Tu Caijing | PPG Posts 'Zero Growth' in 2025—Stock Price Tumbles! Emergency 'Cost Scalpel' Initiated—Can It Turn Things Around This Year?

On January 27, PPG—a global leader in coatings—released its financial results for the fourth quarter and full year of 2025. Adjusted earnings per share (EPS) slightly missed market expectations, causing its after-hours stock price to dip 2.4%. For the full year 2025, PPG reported net sales of $15.9 billion—flat year-on-year; organic sales rose 2%, with volume and pricing each contributing one percentage point of growth. On the profitability front, reported EPS stood at $6.92, while adjusted EPS reached $7.58. Net income from continuing operations climbed 17% year-on-year to $1.57 billion; segment profit margin held steady at 17%, and segment EBITDA margin at 19%—indicating stable profitability. PPG generated $1.9 billion in operating cash flow for the year—an increase of over $500 million year-on-year. The company returned $1.4 billion to shareholders through $790 million in share repurchases (approximately 3% of outstanding shares) and $630 million in dividends. As of year-end, $2.0 billion remained under its authorized share repurchase program. Cost control efforts delivered significant results: structural cost-reduction initiatives generated $75 million in benefits for the year—providing solid support for earnings growth. In Q4, PPG’s growth momentum accelerated, posting net sales of $3.9 billion—exceeding analysts’ consensus estimate of $3.77 billion. Organic sales rose 3% year-on-year—the highest quarterly growth rate of the year—driven by higher selling prices and increased volumes across all regions. Profitability-wise, the company reported diluted EPS of $1.34 and adjusted EPS of $1.51—slightly below the market’s average expectation of $1.58. However, net income surged dramatically—from $2 million ($0.01 per share) a year earlier to $302 million. During the quarter, PPG continued returning capital to shareholders, completing approximately $100 million in share repurchases. In Q4, PPG’s three core business segments posted differentiated growth—with standout performance in key areas. Specifically, its Global Architectural Coatings segment achieved net sales growth of 8% to $951 million. Higher selling prices and favorable currency effects offset the impact of divesting its Russian architectural coatings business. EBITDA rose 14% to $164 million, lifting the segment’s EBITDA margin to 17.2%. Regionally, Latin America and the Asia-Pacific posted high single-digit organic sales growth. Retail sales in Mexico remained robust, and project-related sales continued recovering—though declining volumes in Europe partially offset overall growth momentum.

Breaking News! Top 100 Coatings Sales Ranking Released—Foreign Brands Command Over 60% Market Share!

Recently, CoatingProcurement.com released its highly anticipated '2025 China Coatings Industry Top 100 Sales Ranking.' A horizontal comparison with the 2024 ranking reveals that China’s coatings industry is undergoing a profound structural transformation. According to CoatingProcurement.com’s preliminary statistics, the combined sales volume of the 100 ranked enterprises in 2025 totaled 24,992,721.96 metric tons—a decline of 8.1% year-on-year. Nippon Paint, Sherwin-Williams, and Skshu Coatings retained their positions as the top three, leveraging their formidable strength. The overall market exhibits four defining characteristics: divergent performance (some rising, others falling), rising concentration, domestic players breaking through, and foreign brands undergoing restructuring. Traditional real estate–linked coatings segments remain under sustained pressure, while niche sectors—including new energy, high-end industrial coatings, and下沉 (lower-tier city) residential decoration—are enjoying growth dividends. The Matthew effect has intensified further, and the competitive landscape among industry leaders is undergoing one of the most profound adjustments in recent years. Domestic Leaders Surge in Top 10; Foreign Giants Face Pressure The composition of the Top 10 sales ranking remained largely stable in 2025—but notable shifts emerged in sales growth rates and competitive positioning. The 2025 Top 10 list comprises: Nippon Paint, Sherwin-Williams, Skshu Coatings, AkzoNobel, Oriental Yuhong, Guangdong BADESHI, CNBM, PPG Industries, Zhejiang Brothers Road Marking, and Dewitt Coatings. Among these ten, five achieved sales growth, one was flat, and four declined. Domestic leaders outperformed foreign giants across the board—emerging as the primary engine of industry growth. Among the growth cohort, domestic enterprises shone especially brightly. CNBM led the Top 10 with a 23% year-on-year sales surge, driven by integrated building materials solutions and sustained order inflows from turnkey construction material contracts. BADESHI achieved a 20% sales jump, fueled by deep penetration into county-level home renovation channels and full ramp-up of newly added production capacity. Dewitt Coatings focused on specialized industrial subsegments, precisely aligning with downstream demand—posting an 18% sales increase. Industry leader Skshu maintained steady growth of 6%, further consolidating its position as China’s leading domestic coatings brand. Sherwin-Williams recorded modest but stable growth of 2%, while PPG Industries’ sales were essentially flat—reflecting overall stability. Declining performers were concentrated among traditional foreign leaders and real estate–chain coatings suppliers. Nippon Paint—the industry’s top-ranked player—saw sales fall 16% year-on-year, primarily constrained by intensifying channel competition from local brands and heightened price sensitivity in the home renovation market. AkzoNobel edged down 3%, weighed down by sluggish decorative coatings performance. Oriental Yuhong—specializing in waterproofing and architectural coatings—suffered an 11% sales drop amid weakening new construction starts in the property sector. Brothers Road Marking—focused on traffic coatings—recorded a 13% decline due to volatility in its end-market demand. Collectively, the Top 10 ranking confirms a clear trend: the golden era of residential architectural coatings is fading, while high-end industrial and localized home renovation coatings have become the new battleground for industry leaders. Polarization Deepens Across the Top 100; Industry Concentration Continues Rising Comparing overall sales data for the Top 100 enterprises between 2024 and 2025 reveals pronounced divergence in growth momentum. Across the full Top 100, 53 companies posted year-on-year sales growth or stability: 41 achieved positive growth, and 12 were essentially flat. Meanwhile, 35 companies experienced varying degrees of sales decline. Pingyuan Winter Industrial Co., Ltd., Zhejiang Jinzhili Chemical Co., Ltd., and Jiangxi Zhongshuai New Materials Technology Co., Ltd. successfully entered the Top 100 rankings in 2025.

PPG Industries Shares Drop 3.1% Despite Strong GF Score

Jul 7, 2026

PPG Industries Inc shares fell 3.1% to $120.22, maintaining an 18.8% year-to-date gain. Analysts highlight a GF Score of 86 and a P/E ratio below historical median, suggesting the stock is undervalued.

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