PPG Industries (PPG) Financials

$108.69 -1.53 (-1.39%)

Closing price 03:59 PM Eastern

Extended Trading

$105.70 -2.99 (-2.75%)

As of 06:01 PM Eastern

Annual Income Statements for PPG Industries

This table shows PPG Industries' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	1,406	873	1,594	1,341	2,486	2,118	2,878	1,026	1,270	1,116
Consolidated Net Income / (Loss)	1,427	895	1,615	1,358	2,512	2,133	2,899	1,054	1,309	1,149
Net Income / (Loss) Continuing Operations	1,332	565	1,390	1,340	1,269	1,071	1,441	1,035	1,262	1,377
Total Pre-Tax Income	1,745	779	2,005	1,693	1,661	1,362	1,815	1,355	1,690	1,852
Total Operating Income	1,831	878	2,090	1,796	1,761	1,513	1,798	1,402	1,877	1,908
Total Gross Profit	6,455	6,605	6,539	6,373	6,493	6,057	6,516	5,639	6,564	6,593
Total Revenue	14,241	14,270	14,748	15,374	15,146	13,834	16,802	15,614	16,242	15,845
Operating Revenue	14,241	14,270	14,748	15,374	15,146	13,834	16,802	15,614	16,242	15,845
Total Cost of Revenue	7,786	7,665	8,209	9,001	8,653	7,777	10,286	9,975	9,678	9,252
Operating Cost of Revenue	7,786	7,665	8,209	9,001	8,653	7,777	10,286	9,975	9,678	9,252
Total Operating Expenses	4,624	5,727	4,449	4,577	4,732	4,544	4,718	4,237	4,687	4,685
Selling, General & Admin Expense	3,674	3,797	3,628	3,573	3,690	3,389	3,780	3,037	3,401	3,391
Research & Development Expense	466	453	451	441	432	379	439	434	424	423
Depreciation Expense	314	319	331	354	375	371	389	357	360	360
Amortization Expense	132	121	129	143	136	138	172	145	154	132
Other Operating Expenses / (Income)	-110	-127	-150	-	-77	0.00	-83	0.00	190	0.00
Impairment Charge	-	-	-	0.00	0.00	93	21	231	160	146
Restructuring Charge	136	191	0.00	66	176	174	-	33	-2.00	233
Total Other Income / (Expense), net	-86	-99	-85	-103	-100	-151	17	-47	-187	-56
Interest Expense	125	125	105	118	132	138	121	167	247	241
Interest & Investment Income	39	26	20	23	32	23	26	54	140	177
Other Income / (Expense), net	-	-	-	-8.00	-	-36	112	66	-80	8.00
Income Tax Expense	413	214	615	353	392	291	374	320	428	475
Net Income / (Loss) Discontinued Operations	95	330	-	18	0.00	3.00	19	19	47	-228
Net Income / (Loss) Attributable to Noncontrolling Interest	21	22	21	17	26	15	21	28	39	33
Basic Earnings per Share	$5.18	$3.29	$6.22	$5.50	$5.25	$4.47	$6.06	$4.34	$5.38	$4.77
Weighted Average Basic Shares Outstanding	271.40M	265.60M	256.10M	243.90M	235.76M	473.58M	236.00M	235.18M	235.25M	226.95M
Diluted Earnings per Share	$5.14	$3.27	$6.18	$5.47	$5.22	$4.45	$6.01	$4.32	$5.35	$4.75
Weighted Average Diluted Shares Outstanding	271.40M	265.60M	256.10M	243.90M	235.76M	473.58M	236.00M	235.18M	235.25M	226.95M
Weighted Average Basic & Diluted Shares Outstanding	271.40M	265.60M	256.10M	243.90M	235.76M	473.58M	236.00M	235.18M	235.25M	226.95M
Cash Dividends to Common per Share	$1.41	$1.56	$1.70	$1.86	$1.98	$2.10	$2.26	$2.42	$2.54	$2.66

This table shows PPG Industries' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	329	238	264	490	426	90	400	528	468	-280	373
Consolidated Net Income / (Loss)	339	246	273	497	436	103	409	537	474	-271	378
Net Income / (Loss) Continuing Operations	339	225	273	497	436	56	409	537	474	-43	380
Total Pre-Tax Income	418	293	353	646	557	134	538	693	611	10	502
Total Operating Income	471	239	387	681	582	227	551	738	630	-11	515
Total Gross Profit	1,647	645	1,784	2,006	1,892	882	1,866	2,060	1,912	755	1,542
Total Revenue	4,468	2,147	4,380	4,872	4,644	2,346	4,311	4,794	4,575	2,165	3,684
Operating Revenue	4,468	2,147	4,380	4,872	4,644	2,346	4,311	4,794	4,575	2,165	3,684
Total Cost of Revenue	2,821	1,502	2,596	2,866	2,752	1,464	2,445	2,734	2,663	1,410	2,142
Operating Cost of Revenue	2,821	1,502	2,596	2,866	2,752	1,464	2,445	2,734	2,663	1,410	2,142
Total Operating Expenses	1,176	406	1,397	1,325	1,310	655	1,315	1,322	1,282	766	1,027
Selling, General & Admin Expense	931	150	992	1,069	1,047	293	1,064	1,077	1,062	188	838
Research & Development Expense	110	94	104	110	108	102	109	111	105	98	102
Depreciation Expense	95	61	92	93	102	73	103	98	97	62	89
Amortization Expense	40	20	41	40	40	33	38	36	32	26	32
Other Operating Expenses / (Income)	-	-	-22	13	13	186	1.00	-	-14	-	-34
Total Other Income / (Expense), net	-53	54	-34	-35	-25	-93	-13	-45	-19	21	-13
Interest Expense	46	53	59	67	64	57	55	62	67	57	56
Interest & Investment Income	14	20	25	32	39	44	42	45	48	42	43
Income Tax Expense	79	68	80	149	121	78	129	156	137	53	122
Net Income / (Loss) Discontinued Operations	0.00	-	-	-	-	-	-	-	-	-	-2.00
Other Adjustments to Consolidated Net Income / (Loss)	0.00	-	-	-	-	-	-	-	-	-	-2.00
Net Income / (Loss) Attributable to Noncontrolling Interest	10	8.00	9.00	7.00	10	13	9.00	9.00	6.00	9.00	5.00
Basic Earnings per Share	$1.40	$1.00	$1.12	$2.08	$1.80	$0.38	$1.70	$2.25	$2.01	($1.19)	$1.63
Weighted Average Basic Shares Outstanding	235.03M	235.18M	235.51M	-	235.80M	235.25M	234.50M	233.30M	232M	226.95M	227M
Diluted Earnings per Share	$1.39	$1.00	$1.11	$2.06	$1.79	$0.39	$1.69	$2.24	$2.00	($1.18)	$1.63
Weighted Average Diluted Shares Outstanding	235.03M	235.18M	235.51M	-	235.80M	235.25M	234.50M	233.30M	232M	226.95M	227M
Weighted Average Basic & Diluted Shares Outstanding	235.03M	235.18M	235.51M	-	235.80M	235.25M	234.50M	233.30M	232M	226.95M	227M

