PPG Industries Inc (PPG) is slightly overvalued and Sherwin-Williams Co (SHW) is overvalued.
Both trade above our estimate of their intrinsic value. PPG is the closer of the two: -16%, against -125% for SHW.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.0% (average of 3 methods) values the shares at $92.86; the price of $107.77 is 16% above that value, and 76% of that value comes from beyond year five.
Leak Score 53/100 on 9 of 12 signals
Discounting its cash flows at 9.7% (average of 3 methods) values the shares at $146.16; the price of $328.35 is 125% above that value, and 73% of that value comes from beyond year five.
Leak Score 71/100 on 9 of 12 signals
| Metric | PPG | SHW |
|---|---|---|
| Verdict | Slightly overvalued | Overvalued |
| Price | $107.77 | $328.35 |
| Intrinsic value | $92.86 | $146.16 |
| Margin of safety | -16% | -125% |
| Leak Score | 53/100 (9/12) | 71/100 (9/12) |
| Market cap | $24.0B | $79.7B |
| Revenue growth, 5 years | 2.8% | 5.1% |
| Operating margin | 13.2% | 16.5% |
| Net margin | 9.5% | 11.0% |
| Return on equity | 19.6% | 65.1% |
| Debt to equity | 0.88 | 3.90 |
| P/E | 15.5x | 30.3x |
| Forward P/E | 12.5x | 24.2x |
| P/B | 2.8x | 20.7x |
| Dividend yield | 2.7% | 0.9% |