# PPG Industries (PPG.US)

Canonical: https://gigainvestors.com/s/PPG

Analysis as of: 2026-10-16T07:31:17.372Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $107.81 per share; close as of 2026-10-15.

Estimated value: low $68.83 per share, central $77.53 per share, high $89.12 per share. Buy at or below the central value $77.53 per share. Valuation as of 2026-10-16T07:31:17.372Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.16×

- FY2018: 0.14×

- FY2019: 0.15×

- FY2020: 0.15×

- FY2021: 0.13×

- FY2022: 0.11×

- FY2023: 0.16×

- FY2024: 0.14×

- FY2025: 0.14×

### moat: pass

- ROIC, median of available years: 31.1%

- ROIC, second-lowest year: 22.5%

- Typical minus recent gross margin: 3.5 pp

- Typical gross margin (annual median): 41.5%

- Recent gross margin (lower of latest and 3-year median): 38.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 12.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 45.4%

- FY2017: 37.2%

- FY2018: 36.3%

- FY2019: 32.2%

- FY2020: 36.1%

- FY2021: 30.0%

- FY2022: 18.0%

- FY2023: 29.6%

- FY2024: 27.7%

- FY2025: 22.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $6.1B

- Net income, five-year total: $6.4B

- Return on incremental invested capital: -25.5%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.5 pp

- Working capital / revenue, final three-year average: 11.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.13×

- FY2022: 0.98×

- FY2023: 1.00×

- FY2024: 0.79×

- FY2025: 0.85×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 37.2% vs 27.7%

- Per-share earnings: 5.14 to 5.35 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.8%

- Ordinary dilution, 5-year annual growth: -0.9%

- Market cap gain: -$1.5B

- Cumulative retained earnings: $7.0B

- Diluted shares, 10-year annual growth: -1.8%

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.5%

- Per-share value change: $0.22

- Per-share value, starting three-year median: $5.14

- Per-share value, ending three-year median: $5.35

- Buybacks concentrated in cheaper years (correlation): 0.62

- Average buyback yield: 2.5%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $5.2B

- Cumulative net income, 10 years: $13B

- ROIC, first three-year median: 37.2%

- ROIC, last three-year median: 27.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.26

- FY2017: $6.18

- FY2018: $5.46

- FY2019: $5.22

- FY2020: $4.45

- FY2021: $6.01

- FY2022: $4.32

- FY2023: $5.35

- FY2024: $4.75

- FY2025: $6.94

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -1.7%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.23×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.0%

- FY2017: 0.2%

- FY2018: -0.8%

- FY2019: -4.7%

- FY2020: -5.5%

- FY2021: -0.6%

- FY2022: 0.3%

- FY2023: -5.3%

- FY2024: -1.6%

- FY2025: -1.7%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 37% since Dec 2021 · "Overall demand for architectural coatings in Europe was lower and mixed by country." (SEC filing, Feb 2026) · sales +0.2%

Story as of 2026-10-16T09:59:25.663Z; price observation 2026-10-15.

Price needs cash profits to grow 5.3% a year for ten years

- 2025-08-15: PPG Gains on Cost Actions and Acquisitions Amid Demand Softness ([finance.yahoo.com](https://finance.yahoo.com/news/ppg-gains-cost-actions-acquisitions-140000575.html))

- 2025-09-30: PPG Benefits From Cost Actions and Acquisitions, Weak Demand Ails ([finance.yahoo.com](https://finance.yahoo.com/news/ppg-benefits-cost-actions-acquisitions-130000603.html))

- 2025-10-28: PPG Cuts Full-Year Earnings Outlook on Soft Demand ([finance.yahoo.com](https://finance.yahoo.com/m/5ae043dc-4fbf-3408-8ca1-6564cfeaa088/ppg-cuts-full-year-earnings.html))

- 2026-01-27: PPG Industries Logs Higher Quarterly Revenue on Higher Prices, Volume ([finance.yahoo.com](https://finance.yahoo.com/m/20a5a0f9-4a41-3e1a-9a42-decf88b37e7d/ppg-industries-logs-higher.html))

- 2026-04-15: PPG Raises Prices By Up to 20% Due to Higher Costs ([finance.yahoo.com](https://finance.yahoo.com/m/3af908c5-ee99-3c94-b048-0eeec2a7e3f9/ppg-raises-prices-by-up-to.html))

### Sales · FY2024–2025

sales +0.2%; source https://www.sec.gov/Archives/edgar/data/79879/000007987926000046/ppg-20251231.htm; observed 2026-02-19.

