PPG Industries, Inc. (PPG) Key Metrics
PPG valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $23.87B
- Enterprise value
- $29.70B
- P/E (TTM)
- 15.4 10-yr median 26.8
- Forward P/E
- 12.4
- PEG ratio
- 1.53
- Price / sales
- 1.5 10-yr median 2.0
- Price / book
- 2.8 10-yr median 5.3
- EV / EBITDA
- 10.5 10-yr median 16.2
- Dividend yield
- 2.76% $2.96 a year
- Beta
- 1.05
PPG key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPPG valuation Price multiples at each fiscal year-end price.
PPG returns How much profit the business earns on the capital it uses.
PPG per-share figures Results divided by the shares outstanding at year-end.
PPG financial health Debt, liquidity and how easily interest is covered.
PPG efficiency & capital use Working capital cycle and where the cash goes.
PPG valuation history
PPG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PPG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PPG cash returned to shareholders
PPG price vs earnings per share
PPG key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $23.27B | $28.06B | $35.47B | $29.84B | $41.28B | $34.31B | $31.80B | $25.09B | $30.12B | $25.34B |
| Enterprise value | $28.95B | $33.10B | $40.50B | $36.32B | $46.98B | $38.32B | $36.37B | $29.14B | $32.77B | $27.89B |
| P/E ratio | 14.8 | 25.1 | 27.9 | 29.1 | 28.7 | 32.4 | 25.6 | 18.7 | 18.9 | 29.0 |
| Price / sales | 1.5 | 1.8 | 2.2 | 1.9 | 2.5 | 2.5 | 2.1 | 1.6 | 2.0 | 1.8 |
| Price / book | 2.9 | 4.1 | 4.5 | 4.5 | 6.4 | 5.9 | 6.0 | 5.4 | 5.4 | 5.2 |
| Price / free cash flow | 20.0 | 40.1 | 18.7 | 67.1 | 34.7 | 18.8 | 19.1 | 23.8 | 24.9 | 27.5 |
| Price / operating cash flow | 12.0 | 19.8 | 14.7 | 31.0 | 26.4 | 16.1 | 15.3 | 17.1 | 19.2 | 19.1 |
| EV / sales | 1.8 | 2.1 | 2.5 | 2.3 | 2.8 | 2.8 | 2.4 | 1.9 | 2.2 | 2.0 |
| EV / EBITDA | 10.3 | 12.8 | 16.5 | 17.9 | 18.8 | 19.1 | 15.8 | 12.6 | 12.8 | 20.8 |
| EV / free cash flow | 24.9 | 47.3 | 21.4 | 81.6 | 39.4 | 21.0 | 21.8 | 27.6 | 27.1 | 30.2 |
| Earnings yield | 6.8% | 4.0% | 3.6% | 3.4% | 3.5% | 3.1% | 3.9% | 5.3% | 5.3% | 3.4% |
| Free cash flow yield | 5.0% | 2.5% | 5.3% | 1.5% | 2.9% | 5.3% | 5.2% | 4.2% | 4.0% | 3.6% |
| Dividend yield | 2.7% | 2.2% | 1.7% | 1.9% | 1.3% | 1.4% | 1.5% | 1.8% | 1.4% | 1.6% |
| Shareholder yield (dividends + buybacks) | 6.1% | 4.9% | 1.9% | 2.5% | 1.8% | 1.4% | 2.5% | 8.7% | 4.1% | 5.8% |
| Share price at fiscal year-end | $102.46 | $119.45 | $149.55 | $125.74 | $172.44 | $144.22 | $133.49 | $102.23 | $116.82 | $94.76 |
| Per share | ||||||||||
| Revenue per share | $69.90 | $67.45 | $68.47 | $65.80 | $70.18 | $58.15 | $63.59 | $62.65 | $57.21 | $53.37 |
