At a glance
Axalta Coating Systems Ltd is worth $7.41B, about 20 times its fiscal 2025 earnings. Revenue fell 3.0% to $5.12B in fiscal 2025, with 7.4% kept as profit; over 5 years it has grown 6.5% a year. It pays no dividend; it spent $758.8M buying back its shares over FY2021–FY2025. The stock returned +16.6% over the past year with dividends reinvested and +1.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 54.0% in the 2020 crash (S&P 500: 33.7%) and 37.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 9 months after the lows.
The business in plain English
Axalta Coating Systems makes paints and coatings that color and protect vehicles and many industrial products. It is a holding company registered in Bermuda and formed in 2012, though its coatings business has more than 150 years of history. Net sales were $5.12 billion in the fiscal year ended December 31, 2025, down 3% from the year before.
Performance Coatings, the larger segment, produced $3.28 billion, or 64% of sales. It serves two end markets, or customer groups. Refinish is paint for collision repair: Axalta's color-matching scanners and database let about 96,000 body shops match roughly 230,000 color variations, using brands such as Cromax, Standox and Spies Hecker. Most of these products reach shops through more than 5,000 independent distributors, and demand tracks how many cars crash and get repaired. Industrial covers liquid and powder coatings for building products, construction, electric motors and batteries, heavy equipment and metal goods, so it rises and falls with construction and factory output.
Mobility Coatings, which serves Axalta's other two end markets, produced $1.84 billion, or 36%. By region, Europe, the Middle East and Africa supplied 35.6% of fiscal 2025 sales, North America 34.4%, Asia Pacific 17.6% and Latin America 12.3%. In November 2025, Axalta agreed to combine with Dutch company AkzoNobel in an all-stock merger, paid in shares rather than cash.
Price history
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AXTA +16.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Performance Coatings | $3.28B | 64% |
| Mobility Coatings | $1.84B | 36% |
By geography
| EMEA | $1.82B | 35.6% |
| North America | $1.76B | 34.4% |
| Asia Pacific | $902.0M | 17.6% |
| Latin America | $630.0M | 12.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.31B, up 1.8% from a year earlier, and net income was $95.0M (-13.6%).
- For fiscal 2025, revenue was $5.12B (-3.0% year over year; +6.5% a year from FY2020 to FY2025) with a 7.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.5% good |
|---|---|
| Operating margin | 14.4% watch |
| Free cash flow margin | 8.9% watch |
| Return on equity (FY2025) | 16.1% good |
| Return on assets (FY2025) | 5% watch |
| Net cash (cash minus debt) | $-2.35B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.74B | $121.6M | $427.2M |
| FY2021 | $4.42B | $263.9M | $437.0M |
| FY2022 | $4.88B | $192.0M | $143.0M |
| FY2023 | $5.18B | $267.0M | $437.0M |
| FY2024 | $5.28B | $391.0M | $436.0M |
| FY2025 | $5.12B | $378.0M | $453.0M |
Valuation snapshot
| Market value | $7.41B |
|---|---|
| P/E ratio | 19.9 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Axalta Coating Systems Ltd’s market value went from $6.54B at the end of 2016 to $7.41B on Oct 28, 2026, up 13%; since the end of 2025 it is up 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $7.41B | +7.6% |
| 2025 | $6.89B | -7.6% |
| 2024 | $7.46B | -0.2% |
| 2023 | $7.48B | +33.1% |
| 2022 | $5.62B | -25.7% |
| 2021 | $7.56B | +12.5% |
| 2020 | $6.72B | -5.8% |
| 2019 | $7.13B | +27.6% |
| 2018 | $5.59B | -29.1% |
| 2017 | $7.88B | +20.5% |
| 2016 | $6.54B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AXTA price data to Oct 28, 2026 | +7.2% | +16.6% | +10.9% | +1.9% | +3.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.2% |
| 2025 | -5.6% |
| 2024 | +0.7% |
| 2023 | +33.4% |
| 2022 | -23.1% |
| 2021 | +16.0% |
| 2020 | -6.1% |
| 2019 | +29.8% |
| 2018 | -27.6% |
| 2017 | +19.0% |
| 2016 | +2.1% |
| 2015 | +2.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 54% over that stretch · deepest drop along the way 54%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.2% over that stretch · deepest drop along the way 37.2%, back to its old high 9.4 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Artisan Partners Asset Management Inc. | 14.8% | Jun 30, 2026 |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | 8.2% | Jun 30, 2026 |
| Vanguard Capital Management | 5.26% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 4.3% | Jul 31, 2025 |
| FMR LLC | 4% | Sep 30, 2025 |
| Victory Capital Management, Inc. | 2.79% | Sep 30, 2025 |
ETFs with the most weight in AXTA
| TINT ProShares Smart Materials ETF | 4.79% |
| MCDS JPMorgan Fundamental Data Science Mid Core ETF | 0.56% |
| FMAT Fidelity MSCI Materials Index ETF | 0.55% |
| FXR First Trust Industrials/Producer Durables AlphaDEX Fund | 0.49% |
| LCDS JPMorgan Fundamental Data Science Large Core ETF | 0.48% |
| CZA Invesco Zacks Mid-Cap ETF | 0.46% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 0.44% |
| MIDE Xtrackers S&P MidCap 400 Scored & Screened ETF | 0.41% |
What could go wrong
- The AkzoNobel merger may not close. The merger agreement can be terminated. A failed deal could hurt the share price, and Axalta has already run up substantial deal costs. The agreement also limits its ability to seek other offers.
