The Sherwin-Williams Company

SHW · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$80,325	$85,612	$79,836	$61,503	$92,335	$66,752	$53,867	$36,840	$38,343	$24,969	$24,169	$25,302	$18,516	$15,645	$9,238	$8,964	$6,998	$6,982	$7,385	$8,497	$6,207	$6,292	$5,037	$4,241	$4,284	$4,216	$3,526	$5,073	$4,789	$4,788	$3,494	$2,882	$3,176	$2,669	$2,350	$1,612	$1,488	$1,103	$1,070	$1,240	$1,004
Enterprise value	$93,060	$97,315	$91,369	$73,812	$103,665	$76,639	$64,132	$46,028	$48,659	$26,031	$25,913	$27,060	$19,493	$16,487	$10,199	$9,950	$7,746	$7,790	$8,323	$8,881	$6,792	$6,988	$5,248	$4,599	$4,780	$4,963	$4,254	$5,902	$5,790	$5,099	$3,269	$2,651	$2,986	$2,578	$2,364	$1,657	$1,482	$1,079	$958	$1,267	$989
P/E (TTM) at period end	31.27×	31.93×	33.42×	30.45×	49.53×	32.88×	34.95×	33.23×	22.19×	22.04×	23.03×	29.39×	24.75×	24.99×	21.14×	19.59×	16.22×	14.64×	12.00×	14.75×	13.40×	16.00×	15.17×	33.25×	16.28×	263.10×	11.60×	18.59×	18.38×	20.89×	17.41×	15.44×	19.23×	42.50×	18.33×	13.14×	13.67×	10.91×	11.07×	11.69×	13.46×
P/S (TTM) at period end	3.41×	3.71×	3.46×	2.78×	4.63×	3.64×	3.01×	2.10×	2.56×	2.11×	2.13×	2.27×	1.82×	1.64×	1.05×	1.15×	0.99×	0.87×	0.92×	1.09×	0.86×	1.03×	0.93×	0.82×	0.85×	0.81×	0.70×	1.03×	0.98×	1.16×	1.07×	0.93×	1.08×	0.97×	0.92×	0.71×	0.70×	0.57×	0.60×	0.80×	0.46×
P/B at period end	17.47×	21.13×	21.49×	19.83×	37.89×	18.49×	13.06×	9.87×	10.51×	13.29×	27.85×	25.39×	10.43×	8.73×	6.09×	5.57×	4.69×	4.35×	4.14×	4.26×	3.59×	3.82×	3.45×	3.16×	2.88×	2.86×	2.08×	2.96×	3.01×	3.42×	2.88×	2.74×	3.07×	2.95×	2.71×	2.11×	2.23×	1.83×	1.95×	2.52×	2.16×
EV / EBITDA (TTM)	22.37×	23.91×	20.51×	20.16×	30.97×	21.04×	20.88×	15.93×	19.31×	11.14×	12.15×	14.52×	12.18×	11.30×	8.98×	9.14×	9.22×	7.96×	7.41×	8.48×	7.49×	9.08×	7.60×	6.87×	7.49×	6.82×	5.82×	8.69×	8.74×	9.76×	8.19×	7.18×	9.16×	8.32×	8.98×	7.28×	7.24×	–	–	–	–
EV / Sales (TTM)	3.95×	4.21×	3.96×	3.33×	5.20×	4.17×	3.58×	2.62×	3.25×	2.20×	2.29×	2.43×	1.91×	1.73×	1.16×	1.28×	1.09×	0.98×	1.04×	1.14×	0.94×	1.14×	0.97×	0.89×	0.94×	0.95×	0.85×	1.20×	1.19×	1.23×	1.00×	0.86×	1.01×	0.94×	0.93×	0.73×	0.70×	0.55×	0.53×	0.82×	0.45×
Returns
Return on equity	55.9%	66.2%	64.3%	65.1%	76.5%	56.2%	37.4%	29.7%	47.4%	60.3%	120.9%	86.4%	42.1%	34.9%	28.8%	28.4%	28.9%	29.7%	34.5%	28.9%	26.8%	23.9%	22.8%	9.5%	17.7%	1.1%	17.9%	15.9%	16.4%	16.4%	16.6%	17.7%	16.0%	6.9%	14.8%	16.1%	16.3%	16.8%	17.6%	21.6%	16.0%
Return on invested capital	17.0%	18.6%	21.0%	17.3%	18.6%	20.1%	15.2%	16.5%	16.0%	52.2%	51.1%	42.3%	36.3%	34.5%	23.7%	24.9%	21.7%	23.1%	24.4%	26.0%	23.1%	18.4%	21.8%	20.4%	15.3%	2.9%	14.7%	13.0%	12.3%	14.9%	20.5%	23.5%	20.1%	19.1%	15.7%	14.8%	15.8%	14.5%	19.9%	15.1%	18.1%
Dividend yield	1.0%	0.8%	0.8%	1.0%	0.6%	0.7%	0.8%	0.9%	0.8%	1.2%	1.0%	0.9%	1.1%	1.0%	1.7%	1.7%	2.3%	2.4%	2.2%	1.6%	1.8%	1.5%	1.8%	2.1%	2.1%	2.1%	2.3%	1.5%	1.4%	1.3%	1.6%	1.7%	1.4%	1.5%	1.6%	2.0%	2.0%	–	–	–	–
Financial health
Current ratio	0.87×	0.79×	0.83×	0.99×	0.88×	1.00×	1.02×	1.01×	1.11×	1.28×	1.24×	0.96×	1.25×	1.68×	1.05×	1.07×	1.27×	0.99×	0.97×	1.18×	1.22×	1.17×	1.49×	1.39×	1.32×	1.39×	1.38×	1.39×	1.37×	1.35×	2.00×	1.99×	2.03×	1.95×	1.82×	1.91×	1.95×	2.03×	2.05×	1.75×	1.99×
Debt / equity	2.10×	2.28×	2.55×	3.09×	3.63×	2.30×	2.06×	2.42×	2.71×	1.02×	2.20×	1.12×	0.92×	0.91×	0.43×	0.41×	0.53×	0.20×	0.17×	0.44×	0.36×	0.45×	0.35×	0.39×	0.41×	0.51×	0.44×	0.49×	0.63×	0.22×	0.02×	0.02×	0.04×	0.08×	0.13×	0.18×	0.19×	0.22×	0.18×	0.26×	0.33×
Effective tax rate	23.1%	22.3%	23.2%	21.5%	17.1%	19.4%	22.2%	18.5%	(20.4%)	29.0%	32.0%	31.2%	30.7%	30.4%	40.4%	31.8%	30.0%	33.3%	32.6%	31.0%	29.2%	32.0%	36.5%	37.5%	38.0%	88.8%	38.0%	38.0%	39.0%	38.9%	37.0%	37.5%	37.5%	36.0%	35.5%	34.5%	36.0%	38.0%	42.0%	44.9%	42.0%
Share count
Diluted shares outstanding	250	254	258	262	267	276	280	285	285	283	284	296	309	312	317	326	343	355	393	412	424	434	441	456	470	481	506	521	521	517	515	518	533	523	527	518	519	523	527	539	546

