Axalta Coating Systems Ltd. (AXTA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.65	$0.72	+10.8%	—	$1.3B	—
Q1 26	$0.5	$0.56	+12.0%	—	$1.3B	—
Q4 25	$0.6	$0.59	-1.7%	—	$1.3B	—
Q3 25	$0.64	$0.67	+4.7%	—	$1.3B	—
Q2 25	$0.61	$0.64	+4.9%	—	$1.3B	—
Q1 25	$0.55	$0.59	+7.3%	—	$1.3B	—
Q4 24	$0.51	$0.6	+17.6%	—	$1.3B	—
Q3 24	$0.51	$0.59	+15.7%	—	$1.3B	—
Q2 24	$0.51	$0.57	+11.8%	—	$1.4B	—
Q1 24	$0.41	$0.48	+17.1%	—	$1.3B	—
Q4 23	$0.44	$0.43	-2.3%	—	$1.3B	—
Q3 23	$0.38	$0.45	+18.4%	—	$1.3B	—
Q2 23	$0.38	$0.35	-7.9%	—	$1.3B	—
Q1 23	$0.31	$0.35	+12.9%	—	$1.3B	—
Q4 22	$0.35	$0.38	+8.6%	—	$1.2B	—
Q3 22	$0.39	$0.39	0.0%	—	$1.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.75	—	—	$5.1B	—
FY24	—	$1.78	—	—	$5.3B	—
FY23	—	$1.21	—	—	$5.2B	—
FY22	—	$0.86	—	—	$4.9B	—
FY21	—	$1.14	—	—	$4.4B	—
FY20	—	$0.52	—	—	$3.7B	—
FY19	—	$1.06	—	—	$4.5B	—
FY18	—	$0.87	—	—	$4.7B	—
FY17	—	$0.15	—	—	$4.4B	—
FY16	—	$0.18	—	—	$4.1B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.1B	$4.4B	$4.7B	$4.5B	$3.7B	$4.4B	$4.9B	$5.2B	$5.3B	$5.1B
YoY change	-0.42%	+6.95%	+7.29%	-4.55%	-16.6%	+18.2%	+10.6%	+6.14%	+1.77%	-3.01%

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.3B	$1.3B	$1.3B	$1.4B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B
YoY change	+5.68%	+4.9%	+0.78%	+4.4%	+0.84%	+1.06%	-2.47%	-3.4%	-2.42%	-3.74%	-0.63%	+3.14%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.1B	4.4B	4.7B	4.5B	3.7B	4.4B	4.9B	5.2B	5.3B	5.1B
Cost of revenue	2.5B	2.8B	3.1B	2.9B	2.5B	3B	3.5B	3.6B	3.5B	3.4B
Gross profit	1.6B	1.6B	1.6B	1.6B	1.3B	1.4B	1.4B	1.6B	1.8B	1.8B
Gross margin	38.2%	36.5%	33.9%	34.9%	34.2%	32.4%	29%	31.2%	34.1%	34.4%
Research & development	57.7M	65.3M	73.1M	70.2M	55.2M	62.4M	66.4M	74M	74M	71M
Selling, general & administrative	959.8M	934.7M	876.4M	822.1M	695M	738.7M	772.4M	840.1M	847M	805M
Operating expenses	1B	1.1B	1B	963M	861M	845.1M	870.3M	942.5M	1B	929M
Operating income	463M	363.7M	442.1M	488.2M	305.5M	462.4M	423.2M	587.5M	706M	735M
Operating margin	11.3%	8.31%	9.41%	10.9%	8.17%	10.5%	8.66%	11.3%	13.4%	14.4%
Non-operating income, net	-202.1M	-27.1M	-15M	4.4M	-33.4M	12.3M	-26.1M	-19.5M	-5M	-13M
Pretax income	82.7M	189.6M	267.5M	330M	122.2M	340.5M	257.3M	354.7M	496M	546M
Income tax	38.1M	141.9M	54.2M	77.4M	200K	76.1M	65.1M	86.2M	105M	167M
Net income	44.6M	47.7M	213.3M	252.6M	122M	264.4M	192.2M	268.5M	391M	379M
Net margin	1.09%	1.09%	4.54%	5.64%	3.26%	5.99%	3.93%	5.18%	7.41%	7.41%
EBITDA	779.6M	712.5M	814.9M	854.1M	634M	794.3M	730.1M	876.2M	997M	1B
EPS	0.18	0.15	0.87	1.06	0.52	1.14	0.86	1.21	1.78	1.75
Diluted EPS	0.17	0.15	0.85	1.06	0.52	1.14	0.86	1.21	1.78	1.74

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.3B	1.3B	1.3B	1.4B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B
