---
title: PPG Industries (PPG) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/ppg
ticker: PPG
as_of: 2026-10-17
sector: Basic Materials
industry: Chemicals - Specialty
---
# PPG Industries (PPG)

PPG Industries (PPG) closed at $107.34 on Oct 16, 2026, undervalued by 10% vs its model value of $118.80 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $107.34 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $118.80 |
| Price vs model | undervalued by 10% vs model |
| Range of that model | $74.01 – $266.12 |
| Market value | $23.9B |
| P/E (fiscal 2025) | 15.5 |
| Net margin (fiscal 2025) | 9.9% |
| Free cash flow (fiscal 2025) | $1.2B |
| Dividend yield (trailing twelve months) | 2.67% |
| Beta | 1.05 |
| Cost of capital (WACC) | 8.10% |
| Business classification | Cyclical (Revenue declining (~-7% recent), Moderate margins (10% net margin), Pays dividends, Highly cyclical earnings) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Dividend growth streaks | #13 | 42+ years | https://sweetvaluelab.com/lists/dividend-growth-streaks |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 2.67% |
| Dividends per share, last 12 months | $2.87 |
| Dividends / free cash flow (fiscal 2025) | 54.0% |
| Raised | 42+ years in a row |
| Growth over 5 years | 5.4% a year |
| Latest payment | $0.74, ex-date Aug 10, 2026, paid Sep 11, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 9, 2021 | $2.21 |
| To Aug 9, 2022 | $2.39 |
| To Aug 9, 2023 | $2.51 |
| To Aug 12, 2024 | $2.63 |
| To Aug 11, 2025 | $2.75 |
| Trailing twelve months (to Aug 10, 2026) | $2.87 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $118.80 | $74.01 | $266.12 |
| DCF · Perpetuity growth · 10y | cross check | $116.71 | $75.69 | $248.81 |
| DCF · EBITDA exit · 5y | cross check | $111.52 | $65.41 | $166.08 |
| DCF · EBITDA exit · 10y | cross check | $112.05 | $70.24 | $168.39 |
| P/E · peers | cross check | $134.01 | $128.13 | $145.48 |
| P/E · own history | cross check | $174.44 | $153.92 | $204.43 |
| PEG | sanity check | $104.62 | $104.62 | $104.62 |
| EV/EBITDA · peers | cross check | $102.51 | $97.05 | $141.66 |
| EV/Revenue · peers | cross check | $71.35 | $70.02 | $95.50 |
| Earnings power value | cross check | $72.51 | $57.64 | $94.15 |
| Dividend discount | cross check | $51.61 | $36.60 | $79.86 |

## Insider activity (SEC Form 4)

Past 90 days: 2 open-market buys ($1,409.3) and 0 open-market sales ($0); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 15, 2026 | Massy Robert L. | Sr. VP and Chief HR Officer | Grant / award | 15.616 | $1,683.6 |
| Oct 15, 2026 | KNAVISH TIMOTHY M | Chairman and CEO | Grant / award | 29.115 | $3,138.8 |
| Oct 15, 2026 | Hefel Juliane M. | Sr. VP, Ind Coatings & Sp Prod | Grant / award | 1.404 | $151.4 |
| Oct 15, 2026 | Hagerty Chancey E. | Sr. VP, Perf Coatings Segment | Grant / award | 16.039 | $1,729.2 |
| Oct 15, 2026 | Braun Kevin D. | Sr VP, Operations | Grant / award | 17.635 | $1,901.2 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Jul 29, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/79879/000007987926000252/ppg-20260630.htm |
| Jul 28, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/79879/000007987926000246/ppg-20260728.htm |
| Apr 30, 2026 | S-8 | Employee stock plan registration | https://www.sec.gov/Archives/edgar/data/79879/000119312526196719/d477327ds8.htm |
| Apr 30, 2026 | S-8 | Employee stock plan registration | https://www.sec.gov/Archives/edgar/data/79879/000119312526196700/d127229ds8.htm |
| Apr 30, 2026 | S-8 | Employee stock plan registration | https://www.sec.gov/Archives/edgar/data/79879/000119312526196687/d127038ds8.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Richard Pzena | 2026-06-30 | 7,807,438 | $947.0M |
| First Eagle | 2026-06-30 | 6,509,824 | $789.6M |
| Bridgewater | 2026-06-30 | 11,804 | $1.4M |
| Dodge & Cox | 2026-06-30 | 2,200 | $266,838 |

4 tracked managers in all.

## About

PPG Industries, Inc. operates globally as a manufacturer and distributor of paints, protective coatings, and various specialty materials. Its Performance Coatings division offers an extensive range of products, including paints, solvents, adhesives, sealants, and software, designed for the repair and refurbishment of automotive and commercial vehicles, light industrial applications, and signage. This segment also supplies advanced coatings, sealants, transparent components (such as transparent armor), engineered materials, and chemical management services to the commercial, military, and general aviation aerospace sectors. Furthermore, it develops protective coatings and finishes for metals and large-scale structures, serving metal fabricators, heavy-duty maintenance contractors, and manufacturers of ships, bridges, and rail cars. Architectural offerings include paints, wood stains, adhe…

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Source: https://sweetvaluelab.com/stocks/ppg (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.