Axalta Coating Systems Ltd. (AXTA) 10-Year Financial Performance & Capital Metrics

AXTA • • Industrial / General

Basic MaterialsSpecialty ChemicalsPerformance Coatings & PaintsIndustrial & Automotive Coatings

AboutAxalta Coating Systems Ltd., through its subsidiaries, manufactures, markets, and distributes high-performance coatings systems in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It operates through two segments, Performance Coatings and Transportation Coatings. The company offers water and solvent-borne products and systems to repair damaged vehicles for independent body shops, multi-shop operators, and original equipment manufacturer (OEM) dealership body shops. It also provides functional and decorative liquid, and powder coatings used in various industrial applications, including architectural cladding and fittings, automotive coatings, general industrial, job coaters, energy solutions, HVAC, appliances, industrial wood, coil, and oil and gas pipelines; and coatings for building materials, cabinet, wood and luxury vinyl flooring, and furniture market under the Voltatex, AquaEC, Durapon, Hydropon, UNRIVALED, Tufcote, and Ceranamel for liquid coatings; and Alesta, Nap-Gard, Abcite, Teodur, and Plascoat brands for powder coatings. In addition, the company develops and supplies electrocoat, primer, the basecoat, and clearcoat products for OEMs of light and commercial vehicles; and coatings systems for various commercial applications, including HDT, bus, and rail under the Imron, Imron Elite, Centari, Rival, Corlar epoxy undercoats, and AquaEC brands. It also sells its product under the Audurra, Challenger, Chemophan, ColorNet, Cromax, Cromax Mosaic, Durapon 70, Duxone, Harmonized Coating Technologies, Imron ExcelPro, Lutophen, Nason, Spies Hecker, Standox, Stollaquid, Syntopal, Syrox, Raptor, U-POL, and Vermeera brand names. The company was formerly known as Axalta Coating Systems Bermuda Co., Ltd. and changed its name to Axalta Coating Systems Ltd. in August 2014. Axalta Coating Systems Ltd. was founded in 1866 and is headquartered in Philadelphia, Pennsylvania.Show more

Revenue $5.28B +1.8%
EBITDA $986M +14.1%
Net Income $391M +46.4%
EPS (Diluted) 1.78 +47.1%
Gross Margin 34.08% +9.2%
EBITDA Margin 18.69% +12.1%
Operating Margin 13.38% +18.0%
Net Margin 7.41% +43.9%
ROE 20.97% +28.5%
ROIC 11.07% +17.2%
Debt/Equity 1.80 -11.6%
Interest Coverage 3.44 +24.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 9/9
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 16.6%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.85%

5Y3.31%

3Y6.11%

TTM-1.83%

Profit (Net Income) CAGR

10Y30.45%

5Y9.44%

3Y14%

TTM39.1%

EPS CAGR

10Y30.96%

5Y10.92%

3Y16.01%

TTM39.6%

ROCE

10Y Avg8.3%

5Y Avg8.51%

3Y Avg9.85%

Latest12.03%

Peer Comparison

Industrial & Automotive Coatings

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CCThe Chemours Company	2.33B	15.56	27.30	-4.87%	-5.67%	-111%		7.20
AXTAAxalta Coating Systems Ltd.	7.17B	33.61	18.88	1.77%	8.81%	19.57%	6.08%	1.80
KROKronos Worldwide, Inc.	636.24M	5.53	7.37	13.24%	-2.22%	-5.13%	6.76%	0.65