| Earnings per share | $6.94 | $4.75 | $5.35 | $4.32 | $6.01 | $4.45 | $5.22 | $5.46 | $6.18 | $3.26 |
| Operating cash flow per share | $8.55 | $6.05 | $10.16 | $4.06 | $6.52 | $8.95 | $8.73 | $5.98 | $6.08 | $4.96 |
| Free cash flow per share | $5.12 | $2.98 | $7.99 | $1.88 | $4.97 | $7.68 | $7.00 | $4.30 | $4.69 | $3.45 |
| Cash per share | $9.77 | $5.78 | $6.61 | $4.86 | $4.48 | $8.08 | $5.34 | $3.92 | $5.78 | $6.97 |
| Book value per share | $34.97 | $28.88 | $33.02 | $27.78 | $26.78 | $24.44 | $22.18 | $18.87 | $21.56 | $18.06 |
| Tangible book value per share | −$0.79 | −$3.52 | −$2.29 | −$8.01 | −$10.94 | −$6.89 | −$5.53 | −$5.75 | −$1.67 | −$2.72 |
| Dividends per share | $2.77 | $2.65 | $2.52 | $2.40 | $2.24 | $2.08 | $1.96 | $1.85 | $1.68 | $1.55 |
| Capex per share | $3.43 | $3.07 | $2.18 | $2.18 | $1.55 | $1.28 | $1.73 | $1.67 | $1.40 | $1.50 |
| Debt per share | $34.77 | $27.22 | $27.82 | $32.17 | $28.29 | $24.92 | $24.53 | $20.44 | $16.08 | $16.51 |
| Shares outstanding | 227.1M | 234.9M | 237.2M | 237.3M | 239.4M | 237.9M | 238.2M | 245.4M | 257.8M | 267.4M |
| Change in shares outstanding | −3.3% | −1.0% | −0.0% | −0.9% | +0.6% | −0.1% | −2.9% | −4.8% | −3.6% | −2.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 21.4% | 15.3% | 17.6% | 15.8% | 23.5% | 19.1% | 25.1% | 26.3% | 30.7% | 17.8% |
| Return on invested capital (ROIC) | 13.2% | 13.8% | 11.7% | 10.1% | 12.2% | 14.2% | 16.0% | 17.4% | 17.9% | 11.3% |
| Return on assets (ROA) | 7.6% | 5.4% | 6.0% | 4.9% | 7.0% | 5.7% | 7.4% | 8.2% | 9.9% | 5.3% |
| Return on tangible assets | 11.3% | 9.4% | 9.6% | 8.4% | 11.7% | 8.7% | 11.2% | 13.4% | 15.1% | 8.5% |
| Free cash flow margin | 7.3% | 4.4% | 11.7% | 2.9% | 7.1% | 13.2% | 11.0% | 6.9% | 8.2% | 6.5% |
| Income quality (OCF / net income) | 1.23 | 1.27 | 1.90 | 0.94 | 1.09 | 2.01 | 1.67 | 1.09 | 0.98 | 1.52 |
| Financial health | ||||||||||
| Total debt | $7.90B | $6.39B | $6.60B | $7.63B | $6.77B | $5.93B | $5.84B | $5.02B | $4.15B | $4.42B |
| Cash & short-term investments | $2.22B | $1.36B | $1.57B | $1.15B | $1.07B | $1.92B | $1.27B | $963.0M | $1.49B | $1.86B |
| Net debt | $5.68B | $5.04B | $5.03B | $6.48B | $5.70B | $4.01B | $4.57B | $4.05B | $2.65B | $2.55B |
| Debt / equity | 0.99 | 0.94 | 0.84 | 1.16 | 1.06 | 1.02 | 1.11 | 1.08 | 0.75 | 0.91 |
| Debt / assets | 0.36 | 0.33 | 0.30 | 0.37 | 0.32 | 0.30 | 0.33 | 0.31 | 0.25 | 0.28 |
| Net debt / EBITDA | 2.02 | 1.95 | 2.05 | 3.20 | 2.28 | 1.99 | 1.98 | 1.76 | 1.03 | 1.90 |
| Current ratio | 1.62 | 1.31 | 1.47 | 1.52 | 1.42 | 1.41 | 1.41 | 1.36 | 1.66 | 1.55 |
| Quick ratio | 1.22 | 0.94 | 1.09 | 1.04 | 0.96 | 1.05 | 1.02 | 0.96 | 1.22 | 1.19 |
| Interest coverage | 9.0 | 9.5 | 8.2 | 10.0 | 13.9 | 12.9 | 14.7 | 15.8 | 19.2 | 9.5 |