This table details how cash moves in and out of PPG Industries' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	625	509	-384	-534	314	610	-821	91	410	-223
Net Cash From Operating Activities	1,895	1,351	1,568	1,467	2,080	2,130	1,562	963	2,411	1,420
Net Cash From Continuing Operating Activities	1,759	1,218	1,551	1,487	2,084	2,130	1,562	1,000	2,294	1,391
Net Income / (Loss) Continuing Operations	1,332	565	1,390	1,340	1,269	1,071	1,441	1,035	1,262	1,377
Depreciation Expense	446	440	460	497	511	509	561	502	514	492
Non-Cash Adjustments To Reconcile Net Income	325	449	145	176	329	399	-200	139	519	298
Changes in Operating Assets and Liabilities, net	-344	-236	-444	-526	-25	151	-240	-679	-1.00	-776
Net Cash From Discontinued Operating Activities	136	133	17	-20	-4.00	-	-	-37	117	29
Net Cash From Investing Activities	-395	436	-67	-764	-1,009	-1,447	-2,404	-461	-556	107
Net Cash From Continuing Investing Activities	-349	472	-63	-764	-1,009	-1,447	-2,404	-430	-525	-399
Purchase of Property, Plant & Equipment	-430	-380	-360	-411	-413	-304	-371	-486	-516	-721
Acquisitions	-320	-349	-325	-378	-643	-1,169	-2,137	-114	-109	-31
Sale of Property, Plant & Equipment	-	0.00	0.00	27	0.00	0.00	47	117	36	325
Other Investing Activities, net	27	27	26	3.00	47	26	57	53	64	28
Net Cash From Discontinued Investing Activities	-46	-36	-4.00	-	-	-	-	-31	-31	506
Net Cash From Financing Activities	-812	-1,210	-1,954	-1,205	-758	-59	93	-409	-1,550	-1,425
Net Cash From Continuing Financing Activities	-812	-1,210	-1,954	-1,205	-758	-59	93	-409	-1,550	-1,425
Repayment of Debt	-883	-724	-731	-23	-562	22	147	-765	-1,416	-51
Repurchase of Common Equity	-751	-1,050	-813	-1,721	-325	0.00	-210	-190	-86	-752
Payment of Dividends	-383	-414	-434	-453	-507	-496	-536	-570	-598	-622
Issuance of Debt	1,210	973	0.00	992	595	415	692	1,116	550	0.00
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	-	0.00	0.00	0.00
Effect of Exchange Rate Changes	-63	-68	69	-32	1.00	6.00	-72	1.00	110	-325
Cash Interest Paid	115	118	100	108	127	153	140	156	213	247
Cash Income Taxes Paid	383	349	648	380	348	367	491	436	488	653

This table details how cash moves in and out of PPG Industries' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	98	67	327	-198	-10	291	-333	-50	120	40	560
Net Cash From Operating Activities	512	587	85	536	892	898	-60	365	769	346	-18
Net Cash From Continuing Operating Activities	514	624	85	536	892	781	-60	365	769	317	-16
Net Income / (Loss) Continuing Operations	341	225	273	497	436	56	409	537	474	-43	380
Consolidated Net Income / (Loss)	-	-	273	497	436	-	409	537	474	-	378
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	-	-	-2.00
Depreciation Expense	135	81	133	133	142	106	141	134	129	88	121
Non-Cash Adjustments To Reconcile Net Income	-	-2.00	252	109	40	118	-1.00	-21	16	304	21
Changes in Operating Assets and Liabilities, net	38	317	-573	-203	274	501	-609	-285	150	-32	-538
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	-	-	-	-	-2.00
Net Cash From Investing Activities	-96	-215	-64	-226	-109	-157	-239	-131	-141	618	-168
Net Cash From Continuing Investing Activities	-96	-184	-64	-226	-109	-126	-239	-131	-141	112	-168
Purchase of Property, Plant & Equipment	-104	-118	-120	-122	-139	-135	-256	-118	-149	-198	-209
Acquisitions	-	-71	-	-	-2.00	-1.00	-	-	-2.00	-2.00	0.00
Other Investing Activities, net	-1.00	31	56	-50	12	46	17	4.00	9.00	-2.00	41
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-	-	-	-	0.00
Net Cash From Financing Activities	-269	-353	277	-543	-739	-545	-35	-150	-432	-808	698
Net Cash From Continuing Financing Activities	-269	-353	277	-543	-739	-545	-35	-150	-432	-808	698
Repayment of Debt	-109	-207	-215	-409	-486	-306	-11	-2.00	-311	273	-3.00
Repurchase of Common Equity	-15	-	0.00	-	-	-86	-149	-163	-199	-241	-394
Payment of Dividends	-145	-146	-146	-146	-153	-153	-153	-152	-159	-158	-154
Issuance of Debt	-	-	638	12	-100	-	278	167	237	-682	1,249
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	-	-	-	-	0.00
Effect of Exchange Rate Changes	-49	51	29	35	-54	100	1.00	-134	-76	-116	48
Cash Interest Paid	50	37	73	57	51	32	66	68	64	49	55
Cash Income Taxes Paid	129	93	107	163	108	110	94	249	138	172	123

This table presents PPG Industries' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	17,076	15,771	16,538	16,015	17,708	19,556	21,351	20,744	21,647	19,433
Total Current Assets	6,712	6,574	6,477	5,961	6,170	6,798	6,774	7,173	7,431	6,557
Cash & Equivalents	1,311	1,820	1,436	902	1,216	1,826	1,005	1,099	1,493	1,270
Short-Term Investments	144	43	55	61	57	96	67	55	75	88
Accounts Receivable	2,709	2,654	2,903	2,845	2,756	2,726	3,152	3,303	3,007	2,985
Inventories, net	1,659	1,514	1,730	1,783	1,710	1,735	2,171	2,272	1,934	1,846
Other Current Assets	889	543	353	370	431	415	379	444	922	368
Plant, Property, & Equipment, net	2,822	2,608	2,824	2,805	2,983	3,127	3,442	3,328	3,450	3,464
Total Noncurrent Assets	7,542	6,589	7,237	7,249	8,555	9,631	11,135	10,243	10,766	9,412
Long-Term Investments	367	179	268	251	258	267	274	244	254	331
Goodwill	3,669	3,572	3,942	4,070	4,470	5,102	6,248	6,078	6,115	5,690
Intangible Assets	2,178	1,983	2,045	1,972	2,131	2,351	2,783	2,414	2,261	1,922
Noncurrent Deferred & Refundable Income Taxes	711	186	305	229	220	379	197	95	272	303
Other Noncurrent Operating Assets	617	669	677	727	1,476	1,532	1,633	1,412	1,864	1,166
Total Liabilities & Shareholders' Equity	17,076	15,771	16,538	16,015	17,708	19,556	21,351	20,744	21,647	19,433
Total Liabilities	12,007	10,856	10,866	11,283	12,305	13,741	14,940	14,035	13,624	12,471
Total Current Liabilities	4,695	4,253	3,895	4,373	4,375	4,831	4,766	4,721	5,054	5,014
Short-Term Debt	281	629	12	651	513	578	9.00	313	306	939
Accounts Payable	3,419	3,460	3,781	3,623	3,496	3,792	4,392	4,087	4,161	3,731
Other Current Liabilities	883	100	102	99	366	461	365	321	587	344
Total Noncurrent Liabilities	7,312	6,603	6,971	6,910	7,930	8,910	10,174	9,314	8,570	7,457
Long-Term Debt	4,026	3,787	4,134	4,365	4,539	5,171	6,572	6,503	5,748	4,876
Noncurrent Deferred & Payable Income Tax Liabilities	460	417	442	429	452	435	646	501	500	405
Noncurrent Employee Benefit Liabilities	1,710	1,464	1,428	1,274	1,406	1,678	1,506	1,042	1,038	968
Other Noncurrent Operating Liabilities	864	935	967	842	1,533	1,626	1,450	1,268	1,284	1,208
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,069	4,915	5,672	4,732	5,403	5,815	6,411	6,709	8,023	6,962
Total Preferred & Common Equity	4,983	4,828	5,557	4,630	5,284	5,689	6,286	6,592	7,832	6,785
Total Common Equity	4,983	4,828	5,557	4,630	5,284	5,689	6,286	6,592	7,832	6,785
Common Stock	1,604	1,676	1,725	1,757	1,919	1,977	2,050	2,099	2,171	2,241
Retained Earnings	15,521	15,980	17,140	18,131	18,906	19,469	20,372	20,828	21,500	21,994
Treasury Stock	-9,440	-10,472	-11,251	-12,958	-13,191	-13,158	-13,386	-13,525	-13,600	-14,342
Accumulated Other Comprehensive Income / (Loss)	-2,702	-2,356	-2,057	-2,300	-2,350	-2,599	-2,750	-2,810	-2,239	-3,108
Noncontrolling Interest	86	87	115	102	119	126	125	117	191	177