- FY2016: $14B 

- FY2017: $15B 

- FY2018: $15B 

- FY2019: $15B 

- FY2020: $14B 

- FY2021: $17B 

- FY2022: $16B 

- FY2023: $16B 

- FY2024: $16B 

- FY2025: $16B 

### Gross margin · FY2025

gross margin 38%; source https://www.sec.gov/Archives/edgar/data/79879/000007987926000046/ppg-20251231.htm; observed 2026-02-19.

- FY2016: 46.3% 

- FY2017: 44.3% 

- FY2018: 41.5% 

- FY2019: 42.9% 

- FY2020: 43.8% 

- FY2021: 38.8% 

- FY2022: 36.1% 

- FY2023: 40.4% 

- FY2024: 41.6% 

- FY2025: 38.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty chemicals; annual sales are USD 15.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/79879/000007987926000046/ppg-20251231.htm (filed 2026-02-19); FY2025: revenue 15875000000; grossProfit 6031000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PPG.US: 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.

### Why customers stay

Margins ranged from 38% to 41.6% during 2023–25; it earns 31.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 40.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 41.6%.

- Source: https://www.sec.gov/Archives/edgar/data/79879/000007987926000046/ppg-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 38%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,0.45356733983528635],[2017,0.37212355528041724],[2018,0.3634045339649152],[2019,0.32219842729905634],[2020,0.36099231136571547],[2021,0.3003384604011891],[2022,0.17973919569704172],[2023,0.29602021023980807],[2024,0.2773045377504829],[2025,0.2253620097544177]]; median 0.31126844385012276. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices rose 1%; sales volumes rose.

- Source: https://www.sec.gov/Archives/edgar/data/79879/000007987926000046/ppg-20251231.htm (filed 2026-02-19); [p0] Financial Condition and Results of Operations” of our 2024 Form 10-K, filed with the Securities and Exchange Commission on February 20, 2025. Highlights Net sales of approximately $15.9 billion in 2025 were flat compared to 2024, with higher selling prices, sales volume growth and favorable foreign currency translation offset by the impact of divestitures. Income before income taxes was $2,045 million in 2025, an increase of $193 million compared to the prior year. This increase was primarily due to lower business restructuring charges and impairment and other related charges, higher selling prices, improved manufacturing productivity and restructuring savings, partially offset by the impact of unfavorable sales mix and overhead and other cost inflation. Performance Overview Net Sales by Region % Change ($ in millions, except percentages) 2025 2024 2025 vs. 2024 United States and Canada $5,372 $5,352 0.4% Europe, Middle East and Africa (EMEA) 5,368 5,386 (0.3)% Asia Pacific 2,937 2,912 0.9% Latin America 2,198 2,195 0.1% Total $15,875 $15,845 0.2% Net sales increased $30 million due to the following: ● Higher selling prices (+1%) ● Higher sales volumes (+1%) ● Favorable foreign currency translation (+1%) 2025 PPG ANNUAL REPORT AND FORM 10-K 19 Partially offset by: ● Divestitures (-3%) For specific business results, see the Performance of Reportable Business Segments section within Item 7 of this Form 10-K. Cost of sales, exclusive of depreciation and amortization % Change ($ in millions, except percentages) 2025 2024 2025 vs. 2024 Cost of sales, exclusive of depreciation and amortization $9,316 $9,252 0.7% Cost of sales as a % of net sales 58.7 % 58.4 % 0.3% Cost of sales, exclusive of depreciation and amortization, increased $64 million due to the following: ● Wage and other cost inflation ● Higher sales volumes ● Unf