Cost of revenue	886M	873.8M	865M	891M	858M	864M	829M	848M	838M	840M	838M	881M
Gross profit	423M	423.5M	429M	460M	462M	447M	433M	457M	450M	422M	416M	465M
Gross margin	32.3%	32.6%	33.2%	34%	35%	34.1%	34.3%	35%	34.9%	33.4%	33.2%	34.5%
Research & development	18M	17.8M	18M	18M	19M	19M	17M	20M	18M	16M	18M	18M
Selling, general & administrative	209M	214.9M	207M	213M	211M	216M	202M	208M	197M	198M	200M	213M
Operating expenses	240M	240.2M	286M	233M	245M	236M	233M	240M	221M	235M	244M	273M
Operating income	163M	161.2M	121M	205M	193M	187M	176M	193M	204M	162M	146M	167M
Operating margin	12.5%	12.4%	9.35%	15.2%	14.6%	14.3%	13.9%	14.8%	15.8%	12.8%	11.6%	12.4%
Non-operating income, net	-5M	-4M	-8M	1M	3M	-1M	-3M	-5M	-4M	-1M	-3M	4M
Pretax income	103M	101.8M	59M	156M	142M	139M	129M	143M	155M	119M	105M	134M
Income tax	30M	28.2M	20M	43M	40M	2M	30M	33M	45M	59M	14M	45M
Net income	73M	73.6M	39M	113M	102M	137M	99M	110M	110M	60M	91M	89M
Net margin	5.58%	5.67%	3.01%	8.36%	7.73%	10.5%	7.84%	8.43%	8.54%	4.75%	7.26%	6.61%
EBITDA	240M	232.9M	189M	277M	267M	264M	246M	266M	278M	244M	222M	251M
EPS	0.33	0.33	0.18	0.51	0.46	0.63	0.45	0.5	0.51	0.28	0.42	0.42
Diluted EPS	0.33	0.33	0.18	0.51	0.46	0.63	0.45	0.5	0.51	0.28	0.42	0.41

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	535.4M	769.8M	693.6M	1B	1.4B	840.6M	645.2M	699.8M	593M	657M
Receivables	640.4M	748.2M	739.9M	718.4M	738.3M	760.4M	909.3M	1B	1B	1B
Inventory	529.7M	608.6M	613M	591.6M	559.9M	669.7M	829.6M	741.1M	734M	756M
Total current assets	1.9B	2.3B	2.3B	2.6B	2.9B	2.6B	2.7B	2.8B	2.7B	2.8B
Property, plant & equipment	861.7M	872.3M	775.8M	777M	750.7M	775.4M	784.5M	783.4M	763M	836M
Goodwill & intangibles	4.2B	5.4B	5.2B	4.9B	4.9B	5.7B	5.2B	5.4B	5.6B	5.9B
Total assets	5.9B	6.8B	6.7B	6.8B	7.2B	7.2B	7.1B	7.3B	7.2B	7.6B
Accounts payable	429.5M	510.7M	477.8M	442M	513.4M	610.9M	681.1M	665.3M	603M	577M
Short-term debt	27.9M	37.7M	42.2M	73.2M	83M	106.9M	59.4M	56.9M	47M	51M
Total current liabilities	942.1M	1.1B	1B	1.1B	1.2B	1.3B	1.4B	1.4B	1.4B	1.4B
Long-term debt	3.2B	3.9B	3.8B	3.8B	3.8B	3.7B	3.7B	3.5B	3.4B	3.2B
Total liabilities	4.6B	5.4B	5.4B	5.4B	5.7B	5.7B	5.6B	5.5B	5.3B	5.2B
Shareholders' equity	1.2B	1.4B	1.3B	1.4B	1.5B	1.5B	1.5B	1.8B	2B	2.4B
Total debt	3.3B	3.9B	3.9B	3.9B	3.9B	3.9B	3.7B	3.5B	3.4B	3.2B
Net debt	2.7B	3.1B	3.2B	2.8B	2.6B	3B	3.1B	2.8B	2.9B	2.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	605.8M	699.8M	624M	840M	567M	593M	575M	625M	606M	657M	608M	633M
Receivables	1.1B	1B	1B	1.1B	1.1B	1B	1B	1.1B	1.1B	1B	981M	1.1B
Inventory	750M	741.1M	751M	745M	818M	734M	787M	831M	829M	756M	770M	806M
Total current assets	2.8B	2.8B	2.8B	3B	2.8B	2.7B	2.8B	3B	3B	2.8B	2.8B	3B
Property, plant & equipment	1.2B	783.4M	-1.3B	-1.3B	-1.3B	763M	-1.3B	-1.4B	-1.4B	836M	-1.4B	-1.5B