This table presents PPG Industries' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	20,868	20,744	22,216	21,501	21,647	21,867	21,729	21,858	19,433	21,140
Total Current Assets	7,490	7,173	8,068	7,552	7,431	7,671	7,784	7,913	6,557	7,901
Cash & Equivalents	1,029	1,099	1,228	1,218	1,493	1,181	1,131	1,251	1,270	1,830
Short-Term Investments	60	55	68	64	75	54	61	71	88	63
Accounts Receivable	3,541	3,303	3,821	3,612	3,007	3,581	3,845	3,653	2,985	3,429
Inventories, net	2,411	2,272	2,506	2,217	1,934	2,331	2,299	2,263	1,846	2,115
Other Current Assets	449	444	445	441	922	524	448	438	368	464
Plant, Property, & Equipment, net	3,140	3,328	3,418	3,406	3,450	3,633	3,636	3,611	3,464	3,539
Total Noncurrent Assets	10,238	10,243	10,730	10,543	10,766	10,563	10,309	10,334	9,412	9,700
Long-Term Investments	253	244	262	264	254	275	295	300	331	317
Goodwill	5,884	6,078	6,294	6,181	6,115	6,140	6,047	6,080	5,690	5,824
Intangible Assets	2,352	2,414	2,493	2,416	2,261	2,399	2,266	2,203	1,922	1,933
Noncurrent Deferred & Refundable Income Taxes	182	95	243	229	272	340	319	366	303	414
Other Noncurrent Operating Assets	1,567	1,412	1,438	1,453	1,864	1,409	1,382	1,385	1,166	1,212
Total Liabilities & Shareholders' Equity	20,868	20,744	22,216	21,501	21,647	21,867	21,729	21,858	19,433	21,140
Total Liabilities	14,724	14,035	14,424	13,566	13,624	13,741	13,784	13,886	12,471	14,048
Total Current Liabilities	4,926	4,721	5,416	5,100	5,054	4,943	5,225	4,996	5,014	5,837
Short-Term Debt	314	313	809	606	306	311	639	339	939	1,688
Accounts Payable	4,299	4,087	4,306	4,210	4,161	4,351	4,332	4,342	3,731	3,885
Other Current Liabilities	313	321	301	284	587	281	254	242	344	264
Total Noncurrent Liabilities	9,798	9,314	9,008	8,466	8,570	8,798	8,559	8,890	7,457	8,211
Long-Term Debt	6,478	6,503	6,099	5,596	5,748	5,940	5,765	6,138	4,876	5,574
Noncurrent Deferred & Payable Income Tax Liabilities	539	501	577	566	500	554	509	496	405	464
Noncurrent Employee Benefit Liabilities	1,458	1,042	1,042	1,030	1,038	1,056	1,023	1,022	968	970
Other Noncurrent Operating Liabilities	1,323	1,268	1,290	1,274	1,284	1,248	1,262	1,234	1,208	1,203
Commitments & Contingencies	-	0.00	-	-	0.00	-	-	-	0.00	0.00
Total Equity & Noncontrolling Interests	6,144	6,709	7,792	7,935	8,023	8,126	7,945	7,972	6,962	7,092
Total Preferred & Common Equity	6,034	6,592	7,614	7,751	7,832	7,941	7,767	7,788	6,785	6,927
Total Common Equity	6,034	6,592	7,614	7,751	7,832	7,941	7,767	7,788	6,785	6,927
Common Stock	2,091	2,099	2,135	2,162	2,171	2,191	2,204	2,227	2,241	2,266
Retained Earnings	20,736	20,828	21,290	21,563	21,500	21,747	22,123	22,432	21,994	22,213
Treasury Stock	-13,527	-13,525	-13,512	-13,502	-13,600	-13,746	-13,897	-14,091	-14,342	-14,719
Accumulated Other Comprehensive Income / (Loss)	-3,266	-2,810	-2,299	-2,472	-2,239	-2,251	-2,663	-2,780	-3,108	-2,833
Noncontrolling Interest	110	117	178	184	191	185	178	184	177	165