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$24,410	$23,574	$23,098	$23,052	$22,149	$19,945	$18,362	$17,901	$17,534	$14,984	$11,856	$11,339	$11,130	$10,186	$9,534	$8,766	$7,776	$7,094	$7,980	$8,005	$7,810	$7,192	$6,104	$5,408	$5,185	$5,066	$5,212	$5,004	$4,934	$4,881	$4,133	$3,274	$3,100	$2,949	$2,748	$2,541	$2,267	$2,124	$1,950	$1,793	$1,553	$2,195
Cost of revenue	($12,454)	($12,059)	($11,903)	($12,294)	($12,824)	($11,402)	($9,679)	($9,865)	($10,116)	($8,265)	($5,934)	($5,780)	($5,965)	($5,569)	($5,328)	($5,021)	($4,295)	($3,831)	($4,481)	($4,406)	($4,395)	($4,110)	($3,412)	($2,952)	($2,846)	($2,846)	($2,744)	($2,600)	($2,657)	($2,645)	($2,302)	($1,799)	($1,712)	($1,642)	($1,523)	($1,452)	($1,293)	($1,233)	($1,150)	($1,028)	($892)	($1,375)
Gross profit	$11,957	$11,516	$11,195	$10,758	$9,325	$8,543	$8,683	$8,036	$7,419	$6,719	$5,921	$5,560	$5,164	$4,617	$4,206	$3,745	$3,481	$3,263	$3,499	$3,599	$3,415	$3,080	$2,701	$2,455	$2,339	$2,220	$2,468	$2,404	$2,278	$2,236	$1,831	$1,475	$1,388	$1,307	$1,225	$1,089	$973	$890	$800	$764	$661	$820
Operating expenses
Research and development	–	–	–	–	–	–	–	–	($52)	($58)	($58)	($58)	($50)	($47)	($45)	($42)	($40)	($40)	($37)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($7,963)	($7,695)	($7,422)	($7,065)	($6,332)	($5,882)	($5,478)	($5,275)	($5,034)	($4,798)	($4,140)	($3,886)	($3,823)	($3,468)	($3,260)	($2,961)	($2,728)	($2,535)	($2,644)	($2,597)	($2,513)	($2,326)	($2,069)	($1,882)	($1,785)	($1,730)	($1,740)	($1,673)	($1,598)	($1,574)	($1,309)	($1,075)	($1,018)	($981)	($915)	($826)	($746)	($686)	($629)	($586)	($494)	($653)
Total operating expenses	($7,973)	($7,695)	($7,422)	($6,596)	($5,928)	($5,459)	($5,309)	($5,227)	($4,807)	($4,484)	($3,757)	($3,597)	($3,469)	($3,175)	($2,899)	($2,760)	($2,533)	($2,568)	($2,663)	($2,615)	($2,513)	($2,326)	($2,069)	($1,882)	($1,785)	($1,730)	($1,900)	($1,829)	($1,746)	($1,713)	($1,413)	($1,153)	($1,079)	($1,036)	($981)	($874)	($790)	($728)	($666)	($614)	($518)	($679)
Total costs and expenses	($20,426)	($19,754)	($19,326)	($18,890)	($18,752)	($16,861)	($14,988)	($15,092)	($14,923)	($12,749)	($9,692)	($9,376)	($9,435)	($8,744)	($8,227)	($7,781)	($6,828)	($6,399)	($7,144)	($7,021)	($6,908)	($6,438)	($5,472)	($4,834)	($4,631)	($4,576)	($4,644)	($4,429)	($4,403)	($4,358)	($3,714)	($2,952)	($2,791)	($2,678)	($2,504)	($2,326)	($2,084)	($1,961)	($1,816)	($1,643)	($1,411)	($2,054)
Operating income	$3,984	$3,820	$3,773	$4,162	$3,397	$3,084	$3,374	$2,809	$2,612	$2,235	$2,164	$1,963	$1,695	$1,442	$1,307	$985	$948	$695	$836	$984	$902	$754	$632	$574	$554	$490	$567	$575	$532	$523	$419	$321	$309	$271	$244	$215	$183	$163	$135	$150	$142	$140
Earnings
