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Sherwin-Williams (SHW) Financials

Sherwin-Williams logo
$366.39 -1.01 (-0.28%)
Closing price 03:59 PM Eastern
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$366.18 -0.21 (-0.06%)
As of 04:59 PM Eastern
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Annual Income Statements for Sherwin-Williams

Annual Income Statements for Sherwin-Williams

This table shows Sherwin-Williams' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 866 1,054 1,133 1,728 1,109 1,541 2,030 1,864 2,020 2,389 2,681
Consolidated Net Income / (Loss)		 866 1,054 1,133 1,728 1,109 1,541 2,030 1,864 2,020 2,389 2,681
Net Income / (Loss) Continuing Operations		 866 1,054 1,133 1,770 1,109 1,541 2,030 1,864 2,020 2,389 2,681
Total Pre-Tax Income 		1,258 1,549 1,595 1,469 1,360 1,982 2,519 2,249 2,573 3,110 3,452
Total Operating Income		 1,342 1,646 1,745 1,712 2,067 2,326 2,861 2,559 3,003 3,568 3,812
Total Gross Profit		 5,164 5,560 5,921 6,719 7,419 8,036 8,683 8,543 9,325 10,758 11,195
Total Revenue		 11,130 11,339 11,856 14,984 17,535 17,901 18,362 19,945 22,149 23,052 23,099
Operating Revenue		 11,130 11,339 11,856 14,984 17,535 17,901 18,362 19,945 22,149 23,052 23,099
Total Cost of Revenue		 5,965 5,780 5,934 8,265 10,116 9,865 9,679 11,402 12,824 12,294 11,903
Operating Cost of Revenue		 5,965 5,780 5,934 8,265 10,116 9,865 9,679 11,402 12,824 12,294 11,903
Total Operating Expenses		 3,823 3,914 4,176 5,006 5,352 5,710 5,821 5,984 6,322 7,190 7,383
Selling, General & Admin Expense		 3,823 3,886 4,140 4,798 5,034 5,275 5,478 5,882 6,332 7,065 7,422
Other Operating Expenses / (Income)		 - - - - - - 28 102 -25 67 -39
Impairment Charge		 0.00 0.00 11 2.00 0.00 122 2.30 0.00 16 58 0.00
Total Other Income / (Expense), net		 -83 -97 -150 -243 -707 -345 -342 -310 -430 -458 -360
Interest Expense		 64 62 154 264 367 349 340 335 391 418 416
Interest & Investment Income		 3.00 1.40 4.96 8.60 5.20 26 3.60 4.90 8.00 25 11
Other Income / (Expense), net		 -22 -36 -0.55 12 -346 -21 -5.30 20 -47 -66 45
Income Tax Expense		 392 495 463 -300 251 441 489 384 553 721 770
Basic Earnings per Share		 $9.00 $11.43 $12.33 $18.60 $11.92 $5.60 $7.48 $7.10 $7.83 $9.35 $10.68
Weighted Average Basic Shares Outstanding		 96.19M 92.20M 91.84M 92.90M 92.99M 275.40M 271.30M 262.50M 258M 255.40M 251M
Diluted Earnings per Share		 $8.77 $11.15 $11.99 $18.20 $11.67 $5.50 $7.36 $6.98 $7.72 $9.25 $10.55
Weighted Average Diluted Shares Outstanding		 96.19M 92.20M 91.84M 92.90M 94.99M 280.30M 275.80M 267.10M 261.80M 258.30M 254.10M
Weighted Average Basic & Diluted Shares Outstanding		 96.19M 92.20M 91.84M 92.90M 93M 92.23M 89.60M 260.37M 258.44M 254.46M 251.36M
Cash Dividends to Common per Share		 $2.20 $2.68 $3.36 $3.40 $3.44 $1.51 $1.79 $2.20 $2.40 $2.42 $2.86

