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Side-by-side financial comparison of PPG Industries (PPG) and REINSURANCE GROUP OF AMERICA INC (RGA). Click either name above to swap in a different company.
REINSURANCE GROUP OF AMERICA INC is the larger business by last-quarter revenue ($6.6B vs $3.9B, roughly 1.7× PPG Industries). PPG Industries runs the higher net margin — 9.8% vs 7.0%, a 2.8% gap on every dollar of revenue. On growth, REINSURANCE GROUP OF AMERICA INC posted the faster year-over-year revenue change (26.6% vs 6.7%). Over the past eight quarters, REINSURANCE GROUP OF AMERICA INC's revenue compounded faster (2.3% CAGR vs -9.5%).
PPG Industries, Inc. is an American supplier of paints, coatings, and specialty materials based in Pittsburgh, Pennsylvania. It operates in more than 70 countries globally. A member of the Fortune 500, PPG is the second largest coatings company in the world by revenue, behind Sherwin-Williams. It is headquartered in PPG Place, an office and retail complex in downtown Pittsburgh, and is known for its glass facade designed by Postmodern architect Philip Johnson.
Reinsurance Group of America, Incorporated is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States. With approximately $3.9 trillion of life reinsurance in force and assets of $118.7 billion as of December 31, 2024, RGA has grown to become the only international company to focus primarily on life and health-related reinsurance.
PPG vs RGA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $6.6B |
| Net Profit | $385.0M | $463.0M |
| Gross Margin | — | — |
| Operating Margin | — | 7.7% |
| Net Margin | 9.8% | 7.0% |
| Revenue YoY | 6.7% | 26.6% |
| Net Profit YoY | 1.9% | 212.8% |
| EPS (diluted) | — | $6.91 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $3.9B | — | ||
| Q4 25 | $3.9B | $6.6B | ||
| Q3 25 | $4.1B | $6.2B | ||
| Q2 25 | $4.2B | $5.6B | ||
| Q1 25 | $3.7B | $5.3B | ||
| Q4 24 | $2.2B | $5.2B | ||
| Q3 24 | $4.6B | $5.7B | ||
| Q2 24 | $4.8B | $4.9B |
| Q1 26 | $385.0M | — | ||
| Q4 25 | $300.0M | $463.0M | ||
| Q3 25 | $453.0M | $253.0M | ||
| Q2 25 | $450.0M | $180.0M | ||
| Q1 25 | $373.0M | $286.0M | ||
| Q4 24 | $-280.0M | $148.0M | ||
| Q3 24 | $468.0M | $156.0M | ||
| Q2 24 | $528.0M | $203.0M |
| Q1 26 | — | — | ||
| Q4 25 | 40.8% | — | ||
| Q3 25 | 40.6% | — | ||
| Q2 25 | 42.0% | — | ||
| Q1 25 | 41.9% | — | ||
| Q4 24 | 34.9% | — | ||
| Q3 24 | 41.8% | — | ||
| Q2 24 | 43.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | 9.9% | 7.7% | ||
| Q3 25 | 16.9% | 5.2% | ||
| Q2 25 | 17.7% | 6.1% | ||
| Q1 25 | 16.5% | 7.0% | ||
| Q4 24 | 0.5% | 4.3% | ||
| Q3 24 | 15.6% | 3.8% | ||
| Q2 24 | 17.3% | 5.5% |
| Q1 26 | 9.8% | — | ||
| Q4 25 | 7.7% | 7.0% | ||
| Q3 25 | 11.1% | 4.1% | ||
| Q2 25 | 10.7% | 3.2% | ||
| Q1 25 | 10.1% | 5.4% | ||
| Q4 24 | -12.9% | 2.8% | ||
| Q3 24 | 10.2% | 2.8% | ||
| Q2 24 | 11.0% | 4.2% |
| Q1 26 | — | — | ||
| Q4 25 | $1.33 | $6.91 | ||
| Q3 25 | $2.00 | $3.81 | ||
