PPG
PPG Industries, Inc.
PPG's fundamentals are strong and it looks cheap: trading at 17x earnings, below its usual 25x. Analysts expect earnings growth.
PPG Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Healthy | |
| Healthy |
PPG's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
PPG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 15x | $122 | — |
| Current | 17x | $122 | — |
| Cheap | 19x | $136 | +11% |
| Fair | 24x | $171 | +40% |
| Expensive | 29x | $202 | +65% |
Historical ranges are pointers, not guarantees.
PPG's PE is in its cheap range at 17x. If earnings grow as analysts expect, today's price would be 15x next year's earnings.
PPG Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for PPG, with profitability holding steady.
PPG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.41 | +20% |
| Q3 2026 | $7.00 | +58% |
| Q2 2026 | $6.98 | +58% |
| Q1 2026 | $7.01 | +49% |
| Q4 2025 | $6.94 | +46% |
| Q3 2025 | $4.43 | -30% |
| Q2 2025 | $4.43 | -27% |
| Q1 2025 | $4.69 | -21% |
| Q4 2024 | $4.75 | -11% |
PPG earned $7.00 per share over the past year, up 58% from the year before.
PPG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.4B | +6.6% |
| Q2 2026 | $4.5B | +7.2% |
| Q1 2026 | $3.9B | +6.7% |
| Q4 2025 | $3.9B | +81% |
| Q3 2025 | $4.1B | -11% |
| Q2 2025 | $4.2B | -12% |
| Q1 2025 | $3.7B | -15% |
| Q4 2024 | $2.2B | -50% |
PPG's revenue has grown year over year for four quarters in a row: $4.4B last quarter, up 6.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | +0.5 points |
| Q2 2026 | 17% | -1.2 points |
| Q1 2026 | 16% | -0.3 points |
| Q4 2025 | 9.9% | +9.5 points |
| Q3 2025 | 17% | +1.3 points |
| Q2 2025 | 18% | +0.4 points |
| Q1 2025 | 16% | +1.4 points |
| Q4 2024 | 0.5% | -12 points |
PPG's operating margin was 17% last quarter, up 0.5 points from the same quarter a year ago.
PPG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $411M | -24% |
| Q2 2026 | $446M | +68% |
| Q1 2026 | -$163M | +$64M |
| Q4 2025 | $586M | +296% |
| Q3 2025 | $538M | -13% |
| Q2 2025 | $266M | +7.7% |
| Q1 2025 | -$227M | +$89M |
| Q4 2024 | $148M | -80% |
PPG still generates free cash flow, though less than at its 2020 peak: $1.3B over the past year.
PPG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -700K shares |
| 1 year | -1.5% | -3.3M shares |
| 3 years | -6% | -14.3M shares |
| 5 years | -6.9% | -16.6M shares |
| Available history | -6.3% | -15M shares |
PPG has 223M diluted shares, down 1.5% from a year ago, with $425M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $147M |
| Q2 2026 | $79M |
| Q1 2026 | $96M |
| Q4 2025 | $103M |
| Q3 2025 | $147M |
| Q2 2025 | $146M |
| Q1 2025 | $394M |
| Q4 2024 | $241M |
PPG spent $425M buying back its own shares over the past year, down 54% from the year before.
PPG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.7x | Healthy |
| Q2 2026 | 1.8x | Healthy |
| Q1 2026 | 1.9x | Healthy |
| Q4 2025 | 1.7x | Healthy |
| Q3 2025 | 2.2x | Moderate |
| Q2 2025 | 2.3x | Moderate |
| Q1 2025 | 2.1x | Moderate |
| Q4 2024 | 1.7x | Healthy |
PPG's net debt is about 1.7 years of its operating earnings (EBITDA), down from 2.2 years a year ago.
PPG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.4 | Neutral |
| Stochastic | 78.0 | Neutral |
PPG's weekly RSI is 60 (neutral) and its Stochastic is 78 (neutral).
PPG PE vs Basic Materials Sector
| Metric | PPG | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 19x | 6.1% below |
| PE % | 10 | 40 | 30 pts below |
PPG is trading at 17x earnings, in line with the Basic Materials sector's median of 19x.
PPG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $112.4 | 8.9% above |
| 20 week MA | $113.5 | 7.8% above |
| 50 week MA | $112.0 | 9.2% above |
| 100 week MA | $110.8 | 10% above |
| 200 week MA | $122.5 | 0.1% below |
PPG has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 0.1% below its 200-week average.
PPG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $133.3 | $145.0 | +8.8% |
| 2021 | $145.0 | $167.1 | +15% |
| 2022 | $167.1 | $126.7 | -24% |
| 2023 | $126.7 | $149.6 | +18% |
| 2024 | $149.6 | $120.4 | -20% |
| 2025 | $120.4 | $104.3 | -13% |
| 2026 YTD | $104.3 | $122.4 | +17% |
PPG has finished lower in three of the last six years. It's up 17% so far in 2026.