This table displays calculated financial ratios and metrics derived from PPG Industries' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.72%	0.20%	3.35%	4.24%	-1.48%	-8.66%	21.45%	-7.07%	4.02%	-2.44%
EBITDA Growth	1.20%	-42.12%	93.48%	-10.39%	-0.57%	-12.59%	24.42%	-20.28%	17.31%	4.20%
EBIT Growth	1.72%	-52.05%	138.04%	-14.45%	-1.51%	-16.13%	29.32%	-23.14%	22.41%	6.62%
NOPAT Growth	-5.76%	-54.44%	127.53%	-1.89%	-5.36%	-11.57%	19.98%	-24.98%	30.88%	1.21%
Net Income Growth	-33.90%	-37.28%	80.45%	-15.91%	84.98%	-15.09%	35.91%	-63.64%	24.19%	-12.22%
EPS Growth	-31.65%	-36.38%	88.99%	-11.49%	-4.57%	-14.75%	35.06%	-28.12%	23.84%	-11.22%
Operating Cash Flow Growth	24.02%	-28.71%	16.06%	-6.44%	41.79%	2.40%	-26.67%	-38.35%	150.36%	-41.10%
Free Cash Flow Firm Growth	367.69%	-31.40%	-21.78%	27.40%	0.94%	-22.68%	-214.18%	169.94%	115.91%	103.01%
Invested Capital Growth	0.17%	-4.08%	9.60%	5.89%	4.57%	5.05%	24.22%	4.13%	1.06%	-9.52%
Revenue Q/Q Growth	-2.63%	3.86%	2.77%	-0.24%	0.18%	0.62%	2.65%	-11.57%	-10.17%	-12.12%
EBITDA Q/Q Growth	1.25%	-11.72%	11.65%	-1.00%	1.97%	0.10%	-5.00%	3.96%	-7.37%	-12.79%
EBIT Q/Q Growth	1.72%	-17.79%	13.90%	-1.65%	2.15%	0.75%	-7.46%	10.79%	-8.03%	-13.19%
NOPAT Q/Q Growth	-4.95%	-20.42%	4.58%	9.49%	2.25%	4.78%	-9.86%	-0.16%	-7.37%	-14.15%
Net Income Q/Q Growth	19.21%	2.87%	-10.43%	8.38%	104.23%	-8.81%	15.96%	-58.57%	-9.85%	-24.56%
EPS Q/Q Growth	17.89%	1.87%	-11.84%	9.62%	2.96%	-1.98%	1.01%	-4.42%	-10.23%	-24.84%
Operating Cash Flow Q/Q Growth	28.30%	-19.82%	-2.43%	21.95%	0.43%	7.96%	-24.61%	15.75%	14.81%	-27.99%
Free Cash Flow Firm Q/Q Growth	501.77%	265.07%	-55.79%	28.91%	9.71%	-56.69%	43.06%	-46.79%	146.74%	63.59%
Invested Capital Q/Q Growth	-2.73%	-12.68%	-0.82%	-1.80%	-2.31%	9.46%	0.14%	4.60%	-2.67%	-12.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.33%	46.29%	44.34%	41.45%	42.87%	43.78%	38.78%	36.12%	40.41%	41.61%
EBITDA Margin	15.99%	9.24%	17.29%	14.86%	15.00%	14.36%	14.71%	12.62%	14.23%	15.20%
Operating Margin	12.86%	6.15%	14.17%	11.68%	11.63%	10.94%	10.70%	8.98%	11.56%	12.04%
EBIT Margin	12.86%	6.15%	14.17%	11.63%	11.63%	10.68%	11.37%	9.40%	11.06%	12.09%
Profit (Net Income) Margin	10.02%	6.27%	10.95%	8.83%	16.59%	15.42%	17.25%	6.75%	8.06%	7.25%
Tax Burden Percent	81.78%	114.89%	80.55%	80.21%	151.23%	156.61%	159.72%	77.79%	77.46%	62.04%
Interest Burden Percent	95.30%	88.72%	95.93%	94.69%	94.32%	92.21%	95.03%	92.30%	94.05%	96.66%
Effective Tax Rate	23.67%	27.47%	30.67%	20.85%	23.60%	21.37%	20.61%	23.62%	25.33%	25.65%
Return on Invested Capital (ROIC)	18.25%	8.48%	18.80%	17.13%	15.41%	13.00%	13.58%	9.01%	11.50%	12.15%
ROIC Less NNEP Spread (ROIC-NNEP)	19.42%	18.74%	25.69%	15.08%	47.27%	39.65%	47.04%	8.69%	9.58%	5.70%
Return on Net Nonoperating Assets (RNNOA)	9.37%	9.45%	11.71%	8.97%	34.16%	25.02%	33.84%	7.06%	6.27%	3.18%
Return on Equity (ROE)	27.62%	17.93%	30.51%	26.11%	49.57%	38.03%	47.42%	16.07%	17.77%	15.34%
Cash Return on Invested Capital (CROIC)	18.08%	12.65%	9.64%	11.41%	10.95%	8.07%	-8.03%	4.96%	10.45%	22.15%
Operating Return on Assets (OROA)	10.58%	5.35%	12.94%	10.99%	10.44%	7.93%	9.34%	6.97%	8.48%	9.33%
Return on Assets (ROA)	8.25%	5.45%	10.00%	8.34%	14.90%	11.45%	14.17%	5.01%	6.18%	5.59%
Return on Common Equity (ROCE)	27.16%	17.62%	29.93%	25.56%	48.49%	37.20%	46.45%	15.77%	17.40%	14.96%
Return on Equity Simple (ROE_SIMPLE)	28.64%	18.54%	29.06%	29.33%	47.54%	37.49%	46.12%	15.99%	16.71%	16.93%
Net Operating Profit after Tax (NOPAT)	1,398	637	1,449	1,422	1,345	1,190	1,428	1,071	1,402	1,419
NOPAT Margin	9.81%	4.46%	9.82%	9.25%	8.88%	8.60%	8.50%	6.86%	8.63%	8.95%
Net Nonoperating Expense Percent (NNEP)	-1.18%	-10.26%	-6.88%	2.05%	-31.86%	-26.64%	-33.46%	0.32%	1.92%	6.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.92%	9.96%	11.10%
Cost of Revenue to Revenue	54.67%	53.71%	55.66%	58.55%	57.13%	56.22%	61.22%	63.89%	59.59%	58.39%
SG&A Expenses to Revenue	25.80%	26.61%	24.60%	23.24%	24.36%	24.50%	22.50%	19.45%	20.94%	21.40%
R&D to Revenue	3.27%	3.17%	3.06%	2.87%	2.85%	2.74%	2.61%	2.78%	2.61%	2.67%
Operating Expenses to Revenue	32.47%	40.13%	30.17%	29.77%	31.24%	32.85%	28.08%	27.14%	28.86%	29.57%
Earnings before Interest and Taxes (EBIT)	1,831	878	2,090	1,788	1,761	1,477	1,910	1,468	1,797	1,916
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,277	1,318	2,550	2,285	2,272	1,986	2,471	1,970	2,311	2,408
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.66	4.60	4.82	4.85	5.57	5.69	6.24	4.31	4.41	4.08
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.63	1.55	1.82	1.46	1.94	2.34	2.34	1.82	2.13	1.75
Price to Earnings (P/E)	16.53	25.42	16.80	16.76	11.83	15.27	13.64	27.69	27.20	24.83
Dividend Yield	1.64%	1.86%	1.62%	1.99%	1.59%	1.53%	1.37%	2.00%	1.73%	2.23%
Earnings Yield	6.05%	3.93%	5.95%	5.97%	8.45%	6.55%	7.33%	3.61%	3.68%	4.03%
Enterprise Value to Invested Capital (EV/IC)	3.37	3.35	3.63	3.09	3.70	3.84	3.83	2.80	3.18	2.89
Enterprise Value to Revenue (EV/Rev)	1.81	1.73	1.99	1.72	2.18	2.60	2.66	2.17	2.40	2.02
Enterprise Value to EBITDA (EV/EBITDA)	11.33	18.70	11.49	11.54	14.55	18.14	18.05	17.23	16.86	13.30
Enterprise Value to EBIT (EV/EBIT)	14.09	28.08	14.01	14.75	18.77	24.40	23.36	23.12	21.68	16.71
Enterprise Value to NOPAT (EV/NOPAT)	18.46	38.71	20.21	18.56	24.57	30.29	31.25	31.70	27.80	22.57
Enterprise Value to Operating Cash Flow (EV/OCF)	13.62	18.25	18.68	17.98	15.89	16.92	28.56	35.25	16.16	22.55
Enterprise Value to Free Cash Flow (EV/FCFF)	18.64	25.95	39.42	27.87	34.60	48.78	0.00	57.54	30.59	12.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.85	0.90	0.73	1.06	0.94	0.99	1.03	1.02	0.75	0.84
Long-Term Debt to Equity	0.79	0.77	0.73	0.92	0.84	0.89	1.03	0.97	0.72	0.70
Financial Leverage	0.48	0.50	0.46	0.59	0.72	0.63	0.72	0.81	0.66	0.56
Leverage Ratio	3.35	3.29	3.05	3.13	3.33	3.32	3.35	3.21	2.88	2.74
Compound Leverage Factor	3.19	2.92	2.93	2.96	3.14	3.06	3.18	2.96	2.71	2.65
