PPG Industries, Inc. (PPG)
PPG Industries makes paints, coatings, and specialty materials for industrial and consumer markets.
PPG vs VMC: how the two businesses compare
- Bigger business: PPG, with $15.9B of yearly revenue, about 2.0× VMC's $7.9B.
- More profitable: VMC keeps 14 cents of each sales dollar as profit, against 10 cents at PPG.
- More cash from each sale: VMC turns 23 cents of each sales dollar into operating cash flow, against 12 cents at PPG.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
PPG Industries (PPG) is the larger business by reported revenue: $15.9B in its fiscal year ended Dec 2025, about 2.0× VMC's $7.9B (fiscal year ended Dec 2025). PPG's net margin was 9.9% and VMC's 13.6%. The SEC classifies them differently (Paints, Varnishes, Lacquers, Enamels & Allied Prods; Mining & Quarrying of Nonmetallic Minerals (No Fuels)); what connects them is shared exposure to the Economic trends research theme, not a common industry.
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 19, 2026
PPG vs VMC: quick comparison
| Company fact | PPG | VMC |
|---|---|---|
| Company | PPG Industries, Inc. | Vulcan Materials Company |
| Exchange | NYSE | NYSE |
| SEC industry | Paints, Varnishes, Lacquers, Enamels & Allied Prods | Mining & Quarrying of Nonmetallic Minerals (No Fuels) |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-19 | 10-K · 2026-02-19 |
PPG vs VMC: audited financials
- Scale: PPG's $15.9B of revenue is about 2.0× VMC's $7.9B.
- Net margin: VMC kept 13.6% of revenue as net income versus 9.9% at PPG.
- Cash conversion: operating cash flow equalled PPG 12.2% of revenue, or 1.23× net income; VMC 22.8% of revenue, or 1.68× 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 | PPG | VMC |
|---|---|---|
| Revenue | $15.9B2025-01-01 to 2025-12-31 · SEC filing | $7.9B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $1.6B2025-01-01 to 2025-12-31 · SEC filing | $1.1B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $1.9B2025-01-01 to 2025-12-31 · SEC filing | $1.8B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $6.942025-01-01 to 2025-12-31 · SEC filing | $8.112025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 9.9%2025-01-01 to 2025-12-31 · SEC filing | 13.6%2025-01-01 to 2025-12-31 · SEC filing |
PPG: FY ending 2025-12-31 · VMC: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where PPG and VMC overlap, and where they don't
Overlap
- Shared research theme: Economic trends.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different SEC industries: PPG files as Paints, Varnishes, Lacquers, Enamels & Allied Prods; VMC as Mining & Quarrying of Nonmetallic Minerals (No Fuels).
- Scale: PPG reported about 2.0× the annual revenue of VMC.
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.
Vulcan Materials Company (VMC)
Vulcan Materials is the largest US producer of crushed stone, sand, and gravel used in construction.
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 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.
What moves VMC
We have not yet published a company-specific driver list for VMC. 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 PPG reports about 2.0× VMC's revenue, and VMC 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 12 matched transaction rows for PPG and 2 matched transaction rows for VMC. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
PPG primary filings
VMC 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 PPG or VMC
PPG vs VMC FAQs
Are PPG and VMC direct competitors?
Not necessarily. PPG Industries files as Paints, Varnishes, Lacquers, Enamels & Allied Prods and Vulcan Materials as Mining & Quarrying of Nonmetallic Minerals (No Fuels). The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is PPG or VMC the bigger company by revenue?
PPG Industries (PPG) is the larger business by reported revenue: $15.9B in its fiscal year ended Dec 2025, about 2.0× VMC's $7.9B (fiscal year ended Dec 2025). PPG's net margin was 9.9% and VMC's 13.6%. The SEC classifies them differently (Paints, Varnishes, Lacquers, Enamels & Allied Prods; Mining & Quarrying of Nonmetallic Minerals (No Fuels)); what connects them is shared exposure to the Economic trends research theme, not a common industry. 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, PPG or VMC?
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 PPG vs VMC 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 PPG Industries, Inc. and Vulcan Materials Company 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?
PPG vs VMC 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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