Quarterly Income Statements for Sherwin-Williams

This table shows Sherwin-Williams' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 386 477 794 762 356 505 890 806 480 504 755
Consolidated Net Income / (Loss)		 386 477 794 762 356 505 890 806 480 504 755
Net Income / (Loss) Continuing Operations		 386 477 794 762 356 505 890 806 480 504 755
Total Pre-Tax Income 		495 615 1,012 1,009 474 640 1,173 1,023 616 653 986
Total Operating Income		 597 717 1,111 1,098 642 729 1,251 1,133 698 756 1,100
Total Gross Profit		 2,234 2,421 2,872 2,916 2,549 2,531 3,063 3,028 2,573 2,559 3,118
Total Revenue		 5,231 5,442 6,241 6,117 5,252 5,367 6,272 6,163 5,297 5,306 6,315
Operating Revenue		 5,231 5,442 6,241 6,117 5,252 5,367 6,272 6,163 5,297 5,306 6,315
Total Cost of Revenue		 2,997 3,022 3,368 3,201 2,704 2,836 3,208 3,135 2,724 2,747 3,196
Operating Cost of Revenue		 2,997 3,022 3,368 3,201 2,704 2,836 3,208 3,135 2,724 2,747 3,196
Total Operating Expenses		 1,637 1,704 1,762 1,818 1,907 1,802 1,812 1,894 1,875 1,803 2,018
Selling, General & Admin Expense		 1,639 1,693 1,760 1,757 1,856 1,800 1,846 1,894 1,883 1,794 2,012
Other Operating Expenses / (Income)		 -17 11 -33 62 27 2.00 -34 0.70 -7.90 8.90 6.30
Total Other Income / (Expense), net		 -102 -103 -99 -89 -168 -89 -78 -110 -83 -103 -115
Interest Expense		 108 109 112 102 95 103 111 103 99 104 112
Interest & Investment Income		 3.20 3.50 7.20 5.10 9.40 6.10 0.90 2.60 1.40 3.30 2.40
Other Income / (Expense), net		 2.90 3.20 5.80 8.00 -83 7.70 32 -9.50 15 -2.90 -4.70
Income Tax Expense		 109 137 218 248 118 135 284 217 136 149 231
Basic Earnings per Share		 $1.50 $1.86 $3.10 $2.98 $1.41 $2.00 $3.55 $3.22 $1.91 $2.02 $3.04
Weighted Average Basic Shares Outstanding		 258M 256.70M 256M 255.10M 255.40M 252.50M 251M 250.60M 251M 249.40M 248.40M
Diluted Earnings per Share		 $1.50 $1.84 $3.07 $2.95 $1.39 $1.97 $3.50 $3.18 $1.90 $2.00 $3.00
Weighted Average Diluted Shares Outstanding		 261.80M 259.70M 258.90M 258.40M 258.30M 255.80M 254.20M 253.90M 254.10M 252.50M 251.30M
Weighted Average Basic & Diluted Shares Outstanding		 258.44M 257.89M 257.15M 255.97M 254.46M 253.55M 252.26M 251.85M 251.36M 250.60M 249.33M
Cash Dividends to Common per Share		 $0.60 $0.61 $0.61 $0.61 - $0.72 $0.72 $0.72 - $0.79 $0.79

Annual Cash Flow Statements for Sherwin-Williams

This table details how cash moves in and out of Sherwin-Williams' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -704 165 684 -649 -49 6.30 65 -61 33 78 -66
Net Cash From Operating Activities		 1,082 1,447 1,309 1,884 1,944 2,321 3,409 2,245 1,920 3,522 3,153
Net Cash From Continuing Operating Activities		 1,082 1,447 1,309 1,884 1,944 2,321 3,409 2,245 1,920 3,522 3,153
Net Income / (Loss) Continuing Operations		 866 1,054 1,133 1,770 1,109 1,541 2,030 1,864 2,020 2,389 2,681
Consolidated Net Income / (Loss)		 866 1,054 1,133 1,728 1,109 1,541 2,030 1,864 2,020 2,389 2,681
Depreciation Expense		 169 170 172 285 278 262 268 263 264 292 297
Amortization Expense		 33 31 89 329 330 322 405 363 356 396 402
Non-Cash Adjustments To Reconcile Net Income		 167 176 168 235 348 758 490 568 587 591 514
Changes in Operating Assets and Liabilities, net		 -154 16 -253 -734 -122 -562 215 -814 -1,307 -146 -741
Net Cash From Investing Activities		 -310 -289 -304 -9,047 -252 -463 -322 -476 -1,608 -1,039 -1,196
Net Cash From Continuing Investing Activities		 -310 -289 -304 -9,047 -252 -463 -322 -476 -1,608 -1,039 -1,196
Purchase of Property, Plant & Equipment		 -201 -234 -239 -223 -251 -329 -304 -372 -645 -888 -1,070
Acquisitions		 - 0.00 0.00 -8,810 0.00 -77 0.00 -211 -1,003 -265 -79
Sale of Property, Plant & Equipment		 1.52 11 38 47 38 6.90 61 15 33 70 12
Divestitures		 - - - - - 0.00 0.00 123 0.00 104 0.00
Other Investing Activities, net		 -111 -66 -103 -62 -39 -63 -79 -31 6.80 -60 -59
Net Cash From Financing Activities		 -1,467 -980 -307 6,514 -1,747 -1,846 -3,020 -1,834 -282 -2,425 -2,017
Net Cash From Continuing Financing Activities		 -1,467 -980 -307 6,514 -1,747 -1,846 -3,020 -1,834 -282 -2,425 -2,017
Repayment of Debt		 67 -673 -83 -1,942 -1,159 -2,134 -1,450 306 -77 -787 -890
Repurchase of Common Equity		 -1,489 -1,035 0.00 0.00 -613 -779 -2,446 -2,752 -883 -1,432 -1,739
Payment of Dividends		 -215 -250 -312 -319 -323 -421 -488 -587 -619 -624 -723
Issuance of Debt		 1.47 798 0.50 8,632 32 1,333 999 995 1,000 0.00 849
Issuance of Common Equity		 - - - - 0.00 0.00 182 12 22 0.00 0.00
Other Financing Activities, net		 169 180 87 144 316 155 183 193 275 418 486
Effect of Exchange Rate Changes		 -8.56 -13 -13 - 5.90 -6.00 -1.30 4.90 3.20 20 -6.20
Cash Interest Paid		 67 49 154 221 368 336 341 339 371 417 407
Cash Income Taxes Paid		 310 335 478 420 292 408 437 466 580 817 780

