PPG Industries, Inc. (PPG) Financial Ratios
30 years of historical data (1996–2025) · Basic Materials · Chemicals - Specialty
EV/EBITDA
↓
11.21
↓-27% vs avg
5yr avg: 15.29
30Y Low5.5·High21.2
P/FCF
↓
21.46
↓-39% vs avg
5yr avg: 35.22
30Y Low7.2·High62.6
P/B Ratio
↓
N/A
—
5yr avg: 4.83
30Y Low2.0·High6.4
ROE
↑
92.2%
↓+182% vs avg
5yr avg: 32.7%
30Y Low-3%·High92%
Debt/EBITDA
↓
2.76
↓-5% vs avg
5yr avg: 2.90
30Y Low0.8·High3.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
PPG Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
PPG Industries, Inc. trades at 16.1x earnings, 36% below its 5-year average of 25.1x, sitting at the 38th percentile of its historical range. Compared to the Basic Materials sector median P/E of 22.2x, the stock trades at a discount of 27%. On a free-cash-flow basis, the stock trades at 21.5x P/FCF, 39% below the 5-year average of 35.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $25.0B | $23.3B | $28.1B | $35.5B | $29.8B | $41.3B | $34.3B | $31.8B | $25.1B | $30.1B | $25.3B |
| Enterprise Value | $30.2B | $28.6B | $33.2B | $40.6B | $36.4B | $47.7B | $39.1B | $36.4B | $29.2B | $32.8B | $27.9B |
| P/E Ratio → | 16.12 | 14.81 | 25.15 | 27.95 | 29.11 | 28.69 | 32.41 | 25.57 | 18.72 | 18.90 | 28.89 |
| P/S Ratio | 1.57 | 1.47 | 1.77 | 2.18 | 1.91 | 2.46 | 2.48 | 2.10 | 1.63 | 2.04 | 1.78 |
| P/B Ratio | — | — | 4.03 | 4.42 | 4.45 | 6.44 | 5.90 | 5.89 | 5.30 | 5.31 | 5.16 |
| P/FCF | 21.46 | 20.01 | 40.14 | 18.72 | 62.55 | 34.66 | 18.79 | 19.07 | 23.76 | 24.93 | 27.45 |
| P/OCF | 12.86 | 11.99 | 19.76 | 14.71 | 30.98 | 26.43 | 16.11 | 15.29 | 17.10 | 19.21 | 19.12 |
P/E links to full P/E history page with 30-year chart
PPG EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
PPG Industries, Inc.'s enterprise value stands at 11.2x EBITDA, 27% below its 5-year average of 15.3x. This is roughly in line with the Basic Materials sector median of 11.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.80 | 2.09 | 2.50 | 2.33 | 2.84 | 2.83 | 2.40 | 1.90 | 2.23 | 1.96 |
| EV / EBITDA | 11.21 | 10.59 | 11.94 | 15.92 | 16.78 | 21.25 | 17.08 | 14.83 | 12.38 | 13.27 | 17.15 |
| EV / EBIT | 13.94 | 12.49 | 15.85 | 20.95 | 23.90 | 24.66 | 26.06 | 20.32 | 16.12 | 15.56 | 30.90 |
| EV / FCF | — | 24.55 | 47.47 | 21.41 | 76.26 | 40.09 | 21.41 | 21.85 | 27.65 | 27.17 | 30.27 |
PPG Profitability
Margins and return-on-capital ratios measuring operating efficiency
PPG Industries, Inc. earns an operating margin of 13.7%, above the Basic Materials sector average of 9.2%. Operating margins have expanded from 12.5% to 13.7% over the past 3 years, signaling improving operational efficiency. Return on equity of 92.2% is exceptionally high. ROIC of 23.5% represents excellent returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.0% | 38.0% | 41.6% | 40.4% | 36.1% | 38.8% | 43.8% | 42.9% | 41.5% | 44.3% | 46.3% |
