INTERNATIONAL FLAVORS & FRAGRANCES INC vs PPG INDUSTRIES INC. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
PPG Industries earns 19.2% on equity making paints and coatings, steady demand and a 9.83% net margin behind it. International Flavors & Fragrances, similar in scale at $19.6B, earns 5.85% on equity as it digests past acquisitions, its margin 7.68%. PPG trades cheaper at 17.58 times earnings against 23.63 and at 3.35 times book against IFF's 1.39, that low book value the market's read on IFF's soft returns. Both pay dividends, 2.26% and 2.1%. PPG converts more to cash, a 4.44% free-cash yield versus 2.04%. Two large specialty names, one earning its keep now, the other rebuilding toward it.
Comparison updated 2026-07-11.
| Metric | IFF | PPG |
|---|---|---|
| Price | $77.51 | $116.74 |
| Market cap | $19.9B | $26.2B |
| Sector | Chemicals | Specialty Chemicals |
| Stage | Mature | Mature |
| Implied growth (priced in) | +19.0% | -4.5% |
| P/E | 24.0 | 16.6 |
| P/B | 1.41 | 3.17 |
| P/S | 1.85 | 1.62 |
| EV/EBITDA | 14.3 | 12.4 |
| Revenue growth | -5.6% | +3.0% |
| Gross margin | 37.1% | — |
| Operating margin | 10.0% | 16.2% |
| Net margin | 7.7% | 9.8% |
| Return on equity | 5.8% | 19.2% |
| Return on assets | 3.3% | 7.2% |
| Return on invested capital | 3.2% | 9.6% |
| FCF yield | 2.0% | 4.7% |
| Dividend yield | 2.1% | 2.4% |
| Debt / equity | 0.41 | 0.95 |
| Current ratio | 1.49 | 1.61 |
| Altman Z (solvency) | 6.36 | 3.58 |
| Piotroski F (quality) | 7 / 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.