Goodwill & intangibles	5B	5.4B	5.3B	5.2B	5.8B	5.6B	5.6B	5.9B	5.8B	5.9B	5.8B	5.7B
Total assets	7B	7.3B	7.1B	7.3B	7.5B	7.2B	7.4B	7.8B	7.8B	7.6B	7.6B	7.7B
Accounts payable	709.9M	665.3M	721M	715M	708M	603M	732M	764M	691M	577M	723M	769M
Short-term debt	32M	56.9M	20M	20M	20M	47M	20M	20M	20M	51M	20M	519M
Total current liabilities	1.4B	1.4B	1.3B	1.3B	1.4B	1.4B	1.3B	1.4B	1.4B	1.4B	1.3B	1.9B
Long-term debt	3.5B	3.5B	3.4B	3.6B	3.5B	3.4B	3.4B	3.4B	3.4B	3.2B	3.1B	2.5B
Total liabilities	5.3B	5.5B	5.3B	5.5B	5.5B	5.3B	5.3B	5.5B	5.4B	5.2B	5.1B	5.1B
Shareholders' equity	1.6B	1.8B	1.8B	1.8B	2B	2B	2.1B	2.3B	2.3B	2.4B	2.5B	2.6B
Total debt	3.5B	3.5B	3.4B	3.6B	3.5B	3.4B	3.4B	3.4B	3.4B	3.2B	3.1B	3.1B
Net debt	2.9B	2.8B	2.8B	2.8B	3B	2.9B	2.8B	2.8B	2.8B	2.6B	2.5B	2.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	44.6M	47.7M	213.3M	252.6M	122M	264.4M	192.2M	268.5M	391M	379M
Depreciation & amortization	322.1M	347.5M	369.1M	353M	320.3M	316.5M	303.1M	275.6M	280M	295M
Stock-based compensation	41.1M	38.5M	37.3M	15.7M	15.1M	14.9M	22.2M	26.2M	28M	25M
Change in working capital	-51.2M	-20.5M	43.9M	38.1M	180M	-66.3M	-235.6M	-12.1M	-29M	66M
Operating cash flow	356.6M	517.3M	667.4M	690.2M	592.7M	546.3M	300.2M	570.4M	654M	649M
Capital expenditure	-136.2M	-125M	-143.4M	-112.5M	-82.1M	-121.6M	-150.9M	-137.9M	-140M	—
Investing cash flow	-257M	-689.6M	-198.6M	-108.6M	-76M	-734M	-126.3M	-215.3M	-455M	-29M
Dividends paid	—	—	—	—	—	—	—	—	0	0
Share repurchases	0	-58.4M	-253.8M	-105.3M	-26M	-243.8M	-200.1M	-50M	-100M	-165M
Financing cash flow	-257.9M	328.4M	-430.3M	-248.2M	-174M	-422.9M	-459.7M	-372.3M	-204M	-397M
Net change in cash	-158.3M	156.1M	38.5M	333.4M	342.7M	-610.6M	-285.8M	-17.2M	-5M	223M
Free cash flow	423.1M	415M	352.7M	460.6M	427.2M	437M	142.9M	437.4M	436M	453M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	73M	73.6M	39M	113M	102M	137M	99M	110M	110M	60M	91M	89M
Depreciation & amortization	71M	68.7M	68M	68M	71M	73M	70M	74M	74M	77M	76M	76M
Stock-based compensation	5M	6.9M	6M	8M	7M	7M	5M	8M	6M	6M	7M	8M
Change in working capital	6M	118.1M	17M	-43M	-32M	29M	3M	-44M	-71M	178M	9M	-59M
Operating cash flow	171M	265.2M	137M	149M	149M	219M	183M	156M	137M	344M	68M	152M
Capital expenditure	-31M	-32.6M	-22M	-23M	-33M	-62M	-43M	-45M	—	—	—	—
Investing cash flow	-31M	-35.4M	-22M	-23M	-341M	-71M	-47M	-43M	9M	-36M	-6M	1M
Dividends paid	—	—	—	—	0	0	0	0	0	0	—	—
Share repurchases	-50M	0	—	—	-50M	0	—	—	-100M	0	—	—
Financing cash flow	-85M	-73.1M	-88M	179M	-137M	-114M	-6M	-5M	-116M	-205M	-55M	-80M
Net change in cash	55M	156.7M	27M	305M	-329M	34M	130M	108M	30M	103M	7M	73M
Free cash flow	179M	253.4M	12M	91M	161M	172M	-17M	97M	87M	286M	18M	104M

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	6.5B	7.8B	5.6B	7.1B	6.7B	7.7B	5.6B	7.5B	7.5B	7B	7B