| Working capital | $3.06B | $1.54B | $2.38B | $2.45B | $2.00B | $1.98B | $1.79B | $1.59B | $2.58B | $2.32B |
| Invested capital | $13.62B | $11.82B | $12.86B | $13.07B | $12.11B | $9.82B | $9.86B | $8.68B | $8.21B | $7.38B |
| Tangible asset value | −$23.0M | −$650.0M | −$353.0M | −$1.78B | −$2.62B | −$1.64B | −$1.20B | −$1.31B | −$315.0M | −$640.0M |
| Net current asset value | −$6.04B | −$5.91B | −$6.19B | −$6.86B | −$8.20B | −$6.94B | −$6.13B | −$5.32B | −$4.39B | −$4.28B |
| Graham number | $73.89 | $55.57 | $63.07 | $51.98 | $60.18 | $49.48 | $51.03 | $48.16 | $54.76 | $36.42 |
| Graham net-net per share | −$36.47 | −$33.85 | −$37.24 | −$39.05 | −$43.52 | −$37.44 | −$34.05 | −$29.73 | −$24.56 | −$23.36 |
| Capital allocation | ||||||||||
| Dividends paid | $628.0M | $622.0M | $598.0M | $570.0M | $536.0M | $496.0M | $468.0M | $453.0M | $434.0M | $414.0M |
| Share buybacks (net) | $790.0M | $752.0M | $86.0M | $190.0M | $210.0M | $0 | $325.0M | $1.72B | $813.0M | $1.05B |
| Dividend payout ratio | 39.8% | 55.7% | 47.1% | 55.6% | 37.2% | 46.8% | 37.7% | 33.8% | 27.2% | 47.4% |
| Dividends + buybacks / free cash flow | 121.9% | 196.6% | 36.1% | 170.8% | 62.6% | 27.2% | 47.6% | 205.9% | 103.2% | 158.6% |
| Capex / revenue | 4.9% | 4.6% | 3.2% | 3.3% | 2.2% | 2.2% | 2.7% | 2.7% | 2.4% | 2.8% |
| Capex / operating cash flow | 40.1% | 50.8% | 21.4% | 53.8% | 23.8% | 14.3% | 19.9% | 28.0% | 23.0% | 30.3% |
| Capex / depreciation | 1.47 | 1.47 | 1.00 | 0.94 | 0.66 | 0.60 | 0.81 | 0.83 | 0.78 | 0.91 |
| Stock-based compensation / revenue | 0.3% | 0.3% | 0.3% | 0.2% | 0.3% | 0.3% | 0.3% | 0.2% | 0.2% | 0.3% |
| R&D / revenue | 2.7% | 2.7% | 2.6% | 2.8% | 2.6% | 2.7% | 2.9% | 2.9% | 3.1% | 3.2% |
| SG&A / revenue | 21.7% | 21.4% | 22.2% | 20.5% | 24.2% | 26.1% | 25.7% | 25.1% | 26.6% | 34.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 72.7 | 69.0 | 70.9 | 75.4 | 63.8 | 72.3 | 67.5 | 68.2 | 68.8 | 68.6 |
| Days of inventory on hand | 71.2 | 74.6 | 79.3 | 81.3 | 69.3 | 80.8 | 73.7 | 71.2 | 72.1 | 75.5 |
| Days payables outstanding | 115.9 | 125.1 | 127.8 | 120.3 | 100.8 | 128.8 | 124.8 | 125.1 | 132.5 | 131.3 |
| Cash conversion cycle (days) | 28.0 | 18.5 | 22.4 | 36.5 | 32.4 | 24.4 | 16.4 | 14.4 | 8.4 | 12.8 |
| Receivables turnover | 5.02 | 5.29 | 5.15 | 4.84 | 5.72 | 5.05 | 5.41 | 5.35 | 5.31 | 5.32 |
| Payables turnover | 3.15 | 2.92 | 2.86 | 3.03 | 3.62 | 2.83 | 2.92 | 2.92 | 2.75 | 2.78 |
| Inventory turnover | 5.12 | 4.90 | 4.60 | 4.49 | 5.27 | 4.51 | 4.95 | 5.12 | 5.06 | 4.83 |
| Asset turnover | 0.76 | 0.77 | 0.77 | 0.74 | 0.82 | 0.74 | 0.90 | 0.94 | 0.91 | 0.87 |