[p1] stitures. Income before income taxes was $2,045 million in 2025, an increase of $193 million compared to the prior year. This increase was primarily due to lower business restructuring charges and impairment and other related charges, higher selling prices, improved manufacturing productivity and restructuring savings, partially offset by the impact of unfavorable sales mix and overhead and other cost inflation. Performance Overview Net Sales by Region % Change ($ in millions, except percentages) 2025 2024 2025 vs. 2024 United States and Canada $5,372 $5,352 0.4% Europe, Middle East and Africa (EMEA) 5,368 5,386 (0.3)% Asia Pacific 2,937 2,912 0.9% Latin America 2,198 2,195 0.1% Total $15,875 $15,845 0.2% Net sales increased $30 million due to the following: ● Higher selling prices (+1%) ● Higher sales volumes (+1%) ● Favorable foreign currency translation (+1%) 2025 PPG ANNUAL REPORT AND FORM 10-K 19 Partially offset by: ● Divestitures (-3%) For specific business results, see the Performance of Reportable Business Segments section within Item 7 of this Form 10-K. Cost of sales, exclusive of depreciation and amortization % Change ($ in millions, except percentages) 2025 2024 2025 vs. 2024 Cost of sales, exclusive of depreciation and amortization $9,316 $9,252 0.7% Cost of sales as a % of net sales 58.7 % 58.4 % 0.3% Cost of sales, exclusive of depreciation and amortization, increased $64 million due to the following: ● Wage and other cost inflation ● Higher sales volumes ● Unfavorable foreign currency translation Partially offset by: ● Increased manufacturing productivity ● Divestitures Selling, general and administrative expenses % Change ($ in millions, except percentages) 2025 2024 2025 vs. 2024 Selling, general and administrative expenses $3,439 $3,391 1.4% Selling, general and administrative expenses as a % of net

[p2] tes and Canada $5,372 $5,352 0.4% Europe, Middle East and Africa (EMEA) 5,368 5,386 (0.3)% Asia Pacific 2,937 2,912 0.9% Latin America 2,198 2,195 0.1% Total $15,875 $15,845 0.2% Net sales increased $30 million due to the following: ● Higher selling prices (+1%) ● Higher sales volumes (+1%) ● Favorable foreign currency translation (+1%) 2025 PPG ANNUAL REPORT AND FORM 10-K 19 Partially offset by: ● Divestitures (-3%) For specific business results, see the Performance of Reportable Business Segments section within Item 7 of this Form 10-K. Cost of sales, exclusive of depreciation and amortization % Change ($ in millions, except percentages) 2025 2024 2025 vs. 2024 Cost of sales, exclusive of depreciation and amortization $9,316 $9,252 0.7% Cost of sales as a % of net sales 58.7 % 58.4 % 0.3% Cost of sales, exclusive of depreciation and amortization, increased $64 million due to the following: ● Wage and other cost inflation ● Higher sales volumes ● Unfavorable foreign currency translation Partially offset by: ● Increased manufacturing productivity ● Divestitures Selling, general and administrative expenses % Change ($ in millions, except percentages) 2025 2024 2025 vs. 2024 Selling, general and administrative expenses $3,439 $3,391 1.4% Selling, general and administrative expenses as a % of net sales 21.7 % 21.4 % 0.3% Selling, general and administrative expenses increased $48 million primarily due to: ● Wage and other cost inflation ● Unfavorable foreign currency translation Partially offset by: ● Restructuring savings ● Divestitures Depreciation % Change ($ in millions, except percentages) 2025 2024 2025 vs. 2024 Depreciation $403 $360 11.9% Depreciation as a % of net sales 2.5 % 2.3 % 0.2% Depreciation increased $43 million primarily due to: ● Accelerated depreciation expense ● Unfavorable foreign currency translatio