Enterprise value	9.2B	10.9B	8.8B	10B	9.3B	10.7B	8.7B	10.3B	10.4B	9.6B	9.5B
Shares outstanding	238.1M	240.4M	239M	233.9M	235.2M	231M	221.7M	221M	219.3M	216M	216M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	145.2	163.1	26.2	28.1	55	28.9	29.4	28	19.2	18.4	20.2
P/S	1.58	1.78	1.19	1.59	1.8	1.73	1.16	1.45	1.42	1.36	1.37
P/B	5.2	5.53	4.27	5.04	4.54	4.97	3.77	4.23	3.84	2.92	2.79
EV/EBITDA	11.8	15.3	10.8	11.7	14.6	13.4	12	11.8	10.4	9.24	9.61
EV/Sales	2.25	2.5	1.87	2.22	2.48	2.42	1.79	2	1.96	1.87	1.85
Earnings yield	0.69%	0.61%	3.81%	3.55%	1.82%	3.46%	3.4%	3.58%	5.21%	5.43%	4.96%
FCF yield	6.53%	5.33%	6.3%	6.48%	6.36%	5.71%	2.53%	5.83%	5.81%	6.49%	7.71%
PEG	—	—	—	—	—	—	—	—	—	—	-1.26

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	38.2%	36.5%	33.9%	34.9%	34.2%	32.4%	29%	31.2%	34.1%	34.4%	34.5%
Operating margin	11.3%	8.31%	9.41%	10.9%	8.17%	10.5%	8.66%	11.3%	13.4%	14.4%	15.2%
Net margin	1.09%	1.09%	4.54%	5.64%	3.26%	5.99%	3.93%	5.18%	7.41%	7.41%	6.78%
ROE	3.58%	3.39%	16.3%	17.9%	8.24%	17.2%	12.8%	15.1%	20%	15.8%	14.3%
ROA	0.76%	0.7%	3.2%	3.7%	1.7%	3.66%	2.72%	3.69%	5.39%	4.99%	6.12%
ROIC	6.28%	2.01%	7.87%	8.78%	7.55%	7.88%	6.89%	9.65%	11.6%	10.3%	9.26%
Return on tangible assets	2.66%	3.33%	14.1%	12.9%	5.37%	17.9%	10.5%	14.7%	23.4%	22.1%	17.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.04	2.14	2.22	2.4	2.48	1.93	1.94	1.98	2.01	2.06	1.53
Quick ratio	1.48	1.58	1.63	1.85	2	1.43	1.35	1.46	1.47	1.5	1.12
Debt / equity	2.62	2.78	2.95	2.74	2.65	2.51	2.49	1.99	1.76	1.35	1.19
Debt / assets	0.56	0.57	0.58	0.57	0.55	0.53	0.53	0.49	0.48	0.43	0.4
Net debt / EBITDA	3.5	4.42	3.89	3.33	4.04	3.8	4.23	3.24	2.86	2.49	2.45
Interest coverage	1.46	2.29	2.68	3.03	1.82	3.54	2.84	2.66	3.42	4.1	4.17
Effective tax rate	46.1%	74.8%	20.3%	23.5%	0.16%	22.3%	25.3%	24.3%	21.2%	30.6%	31.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.2	18.2	19.6	19.2	15.9	19.1	22	23.5	24.1	23.7	24.1
EPS (basic)	0.18	0.15	0.87	1.06	0.52	1.14	0.86	1.21	1.78	1.75	1.75
EPS (diluted)	0.17	0.15	0.85	1.06	0.52	1.14	0.86	1.21	1.78	1.74	1.63
Book value per share	5.24	5.86	5.48	6.03	6.29	6.66	6.76	8.02	8.92	11.1	11.8
FCF per share	1.78	1.73	1.48	1.97	1.82	1.89	0.64	1.98	1.99	2.1	2.31
Cash per share	2.25	3.2	2.9	4.35	5.79	3.64	2.91	3.17	2.7	3.04	2.96
Capex per share	0.57	0.52	0.6	0.48	0.35	0.53	0.68	0.62	0.64	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.33%	2.86%	3.05%	2.51%	2.2%	2.75%	3.09%	2.66%	2.65%	—	—
Capex / operating cash flow	38.2%	24.2%	21.5%	16.3%	13.9%	22.3%	50.3%	24.2%	21.4%	—	—
Payout ratio	—	—	—	—	—	—	—	—	0%	0%	0%
Dividend yield	—	—	—	—	—	—	—	—	0%	0%	0%

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.65	$0.72	+10.8%	—	$1.3B	—
Q1 26	$0.5	$0.56	+12.0%	—	$1.3B	—
