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Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are diversified and specialty chemical manufacturers.

Fortune Sector Leaders: Chemicals

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

The multinational company creates materials such as sealants and coatings used in construction work. Its consumer brands include Gator, Kwik Seal, and Roto-Rooter.

This year's Fortune 500 marks the 66th running of the list.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Earnings Per Share ($)

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EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

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Total Return to Investors (10 year, annualized)

Q3 2025

Q2 2025

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RPM International (RPM): Company Profile, Stock Price, News, Rankings

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RPM International

rpm international

Please note that this event is being recorded. I would now like to turn the conference over to Matt Schlarb, Vice President of Investor Relations and Sustainability.

Thank you, Nick, and welcome to RPM International's conference call for the fiscal 2025 Q2. Today's call is being recorded. Joining today's call are Frank Sullivan, RPM's Chair and CEO Rusty Gordon, Vice President and Chief Financial Officer and Michael LaRoche, Vice President, Controller and Chief Accounting Officer. This call is also being webcast and can be accessed live or replayed on the RPM website at www.rpminc.com. Comments made on this call may include forward looking statements based on current expectations that involve risks and uncertainties, which could cause actual results to be materially different.

For more information on these risks and uncertainties, please review RPM's reports filed with the SEC. During this conference call, references may be made to non GAAP financial measures. To assist you in understanding these non GAAP terms, RPM has posted reconciliations to the most directly comparable GAAP financial measures on the RPM website. Also, please note that our comments will be on an as adjusted basis, and all comparisons are to the Q2 of fiscal 2024, unless otherwise indicated. We have provided a supplemental slide presentation to support our comments on this call.

It can be accessed in the Presentations and Webcasts section of the RPM website at www.rpming.com. Now, I would like to turn the call over to Frank.

Thanks, Matt, and thank you to everybody joining us for today's call. I'll start by providing a high level review of our results, then Michael Roeth will cover the financials in more detail. Matt Schlar will then give a balance sheet update and provide details on our MAP 2025 progress and Rusty Gordon will provide our outlook.

At the conclusion of our prepared remarks, we'll be happy to answer your questions. Our second quarter highlights are on Slide 3. We had a strong quarter with records in several areas including sales, adjusted EBIT margin and adjusted EPS. We achieved these results in a continuing no to low growth macroeconomic environment and despite a $4,400,000 earnings headwind from a customer bankruptcy charge in our consumer group. Additionally, we achieved record adjusted EBIT for the 12th consecutive quarter.

Over the last 3 years, our associates have consistently made progress implementing our MAP 20 25 operating improvements, while simultaneously demonstrating their ability to navigate mixed economic conditions to outgrow our markets. We are pleased with the structural improvements we've made through MAP 2025. Our pipeline of MAP improvements remains full and continues to grow and we will implement these initiatives for the balance of the 2025 fiscal year and in fiscal 2026. Turning to Slide 4, our ability to outgrow our markets was evident during the quarter as each one of our segments generated positive organic volume and sales in a mixed economic environment. Across our segments, we leverage our focus on repair and maintenance and our entrepreneurial culture to capture growth opportunities.

Demand for our technical products serving high performance construction projects was strong, particularly in our construction product groups turnkey roofing systems business. Residientially focused end markets, which have been under pressure for some time showed signs of stabilizing in the second quarter, aided by favorable weather conditions through the 1st 2 months of the quarter. This was an incremental positive for our consumer and specialty products groups. Across all our segments, we continued executing on MAP 2025 initiatives, including SG and A streamlining. It is important to note that after more than a year of increasing, SG and A as a percent of sales declined during the quarter, which is due to our associates focus on structurally reducing expenses while improving efficiencies.

These MAP 2025 improvements drove adjusted EBIT growth in each of our 4 segments. Rusty Gordon will cover this in more detail, but so far in the Q3, we are facing real winter compared to mild conditions in the prior year. This is putting pressure on some of our businesses, particularly in the consumer segment, which is offsetting growth in other areas of RPM and MAP 2020 5 initiatives that we put in place. RPM Associates continue to do an excellent job executing on the things within our control, and I want to thank them for their commitment to our MAP 2025 program and to growing their businesses and making RPM a structurally stronger organization. To summarize our current and expected results, our strong MAP 20 25 driven performance is being temporarily interrupted by a real winter, but will continue in our spring Q4 where we expect to see a return to strong sales and earnings growth.