Debt to Total Capital	45.94%	47.33%	42.23%	51.46%	48.32%	49.71%	50.65%	50.40%	43.01%	45.51%
Short-Term Debt to Total Capital	3.00%	6.74%	0.12%	6.68%	4.91%	5.00%	0.07%	2.31%	2.17%	7.35%
Long-Term Debt to Total Capital	42.94%	40.59%	42.11%	44.78%	43.41%	44.72%	50.59%	48.08%	40.83%	38.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.92%	0.93%	1.17%	1.05%	1.14%	1.09%	0.96%	0.87%	1.36%	1.39%
Common Equity to Total Capital	53.15%	51.74%	56.60%	47.50%	50.54%	49.20%	48.38%	48.74%	55.64%	53.10%
Debt to EBITDA	1.89	3.35	1.63	2.20	2.22	2.89	2.66	3.46	2.62	2.41
Net Debt to EBITDA	1.09	1.80	0.94	1.66	1.55	1.79	2.12	2.75	1.83	1.71
Long-Term Debt to EBITDA	1.77	2.87	1.62	1.91	2.00	2.60	2.66	3.30	2.49	2.02
Debt to NOPAT	3.08	6.93	2.86	3.53	3.76	4.83	4.61	6.36	4.32	4.10
Net Debt to NOPAT	1.78	3.73	1.65	2.67	2.62	2.99	3.67	5.06	3.02	2.91
Long-Term Debt to NOPAT	2.88	5.95	2.85	3.07	3.37	4.35	4.60	6.07	4.10	3.44
Altman Z-Score	3.76	3.91	4.43	4.23	4.23	3.88	4.11	3.75	4.07	4.15
Noncontrolling Interest Sharing Ratio	1.65%	1.73%	1.91%	2.09%	2.18%	2.18%	2.05%	1.84%	2.09%	2.46%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.43	1.55	1.66	1.36	1.41	1.41	1.42	1.52	1.47	1.31
Quick Ratio	0.89	1.06	1.13	0.87	0.92	0.96	0.89	0.94	0.91	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,385	950	743	947	955	739	-843	590	1,274	2,586
Operating Cash Flow to CapEx	440.70%	355.53%	435.56%	382.03%	503.63%	700.66%	482.10%	260.98%	502.29%	358.59%
Free Cash Flow to Firm to Interest Expense	11.08	7.60	7.08	8.02	7.24	5.35	-6.97	3.53	5.16	10.73
Operating Cash Flow to Interest Expense	15.16	10.81	14.93	12.43	15.76	15.43	12.91	5.77	9.76	5.89
Operating Cash Flow Less CapEx to Interest Expense	11.72	7.77	11.50	9.18	12.63	13.23	10.23	3.56	7.82	4.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.82	0.87	0.91	0.94	0.90	0.74	0.82	0.74	0.77	0.77
Accounts Receivable Turnover	5.16	5.32	5.31	5.35	5.41	5.05	5.72	4.84	5.15	5.29
Inventory Turnover	4.47	4.83	5.06	5.12	4.95	4.51	5.27	4.49	4.60	4.90
Fixed Asset Turnover	4.82	5.26	5.43	5.46	5.23	4.53	5.12	4.61	4.79	4.58
Accounts Payable Turnover	2.24	2.23	2.27	2.43	2.43	2.13	2.51	2.35	2.35	2.34
Days Sales Outstanding (DSO)	70.79	68.59	68.77	68.23	67.49	72.32	63.85	75.45	70.90	69.01
Days Inventory Outstanding (DIO)	81.66	75.55	72.12	71.23	73.67	80.84	69.30	81.29	79.31	74.56
Days Payable Outstanding (DPO)	163.28	163.79	160.98	150.12	150.15	171.02	145.21	155.13	155.53	155.67
Cash Conversion Cycle (CCC)	-10.83	-19.65	-20.09	-10.66	-8.99	-17.86	-12.06	1.61	-5.32	-12.10
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,666	7,353	8,059	8,534	8,924	9,375	11,646	12,127	12,255	11,088
Invested Capital Turnover	1.86	1.90	1.91	1.85	1.74	1.51	1.60	1.31	1.33	1.36
Increase / (Decrease) in Invested Capital	13	-313	706	475	390	451	2,271	481	128	-1,167
Enterprise Value (EV)	25,807	24,650	29,289	26,378	33,061	36,036	44,609	33,944	38,966	32,015
Market Capitalization	23,236	22,189	26,787	22,474	29,421	32,350	39,249	28,409	34,543	27,712
Book Value per Share	$18.51	$18.29	$21.84	$19.30	$22.35	$24.09	$26.48	$28.05	$33.21	$29.25
Tangible Book Value per Share	($3.21)	($2.75)	($1.69)	($5.89)	($5.57)	($7.47)	($11.56)	($8.08)	($2.31)	($3.56)
Total Capital	9,376	9,331	9,818	9,748	10,455	11,564	12,992	13,525	14,077	12,777
Total Debt	4,307	4,416	4,146	5,016	5,052	5,749	6,581	6,816	6,054	5,815
Total Long-Term Debt	4,026	3,787	4,134	4,365	4,539	5,171	6,572	6,503	5,748	4,876
Net Debt	2,485	2,374	2,387	3,802	3,521	3,560	5,235	5,418	4,232	4,126
Capital Expenditures (CapEx)	430	380	360	384	413	304	324	369	480	396
Debt-free, Cash-free Net Working Capital (DFCFNWC)	843	1,087	1,103	1,276	1,035	623	945	1,611	1,115	1,124
Debt-free Net Working Capital (DFNWC)	2,298	2,950	2,594	2,239	2,308	2,545	2,017	2,765	2,683	2,482
Net Working Capital (NWC)	2,017	2,321	2,582	1,588	1,795	1,967	2,008	2,452	2,377	1,543
Net Nonoperating Expense (NNE)	-29	-258	-166	64	-1,167	-943	-1,471	17	93	270
Net Nonoperating Obligations (NNO)	2,597	2,438	2,387	3,802	3,521	3,560	5,235	5,418	4,232	4,126
Total Depreciation and Amortization (D&A)	446	440	460	497	511	509	561	502	514	492
Debt-free, Cash-free Net Working Capital to Revenue	5.92%	7.62%	7.48%	8.30%	6.83%	4.50%	5.62%	10.32%	6.86%	7.09%
Debt-free Net Working Capital to Revenue	16.14%	20.67%	17.59%	14.56%	15.24%	18.40%	12.00%	17.71%	16.52%	15.66%
Net Working Capital to Revenue	14.16%	16.26%	17.51%	10.33%	11.85%	14.22%	11.95%	15.70%	14.63%	9.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.18	$3.30	$6.21	$5.50	$5.25	$4.47	$6.06	$4.34	$5.38	$4.77
Adjusted Weighted Average Basic Shares Outstanding	266.77M	257.09M	249.88M	235.90M	235.76M	473.58M	236.00M	235.18M	235.25M	226.95M
Adjusted Diluted Earnings per Share	$5.14	$3.28	$6.17	$5.47	$5.22	$4.45	$6.01	$4.32	$5.35	$4.75
Adjusted Weighted Average Diluted Shares Outstanding	266.77M	257.09M	249.88M	235.90M	235.76M	473.58M	236.00M	235.18M	235.25M	226.95M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	266.77M	257.09M	249.88M	235.90M	235.76M	473.58M	236.00M	235.18M	235.25M	226.95M
Normalized Net Operating Profit after Tax (NOPAT)	1,511	1,481	1,491	1,474	1,480	1,400	1,444	1,273	1,520	1,700
Normalized NOPAT Margin	10.61%	10.38%	10.11%	9.59%	9.77%	10.12%	8.60%	8.15%	9.36%	10.73%
Pre Tax Income Margin	12.25%	5.46%	13.60%	11.01%	10.97%	9.85%	10.80%	8.68%	10.41%	11.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.65	7.02	19.90	15.15	13.34	10.70	15.79	8.79	7.28	7.95
NOPAT to Interest Expense	11.18	5.09	13.80	12.05	10.19	8.62	11.80	6.41	5.67	5.89
EBIT Less CapEx to Interest Expense	11.21	3.98	16.48	11.90	10.21	8.50	13.11	6.58	5.33	6.31
NOPAT Less CapEx to Interest Expense	7.74	2.05	10.37	8.79	7.06	6.42	9.12	4.20	3.73	4.24
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	26.84%	46.26%	26.87%	33.36%	20.18%	23.25%	18.49%	54.08%	45.68%	54.13%
Augmented Payout Ratio	79.47%	163.58%	77.21%	160.09%	33.12%	23.25%	25.73%	72.11%	52.25%	119.58%