[p3] r adjusted effective tax rate. Earnings per diluted share from continuing operations for the year ended December 31, 2025 increased year over year primarily due to lower business restructuring and impairment and other related charges, higher selling prices, improved manufacturing productivity, restructuring savings and the lower effective tax rate, partially offset by the unfavorable impact of sales mix and overhead and other cost inflation. Adjusted earnings per diluted share from continuing operations for the year ended December 31, 2025 decreased year over year due to the unfavorable impact of sales mix and overhead and other cost inflation, partially offset by higher selling prices, increased manufacturing productivity and restructuring savings. Refer to the Regulation G Reconciliations - Results from Operations for additional information. Review and Outlook During 2025, PPG demonstrated resilience in a challenging macroeconomic environment by growing both selling prices and sales volumes and generating $1.9 billion in operating cash flow. Net sales were $15.9 billion, similar to the prior year. Results were supported by the breadth and diversity of the business portfolio, as the Company benefited from higher prices and sales volumes in several businesses and favorable foreign currency translation, which was offset by the impact of divestitures completed in 2024. Net sales, excluding the impact of currency, acquisitions and divestitures ("organic sales") increased 2% during the year with continued strong growth in our aerospace coatings business and share gains in both the packaging coatings business and the protective and marine business, which were partially offset by declines in the automotive refinish coatings, industrial coatings and architectural coatings EMEA businesses. Earnings per diluted 2025 PPG ANNUAL 

[p4] lation. Adjusted earnings per diluted share from continuing operations for the year ended December 31, 2025 decreased year over year due to the unfavorable impact of sales mix and overhead and other cost inflation, partially offset by higher selling prices, increased manufacturing productivity and restructuring savings. Refer to the Regulation G Reconciliations - Results from Operations for additional information. Review and Outlook During 2025, PPG demonstrated resilience in a challenging macroeconomic environment by growing both selling prices and sales volumes and generating $1.9 billion in operating cash flow. Net sales were $15.9 billion, similar to the prior year. Results were supported by the breadth and diversity of the business portfolio, as the Company benefited from higher prices and sales volumes in several businesses and favorable foreign currency translation, which was offset by the impact of divestitures completed in 2024. Net sales, excluding the impact of currency, acquisitions and divestitures ("organic sales") increased 2% during the year with continued strong growth in our aerospace coatings business and share gains in both the packaging coatings business and the protective and marine business, which were partially offset by declines in the automotive refinish coatings, industrial coatings and architectural coatings EMEA businesses. Earnings per diluted 2025 PPG ANNUAL REPORT AND FORM 10-K 21 share from continuing operations was $6.92, compared to $5.72 in the prior year. Adjusted earnings per diluted share was $7.58, a decrease of 4% compared to $7.87 in 2024. Total segment income decreased by 3%. Aggregate segment margins were 60 basis points lower than the prior year, driven by a decline in industry project-related spending on architectural coatings in Mexico in the first half of 2025 and a decli

[p5] and restructuring savings. Refer to the Regulation G Reconciliations - Results from Operations for additional information. Review and Outlook During 2025, PPG demonstrated resilience in a challenging macroeconomic environment by growing both selling prices and sales volumes and generating $1.9 billion in operating cash flow. Net sales were $15.9 billion, similar to the prior year. Results were supported by the breadth and diversity of the business portfolio, as the Company benefited from higher prices and sales volumes in several businesses and favorable foreign currency translation, which was offset by the impact of divestitures completed in 2024. Net sales, excluding the impact of currency, acquisitions and divestitures ("organic sales") increased 2% during the year with continued strong growth in our aerospace coatings business and share gains in both the packaging coatings business and the protective and marine business, which were partially offset by declines in the automotive refinish coatings, industrial coatings and architectural coatings EMEA businesses. Earnings per diluted 2025 PPG ANNUAL REPORT AND FORM 10-K 21 share from continuing operations was $6.92, compared to $5.72 in the prior year. Adjusted earnings per diluted share was $7.58, a decrease of 4% compared to $7.87 in 2024. Total segment income decreased by 3%. Aggregate segment margins were 60 basis points lower than the prior year, driven by a decline in industry project-related spending on architectural coatings in Mexico in the first half of 2025 and a decline in automotive refinish coatings sales volumes in the second half of the year. Demand for PPG products was mixed by end-use market and geographic region during 2025. Demand for aerospace coatings and protective and marine coatings was strong with double-digit percentage organic sales growth y

