What is PPG's intrinsic value?

TickerWorth's valuation lenses put PPG Industries, Inc. (PPG) between $37.97 and $197.05 per share, versus a market price of $107.39. They disagree too widely for us to state a single fair value, so we publish the range.

Is PPG overvalued or undervalued?

At $107.39 the price sits inside a range too wide to call either way. We don't call PPG overvalued or undervalued from a range this wide. This is an educational estimate, not advice.

What discount rate is used for PPG?

A WACC of 9.2% and a terminal growth rate of 2.5%.

Is PPG Industries stock undervalued?

TickerWorth's fair-value range for PPG Industries, Inc. (PPG) is $37.97 – $197.05 against a market price of $107.39. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.

PPG Industries (PPG) DCF valuation and fair value

Our fair-value range for PPG Industries, Inc. (PPG) is $37.97 – $197.05, built on a 9.2% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.

What growth is priced into PPG Industries stock?

Today's price implies revenue growth of 11.6% a year for 5 years; our model assumes 3.7% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $107.39. A model estimate, not investment advice.

PPG Industries (PPG) insider trading

The most recent insider filing (SEC Form 4) for PPG Industries, Inc. (PPG): Hefel Juliane M., Sr. VP, Ind Coatings & Sp Prod, open-market buy on 2026-09-11. The latest filings are listed on this page. A disclosure, not a signal to trade.

PPG · Intrinsic value

Is PPG Industries, Inc. (PPG) overvalued or undervalued?

Name: PPG Industries, Inc. (PPG) DCF intrinsic value
Creator: TickerWorth

As of Oct 19, 2026, TickerWorth's valuation lenses put PPG Industries, Inc. (PPG) at $37.97 – $197.05, too broad a range to say where the delayed market price of $107.39 sits in it, so we do not call it over- or undervalued. It is a model estimate, and every input behind it is sourced below.

Model by Miraaj Patel · generated from a hand-researched model · Updated Oct 19, 2026 · How these pages are made

Open full PPG analysis

What is PPG worth?

Backup data source

This price comes from our backup market-data feed.

Fair-value range: $37.97 – $197.05
Market price: $107.39
Gap to fair value: —
Verdict: Too wide to call

Price as of 19 Oct 2026, 13:16 UTC · Prices are delayed.Our valuation lenses disagree too widely on this company for us to publish a single number, so we publish the range instead. We do not call it over- or undervalued from a spread this wide.

Fair-value range against the delayed market price: Too wide to call.

Reverse DCF: Today's price implies revenue growth of 11.6% a year for 5 years; our model assumes 3.7% a year on average over the same horizon.

What is PPG's TickerWorth Score?

D44/100

A weaker business than most companies

Compared with Basic Materials companies in US

Its strongest point: looks cheap on the numbers. Its weakest: growth is slow or negative.

Value · 58 of 100
Cheaper than 58% of Basic Materials companies in US
Price vs worth · 44 of 100
Quality · 54 of 100
More profitable than 54% of Basic Materials companies in US
Financial health · 34 of 100
Financially stronger than 34% of Basic Materials companies in US
Growth · 27 of 100
Growing faster than 27% of Basic Materials companies in US
Momentum · 26 of 100
Outperformed 26% of Basic Materials companies in US over the past year