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	4.11B	4.09B	4.38B	4.7B	4.48B	3.74B	4.42B	4.88B	5.18B	5.28B
Revenue Growth %	-0.06%	-0%	0.07%	0.07%	-0.05%	-0.17%	0.18%	0.11%	0.06%	0.02%
Cost of Goods Sold+	2.6B	2.53B	2.78B	3.11B	2.92B	2.46B	2.99B	3.47B	3.57B	3.48B
COGS % of Revenue	0.63%	0.62%	0.64%	0.66%	0.65%	0.66%	0.68%	0.71%	0.69%	0.66%
Gross Profit+	1.51B	1.56B	1.6B	1.59B	1.56B	1.28B	1.43B	1.42B	1.62B	1.8B
Gross Margin %	0.37%	0.38%	0.36%	0.34%	0.35%	0.34%	0.32%	0.29%	0.31%	0.34%
Gross Profit Growth %	0.01%	0.03%	0.02%	-0%	-0.02%	-0.18%	0.12%	-0.01%	0.14%	0.11%
Operating Expenses+	1.05B	1.16B	1.23B	1.15B	1.08B	974.2M	966.5M	995M	1.03B	1.09B
OpEx % of Revenue	0.25%	0.28%	0.28%	0.24%	0.24%	0.26%	0.22%	0.2%	0.2%	0.21%
Selling, General & Admin	914.8M	959.8M	934.7M	876.4M	822.1M	695M	738.7M	772M	840M	847M
SG&A % of Revenue	0.22%	0.23%	0.21%	0.19%	0.18%	0.19%	0.17%	0.16%	0.16%	0.16%
Research & Development	51.6M	57.7M	65.3M	73.1M	70.2M	55.2M	62.4M	66M	74M	74M
R&D % of Revenue	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%
Other Operating Expenses	80.7M	141.3M	232.8M	198.1M	183.8M	224M	165.4M	157M	116M	171M
Operating Income+	465.6M	405.1M	363.7M	442.1M	488.2M	305.5M	462.4M	423M	588M	706M
Operating Margin %	0.11%	0.1%	0.08%	0.09%	0.11%	0.08%	0.1%	0.09%	0.11%	0.13%
Operating Income Growth %	0.26%	-0.13%	-0.1%	0.22%	0.1%	-0.37%	0.51%	-0.09%	0.39%	0.2%
EBITDA+	773.3M	727.2M	711.2M	811.2M	841.2M	625.8M	778.9M	726M	864M	986M
EBITDA Margin %	0.19%	0.18%	0.16%	0.17%	0.19%	0.17%	0.18%	0.15%	0.17%	0.19%
EBITDA Growth %	0.14%	-0.06%	-0.02%	0.14%	0.04%	-0.26%	0.24%	-0.07%	0.19%	0.14%
D&A (Non-Cash Add-back)	307.7M	322.1M	347.5M	369.1M	353M	320.3M	316.5M	303M	276M	280M
EBIT	354.4M	260.9M	336.6M	427.1M	492.6M	272.1M	474.7M	397M	568M	701M
Net Interest Income+	-196.5M	-178.2M	-147M	-159.6M	-162.6M	-149.9M	-134.2M	-140M	-213M	-205M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	196.5M	178.2M	147M	159.6M	162.6M	149.9M	134.2M	140M	213M	205M
Other Income/Expense	-307.7M	-322.4M	-174.1M	-174.6M	-158.2M	-183.3M	-121.9M	-166M	-233M	-210M
Pretax Income+	157.9M	82.7M	189.6M	267.5M	330M	122.2M	340.5M	257M	355M	496M
Pretax Margin %	0.04%	0.02%	0.04%	0.06%	0.07%	0.03%	0.08%	0.05%	0.07%	0.09%
Income Tax+	62.1M	38.1M	141.9M	54.2M	77.4M	200K	76.1M	65M	86M	105M
Effective Tax Rate %	0.58%	0.47%	0.19%	0.77%	0.75%	1%	0.78%	0.75%	0.75%	0.79%
Net Income+	91.6M	38.8M	36.7M	207.1M	249M	121.6M	263.9M	192M	267M	391M
Net Margin %	0.02%	0.01%	0.01%	0.04%	0.06%	0.03%	0.06%	0.04%	0.05%	0.07%
Net Income Growth %	2.34%	-0.58%	-0.05%	4.64%	0.2%	-0.51%	1.17%	-0.27%	0.39%	0.46%
Net Income (Continuing)	95.8M	44.6M	47.7M	213.3M	252.6M	122M	264.4M	192M	269M	391M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	67.5M	121.5M	131.7M	105.4M	55.4M	46.8M	45.8M	46M	45.5M	44M
EPS (Diluted)+	0.39	0.17	0.15	0.85	1.06	0.52	1.14	0.86	1.21	1.78
EPS Growth %	2.25%	-0.56%	-0.12%	4.67%	0.25%	-0.51%	1.19%	-0.25%	0.41%	0.47%
EPS (Basic)	0.40	0.18	0.15	0.87	1.06	0.52	1.14	0.86	1.21	1.78
