NYSE · Basic Materials

PPG Industries, Inc.

PPG · Specialty Chemicals

$104.17

▼ -3.34 (-3.11%)

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Mr. Market is currently offering PPG Industries, Inc. at $104.17.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability B

Gross Profit Margin 41.3%

Operating Margin 13.7%

Net Income Margin 9.9%

Fin. Health C

Years to Pay Off Debt 5.0 yrs

Working Capital vs Long-Term Debt -$3.5B

Working Capital $3.1B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.92x

Cash Flow C

Free Cash Flow $1.2B

CapEx % of Net Income 49.4%

Owner Earnings $2.9B

5/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $23.2B

Enterprise Value $30.2B

P/E (TTM) 14.92

Dividend Yield 2.61%

Exchange NYSE

Key Margins

Gross Profit 41.3%

Operating Margin 13.7%

Net Margin 9.9%

Company Info

Sector Basic Materials

Industry Specialty Chemicals

Employees 43500

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering PPG Industries, Inc. at $104.17.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $104.17, the stock trades at a 40% premium to its Graham Number of $74.59. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About PPG Industries, Inc.

PPG Industries, Inc. manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through three segments: Global Architectural Coatings, Performance Coatings, and Industrial Coatings. The Global Architectural Coatings segment supplies a variety of decorative coatings, adhesives, sealants, and finishes, as well as paint strippers, stains, and related chemicals. Its Performance Coatings segment offers aerospace coatings, automotive refinishing coatings, protective and marine coatings, and traffic solutions comprising paints, thermoplastics, raised pavement markers, and other technologies for pavement marking. The Industrial Coatings segment provides automotive OEM coatings, industrial coatings, and packaging coatings, as well as specialty products, such as optical monomers and coatings, low-friction coatings, and other specialty products. The company delivers its products to company-owned stores, home centers and other consumer retail outlets, paint dealers, concessionaires and independent distributors, company-owned distribution networks, and directly to manufacturing companies and retail customers. PPG Industries, Inc. was incorporated in 1883 and is headquartered in Pittsburgh, Pennsylvania.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	41.3% ▼	41.6%	40.4%	36.1%	N/A
Operating Margin %	13.7% ▼	14.4%	12.5%	10.7%	N/A
Net Income %	9.9% ▲	7.0%	7.8%	6.6%	N/A
Diluted EPS	6.94 ▲	4.75	5.35	4.32	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$22.1B	$19.4B	$21.6B	$20.7B	N/A
Total Debt	$7.9B ↑	$6.4B	$6.6B	$7.6B	N/A
Working Capital	$3.1B ▲	$1.5B	$2.4B	$2.5B	N/A
Years to Pay Debt	5.01	5.73	5.20	7.44	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.2B ▲	$699M	$1.9B	$477M	N/A
Owner Earnings	$2.9B	$2.3B	$2.3B	$2.0B	N/A
CapEx % of Net Income	49.4%	64.6%	40.6%	47.4%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	1,344	-91,307	-41,745	-61,360
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	2,808,000	2,941,000	2,616,000	2,284,000
Total Unusual Items	6,000	-356,000	-165,000	-260,000
Total Unusual Items Excluding Goodwill	6,000	-356,000	-165,000	-260,000
Net Income From Continuing Operation Net Minority Interest	1,571,000	1,344,000	1,223,000	1,007,000
Reconciled Depreciation	528,000	492,000	514,000	502,000
Reconciled Cost Of Revenue	9,316,000	9,252,000	9,678,000	9,975,000
EBITDA	2,814,000	2,585,000	2,451,000	2,024,000
EBIT	2,286,000	2,093,000	1,937,000	1,522,000
Net Interest Income	-88,000	-64,000	-107,000	-113,000
Interest Expense	241,000	241,000	247,000	167,000
Interest Income	153,000	177,000	140,000	54,000
Normalized Income	1,566,344	1,608,693	1,346,255	1,205,640