| Operating Margin | 13.7% | 13.7% | 14.4% | 12.5% | 10.7% | 10.0% | 12.9% | 12.8% | 12.1% | 13.7% | 8.3% |
| Net Profit Margin | 9.9% | 9.9% | 7.0% | 7.8% | 6.6% | 8.6% | 7.7% | 8.2% | 8.7% | 10.8% | 6.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 92.2% | 92.2% | 14.9% | 17.2% | 15.6% | 23.5% | 18.9% | 24.5% | 25.8% | 30.1% | 17.5% |
| ROA | 11.5% | 11.5% | 5.4% | 6.0% | 4.9% | 7.0% | 5.7% | 7.4% | 8.2% | 9.9% | 5.3% |
| ROIC | 23.5% | 23.5% | 13.6% | 11.6% | 9.6% | 10.8% | 12.9% | 15.5% | 16.2% | 19.0% | 11.5% |
| ROCE | 24.8% | 24.8% | 14.7% | 12.5% | 10.2% | 10.8% | 12.7% | 15.6% | 15.3% | 16.7% | 10.0% |
PPG Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
PPG Industries, Inc. carries a Debt/EBITDA ratio of 2.8x, which is moderately leveraged (11% above the sector average of 2.5x). Net debt stands at $5.3B ($7.4B total debt minus $2.2B cash). Interest coverage of 9.5x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.92 | 0.82 | 1.14 | 1.16 | 1.14 | 1.08 | 1.06 | 0.73 | 0.90 |
| Debt / EBITDA | 2.76 | 2.76 | 2.30 | 2.59 | 3.52 | 3.32 | 2.89 | 2.38 | 2.13 | 1.68 | 2.71 |
| Net Debt / Equity | — | — | 0.74 | 0.64 | 0.97 | 1.01 | 0.82 | 0.86 | 0.87 | 0.48 | 0.53 |
| Net Debt / EBITDA | 1.96 | 1.96 | 1.84 | 2.00 | 3.01 | 2.88 | 2.09 | 1.88 | 1.74 | 1.10 | 1.59 |
| Debt / FCF | — | 4.54 | 7.33 | 2.69 | 13.70 | 5.42 | 2.62 | 2.78 | 3.90 | 2.24 | 2.81 |
| Interest Coverage | 9.49 | 9.49 | 8.68 | 7.84 | 9.11 | 16.00 | 10.87 | 13.58 | 15.35 | 20.10 | 7.23 |
PPG Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.62x means PPG Industries, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 1.22x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 1.47x to 1.62x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.62 | 1.62 | 1.31 | 1.47 | 1.52 | 1.42 | 1.41 | 1.41 | 1.36 | 1.66 | 1.55 |
| Quick Ratio | 1.22 | 1.22 | 0.94 | 1.09 | 1.04 | 0.97 | 1.05 | 1.02 | 0.96 | 1.22 | 1.19 |
| Cash Ratio | 0.45 | 0.45 | 0.27 | 0.31 | 0.24 | 0.22 | 0.40 | 0.29 | 0.22 | 0.38 | 0.44 |
| Asset Turnover | — | 1.99 | 0.82 | 0.75 | 0.75 | 0.79 | 0.71 | 0.86 | 0.96 | 0.89 | 0.90 |
| Inventory Turnover | 4.93 | 4.93 | 5.01 | 5.00 | 4.39 | 4.74 | 4.48 | 5.06 | 5.05 | 4.75 | 5.06 |
| Days Sales Outstanding | — | 76.70 | 68.76 | 67.58 | 77.21 | 68.47 | 71.92 | 66.42 | 67.54 | 71.85 | 67.88 |
PPG Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
PPG Industries, Inc. returns 5.6% to shareholders annually — split between a 2.5% dividend yield and 3.2% buyback yield. The payout ratio of 39.8% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 6.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.5% | 2.7% | 2.2% | 1.7% | 1.9% | 1.3% | 1.4% | 1.5% | 1.8% | 1.4% | 1.6% |
| Payout Ratio | 39.8% | 39.8% | 55.7% | 47.1% | 55.6% | 37.2% | 46.8% | 37.7% | 33.8% | 27.2% | 47.4% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.2% | 6.8% | 4.0% | 3.6% | 3.4% | 3.5% | 3.1% | 3.9% | 5.3% | 5.3% | 3.5% |