Q4 25	$0.6	$0.59	-1.7%	—	$1.3B	—
Q3 25	$0.64	$0.67	+4.7%	—	$1.3B	—
Q2 25	$0.61	$0.64	+4.9%	—	$1.3B	—
Q1 25	$0.55	$0.59	+7.3%	—	$1.3B	—
Q4 24	$0.51	$0.6	+17.6%	—	$1.3B	—
Q3 24	$0.51	$0.59	+15.7%	—	$1.3B	—
Q2 24	$0.51	$0.57	+11.8%	—	$1.4B	—
Q1 24	$0.41	$0.48	+17.1%	—	$1.3B	—
Q4 23	$0.44	$0.43	-2.3%	—	$1.3B	—
Q3 23	$0.38	$0.45	+18.4%	—	$1.3B	—
Q2 23	$0.38	$0.35	-7.9%	—	$1.3B	—
Q1 23	$0.31	$0.35	+12.9%	—	$1.3B	—
Q4 22	$0.35	$0.38	+8.6%	—	$1.2B	—
Q3 22	$0.39	$0.39	0.0%	—	$1.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.75	—	—	$5.1B	—
FY24	—	$1.78	—	—	$5.3B	—
FY23	—	$1.21	—	—	$5.2B	—
FY22	—	$0.86	—	—	$4.9B	—
FY21	—	$1.14	—	—	$4.4B	—
FY20	—	$0.52	—	—	$3.7B	—
FY19	—	$1.06	—	—	$4.5B	—
FY18	—	$0.87	—	—	$4.7B	—
FY17	—	$0.15	—	—	$4.4B	—
FY16	—	$0.18	—	—	$4.1B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.1B	$4.4B	$4.7B	$4.5B	$3.7B	$4.4B	$4.9B	$5.2B	$5.3B	$5.1B
YoY change	-0.42%	+6.95%	+7.29%	-4.55%	-16.6%	+18.2%	+10.6%	+6.14%	+1.77%	-3.01%

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.3B	$1.3B	$1.3B	$1.4B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B
YoY change	+5.68%	+4.9%	+0.78%	+4.4%	+0.84%	+1.06%	-2.47%	-3.4%	-2.42%	-3.74%	-0.63%	+3.14%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.1B	4.4B	4.7B	4.5B	3.7B	4.4B	4.9B	5.2B	5.3B	5.1B
Cost of revenue	2.5B	2.8B	3.1B	2.9B	2.5B	3B	3.5B	3.6B	3.5B	3.4B
Gross profit	1.6B	1.6B	1.6B	1.6B	1.3B	1.4B	1.4B	1.6B	1.8B	1.8B
Gross margin	38.2%	36.5%	33.9%	34.9%	34.2%	32.4%	29%	31.2%	34.1%	34.4%
Research & development	57.7M	65.3M	73.1M	70.2M	55.2M	62.4M	66.4M	74M	74M	71M
Selling, general & administrative	959.8M	934.7M	876.4M	822.1M	695M	738.7M	772.4M	840.1M	847M	805M
Operating expenses	1B	1.1B	1B	963M	861M	845.1M	870.3M	942.5M	1B	929M
Operating income	463M	363.7M	442.1M	488.2M	305.5M	462.4M	423.2M	587.5M	706M	735M
Operating margin	11.3%	8.31%	9.41%	10.9%	8.17%	10.5%	8.66%	11.3%	13.4%	14.4%
Non-operating income, net	-202.1M	-27.1M	-15M	4.4M	-33.4M	12.3M	-26.1M	-19.5M	-5M	-13M
Pretax income	82.7M	189.6M	267.5M	330M	122.2M	340.5M	257.3M	354.7M	496M	546M
Income tax	38.1M	141.9M	54.2M	77.4M	200K	76.1M	65.1M	86.2M	105M	167M
Net income	44.6M	47.7M	213.3M	252.6M	122M	264.4M	192.2M	268.5M	391M	379M
Net margin	1.09%	1.09%	4.54%	5.64%	3.26%	5.99%	3.93%	5.18%	7.41%	7.41%
EBITDA	779.6M	712.5M	814.9M	854.1M	634M	794.3M	730.1M	876.2M	997M	1B
EPS	0.18	0.15	0.87	1.06	0.52	1.14	0.86	1.21	1.78	1.75
Diluted EPS	0.17	0.15	0.85	1.06	0.52	1.14	0.86	1.21	1.78	1.74

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.3B	1.3B	1.3B	1.4B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B
Cost of revenue	886M	873.8M	865M	891M	858M	864M	829M	848M	838M	840M	838M	881M
Gross profit	423M	423.5M	429M	460M	462M	447M	433M	457M	450M	422M	416M	465M