Confidence: Medium confidence · Scored 19 Oct 2026, 13:16 UTC

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Where the numbers come from

Hand-researched model

What the modeller flagged

THE MODEL DISAGREES WITH THE MARKET BY ABOUT 27%, AND MOST OF THAT IS THE DISCOUNT RATE. At the house rate (5.24% Treasury + 1.05 x 5% ERP = 10.49% cost of equity; WACC 9.19%) and a 2.5% perpetuity, PPG's ~$1.3-1.8B a year of free cash flow is worth ~$23.6B of enterprise value; at today's price the market pays ~$29.9B (market cap on the diluted count + the $6.3B bridge), ~10.9x FY2025 adjusted EBITDA. Holding every operating input, today's price needs a WACC of ~7.8% (beta ~0.69); holding the WACC, it needs a ~17.5% GAAP EBIT margin from 2027 - a level continuing PPG has not reported in the last three years (11.1-13.5%).
TERMINAL VALUE IS ~74% OF ENTERPRISE VALUE - just under the 75% line. Implied exit multiple ~8.6x 2030 EBITDA (EBIT + depreciation only), below the ~10.9x adjusted EBITDA the market pays today.
GAAP, NOT ADJUSTED, EBIT. PPG's adjusted figures exclude restructuring, legacy environmental remediation, legal items and impairments every year; this model keeps them in (13.44% vs 14.18% in FY2025) and also keeps the ~$125M of acquisition amortization as a cost. Using the adjusted 14.18% from 2027 would add only ~$1/share, because the forecast path already climbs to 14.1% by 2030.
CAPEX IS A JUDGEMENT THAT MOVES ~$5 A SHARE EACH WAY. The aerospace build lifted capex to 4.6-4.9% of sales in 2024-25 and ~4.0% in 2026; the model assumes 3.5% for good. If the build simply ends and PPG reverts to 3.0% (near FY2023's 3.2%), the value is ~$82.50; if it stays at 4%, ~$71.70.
YEAR 1 IS ALREADY HALF REPORTED (H1 ended 2026-06-30) and carries ~3 points of currency tailwind. The engine discounts all of FY2026 a full year while H1's cash already sits in the 2026-06-30 balance sheet; the effects roughly offset. The FY2026 10-K (~February 2027) re-base removes the overlap.
YEAR-1 FCF (~$1,321M) is 14% above FY2025's reported $1,158M and ~6% below the trailing twelve months to 2026-06-30 (~$1,402M = H1 2026 $285M + H2 2025 $1,117M). The gap to FY2025 is mostly lower guided capex ($675M vs $778M).
THE AUTOMATIC MODEL'S MARGIN IS WRONG FOR PPG. TickerWorth's auto-DCF reads us-gaap:OperatingIncomeLoss, which PPG uses for TOTAL SEGMENT INCOME (before ~$370M of corporate cost and all restructuring, environmental and impairment charges); its '$2,675M / 16.85% FY2025' figure also matches the sum of the 9-month 2025 tag ($2,039M) and the Q1 2026 tag ($636M) rather than any fiscal year. That is ~3.4 points of margin (~$29/share at this model's rates) PPG has never earned at the consolidated level. The auto model's capex was also originally derived from depreciation, far below PPG's actual spend - it now carries a 6% capex floor and a 21% tax rate (vs the 24-25% PPG guides).
SBC of $46M (0.3% of sales, FY2025) is expensed inside GAAP pre-tax income and not added back; dilution is captured by the weighted-diluted count, which buybacks are shrinking.
No beta, tax or bridge adjustment has been made to move the answer toward the market price; the inputs are published or guided figures except the H2 2026 build, the Years 2-5 path, the 3.5% long-run capex and the 12% working-capital rate, which are mine.

Why PPG gets a range, not one number

At a recent price of $107.39, PPG Industries, Inc. (PPG) sits inside a range too wide to call either way: our valuation lenses put the business somewhere between $37.97 and $197.05 per share. They disagree too widely for us to state a single fair value. We publish the range rather than a midpoint because a number that precise would claim more than the methods can support. This is an educational model, not a price target or a recommendation.

Read the full reasoning

The valuation discounts PPG Industries, Inc.'s projected free cash flows at a weighted-average cost of capital (WACC) of 9.2%, with a long-run terminal growth rate of 2.5%. About 74% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.

Running the DCF in reverse — solving for the growth the current price already assumes — the market is implying roughly 11.6% annual revenue growth for PPG. Our base case instead compounds to about 3.7% a year over the same forecast, so the market is pricing in materially faster growth than our base case. The reverse-DCF is a quick sanity check: it reframes 'is this stock cheap?' as 'do I believe the growth the price requires?' rather than arguing over a single point estimate of fair value.

Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, PPG's modeled DCF value ranges from about $50.51 to $135.06 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.

How to read this page: the DCF fair value is what PPG Industries, Inc. would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of PPG's intrinsic value. Figures update as new filings and prices come in.