I'd like to turn the call over to Michael Roche to provide details on our quarterly results.

Thanks, Frank. Starting with consolidated results on Slide 5. Record sales were driven by positive volumes and sales in all 4 segments, with FX being a headwind, particularly in emerging markets. The commodity cycle was neutral on a consolidated basis, but there were pockets of inflation, particularly within our consumer group.

Adjusted EBIT grew 7.7% to a 2nd quarter record, driven by sales growth and MAP 2025 benefits, including progress on facility consolidations and continued SG and A streamlining, partially offset by unfavorable mix. Adjusted EBIT includes the negative impact of a $4,400,000 bad debt expense from a consumer group customers bankruptcy. As Frank mentioned, adjusted EBIT margin of 13.8 percent was a 2nd quarter record. Adjusted EPS of $1.39 was also a 2nd quarter record and increased 13.9% compared to the prior year. This was primarily driven by adjusted EBIT growth and lower interest expense from $226,500,000 in debt pay down over the past 12 months.

Turning next to geographic results on Slide 6. North American sales were generally solid across all segments. In Europe, macroeconomic conditions remain challenging. However, MAP 20 25 improvements and improved collaboration in the region continue to drive strong profitability growth. In Africa and Middle East, our management team's focus strategy on serving high performance construction and infrastructure projects with technical solutions generated strong growth.

FX headwinds drove the decline in Latin America sales, while Asia Pacific sales declined due to challenging comparisons to the prior year when large projects were completed. Next, moving to the segments on Slide 7. Construction Products Group generated another quarter of solid growth, led by its turnkey roofing systems and services business. With its focus on restoration, direct sales model and high level of service, our roofing business offers a compelling value proposition to high performance building owners and has been outgrowing its markets. We've also introduced new products that contributed to sales growth.

One example from our concrete admixtures and repair business includes a patent pending bond breaker, EUCO TILT WB, which increases user productivity in the expanding TILT UP construction market by providing clean release of cast panels and reduces need for repairs. In line with our Building a Better World Sustainability program, it also has lower VOCs than competing products. We have also introduced VeriSpeed RMC, which is a premixed product that can be used in multiple restoration situations. It has low permeability and freeze thaw resistance to prevent cracking and is able to cope in only 5 hours to enhance productivity on the job site. CPG 2nd quarter sales in the Southeastern U.

S. Were negatively impacted by hurricane activity in the quarter. Despite this, CPG achieved record Q2 adjusted EBIT due to sales growth and MAP 2025 benefits, partially offset by unfavorable mix. On Slide 8, Performance Coatings Group achieved record sales, led by the flooring and protective coatings businesses, serving high performance construction projects. European sales growth was strong, driven by improved collaboration through MAP 2025.

Double digit sales improvement in Africa Middle East also contributed to the growth. Adjusted EBIT was a 2nd quarter record and was driven by MAP 2025 benefits and sales growth. Moving to Slide 9, Specialty Products Group returned to sales growth led by the disaster restoration business as the response to hurricane activity resulted in higher demand for its products. The food coatings and additive business also grew during the Q2 aided by a previous acquisition. Specialty OEM which serves many residential focused end markets showed signs of stabilization during the quarter.

Adjusted EBIT growth was driven by MAP 2025 benefits as well as improved sales. On slide 10, the consumer group also returned to sales growth in the quarter as the gain in market share and DIY takeaway stabilized, which is also aided by favorable weather conditions in September October. Customer inventory levels were steady during the quarter. International growth continued, primarily driven by targeted marketing campaigns focused directly on end users. Consumer generated record adjusted EBIT in the quarter due to MAP 2025 benefits, higher sales and the rationalization of lower margin products, particularly partially offset by moderate inflation and negative impact of the $4,400,000 in bad debt expenses from a customer bankruptcy.

Now, I'll turn the call over to Matt, who will cover the balance sheet and cash flow and provide an update on that 2025 initiatives.

