Water-based coating formulations contain many components, such as latex binder, pigment, dispersant, thickener, and surfactant. Complex interactions between these components affect properties of the coating in both the wet and dried states. For example, rheology of the paint is dependent on the interactions of components in the formulation. Pigment interaction can affect the degree of dispersion and, therefore, have ramifications on end use properties such as hiding and tint strength of the paint film. Isothermal titration calorimetry has been used to determine the enthalpy of interaction of the coating components. Representative examples will be given to demonstrate structure-property relationships that correlate the interactions of latex, pigment, surfactant, dispersant, and thickener with paint viscosity as well as end use performance parameters such as adhesion and tint strength.