Neither stock is an automatic winner. Sherwin-Williams was the larger business and generated more operating cash in fiscal 2025, while PPG offers a different mix of architectural, performance and industrial coatings. Those operating differences can help you judge which business exposure you want; they do not establish which stock is the better buy at its current price.
What the 2025 results show
The comparison below uses fiscal years ended December 31, 2025. Figures come from each company’s 2025 results and annual filing. They are company-reported results, not a forecast of future returns.
| Measure | Sherwin-Williams | PPG Industries |
|---|---|---|
| Net sales | $23.574 billion | $15.875 billion |
| Reported diluted EPS | $10.26 | $6.92 |
| Adjusted diluted EPS | $11.43 | $7.58 |
| Operating cash flow | $3.452 billion net operating cash | $1.9 billion operating cash flow |
Adjusted EPS is a non-GAAP measure defined by each company. The figures should not be treated as perfectly comparable accounting measures simply because both are labeled “adjusted.” Sales and cash flow also reflect businesses of different sizes; they are not measures of market value or shareholder return.
How the businesses differ
Sherwin-Williams: a store-centered paint business with other coatings operations
Sherwin-Williams (NYSE: SHW) develops, manufactures, distributes and sells paints, coatings and related products to professional, industrial, commercial and retail customers. Its reported segments are Paint Stores Group, Consumer Brands Group and Performance Coatings Group. Its operations are primarily in North and South America, with additional operations in the Caribbean, Europe, Asia and Australia. These descriptions are from the company’s 2025 Form 10-K.
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PPG: architectural, performance and industrial coatings
PPG Industries (NYSE: PPG) says it markets and sells in more than 50 countries and serves construction, consumer products, industrial and transportation markets and aftermarkets. Its reportable segments are Global Architectural Coatings, Performance Coatings and Industrial Coatings, as described in its 2025 Form 10-K.
The segment labels do not map one-to-one. Sherwin-Williams separately reports its store and consumer-brands businesses; PPG’s structure emphasizes global architectural, performance and industrial coatings. A comparison based only on the word “paint” misses those different routes to customers and end markets.
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Growth quality and segment exposure
Sherwin-Williams’ reported growth
Sherwin-Williams reported 2.1% net-sales growth in 2025. Its CEO, Heidi G. Petz, described the fourth quarter as delivering “strong fourth quarter results driven by solid core performance amid continued demand choppiness, and inclusive of the first full quarter of the Suvinil acquisition,” in the company’s January 29, 2026 results release. The acquisition reference matters: reported sales can reflect both underlying demand and changes in the business portfolio.
PPG’s mix of gains and declines
PPG reported essentially flat net sales and 2% organic sales growth for 2025. Organic growth excludes certain effects such as acquisitions and divestitures, so it answers a different question from reported sales growth. PPG attributed strength to aerospace coatings and share gains in packaging and protective and marine coatings, partly offset by declines in automotive refinish, industrial coatings and architectural coatings in Europe, the Middle East and Africa (EMEA). Aerospace and protective and marine coatings each had double-digit organic growth, according to the company’s January 27, 2026 results release.
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| PPG reportable segment | 2025 net sales |
|---|---|
| Global Architectural Coatings | $3.838 billion |
| Performance Coatings | $5.513 billion |
| Industrial Coatings | $6.524 billion |
PPG’s CEO, Tim Knavish, said in the January 27, 2026 release that fourth-quarter organic sales grew 3%, with contributions from volume and selling prices and sales-volume growth in all regions. That is management’s account of the quarter, not an independent demand forecast. PPG’s annual filing describes mixed end-market demand and varied performance across segments; its outlook also cited mixed European demand and softer global industrial conditions.
Earnings, margins and cash generation
The earnings picture depends on which measure you use. Sherwin-Williams’ reported diluted EPS fell 2.7% in 2025 while its adjusted diluted EPS rose 0.9%. PPG’s reported EPS rose from $5.72 to $6.92, while its adjusted EPS declined 4%, from $7.87 to $7.58. PPG also reported that total segment income decreased 3% and aggregate segment margins fell 60 basis points. These company-reported movements show why a single EPS figure can conceal different underlying trends; the two companies’ adjusted measures are separately defined.
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Sherwin-Williams reported more operating cash in absolute dollars in 2025. That is useful evidence about cash generated by operations, but it does not by itself show which company has stronger cash generation relative to its scale, investment requirements, debt or capital returns. The cited materials do not provide a complete, matched comparison of current capital structures and capital-allocation needs.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What management expected for 2026
The ranges below were issued in January 2026. They are dated management guidance, not realized results or a guarantee, and the EPS measures differ.
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| Company | 2026 guidance issued | Guidance |
|---|---|---|
| Sherwin-Williams | January 29, 2026 | Diluted EPS of $10.70–$11.10; adjusted diluted EPS of $11.50–$11.90 |
| PPG | January 27, 2026 | Adjusted EPS of $7.70–$8.10; organic sales growth from flat to low single digits |
Sherwin-Williams said its diluted EPS guidance included $0.80 per share of acquisition-related amortization expense. PPG’s cited EPS range is adjusted EPS. Comparing the headline ranges without those distinctions would be misleading. The materials cited here do not establish whether either company subsequently revised its guidance, so use the ranges as dated expectations rather than a current October 2026 outlook.
Which stock may fit your investment thesis?
SHW may warrant closer consideration if…
- You want exposure to a business with a dedicated paint-store segment as well as consumer brands and performance coatings.
- You are evaluating Sherwin-Williams’ larger 2025 sales base and operating cash generation in the context of your own expectations for future growth and investment needs.
- You are comfortable assessing demand choppiness and the contribution of acquisitions alongside the company’s underlying operations.
PPG may warrant closer consideration if…
- You want a coatings business whose reported segments include substantial performance and industrial operations, alongside architectural coatings.
- You believe the company can sustain or extend strength in areas such as aerospace, packaging, and protective and marine coatings while managing weaker end markets.
- You are weighing PPG’s organic growth and segment trends against its reported and adjusted earnings results, rather than relying on sales totals alone.
These are ways to frame further analysis, not personalized recommendations. Neither business profile guarantees that its shares will outperform.
What the operating comparison cannot tell you
Company results do not answer whether SHW or PPG is attractively priced. The available company materials do not establish share prices, forward valuation multiples or a matched comparison of stock returns through October 7, 2026. Without current market data, it would be unsound to name a better buy based on sales, EPS or cash flow alone.
Before deciding, compare current valuation using measures you understand, consider how each company’s debt, reinvestment and shareholder distributions fit your objectives, and decide what mix of architectural versus performance and industrial coatings you want. Also account for your time horizon, risk tolerance, income needs and existing portfolio concentration. A strong operating business can still be an unsuitable or overpriced holding for a particular investor.
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