status for PPG stock?

ChartMill assigns a valuation rating of 5 / 10 to PPG INDUSTRIES INC (PPG). This can be considered as Fairly Valued.


Can you provide the profitability details for PPG INDUSTRIES INC?

PPG INDUSTRIES INC (PPG) has a profitability rating of 8 / 10.


Can you provide the financial health for PPG stock?

The financial health rating of PPG INDUSTRIES INC (PPG) is 5 / 10.


What is the earnings growth outlook for PPG INDUSTRIES INC?

The Earnings per Share (EPS) of PPG INDUSTRIES INC (PPG) is expected to grow by 6.73% in the next year.