Net Income From Continuing And Discontinued Operation	1,576,000	1,116,000	1,270,000	1,026,000
Total Expenses	13,706,000	13,558,000	14,207,000	13,948,000
Diluted Average Shares	227,100	234,900	237,200	237,300
Basic Average Shares	226,300	233,800	236,000	236,100
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,576,000	1,116,000	1,270,000	1,026,000
Net Income Common Stockholders	1,576,000	1,116,000	1,270,000	1,026,000
Net Income	1,576,000	1,116,000	1,270,000	1,026,000
Minority Interests	-16,000	-33,000	-39,000	-28,000
Net Income Including Noncontrolling Interests	1,592,000	1,149,000	1,309,000	1,054,000
Net Income Discontinuous Operations	5,000	-228,000	47,000	19,000
Net Income Continuous Operations	1,587,000	1,377,000	1,262,000	1,035,000
Tax Provision	458,000	475,000	428,000	320,000
Pretax Income	2,045,000	1,852,000	1,690,000	1,355,000
Other Income Expense	-36,000	-371,000	-238,000	-198,000
Other Non Operating Income Expenses	-61,000	-35,000	-94,000	37,000
Special Income Charges	6,000	-246,000	-165,000	-260,000
Gain On Sale Of Ppe			-23,000	4,000	44,000
Gain On Sale Of Business	18,000	129,000	-23,000	4,000
Other Special Charges	-18,000	-4,000	-16,000		-22,000
Write Off	24,000	146,000	160,000	231,000
Restructuring And Mergern Acquisition	6,000	233,000	-2,000	33,000
Earnings From Equity Interest	19,000	20,000	21,000	25,000
Gain On Sale Of Security		-110,000	-20,000
Net Non Operating Interest Income Expense	-88,000	-64,000	-107,000	-113,000
Interest Expense Non Operating	241,000	241,000	247,000	167,000
Interest Income Non Operating	153,000	177,000	140,000	54,000
Operating Income	2,169,000	2,287,000	2,035,000	1,666,000
Operating Expense	4,390,000	4,306,000	4,529,000	3,973,000
Other Operating Expenses				-8,000	-8,000
Depreciation Amortization Depletion Income Statement	528,000	492,000	514,000	502,000
Depreciation And Amortization In Income Statement	528,000	492,000	514,000	502,000
Amortization	125,000	132,000	154,000	145,000
Amortization Of Intangibles Income Statement	125,000	132,000	154,000	145,000
Depreciation Income Statement	403,000	360,000	360,000	357,000
Research And Development	423,000	423,000	424,000	434,000
Selling General And Administration	3,439,000	3,391,000	3,591,000	3,037,000
General And Administrative Expense	3,439,000	3,391,000	3,591,000	3,037,000
Other Gand A	3,439,000	3,391,000	3,401,000	3,037,000
Salaries And Wages	0	0	190,000	0
Gross Profit	6,559,000	6,593,000	6,564,000	5,639,000
Cost Of Revenue	9,316,000	9,252,000	9,678,000	9,975,000
Total Revenue	15,875,000	15,845,000	16,242,000	15,614,000
Operating Revenue	15,875,000	15,845,000	16,242,000	15,614,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	357,719	351,218	345,935	346,072
Ordinary Shares Number	223,427	229,928	235,211	235,074
Share Issued	581,146	581,146	581,146	581,146
Net Debt	5,145,000	4,545,000	4,561,000	5,717,000
Total Debt	7,896,000	6,395,000	6,599,000	7,635,000
Tangible Book Value	-179,000	-827,000	-544,000	-1,900,000
Invested Capital	15,249,000	12,600,000	13,886,000	13,408,000
Working Capital	3,059,000	1,543,000	2,377,000	2,452,000
Net Tangible Assets	-179,000	-827,000	-544,000	-1,900,000
Capital Lease Obligations	588,000	580,000	545,000	819,000
Common Stock Equity	7,941,000	6,785,000	7,832,000	6,592,000
Total Capitalization	14,543,000	11,661,000	13,580,000	13,095,000
Total Equity Gross Minority Interest	8,097,000	6,962,000	8,023,000	6,709,000
Minority Interest	156,000	177,000	191,000	117,000
Stockholders Equity	7,941,000	6,785,000	7,832,000	6,592,000
Gains Losses Not Affecting Retained Earnings	-2,176,000	-3,108,000	-2,239,000	-2,810,000
Other Equity Adjustments	-2,176,000	-3,108,000	-2,239,000	-2,810,000
Treasury Stock	15,119,000	14,342,000	13,600,000	13,525,000
Retained Earnings	22,942,000	21,994,000	21,500,000	20,828,000