This table displays calculated financial ratios and metrics derived from PPG Industries' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.20%	-48.76%	1.67%	3.86%	3.94%	9.27%	-1.58%	-1.60%	-1.49%	-7.72%	-4.29%
EBITDA Growth	-4.10%	-6.43%	113.11%	10.90%	23.76%	4.06%	33.08%	3.69%	4.83%	-76.88%	-7.15%
EBIT Growth	-3.02%	23.83%	290.91%	14.84%	29.33%	-5.02%	42.38%	4.26%	8.25%	-104.85%	-7.21%
NOPAT Growth	5.23%	-3.54%	925.25%	11.62%	19.26%	-48.31%	39.96%	9.15%	7.28%	-50.14%	-8.04%
Net Income Growth	-1.74%	-85.83%	1,086.96%	11.44%	28.61%	-58.13%	49.82%	8.05%	8.72%	-363.11%	-7.58%
EPS Growth	-2.80%	-16.67%	1,287.50%	11.35%	28.78%	-61.00%	52.25%	8.74%	11.73%	-402.56%	-3.55%
Operating Cash Flow Growth	-2.48%	28.73%	127.96%	219.05%	74.22%	52.98%	-170.59%	-31.90%	-13.79%	-61.47%	70.00%
Free Cash Flow Firm Growth	115.47%	85.70%	71.79%	3,816.22%	-229.53%	88.86%	205.66%	-197.05%	176.97%	3,764.78%	59.22%
Invested Capital Growth	-0.31%	4.13%	7.85%	0.00%	8.60%	1.06%	-2.09%	0.00%	0.57%	-9.52%	-5.62%
Revenue Q/Q Growth	-4.75%	-51.95%	4.66%	11.23%	-4.68%	-49.48%	0.00%	11.20%	-4.57%	-52.68%	70.16%
EBITDA Q/Q Growth	-20.30%	-45.30%	18.99%	56.54%	-11.06%	-54.01%	0.00%	21.97%	-10.07%	-89.86%	725.97%
EBIT Q/Q Growth	-24.11%	-46.89%	27.30%	75.97%	-14.54%	-61.00%	0.00%	28.86%	-11.27%	-101.75%	4,781.82%
NOPAT Q/Q Growth	-18.62%	-51.95%	27.67%	75.05%	-13.05%	-79.18%	0.00%	36.52%	-14.54%	-90.32%	724.19%
Net Income Q/Q Growth	-23.99%	-27.43%	10.98%	82.05%	-12.27%	-76.38%	0.00%	31.30%	-11.73%	-157.17%	239.48%
EPS Q/Q Growth	-24.86%	-28.06%	11.00%	85.59%	-13.11%	-78.21%	0.00%	32.54%	-10.71%	-159.00%	238.14%
Operating Cash Flow Q/Q Growth	204.76%	14.65%	-85.52%	530.59%	66.42%	0.67%	-106.68%	708.33%	110.68%	-55.01%	-105.20%
Free Cash Flow Firm Q/Q Growth	29.26%	-171.17%	-166.34%	2,028.40%	-104.28%	93.88%	0.00%	-1,871.21%	103.39%	191.38%	-8.36%
Invested Capital Q/Q Growth	-4.50%	4.60%	8.37%	-100.00%	0.00%	-2.67%	0.00%	-0.04%	-1.55%	-12.44%	9.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.86%	30.04%	40.73%	41.17%	40.74%	37.60%	43.28%	42.97%	41.79%	34.87%	41.86%
EBITDA Margin	13.09%	14.90%	11.87%	16.71%	15.59%	14.19%	16.05%	17.61%	16.59%	3.56%	17.26%
Operating Margin	10.54%	11.13%	8.84%	13.98%	12.53%	9.68%	12.78%	15.39%	13.77%	-0.51%	13.98%
EBIT Margin	10.07%	11.13%	8.84%	13.98%	12.53%	9.68%	12.78%	14.81%	13.77%	-0.51%	13.98%
Profit (Net Income) Margin	7.59%	11.46%	6.23%	10.20%	9.39%	4.39%	9.49%	11.20%	10.36%	-12.52%	10.26%
Tax Burden Percent	81.10%	83.96%	77.34%	76.94%	78.28%	76.87%	76.02%	77.49%	77.58%	-2,710.00%	75.30%
Interest Burden Percent	92.89%	122.59%	91.21%	94.86%	95.70%	59.03%	97.64%	97.61%	96.98%	-90.91%	97.48%
Effective Tax Rate	18.90%	23.21%	22.66%	23.07%	21.72%	58.21%	23.98%	22.51%	22.42%	530.00%	24.30%
Return on Invested Capital (ROIC)	13.00%	11.23%	9.56%	0.00%	14.67%	5.39%	13.58%	33.57%	15.25%	2.97%	13.27%
ROIC Less NNEP Spread (ROIC-NNEP)	12.19%	12.40%	9.09%	0.00%	14.28%	5.56%	13.39%	32.15%	14.94%	-4.65%	13.03%
Return on Net Nonoperating Assets (RNNOA)	10.36%	10.07%	7.21%	0.00%	10.25%	3.64%	8.49%	19.90%	8.78%	-2.59%	8.38%
Return on Equity (ROE)	23.36%	21.30%	16.78%	0.00%	24.92%	9.03%	22.07%	53.47%	24.03%	0.37%	21.65%
Cash Return on Invested Capital (CROIC)	9.55%	4.96%	3.38%	0.00%	4.27%	10.45%	14.20%	-174.82%	12.52%	22.15%	16.85%
Operating Return on Assets (OROA)	8.32%	8.26%	7.10%	0.00%	10.70%	7.41%	10.54%	12.34%	11.45%	-0.39%	10.19%
Return on Assets (ROA)	6.27%	8.50%	5.01%	0.00%	8.01%	3.36%	7.82%	9.33%	8.62%	-9.66%	7.48%
Return on Common Equity (ROCE)	22.87%	20.91%	16.43%	0.00%	24.40%	8.84%	21.56%	52.27%	23.48%	0.36%	21.15%
Return on Equity Simple (ROE_SIMPLE)	42.16%	0.00%	17.13%	0.00%	18.73%	0.00%	18.20%	19.12%	19.56%	0.00%	16.14%
Net Operating Profit after Tax (NOPAT)	382	184	299	524	456	95	419	572	489	47	390
NOPAT Margin	8.55%	8.55%	6.83%	10.75%	9.81%	4.04%	9.72%	11.93%	10.68%	2.18%	10.58%
Net Nonoperating Expense Percent (NNEP)	0.81%	-1.17%	0.47%	0.00%	0.39%	-0.17%	0.20%	1.42%	0.32%	7.62%	0.24%
Return On Investment Capital (ROIC_SIMPLE)	-	1.36%	-	-	-	0.67%	-	-	-	0.37%	2.72%
Cost of Revenue to Revenue	63.14%	69.96%	59.27%	58.83%	59.26%	62.40%	56.72%	57.03%	58.21%	65.13%	58.14%
SG&A Expenses to Revenue	20.84%	6.99%	22.65%	21.94%	22.55%	12.49%	24.68%	22.47%	23.21%	8.68%	22.75%
R&D to Revenue	2.46%	4.38%	2.37%	2.26%	2.33%	4.35%	2.53%	2.32%	2.30%	4.53%	2.77%
Operating Expenses to Revenue	26.32%	18.91%	31.90%	27.20%	28.21%	27.92%	30.50%	27.58%	28.02%	35.38%	27.88%
Earnings before Interest and Taxes (EBIT)	450	239	387	681	582	227	551	710	630	-11	515
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	585	320	520	814	724	333	692	844	759	77	636
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.21	4.31	4.05	0.00	3.86	4.41	4.30	3.80	3.97	4.08	3.58
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.44	1.82	1.74	1.91	1.66	2.13	1.88	1.63	1.71	1.75	1.58
Price to Earnings (P/E)	10.10	27.69	24.24	25.93	21.13	27.20	24.30	20.44	20.80	24.83	22.79
Dividend Yield	2.21%	2.00%	1.87%	1.70%	1.97%	1.73%	1.77%	2.07%	1.99%	2.23%	2.46%
Earnings Yield	9.90%	3.61%	4.13%	3.86%	4.73%	3.68%	4.12%	4.89%	4.81%	4.03%	4.39%
Enterprise Value to Invested Capital (EV/IC)	2.67	2.80	2.77	0.00	2.76	3.18	3.04	2.69	2.84	2.89	2.47
Enterprise Value to Revenue (EV/Rev)	1.75	2.17	2.05	0.00	1.92	2.40	2.15	1.91	1.99	2.02	1.92
Enterprise Value to EBITDA (EV/EBITDA)	16.33	17.23	15.83	0.00	13.95	16.86	14.65	12.70	13.02	13.30	12.78
Enterprise Value to EBIT (EV/EBIT)	23.36	23.12	20.72	0.00	17.81	21.68	18.60	16.03	16.29	16.71	16.08
Enterprise Value to NOPAT (EV/NOPAT)	28.86	31.70	26.27	0.00	23.00	27.80	24.88	21.38	21.75	22.57	21.69
Enterprise Value to Operating Cash Flow (EV/OCF)	37.20	35.25	26.89	0.00	16.57	16.16	17.25	16.52	18.23	22.55	20.54
Enterprise Value to Free Cash Flow (EV/FCFF)	27.92	57.54	84.94	0.00	67.41	30.59	21.17	0.00	22.74	12.38	14.25
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.11	1.02	0.89	0.00	0.78	0.75	0.77	0.81	0.81	0.84	1.02
Long-Term Debt to Equity	1.05	0.97	0.78	0.00	0.71	0.72	0.73	0.73	0.77	0.70	0.79
Financial Leverage	0.85	0.81	0.79	0.00	0.72	0.66	0.63	0.62	0.59	0.56	0.64
Leverage Ratio	3.41	3.21	3.12	0.00	3.01	2.88	2.77	2.73	2.73	2.74	2.83
Compound Leverage Factor	3.16	3.93	2.85	0.00	2.88	1.70	2.70	2.67	2.64	-2.49	2.75