[p6] prices and sales volumes and generating $1.9 billion in operating cash flow. Net sales were $15.9 billion, similar to the prior year. Results were supported by the breadth and diversity of the business portfolio, as the Company benefited from higher prices and sales volumes in several businesses and favorable foreign currency translation, which was offset by the impact of divestitures completed in 2024. Net sales, excluding the impact of currency, acquisitions and divestitures ("organic sales") increased 2% during the year with continued strong growth in our aerospace coatings business and share gains in both the packaging coatings business and the protective and marine business, which were partially offset by declines in the automotive refinish coatings, industrial coatings and architectural coatings EMEA businesses. Earnings per diluted 2025 PPG ANNUAL REPORT AND FORM 10-K 21 share from continuing operations was $6.92, compared to $5.72 in the prior year. Adjusted earnings per diluted share was $7.58, a decrease of 4% compared to $7.87 in 2024. Total segment income decreased by 3%. Aggregate segment margins were 60 basis points lower than the prior year, driven by a decline in industry project-related spending on architectural coatings in Mexico in the first half of 2025 and a decline in automotive refinish coatings sales volumes in the second half of the year. Demand for PPG products was mixed by end-use market and geographic region during 2025. Demand for aerospace coatings and protective and marine coatings was strong with double-digit percentage organic sales growth year over year. Automotive refinish coatings demand was impacted by lower collision claims in the U.S. which drove volume declines in the second half of 2025. Global automotive OEM manufacturers’ production increased by about 4% versus 2024 with highe

[p7]  impacts related to tariffs during 2025. The Company continues to monitor overall economic demand and customer order patterns and is prepared to take actions intended to mitigate adverse impacts, as necessary, through supply chain contingency plans, pricing actions, and/or cost reduction actions. In 2026, we anticipate that raw material costs will remain relatively flat compared to 2025. Additionally, we expect manufacturing efficiencies to improve as the year progresses. We achieved selling price improvement across several businesses in 2025 stemming from our technology-advantaged products and solutions, partially offset by lower selling prices in the Industrial Coatings segment from certain index-based customer contracts. The Company will carefully monitor all costs during 2026 and assess the need for additional selling price increases. In 2025, the U.S. dollar strengthened against certain currencies in the countries where PPG operates during the first half of 2025, but weakened in the second half of the year, resulting in a net unfavorable impact to net income from continuing operations in the first half of the year partially offset by a net favorable impact in the second half of the year. Based on recent exchange rates, we expect that foreign currency exchange rates will have a slightly favorable impact on net income 2025 PPG ANNUAL REPORT AND FORM 10-K 22 from continuing operations in 2026; however, the Company generally purchases raw materials, incurs manufacturing costs and sells finished goods in the same currency, which reduces foreign currency transaction-related impacts to net income. The 2026 effective tax rate from continuing operations is expected to be in the range of 24% to 25%, varying by quarter. This range is the Company’s best estimate and represents an increase compared to the 2025 adjusted effecti

[p8] s, pricing actions, and/or cost reduction actions. In 2026, we anticipate that raw material costs will remain relatively flat compared to 2025. Additionally, we expect manufacturing efficiencies to improve as the year progresses. We achieved selling price improvement across several businesses in 2025 stemming from our technology-advantaged products and solutions, partially offset by lower selling prices in the Industrial Coatings segment from certain index-based customer contracts. The Company will carefully monitor all costs during 2026 and assess the need for additional selling price increases. In 2025, the U.S. dollar strengthened against certain currencies in the countries where PPG operates during the first half of 2025, but weakened in the second half of the year, resulting in a net unfavorable impact to net income from continuing operations in the first half of the year partially offset by a net favorable impact in the second half of the year. Based on recent exchange rates, we expect that foreign currency exchange rates will have a slightly favorable impact on net income 2025 PPG ANNUAL REPORT AND FORM 10-K 22 from continuing operations in 2026; however, the Company generally purchases raw materials, incurs manufacturing costs and sells finished goods in the same currency, which reduces foreign currency transaction-related impacts to net income. The 2026 effective tax rate from continuing operations is expected to be in the range of 24% to 25%, varying by quarter. This range is the Company’s best estimate and represents an increase compared to the 2025 adjusted effective tax rate driven by higher rates in certain countries, including the impact of global minimum tax standards, and the geographic mix of earnings. Over the past three years, the Company used nearly $1.6 billion of cash to repurchase approximately 

