LyondellBasell Industries N.V. (LYB)
LyondellBasell makes plastics, chemicals, and refining products used across manufacturing.
LYB vs PPG: how the two businesses compare
- Bigger business: LYB, with $30.2B of yearly revenue, about 1.9× PPG's $15.9B.
- More profitable: PPG keeps 10 cents of each sales dollar as profit; LYB lost money over the year.
- More cash from each sale: PPG turns 12 cents of each sales dollar into operating cash flow, against 8 cents at LYB.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
LyondellBasell Industries (LYB) is the larger business by reported revenue: $30.2B in its fiscal year ended Dec 2025, about 1.9× PPG's $15.9B (fiscal year ended Dec 2025). LYB's net margin was -2.4% and PPG's 9.9%. The SEC places them in related industries (Industrial Organic Chemicals; Paints, Varnishes, Lacquers, Enamels & Allied Prods), and both map to the Economic trends research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Materials
- Different
- Separate classifications
- December 31
- Same calendar
- Feb 20, 2026
LYB vs PPG: quick comparison
| Company fact | LYB | PPG |
|---|---|---|
| Company | LyondellBasell Industries N.V. | PPG Industries, Inc. |
| Exchange | NYSE | NYSE |
| SEC industry | Industrial Organic Chemicals | Paints, Varnishes, Lacquers, Enamels & Allied Prods |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-20 | 10-K · 2026-02-19 |
LYB vs PPG: audited financials
- Scale: LYB's $30.2B of revenue is about 1.9× PPG's $15.9B.
- Net margin: PPG kept 9.9% of revenue as net income versus -2.4% at LYB.
- Cash conversion: operating cash flow equalled LYB 7.5% of revenue; PPG 12.2% of revenue, or 1.23× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | LYB | PPG |
|---|---|---|
| Revenue | $30.2B2025-01-01 to 2025-12-31 · SEC filing | $15.9B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | −$738M2025-01-01 to 2025-12-31 · SEC filing | $1.6B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $2.3B2025-01-01 to 2025-12-31 · SEC filing | $1.9B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | −$2.342025-01-01 to 2025-12-31 · SEC filing | $6.942025-01-01 to 2025-12-31 · SEC filing |
| Net margin | -2.4%2025-01-01 to 2025-12-31 · SEC filing | 9.9%2025-01-01 to 2025-12-31 · SEC filing |
LYB: FY ending 2025-12-31 · PPG: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where LYB and PPG overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 28.
- Shared research theme: Economic trends.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different four-digit SIC codes: LYB is 2860 (Industrial Organic Chemicals); PPG is 2851 (Paints, Varnishes, Lacquers, Enamels & Allied Prods).
- Only LYB maps to Tariffs & trade.
- Scale: LYB reported about 1.9× the annual revenue of PPG.
- Profitability: net margin of -2.4% for LYB versus 9.9% for PPG.
- LYB reported a net loss of $738M in its fiscal year ended Dec 2025.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
PPG Industries, Inc. (PPG)
PPG Industries makes paints, coatings, and specialty materials for industrial and consumer markets.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves LYB
We have not yet published a company-specific driver list for LYB. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-20.
What moves PPG
We have not yet published a company-specific driver list for PPG. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-19.
The investment question
You now know LYB reports about 1.9× PPG's revenue, and PPG keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 7 matched transaction rows for LYB and 12 matched transaction rows for PPG. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
LYB primary filings
PPG primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving LYB or PPG
LYB vs PPG FAQs
Are LYB and PPG direct competitors?
Not necessarily. LyondellBasell Industries files as Industrial Organic Chemicals and PPG Industries as Paints, Varnishes, Lacquers, Enamels & Allied Prods. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is LYB or PPG the bigger company by revenue?
LyondellBasell Industries (LYB) is the larger business by reported revenue: $30.2B in its fiscal year ended Dec 2025, about 1.9× PPG's $15.9B (fiscal year ended Dec 2025). LYB's net margin was -2.4% and PPG's 9.9%. The SEC places them in related industries (Industrial Organic Chemicals; Paints, Varnishes, Lacquers, Enamels & Allied Prods), and both map to the Economic trends research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, LYB or PPG?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this LYB vs PPG comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers LyondellBasell Industries N.V. and PPG Industries, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
LYB vs PPG compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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