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PPG Industries

PPG
54
Chemicals - Specialty · Basic Materials
Also trades as: 0KEI.L GBP 1.11 (-0.95%)
Price
$110.61
-2.48 (-2.19%)
Market Cap
$24.59B
Winston Score
54
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
17/30
Growth
Good
11/20
Cash Flow
Strong
8/10
Stability
Strong
7/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Good
3/5

54 of 100 counted points = Winston Score 54.

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Share count falling — buybacks

−5.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 239.4M (2021) → 227.1M (2025)

§Winston Score History

The full picture

PPG Industries makes paints, coatings, and specialty materials used on cars, airplanes, buildings, and industrial equipment. Its products protect surfaces from rust, weather, and wear. PPG sells to automakers, aerospace companies, construction firms, and everyday consumers through brands like PPG, Glidden, and Olympic.

The company earns money by selling its coatings and paints to manufacturers and through retail stores across more than 70 countries. PPG is one of the largest coatings companies in the world, competing mainly with Sherwin-Williams and AkzoNobel. Its moat comes from long-term customer relationships, proprietary formulas, and the high cost of switching suppliers in industries like aerospace and automotive. The main risk PPG faces is that its raw material costs — especially resins and solvents derived from oil — can rise quickly, squeezing profit margins when the company cannot pass those costs on to customers fast enough.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.2% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

-1.0% YoY

Quarterly reporting periods ended:

30 Jun 2025: $1.98

30 Jun 2026: $1.96

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$423M/ year

→ Flat (+0% vs prior year)

2.7% of revenue

In line with sector average (3%)

Steady R&D investment year-over-year

Insider Activity

0.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$2.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

PPG Industries is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
40.2%
Healthy — 40.2% gross margin
Profit after running costs
Operating Margin
14.1%
Healthy — 14.1% operating margin
Return on the money invested
ROCE
12.9%
Good — 12.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+12.3%
Fast-growing sales (+12.3% YoY)
Profit growth
EPS YoY
+58.5%
Earnings growing fast (+58.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
138%
Turns 138% of profit into real cash
Spare cash per sale
FCF Margin
8.6%
Modest free cash flow (8.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.88
Moderate — manageable debt (0.88)
Covers its interest
Interest Cover
8.04x
Comfortably covers interest (8.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.8x
Fair value — P/E 15.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+3.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (15.8 → 12.5)

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Dividends

Dividend
Dividend Yield
2.76%
Moderate income — 2.76% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+4.3%
Dividend growing modestly (4.3% YoY)
Payout Ratio
41%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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