Additional Paid In Capital	1,325,000	1,272,000	1,202,000	1,130,000
Capital Stock	969,000	969,000	969,000	969,000
Common Stock	969,000	969,000	969,000	969,000
Total Liabilities Net Minority Interest	14,001,000	12,471,000	13,624,000	14,035,000
Total Non Current Liabilities Net Minority Interest	9,101,000	7,457,000	8,570,000	9,314,000
Other Non Current Liabilities	650,000	754,000	867,000	632,000
Employee Benefits	942,000	968,000	1,038,000	1,042,000
Non Current Pension And Other Postretirement Benefit Plans	942,000	968,000	1,038,000	1,042,000
Non Current Deferred Liabilities	457,000	405,000	500,000	501,000
Non Current Deferred Taxes Liabilities	457,000	405,000	500,000	501,000
Long Term Debt And Capital Lease Obligation	7,052,000	5,330,000	6,165,000	7,139,000
Long Term Capital Lease Obligation	450,000	454,000	417,000	636,000
Long Term Debt	6,602,000	4,876,000	5,748,000	6,503,000
Current Liabilities	4,900,000	5,014,000	5,054,000	4,721,000
Other Current Liabilities		90,000	375,000
Current Debt And Capital Lease Obligation	844,000	1,065,000	434,000	496,000
Current Capital Lease Obligation	138,000	126,000	128,000	183,000
Current Debt	706,000	939,000	306,000	313,000
Other Current Borrowings	706,000	939,000	306,000	313,000
Pensionand Other Post Retirement Benefit Plans Current	75,000	76,000	96,000	77,000
Current Provisions	99,000	128,000	84,000	138,000
Payables And Accrued Expenses	3,882,000	3,655,000	4,065,000	4,010,000
Current Accrued Expenses	549,000	490,000	630,000	501,000
Payables	3,333,000	3,165,000	3,435,000	3,509,000
Total Tax Payable	118,000	130,000	128,000	37,000
Income Tax Payable	118,000	130,000	128,000	37,000
Accounts Payable	3,215,000	3,035,000	3,307,000	3,472,000
Total Assets	22,098,000	19,433,000	21,647,000	20,744,000
Total Non Current Assets	14,139,000	12,876,000	14,216,000	13,571,000
Other Non Current Assets	597,000	569,000	1,293,000	583,000
Non Current Deferred Assets	481,000	303,000	272,000	95,000
Non Current Deferred Taxes Assets	481,000	303,000	272,000	95,000
Investments And Advances	332,000	331,000	254,000	244,000
Other Investments	102,000	105,000	39,000	49,000
Investmentin Financial Assets	79,000	85,000	74,000	61,000
Available For Sale Securities	79,000	85,000	74,000	61,000
Long Term Equity Investment	151,000	141,000	141,000	134,000
Investmentsin Associatesat Cost	151,000	141,000	141,000	134,000
Goodwill And Other Intangible Assets	8,120,000	7,612,000	8,376,000	8,492,000
Other Intangible Assets	1,971,000	1,922,000	2,261,000	2,414,000
Goodwill	6,149,000	5,690,000	6,115,000	6,078,000
Net PPE	4,609,000	4,061,000	4,021,000	4,157,000
Accumulated Depreciation	-4,724,000	-4,217,000	-4,505,000	-4,649,000
Gross PPE	9,333,000	8,278,000	8,526,000	8,806,000
Construction In Progress	756,000	735,000	669,000	492,000
Other Properties	2,068,000	1,704,000	1,693,000	2,032,000
Machinery Furniture Equipment	3,977,000	3,545,000	3,862,000	3,960,000
Buildings And Improvements	1,939,000	1,769,000	1,761,000	1,774,000
Land And Improvements	593,000	525,000	541,000	548,000
Current Assets	7,959,000	6,557,000	7,431,000	7,173,000
Other Current Assets	408,000	368,000	922,000	444,000
Inventory	1,996,000	1,846,000	1,934,000	2,272,000
Finished Goods	1,067,000	949,000	1,032,000	1,209,000
Work In Process	251,000	235,000	233,000	238,000
Raw Materials	678,000	662,000	669,000	825,000
Receivables	3,336,000	2,985,000	3,007,000	3,303,000
Other Receivables	553,000	508,000	385,000	479,000
Accounts Receivable	2,783,000	2,477,000	2,622,000	2,824,000
Allowance For Doubtful Accounts Receivable			-25,000	-31,000	-31,000
Gross Accounts Receivable			2,906,000	2,855,000	2,718,000
Cash Cash Equivalents And Short Term Investments	2,219,000	1,358,000	1,568,000	1,154,000
Other Short Term Investments	56,000	88,000	75,000	55,000