| FCF Yield | 4.7% | 5.0% | 2.5% | 5.3% | 1.6% | 2.9% | 5.3% | 5.2% | 4.2% | 4.0% | 3.6% |
| Buyback Yield | 3.2% | 3.4% | 2.7% | 0.2% | 0.6% | 0.5% | 0.0% | 1.0% | 6.9% | 2.7% | 4.1% |
| Total Shareholder Yield | 5.6% | 6.1% | 4.9% | 1.9% | 2.5% | 1.8% | 1.4% | 2.5% | 8.7% | 4.1% | 5.8% |
| Shares Outstanding | — | $227M | $235M | $237M | $237M | $239M | $238M | $238M | $245M | $258M | $267M |
Peer Comparison
Compare PPG with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 PPGYou | $25B | 16.1 | 11.2 | 21.5 | 38.0% | 13.7% | 92.2% | 23.5% | 2.8 |
 SHW | $80B | 31.5 | 21.4 | 30.1 | 48.9% | 16.1% | 59.4% | 16.5% | 3.3 |
 RPM | $13B | 19.1 | 14.3 | 24.4 | 41.4% | 12.3% | 25.5% | 13.3% | 2.7 |
 AXTA | $6B | 16.4 | 8.3 | 13.4 | 32.6% | 14.9% | 17.4% | 11.4% | 3.2 |
 DOW | $28B | -10.4 | 14.1 | — | 6.0% | 0.7% | -14.8% | 0.6% | 6.3 |
 LYB | $24B | -31.3 | 34.0 | 61.6 | 9.0% | -1.1% | -6.5% | -1.1% | 15.0 |
 EMN | $9B | 18.5 | 9.1 | 20.4 | 21.1% | 10.6% | 8.0% | 6.7% | 3.5 |
 HUN | $3B | -9.5 | 19.9 | 22.7 | 13.2% | -0.7% | -9.0% | -0.6% | 11.0 |
 CE | $7B | -5.8 | 12.3 | 8.7 | 18.8% | 8.0% | -23.1% | 3.4% | 8.6 |
 KRO | $871M | -7.9 | — | — | 11.5% | -2.0% | -14.1% | -2.1% | — |
 TROX | $2B | -3.4 | 9999.0 | — | 9.3% | -8.7% | -0.1% | -0.0% | 5.3 |
| Basic Materials Median | — | 22.2 | 11.4 | 27.2 | 31.3% | 9.2% | 0.0% | 4.5% | 2.5 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Full PPG Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
See PPG's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs PPG Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare PPG vs SHW
Side-by-side business, growth, and profitability comparison vs The Sherwin-Williams Company.
Start ComparisonPPG — Frequently Asked Questions
Quick answers to the most common questions about buying PPG stock.
What is PPG Industries, Inc.'s P/E ratio?
PPG Industries, Inc.'s current P/E ratio is 16.1x. The historical average is 19.6x. This places it at the 38th percentile of its historical range.
What is PPG Industries, Inc.'s EV/EBITDA?
PPG Industries, Inc.'s current EV/EBITDA is 11.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.1x.
What is PPG Industries, Inc.'s ROE?
PPG Industries, Inc.'s return on equity (ROE) is 92.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 27.0%.
Is PPG stock overvalued?
Based on historical data, PPG Industries, Inc. is trading at a P/E of 16.1x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is PPG Industries, Inc.'s dividend yield?
PPG Industries, Inc.'s current dividend yield is 2.48% with a payout ratio of 39.8%.
What are PPG Industries, Inc.'s profit margins?
PPG Industries, Inc. has 38.0% gross margin and 13.7% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does PPG Industries, Inc. have?
PPG Industries, Inc.'s Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.