Quarterly Cash Flow Statements for Sherwin-Williams

This table details how cash moves in and out of Sherwin-Williams' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 68 -47 58 294 -227 -97 20 38 -28 -11 70
Net Cash From Operating Activities		 641 88 1,206 1,309 919 -59 1,203 1,075 935 -61 1,113
Net Cash From Continuing Operating Activities		 641 88 1,206 1,309 919 -59 1,203 1,075 935 -61 1,113
Net Income / (Loss) Continuing Operations		 386 477 794 762 356 505 890 806 480 504 755
Consolidated Net Income / (Loss)		 386 477 794 762 356 505 890 806 480 504 755
Depreciation Expense		 69 70 76 72 74 71 72 74 80 80 79
Amortization Expense		 86 103 103 104 85 102 104 95 101 110 112
Non-Cash Adjustments To Reconcile Net Income		 179 126 143 133 190 127 122 133 132 140 170
Changes in Operating Assets and Liabilities, net		 -80 -689 91 239 214 -864 16 -34 142 -895 -3.50
Net Cash From Investing Activities		 -557 -233 -185 -91 -530 -321 -261 -329 -286 -316 -241
Net Cash From Continuing Investing Activities		 -557 -233 -185 -91 -530 -321 -261 -329 -286 -316 -241
Purchase of Property, Plant & Equipment		 -234 -210 -206 -153 -320 -284 -251 -235 -300 -189 -182
Acquisitions		 -376 -0.30 -23 - -242 0.00 - - -79 -82 -39
Other Investing Activities, net		 53 -23 -36 -11 9.60 -38 -19 -93 91 -45 -21
Net Cash From Financing Activities		 -19 98 -968 -916 -640 290 -917 -719 -671 367 -810
Net Cash From Continuing Financing Activities		 -19 98 -968 -916 -640 290 -917 -719 -671 367 -810
Repayment of Debt		 218 -25 -172 -468 -123 -20 479 -1,089 -260 -283 -26
Repurchase of Common Equity		 -132 -302 -234 -410 -486 -546 -434 -449 -310 -352 -519
Payment of Dividends		 -156 -157 -156 -156 -155 -183 -179 -183 -180 -200 -198
Issuance of Debt		 -185 503 - - - 883 - - - 1,136 -92
Other Financing Activities, net		 236 78 98 118 124 155 99 153 80 67 24
Effect of Exchange Rate Changes		 3.20 -0.30 3.80 -8.10 25 -6.30 -4.60 11 -6.00 -0.50 8.50
Cash Interest Paid		 104 113 107 104 92 108 106 109 85 120 100
Cash Income Taxes Paid		 150 41 265 217 294 70 173 355 182 90 230