Gross margin	32.3%	32.6%	33.2%	34%	35%	34.1%	34.3%	35%	34.9%	33.4%	33.2%	34.5%
Research & development	18M	17.8M	18M	18M	19M	19M	17M	20M	18M	16M	18M	18M
Selling, general & administrative	209M	214.9M	207M	213M	211M	216M	202M	208M	197M	198M	200M	213M
Operating expenses	240M	240.2M	286M	233M	245M	236M	233M	240M	221M	235M	244M	273M
Operating income	163M	161.2M	121M	205M	193M	187M	176M	193M	204M	162M	146M	167M
Operating margin	12.5%	12.4%	9.35%	15.2%	14.6%	14.3%	13.9%	14.8%	15.8%	12.8%	11.6%	12.4%
Non-operating income, net	-5M	-4M	-8M	1M	3M	-1M	-3M	-5M	-4M	-1M	-3M	4M
Pretax income	103M	101.8M	59M	156M	142M	139M	129M	143M	155M	119M	105M	134M
Income tax	30M	28.2M	20M	43M	40M	2M	30M	33M	45M	59M	14M	45M
Net income	73M	73.6M	39M	113M	102M	137M	99M	110M	110M	60M	91M	89M
Net margin	5.58%	5.67%	3.01%	8.36%	7.73%	10.5%	7.84%	8.43%	8.54%	4.75%	7.26%	6.61%
EBITDA	240M	232.9M	189M	277M	267M	264M	246M	266M	278M	244M	222M	251M
EPS	0.33	0.33	0.18	0.51	0.46	0.63	0.45	0.5	0.51	0.28	0.42	0.42
Diluted EPS	0.33	0.33	0.18	0.51	0.46	0.63	0.45	0.5	0.51	0.28	0.42	0.41

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	535.4M	769.8M	693.6M	1B	1.4B	840.6M	645.2M	699.8M	593M	657M
Receivables	640.4M	748.2M	739.9M	718.4M	738.3M	760.4M	909.3M	1B	1B	1B
Inventory	529.7M	608.6M	613M	591.6M	559.9M	669.7M	829.6M	741.1M	734M	756M
Total current assets	1.9B	2.3B	2.3B	2.6B	2.9B	2.6B	2.7B	2.8B	2.7B	2.8B
Property, plant & equipment	861.7M	872.3M	775.8M	777M	750.7M	775.4M	784.5M	783.4M	763M	836M
Goodwill & intangibles	4.2B	5.4B	5.2B	4.9B	4.9B	5.7B	5.2B	5.4B	5.6B	5.9B
Total assets	5.9B	6.8B	6.7B	6.8B	7.2B	7.2B	7.1B	7.3B	7.2B	7.6B
Accounts payable	429.5M	510.7M	477.8M	442M	513.4M	610.9M	681.1M	665.3M	603M	577M
Short-term debt	27.9M	37.7M	42.2M	73.2M	83M	106.9M	59.4M	56.9M	47M	51M
Total current liabilities	942.1M	1.1B	1B	1.1B	1.2B	1.3B	1.4B	1.4B	1.4B	1.4B
Long-term debt	3.2B	3.9B	3.8B	3.8B	3.8B	3.7B	3.7B	3.5B	3.4B	3.2B
Total liabilities	4.6B	5.4B	5.4B	5.4B	5.7B	5.7B	5.6B	5.5B	5.3B	5.2B
Shareholders' equity	1.2B	1.4B	1.3B	1.4B	1.5B	1.5B	1.5B	1.8B	2B	2.4B
Total debt	3.3B	3.9B	3.9B	3.9B	3.9B	3.9B	3.7B	3.5B	3.4B	3.2B
Net debt	2.7B	3.1B	3.2B	2.8B	2.6B	3B	3.1B	2.8B	2.9B	2.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	605.8M	699.8M	624M	840M	567M	593M	575M	625M	606M	657M	608M	633M
Receivables	1.1B	1B	1B	1.1B	1.1B	1B	1B	1.1B	1.1B	1B	981M	1.1B
Inventory	750M	741.1M	751M	745M	818M	734M	787M	831M	829M	756M	770M	806M
Total current assets	2.8B	2.8B	2.8B	3B	2.8B	2.7B	2.8B	3B	3B	2.8B	2.8B	3B
Property, plant & equipment	1.2B	783.4M	-1.3B	-1.3B	-1.3B	763M	-1.3B	-1.4B	-1.4B	836M	-1.4B	-1.5B
Goodwill & intangibles	5B	5.4B	5.3B	5.2B	5.8B	5.6B	5.6B	5.9B	5.8B	5.9B	5.8B	5.7B
Total assets	7B	7.3B	7.1B	7.3B	7.5B	7.2B	7.4B	7.8B	7.8B	7.6B	7.6B	7.7B