Cash And Cash Equivalents	2,163,000	1,270,000	1,493,000	1,099,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,163,000	699,000	1,895,000	477,000
Repurchase Of Capital Stock	-790,000	-752,000	-86,000	-190,000
Repayment Of Debt	-1,039,000	-300,000	-1,400,000	-300,000
Issuance Of Debt	1,942,000	274,000	550,000	1,116,000
Issuance Of Capital Stock					47,000
Capital Expenditure	-778,000	-721,000	-516,000	-486,000
Interest Paid Supplemental Data	210,000	247,000	213,000	156,000
Income Tax Paid Supplemental Data	438,000	653,000	488,000	452,000
End Cash Position	2,163,000	1,270,000	1,493,000	1,083,000
Other Cash Adjustment Outside Changein Cash	0	0	-5,000	-3,000
Beginning Cash Position	1,270,000	1,493,000	1,083,000	992,000
Effect Of Exchange Rate Changes	197,000	-325,000	110,000	1,000
Changes In Cash	696,000	102,000	305,000	93,000
Financing Cash Flow	-545,000	-1,425,000	-1,550,000	-409,000
Cash Flow From Continuing Financing Activities	-545,000	-1,425,000	-1,550,000	-409,000
Net Other Financing Charges	-30,000	-25,000	-16,000	-26,000
Cash Dividends Paid	-628,000	-622,000	-598,000	-570,000
Common Stock Dividend Paid	-628,000	-622,000	-598,000	-570,000
Net Common Stock Issuance	-790,000	-752,000	-86,000	-190,000
Common Stock Payments	-790,000	-752,000	-86,000	-190,000
Common Stock Issuance					47,000
Net Issuance Payments Of Debt	903,000	-26,000	-850,000	377,000
Net Short Term Debt Issuance		0	0	-439,000	190,000
Short Term Debt Payments				-439,000	0
Short Term Debt Issuance				0	190,000
Net Long Term Debt Issuance	903,000	-26,000	-850,000	816,000
Long Term Debt Payments	-1,039,000	-300,000	-1,400,000	-300,000
Long Term Debt Issuance	1,942,000	274,000	550,000	1,116,000
Investing Cash Flow	-700,000	107,000	-556,000	-461,000
Cash From Discontinued Investing Activities	0	506,000	-31,000	-31,000
Cash Flow From Continuing Investing Activities	-700,000	-399,000	-525,000	-430,000
Net Other Investing Changes	36,000	28,000	64,000	53,000
Net Business Purchase And Sale	42,000	294,000	-73,000	3,000
Sale Of Business	43,000	325,000	36,000	117,000
Purchase Of Business	-1,000	-31,000	-109,000	-114,000
Net PPE Purchase And Sale					47,000
Sale Of PPE					47,000
Capital Expenditure Reported	-778,000	-721,000	-516,000	-486,000
Operating Cash Flow	1,941,000	1,420,000	2,411,000	963,000
Cash From Discontinued Operating Activities	5,000	29,000	117,000	-37,000
Cash Flow From Continuing Operating Activities	1,936,000	1,391,000	2,294,000	1,000,000
Change In Working Capital	-304,000	-601,000	288,000	-432,000
Change In Other Working Capital	-40,000	-73,000	-50,000	-112,000
Change In Other Current Assets	-1,000	-30,000	-41,000	-59,000
Change In Payables And Accrued Expense	-38,000	-290,000	222,000	164,000
Change In Payable	-38,000	-290,000	222,000	164,000
Change In Account Payable	67,000	-259,000	151,000	21,000
Change In Tax Payable	-105,000	-31,000	71,000	143,000
Change In Income Tax Payable	-105,000	-31,000	71,000	143,000
Change In Inventory	-35,000	-27,000	145,000	-177,000
Change In Receivables	-190,000	-181,000	12,000	-248,000
Other Non Cash Items	82,000	32,000	11,000	-219,000
Stock Based Compensation	46,000	42,000	56,000	34,000
Provisionand Write Offof Assets			0	0	-133,000
Asset Impairment Charge	24,000	146,000	160,000	231,000
Deferred Tax	-27,000	-97,000	-187,000	-151,000
Deferred Income Tax	-27,000	-97,000	-187,000	-151,000
Depreciation Amortization Depletion	528,000	492,000	514,000	502,000
Depreciation And Amortization	528,000	492,000	514,000	502,000
Amortization Cash Flow	125,000	132,000	154,000
Amortization Of Intangibles	125,000	132,000	154,000
Depreciation	403,000	360,000	360,000
Operating Gains Losses			190,000		50,000
Pension And Employee Benefit Expense	0	0	190,000	0
Gain Loss On Sale Of PPE					-34,000
Net Income From Continuing Operations	1,587,000	1,377,000	1,262,000	1,035,000

