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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →Compare paint-company stocks by using the same period and accounting basis, then weighing valuation against growth quality, profitability, cash generation, debt and business mix. A low P/E alone does not make a stock a bargain. Sherwin-Williams and PPG offer useful public examples, but their different portfolios mean their headline numbers are not directly interchangeable.
1. Choose comparable companies and align the data
Start with businesses that have meaningful overlap in customers and end markets. Sherwin-Williams and PPG are two useful listed examples, but Sherwin-Williams operates a large company-run Paint Stores Group, while PPG has a broader portfolio across coatings businesses and regions. AkzoNobel’s 2025 peer group names Sherwin-Williams, Nippon Paint, PPG, Axalta and BASF Coatings; that list does not mean the businesses have identical revenue mixes or listing currencies. Sherwin-Williams investor reports and PPG annual reports are starting points for company disclosures.
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Before calculating anything, match the fiscal period, currency, reporting basis and share-count basis. Keep GAAP or reported results distinct from company-adjusted measures. PPG explicitly cautions in its 2025 annual report that non-GAAP adjusted measures may not be comparable with similarly titled measures from other companies. Read each company’s definition and reconciliation rather than treating labels such as “adjusted EPS” as standardized.
- Note each company’s exposure to architectural, industrial, automotive, packaging, protective and marine coatings.
- Separate geographic and customer differences, such as regional demand or company-operated stores versus other distribution channels.
- Use a consistent number of fiscal years for trend comparisons, then examine the latest year separately.
2. Measure growth quality, not just sales growth
Sales growth can come from higher volumes, higher prices, acquisitions, or currency movements. Those sources have different implications for durability and should be separated wherever the company discloses them. Compare segment growth with total-company growth, since a strong division can conceal weakness elsewhere.
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| Company, fiscal year | Reported sales growth | Context |
|---|---|---|
| Sherwin-Williams, 2025 | $23.57 billion net sales, up 2.1% | The company said fourth-quarter Paint Stores Group price increases were partly offset by a low-single-digit volume decline. Its release also described soft core North American DIY demand and differing segment trends. 2025 results release |
| PPG, 2025 | $15.9 billion net sales; 2% organic sales growth | PPG attributed organic growth to higher sales volumes and selling prices, with results varying among businesses. It reported growth in aerospace, protective and marine, and traffic solutions alongside declines in some other businesses. 2025 annual report |
These are issuer-reported figures, not a normalized comparison or evidence that one stock is more attractive. To test whether growth is sustained, look at several years of revenue and earnings trends and ask whether recent growth is broad-based or concentrated in a few segments. A price-led increase can coexist with weaker unit demand, as Sherwin-Williams’ Paint Stores Group example illustrates.
3. Check earnings quality, margins and cash conversion
Compare gross and operating margins, using segment margins only when the definitions are sufficiently similar. Then examine operating cash flow, capital spending and free cash flow. Earnings that consistently convert to cash can provide more flexibility to invest, reduce debt or return capital to shareholders.
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Keep reported and adjusted earnings side by side when the difference is material. 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 said lower restructuring and impairment charges year over year contributed substantially to the divergence; its adjusted measure is non-GAAP. These figures show why an EPS growth comparison is only meaningful after checking what was included or excluded.
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Sherwin-Williams reported $3.45 billion of net operating cash in 2025, equal to 14.6% of sales. Operating cash is not free cash flow: subtract capital expenditures to calculate free cash flow, and use a consistent definition across peers. Also consider how cash is allocated. PPG said it returned $1.4 billion to shareholders in 2025, including approximately $630 million in dividends and $790 million in repurchases. That describes capital allocation, not by itself the quality or sustainability of earnings.
4. Compare valuation using matching definitions
Use P/E as an accessible starting point, then add an enterprise-value multiple such as EV/EBITDA or EV/EBIT. P/E relates share price to earnings per share; enterprise value includes equity value, debt and cash, so enterprise-value measures help expose differences in financing. Neither metric accounts for every difference in business risk or future investment needs.
- Choose a single market-data date for share prices and market capitalization.
- Use the same earnings period for each company: trailing reported results or a clearly labeled forward estimate. Do not mix trailing earnings for one company with forecasts for another.
- Use diluted share counts and consistent treatment of exceptional items. If comparing adjusted earnings, verify the adjustments company by company.
- For EV/EBITDA or EV/EBIT, use the same enterprise-value and earnings definitions, including the treatment of cash, debt and leases where relevant.
- Record currency and period conventions, then explain what a multiple does and does not capture.
A lower multiple can reflect slower expected growth, weaker margins, greater leverage, more cyclical demand or execution risk. It is not enough to call a stock cheap. No same-date market-price dataset is established here, so these company results do not support a current multiple ranking or a claim that either stock is the better value. Market prices and forecast-based multiples should be dated because they can change.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.5. Evaluate debt and financial resilience
Review gross debt and cash separately before looking at net debt. Then check interest expense, the maturity schedule and leverage relative to EBITDA or operating cash flow. Ask whether debt has risen to fund an acquisition, repurchases or ordinary operations, and whether upcoming maturities could expose the company to refinancing risk.
- Compare net debt with a consistent cash-earnings measure, such as EBITDA, while noting differences in calculation.
- Check interest expense and whether operating earnings provide room to service it.
- Review maturity timing and the company’s financing disclosures rather than relying only on a balance-sheet snapshot.
- Use debt-to-equity cautiously: buybacks, accumulated impairments and capital structure can distort equity-based ratios.
Sherwin-Williams’ 2025 filing and PPG’s 2025 annual report provide their respective debt, cash, financing and interest-expense disclosures. Use those primary sources to make a period-matched comparison rather than relying on a single leverage ratio.
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6. Turn the comparison into a decision
A useful conclusion answers four separate questions: which company has the stronger and more durable growth trend, which converts earnings into cash more effectively, how valuation compares on a common date, and how debt changes the risk profile. The answer may differ by measure. A company with faster growth might also carry higher valuation or greater exposure to a weaker segment; a lower-multiple peer may have slower growth or more leverage.
Keep the conclusion proportional to the evidence. Paint and coatings demand is cyclical, and price and volume can move differently across end markets. Sherwin-Williams and PPG differ in segment mix and geography, so their reported results should not be treated as a pure like-for-like test. A stock recommendation additionally depends on an investor’s time horizon, assumptions and tolerance for risk.
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