Accounts payable	709.9M	665.3M	721M	715M	708M	603M	732M	764M	691M	577M	723M	769M
Short-term debt	32M	56.9M	20M	20M	20M	47M	20M	20M	20M	51M	20M	519M
Total current liabilities	1.4B	1.4B	1.3B	1.3B	1.4B	1.4B	1.3B	1.4B	1.4B	1.4B	1.3B	1.9B
Long-term debt	3.5B	3.5B	3.4B	3.6B	3.5B	3.4B	3.4B	3.4B	3.4B	3.2B	3.1B	2.5B
Total liabilities	5.3B	5.5B	5.3B	5.5B	5.5B	5.3B	5.3B	5.5B	5.4B	5.2B	5.1B	5.1B
Shareholders' equity	1.6B	1.8B	1.8B	1.8B	2B	2B	2.1B	2.3B	2.3B	2.4B	2.5B	2.6B
Total debt	3.5B	3.5B	3.4B	3.6B	3.5B	3.4B	3.4B	3.4B	3.4B	3.2B	3.1B	3.1B
Net debt	2.9B	2.8B	2.8B	2.8B	3B	2.9B	2.8B	2.8B	2.8B	2.6B	2.5B	2.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	44.6M	47.7M	213.3M	252.6M	122M	264.4M	192.2M	268.5M	391M	379M
Depreciation & amortization	322.1M	347.5M	369.1M	353M	320.3M	316.5M	303.1M	275.6M	280M	295M
Stock-based compensation	41.1M	38.5M	37.3M	15.7M	15.1M	14.9M	22.2M	26.2M	28M	25M
Change in working capital	-51.2M	-20.5M	43.9M	38.1M	180M	-66.3M	-235.6M	-12.1M	-29M	66M
Operating cash flow	356.6M	517.3M	667.4M	690.2M	592.7M	546.3M	300.2M	570.4M	654M	649M
Capital expenditure	-136.2M	-125M	-143.4M	-112.5M	-82.1M	-121.6M	-150.9M	-137.9M	-140M	—
Investing cash flow	-257M	-689.6M	-198.6M	-108.6M	-76M	-734M	-126.3M	-215.3M	-455M	-29M
Dividends paid	—	—	—	—	—	—	—	—	0	0
Share repurchases	0	-58.4M	-253.8M	-105.3M	-26M	-243.8M	-200.1M	-50M	-100M	-165M
Financing cash flow	-257.9M	328.4M	-430.3M	-248.2M	-174M	-422.9M	-459.7M	-372.3M	-204M	-397M
Net change in cash	-158.3M	156.1M	38.5M	333.4M	342.7M	-610.6M	-285.8M	-17.2M	-5M	223M
Free cash flow	423.1M	415M	352.7M	460.6M	427.2M	437M	142.9M	437.4M	436M	453M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	73M	73.6M	39M	113M	102M	137M	99M	110M	110M	60M	91M	89M
Depreciation & amortization	71M	68.7M	68M	68M	71M	73M	70M	74M	74M	77M	76M	76M
Stock-based compensation	5M	6.9M	6M	8M	7M	7M	5M	8M	6M	6M	7M	8M
Change in working capital	6M	118.1M	17M	-43M	-32M	29M	3M	-44M	-71M	178M	9M	-59M
Operating cash flow	171M	265.2M	137M	149M	149M	219M	183M	156M	137M	344M	68M	152M
Capital expenditure	-31M	-32.6M	-22M	-23M	-33M	-62M	-43M	-45M	—	—	—	—
Investing cash flow	-31M	-35.4M	-22M	-23M	-341M	-71M	-47M	-43M	9M	-36M	-6M	1M
Dividends paid	—	—	—	—	0	0	0	0	0	0	—	—
Share repurchases	-50M	0	—	—	-50M	0	—	—	-100M	0	—	—
Financing cash flow	-85M	-73.1M	-88M	179M	-137M	-114M	-6M	-5M	-116M	-205M	-55M	-80M
Net change in cash	55M	156.7M	27M	305M	-329M	34M	130M	108M	30M	103M	7M	73M
Free cash flow	179M	253.4M	12M	91M	161M	172M	-17M	97M	87M	286M	18M	104M

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	6.5B	7.8B	5.6B	7.1B	6.7B	7.7B	5.6B	7.5B	7.5B	7B	7B
Enterprise value	9.2B	10.9B	8.8B	10B	9.3B	10.7B	8.7B	10.3B	10.4B	9.6B	9.5B
