Axalta Coating Systems Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Axalta Coating Systems Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,093	4,377	4,696	4,482	3,738	4,416	4,884	5,184	5,276	5,117
Cost of revenue	2,529	2,781	3,106	2,918	2,458	2,987	3,466	3,566	3,478	3,355
Gross profit	1,564	1,597	1,590	1,564	1,280	1,429	1,418	1,618	1,798	1,762
Research and development	57.7	65.3	73.1	70.2	55.2	62.4	66	74	74	71
Selling, general and administrative	960	935	876	822	695	739	772	840	847	805
Operating income	405	364	442	488	306	462	423	588	706	735
Interest expense	178	147	160	163	150	134	140	213	205	176
Other non-operating income	-144	-27.1	-15	4.4	-33.4	12.3	-26	-20	-5	-13
Pre-tax income	82.7	190	268	330	122	341	257	355	496	546
Income tax	38.1	142	54.2	77.4	0.2	76.1	65	86	105	167
Net income to minority interests	5.8	11	6.2	3.6	0.4	0.5	0	2	0	1
Net income	38.8	36.7	207	249	122	264	192	267	391	378
EBITDA	727	711	811	841	626	779	726	864	986	1,030
EPS, basic	0.16	0.15	0.87	1.06	0.52	1.14	0.86	1.21	1.78	1.75
EPS, diluted	0.16	0.15	0.85	1.06	0.52	1.14	0.86	1.21	1.78	1.74
Shares, basic (weighted)	238	240	239	234	235	231	222	221	219	216
Shares, diluted (weighted)	244	246	243	236	236	232	222	222	220	217

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	535	770	694	1,018	1,361	841	645	700	593	657
Receivables	640	748	740	718	738	760	909	1,043	1,015	1,014
Inventory	530	609	613	592	560	670	830	741	734	756
Other current assets	50.3	63.9	139	131	132	117	141	117	145	170
Total current assets	1,920	2,316	2,310	2,573	2,926	2,576	2,693	2,821	2,723	2,815
Property, plant and equipment	1,316	1,389	1,298	1,223	1,195	1,186	1,190	1,204	1,181	1,299
Lease right-of-use assets			0	95.6	101	104	103	105	99	112
Goodwill	964	1,271	1,231	1,209	1,295	1,593	1,498	1,591	1,640	1,795
Intangible assets	1,130	1,428	1,348	1,224	1,149	1,278	1,112	1,130	1,149	1,147
Other non-current assets	536	429	489	589	593	585	566	526	556	543
Total assets	5,866	6,832	6,676	6,818	7,157	7,217	7,059	7,272	7,249	7,599
Accounts payable	474	555	523	484	564	657	734	725	659	637
Accrued liabilities	146	153	163	188	204	180	181	259	245	210
Short-term debt	27.9	37.7	42.2	43.9	54.2	79.7	31	26	20	20
Total current liabilities	942	1,082	1,041	1,073	1,181	1,335	1,385	1,428	1,354	1,369
Long-term debt	3,236	3,878	3,822	3,790	3,839	3,750	3,673	3,478	3,401	3,179
Lease liabilities				69.5	75.6	79.3	75.9	76	73	81
Other non-current liabilities	32.2	32.3	100	145	234	150	135	179	167	249
Total liabilities	4,620	5,424	5,365	5,408	5,677	5,679	5,560	5,499	5,293	5,206
Total debt	3,304	3,949	3,894	3,876	3,893	3,862	3,704	3,504	3,421	3,199
Paid-in capital	1,294	1,355	1,410	1,474	1,487	1,516	1,537	1,568	1,599	1,621
Retained earnings	-58.1	-21.4	199	443	563	827	1,019	1,286	1,677	2,055
Treasury stock	0	-58.4	-312	-418	-444	-687	-887	-937	-1,037	-1,202
Other comprehensive income	-350	-241	-336	-396	-425	-414	-467	-444	-582	-383
Shareholders' equity	1,125	1,276	1,205	1,354	1,433	1,493	1,454	1,727	1,912	2,346
Minority interests	122	132	105	55.4	46.8	45.8	46	46	44	47
Total equity	1,247	1,408	1,311	1,410	1,480	1,540	1,500	1,773	1,956	2,393
Total liabilities and equity	5,866	6,832	6,676	6,818	7,157	7,217	7,059	7,272	7,249	7,599
Shares outstanding	241	244	247	250	251	252