Annual Balance Sheets for Sherwin-Williams

This table presents Sherwin-Williams' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 5,699 5,779 6,753 19,900 19,134 20,496 20,402 20,667 22,594 22,954 23,633
Total Current Assets		 2,566 2,657 3,627 4,407 4,345 4,632 4,591 5,054 5,908 5,513 5,401
Cash & Equivalents		 41 206 890 204 156 162 227 166 199 277 210
Accounts Receivable		 1,131 1,114 1,231 2,105 2,019 2,089 2,078 2,352 2,564 2,468 2,389
Inventories, net		 1,034 1,019 1,068 1,743 1,815 1,890 1,804 1,927 2,627 2,330 2,288
Other Current Assets		 252 231 381 356 355 491 483 608 519 438 514
Plant, Property, & Equipment, net		 1,021 1,042 1,096 1,877 1,777 1,835 1,835 1,867 2,207 2,837 3,533
Total Noncurrent Assets		 2,113 2,080 2,029 13,615 13,013 14,029 13,976 13,746 14,479 14,605 14,699
Goodwill		 1,158 1,143 1,127 6,814 6,957 7,005 7,049 7,135 7,583 7,626 7,580
Intangible Assets		 289 255 255 6,002 5,202 4,735 4,471 4,002 4,002 3,881 3,533
Other Noncurrent Operating Assets		 415 436 422 502 584 2,290 2,455 2,610 2,894 3,098 3,585
Total Liabilities & Shareholders' Equity		 5,699 5,779 6,753 19,900 19,134 20,496 20,402 20,667 22,594 22,954 23,633
Total Liabilities		 4,703 4,911 4,874 16,252 15,404 16,373 16,791 18,230 19,492 19,239 19,581
Total Current Liabilities		 2,681 2,142 2,829 3,987 4,298 4,522 4,594 5,720 5,961 6,627 6,809
Short-Term Debt		 683 43 741 635 636 635 25 1,024 979 1,473 1,712
Accounts Payable		 1,042 1,158 1,035 1,792 1,799 1,876 2,118 2,403 2,437 2,315 2,253
Current Deferred & Payable Income Tax Liabilities		 87 81 77 80 81 86 184 160 197 197 174
Current Employee Benefit Liabilities		 360 338 398 508 505 553 753 717 785 863 843
Other Current Liabilities		 509 522 579 973 1,277 1,373 1,515 1,416 1,564 1,779 1,827
Total Noncurrent Liabilities		 2,022 2,769 2,045 12,264 11,106 11,851 12,196 12,510 13,531 12,612 12,773
Long-Term Debt		 1,116 1,907 1,211 9,886 8,708 8,051 8,267 8,591 9,591 8,378 8,177
Noncurrent Deferred & Payable Income Tax Liabilities		 - 139 74 1,420 1,131 970 846 768 682 683 608
Noncurrent Employee Benefit Liabilities		 278 249 250 275 258 263 276 259 139 133 121
Other Noncurrent Operating Liabilities		 628 475 509 684 1,009 2,567 2,808 2,892 3,119 3,418 3,868
Total Equity & Noncontrolling Interests		 996 868 1,878 3,648 3,731 4,123 3,611 2,437 3,102 3,716 4,051
Total Preferred & Common Equity		 996 868 1,878 3,648 3,731 4,123 3,611 2,437 3,102 3,716 4,051
Total Common Equity		 996 868 1,878 3,648 3,731 4,123 3,611 2,437 3,102 3,716 4,051
Common Stock		 2,194 2,446 2,605 2,841 3,015 3,272 3,581 3,884 4,055 4,285 4,669
Retained Earnings		 2,425 3,229 4,049 5,458 6,247 7,367 844 2,122 3,523 5,288 7,246
Treasury Stock		 -3,150 -4,220 -4,236 -4,266 -4,901 -5,837 -97 -2,870 -3,776 -5,234 -6,989
Accumulated Other Comprehensive Income / (Loss)		 -472 -587 -540 -385 -630 -680 -718 -698 -701 -624 -875

