PPG’s revenue remained flat year-on-year at $15.9 billion in the previous fiscal year, while its net profit surged 17% to $1.6 billion.

In fiscal year 2025, the Group achieved an EBITDA of $2.631 billion, up 9.26% year-on-year. Operating profit totaled $1.587 billion, up 15.25% year-on-year. Net profit amounted to $1.571 billion, up 17% year-on-year. The net profit margin rose from 8.5% in the prior year to 9.9%. Adjusted net profit was $1.722 billion, down 7.0% year-on-year. Amid a challenging macroeconomic environment, the Company delivered earnings per share (EPS) of $6.92 for fiscal year 2025, with adjusted EPS of $7.58—down 4% year-on-year. The EBITDA margin across all business segments stood at 19%. These results reflect strong sales performance driven by our technologically advanced products and powerful brands, and we achieved record results across multiple businesses—including aerospace coatings, protective & marine coatings, and packaging coatings. In 2025, we demonstrated remarkable resilience amid macroeconomic headwinds: sales volume and selling prices both increased across all four quarters, delivering 2% organic sales growth. We generated $1.9 billion in operating cash flow, yielding a free cash flow yield of 5%. During the year, we repurchased approximately $790 million worth of shares—about 3% of our outstanding shares. Including dividends, we returned $1.4 billion to shareholders in 2025. PPG Industrial—Key Factors Affecting Q4 2025 Operating Performance PPG reported net sales of $3.914 billion for Q4 2025, up 5.0% year-on-year. Organic sales rose 3% year-on-year—the highest quarterly organic growth this year—driven by broad-based growth across all three business segments. Overall selling prices increased 1% year-on-year, though part of this structural price increase was offset by declines in pricing under certain index-linked customer contracts. Sales volume rose 2% year-on-year versus Q4 2024. Net sales also included a 4% benefit from foreign exchange translation and a 2% reduction due to business divestitures. Sales growth was primarily driven by aerospace coatings, protective & marine coatings, and architectural coatings in Mexico. Gains in market share within our industrial coatings segment offset declines in automotive refinish coatings and architectural coatings in Europe and the Middle East. Net sales of automotive OEM coatings rose 6%, marking the second consecutive quarter of outperformance relative to industry averages. In aerospace coatings, both Q4 net sales and segment income reached new highs. For Q4 2025, adjusted diluted EPS was $1.51, compared to reported diluted EPS of $1.34. Across all business segments, operating margin stood at 18%, down 40 basis points year-on-year—primarily reflecting improved margins in industrial coatings and global architectural coatings, partially offset by lower margins in the high-performance coatings segment. Net profit totaled $302 million, up 15-fold year-on-year. Adjusted net profit was $341 million, down 9.0% year-on-year.

Citi Group’s Financial Report Analysis for the First Three Quarters of 2026 — October 16, 2026

P/E Ratio: As of Q3 2026 (TTM), Citi Group’s net income attributable to parent shareholders (TTM) stood at $19.332 billion, up 35.13% from the beginning of the year. Its price-to-earnings ratio—defined as total market capitalization divided by net income attributable to parent shareholders (TTM)—was 11.2x, down 3.02x from the start of the year. Over the 10-year period from 2016 to 2025, cumulative net income attributable to parent shareholders totaled $129.62 billion, with an average P/E ratio of 11.0x—0.46x below the industry average for diversified banks—and exhibiting a long-term upward trend. Annual Dividend: In 2025, Citi Group’s annual dividend payout amounted to $4.251 billion, up 0.53% year-on-year. The dividend payout ratio—dividend divided by net income attributable to parent shareholders—stood at 29.72%, down 3.63 percentage points year-on-year. Over the 2016–2025 decade, cumulative dividends totaled $38.68 billion, averaging 29.84%—6.88 percentage points below the diversified banking industry average—and showing a long-term upward trend. Dividend Yield: In 2025, Citi Group’s dividend yield was 2.08%, down 1.12 percentage points year-on-year. Over the 2016–2025 decade, the average dividend yield was 2.72%—0.5 percentage points below the diversified banking industry average—and exhibited a long-term upward trend. Overall Valuation: As of the date of publication, Citi Group’s latest TTM P/E ratio stood at 10.55x. Back-calculating from the disclosed TTM net income attributable to parent shareholders ($19.332 billion), its implied market capitalization is approximately $204 billion—consistent with its share price of around $123 as of October 15 and its corresponding $204 billion market cap. At the end of Q3, its P/E ratio (based on the same TTM net income figure) had been 11.2x, implying a $217.2 billion market cap; post-earnings, the share price decline compressed the multiple to 10.55x. As of the end of Q3, book value per common share stood at $115.61, and tangible book value per share at $101.59. Based on publicly available data, the corresponding price-to-book (P/B) ratio is approximately 1.06x, and the tangible P/B ratio approximately 1.22x. Forward P/E is roughly 10x; dividend yield approximately 2.1%; and the consensus target price among 23 analysts is about $151, with a ‘Buy’ recommendation. Cross-sectionally, at the end of Q3, JPMorgan Chase traded at a P/E of 13.3x and Wells Fargo at 10.5x—Citi trades at a discount relative to its strongest peers, and is nearly in line with Wells Fargo. Longitudinally, Citi’s 10-year average P/E is ~11.0x; it peaked at 14.3x at end-2025, and currently trades below both its level one year ago and slightly below its 10-year average. Overall, the current valuation sits in the reasonable-but-slightly-low range, offering some margin of safety—but not representing deep undervaluation. Arguments supporting the view of relative undervaluation include: continued realization of operating leverage in profits; a Q3 tangible return on equity (ROE) of 12.6%, already exceeding the full-year target of 11%; aggressive share repurchases; and—if operational efficiency (efficiency ratio) can indeed fall below 55% mid-term and tangible ROE stabilizes above 13%—the current multiples of 10.55x P/E and 1.2x tangible book could justify re-rating. Analysts’ consensus target price implies ~20% upside, consistent with this scenario. Equally compelling arguments limiting a conclusion of deep undervaluation include: TTM accounting ROE stands at only 9.40%, barely meeting the cost of equity; historically, Citi has consistently traded at a discount to JPMorgan Chase; the 45.7% profit growth projected for 2026 incorporates a low base due to goodwill impairment and unusually favorable credit and capital markets conditions; a projected $9 billion in after-tax losses in 2027 will interrupt reported earnings; and legacy remediation efforts and deferred tax assets may constrain the sustainability of capital returns at the pace seen this year.

PPG Industries Price Target Raised to $130.00/Share From $118.00 by Citigroup

1 day ago

Citigroup raised its price target for PPG Industries shares to $130 from $118, indicating an optimistic outlook on the coatings and specialty materials manufacturer.

Moomoo

PPG Industries Price Target Raised to $123.00/Share From $116.00 by UBS

Moomoo

2026-04-15

PPG Industries Inc. Stock: Why Coatings Leadership Matters for Stability

2026-04-15

PPG Stock Rises on Preliminary Q1 Results, Global Price Increases

2026-04-15

PPG Hikes Prices of All Products by Up to 20%

2026-04-17

PPG Acquires Pavement Markings Manufacturer Ozark Materials