Company Reports

PPG Industries is the world’s second-largest producer of paints and coatings, serving a broad set of end markets, including industrial segments such as automotive, aerospace, and protective and marine, as well as architectural paint customers. The company has a significant international presence, with more than 58% of 2025 sales generated outside North America.

PPG delivered its sixth consecutive quarter of organic sales growth, up 4% on equal contributions from volume and pricing. Adjusted EPS of $2.23 missed FactSet consensus by $0.02, and shares fell 6% as weaker-than-expected margins overshadowed solid sales growth.

PPG Industries is the world’s second-largest producer of paints and coatings, serving a broad set of end markets, including industrial segments such as automotive, aerospace, and protective and marine, as well as architectural paint customers. The company has a significant international presence, with more than 58% of 2025 sales generated outside North America.

We are transferring coverage of PPG Industries, the world's second-largest producer of paints and coatings.

PPG's sales rose 7% in the first quarter compared with a year ago, driven up 6% by a weaker US dollar and 1% by price increases that offset flat to slightly lower sales volume. Bright spots in the quarter included rising architectural sales in Latin America and aerospace performance coatings.

PPG's sales rose roughly 5% in the fourth quarter compared with a year ago, leading to flat total sales for the year. Performance coatings was the only revenue growth segment in 2025, but its profits were flat. Price increases staved off volume declines in several markets, aided by a weaker dollar.

PPG Industries is a globally diversified producer of paints and coatings. The company is the world's largest producer of coatings after the purchase of selected Akzo Nobel assets. PPG's products are sold to a wide variety of end users, including the automotive, aerospace, construction, and industrial markets. The firm has a footprint in many regions around the globe, with less than half of sales coming from North America in recent years. PPG is focused on growing its coatings and specialty product offerings and expanding into emerging regions, as exemplified by the Comex acquisition.

PPG Industries is a globally diversified producer of paints and coatings. The company is the world's largest producer of coatings after the purchase of selected Akzo Nobel assets. PPG's products are sold to a wide variety of end users, including the automotive, aerospace, construction, and industrial markets. The firm has a footprint in many regions around the globe, with less than half of sales coming from North America in recent years. PPG is focused on growing its coatings and specialty product offerings and expanding into emerging regions, as exemplified by the Comex acquisition.

Net sales for PPG rose roughly 1% in the third quarter compared with a year ago. The performance coatings business was the strongest performer in the quarter, but all three segments reported positive revenue growth.

Net sales for PPG fell roughly 1% in the second quarter compared with a year ago. Strong gains in its performance coatings business were more than offset by declines in industrial and global architecture coatings.

PPG Industries is a globally diversified producer of paints and coatings. The company is the world's largest producer of coatings after the purchase of selected Akzo Nobel assets. PPG's products are sold to a wide variety of end users, including the automotive, aerospace, construction, and industrial markets. The firm has a footprint in many regions around the globe, with less than half of sales coming from North America in recent years. PPG is focused on growing its coatings and specialty product offerings and expanding into emerging regions, as exemplified by the Comex acquisition.

PPG Industries is a globally diversified producer of paints and coatings. The company is the world's largest producer of coatings after the purchase of selected Akzo Nobel assets. PPG's products are sold to a wide variety of end users, including the automotive, aerospace, construction, and industrial markets. The firm has a footprint in many regions around the globe, with less than half of sales coming from North America in recent years. PPG is focused on growing its coatings and specialty product offerings and expanding into emerging regions, as exemplified by the Comex acquisition.

Narrow-moat PPG reported solid first-quarter results that were in line with our expectations. Net sales fell 4% year over year, but this was mainly driven by divestitures and foreign-currency translation. Organic sales rose 1% year over year due to higher performance coatings volumes in the quarter. End-market demand remains mixed as weakness in architectural and automotive original equipment manufacturer end markets has been somewhat offset by strength in aerospace, marine, and protective. Additionally, heightened economic uncertainty raises some concern for PPG, but PPG’s direct tariff exposure is limited. Much of the paint and coatings produced by PPG are manufactured and sold locally, and raw materials tend to be sourced locally. Where tariffs are unavoidable, PPG will likely pass through increased costs to customers. Nevertheless, a global slowdown in GDP growth could weigh on PPG’s performance coatings-focused portfolio, but the impact remains to be seen. We've decreased our fair value estimate to $119 from $120 per share due to slightly lower near-term revenue in our forecast.

Narrow-moat PPG reported fourth-quarter results that were slightly below our initial expectations. Net sales fell 4.7% year over year due to weakness in industrial and architectural end markets. Nevertheless, consolidated operating margin expanded 40 basis points to 12.1%, driven by a strong quarter in the company’s performance coatings segment. Demand across PPG’s portfolio remains mixed, with strength in aerospace and marine end markets offset by persistent weakness in industrial and automotive OEM. While we expect a recovery this year in industrial, automotive OEM and some architectural markets are likely to remain constrained for at least the first half of the year. As such, we have maintained our $120 per share fair value estimate.

PPG Industries is a globally diversified producer of paints and coatings. The company is the world's largest producer of coatings after the purchase of selected Akzo Nobel assets. PPG's products are sold to a wide variety of end users, including the automotive, aerospace, construction, and industrial markets. The company has a footprint in many regions around the globe, with less than half of sales coming from North America in recent years. PPG is focused on growing its coatings and specialty product offerings and expanding into emerging regions, as exemplified by the Comex acquisition.

Narrow-moat PPG reported third-quarter results that came with few surprises. Net sales fell roughly 1.5% year over year as gains in the performance coatings segment were offset by continued declines in industrial coatings. End market demand for PPG remains mixed, but we are encouraged by sequential improvements in some of its largest businesses like aerospace and automotive refinish. We've increased our fair value estimate to $120 from $118 per share due to time value of money.

PPG Industries is a globally diversified producer of paints and coatings. The company is the world's largest producer of coatings after the purchase of selected Akzo Nobel assets. PPG's products are sold to a wide variety of end users, including the automotive, aerospace, construction, and industrial markets. The company has a footprint in many regions around the globe, with less than half of sales coming from North America in recent years. PPG is focused on growing its coatings and specialty product offerings and expanding into emerging regions, as exemplified by the Comex acquisition.

Narrow-moat PPG reported second-quarter results that were largely in line with our expectations. Net sales fell 1.5% year over year, largely due to weakness in the company's industrial coatings business. End-market demand across PPG's portfolio remains mixed, as strength in aerospace and packaging was offset by weakness in automotive original equipment manufacturer, or OEM, and muted demand in Europe. Nevertheless, PPG continues to experience solid demand in Mexico and China, which should offset demand headwinds across other areas of its portfolio in the second half of the year. As such, we maintain our $118 fair value estimate.

PPG Industries is a globally diversified producer of paints and coatings. The company is the world's largest producer of coatings after the purchase of selected Akzo Nobel assets. PPG's products are sold to a wide variety of end users, including the automotive, aerospace, construction, and industrial markets. The company has a footprint in many regions around the globe, with less than half of sales coming from North America in recent years. PPG is focused on growing its coatings and specialty product offerings and expanding into emerging regions, as exemplified by the Comex acquisition.

Narrow-moat PPG reported first-quarter results that came with few surprises. While sales growth was roughly flat compared with a year ago, PPG generated margin expansion despite tepid demand from architectural and industrial end markets. While we expect some headwinds through the year, sequential improvements in industrial and new single-family housing starts should provide some relief. Additionally, first-quarter strength in China and India offers some optimism as European coatings end markets remain muted. We've increased our fair value estimate to $118 from $117 per share due to time value of money.