Diluted Shares Outstanding	239.7M	244.4M	246.1M	242.9M	235.8M	236M	231.9M	222.3M	221.9M	220.4M
Basic Shares Outstanding	233.8M	238.1M	240.4M	239M	233.9M	235.2M	231M	221.7M	221M	219.3M
Dividend Payout Ratio	-	0.08%	0.08%	0%	-	0.01%	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.92B	1.92B	2.32B	2.31B	2.57B	2.93B	2.58B	2.69B	2.82B	2.72B
Cash & Short-Term Investments	485M	535.4M	769.8M	693.6M	1.02B	1.36B	840.6M	654.9M	703.1M	593M
Cash Only	485M	535.4M	769.8M	693.6M	1.02B	1.36B	840.6M	654.9M	703.1M	593M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	765.8M	801.9M	870.2M	860.8M	867.6M	907M	937.5M	1.11B	1.3B	1.25B
Days Sales Outstanding	68.01	71.52	72.57	66.91	70.65	88.57	77.48	82.81	91.47	86.34
Inventory	530.7M	529.7M	608.6M	613M	591.6M	559.9M	669.7M	829.6M	741.1M	734M
Days Inventory Outstanding	74.58	76.46	79.89	72.03	74	83.15	81.83	87.36	75.86	77.03
Other Current Assets	2.7M	2.7M	3.1M	2.8M	93.7M	95M	10.6M	100.2M	78M	148M
Total Non-Current Assets+	3.94B	3.93B	4.52B	4.37B	4.24B	4.23B	4.64B	4.37B	4.45B	4.53B
Property, Plant & Equipment	1.38B	1.32B	1.39B	1.3B	1.32B	1.3B	1.29B	1.29B	1.31B	1.28B
Fixed Asset Turnover	2.97x	3.11x	3.15x	3.62x	3.40x	2.88x	3.42x	3.78x	3.96x	4.12x
Goodwill	928.2M	961M	1.27B	1.23B	1.21B	1.29B	1.59B	1.5B	1.59B	1.64B
Intangible Assets	1.19B	1.13B	1.43B	1.35B	1.22B	1.15B	1.28B	1.11B	1.13B	1.15B
Long-Term Investments	4.2M	4.4M	5.2M	1.7M	9.6M	1.7M	0	1M	600K	1M
Other Non-Current Assets	202.8M	209.3M	225M	302.6M	321.3M	266.5M	298.8M	297.2M	249.5M	456M
Total Assets+	5.85B	5.85B	6.83B	6.68B	6.82B	7.16B	7.22B	7.06B	7.27B	7.25B
Asset Turnover	0.70x	0.70x	0.64x	0.70x	0.66x	0.52x	0.61x	0.69x	0.71x	0.73x
Asset Growth %	-0.06%	0%	0.17%	-0.02%	0.02%	0.05%	0.01%	-0.02%	0.03%	-0%
Total Current Liabilities+	881.6M	919.7M	1.08B	1.04B	1.07B	1.18B	1.33B	1.38B	1.43B	1.35B
Accounts Payable	454.7M	474.2M	554.9M	522.8M	442M	513.4M	610.9M	681.1M	665.3M	603M
Days Payables Outstanding	63.9	68.44	72.84	61.43	55.29	76.24	74.64	71.73	68.1	63.28
Short-Term Debt	50.1M	27.9M	37.7M	42.2M	73.2M	83M	79.7M	59.4M	56.9M	20M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	43.1M	260.8M	302.1M	147M	353.1M	350M	179.6M	426.1M	408.8M	245M
Current Ratio	2.17x	2.09x	2.14x	2.22x	2.40x	2.48x	1.93x	1.94x	1.98x	2.01x
Quick Ratio	1.57x	1.51x	1.58x	1.63x	1.85x	2.00x	1.43x	1.35x	1.46x	1.47x
Cash Conversion Cycle	78.69	79.53	79.62	77.51	89.36	95.48	84.67	98.44	99.23	100.09
Total Non-Current Liabilities+	3.83B	3.68B	4.34B	4.32B	4.34B	4.5B	4.34B	4.17B	4.07B	3.94B
Long-Term Debt	3.39B	3.24B	3.88B	3.82B	3.73B	3.84B	3.75B	3.67B	3.42B	3.35B
Capital Lease Obligations	0	0	0	88.4M	131.7M	75.6M	0	75.9M	130M	124M
Deferred Tax Liabilities	165.5M	160.2M	152.9M	140.8M	115.5M	114M	174.7M	162.1M	162.3M	151M
Other Non-Current Liabilities	433.4M	281.3M	311.4M	273.6M	360.3M	468.4M	419M	263.7M	355.5M	314M
Total Liabilities	4.71B	4.6B	5.42B	5.37B	5.41B	5.68B	5.68B	5.56B	5.5B	5.29B
Total Debt+	3.44B	3.26B	3.92B	3.86B	3.93B	4B	3.86B	3.81B	3.61B	3.52B
