NYSE : AXTA
Axalta Coating Systems Ltd. — Financial statements
Materials · Specialty Chemicals · United States
Last price 34.07 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.29B
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Financial statements
Axalta Coating Systems Ltd. (AXTA) reported revenue of 5.17B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 5.17B | 5.12B | 5.28B | 5.18B | 4.88B | 4.42B |
| Revenue | 5.17B | 5.12B | 5.28B | 5.18B | 4.88B | 4.42B |
| Cost of Revenue | 3.44B | 3.35B | 3.48B | 3.57B | 3.47B | 2.99B |
| Gross Profit | 1.74B | 1.76B | 1.80B | 1.62B | 1.42B | 1.43B |
| Selling, General & Admin | 826.00M | 817.00M | 856.00M | 849.00M | 771.00M | 738.00M |
| Research & Development | 70.00M | 71.00M | 74.00M | 74.00M | 66.00M | 62.40M |
| Amortization of Goodwill & Intangibles | 102.00M | 98.00M | 92.00M | 88.00M | 125.00M | 121.40M |
| Other Operating Expenses | 70.00M | -2.00M | -15.00M | 3.00M | -5.00M | |
| Operating Expenses | 1.07B | 984.00M | 1.02B | 996.00M | 965.00M | 916.80M |
| Operating Income | 669.00M | 778.00M | 776.00M | 622.00M | 453.00M | 512.10M |
| Interest Expense | -170.00M | -193.00M | -221.00M | -223.00M | -160.00M | -151.10M |
| Currency Exchange Gain (Loss) | 5.00M | 2.00M | 5.00M | -13.00M | 5.00M | 16.60M |
| Other Non Operating Income (Expenses) | 27.00M | 15.00M | 20.00M | 22.00M | 3.00M | 3.80M |
| EBT Excluding Unusual Items | 531.00M | 602.00M | 580.00M | 408.00M | 301.00M | 381.40M |
| Merger & Restructuring Charges | -49.00M | -61.00M | -79.00M | -28.00M | -29.00M | -43.80M |
| Gain (Loss) on Sale of Assets | 6.00M | 6.00M | ||||
| Asset Writedown | -15.00M | -800.00K | ||||
| Other Unusual Items | -2.00M | -1.00M | -5.00M | -10.00M | -15.00M | 3.70M |
| Pretax Income | 486.00M | 546.00M | 496.00M | 355.00M | 257.00M | 340.50M |
| Income Tax Expense | 151.00M | 167.00M | 105.00M | 86.00M | 65.00M | 76.10M |
| Earnings From Continuing Operations | 335.00M | 379.00M | 391.00M | 269.00M | 192.00M | 264.40M |
| Minority Interest in Earnings | -1.00M | -1.00M | -2.00M | -500.00K | ||
| Net Income | 334.00M | 378.00M | 391.00M | 267.00M | 192.00M | 263.90M |
| Net Income to Common | 334.00M | 378.00M | 391.00M | 267.00M | 192.00M | 263.90M |
| Shares Outstanding (Basic) | 213.75M | 216.00M | 219.30M | 221.00M | 221.70M | 231.00M |
| Shares Outstanding (Diluted) | 214.68M | 217.00M | 220.40M | 221.90M | 222.30M | 231.90M |
| EPS (Basic) | 1.56 | 1.75 | 1.78 | 1.21 | 0.87 | 1.14 |
| EPS (Diluted) | 1.56 | 1.74 | 1.78 | 1.21 | 0.86 | 1.14 |
| Free Cash Flow | 497.00M | 453.00M | 436.00M | 437.00M | 143.00M | 437.00M |
| Free Cash Flow Per Share | 2.31 | 2.09 | 1.98 | 1.97 | 0.64 | 1.88 |
| Gross Margin | 33.58% | 34.43% | 34.08% | 31.21% | 29.03% | 32.36% |
| Operating Margin | 12.93% | 15.20% | 14.71% | 12.00% | 9.28% | 11.60% |
| Profit Margin | 6.46% | 7.39% | 7.41% | 5.15% | 3.93% | 5.98% |
| Free Cash Flow Margin | 9.61% | 8.85% | 8.26% | 8.43% | 2.93% | 9.89% |
| EBITDA | 909.00M | 1.00B | 997.00M | 834.00M | 697.00M | 828.60M |
| EBITDA Margin | 17.57% | 19.60% | 18.90% | 16.09% | 14.27% | 18.76% |
| D&A For EBITDA | 240.00M | 225.00M | 221.00M | 212.00M | 244.00M | 316.50M |