Debt to Total Capital	52.50%	50.40%	46.99%	0.00%	43.87%	43.01%	43.48%	44.63%	44.83%	45.51%	50.59%
Short-Term Debt to Total Capital	2.43%	2.31%	5.50%	0.00%	4.29%	2.17%	2.16%	4.45%	2.35%	7.35%	11.76%
Long-Term Debt to Total Capital	50.08%	48.08%	41.49%	0.00%	39.58%	40.83%	41.32%	40.18%	42.48%	38.16%	38.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.85%	0.87%	1.21%	0.00%	1.30%	1.36%	1.29%	1.24%	1.27%	1.39%	1.15%
Common Equity to Total Capital	46.65%	48.74%	51.80%	0.00%	54.83%	55.64%	55.23%	54.13%	53.90%	53.10%	48.26%
Debt to EBITDA	3.58	3.46	3.01	0.00	2.49	2.62	2.34	2.35	2.35	2.41	3.09
Net Debt to EBITDA	2.88	2.75	2.33	0.00	1.87	1.83	1.78	1.80	1.76	1.71	2.15
Long-Term Debt to EBITDA	3.42	3.30	2.66	0.00	2.24	2.49	2.23	2.11	2.22	2.02	2.37
Debt to NOPAT	6.33	6.36	4.99	0.00	4.10	4.32	3.98	3.95	3.92	4.10	5.25
Net Debt to NOPAT	5.08	5.06	3.87	0.00	3.08	3.02	3.02	3.04	2.94	2.91	3.65
Long-Term Debt to NOPAT	6.04	6.07	4.41	0.00	3.70	4.10	3.78	3.56	3.71	3.44	4.03
Altman Z-Score	3.49	3.55	3.62	0.00	3.80	3.83	3.95	3.79	3.85	3.83	3.47
Noncontrolling Interest Sharing Ratio	2.13%	1.84%	2.07%	0.00%	2.09%	2.09%	2.28%	2.24%	2.31%	2.46%	2.30%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.52	1.52	1.49	0.00	1.48	1.47	1.55	1.49	1.58	1.31	1.35
Quick Ratio	0.94	0.94	0.94	0.00	0.96	0.91	0.97	0.96	1.00	0.87	0.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	418	-297	-657	12,664	-541	-33	694	-12,290	417	1,214	1,113
Operating Cash Flow to CapEx	492.31%	501.71%	70.83%	439.34%	641.73%	724.19%	-23.44%	309.32%	516.11%	0.00%	-8.61%
Free Cash Flow to Firm to Interest Expense	9.09	-5.61	-11.13	189.01	-8.46	-0.58	12.62	-198.23	6.22	21.30	19.87
Operating Cash Flow to Interest Expense	11.13	11.08	1.44	8.00	13.94	15.75	-1.09	5.89	11.48	6.07	-0.32
Operating Cash Flow Less CapEx to Interest Expense	8.87	8.87	-0.59	6.18	11.77	13.58	-5.75	3.98	9.25	8.30	-4.05
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.83	0.74	0.80	0.00	0.85	0.77	0.82	0.83	0.83	0.77	0.73
Accounts Receivable Turnover	5.10	4.84	4.74	0.00	5.06	5.15	4.91	4.71	4.96	5.29	4.47
Inventory Turnover	4.79	4.49	4.45	0.00	4.68	4.60	4.38	4.55	4.63	4.90	4.13
Fixed Asset Turnover	5.44	4.61	5.26	0.00	5.52	4.79	5.16	4.98	5.14	4.58	4.37
Accounts Payable Turnover	2.57	2.35	2.50	0.00	2.55	2.35	2.45	2.42	2.43	2.34	2.23
Days Sales Outstanding (DSO)	71.56	75.45	77.02	0.00	72.20	70.90	74.32	77.54	73.54	69.01	81.59
Days Inventory Outstanding (DIO)	76.17	81.29	82.09	0.00	77.94	79.31	83.33	80.21	78.82	74.56	88.30
Days Payable Outstanding (DPO)	141.83	155.13	146.05	0.00	143.30	155.53	149.13	151.14	150.46	155.67	163.57
Cash Conversion Cycle (CCC)	5.89	1.61	13.06	0.00	6.84	-5.32	8.51	6.61	1.89	-12.10	6.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,594	12,127	13,142	0.00	12,591	12,255	12,867	12,862	12,663	11,088	12,144
Invested Capital Turnover	1.52	1.31	1.40	0.00	1.50	1.33	1.40	2.81	1.43	1.36	1.25
Increase / (Decrease) in Invested Capital	-36	481	956	-12,140	997	128	-275	12,862	72	-1,167	-723
Enterprise Value (EV)	30,952	33,944	36,361	0.00	34,796	38,966	39,093	34,616	35,942	32,015	30,034
Market Capitalization	25,392	28,409	30,833	34,251	29,956	34,543	34,167	29,521	30,903	27,712	24,817
Book Value per Share	$25.68	$28.05	$32.38	$0.00	$32.91	$33.21	$33.86	$33.12	$33.38	$29.25	$30.52
Tangible Book Value per Share	($9.37)	($8.08)	($4.99)	$0.00	($3.59)	($2.31)	($2.55)	($2.33)	($2.12)	($3.56)	($3.66)
Total Capital	12,936	13,525	14,700	0.00	14,137	14,077	14,377	14,349	14,449	12,777	14,354
Total Debt	6,792	6,816	6,908	0.00	6,202	6,054	6,251	6,404	6,477	5,815	7,262
Total Long-Term Debt	6,478	6,503	6,099	0.00	5,596	5,748	5,940	5,765	6,138	4,876	5,574
Net Debt	5,450	5,418	5,350	0.00	4,656	4,232	4,741	4,917	4,855	4,126	5,052
Capital Expenditures (CapEx)	104	117	120	122	139	124	256	118	149	-127	209
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,789	1,611	2,165	0.00	1,776	1,115	1,804	2,006	1,934	1,124	1,859
Debt-free Net Working Capital (DFNWC)	2,878	2,765	3,461	0.00	3,058	2,683	3,039	3,198	3,256	2,482	3,752
Net Working Capital (NWC)	2,564	2,452	2,652	0.00	2,452	2,377	2,728	2,559	2,917	1,543	2,064
Net Nonoperating Expense (NNE)	43	-62	26	27	20	-8.13	9.88	35	15	318	12
Net Nonoperating Obligations (NNO)	5,450	5,418	5,350	0.00	4,656	4,232	4,741	4,917	4,691	4,126	5,052
Total Depreciation and Amortization (D&A)	135	81	133	133	142	106	141	134	129	88	121
Debt-free, Cash-free Net Working Capital to Revenue	10.13%	10.32%	12.22%	0.00%	9.82%	6.86%	9.92%	11.08%	10.73%	7.09%	11.86%
Debt-free Net Working Capital to Revenue	16.30%	17.71%	19.53%	0.00%	16.91%	16.52%	16.72%	17.67%	18.06%	15.66%	23.93%
Net Working Capital to Revenue	14.52%	15.70%	14.96%	0.00%	13.56%	14.63%	15.01%	14.14%	16.18%	9.74%	13.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.40	$1.00	$0.00	$0.00	$1.80	$0.38	$1.70	$2.25	$2.01	($1.19)	$1.63
Adjusted Weighted Average Basic Shares Outstanding	235.03M	235.18M	0.00	0.00	235.80M	235.25M	234.50M	233.30M	232M	226.95M	227M
Adjusted Diluted Earnings per Share	$1.39	$1.00	$0.00	$0.00	$1.79	$0.39	$1.69	$2.24	$2.00	($1.18)	$1.63
Adjusted Weighted Average Diluted Shares Outstanding	235.03M	235.18M	0.00	0.00	235.80M	235.25M	234.50M	233.30M	232M	226.95M	227M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	235.03M	235.18M	0.00	0.00	235.80M	235.25M	234.50M	233.30M	232M	226.95M	227M
Normalized Net Operating Profit after Tax (NOPAT)	382	184	446	524	456	159	419	572	489	-7.70	390
Normalized NOPAT Margin	8.55%	8.58%	10.19%	10.75%	9.81%	6.77%	9.72%	11.93%	10.68%	-0.36%	10.58%
Pre Tax Income Margin	9.36%	13.65%	8.06%	13.26%	11.99%	5.71%	12.48%	14.46%	13.36%	0.46%	13.63%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.78	4.51	6.56	10.16	9.09	3.98	10.02	11.45	9.40	-0.19	9.20
NOPAT to Interest Expense	8.30	3.46	5.07	7.82	7.12	1.66	7.62	9.22	7.29	0.83	6.96
EBIT Less CapEx to Interest Expense	7.52	2.30	4.53	8.34	6.92	1.81	5.36	9.55	7.18	2.04	5.46
NOPAT Less CapEx to Interest Expense	6.04	1.26	3.04	6.00	4.95	-0.51	2.96	7.32	5.07	3.06	3.23
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	22.17%	54.08%	44.25%	43.03%	40.70%	45.68%	41.87%	41.14%	40.51%	54.13%	55.72%
Augmented Payout Ratio	37.89%	72.11%	55.75%	44.13%	40.70%	52.25%	58.13%	67.95%	79.71%	119.58%	144.90%