Thank you, Mike. On Slide 11, we continue to make progress on working capital efficiency. Working capital as a percentage of sales declined 100 basis points from the last year and 6 70 basis points from 2 years ago, driven by MAP 2025 initiatives. This working capital efficiency and expanded margins resulted in operational cash flow of $279,000,000 during the quarter, the 2nd highest amount in RPM's history.

The record was in fiscal year 2024 when we benefited from a larger working capital increase as supply chains normalized. Strong cash flow over the past year has allowed us to reduce debt by $226,000,000 In the second quarter, we increased our dividend for the 51st consecutive year, returned to $83,100,000 to shareholders through dividends and share repurchases during the period. Liquidity remains strong at $1,500,000,000 Now I'd like to provide an update on our MAP 2025 initiatives on Slide 12. As Frank mentioned earlier, we are confident that we will be able to continue building on the structural progress we have made in MAK 20 25 and our Green Belt program is one example why. Our Green Belt program is part of MS-one hundred and sixty eight.

It is a process driven program that helps our associates identify areas for improvement, create solutions to address those challenges, implement the solutions and then monitor the results. What started as a small program focused on the U. S. Has expanded globally, and we now have over 400 associates who have completed training, which is now offered in 7 different languages. 6 of these greenbelts have been promoted to plant managers.

To date, more than $36,000,000 in verified savings have been recorded and that number gross monthly. Initially a top down program, it has evolved to become more collaborative and has resulted in sharing ideas and best practices across businesses. In addition to financial savings, we are realizing other benefits such as improving safety, reducing waste and decreasing our environmental impact. A recent Greenbelt program at Rust Oleum developed a solvent recovery system and is producing benefits in all these areas. Greenbelt projects have also been instrumental in our ability to increase effective capacity through more efficient processes.

In one example, Stoneheart implemented a Greenbelt project that eliminated unnecessary steps in the manufacturing process to increase throughput and improve quality with limited capital investments. These are just a few examples of the ongoing work across RPM businesses with several trainings and new projects in the pipeline. Now, I'd like to turn the call over to Rusty to cover the outlook.

Our outlook for the Q3, which as a reminder is our seasonally slowest quarter, is on Slide 13. We expect the mixed macro environment to continue and the weather related tailwinds during September October have now become headwinds, negatively impacting DIY demand and some construction activity. Additionally, at today's rates, FX will negatively impact sales and adjusted EBIT. On a consolidated basis, we expect sales growth in the Q3 to be flat compared to the prior year period. By segment, we expect low single digit growth in our construction products group as we continue momentum in selling waterproofing solutions, partially offset by unfavorable weather when compared to unseasonably mild conditions in the prior year.

In Performance Coatings Group, we expect sales to be flat to up slightly as underlying demand for high performance buildings remain solid, but the segment faces challenging comparisons to the prior year period when organic sales increased 9.2% and were boosted by the timing of project completions. In residential end markets, which primarily impact our consumer and specialty products groups, we saw stabilization in the Q2. However, favorable weather trends in the Q2 have now reversed and mortgage rates remain elevated, delaying further end market improvement. We expect sales in both these segments to decline in the low single digit range. Consolidated third quarter adjusted EBIT is expected to be up or down low single digits compared to a record prior year period as MAP 2025 benefits, including structural SG and A reductions are offset by the softness in residential end markets and moderate inflation in raw materials and labor.

On the topic of raw material inflation, there is uncertainty as to the outcome of what potential tariffs and a port strike could have. However, no matter what materializes, we are as well positioned to navigate any potential challenges as we've ever been because of our center led procurement team. While we have modest imports from countries potentially subject to tariffs, our procurement team has developed contingency plans to mitigate potential risks from different scenarios. Our fiscal 2025 full year guidance is on slide 14. Our sales outlook remains unchanged with expected growth in the low single digits.

We are narrowing our adjusted EBIT range to 6% to 10% growth from the previous outlook of up mid single digits to low double digits. We expect economic conditions to generally remain similar to the 2nd quarter. And while there is clarity on the outcome of the U. S. Election, political uncertainty has increased in other large economies like Germany, France, Canada and Korea.