Every input behind PPG's DCF

Input	Value	Source
Base-year revenuePPG FY2025 10-K (accession 0000079879-26-000046, filed 2026-02-19), calendar year ended 2025-12-31: Net sales from CONTINUING OPERATIONS $15,875M (us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; 10-K income statement), flat on FY2024's $15,845M and down from FY2023's $16,242M - all three years restated to exclude the U.S. and Canada architectural coatings business, which was sold in December 2024 and is reported in discontinued operations (FY2025 discontinued income +$5M; FY2024 -$228M). The silicas products business, sold in Q4 2024, is out of FY2025 entirely: FY2025 sales had +1% volume, +1% price, +1% FX and -3% from divestitures (silicas, Russia architectural; Q4 release). So FY2025 is a clean continuing-operations base with no sold business inside it. Mix: Industrial Coatings $6,524M, Performance Coatings $5,513M, Global Architectural Coatings $3,838M (now Europe/Latin America/Asia only). CROSS-CHECK: H1 2026 net sales $8,425M, +6.9% on H1 2025's $7,879M (FX +4%, price +2%, volume +1%; 10-Q); trailing twelve months to 2026-06-30 = $8,425M + H2 2025 $7,996M = $16,421M. UNCHANGED as the base; the DCF grows it by forecast.revenue_growth.	$15,875,000,000	PPG FY2025 10-K (accession 0000079879-26-000046, filed 2026-02-19), calendar year ended 2025-12-31: Net sales from CONTINUING OPERATIONS $15,875M (us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; 10-K income statement), flat on FY2024's $15,845M and down from FY2023's $16,242M - all three years restated to exclude the U.S. and Canada architectural coatings business, which was sold in December 2024 and is reported in discontinued operations (FY2025 discontinued income +$5M; FY2024 -$228M). The silicas products business, sold in Q4 2024, is out of FY2025 entirely: FY2025 sales had +1% volume, +1% price, +1% FX and -3% from divestitures (silicas, Russia architectural; Q4 release). So FY2025 is a clean continuing-operations base with no sold business inside it. Mix: Industrial Coatings $6,524M, Performance Coatings $5,513M, Global Architectural Coatings $3,838M (now Europe/Latin America/Asia only). CROSS-CHECK: H1 2026 net sales $8,425M, +6.9% on H1 2025's $7,879M (FX +4%, price +2%, volume +1%; 10-Q); trailing twelve months to 2026-06-30 = $8,425M + H2 2025 $7,996M = $16,421M. UNCHANGED as the base; the DCF grows it by forecast.revenue_growth.
Base EBIT marginPPG Q4/FY2025 earnings release, 8-K Ex-99 (accession 0000079879-26-000025, filed 2026-01-27) + PPG FY2025 10-K (accession 0000079879-26-000046, filed 2026-02-19), calendar year ended 2025-12-31: GAAP EBIT = income from continuing operations before income taxes $2,045M + net interest $88M (interest expense $241M - interest income $153M) = $2,133M / $15,875M = 13.44%. PPG's income statement has no operating-income line; this is the same 'EBIT' PPG itself reconciles in the Q4 release ($1,571M net income + $88M + $458M tax + $16M NCI = $2,133M). It is AFTER every 'non-recurring' item management excludes: $54M restructuring, $24M joint-venture impairment, a $41M tax-matter charge, $16M legacy environmental remediation, -$12M legal gain, -$6M insurance, $1M portfolio, and AFTER $125M of acquisition amortization. Management's adjusted equivalent (adjusted EBITDA $2,749M less depreciation $373M and amortization $125M) is $2,251M = 14.18%; segment income $2,622M less corporate $371M gives the same $2,251M. I use GAAP because PPG books restructuring and legacy environmental charges every year (FY2023-FY2025 restructuring + impairment + environmental never below ~$95M a year), so they are a cost of running PPG, not one-offs. History, continuing ops, same construction: 11.1% FY2023 ($1,797M, after a $190M pension-settlement charge and $160M impairments), 12.1% FY2024 ($1,916M, after $377M restructuring), 13.4% FY2025. CROSS-CHECK: H1 2026 = $1,086M + $53M net interest = $1,139M / $8,425M = 13.52% (Q2 alone 13.3%, after a $25M New Jersey Chrome environmental charge and an $11M legal settlement).	