Quarterly Balance Sheets for Sherwin-Williams

This table presents Sherwin-Williams' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets		 22,594 23,130 23,166 23,005 22,954 23,428 23,734 23,968 23,633 24,636 25,364
Total Current Assets		 5,908 6,293 6,351 6,199 5,513 5,842 6,051 5,974 5,401 6,040 6,425
Cash & Equivalents		 199 151 209 503 277 180 200 238 210 200 270
Accounts Receivable		 2,564 2,909 3,118 2,941 2,468 2,809 3,048 2,973 2,389 2,813 3,112
Inventories, net		 2,627 2,708 2,439 2,244 2,330 2,378 2,289 2,267 2,288 2,515 2,485
Other Current Assets		 519 524 584 510 438 475 513 495 514 512 559
Plant, Property, & Equipment, net		 2,207 2,362 2,443 2,581 2,837 3,009 3,137 3,345 3,533 3,663 3,806
Total Noncurrent Assets		 14,479 14,475 14,373 14,225 14,605 14,577 14,547 14,649 14,699 14,933 15,132
Goodwill		 7,583 7,445 7,447 7,412 7,626 7,621 7,607 7,657 7,580 7,708 7,808
Intangible Assets		 4,002 4,104 3,934 3,824 3,881 3,778 3,693 3,657 3,533 3,493 3,543
Other Noncurrent Operating Assets		 2,894 2,926 2,992 2,989 3,098 3,178 3,247 3,335 3,585 3,731 3,781
Total Liabilities & Shareholders' Equity		 22,594 23,130 23,166 23,005 22,954 23,428 23,734 23,968 23,633 24,636 25,364
Total Liabilities		 19,492 19,963 19,535 19,225 19,239 19,924 19,982 19,812 19,581 20,506 20,963
Total Current Liabilities		 5,961 6,306 6,339 6,623 6,627 7,484 7,467 7,218 6,809 7,877 8,196
Short-Term Debt		 979 1,482 1,306 1,437 1,473 2,605 2,208 1,964 1,712 2,949 2,857
Accounts Payable		 2,437 2,514 2,490 2,425 2,315 2,454 2,494 2,538 2,253 2,513 2,570
Current Deferred & Payable Income Tax Liabilities		 197 315 308 380 197 240 347 215 174 226 256
Current Employee Benefit Liabilities		 785 528 701 768 863 560 709 726 843 567 689
Other Current Liabilities		 1,564 1,467 1,535 1,614 1,779 1,624 1,709 1,776 1,827 1,622 1,824
Total Noncurrent Liabilities		 13,531 13,657 13,196 12,601 12,612 12,441 12,516 12,594 12,773 12,629 12,766
Long-Term Debt		 9,591 9,593 9,096 8,499 8,378 8,130 8,131 8,175 8,177 7,827 7,829
Noncurrent Deferred & Payable Income Tax Liabilities		 682 740 711 648 683 666 642 632 608 586 561
Noncurrent Employee Benefit Liabilities		 139 139 139 139 133 133 133 133 121 121 121
Other Noncurrent Operating Liabilities		 3,119 3,185 3,250 3,314 3,418 3,512 3,610 3,654 3,868 4,096 4,256
Total Equity & Noncontrolling Interests		 3,102 3,167 3,631 3,780 3,716 3,504 3,752 4,156 4,051 4,130 4,401
Total Preferred & Common Equity		 3,102 3,167 3,631 3,780 3,716 3,504 3,752 4,156 4,051 4,130 4,401
Total Common Equity		 3,102 3,167 3,631 3,780 3,716 3,504 3,752 4,156 4,051 4,130 4,401
Common Stock		 4,055 4,089 4,136 4,196 4,285 4,391 4,434 4,564 4,669 4,715 4,773
Retained Earnings		 3,523 3,844 4,482 5,087 5,288 5,611 6,322 6,946 7,246 7,550 8,107
Treasury Stock		 -3,776 -4,101 -4,335 -4,747 -5,234 -5,793 -6,228 -6,678 -6,989 -7,362 -7,881
Accumulated Other Comprehensive Income / (Loss)		 -701 -666 -651 -756 -624 -705 -777 -676 -875 -773 -598