| Q2 25 | $1.98 | $2.70 | ||
| Q1 25 | $1.63 | $4.27 | ||
| Q4 24 | $-1.18 | $2.21 | ||
| Q3 24 | $2.00 | $2.33 | ||
| Q2 24 | $2.24 | $3.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.6B | $4.2B |
| Total DebtLower is stronger | $6.4B | $5.7B |
| Stockholders' EquityBook value | — | $13.5B |
| Total Assets | — | $156.6B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.6B | — | ||
| Q4 25 | $2.2B | $4.2B | ||
| Q3 25 | $1.9B | $4.6B | ||
| Q2 25 | $1.6B | $5.4B | ||
| Q1 25 | $1.9B | $5.2B | ||
| Q4 24 | $1.4B | $3.3B | ||
| Q3 24 | $1.3B | $5.2B | ||
| Q2 24 | $1.2B | $4.6B |
| Q1 26 | $6.4B | — | ||
| Q4 25 | $7.3B | $5.7B | ||
| Q3 25 | $7.3B | $5.7B | ||
| Q2 25 | $7.3B | $5.7B | ||
| Q1 25 | $7.2B | $5.7B | ||
| Q4 24 | $5.8B | $5.0B | ||
| Q3 24 | $6.5B | $5.1B | ||
| Q2 24 | $6.4B | $5.1B |
| Q1 26 | — | — | ||
| Q4 25 | $7.9B | $13.5B | ||
| Q3 25 | $7.8B | $13.0B | ||
| Q2 25 | $7.6B | $12.1B | ||
| Q1 25 | $6.9B | $11.4B | ||
| Q4 24 | $6.8B | $10.8B | ||
| Q3 24 | $7.8B | $11.1B | ||
| Q2 24 | $7.8B | $9.7B |
| Q1 26 | — | — | ||
| Q4 25 | $22.1B | $156.6B | ||
| Q3 25 | $22.1B | $152.0B | ||
| Q2 25 | $22.1B | $133.5B | ||
| Q1 25 | $21.1B | $128.2B | ||
| Q4 24 | $19.4B | $118.7B | ||
| Q3 24 | $21.9B | $120.3B | ||
| Q2 24 | $21.7B | $109.9B |
| Q1 26 | — | — | ||
| Q4 25 | 0.92× | 0.42× | ||
| Q3 25 | 0.94× | 0.44× | ||
| Q2 25 | 0.97× | 0.48× | ||
| Q1 25 | 1.05× | 0.50× | ||
| Q4 24 | 0.86× | 0.47× | ||
| Q3 24 | 0.83× | 0.46× | ||
| Q2 24 | 0.82× | 0.52× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $7.3B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 5.0% | — |
| Cash ConversionOCF / Net Profit | — | 15.83× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $887.0M | $7.3B | ||
| Q3 25 | $685.0M | $-990.0M | ||
| Q2 25 | $387.0M | $-820.0M | ||
| Q1 25 | $-18.0M | $-1.4B | ||
| Q4 24 | $346.0M | $17.1B | ||
| Q3 24 | $769.0M | $-1.1B | ||
| Q2 24 | $365.0M | $-967.0M |
| Q1 26 | — | — | ||
| Q4 25 | $586.0M | — | ||
| Q3 25 | $538.0M | — | ||
| Q2 25 | $266.0M | — | ||
| Q1 25 | $-227.0M | — | ||
| Q4 24 | $148.0M | — | ||
| Q3 24 | $620.0M | — | ||
| Q2 24 | $247.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 15.0% | — | ||
| Q3 25 | 13.2% | — | ||
| Q2 25 | 6.3% | — | ||
| Q1 25 | -6.2% | — | ||
| Q4 24 | 6.8% | — | ||
| Q3 24 | 13.6% | — | ||
| Q2 24 | 5.2% | — |
| Q1 26 | 5.0% | — | ||
| Q4 25 | 7.7% | — | ||
| Q3 25 | 3.6% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | 3.3% | — | ||
| Q2 24 | 2.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.96× | 15.83× | ||
| Q3 25 | 1.51× | -3.91× | ||
| Q2 25 | 0.86× | -4.56× | ||
| Q1 25 | -0.05× | -5.00× | ||
| Q4 24 | — | 115.81× | ||
| Q3 24 | 1.64× | -6.84× | ||
| Q2 24 | 0.69× | -4.76× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PPG
| Industrial Coatings | $1.6B | 42% |
| Performance Coatings | $1.3B | 34% |
| Global Architectural Coatings | $965.0M | 25% |
RGA
Segment breakdown not available.