The impact and trajectory of interest rate changes is also not clear. We expect pricing to be positive in response to continued inflation in raw materials and labor. By segment, CPG is expected to outgrow its markets with continued strength in high performance building and restoration projects. At PCG, we expect incremental demand improvements in the Q4 when comparisons become easier. At Consumer and SPG, we expect that residential end market demand has potential for an improvement later in the fiscal year.

But elevated interest rates for longer may push out the timing of this recovery. On a consolidated level, we expect adjusted EBIT growth to be led by MAP 2025 improvements and the realization of these benefits on the P and L will be driven by how quickly volumes recover. This concludes our prepared comments. We will now be pleased to answer your questions.

We will now begin the question and answer session. And our first question today will come from Mike Harrison with Seaport Research Partners. Please go ahead.

Hi. Good morning. Congrats on a nice quarter here. I wanted to ask about the Q3 guidance. I understand that this is a seasonally slower quarter and it's a quarter where typically you can see a more pronounced impact of volume as it's being leveraged across your fixed costs.

But I'm a little bit surprised to see that you're guiding to flat sales and flat EBIT. So I'm just kind of curious, why would you not expect to be able to show some EBIT growth despite flat sales because you have some MAP benefits. What are the negatives that are offsetting the MAP benefits, I guess, is my question?

Sure. So first of all, I think the outlook for Q3 is real simple. It is, we had a number of years particularly last year that was very mild and whether it's in our construction products group or early spring sales in our consumer group, we benefited by a very strong all time record Q3 last year on top of a record Q3 of the year before. And all you need to do is look out the window almost anywhere in this country and you're seeing snow and the return of a real winter. And we have been, remain and we've always been seasonal.

And so I think the simple story is the strong leverage to our bottom line and a return in the second quarter to volume growth, not just growth but unit volume growth in each one of our segments is being interrupted by a real winner. We fully expect to see strong sales and earnings growth return in the spring. It's a combination of I think we've turned the corner in growth after a sluggish probably 12 or 15 months. Our MAP benefits are continuing to leverage revenue growth to our bottom line. And we've got a number of new product introductions, particularly in consumer that will be starting to ship in February March.

So we feel pretty good about where we are. We are a seasonal business and have been since our founding and that seasonality is showing up this winter.

All right. That's helpful. And then you mentioned in both the consumer business and specialty business that you're seeing some benefits from stabilization in residential markets. Can you maybe give us a little bit more color? I know you called out specifically the residential OEM piece of specialty and then maybe it's that some of your big box retailers have seen some stabilization in their inventory levels.

But just talk about what's giving you confidence that you're seeing stabilization in those resi markets? Thank you.

Sure. Some of it's easier comps. I think as those on the call know, know, we suffered through an extraordinary period of time, particularly in our consumer group with modestly negative consumer takeaway for many quarters. We were the beneficiary of a COVID bump, and then we bumped into supply chain challenges, rising interest rates, old story. But we've never seen a 12 or 15 month flat to negative consumer takeaway in our consumer segment in our history and that's what we're coming out of.

So some of it's easier comps. You're starting to see some softening in what were historically low housing turnover rates relative to rising interest rates. And so housing turnover, home sales and home construction are stabilizing and moving in the right direction, albeit in a choppy period. But my experience is when times are good and you start to see some choppy performance, it might be an indicator of a downswing. And when times have been tough and you see some choppy performance on the upswing, it might be an indication of a turn.

And I think that's where we are. Quite honestly, the year over year weather impact is disappointing because we've really started focusing on a pivot to growth across RPM on top of real strong map initiatives going back to the initiation of those in 2018 and Q2 was very encouraging and it's being interrupted. So, I think the dynamics that we're looking at are starting to move in the right direction. But as Rusty said, there's certainly a lot of uncertainty relative to the pace of interest rate reductions and or what's coming geopolitically relative to threatened tariffs and other things. So we'll respond to those, I think effectively.

Put all that aside, it feels like we hit bottom in some of our more challenged specialty products group and consumer product lines that have had a difficult year, year and half and they should be moving in the right direction.

And your next question today will come from John Roberts with Mizuho. Please go ahead.

Good morning. In the consumer segment, are you seeing a significant bifurcation in your customers? I mean, you've got one that went bankrupt. Are you seeing like above average growth in the large home center area and these smaller customers are struggling and so the business is starting to bifurcate?