Annual Metrics And Ratios for Sherwin-Williams

This table displays calculated financial ratios and metrics derived from Sherwin-Williams' official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 9.27% 1.88% 4.55% 26.39% 17.02% 2.09% 2.57% 8.62% 11.05% 4.08% 0.20%
EBITDA Growth		 14.13% 19.02% 10.74% 16.58% -0.36% 24.03% 22.15% -9.20% 11.57% 17.19% 8.72%
EBIT Growth		 15.19% 21.97% 8.39% -1.16% -0.17% 33.93% 23.89% -9.72% 14.64% 18.48% 10.12%
NOPAT Growth		 16.21% 21.28% 10.66% 66.45% -18.28% 7.36% 27.46% -8.00% 11.12% 16.24% 8.05%
Net Income Growth		 15.06% 21.71% 7.48% 52.55% -35.84% 39.02% 31.73% -8.18% 8.35% 18.25% 12.25%
EPS Growth		 20.80% 27.14% 7.53% 51.79% -35.88% 39.02% 31.73% -5.16% 10.60% 19.82% 14.05%
Operating Cash Flow Growth		 -0.21% 33.84% -9.60% 43.97% 3.17% 19.43% 46.84% -34.15% -14.47% 83.44% -10.47%
Free Cash Flow Firm Growth		 35.93% 37.14% -27.91% -1,084.87% 130.47% -23.77% 57.42% -41.66% -59.66% 279.17% -13.74%
Invested Capital Growth		 0.11% -5.17% 12.60% 374.78% -7.49% -2.11% -7.67% 1.80% 13.35% -1.36% 3.31%
Revenue Q/Q Growth		 1.02% 0.31% 1.52% 8.68% 0.49% 0.28% 2.08% 1.39% 2.16% 0.09% 0.20%
EBITDA Q/Q Growth		 2.93% 6.54% 2.33% 5.05% -7.51% 6.13% 9.80% -6.98% 5.18% -0.87% 4.00%
EBIT Q/Q Growth		 2.97% 7.55% 1.70% -1.81% -6.76% 7.86% 8.71% -7.03% 7.62% -1.15% 4.15%
NOPAT Q/Q Growth		 4.01% 5.43% -0.28% 66.31% -33.66% -1.42% 7.34% -7.36% 8.92% 0.68% 2.06%
Net Income Q/Q Growth		 1.96% 6.60% 0.44% 60.30% -40.42% 10.60% 8.46% -5.24% 4.25% -1.24% 4.84%
EPS Q/Q Growth		 2.33% 7.31% 0.59% 59.79% -41.62% 10.60% 8.46% -7.18% 2.66% -2.43% 5.08%
Operating Cash Flow Q/Q Growth		 -8.90% 31.26% -13.43% 17.69% -5.48% 6.78% 5.74% -22.48% 30.36% 8.56% 0.51%
Free Cash Flow Firm Q/Q Growth		 4.58% 26.09% -25.29% 4.52% 4.94% -17.21% 8.80% -32.11% 49.44% 16.41% 22.63%
Invested Capital Q/Q Growth		 -0.60% -7.77% 2.95% 3.57% -3.74% -0.74% -1.70% 4.70% 3.62% 0.59% -2.34%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 46.40% 49.03% 49.94% 44.84% 42.31% 44.89% 47.29% 42.83% 42.10% 46.67% 48.47%
EBITDA Margin		 13.67% 15.97% 16.92% 15.60% 13.29% 16.14% 19.22% 16.07% 16.14% 18.18% 19.72%
Operating Margin		 12.05% 14.51% 14.72% 11.43% 11.79% 13.00% 15.58% 12.83% 13.56% 15.48% 16.50%
EBIT Margin		 11.86% 14.19% 14.71% 11.51% 9.82% 12.88% 15.55% 12.93% 13.35% 15.19% 16.70%
Profit (Net Income) Margin		 7.78% 9.29% 9.55% 11.53% 6.32% 8.61% 11.06% 9.35% 9.12% 10.36% 11.61%
Tax Burden Percent		 68.82% 68.04% 71.01% 117.60% 81.54% 77.77% 80.60% 82.91% 78.51% 76.81% 77.68%
Interest Burden Percent		 95.36% 96.25% 91.45% 85.22% 79.00% 85.97% 88.21% 87.21% 87.05% 88.80% 89.51%
Effective Tax Rate		 31.18% 31.96% 28.99% -20.43% 18.46% 22.23% 19.40% 17.09% 21.49% 23.19% 22.32%
Return on Invested Capital (ROIC)		 33.53% 41.73% 44.62% 24.40% 12.54% 14.15% 18.96% 18.01% 18.59% 20.48% 21.92%
ROIC Less NNEP Spread (ROIC-NNEP)		 29.34% 37.97% 37.05% 18.52% 6.63% 11.13% 15.64% 15.07% 15.19% 16.95% 19.01%
Return on Net Nonoperating Assets (RNNOA)		 28.96% 71.32% 37.87% 38.14% 17.51% 25.10% 33.54% 43.64% 54.34% 49.59% 47.13%
Return on Equity (ROE)		 62.50% 113.05% 82.49% 62.53% 30.05% 39.25% 52.51% 61.65% 72.94% 70.07% 69.05%
