What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
Compare paint-company stocks by pairing valuation with growth quality, profitability, cash generation and balance-sheet risk—not by choosing the lowest P/E. Use the same fiscal period, currency, accounting basis and share-count basis for every company, then check how differences in business mix affect the comparison. Sherwin-Williams (NYSE: SHW) and PPG (NYSE: PPG) offer useful public examples, but they are not identical businesses.
Start with a comparable peer group
Choose companies with meaningful overlap in end markets, customers and geography. Paint and coatings groups can differ substantially: one may lean toward architectural paint sold through company-operated stores, while another has broader exposure to industrial, automotive, aerospace, packaging, protective or marine coatings. Those differences influence growth, margins and cyclicality.
AkzoNobel lists Sherwin-Williams, Nippon Paint, PPG, Axalta and BASF Coatings in its 2025 peer group. That is a useful starting list, not proof that the companies have matching revenue mixes, regions or listing currencies. Before comparing them, record each company’s fiscal year, reporting currency, major segments and customer channels.
Separate growth into its underlying drivers
Look at at least three years of sales and earnings trends where available, then examine the latest year separately. A single annual growth rate can conceal whether sales changed because of volume, selling prices, acquisitions or divestitures, or currency movements. Compare segment results as well as consolidated totals.
#1 Best Overall
- Comes with secure packaging
- Easy to read text
- It can be a gift option
For fiscal 2025, Sherwin-Williams reported net sales of $23.57 billion, up 2.1%. Its results release also described Q4 Paint Stores Group price increases partly offset by a low-single-digit volume decrease, and noted soft core North American DIY demand. PPG reported $15.9 billion in 2025 net sales and 2% organic sales growth; its annual report said higher volume and selling prices contributed to organic growth. PPG also reported divergent trends across businesses, including growth in aerospace, protective and marine, and traffic solutions alongside declines in some other categories. These issuer-reported figures are not a normalized head-to-head comparison. Sherwin-Williams’ 2025 results and PPG’s 2025 Form 10-K provide company-specific context.
Check whether earnings turn into cash
Compare gross and operating margins, segment margins where definitions are comparable, operating cash flow, capital spending and free cash flow. Free cash flow is commonly calculated as operating cash flow less capital expenditures, but check each company’s presentation and use a consistent calculation if you derive it yourself. Then ask what the cash is funding: investment, acquisitions, debt reduction, dividends or share repurchases.
Rank #2
- Ideal for Gifting
- Ideal for a bookworm
- Comes with Proper Binding
Keep reported GAAP results distinct from company-adjusted measures. For example, Sherwin-Williams reported 2025 diluted EPS of $10.26, down 2.7%, and adjusted diluted EPS of $11.43, up 0.9%. PPG reported 2025 EPS from continuing operations of $6.92, up 21%, while adjusted EPS from continuing operations was $7.58, down 3.7%. PPG attributed much of the difference to lower restructuring and impairment charges year over year and cautions that its adjusted measures are non-GAAP and may not be comparable with similarly titled measures from other companies. Read the reconciliations and exclusions rather than comparing adjusted growth rates at face value.
Sherwin-Williams reported $3.45 billion in 2025 net operating cash, equal to 14.6% of sales. That is an operating-cash-flow measure, not free cash flow; capital spending must be accounted for separately before making an FCF comparison. PPG reported $1.4 billion returned to shareholders in 2025, including approximately $630 million in dividends and $790 million in repurchases. Shareholder returns describe capital allocation, not by themselves the quality or sustainability of earnings. See the Sherwin-Williams results release and PPG annual filing for the underlying definitions and disclosures.
Do these 3 things before closing this tab:
1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsCompare valuation using matching dates and definitions
Use price-to-earnings (P/E) as an accessible starting point, then consider enterprise-value multiples such as EV/EBITDA or EV/EBIT. P/E relates share price to earnings per share; enterprise value incorporates equity value, debt and cash, making EV-based measures useful when capital structures differ. No single multiple settles the question: consider operating margin, growth quality, cash conversion and leverage alongside it.
- Match the date: calculate or obtain each company’s multiple using market prices from the same date.
- Match the earnings period: distinguish trailing results from forecast or forward estimates, and label estimates as forecasts.
- Match the accounting basis: do not mix GAAP earnings for one company with adjusted earnings for another without explaining the adjustment.
- Match share-count and currency conventions: use consistent diluted-share assumptions and convert currencies consistently if comparing companies listed in different markets.
A lower multiple may reflect slower expected growth, weaker margins, higher leverage, more cyclical exposure or execution risk—not necessarily a bargain. Because the available company disclosures do not establish same-date market prices and multiples, they do not support a current valuation ranking between SHW and PPG. Add market data only with a dated, consistent source and show whether the calculation uses reported or adjusted earnings.
Rank #4
Put debt in the context of cash and refinancing
Review gross debt, cash and net debt, then assess interest expense, the maturity schedule and access to refinancing. Compare net debt with a cash-earnings measure such as EBITDA, or examine debt service against operating cash flow. Use the same definitions and period across companies, and account for acquisitions or refinancing that may change leverage.
Debt-to-equity can be a useful supporting ratio, but it should not decide the comparison by itself. Buybacks, accumulated impairments and differences in capital structure can change equity and distort the ratio. Sherwin-Williams’ annual filing and PPG’s Form 10-K disclose company-specific debt, cash and financing information; consult those filings for the relevant balance-sheet date and maturity details rather than inferring risk from a single ratio. PPG’s report is available through its SEC filing.
Free tools Windows power users keep installed
One-click scans. No signup required.
Best Value
Build a balanced comparison before deciding
Put the evidence together in a consistent scorecard. For each company, record multi-year and latest-year sales and earnings trends; the contribution of volume, price, acquisitions and currency; comparable margins and cash conversion; valuation on a shared market-data date; and net debt, interest burden and maturities. Note where a figure is issuer-adjusted or where company definitions prevent a clean comparison.
Then explain the trade-offs rather than naming a winner from one ratio. A company with a higher multiple may have stronger growth or cash generation; one with a lower multiple may face weaker demand, lower margins or greater balance-sheet risk. Segment mix and geography matter, and coatings demand can be cyclical, with price and volume moving differently across businesses. Any investment conclusion should make its time horizon and assumptions clear rather than presenting a snapshot as a universal buy-or-sell answer.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