[p9] come before interest, taxes, depreciation and amortization (EBITDA) $708 $782 ($74) (9.5)% Global Architectural Coatings net sales decreased due to the following: ● Divestitures (-3%) ● Lower sales volumes (-2%) Partially offset by: ● Higher selling prices (+2%) ● Favorable foreign currency translation (+1%) 2025 PPG ANNUAL REPORT AND FORM 10-K 24 Architectural coatings EMEA organic sales decreased by a low single-digit percentage year over year due to lower sales volumes partially offset by higher selling prices. Overall demand for architectural coatings in Europe was lower and mixed by country. 

### Where the cash goes

Reinvests 0.7% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 0; upkeep 402000000; cash acquisitions 349000000; owner earnings 911000000. Growth capex plus acquisitions / owner earnings = 0.38309549945115257.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 360000000; cash acquisitions 225000000; owner earnings 1694000000. Growth capex plus acquisitions / owner earnings = 0.13282172373081463.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 411000000; cash acquisitions 378000000; owner earnings 1427000000. Growth capex plus acquisitions / owner earnings = 0.2648913805185704.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 413000000; cash acquisitions 643000000; owner earnings 1341000000. Growth capex plus acquisitions / owner earnings = 0.47949291573452646.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 304000000; cash acquisitions 1169000000; owner earnings 1264000000. Growth capex plus acquisitions / owner earnings = 0.9248417721518988.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 371000000; cash acquisitions 2137000000; owner earnings 1629000000. Growth capex plus acquisitions / owner earnings = 1.3118477593615716.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 518000000; cash acquisitions 114000000; owner earnings 1010000000. Growth capex plus acquisitions / owner earnings = 0.11287128712871287.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 2000000; upkeep 514000000; cash acquisitions 109000000; owner earnings 1270000000. Growth capex plus acquisitions / owner earnings = 0.08740157480314961.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 721000000; cash acquisitions 31000000; owner earnings 887000000. Growth capex plus acquisitions / owner earnings = 0.03494926719278467.

- Source: https://www.sec.gov/Archives/edgar/data/79879/000007987926000046/ppg-20251231.htm (filed 2026-02-19); FY2025: growth capex 7909892.99499917; upkeep 770090107.0050008; cash acquisitions 1000000; owner earnings 1333909892.9949992. Growth capex plus acquisitions / owner earnings = 0.006679531384982819.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,414000000],[2017,434000000],[2018,453000000],[2019,468000000],[2020,496000000],[2021,536000000],[2022,570000000],[2023,598000000],[2024,622000000],[2025,628000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/79879/000007987926000046/ppg-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 790000000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PPG.US SharesStats.PercentInsiders = 0.109 percentage points; cache date 2026-10-16.

### What could break it

"Our international operations expose us to additional risks and uncertainties" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/79879/000007987926000046/ppg-20251231.htm (filed 2026-02-19); Our international operations expose us to additional risks and uncertainties

### What the price says

The price assumes cash profits grow 5.3% yearly over ten years; actual growth was 1.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate 0.06300034652527475. Price 107.81; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.029239766081871 → FY2025 5.873667516490529. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $93.13 per share