13.4%	PPG Q4/FY2025 earnings release, 8-K Ex-99 (accession 0000079879-26-000025, filed 2026-01-27) + PPG FY2025 10-K (accession 0000079879-26-000046, filed 2026-02-19), calendar year ended 2025-12-31: GAAP EBIT = income from continuing operations before income taxes $2,045M + net interest $88M (interest expense $241M - interest income $153M) = $2,133M / $15,875M = 13.44%. PPG's income statement has no operating-income line; this is the same 'EBIT' PPG itself reconciles in the Q4 release ($1,571M net income + $88M + $458M tax + $16M NCI = $2,133M). It is AFTER every 'non-recurring' item management excludes: $54M restructuring, $24M joint-venture impairment, a $41M tax-matter charge, $16M legacy environmental remediation, -$12M legal gain, -$6M insurance, $1M portfolio, and AFTER $125M of acquisition amortization. Management's adjusted equivalent (adjusted EBITDA $2,749M less depreciation $373M and amortization $125M) is $2,251M = 14.18%; segment income $2,622M less corporate $371M gives the same $2,251M. I use GAAP because PPG books restructuring and legacy environmental charges every year (FY2023-FY2025 restructuring + impairment + environmental never below ~$95M a year), so they are a cost of running PPG, not one-offs. History, continuing ops, same construction: 11.1% FY2023 ($1,797M, after a $190M pension-settlement charge and $160M impairments), 12.1% FY2024 ($1,916M, after $377M restructuring), 13.4% FY2025. CROSS-CHECK: H1 2026 = $1,086M + $53M net interest = $1,139M / $8,425M = 13.52% (Q2 alone 13.3%, after a $25M New Jersey Chrome environmental charge and an $11M legal settlement).
Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast	6% → 3% → 3% → 3% → 3%	ESTIMATEAssumption — TickerWorth's 5-year explicit forecast
Risk-free rateUS 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation. Shared by every model in this tracker.	5.2%	US 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation. Shared by every model in this tracker.
BetaYahoo Finance 5Y-monthly beta via yfinance, read 2026-10-05: Published 5Y-monthly beta 1.05, used AS IS - no normalization. A coatings maker selling into autos, industry, construction and aerospace is close to market-average risk, and the figure is in line with the 1.0-1.1 range typical of diversified chemicals. Masco (paint-and-plumbing housing exposure) carries 1.29 in this tracker. Each 0.1 of beta moves the value ~$6/share; 0.95 would give ~$83.60, 1.15 ~$71.25.	1.05	Yahoo Finance 5Y-monthly beta via yfinance, read 2026-10-05: Published 5Y-monthly beta 1.05, used AS IS - no normalization. A coatings maker selling into autos, industry, construction and aerospace is close to market-average risk, and the figure is in line with the 1.0-1.1 range typical of diversified chemicals. Masco (paint-and-plumbing housing exposure) carries 1.29 in this tracker. Each 0.1 of beta moves the value ~$6/share; 0.95 would give ~$83.60, 1.15 ~$71.25.
Terminal growthESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability. Fair for PPG: continuing sales were essentially flat FY2023-FY2025 ($16.2B -> $15.9B, with divestitures) while organic growth has run ~1-4% a year. 3.0% adds ~$6.70/share; 2.0% takes ~$5.80 off.	2.5%	ESTIMATEAssumption — house default: House default 2.5% (roughly long-run nominal GDP), kept for comparability. Fair for PPG: continuing sales were essentially flat FY2023-FY2025 ($16.2B -> $15.9B, with divestitures) while organic growth has run ~1-4% a year. 3.0% adds ~$6.70/share; 2.0% takes ~$5.80 off.
Diluted sharesPPG Q2 2026 10-Q (accession 0000079879-26-000252, filed 2026-07-29) Note (earnings per share) + PPG Q2 2026 earnings release, 8-K Ex-99 (accession 0000079879-26-000246, filed 2026-07-28): Q2 2026 weighted-average shares assuming dilution 223.9M (basic 223.0M); H1 224.2M; FY2025 227.1M. Shares outstanding were 222.3M at 2026-06-30 (10-Q cover). The count is falling: $790M of buybacks in FY2025 (~3% of shares) and $175M in H1 2026, with $2B of authorization left at year-end 2025. Using the weighted count leans slightly conservative (~$0.55/share vs. the period-end 222.3M).	224M	PPG Q2 2026 10-Q (accession 0000079879-26-000252, filed 2026-07-29) Note (earnings per share) + PPG Q2 2026 earnings release, 8-K Ex-99 (accession 0000079879-26-000246, filed 2026-07-28): Q2 2026 weighted-average shares assuming dilution 223.9M (basic 223.0M); H1 224.2M; FY2025 227.1M. Shares outstanding were 222.3M at 2026-06-30 (10-Q cover). The count is falling: $790M of buybacks in FY2025 (~3% of shares) and $175M in H1 2026, with $2B of authorization left at year-end 2025. Using the weighted count leans slightly conservative (~$0.55/share vs. the period-end 222.3M).
Market priceBackup price feed · as of 2026-10-19 13:16 UTC	$107.39	Backup price feed · as of 2026-10-19 13:16 UTC