EBITDA	$4,362	$4,161	$4,070	$4,454	$3,661	$3,347	$3,642	$3,071	$2,890	$2,520	$2,336	$2,133	$1,864	$1,601	$1,459	$1,136	$1,088	$840	$979	$1,123	$1,048	$906	$770	$690	$670	$638	$727	$731	$680	$662	$522	$399	$369	$326	$310	$263	$228	$205	–	–	–	–
Interest income	$14	$11	$11	$25	$8	$5	$4	$26	$5	$9	$5	$1	$3	$3	$3	$4	$3	$2	$4	$14	$25	$5	$6	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($516)	($465)	($416)	($418)	($391)	($335)	($340)	($349)	($367)	($264)	($154)	($62)	($64)	($63)	($43)	($42)	($71)	($40)	($32)	($72)	($67)	($50)	($40)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$3,492	$3,338	$3,452	$3,110	$2,573	$2,249	$2,519	$1,982	$1,360	$1,469	$1,595	$1,549	$1,258	$1,086	$907	$742	$678	$623	$714	$913	$834	$656	$580	$523	$497	$424	$143	$490	$440	$427	$375	$318	$298	$264	$226	$199	$187	$170	$163	$162	$174	$129
Income tax expense	($804)	($770)	($770)	($721)	($553)	($384)	($489)	($440)	($251)	$300	($463)	($495)	($392)	($333)	($276)	($300)	($215)	($187)	($238)	($297)	($258)	($192)	($186)	($191)	($186)	($161)	($127)	($186)	($167)	($167)	($146)	($118)	($112)	($99)	($81)	($71)	($65)	($61)	($62)	($68)	($78)	($54)
Net income	$2,688	$2,568	$2,681	$2,389	$2,020	$1,864	$2,030	$1,541	$1,109	$1,728	$1,133	$1,054	$866	$753	$631	$442	$462	$436	$477	$616	$576	$463	$393	$332	$128	$263	$16	$304	$273	$261	$229	$201	$187	$165	$63	$128	$123	$109	$101	$97	$106	$75
Per share
Diluted EPS (GAAP)	$10.85	$10.26	$10.55	$9.25	$7.72	$6.98	$7.36	$5.50	$3.89	$6.07	$4.00	$3.72	$2.92	$2.42	$2.01	$1.38	$1.40	$1.26	$1.33	$1.57	$1.40	$1.09	$0.91	$0.75	$0.28	$0.56	$0.0333	$0.60	$0.52	$0.50	$0.44	$0.39	$0.36	$0.31	$0.12	$0.24	$0.24	$0.21	$0.19	$0.18	$0.20	$0.14
Basic EPS (GAAP)	$10.96	$10.37	$10.68	$9.35	$7.83	$7.10	$7.48	$5.60	$3.97	$6.20	$4.11	$3.81	$3.00	$2.47	$2.05	$1.41	$1.43	$1.27	$1.35	$1.61	$1.44	$1.13	$0.93	$0.76	$0.28	$0.56	$0.0333	$0.60	$0.53	$0.50	$0.45	$0.39	$0.36	$0.31	$0.12	$0.24	$0.24	$0.21	$0.19	$0.18	$0.20	$0.14
Basic shares outstanding	246	248	251	255	258	262	271	275	279	279	276	277	289	303	305	310	321	341	351	382	401	410	423	435	450	467	481	504	518	518	513	515	518	533	523	527	518	519	523	527	539	546
Margins
Gross margin	49.0%	48.8%	48.5%	46.7%	42.1%	42.8%	47.3%	44.9%	42.3%	44.8%	49.9%	49.0%	46.4%	45.3%	44.1%	42.7%	44.8%	46.0%	43.8%	45.0%	43.7%	42.8%	44.3%	45.4%	45.1%	43.8%	47.3%	48.0%	46.2%	45.8%	44.3%	45.0%	44.8%	44.3%	44.6%	42.9%	42.9%	41.9%	41.0%	42.6%	42.5%	37.3%
Operating margin	16.3%	16.2%	16.3%	18.1%	15.3%	15.5%	18.4%	15.7%	14.9%	14.9%	18.3%	17.3%	15.2%	14.2%	13.7%	11.2%	12.2%	9.8%	10.5%	12.3%	11.5%	10.5%	10.4%	10.6%	10.7%	9.7%	10.9%	11.5%	10.8%	10.7%	10.1%	9.8%	10.0%	9.2%	8.9%	8.5%	8.1%	7.7%	6.9%	8.4%	9.2%	6.4%
Net margin	11.0%	10.9%	11.6%	10.4%	9.1%	9.3%	11.1%	8.6%	6.3%	11.5%	9.6%	9.3%	7.8%	7.4%	6.6%	5.0%	5.9%	6.1%	6.0%	7.7%	7.4%	6.4%	6.4%	6.1%	2.5%	5.2%	0.3%	6.1%	5.5%	5.3%	5.5%	6.1%	6.0%	5.6%	2.3%	5.0%	5.4%	5.1%	5.2%	5.4%	6.8%	3.4%