Cash Return on Invested Capital (CROIC)		 33.43% 47.03% 32.77% -106.01% 20.31% 16.28% 26.94% 16.22% 6.08% 21.85% 18.67%
Operating Return on Assets (OROA)		 21.84% 28.04% 27.84% 12.94% 8.82% 11.63% 13.97% 12.56% 13.67% 15.38% 16.56%
Return on Assets (ROA)		 14.33% 18.36% 18.08% 12.97% 5.68% 7.78% 9.93% 9.08% 9.34% 10.49% 11.51%
Return on Common Equity (ROCE)		 61.58% 113.05% 82.49% 62.53% 30.05% 39.25% 52.51% 61.65% 72.94% 70.07% 69.05%
Return on Equity Simple (ROE_SIMPLE)		 86.90% 121.42% 60.30% 47.37% 29.72% 37.38% 56.23% 76.50% 65.12% 64.29% 66.19%
Net Operating Profit after Tax (NOPAT)		 923 1,120 1,239 2,062 1,685 1,809 2,306 2,122 2,358 2,740 2,961
NOPAT Margin		 8.30% 9.87% 10.45% 13.76% 9.61% 10.11% 12.56% 10.64% 10.64% 11.89% 12.82%
Net Nonoperating Expense Percent (NNEP)		 4.19% 3.76% 7.57% 5.88% 5.91% 3.03% 3.32% 2.94% 3.40% 3.53% 2.91%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 17.24% 20.20% 21.24%
Cost of Revenue to Revenue		 53.60% 50.97% 50.06% 55.16% 57.69% 55.11% 52.71% 57.17% 57.90% 53.33% 51.53%
SG&A Expenses to Revenue		 34.35% 34.27% 34.92% 32.02% 28.71% 29.47% 29.83% 29.49% 28.59% 30.65% 32.13%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 34.35% 34.52% 35.23% 33.41% 30.52% 31.90% 31.70% 30.00% 28.54% 31.19% 31.96%
Earnings before Interest and Taxes (EBIT)		 1,319 1,609 1,744 1,724 1,721 2,305 2,856 2,578 2,956 3,502 3,857
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,522 1,811 2,006 2,338 2,330 2,889 3,529 3,205 3,576 4,190 4,556
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 23.11 25.64 12.39 9.90 9.38 12.52 17.87 36.92 19.47 21.31 21.13
Price to Tangible Book Value (P/TBV)		 0.00 0.00 46.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 2.07 1.96 1.96 2.41 1.99 2.88 3.51 4.51 2.73 3.43 3.71
Price to Earnings (P/E)		 26.59 21.12 20.55 20.89 31.55 33.49 31.78 48.26 29.90 33.14 31.93
Dividend Yield		 0.92% 1.12% 1.34% 0.88% 0.92% 0.81% 0.75% 0.64% 1.03% 0.78% 0.84%
Earnings Yield		 3.76% 4.74% 4.87% 4.79% 3.17% 2.99% 3.15% 2.07% 3.35% 3.02% 3.13%
Enterprise Value to Invested Capital (EV/IC)		 9.00 9.19 8.27 3.32 3.42 4.76 6.22 8.36 5.25 6.68 6.94
Enterprise Value to Revenue (EV/Rev)		 2.23 2.12 2.05 3.10 2.52 3.36 3.95 4.99 3.19 3.85 4.13
Enterprise Value to EBITDA (EV/EBITDA)		 16.29 13.25 12.13 19.85 18.96 20.82 20.57 31.03 19.79 21.18 20.92
Enterprise Value to EBIT (EV/EBIT)		 18.79 14.91 13.95 26.92 25.66 26.09 25.42 38.56 23.94 25.34 24.71
Enterprise Value to NOPAT (EV/NOPAT)		 26.85 21.43 19.64 22.51 26.21 33.24 31.48 46.86 30.02 32.38 32.18
Enterprise Value to Operating Cash Flow (EV/OCF)		 22.92 16.58 18.60 24.64 22.72 25.91 21.30 44.29 36.86 25.20 30.22
Enterprise Value to Free Cash Flow (EV/FCFF)		 26.93 19.02 26.75 0.00 16.17 28.90 22.16 52.01 91.78 30.36 37.79
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.81 2.25 1.04 2.88 2.50 2.11 2.30 3.95 3.41 2.65 2.44
Long-Term Debt to Equity		 1.12 2.20 0.64 2.71 2.33 1.95 2.29 3.52 3.09 2.25 2.02
Financial Leverage		 0.99 1.88 1.02 2.06 2.64 2.26 2.14 2.90 3.58 2.93 2.48
Leverage Ratio		 4.36 6.16 4.56 4.82 5.29 5.05 5.29 6.79 7.81 6.68 6.00
Compound Leverage Factor		 4.16 5.93 4.17 4.11 4.18 4.34 4.66 5.92 6.80 5.93 5.37
