What Are Window Film Suppliers Worth?

May 22nd, 2024 by Casey Flores

We’re almost halfway through the year and there’s been a lot of talk about “growth” in the industry. Is that sentiment reflected in the valuations of industry suppliers? While privately held companies like Maxpro and Johnson Window Films don’t disclose valuations, many film suppliers are publicly traded, giving observers a window into what they’re worth and how the company’s film segment is doing. We pulled how the stock is doing year-to-date (YTD), year-over-year (YOY), whether the company shares profits with investors via a dividend, and the company’s current valuation. While some companies are traded on foreign exchanges, all financials here are reported in U.S. dollars. Here’s a mid-year update:

 

3M

 

Stock YTD: Up 11%

Stock YOY: Up 22%

Dividend: Yes

What it’s worth: $56.19 billion

Window Film Magazine analysis:

While the stock is performing well, its film segment is slowing for now. 3M reported a decline in sales and operating income in its Graphics and Industrial segment, which includes its window films line as well as graphics and paint protection film. The segment’s sales were down 5.5% year-over-year, with operating income decreasing by 14.1% due to weak demand and currency headwinds, according to its 2023 annual financial report.

 

Avery Dennison

 

Stock YTD: Up almost 16%

Stock YOY: Up 35%

Dividend: Yes

What it’s worth: $18.52 billion

Window Film magazine analysis:

Avery Dennison is involved with a lot more than just film, but the products fall under its materials group, which reported a sales increase of 2% to $1.5 billion in Q1 2024.

 

Eastman Chemical Company

 

Stock YTD: Up almost 12%

Stock YOY: Up almost 21%

Dividend: Yes

What it’s worth:  $11.72 billion

Window Film magazine analysis:

According to its 2023 annual financial report, Eastman Chemical Company says it’s the industry leader in window films. It reads, “The Company also maintains a leading solar control technology position in the window films market as well as advanced urethane film and coatings technologies in the paint protection film market.”

 

Garware Hi-Tech Films

 

Stock YTD: Up 19%

Stock YOY: Up 158%

Dividend: Yes

What it’s worth: $462 million

Window Film magazine analysis:

Garware’s film-exclusive spinoff, Garware Hi-Tech Films’ valuation is currently $462 million. It went public only recently in February 2022 but already offers a dividend, putting pressure on the firm to sell a ton of film as an early-stage publicly traded company.

 

Lintec (Madico parent company)

 

Stock YTD: Up almost 21%

Stock YOY: Up 43%

Dividend: Yes

What it’s worth:  $1.6 billion

Window Film magazine analysis:

Japan has had a lot going on with its currency and markets lately that make Lintec’s (Madico’s parent company) valuation determination a bit wonky. Madico’s operation alone accounts for hundreds of millions of dollars in value and its new product Viewscape will serve as a brand new growth vertical, with a soon-to-be-announced high-dollar project in the works.

 

NDFOS

 

Stock YTD: Down 10%

Stock YOY: Up 41%

Dividend: No

What it’s worth: $72 million

Window Film magazine analysis:

NDFOS is a Korean manufacturer of window film and paint protection film (PPF). With rollouts of color PPF before many competitors, the company is looking to export its products to the U.S. in the coming years to increase its market share. It is traded on the Korean exchange the KOSDAQ.

 

Saint Gobain (Solar Gard parent company)

 

Stock YTD: Up almost 21%

Stock YOY: Up 45%

Dividend: No

What it’s worth: $44 billion

Window Film magazine analysis:

Solar Gard’s parent company is the massive, 350+ year-old French firm Saint Gobain. The company acquired a South Korean window film coating line in April 2022.

 

Sangbo

 

Stock YTD: Up 21%

Stock YOY: Up 23%

Offers Dividend: No

What it’s worth: $88 million

Window Film magazine analysis:

The valuation seems a bit low considering the size of its operations in Korea. That said, factors such as exchange rates, other Korean competition and debt can factor in to that number.

 

XPEL

 

Stock YTD: Down 35%

Stock YOY: Down 53%

Dividend: No

What it’s worth: $948 million

Window Film magazine analysis:

While growing, XPEL’s stock itself has struggled lately due partly to slowing China sales. The company is looking to partnerships for further growth and just announced a major partnership to supply Tint World with its automotive film.

This article is from Focus on Film, the weekly e-newsletter that covers the latest news regarding window film and related products, including paint protection film. Click HERE to sign up—there is no charge. Interested in a deeper dive? Free subscriptions to Window Film magazine in print or digital format are available. Subscribe at no charge HERE.

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