| EBIT | 669.00M | 778.00M | 776.00M | 622.00M | 453.00M | 512.10M |
| EBIT Margin | 12.93% | 15.20% | 14.71% | 12.00% | 9.28% | 11.60% |
| Effective Tax Rate | 31.07% | 30.59% | 21.17% | 24.22% | 25.29% | 22.35% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 650.00M | 657.00M | 593.00M | 700.00M | 645.20M | 840.60M |
| Trading Asset Securities | 2.30M | |||||
| Cash & Short-Term Investments | 650.00M | 657.00M | 593.00M | 700.00M | 647.50M | 840.60M |
| Accounts Receivable | 1.15B | 1.05B | 1.05B | 1.08B | 949.90M | 796.50M |
| Other Receivables | 198.00M | 183.00M | 141.00M | 138.00M | 135.00M | 152.40M |
| Receivables | 1.41B | 1.27B | 1.29B | 1.30B | 1.11B | 973.60M |
| Inventory | 849.00M | 756.00M | 734.00M | 741.00M | 829.60M | 669.70M |
| Prepaid Expenses | 139.00M | 125.00M | 93.00M | 70.00M | 58.00M | 50.80M |
| Restricted Cash | 6.00M | 3.00M | 3.00M | 3.00M | 9.70M | 10.60M |
| Other Current Assets | 6.00M | 5.00M | 12.00M | 8.00M | 39.90M | 30.30M |
| Total Current Assets | 3.06B | 2.81B | 2.72B | 2.82B | 2.69B | 2.58B |
| Property, Plant & Equipment | 1.32B | 1.41B | 1.28B | 1.31B | 1.29B | 1.29B |
| Long-Term Investments | 1.00M | 1.00M | 1.00M | 700.00K | ||
| Goodwill | 1.76B | 1.79B | 1.64B | 1.59B | 1.50B | 1.59B |
| Other Intangible Assets | 1.06B | 1.15B | 1.15B | 1.13B | 1.11B | 1.28B |
| Long-Term Accounts Receivable | 15.00M | |||||
| Long-Term Deferred Tax Assets | 119.00M | 164.00M | 170.00M | 165.20M | 181.50M | |
| Other Long-Term Assets | 546.00M | 311.00M | 277.00M | 251.00M | 298.20M | 298.10M |
| Total Assets | 7.75B | 7.60B | 7.25B | 7.27B | 7.06B | 7.22B |
| Accounts Payable | 780.00M | 637.00M | 659.00M | 725.00M | 733.50M | 657.40M |
| Accrued Expenses | 669.00M | 606.00M | 573.00M | 564.00M | 470.30M | 475.70M |
| Short-Term Debt | 502.00M | 3.00M | 3.00M | 7.00M | 16.00M | 55.40M |
| Current Portion of Long-Term Debt | 17.00M | 14.00M | 14.00M | 16.00M | 12.50M | 44.50M |
| Current Portion of Leases | 34.00M | 30.00M | 34.00M | 30.90M | 31.30M | |
| Current Income Taxes Payable | 49.00M | 29.00M | 37.00M | 36.70M | 30.80M | |
| Other Current Liabilities | 32.00M | 26.00M | 46.00M | 45.00M | 84.80M | 39.80M |
| Total Current Liabilities | 2.00B | 1.37B | 1.35B | 1.43B | 1.38B | 1.33B |
| Long-Term Debt | 2.48B | 3.13B | 3.35B | 3.42B | 3.61B | 3.69B |
| Long-Term Leases | 128.00M | 124.00M | 130.00M | 134.40M | 137.70M | |
| Pension & Post-Retirement Benefits | 225.00M | 238.00M | 220.00M | 252.00M | 205.10M | 269.30M |
| Long-Term Deferred Tax Liabilities | 182.00M | 171.00M | 151.00M | 162.00M | 162.10M | 174.70M |
| Other Long-Term Liabilities | 198.00M | 168.00M | 94.00M | 103.00M | 58.60M | 68.50M |
| Total Liabilities | 5.08B | 5.21B | 5.29B | 5.50B | 5.56B | 5.68B |
| Common Stock | 256.00M | 255.00M | 255.00M | 254.00M | 252.40M | 251.80M |
| Additional Paid-In Capital | 1.64B | 1.62B | 1.60B | 1.57B | 1.54B | 1.52B |
| Retained Earnings | 2.33B | 2.06B | 1.68B | 1.29B | 1.02B | 827.20M |
| Treasury Stock | -1.20B | -1.20B | -1.04B | -937.00M | -887.30M | -687.20M |
| Comprehensive Income & Other | -400.00M | -383.00M | -582.00M | -444.00M | -466.90M | -414.40M |