- 2016-11: $95.93 per share

- 2016-12: $94.76 per share

- 2017-01: $100.01 per share

- 2017-02: $102.43 per share

- 2017-03: $105.08 per share

- 2017-04: $109.84 per share

- 2017-05: $106.36 per share

- 2017-06: $109.96 per share

- 2017-07: $105.25 per share

- 2017-08: $104.32 per share

- 2017-09: $108.66 per share

- 2017-10: $116.24 per share

- 2017-11: $116.85 per share

- 2017-12: $116.82 per share

- 2018-01: $118.73 per share

- 2018-02: $112.44 per share

- 2018-03: $111.60 per share

- 2018-04: $105.88 per share

- 2018-05: $100.92 per share

- 2018-06: $103.73 per share

- 2018-07: $110.66 per share

- 2018-08: $110.54 per share

- 2018-09: $109.13 per share

- 2018-10: $105.09 per share

- 2018-11: $109.33 per share

- 2018-12: $102.23 per share

- 2019-01: $105.44 per share

- 2019-02: $111.97 per share

- 2019-03: $112.87 per share

- 2019-04: $117.50 per share

- 2019-05: $104.65 per share

- 2019-06: $116.71 per share

- 2019-07: $117.39 per share

- 2019-08: $110.79 per share

- 2019-09: $118.51 per share

- 2019-10: $125.12 per share

- 2019-11: $128.84 per share

- 2019-12: $133.49 per share

- 2020-01: $119.84 per share

- 2020-02: $104.45 per share

- 2020-03: $83.60 per share

- 2020-04: $90.83 per share

- 2020-05: $101.67 per share

- 2020-06: $106.06 per share

- 2020-07: $107.65 per share

- 2020-08: $120.40 per share

- 2020-09: $122.08 per share

- 2020-10: $129.72 per share

- 2020-11: $146.77 per share

- 2020-12: $144.22 per share

- 2021-01: $134.71 per share

- 2021-02: $134.82 per share

- 2021-03: $150.26 per share

- 2021-04: $171.24 per share

- 2021-05: $179.72 per share

- 2021-06: $169.77 per share

- 2021-07: $163.52 per share

- 2021-08: $159.55 per share

- 2021-09: $143.01 per share

- 2021-10: $160.57 per share

- 2021-11: $154.17 per share

- 2021-12: $172.44 per share

- 2022-01: $156.20 per share

- 2022-02: $133.45 per share

- 2022-03: $131.07 per share

- 2022-04: $127.99 per share

- 2022-05: $126.49 per share

- 2022-06: $114.34 per share

- 2022-07: $129.29 per share

- 2022-08: $126.98 per share

- 2022-09: $110.69 per share

- 2022-10: $114.18 per share

- 2022-11: $135.22 per share

- 2022-12: $125.74 per share

- 2023-01: $130.34 per share

- 2023-02: $132.06 per share

- 2023-03: $133.58 per share

- 2023-04: $140.26 per share

- 2023-05: $131.29 per share

- 2023-06: $148.30 per share

- 2023-07: $143.90 per share

- 2023-08: $141.76 per share

- 2023-09: $129.80 per share

- 2023-10: $122.77 per share

- 2023-11: $141.99 per share

- 2023-12: $149.55 per share

- 2024-01: $141.04 per share

- 2024-02: $141.60 per share

- 2024-03: $144.90 per share

- 2024-04: $129.00 per share

- 2024-05: $131.41 per share

- 2024-06: $125.89 per share

- 2024-07: $126.98 per share

- 2024-08: $129.73 per share

- 2024-09: $132.46 per share

- 2024-10: $124.51 per share

- 2024-11: $124.37 per share

- 2024-12: $119.45 per share

- 2025-01: $115.38 per share

- 2025-02: $113.22 per share

- 2025-03: $109.35 per share

- 2025-04: $108.86 per share

- 2025-05: $110.80 per share

- 2025-06: $113.75 per share

- 2025-07: $105.50 per share

- 2025-08: $111.23 per share

- 2025-09: $105.11 per share

- 2025-10: $97.75 per share

- 2025-11: $100.04 per share

- 2025-12: $102.46 per share

- 2026-01: $115.63 per share

- 2026-02: $123.27 per share

- 2026-03: $106.88 per share

- 2026-04: $108.50 per share

- 2026-05: $112.98 per share

- 2026-06: $121.29 per share

- 2026-07: $110.52 per share

- 2026-08: $112.17 per share

- 2026-09: $104.33 per share

- 2026-10: $107.81 per share

## Annual estimated value (USD per share)

- FY2016: low $64.69 per share, central $72.91 per share, high $83.87 per share

- FY2017: low $79.56 per share, central $90.04 per share, high $103.99 per share

- FY2018: low $76.79 per share, central $93.65 per share, high $108.86 per share

- FY2019: low $79.25 per share, central $100.15 per share, high $116.41 per share