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	44.6	47.7	213	253	122	264	192	269	391	379
Depreciation and amortization	322	348	369	353	320	317	303	276	280	295
Stock-based compensation	41.1	38.5	37.3	15.7	15.1	14.9	22	26	28	25
Deferred income tax	-15.9	91.7	6.1	15.7	-55.4	15	-3	-8	-17	45
Change in inventory	-1.7	-19.9	-48.1	10.8	39.6	-112	-195	103	12	33
Change in payables	32.3	39.8	49.5	18.2	103	140	138	9	-49	-77
Cash from operations	559	540	496	573	509	559	294	575	576	649
Capital expenditures	-136	-125	-143	-113	-82.1	-122	-151	-138	-140	-196
Acquisitions	-115	-564	-82.8	-3.3	-1	-649	-3	-106	-301	-48
Cash from investing	-257	-690	-189	-93.9	-61.5	-716	-106	-206	-440	-212
Debt issued							1,980	697	333	0
Debt repaid	-1,756	-50	-511	-27.6	-1,223	-26.9	-2,042	-904	-420	-230
Stock issued	16.7	24.8	17.4	50.3	4.3	14.4			8	1
Share buybacks	0	-58.4	-254	-105	-26	-244	-200	-50	-100	-165
Cash from financing	-233	367	-368	-158	-131	-335	-369	-315	-201	-401
Exchange rate effect	-19.3	17.1	-15.2	3.3	26.6	-20.9	-15	-6	-42	28
Net change in cash			-61.3	321	317	-492	-181	54	-65	36
Free cash flow	423	415	353	461	427	437	143	437	436	453
Interest paid	169	130	152	157	152	118	127	213	198	172
Income taxes paid	39.2	61.7	57.4	42.2	25.9	57.9	63	97	131	107

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $32.89 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.2%	Gross profit / revenue.
Operating margin	13.8%	Operating income / revenue.
EBITDA margin	19.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.2%	Pre-tax income / revenue.
Net margin	7.2%	Net income / revenue.
FCF margin	9.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.5%	Cash from operations / revenue.
Effective tax rate	28.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.9%	Net income / average total assets.
Return on invested capital (ROIC)	10.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.4%	Research and development expense / revenue.
SG&A / revenue	15.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.0%	Capital expenditures / revenue.
D&A / revenue	5.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	4.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	20.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	19.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	4.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-3.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	25.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	25.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-2.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	26.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	27.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	12.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	30.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	3.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	46.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	1.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	22.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.10x	Current assets / current liabilities.
Quick ratio	1.18x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.45x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.30x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	41.6%	Total debt / total assets.
Liabilities / assets	67.4%	Total liabilities / total assets.
Net debt	$2.54B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.52x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.15x	Operating income / interest expense.
Working capital	$1.48B	Current assets - current liabilities.
Goodwill and intangibles / assets	38.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$465.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.68x	Revenue / average total assets.
Fixed asset turnover	3.95x	Revenue / average property, plant and equipment.
Inventory turnover	4.37x	Cost of revenue / average inventory.
Days inventory	84 days	365 x average inventory / cost of revenue.
Receivables turnover	5.21x	Revenue / average receivables.
Days sales outstanding	70 days	365 x average receivables / revenue.
Days payables	78 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	75 days	Days inventory + days sales outstanding - days payables.
FCF conversion	132.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	29.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.72	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$23.81	Revenue / diluted weighted shares.
FCF per share	$2.27	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.22	Cash from operations / diluted weighted shares.
Book value per share	$11.28	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.17	Tangible book value / shares outstanding.
Cash per share	$2.83	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$7.04B	Share price x shares outstanding.
Enterprise value	$9.58B	Market cap + total debt - cash - short-term investments.
P/E	19.1x	Market cap / net income. Only when net income is positive.
P/S	1.38x	Market cap / revenue.
P/B	2.91x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	14.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.2x	Market cap / cash from operations, when positive.
EV/Sales	1.87x	Enterprise value / revenue.
EV/EBIT	13.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.52x	Enterprise value / EBITDA, when both are positive.
EV/FCF	19.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.9%	Free cash flow / market cap.
Earnings yield	5.2%	Net income / market cap (the inverse of P/E).
PEG	0.72x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Axalta Coating Systems Ltd.'s revenue in fiscal 2025?

Axalta Coating Systems Ltd. reported revenue of $5.12B for fiscal 2025, 3% lower than the year before.

Was Axalta Coating Systems Ltd. profitable in fiscal 2025?

Yes. Net income was $378.0M, a net margin of 7.4%.

How much free cash flow did Axalta Coating Systems Ltd. generate in fiscal 2025?

Cash from operations of $649.0M minus capital expenditures of $196.0M left free cash flow of $453.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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