Net Debt	2.96B	2.73B	3.15B	3.17B	2.91B	2.63B	3.02B	3.15B	2.91B	2.93B
Debt / Equity	3.02x	2.60x	2.78x	2.95x	2.79x	2.70x	2.51x	2.54x	2.04x	1.80x
Debt / EBITDA	4.45x	4.49x	5.51x	4.76x	4.68x	6.39x	4.95x	5.25x	4.18x	3.57x
Net Debt / EBITDA	3.82x	3.75x	4.42x	3.91x	3.46x	4.21x	3.87x	4.34x	3.37x	2.97x
Interest Coverage	2.37x	2.27x	2.47x	2.77x	3.00x	2.04x	3.45x	3.02x	2.76x	3.44x
Total Equity+	1.14B	1.26B	1.41B	1.31B	1.41B	1.48B	1.54B	1.5B	1.77B	1.96B
Equity Growth %	0.03%	0.1%	0.12%	-0.07%	0.08%	0.05%	0.04%	-0.03%	0.18%	0.1%
Book Value per Share	4.76	5.15	5.72	5.40	5.98	6.27	6.64	6.75	7.99	8.87
Total Shareholders' Equity	1.07B	1.14B	1.28B	1.21B	1.35B	1.43B	1.49B	1.45B	1.73B	1.91B
Common Stock	237M	239.3M	242.4M	245.3M	249.9M	250.9M	251.8M	252.4M	253.7M	255M
Retained Earnings	-132.8M	-47.1M	-21.4M	198.6M	443.2M	563.3M	827.2M	1.02B	1.29B	1.68B
Treasury Stock	0	0	-58.4M	-312.2M	-417.5M	-443.5M	-687.2M	-887.3M	-937.3M	-1.04B
Accumulated OCI	-269.3M	-350.4M	-241M	-336.1M	-395.5M	-424.8M	-414.4M	-466.9M	-444.2M	-582M
Minority Interest	67.5M	121.5M	131.7M	105.4M	55.4M	46.8M	45.8M	46M	45.5M	44M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	399.6M	559.3M	540M	496.1M	573.1M	509.3M	558.6M	293.8M	575.3M	576M
Operating CF Margin %	0.1%	0.14%	0.12%	0.11%	0.13%	0.14%	0.13%	0.06%	0.11%	0.11%
Operating CF Growth %	0.59%	0.4%	-0.03%	-0.08%	0.16%	-0.11%	0.1%	-0.47%	0.96%	0%
Net Income	97.9M	47.6M	47.7M	213.3M	252.6M	122M	264.4M	192.2M	268.5M	391M
Depreciation & Amortization	307.7M	322.1M	347.5M	369.1M	353M	320.3M	316.5M	303.1M	275.6M	280M
Stock-Based Compensation	30.2M	41.1M	38.5M	37.3M	15.7M	15.1M	14.9M	22.2M	26.2M	28M
Deferred Taxes	-5M	-14.2M	91.7M	6.1M	15.7M	-55.4M	15M	-3.4M	-8.4M	-17M
Other Non-Cash Items	159.9M	217.4M	100.7M	24.5M	21.2M	49M	-6.8M	44.1M	66.9M	17M
Working Capital Changes	-191.1M	-54.7M	-86.1M	-154.2M	-85.1M	58.3M	-45.4M	-264.4M	-53.5M	-123M
Change in Receivables	-61.1M	-67.8M	-15.2M	-22.3M	-10.1M	-116M	-80.5M	-171M	-119M	-7M
Change in Inventory	-35.2M	-1.7M	-19.9M	-48.1M	10.8M	39.6M	-111.6M	-195.4M	103.1M	12M
Change in Payables	-6.7M	32.3M	39.8M	49.5M	18.2M	103M	140.1M	138M	9.4M	-49M
Cash from Investing+	-164.3M	-257M	-689.6M	-216.1M	-93.9M	-61.5M	-716M	-106.4M	-205.7M	-440M
Capital Expenditures	-138.5M	-136.2M	-125M	-143.4M	-112.5M	-82.1M	-121.6M	-150.9M	-137.9M	-140M
CapEx % of Revenue	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	0.03%	0.03%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.5M	-6M	4.1M	5.1M	21.9M	17.2M	54.6M	22.5M	38.5M	1M
Cash from Financing+	-74.5M	-232.6M	367.3M	-341.3M	-158.4M	-130.9M	-334.5M	-368.9M	-315M	-201M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-4.7M	-3M	-3M	-1M	0	-900K	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-19.8M	16.5M	9.2M	-16.8M	14M	-41.9M	10.2M	-15.8M	-17.1M	-9M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	261.1M	423.1M	415M	352.7M	460.6M	427.2M	437M	142.9M	437.4M	436M
FCF Margin %	0.06%	0.1%	0.09%	0.08%	0.1%	0.11%	0.1%	0.03%	0.08%	0.08%