- FY2020: low $67.50 per share, central $75.97 per share, high $87.25 per share

- FY2021: low $74.28 per share, central $84.10 per share, high $97.16 per share

- FY2022: low $69.26 per share, central $78.32 per share, high $90.38 per share

- FY2023: low $71.51 per share, central $80.64 per share, high $92.81 per share

- FY2024: low $62.08 per share, central $70.03 per share, high $80.61 per share

- FY2025: low $68.12 per share, central $76.35 per share, high $87.32 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/79879/000007987926000046/ppg-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Matthew McLennan](https://gigainvestors.com/FE): 6,509,824 PPG shares; USD 789,576,000 reported position value; 1.3% of portfolio; add; quarter 2026 Q2.
- [Richard Pzena](https://gigainvestors.com/PIM): 7,807,438 PPG shares; USD 946,964,000 reported position value; 2.78% of portfolio; add; quarter 2026 Q2.

# PPG — PPG Industries

Held by 2 investors · USD 1,736,540,000 total · 2026 Q2 · reported price USD 121.29 (split-adjusted).
Page: https://gigainvestors.com/s/PPG

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Richard Pzena (https://gigainvestors.com/PIM) | USD 946,964,000 | 2.8% | add +4.4% |
| Matthew McLennan (https://gigainvestors.com/FE) | USD 789,576,000 | 1.3% | add +1.16% |

## Total held by quarter

- 2018 Q2: USD 269,025,830 · 1 holder · USD 103.73
- 2018 Q3: USD 452,154,182 · 1 holder · USD 109.13
- 2018 Q4: USD 716,572,189 · 1 holder · USD 102.23
- 2019 Q1: USD 675,259,448 · 1 holder · USD 112.87
- 2019 Q2: USD 493,079,442 · 1 holder · USD 116.71
- 2019 Q3: USD 0 · 0 holders
- 2019 Q4: USD 0 · 0 holders
- 2020 Q1: USD 74,707,970 · 1 holder · USD 83.60
- 2020 Q2: USD 128,019,511 · 1 holder · USD 106.06
- 2020 Q3: USD 147,626,339 · 1 holder · USD 122.08
- 2020 Q4: USD 166,697,697 · 1 holder · USD 144.22
- 2021 Q1: USD 171,646,656 · 1 holder · USD 150.26
- 2021 Q2: USD 187,360,209 · 1 holder · USD 169.77
- 2021 Q3: USD 154,150,479 · 1 holder · USD 143.01
- 2021 Q4: USD 184,675,135 · 1 holder · USD 172.44
- 2022 Q1: USD 139,658,231 · 1 holder · USD 131.07
- 2022 Q2: USD 126,696,952 · 1 holder · USD 114.34
- 2022 Q3: USD 123,858,900 · 1 holder · USD 110.69
- 2022 Q4: USD 150,157,325 · 1 holder · USD 125.74
- 2023 Q1: USD 159,738,971 · 1 holder · USD 133.58
- 2023 Q2: USD 309,134,316 · 2 holders · USD 148.30
- 2023 Q3: USD 675,646,901 · 2 holders · USD 129.80
- 2023 Q4: USD 317,842,204 · 2 holders · USD 149.55
- 2024 Q1: USD 257,339,937 · 2 holders · USD 144.90
- 2024 Q2: USD 144,930,359 · 1 holder · USD 125.89
- 2024 Q3: USD 177,238,898 · 1 holder · USD 132.46
- 2024 Q4: USD 381,875,797 · 1 holder · USD 119.45
- 2025 Q1: USD 607,099,499 · 2 holders · USD 109.35
- 2025 Q2: USD 747,824,805 · 2 holders · USD 113.75
- 2025 Q3: USD 842,088,029 · 2 holders · USD 105.11
- 2025 Q4: USD 1,371,876,797 · 2 holders · USD 102.46
- 2026 Q1: USD 1,487,098,607 · 2 holders · USD 106.88
- 2026 Q2: USD 1,736,540,000 · 2 holders · USD 121.29