Frequently Asked Questions About PPG Industries' Financials

When does PPG Industries's financial year end?

According to the most recent income statement we have on file, PPG Industries' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has PPG Industries' net income changed over the last 9 years?

In the past 9 years, PPG Industries' net income has ranged from $895 million in 2016 to $2.90 billion in 2021, and is currently $1.15 billion as of their latest financial filing in 2024. See where experts think PPG Industries is headed by visiting PPG Industries' forecast page.

What is PPG Industries's operating income?

PPG Industries's total operating income in 2024 was $1.91 billion, based on the following breakdown:

Total Gross Profit: $6.59 billion
Total Operating Expenses: $4.69 billion

How has PPG Industries revenue changed over the last 9 years?

Over the last 9 years, PPG Industries' total revenue changed from $14.24 billion in 2015 to $15.85 billion in 2024, a change of 11.3%.

How much debt does PPG Industries have?

PPG Industries' total liabilities were at $12.47 billion at the end of 2024, a 8.5% decrease from 2023, and a 3.9% increase since 2015.

How much cash does PPG Industries have?

In the past 9 years, PPG Industries' cash and equivalents has ranged from $902 million in 2018 to $1.83 billion in 2020, and is currently $1.27 billion as of their latest financial filing in 2024.

How has PPG Industries' book value per share changed over the last 9 years?

Over the last 9 years, PPG Industries' book value per share changed from 18.51 in 2015 to 29.25 in 2024, a change of 58.0%.

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This page (NYSE:PPG) was last updated on 5/6/2025 by MarketBeat.com Staff

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PPG Industries (PPG) Financials

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PPG Industries (PPG) Financials

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