| Total Common Equity | 2.62B | 2.35B | 1.91B | 1.73B | 1.45B | 1.49B |
| Minority Interest | 46.00M | 47.00M | 44.00M | 46.00M | 46.00M | 45.80M |
| Shareholders' Equity | 2.67B | 2.39B | 1.96B | 1.77B | 1.50B | 1.54B |
| Total Liabilities & Equity | 7.75B | 7.60B | 7.25B | 7.27B | 7.06B | 7.22B |
| Total Debt | 3.00B | 3.31B | 3.52B | 3.61B | 3.81B | 3.96B |
| Net Cash (Debt) | -2.35B | -2.65B | -2.93B | -2.91B | -3.16B | -3.12B |
| Net Cash Per Share | -10.92 | -12.23 | -13.28 | -13.12 | -14.22 | -13.46 |
| Filing Date Shares Outstanding | 214.05M | 213.37M | 218.14M | 220.14M | 221.05M | 224.53M |
| Total Common Shares Outstanding | 214.00M | 213.40M | 218.10M | 220.10M | 220.60M | 227.40M |
| Working Capital | 1.06B | 1.45B | 1.37B | 1.39B | 1.31B | 1.24B |
| Book Value Per Share | 12.24 | 10.99 | 8.77 | 7.85 | 6.59 | 6.57 |
| Tangible Book Value | -198.00M | -596.00M | -877.00M | -994.00M | -1.16B | -1.38B |
| Tangible Book Value Per Share | -0.93 | -2.79 | -4.02 | -4.52 | -5.24 | -6.06 |
| Land | 76.00M | 72.00M | 76.00M | 75.30M | 77.60M | |
| Buildings | 575.00M | 517.00M | 526.00M | 508.30M | 515.00M | |
| Machinery | 1.55B | 1.40B | 1.41B | 1.34B | 1.34B | |
| Construction In Progress | 172.00M | 116.00M | 85.00M | 187.90M | 105.90M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 334.00M | 378.00M | 391.00M | 267.00M | 192.00M | 263.90M |
| Depreciation & Amortization | 240.00M | 225.00M | 221.00M | 212.00M | 244.00M | 316.50M |
| Other Amortization | 72.00M | 72.00M | 66.00M | 73.00M | 69.00M | 8.90M |
| Asset Writedown & Restructuring Costs | 7.00M | 7.00M | 15.00M | 24.00M | -18.90M | |
| Stock-Based Compensation | 29.00M | 25.00M | 28.00M | 26.00M | 22.00M | 14.90M |
| Other Operating Activities | 16.00M | 69.00M | -7.00M | 37.00M | 14.00M | 18.70M |
| Change in Accounts Receivable | 13.00M | 97.00M | -7.00M | -119.00M | -171.00M | -80.50M |
| Change in Inventory | -13.00M | 33.00M | 12.00M | 103.00M | -195.00M | -111.60M |
| Change in Accounts Payable | 84.00M | -77.00M | -49.00M | 9.00M | 138.00M | 140.10M |
| Change in Other Net Operating Assets | -83.00M | -180.00M | -79.00M | -48.00M | -43.00M | 6.60M |
| Operating Cash Flow | 699.00M | 649.00M | 576.00M | 575.00M | 294.00M | 558.60M |
| Capital Expenditures | -202.00M | -196.00M | -140.00M | -138.00M | -151.00M | -121.60M |
| Sale of Property, Plant & Equipment | 37.80M | |||||
| Cash Acquisitions | -50.00M | -48.00M | -301.00M | -106.00M | -3.00M | -649.00M |
| Other Investing Activities | 32.00M | 42.00M | 23.00M | 41.00M | 52.00M | 16.80M |
| Investing Cash Flow | -228.00M | -212.00M | -440.00M | -206.00M | -106.00M | -716.00M |
| Short-Term Debt Issued | 9.00M | |||||
| Long-Term Debt Issued | 333.00M | 697.00M | 1.98B | |||
| Total Debt Issued | 333.00M | 706.00M | 1.98B | |||
| Short-Term Debt Repaid | -5.00M | -50.00M | -91.00M | -74.00M | ||
| Long-Term Debt Repaid | -230.00M | -420.00M | -904.00M | -2.04B | -26.90M | |
| Total Debt Repaid | -416.00M | -230.00M | -425.00M | -954.00M | -2.13B | -100.90M |
| Net Debt Issued (Repaid) | -416.00M | -230.00M | -92.00M | -248.00M | -153.00M | -100.90M |
| Issuance of Common Stock | 4.00M | 8.00M | 14.40M | |||