I think that's been truer over the last year, year and a half, where you saw some challenges at some of the big boxes and strength in some of the dollar store and discount chain, large discount chain customers, where we saw better consumer takeaway as consumers shifted in that direction. You also saw in response to that at some of our larger customers inventory adjustments over the last couple of years. We think most of those are behind us. And I think you're going to start to see a return this spring to more traditional consumer takeaway across our entire supply chain or customer base. But your comments were certainly true over the last 12 or 15 months, and we could see it in our consumer takeaway numbers with stronger results in certain areas and weaker results in others.

And do you think your bad debt reserve sort of anticipate any additional smaller customers going down?

Yes. And we don't see any challenges on the horizon. This one hardware store co op business was challenged. Its assets been picked up by a related entity and I think some of that business will return, but it was a little bit of a surprise to us and to others.

And your next question today will come from Josh Spector with UBS. Please go ahead.

Yes. Hi. Thanks. Hey, good morning, Frank. So I wanted to ask this on the November quarter, really strong performance on sales.

I assume that 3% beat versus your expectations was primarily volumes, but correct me if I'm wrong. But on that basis, your EBIT beat by about 4%. I guess I would have thought that there would have been a lot more leverage to that volumes because a lot of the mass savings, we've talked about bigger leverage on bigger volumes. So why did we see that come through in a much stronger way in the December sorry, November quarter?

Sure. So first of all, it was all unit volume and each one of our segments was at 3 percent unit volume growth or better. And I think when you look across our segment performance, we did demonstrate some leverage to the bottom line with the exception of consumer. If you adjusted for the $4,400,000 bankruptcy, you would have seen a much better performance there on the EBIT line. And so that's kind of where we are there.

And we would expect to see solid leverage, you'll see in our Q4, solid leverage if we have the right volume growth.

Thanks. So I guess related to that is, so to your point on the May quarter, I mean my math is the midpoint of your guidance would be about 15% EBIT growth. What volumes do you need to underwrite to achieve that?

I don't know off the top of my head, but certainly 3% unit volume growth that we've experienced in Q2 will be in the range of what we need to drive a solid double digit earnings growth in Q4.

Assuming there's not any again, I think you have to adjust out the $4,400,000 receivable write off that we took in Q2 to get to a more reasonable leverage number. Okay. Thank you. Yes. One last comment on that.

Q4 is a higher volume quarter as well. That's why you'll see better leverage. Back to seasonality, our strongest quarters are Q4 and Q1. Q2 is decidedly a lower revenue quarter and Q3 is our seasonal low period in August.

And your next question today will come from Vincent Andrews with Morgan Stanley. Please go ahead.

morning everyone. Just two quick ones to clarify some things. First, the 4,400,000 dollars was that in the original guidance or the guidance for fiscal 2Q or did that

it in for certain reasons, but was that anticipated in the numbers you gave us last quarter?

No, it was not. It was a late October event and not something we anticipated.

Okay. And then you've left the sales guidance loan for the full year, but you've narrowed the full year EBIT range.

I just want to understand, are you pointing us a little bit more towards the lower end of that sales guide and that's what's driving the narrowing of the EBIT range or is there 1 or 2 items that's causing that?

Well, it's really the seasonality of Q3 and what it's doing to our expected results versus an all time record in Q3 last year. And then I think the variation there in Q4, which again we expect strong Q4, Whether it's modestly strong or very strong depends on whether the seasonality and the impact of weather pushes sales that we otherwise would have had in Q3 to Q4 beyond what we expect. So I think there is some wide a little bit of a wide range in terms of what we expect on the bottom line. We'll be double digit.

That's at least our expectation today. Some of that's going to be whether we pick up otherwise what would have been Q3 results in Q4.

And your next question today will come from John McNulty with BMO Capital Markets. Please go ahead.

Thanks for taking morning, Frank. Thanks for taking my question. So I guess the first one is, I know over the last couple of quarters you had spoken to in terms of the on shoring, there was a little bit of a pause that was taking place in like the performance and the construction segments, but you thought that would pretty soon come to an end. I guess, is that still the case?

Are we pretty much through that slow period? And also, I guess, with the election now having taken place and maybe there are a little bit more about U.

