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Compare paint-company stocks by examining valuation, growth quality and balance-sheet risk together—not by picking the lowest P/E or debt ratio. Use matching periods and accounting definitions, then account for differences in business mix, customer markets and geography. Sherwin-Williams (NYSE: SHW) and PPG (NYSE: PPG) offer useful public examples, but they are not identical businesses.
1. Choose comparable companies and matching data
Start with companies whose coatings businesses serve similar markets. Sherwin-Williams and PPG are natural examples, while AkzoNobel, Nippon Paint, Axalta and BASF Coatings can broaden a peer set. AkzoNobel named those companies in its 2025 peer group; that does not establish that their revenue mixes, regions or listing currencies are alike. Compare exposure to architectural, industrial, automotive, packaging, protective and marine coatings, as well as customer type and geography.
For every company, use the same fiscal period, currency, accounting basis and share-count basis. Keep reported GAAP results separate from company-adjusted measures. PPG says its adjusted measures are non-GAAP and may not be comparable with similarly titled measures from other companies.
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2. Measure growth quality, not just sales growth
Review at least three years of sales and earnings trends where available, then examine the latest year separately. Break sales growth into organic growth, acquisitions or divestitures, and currency effects. Where companies disclose it, distinguish volume from price and compare segment trends with the consolidated figure.
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| Company and period | Reported growth context | What to notice |
|---|---|---|
| Sherwin-Williams, 2025 | Net sales were $23.57 billion, up 2.1%, according to the company’s 2025 results release, published in 2026. | In Q4, Paint Stores Group sales benefited from price increases partly offset by a low-single-digit volume decrease. The company also described soft core North American DIY demand and differing trends across segments. |
| PPG, 2025 | Net sales were $15.9 billion and organic sales growth was 2%, according to its 2025 annual report, published in 2026. | PPG attributed organic growth to higher sales volumes and selling prices, with growth in aerospace, protective and marine, and traffic solutions alongside declines in some other businesses. |
These issuer-reported figures are not a normalized head-to-head comparison or industry averages. They show why a single consolidated growth rate can hide divergent demand across businesses.
3. Check profitability and cash conversion
Compare gross and operating margins, segment margins where definitions are comparable, operating cash flow, capital spending and free-cash-flow conversion. Ask whether earnings growth turns into cash, and whether that cash supports productive investment, acquisitions, debt reduction, dividends or repurchases.
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Keep adjusted earnings distinct from reported earnings and identify exclusions. For example, Sherwin-Williams reported 2025 diluted EPS of $10.26, down 2.7%, and adjusted diluted EPS of $11.43, up 0.9%. The two growth signals differ because the adjusted figure follows the issuer’s non-GAAP definition.
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 gap to lower restructuring and impairment charges year over year. This is a practical reason not to compare adjusted EPS growth without checking what each company excludes.
Sherwin-Williams reported $3.45 billion in 2025 net operating cash, or 14.6% of sales. Net operating cash is not the same measure as free cash flow; account for capital spending before judging cash available for debt repayment or shareholder returns.
4. Compare valuation using consistent definitions
Use P/E as an accessible starting point, then add an enterprise-value measure such as EV/EBITDA or EV/EBIT. Enterprise value incorporates debt and cash, which can make it useful when capital structures differ. For each multiple, align the market-price date, earnings period, diluted share count, currency and treatment of exceptional items. Label forward multiples as estimates because they depend on forecasts.
- A lower P/E may reflect weaker expected growth, lower margins, greater cyclicality or execution risk.
- A lower EV/EBITDA may look different after considering debt, cash, capital spending and the quality of earnings.
- Compare multiples alongside operating margins and cash conversion rather than treating one ratio as a verdict.
No same-date market-price dataset is established here, so there is no supported current multiple ranking or winner. Market prices and valuation multiples change; calculate them from a dated, consistent market-data source when making a live comparison.
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Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →5. Assess debt and financial resilience
Review gross debt, cash, net debt, interest expense, maturity schedule and leverage relative to EBITDA or operating cash flow. Consider whether borrowing is rising because of an acquisition, share repurchases or ordinary operating needs, and check exposure to refinancing. Sherwin-Williams’ 2025 filing and PPG’s filing provide primary disclosures on debt and related financing information.
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Debt-to-equity can add context, but should not decide the comparison on its own. Buybacks, accumulated impairments and differences in capital structure can distort the equity base behind that ratio. Net debt and the company’s ability to service and refinance it offer a fuller view of risk.
6. Build a balanced comparison
For each company, summarize the direction and quality of growth, how well earnings convert to cash, valuation on the same market date, and how debt changes the risk profile. Then account for the fact that coatings demand is cyclical and that pricing and volume can move differently across business lines. Sherwin-Williams’ company-operated Paint Stores Group and PPG’s portfolio across coatings businesses and regions make segment mix especially important.
A defensible comparison can identify which company appears stronger on a particular measure under stated assumptions; it should not declare a stock attractive merely because one ratio is lower. A buy-or-sell judgment also needs a defined investment horizon and an explicit discussion of risks.
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