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What does PPG Industries, Inc. do?

What does it do?

PPG Industries, Inc. manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates in the Specialty Chemicals industry (Basic Materials sector), headquartered in United States. The company employs roughly 43,500 people.

How does it make money?

The business turns $16.4B in annual revenue into profit. Out of every $100 of sales, about $14 is left as operating profit (operating margin of 14.0%), after a 41% gross margin on the products/services it sells. After all costs, taxes and interest, 9.6% of revenue becomes bottom-line net profit.

Is it financially healthy?

Financially it looks mixed: carries modest debt (0.9× equity), comfortably covers its short-term bills (1.6× current ratio), and is currently profitable.

Who at PPG filed insider trades?

Recent insider filings for PPG Industries, Inc.
Date	Insider	Relationship	What happened	Value	Filing
11 Sept 2026	Hefel Juliane M.	Sr. VP, Ind Coatings & Sp Prod	Open-market buy	$358.23	Form 4 for Hefel Juliane M. (opens sec.gov in a new tab)
11 Sept 2026	Hefel Juliane M.	Sr. VP, Ind Coatings & Sp Prod	Open-market buy	$1,051.05	Form 4 for Hefel Juliane M. (opens sec.gov in a new tab)

A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4).

Common questions

What is PPG's intrinsic value?
TickerWorth's valuation lenses put PPG Industries, Inc. (PPG) between $37.97 and $197.05 per share, versus a market price of $107.39. They disagree too widely for us to state a single fair value, so we publish the range.
Is PPG overvalued or undervalued?
At $107.39 the price sits inside a range too wide to call either way. We don't call PPG overvalued or undervalued from a range this wide. This is an educational estimate, not advice.
What discount rate is used for PPG?
A WACC of 9.2% and a terminal growth rate of 2.5%.
Is PPG Industries stock undervalued?
TickerWorth's fair-value range for PPG Industries, Inc. (PPG) is $37.97 – $197.05 against a market price of $107.39. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.
PPG Industries (PPG) DCF valuation and fair value
Our fair-value range for PPG Industries, Inc. (PPG) is $37.97 – $197.05, built on a 9.2% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into PPG Industries stock?
Today's price implies revenue growth of 11.6% a year for 5 years; our model assumes 3.7% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $107.39. A model estimate, not investment advice.
PPG Industries (PPG) insider trading
The most recent insider filing (SEC Form 4) for PPG Industries, Inc. (PPG): Hefel Juliane M., Sr. VP, Ind Coatings & Sp Prod, open-market buy on 2026-09-11. The latest filings are listed on this page. A disclosure, not a signal to trade.

Other ways into the coverage

Not investment advice. TickerWorth Score is a model output.

TickerWorth is not a licensed investment adviser, and these figures are estimates from public filings and market data that can be wrong.