Axalta Coating Systems Ltd.
$36.56
+0.15 (+0.41%) · delayed · Nov 13, 2026
Five-year price
52w $24.94 to $38.61
- Market cap
- $7.8B
- Enterprise value
- $10.4B
- P/E
- 21.0×
- 23.2× on 3y avg EPS
- EV / EBIT
- 14.1×
- FCF yield
- 5.8%
- ROIC
- 10.4%
- Debt / equity
- 1.36
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ○ROIC > 12% (5y avg)5y avg ROIC 9.4%
- ●ROE > 15% (5y avg)5y avg ROE 16.6%
- ●Stable operating marginsMargin volatility 2.0% (σ, 5y)
- ●Earnings convert to cashFCF / net income 127% (5y avg)
- ●Growing revenueRevenue CAGR 5y 6.5%
- ●Shrinking share countDiluted shares -8.1% over 5y
Value
0
- ○P/E below 15P/E 21.0
- ○EV/EBIT below 12EV/EBIT 14.1
- ○FCF yield above 6%FCF yield 5.8%
- ○Price below Graham NumberGraham Number $20.71
- ○P/B below 3P/B 3.3
Safety
40
- ○Debt / equity below 0.5D/E 1.36
- ○Debt payable in < 4 yrs of earningsNet debt $2.5B
- ○Interest coverage > 8xCoverage 4.2x
- ●Current ratio > 1.5Current ratio 2.06
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $5.1B
- ●Strong condition (current ratio ≥ 2)Current ratio 2.06
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 308%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 23.2
- ○P/E × P/B ≤ 22.5Product 77.3
Valuation lab
What do you have to believe?
At $36.56, the market is pricing in about 7.4% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $2.5B · 214M shares · 5y revenue CAGR 6.5%
Intrinsic value
$31.58
Price
$36.56
Premium paid
16%
What the price implies
The market is paying for 7.4% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
58% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4,069 | 4,377 | 4,696 | 4,482 | 3,738 | 4,416 | 4,884 | 5,184 | 5,276 | 5,117 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 405 | 364 | 442 | 488 | 306 | 462 | 423 | 588 | 706 | 735 |
| Operating margin | 10.0% | 8.3% | 9.4% | 10.9% | 8.2% | 10.5% | 8.7% | 11.3% | 13.4% | 14.4% |
| Pre-tax income | 83 | 190 | 268 | 330 | 122 | 341 | 257 | 355 | 496 | 546 |
| Income tax | 38 | 142 | 54 | 77 | 0 | 76 | 65 | 86 | 105 | 167 |
| Net income | 39 | 37 | 207 | 249 | 122 | 264 | 192 | 267 | 391 | 378 |
| EPS (diluted) | 0.16 | 0.15 | 0.85 | 1.06 | 0.52 | 1.14 | 0.86 | 1.21 | 1.78 | 1.74 |
| Diluted shares | 244 | 246 | 243 | 236 | 236 | 232 | 222 | 222 | 220 | 217 |
Who owns it