| Repurchase of Common Stock | -165.00M | -100.00M | -50.00M | -200.00M | -243.80M | |
| Other Financing Activities | -11.00M | -6.00M | -13.00M | -25.00M | -16.00M | -4.20M |
| Financing Cash Flow | -427.00M | -401.00M | -201.00M | -315.00M | -369.00M | -334.50M |
| Foreign Exchange Rate Adjustments | 2.00M | 28.00M | -42.00M | -6.00M | -15.00M | -20.90M |
| Net Cash Flow | 46.00M | 64.00M | -107.00M | 48.00M | -196.00M | -512.80M |
| Free Cash Flow | 497.00M | 453.00M | 436.00M | 437.00M | 143.00M | 437.00M |
| Free Cash Flow Margin | 9.61% | 8.85% | 8.26% | 8.43% | 2.93% | 9.89% |
| Free Cash Flow Per Share | 2.31 | 2.09 | 1.98 | 1.97 | 0.64 | 1.88 |
| Levered Free Cash Flow | 563.88M | 474.62M | 448.88M | 392.27M | 178.53M | 380.12M |
| Unlevered Free Cash Flow | 662.12M | 587.25M | 580.00M | 522.65M | 268.52M | 465.66M |
| Cash Interest Paid | 172.00M | 172.00M | 198.00M | 213.00M | 127.00M | 118.10M |
| Cash Income Tax Paid | 107.00M | 107.00M | 131.00M | 97.00M | 63.00M | 57.90M |
| Change in Working Capital | 1.00M | -127.00M | -123.00M | -55.00M | -271.00M | -45.40M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.67B | 6.89B | 7.46B | 7.48B | 5.62B | 7.56B |
| Enterprise Value | 10.02B | 9.74B | 10.47B | 10.46B | 8.87B | 10.86B |
| Last Close Price | 35.84 | 32.31 | 34.22 | 33.97 | 25.47 | 33.12 |
| PE Ratio | 23.01 | 18.24 | 19.09 | 28.00 | 29.27 | 28.66 |
| Forward PE | 13.65 | 12.19 | 14.95 | 18.07 | 15.56 | 16.86 |
| PS Ratio | 1.48 | 1.35 | 1.41 | 1.44 | 1.15 | 1.71 |
| PB Ratio | 2.93 | 2.88 | 3.81 | 4.22 | 3.75 | 4.92 |
| P/FCF Ratio | 15.44 | 15.22 | 17.11 | 17.11 | 39.29 | 17.31 |
| P/OCF Ratio | 10.97 | 10.62 | 12.96 | 13.00 | 19.11 | 13.54 |
| PEG Ratio | 1.77 | 1.27 | 0.71 | 1.33 | 1.23 | 0.71 |
| EV/Sales Ratio | 1.94 | 1.90 | 1.98 | 2.02 | 1.82 | 2.46 |
| EV/EBITDA Ratio | 11.02 | 9.71 | 10.50 | 12.54 | 12.73 | 13.11 |
| EV/EBIT Ratio | 14.97 | 12.51 | 13.49 | 16.81 | 19.58 | 21.21 |
| EV/FCF Ratio | 20.15 | 21.49 | 24.01 | 23.93 | 62.03 | 24.86 |
| Debt / Equity Ratio | 1.12 | 1.38 | 1.80 | 2.04 | 2.54 | 2.58 |
| Debt / EBITDA Ratio | 3.13 | 3.15 | 3.39 | 4.11 | 5.20 | 4.56 |
| Debt / FCF Ratio | 6.03 | 7.31 | 8.08 | 8.26 | 26.63 | 9.07 |
| Net Debt / Equity Ratio | 0.88 | 1.11 | 1.50 | 1.64 | 2.11 | 2.03 |
| Net Debt / EBITDA Ratio | 2.58 | 2.65 | 2.94 | 3.49 | 4.54 | 3.77 |
| Net Debt / FCF Ratio | 4.72 | 5.86 | 6.72 | 6.66 | 22.11 | 7.14 |
| Asset Turnover | 0.67 | 0.69 | 0.73 | 0.72 | 0.68 | 0.61 |
| Inventory Turnover | 4.09 | 4.50 | 4.72 | 4.54 | 4.62 | 4.86 |
| Quick Ratio | 1.00 | 1.38 | 1.32 | 1.34 | 1.25 | 1.34 |
| Current Ratio | 1.53 | 2.06 | 2.01 | 1.98 | 1.95 | 1.93 |
| Return on Equity (ROE) | 13.42% | 17.43% | 20.97% | 16.44% | 12.64% | 17.52% |
| Return on Assets (ROA) | 5.39% | 6.55% | 6.68% | 5.42% | 3.97% | 4.45% |
| Return on Invested Capital (ROIC) | 9.21% | 10.88% | 12.79% | 10.09% | 7.26% | 9.03% |
| Return on Capital Employed (ROCE) | 11.60% | 12.50% | 13.20% | 10.60% | 8.00% | 8.70% |
| Earnings Yield | 4.35% | 5.48% | 5.24% | 3.57% | 3.42% | 3.49% |
| FCF Yield | 6.48% | 6.57% | 5.84% | 5.85% | 2.54% | 5.78% |
| Buyback Yield / Dilution | 1.63% | 1.54% | 0.68% | 0.18% | 4.14% | 1.74% |