- A completed merger shrinks shareholders' stake. If the deal closes, Axalta holders would have a much smaller ownership and voting stake in the combined company, with different shareholder rights. The value they receive moves with both companies' share prices.
- Fewer crashes could mean less refinish demand. Safer cars, self-driving vehicles, insurer influence over repairs, new ways of traveling and weather could all reduce collision repairs, a key driver of Axalta's refinish paint sales.
- Big customers, consolidation and distributor reliance. Losing or selling less to a large customer would hurt, as would consolidation among multi-shop operators (body-shop chains), distributors or body shops. Axalta also relies on distributors and third-party delivery services.
- Raw material costs and supply disruptions. Higher raw material prices, supply shortages or disruptions at major tolling partners (outside firms paid to make products for Axalta) could hurt earnings. Some products can only be made at specific plants.
- Substantial debt and interest rate exposure. Total debt was about $3.0 billion against $650 million of cash as of September 30, 2026. Servicing it takes significant cash, and higher interest rates raise the cost of its variable-rate debt.
Recent events
- Quarterly results released
- Shareholder vote results; Other company announcement
- Other company announcement
- Quarterly results released
- Major agreement signed; Other company announcement
- Shareholder vote results
- Major agreement signed
- Quarterly results released
- Quarterly results released
- Executive or board change
For income and retirement investors
Axalta pays no dividend, and its annual report says it does not expect to pay one. For an income investor, that means no regular cash payments: any return has to come from a higher share price, and raising cash means selling shares. The company has returned cash through buybacks instead, repurchasing its own shares so each remaining share owns more of the business. It spent about $759 million from fiscal 2021 through 2025, including $165 million in 2025, and the share count fell 4.7% between February 10, 2022 and October 22, 2026.
The shares have fallen hard in downturns. In the 2020 COVID crash they dropped 54% between February 19 and March 23, 2020, and took about 9.5 months to recover. In the 2022 bear market, a prolonged market slide, they fell 37.2% from January 4 to September 30, 2022, and recovered by July 12, 2023. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Axalta pay a dividend?
No. Axalta does not pay a dividend, and its annual report for the fiscal year ended December 31, 2025 says it does not expect to pay one, so returns depend on the share price. Instead, the company buys back its own shares. It spent about $759 million on buybacks from fiscal 2021 through 2025, including $165 million in 2025, and the share count fell 4.7% between February 10, 2022 and October 22, 2026.
How does Axalta make money?
Axalta makes money selling paints and coatings. Its Performance Coatings segment, 64% of fiscal 2025 net sales of $5.12 billion, sells refinish paint and color-matching systems to about 96,000 body shops, mostly through more than 5,000 independent distributors. It also sells liquid and powder coatings for industrial uses such as building products and electric motors. Mobility Coatings made up the other 36%. Europe, the Middle East and Africa supplied 35.6% of sales and North America 34.4%.
Is Axalta merging with AkzoNobel?
A merger has been agreed, but the annual report filed February 13, 2026 still described it as a proposal. In November 2025, Axalta agreed to combine with Dutch company AkzoNobel in an all-stock deal, so Axalta shareholders would be paid in shares rather than cash. Axalta warns the deal may not close, which could hurt its share price. If it does close, Axalta holders would own a much smaller stake in the combined company, and the value they receive will move with both companies' share prices.
How much debt does Axalta have?
Axalta had about $3.0 billion of total debt and $650 million of cash and investments as of September 30, 2026. That left net debt (debt minus cash) of about $2.35 billion, compared with shareholders' equity of $2.62 billion. The company lists its substantial debt as a risk. Servicing it requires a significant amount of cash, and changes in interest rates affect the cost of its variable-rate borrowing.
How has Axalta stock performed over the long term?
Long-term gains have been modest. As of October 28, 2026, the share price was up 16.6% over one year. But it averaged 1.9% a year over five years and 3.3% a year over ten years, a 38% total gain over the decade. Because Axalta pays no dividend, price gains make up the whole return. Calendar years swung widely, from a 27.6% loss in 2018 to a 33.4% gain in 2023.