FCF Growth %	3.16%	0.62%	-0.02%	-0.15%	0.31%	-0.07%	0.02%	-0.67%	2.06%	-0%
FCF per Share	1.09	1.73	1.69	1.45	1.95	1.81	1.88	0.64	1.97	1.98
FCF Conversion (FCF/Net Income)	4.36x	14.41x	14.71x	2.40x	2.30x	4.19x	2.12x	1.53x	2.15x	1.47x
Interest Paid	172.5M	169.4M	130.1M	152.4M	156.9M	151.7M	118.1M	126.8M	212.5M	198M
Taxes Paid	52.4M	39.2M	61.7M	57.4M	42.2M	25.9M	57.9M	63M	96.7M	131M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.13%	3.23%	2.75%	15.24%	18.31%	8.42%	17.49%	12.64%	16.32%	20.97%
Return on Invested Capital (ROIC)	8.19%	7.52%	6.39%	7.34%	8.32%	5.43%	8%	6.89%	9.45%	11.07%
Gross Margin	36.81%	38.21%	36.47%	33.85%	34.9%	34.24%	32.36%	29.03%	31.21%	34.08%
Net Margin	2.23%	0.95%	0.84%	4.41%	5.56%	3.25%	5.98%	3.93%	5.15%	7.41%
Debt / Equity	3.02x	2.60x	2.78x	2.95x	2.79x	2.70x	2.51x	2.54x	2.04x	1.80x
Interest Coverage	2.37x	2.27x	2.47x	2.77x	3.00x	2.04x	3.45x	3.02x	2.76x	3.44x
FCF Conversion	4.36x	14.41x	14.71x	2.40x	2.30x	4.19x	2.12x	1.53x	2.15x	1.47x
Revenue Growth	-6.41%	-0.42%	6.95%	7.29%	-4.55%	-16.61%	18.16%	10.59%	6.14%	1.77%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Performance Coatings	2.4B	2.68B	3.03B	2.92B	2.52B	3.1B	3.33B	3.41B	3.46B
Performance Coatings Growth	-	11.31%	13.11%	-3.38%	-13.92%	23.04%	7.44%	2.43%	1.39%
Mobility Coatings	-	-	-	-	-	1.32B	1.56B	1.78B	1.82B
Mobility Coatings Growth	-	-	-	-	-	-	18.02%	14.04%	2.51%
Transportation Coatings	1.67B	1.68B	1.64B	1.56B	1.22B	-	-	-	-
Transportation Coatings Growth	-	0.45%	-2.01%	-5.18%	-21.66%	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024
North America	1.43B	1.61B	1.78B	1.8B	1.48B	1.72B	2.02B	2.04B	2.01B
North America Growth	-	12.32%	10.94%	0.64%	-17.53%	16.37%	17.36%	0.80%	-1.18%
EMEA	1.46B	1.54B	1.66B	1.58B	1.38B	1.62B	1.6B	1.78B	1.78B
EMEA Growth	-	5.70%	7.79%	-4.88%	-12.78%	17.66%	-0.90%	10.72%	0.44%
Asia Pacific	723.9M	748.1M	758.2M	653.5M	546.3M	671.1M	735M	780.5M	862M
Asia Pacific Growth	-	3.34%	1.35%	-13.81%	-16.40%	22.84%	9.52%	6.19%	10.44%
Latin America	462.9M	458.8M	469.8M	456.4M	335.1M	403.5M	523.3M	589.4M	616M
Latin America Growth	-	-0.89%	2.40%	-2.85%	-26.58%	20.41%	29.69%	12.63%	4.51%

Frequently Asked Questions

Valuation & Price

Axalta Coating Systems Ltd. (AXTA) has a price-to-earnings (P/E) ratio of 18.9x. This is roughly in line with market averages.

Growth & Financials

Axalta Coating Systems Ltd. (AXTA) reported $5.17B in revenue for fiscal year 2024. This represents a 21% increase from $4.26B in 2012.

Axalta Coating Systems Ltd. (AXTA) grew revenue by 1.8% over the past year. Growth has been modest.

Yes, Axalta Coating Systems Ltd. (AXTA) is profitable, generating $455.0M in net income for fiscal year 2024 (7.4% net margin).

Dividend & Returns

Axalta Coating Systems Ltd. (AXTA) has a return on equity (ROE) of 21.0%. This is excellent, indicating efficient use of shareholder capital.

Axalta Coating Systems Ltd. (AXTA) generated $339.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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