Analyst consensus

Buy38 analysts

Bearish · 1 · Hold · 15 · Bullish · 22

Earnings history

	EPS	Estimate
Q3 2024	$3.37	$3.54	Miss
Q4 2024	$2.09	$2.06	Beat
Q1 2025	$2.25	$2.15	Beat
Q2 2025	$3.38	$3.76	Miss
Q3 2025	$3.59	$3.45	Beat
Q4 2025	$2.23	$2.16	Beat
Q1 2026	$2.35	$2.27	Beat
Q2 2026	$3.70	$3.52	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOHeidi G. Petz

Employees64,249

SectorBasic Materials

IndustryChemicals - Specialty

CountryUS

ExchangeNew York Stock Exchange

Websitewww.sherwin-williams.com

The Sherwin-Williams Company engages in the development, manufacture, distribution, and sale of paint, coatings, and related products to professional, industrial, commercial and retail customers. The company operates through three segments: Paint Stores Group, Consumer Brands Group, and Performance Coatings Group. The Paint Stores Group segment offers architectural paint and coatings; protective and marine products; and OEM product finishes and related products for architectural and industrial paint contractors, and do-it-yourself homeowners under the Sherwin-Williams brand. The Consumer Brands Group segment supplies a portfolio of branded and private-label architectural paints, stains, varnishes, industrial products, wood finishes products, wood preservatives, applicators, corrosion inhibitors, aerosols, caulks, and adhesives to retailers, including home centers and hardware stores, and dedicated dealers and distributors. The Performance Coatings Group segment develops and sells industrial coatings for wood finishing and general industrial applications; automotive refinish products; protective and marine coatings; coil coatings; packaging coatings; and performance-based resins and colorants. This segment serves retailers, dealers, jobbers, licensees, and other third-party distributors. The company operates in North America, South America, the Caribbean, Europe, Asia, and Australia. The Sherwin-Williams Company was founded in 1866 and is headquartered in Cleveland, Ohio.

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