AXALTA COATING SYSTEMS LTD. vs PPG INDUSTRIES INC, two Specialty Chemicals stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
PPG Industries is the larger coatings house at $27.7B, spread across architectural and industrial paints, and it earns 19.2% on equity with a 9.83% net margin. Axalta Coating Systems, a third the size at $7.4B, focuses on refinish and industrial coatings at 14.96% return and a 7.22% margin. PPG trades cheaper at 17.58 times earnings versus 20.18, and it pays a 2.26% dividend while Axalta pays none. Axalta converts better to cash, a 6.59% free-cash yield against PPG's 4.44%, and carries less debt at 0.01 versus 0.95. Two coatings makers with the same recurring demand, differing mostly in scale and payout.
Comparison updated 2026-07-11.
| Metric | AXTA | PPG |
|---|---|---|
| Price | $32.48 | $116.74 |
| Market cap | $7.0B | $26.2B |
| Sector | Specialty Chemicals | Specialty Chemicals |
| Stage | Mature | Mature |
| Implied growth (priced in) | -2.4% | -4.5% |
| P/E | 19.0 | 16.6 |
| P/B | 2.83 | 3.17 |
| P/S | 1.36 | 1.62 |
| EV/EBITDA | 6.3 | 12.4 |
| Revenue growth | -2.5% | +3.0% |
| Operating margin | 11.6% | 16.2% |
| Net margin | 7.2% | 9.8% |
| Return on equity | 15.0% | 19.2% |
| Return on assets | 4.9% | 7.2% |
| Return on invested capital | 24.6% | 9.6% |
| FCF yield | 7.0% | 4.7% |
| Dividend yield | — | 2.4% |
| Debt / equity | 0.01 | 0.95 |
| Current ratio | 2.10 | 1.61 |
| Altman Z (solvency) | 2.19 | 3.58 |
| Piotroski F (quality) | 6 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.