S. Protectionism, are you seeing any signs of any increase around on

are you seeing any signs of an increase around on shoring yet or is it a little bit too early to see that?

I think it's too early. We're seeing a continuation in kind of small to medium sized projects in manufacturing, which is benefiting us. As we commented last quarter, some of the larger projects in Michael Arconics, things like that, that we're committed to and already have some U. S. Dollar support behind, I believe will play out over a longer period of time.

And so, for instance, it's a big Intel project here in our home state of Ohio. I don't see that being canceled or halted, but the expectations here now is it's going to play out over a 5 to 7 year period as opposed to

5 year period. So it will even out some of this, but we don't expect any of it to go away.

Got it. Okay. No, that makes sense. And then on

the MAP side, you indicated that you're seeing

kind of the pipeline for MAP projects actually growing at this point. I guess can you help to frame that in terms of size or potential uplift maybe to the past targets or anything like that?

Sure. Our original MAP program targeted $290,000,000 of savings and efficiencies and we shared that detail on how it would play out over a 3 year MAP 2020 MAP Growth Program. And when we concluded that program, we achieved actually about 325,000,000. Dollars When we introduced MAP 20.25, I believe the number over the entire period was $465,000,000 You will see that in our P and L in fiscal 'twenty six as we are continuing to execute on initiatives. It's likely that the benefits of MAP25 will reach a $500,000,000 and so our people continue to perform pretty well.

Matt Schlarb highlighted again and we've done this in some calls, some of what those initiatives look like. And I'll just reiterate RPM had a very entrepreneurial culture and a lot of independence, particularly in the manufacturing and operations side. Our ability to bring a center led approach and to beginning to introduce lean manufacturing disciplines that are not new to manufacturing, but have been relatively new to RPM over the last 4 or 5 years is having a really good impact. And so we expect to see that continue as we introduce these into the European and international markets, the impact of which was delayed by COVID, as our initial focus is in North America. So, I think the biggest change in our MAP initiatives while we've executed on a bunch of cost savings and efficiency programs and we can identify the number of plants that we've closed, we can identify the number of ERP systems that we've consolidated.

Probably the biggest harder to value measure is how it's changed our culture. There is a level of collaboration across our operations and our businesses today that quite candidly didn't exist 7 years ago and we're reaping the benefits of that and there's more to come.

Got it. Thanks very much, Frank. Appreciate the color.

next question today will come from Frank Mitsch with Fermium Research. Please go ahead.

Hey, good morning to you as well, Frank. I'd like to talk about the interplay between price and raws. Last quarter indicated that deflation was about 2% in the fiscal Q1. I was curious what the Q2 is and what your outlook is there? And it sounds like price was pretty close to flat in the fiscal Q2.

Just curious if you could provide any more color there? Thank you.

Absolutely. It's a great question. And your assumption is correct. We're about flat in a kind of an odd period of some raw materials that are have declined a little bit and some raw materials that are increasing. As we sit here today, it feels like as we get into calendar 'twenty five, we're seeing what across the board will be somewhere in a 1.5% to 2% inflation across our core raw materials.

We have some modest price increases in one of our business units, especially products and one of our business categories in our construction products group announced both for end of January and in March. But we are on high alert in terms of where inflation might go relative to threatened tariffs and or other factors. I think we and a lot of people have learned over the last couple of years both what are the tools to use to raise prices where appropriate and how to instill the courage in your sales force to go get it. And so we're certainly on alert for that. And I guess the last comment I would make is that we are not very exposed to the Asian markets.

We don't do much business in China. The Asia Pacific region is our smallest and we also don't have a lot of exposure to import raw materials. Some of those will impact our food group to get some ingredients from China, our Legend Brands business to get some components from China. Broadly speaking, certain chemical raw materials, but I think our exposure is less than many of our peers.

Terrific, very helpful. And then you indicated that the balance sheet is about the best that it's been in a long time. You obviously made an acquisition in the quarter, TMP Convert. You did some buybacks. Now with the stock down since Thanksgiving relatively significantly or materially, I'm just curious about the interplay between M and A versus buybacks?

RPM International (RPM) Q2 2025 Earnings Call Transcript

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