Shares outstanding	238.1M	240.4M	239M	233.9M	235.2M	231M	221.7M	221M	219.3M	216M	216M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	145.2	163.1	26.2	28.1	55	28.9	29.4	28	19.2	18.4	20.2
P/S	1.58	1.78	1.19	1.59	1.8	1.73	1.16	1.45	1.42	1.36	1.37
P/B	5.2	5.53	4.27	5.04	4.54	4.97	3.77	4.23	3.84	2.92	2.79
EV/EBITDA	11.8	15.3	10.8	11.7	14.6	13.4	12	11.8	10.4	9.24	9.61
EV/Sales	2.25	2.5	1.87	2.22	2.48	2.42	1.79	2	1.96	1.87	1.85
Earnings yield	0.69%	0.61%	3.81%	3.55%	1.82%	3.46%	3.4%	3.58%	5.21%	5.43%	4.96%
FCF yield	6.53%	5.33%	6.3%	6.48%	6.36%	5.71%	2.53%	5.83%	5.81%	6.49%	7.71%
PEG	—	—	—	—	—	—	—	—	—	—	-1.26

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	38.2%	36.5%	33.9%	34.9%	34.2%	32.4%	29%	31.2%	34.1%	34.4%	34.5%
Operating margin	11.3%	8.31%	9.41%	10.9%	8.17%	10.5%	8.66%	11.3%	13.4%	14.4%	15.2%
Net margin	1.09%	1.09%	4.54%	5.64%	3.26%	5.99%	3.93%	5.18%	7.41%	7.41%	6.78%
ROE	3.58%	3.39%	16.3%	17.9%	8.24%	17.2%	12.8%	15.1%	20%	15.8%	14.3%
ROA	0.76%	0.7%	3.2%	3.7%	1.7%	3.66%	2.72%	3.69%	5.39%	4.99%	6.12%
ROIC	6.28%	2.01%	7.87%	8.78%	7.55%	7.88%	6.89%	9.65%	11.6%	10.3%	9.26%
Return on tangible assets	2.66%	3.33%	14.1%	12.9%	5.37%	17.9%	10.5%	14.7%	23.4%	22.1%	17.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.04	2.14	2.22	2.4	2.48	1.93	1.94	1.98	2.01	2.06	1.53
Quick ratio	1.48	1.58	1.63	1.85	2	1.43	1.35	1.46	1.47	1.5	1.12
Debt / equity	2.62	2.78	2.95	2.74	2.65	2.51	2.49	1.99	1.76	1.35	1.19
Debt / assets	0.56	0.57	0.58	0.57	0.55	0.53	0.53	0.49	0.48	0.43	0.4
Net debt / EBITDA	3.5	4.42	3.89	3.33	4.04	3.8	4.23	3.24	2.86	2.49	2.45
Interest coverage	1.46	2.29	2.68	3.03	1.82	3.54	2.84	2.66	3.42	4.1	4.17
Effective tax rate	46.1%	74.8%	20.3%	23.5%	0.16%	22.3%	25.3%	24.3%	21.2%	30.6%	31.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.2	18.2	19.6	19.2	15.9	19.1	22	23.5	24.1	23.7	24.1
EPS (basic)	0.18	0.15	0.87	1.06	0.52	1.14	0.86	1.21	1.78	1.75	1.75
EPS (diluted)	0.17	0.15	0.85	1.06	0.52	1.14	0.86	1.21	1.78	1.74	1.63
Book value per share	5.24	5.86	5.48	6.03	6.29	6.66	6.76	8.02	8.92	11.1	11.8
FCF per share	1.78	1.73	1.48	1.97	1.82	1.89	0.64	1.98	1.99	2.1	2.31
Cash per share	2.25	3.2	2.9	4.35	5.79	3.64	2.91	3.17	2.7	3.04	2.96
Capex per share	0.57	0.52	0.6	0.48	0.35	0.53	0.68	0.62	0.64	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.33%	2.86%	3.05%	2.51%	2.2%	2.75%	3.09%	2.66%	2.65%	—	—
Capex / operating cash flow	38.2%	24.2%	21.5%	16.3%	13.9%	22.3%	50.3%	24.2%	21.4%	—	—
Payout ratio	—	—	—	—	—	—	—	—	0%	0%	0%
Dividend yield	—	—	—	—	—	—	—	—	0%	0%	0%

Axalta Coating Systems Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

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P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Axalta Coating Systems Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation