# Axalta Coating Systems Ltd. (AXTA)

> Source: Nexqual · https://nexqual.com/AXTA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Axalta Coating Systems Ltd. (AXTA), nexqual.com/AXTA" · informational, not investment advice.

**Price:** USD 35.05 (+0.20% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 34.98 · day 33.52–35.19 · 52w 24.94–38.61 · market cap $7.50B · NYQ

## Key facts
- Last four reported quarters (through Mar 31, 2026): revenue $5.11B, net income $369M (7.2% margin), free cash flow $488M (SEC filings).
- Valuation: P/E 20.3x (avg 22.0x at the last 3 fiscal year-ends), EV/EBITDA 10.0x, net debt $2.54B.
- 2 of 80 tracked superinvestors hold AXTA (13F, Q2 2026): 1 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.44 on a 1–5 scale) (18 analysts), mean target USD 39 (range 33–47).
- Total return with dividends: 1Y +21.6% vs S&P 500 +14.9%; 5Y +7.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.7, revenue estimate $1.33B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.42B | $4.88B | $5.18B | $5.28B | $5.12B | $5.11B |
| Gross profit | $1.43B | $1.42B | $1.62B | $1.80B | $1.76B | — |
| Operating income | $462M | $423M | $588M | $706M | $735M | $705M |
| Net income | $264M | $192M | $267M | $391M | $378M | $369M |
| EPS (diluted) | $1.14 | $0.86 | $1.21 | $1.78 | $1.74 | — |
| Free cash flow | $437M | $143M | $437M | $436M | $453M | $488M |
| Gross margin | 32.4% | 29.0% | 31.2% | 34.1% | 34.4% | — |
| Operating margin | 10.5% | 8.7% | 11.3% | 13.4% | 14.4% | 13.8% |
| Net margin | 6.0% | 3.9% | 5.2% | 7.4% | 7.4% | 7.2% |
| Revenue growth | +18.2% | +10.6% | +6.1% | +1.8% | -3.0% | — |
| Cash + short-term investments | $841M | $645M | $700M | $593M | $657M | — |
| Total debt | $3.94B | $3.70B | $3.50B | $3.42B | $3.20B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Mar 31, 2026)
P/E 20.3x · P/S 1.5x · EV/EBITDA 10.0x · EV/Sales 2.0x · P/FCF 15.4x · P/B 3.1x · FCF yield 6.51% · Earnings yield 4.92% · Net debt $2.54B · EV $10.0B
P/E at fiscal year-ends: Dec 2025 18.5x, Dec 2024 19.3x, Dec 2023 28.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold AXTA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 1.18% | $118M | Reduced -0.1% |
| Seth Klarman | Baupost Group | 0.81% | $43.6M | New position |

## Analysts
Consensus Buy (mean 2.44 on a 1–5 scale), 18 analysts; mean target USD 39 (low 33, high 47).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Barclays | Initiated | Overweight | $45 |
| 2026-10-05 | UBS | Target lowered | Neutral | $39 → $36 |
| 2026-09-11 | Keybanc | Initiated | Overweight | $47 |
| 2026-07-29 | BMO Capital | Target raised | Market Perform | $35 → $39 |
| 2026-07-29 | Baird | Target raised | Neutral | $35 → $37 |
| 2026-07-08 | RBC Capital | Target raised | Sector Perform | $34 → $36 |
| 2026-07-01 | Mizuho | Target raised | Outperform | $32 → $39 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +21.6% | +7.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +21.7% | +1.4% |
| Volatility (annualized) | 31.9% | 30.4% |
| Max drawdown | -28.5% (Feb 2026→Mar 2026) | -37.2% (Nov 2024→Mar 2026) |

## Peers (Specialty Chemicals)
EMN (Eastman Chemical Company) USD 65.31 +2.85% · NEU (NewMarket Corp) USD 876.33 -0.98% · ESI (Element Solutions Inc.) USD 33.11 -8.89% · WLK (Westlake Corporation) USD 64.14 +5.42% · SOLS (Solstice Advanced Materials Inc) USD 59.8 -7.99% · SXT (Sensient Technologies Corporati) USD 130.94 -0.95%

## More
Full page: https://nexqual.com/AXTA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AXTA's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/1616862/000162828026008008/axta-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Ford (F) | "Mr. Awada started his career after earning his B.A. from the University of Toledo, serving the Ford Motor Company in various roles within the Ford customer service division." |
| Partner | AKZO NOBEL NV (AKZOY) | "During November 2025, we entered into a Merger Agreement with Akzo Nobel N.V., a public company with limited liability incorporated under the laws of the Netherlands ("AkzoNobel") providing for the combination of the Com…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Performance Coatings | $872.0M | 64.8% | +4.3% |
| Mobility Coatings | $474.0M | 35.2% | +1.1% |
| Total revenue | $1.35B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Refinish | $545.0M | 40.5% | +6.0% |
| Light Vehicle | $360.0M | 26.7% | -0.6% |
| Industrial | $327.0M | 24.3% | +1.6% |
| Commercial Vehicle | $114.0M | 8.5% | +6.5% |
| Total revenue | $1.35B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| EMEA | $507.0M | 37.7% | +8.1% |
| North America | $440.0M | 32.7% | -4.6% |
| Asia Pacific | $227.0M | 16.9% | +3.7% |
| Latin America | $172.0M | 12.8% | +10.3% |
| Total revenue | $1.35B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.70 | $0.72 | -2.8% | $1.33B | 17 |
| Next quarter (ends 2026-12-31) | $0.65 | $0.68 | -4.4% | $1.31B | 16 |
| Current fiscal year (ends 2026-12-31) | $2.62 | $2.61 | +0.7% | $5.24B | 18 |
| Next fiscal year (ends 2027-12-31) | $2.83 | $2.82 | +0.3% | $5.40B | 18 |