Capital investment and capacitymixed · 4 filings
“Depreciation expense increased $16 million primarily due to higher capital spending in 2025.”10-Q · Apr 29, 2026 ↗
PPG Industries, Inc.
PPG
Market read
PPG Industries, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 26 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 10 directly disclosed connections are confirming.
What changed
- Revenue increased 6.7% versus the comparable filing period.
- Operating cash flow covered only 0.09x net income.
Company+0.4% todayVolume comparison unavailable
Market group0 of 26 activeCyclical Industrial Demand · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- PPG's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if PPG's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 26 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 10 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 6.7% versus the comparable filing period.
Evidence that challenges
- Operating cash flow covered only 0.09x net income.
What would clarify the read
- PPG's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements164
Verified relationships11
Evidence supporting the case
- Net margin changed +2.9 percentage points in the latest annual period.
Evidence challenging the case
- Input and raw-material costs has repeated adverse evidence across 4 filings.
- Macroeconomic conditions has repeated adverse evidence across 4 filings.
Questions before a position
- P/E is 22% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
105.496m+4.7%12m-3.0%24m-15.5%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$16.8B+21.5%$6.01+0.6%
2022-12-31$15.6B-7.1%$4.32-0.9%
2023-12-31$16.2B+4.0%$5.35-0.0%
2024-12-31$15.8B-2.4%$4.75-1.0%
2025-12-31$15.9B+0.2%$6.94-3.3%
What management says matters
Persistent and emerging business drivers
Demand and volumemixed · 4 filings
“While automotive refinish coatings continues to gain share through demand for the company's bundled coatings and digital services business model, we expect lower organic sales year over year in the second quarter due to customer order patterns in 2025.”10-Q · Apr 29, 2026 ↗
Input and raw-material costsmixed · 4 filings
“Selling, general and administrative expense increased $47 million primarily due to overhead cost inflation and the unfavorable impact of foreign currency translation, partially offset by cost-control measures.”10-Q · Apr 29, 2026 ↗
Macroeconomic conditionsmixed · 4 filings
“Selling, general and administrative expense increased $47 million primarily due to overhead cost inflation and the unfavorable impact of foreign currency translation, partially offset by cost-control measures.”10-Q · Apr 29, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 1.5× · EV/sales 1.8×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
105.49+0.4% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for PPG. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing shows material pressure
10-Q filed 2026-04-29 against the comparable filing from 2025-04-30.
OperationsmixedEvidence score +1
liquiditycautiousEvidence score -1
valuationmixed
What improved
- Revenue increased 6.7% versus the comparable filing period.
What weakened
- Operating cash flow covered only 0.09x net income.
Filing receipts
“Depreciation expense increased $16 million primarily due to higher capital spending in 2025.”
“2025 Net sales $965 $857 $108 12.6 % Segment income $155 $118 $37 31.4 % Depreciation and amortization expense $29 $26 $3 11.5 % Segment income before interest, taxes, depreciation and amortization (EBITDA) $184 $144 $40 27.8 % Three Months Ended March 31, 2026 Global Architectural Coatings net sales increased due to the following: ● Favorable foreign currency translation (+12%) ● Higher selling prices (+2%) Partially offset by: ● Divestiture-related sales (-1%) Architectural coatings – EMEA net sales, excluding the impact of currency, acquisitions and divestitures ("organic sales") decreased by a low single-digit percentage compared to the prior year with higher selling prices more than of...”
“2025 Net sales $1,334 $1,265 $69 5.5 % Segment income $288 $274 $14 5.1 % Depreciation and amortization expense $38 $33 $5 15.2 % Segment EBITDA $326 $307 $19 6.2 % Three Months Ended March 31, 2026 Performance Coatings net sales increased due to the following: ● Higher selling prices (+3%) ● Favorable foreign currency translation (+3%) ● Acquisitions (+1%) Partially offset by: ● Lower sales volume (-2%) Automotive refinish coatings organic sales decreased by a double-digit percentage versus the prior year.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind PPG
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
PKGPackaging Corporation of AmericasupplierFeb 19, 2026 ▾
“Packaging Coatings Specifically formulated coatings Metal cans, closures, and plastic and aluminum tubes for food, beverage and personal care, and promotional and specialty packaging Specialty Products TESLIN® substrate, Organic Light Emitting Diode (OLED) ma…”
PKGPackaging Corporation of AmericapartnerOct 29, 2025 ▾
“Packaging coatings organic sales increased by a double-digit percentage compared to the prior-year quarter with higher sales volumes partially offset by lower index-based prices.”
Depended on by
TGLSTecnoglass Holdings Inc.supplierMar 2, 2026 ▾
“Tecnoglass is also the only company in Latin America authorized by PPG Industries and Guardian Industries to manufacture floating glass facades.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 9 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
PPG is currently a Early Follower in the organic co-movement group Cyclical Industrial Demand. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.