| Average receivables | $3.16B | $3.00B | $3.15B | $3.23B | $2.94B | $2.74B | $2.80B | $2.87B | $2.78B | $2.68B |
| Average payables | $3.12B | $3.17B | $3.39B | $3.29B | $2.84B | $2.74B | $2.96B | $3.08B | $2.98B | $2.76B |
| Average inventory | $1.92B | $1.89B | $2.10B | $2.22B | $1.95B | $1.72B | $1.75B | $1.76B | $1.62B | $1.59B |
| Intangibles / total assets | 36.7% | 39.2% | 38.7% | 40.9% | 42.3% | 38.1% | 37.3% | 37.7% | 36.2% | 35.2% |
Computed from PPG's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PPG valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), PPG traded at 14.8 times earnings, against a 10-year median of 26.8. Based on the latest twelve months, the trailing P/E is 15.4 and the forward P/E is 12.4. PPG earned a return on equity of 21.4% and a return on invested capital of 13.2% in fiscal 2025. It ended the year with $7.9 billion of debt and $2.2 billion in cash and short-term investments, net debt of $5.7 billion. It returned $1.4 billion to shareholders: $628.0 million in dividends and $790.0 million in share buybacks, 122% of free cash flow. The share count fell 15.1% from 267.4M to 227.1M over 9 years.
See the PPG income statement, the PPG chart for price history, or the PPG stock overview for the latest quote and news.
PPG key metrics FAQ
What is PPG's P/E ratio?
PPG's trailing P/E ratio is 15.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.4. At the end of fiscal 2025 it was 14.8, compared with a 10-year median of 26.8.
What is PPG's EV/EBITDA?
PPG's enterprise value was 10.3 times EBITDA at the end of fiscal 2025 (enterprise value $28.9 billion, EBITDA $2.8 billion); the current EV/EBITDA is 10.5.
What is PPG's return on equity?
PPG's return on equity (ROE) was 21.4% in fiscal 2025: net income of $1.6 billion on average shareholders' equity of $7.4 billion.
What is PPG's ROIC?
PPG's return on invested capital was 13.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does PPG have?
PPG had total debt of $7.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.99 and $5.7 billion of net debt (2.02 times EBITDA).
What is PPG's dividend yield?
PPG's forward dividend yield is 2.76%. PPG paid $628.0 million in dividends in fiscal 2025 ($2.77 per share), a payout ratio of 39.8%.
Does PPG buy back its shares?
Yes. PPG spent $790.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −3.3% over the year, to 227.1M..
What is PPG's free cash flow yield?
PPG generated $1.2 billion of free cash flow in fiscal 2025, a free cash flow yield of 5.0% on its market value at year-end ($23.3 billion).
What is PPG's current ratio?
PPG's current ratio was 1.62 at the end of fiscal 2025: current assets were 1.62 times current liabilities.