These metrics estimate what PPG Industries, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$74.59

Margin of Safety

Market Cap ÷ Company Value

1.80

P/B Ratio

2.92

Warren's Owner Earnings

$2.9B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/7 — Enterprising Investor

✅ Adequate Size

$15.9B

vs > $1.5B revenue

❌ Strong Financial Condition

1.62x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.61%

vs Uninterrupted dividends

✅ Earnings Growth

+60.6% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

14.9x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.92x P/B (P/E×P/B: 43.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-27.11

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$108.12

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	49.4%	64.6%	40.6%	47.4%	N/A
Repurchase of Capital Stock	-$790M	-$752M	-$86M	-$190M	N/A
Free Cash Flow	$1.2B ▲	$699M ▼	$1.9B ▲	$477M •	N/A •
Warren's Owner Earnings	$2.9B	$2.3B	$2.3B	$2.0B	N/A

Peers & Industry

No auto-detected peers for Specialty Chemicals. You can manually compare PPG against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.14%

Low — management has little skin in the game

Return on Equity (ROE)

19.8%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

7.1%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$790M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+23.5% YoY

Debt is growing — management is leveraging up

Leadership Team

Timothy Knavish

CEO & Chairman

Age 59

Pay: $3,566,861

0.226% of net income

Vincent Morales

Senior VP & CFO

Age 59

Pay: $1,777,340

0.113% of net income

Anne Foulkes

Senior Vice President of Law & Special Projects

Age 62

Pay: $1,334,441

0.085% of net income

Kevin Braun

Senior Vice President of Operations

Age 56

Pay: $1,122,120

0.071% of net income

Karl Henrik Bergstrom

Senior Vice President of Architectural Coatings, Latin America, EMEA & Asia Pacific

Age 53

Pay: $1,266,113

0.080% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	13.15%	29,306,454
Blackrock Inc.	10.44%	23,280,792
Wellington Management Group, LLP	6.03%	13,449,284
State Street Corporation	5.76%	12,829,677
Pzena Investment Management LLC	3.36%	7,478,646
Franklin Resources, Inc.	3.14%	6,990,595
First Eagle Investment Management, LLC	2.82%	6,290,622
Hotchkis & Wiley Capital Management, LLC	2.64%	5,877,095

Risk Analysis

Beta (Market Risk)

1.05

Moderate volatility — moves slightly more than market

Short Interest

3.5% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.94x

Conservative balance sheet — low financial risk

Current Ratio

1.61x

Adequate liquidity

52-Week Price Range

Low: $93.39 Current: $104.17 High: $133.43

Currently at 27% of 52-week range

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