Debt to Total Capital		 64.35% 69.20% 50.97% 74.25% 71.47% 67.81% 69.66% 79.78% 77.31% 72.61% 70.94%
Short-Term Debt to Total Capital		 24.42% 1.51% 19.35% 4.48% 4.86% 4.95% 0.21% 8.50% 7.16% 10.86% 12.28%
Long-Term Debt to Total Capital		 39.93% 67.69% 31.62% 69.77% 66.60% 62.85% 69.45% 71.28% 70.15% 61.75% 58.66%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 35.65% 30.80% 49.03% 25.75% 28.53% 32.19% 30.34% 20.22% 22.69% 27.39% 29.06%
Debt to EBITDA		 1.18 1.08 0.97 4.50 4.01 3.01 2.35 3.00 2.96 2.35 2.17
Net Debt to EBITDA		 1.16 0.96 0.53 4.41 3.94 2.95 2.29 2.95 2.90 2.28 2.12
Long-Term Debt to EBITDA		 0.73 1.05 0.60 4.23 3.74 2.79 2.34 2.68 2.68 2.00 1.79
Debt to NOPAT		 1.95 1.74 1.58 5.10 5.54 4.80 3.60 4.53 4.48 3.59 3.34
Net Debt to NOPAT		 1.90 1.56 0.86 5.00 5.45 4.71 3.50 4.45 4.40 3.49 3.27
Long-Term Debt to NOPAT		 1.21 1.70 0.98 4.79 5.17 4.45 3.58 4.05 4.07 3.06 2.76
Altman Z-Score		 6.23 6.49 6.45 2.78 3.04 3.65 3.73 4.44 3.49 4.24 4.50
Noncontrolling Interest Sharing Ratio		 1.46% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.96 1.24 1.28 1.11 1.01 1.02 1.00 0.88 0.99 0.83 0.79
Quick Ratio		 0.44 0.62 0.75 0.58 0.51 0.50 0.50 0.44 0.46 0.41 0.38
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 920 1,262 910 -8,961 2,731 2,081 3,277 1,911 771 2,924 2,522
Operating Cash Flow to CapEx		 543.40% 648.97% 652.36% 1,072.89% 914.25% 720.90% 1,402.14% 628.39% 314.07% 430.39% 297.92%
Free Cash Flow to Firm to Interest Expense		 14.33 20.42 5.90 -34.01 7.45 5.96 9.63 5.71 1.97 7.00 6.07
Operating Cash Flow to Interest Expense		 16.84 23.43 8.49 7.15 5.30 6.65 10.01 6.71 4.91 8.44 7.59
Operating Cash Flow Less CapEx to Interest Expense		 13.75 19.82 7.19 6.48 4.72 5.72 9.30 5.64 3.35 6.48 5.04
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.84 1.98 1.89 1.12 0.90 0.90 0.90 0.97 1.02 1.01 0.99
Accounts Receivable Turnover		 9.99 10.10 10.11 8.98 8.50 8.72 8.81 9.00 9.01 9.16 9.51
Inventory Turnover		 5.95 5.63 5.69 5.88 5.69 5.33 5.24 6.11 5.63 4.96 5.16
Fixed Asset Turnover		 10.90 10.99 11.09 10.08 9.60 9.91 10.01 10.78 10.87 9.14 7.25
Accounts Payable Turnover		 5.85 5.25 5.41 5.85 5.63 5.37 4.85 5.04 5.30 5.17 5.21
Days Sales Outstanding (DSO)		 36.54 36.13 36.10 40.63 42.92 41.88 41.42 40.54 40.51 39.83 38.37
Days Inventory Outstanding (DIO)		 61.32 64.80 64.18 62.07 64.19 68.54 69.64 59.72 64.81 73.58 70.80
Days Payable Outstanding (DPO)		 62.43 69.46 67.42 62.40 64.78 68.00 75.31 72.36 68.87 70.54 70.04
Cash Conversion Cycle (CCC)		 35.43 31.47 32.86 40.29 42.32 42.42 35.75 27.90 36.44 42.87 39.13
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,754 2,612 2,941 13,964 12,919 12,647 11,676 11,887 13,473 13,290 13,729
Invested Capital Turnover		 4.04 4.23 4.27 1.77 1.30 1.40 1.51 1.69 1.75 1.72 1.71
Increase / (Decrease) in Invested Capital		 2.92 -142 329 11,023 -1,045 -272 -970 210 1,587 -183 439
Enterprise Value (EV)		 24,786 23,998 24,334 46,415 44,163 60,144 72,595 99,423 70,762 88,746 95,290
Market Capitalization		 23,028 22,254 23,272 36,099 34,975 51,620 64,530 89,974 60,392 79,172 85,612
Book Value per Share		 $10.38 $9.32 $20.22 $39.01 $39.85 $44.67 $39.76 $9.30 $11.97 $14.52 $16.09
Tangible Book Value per Share		 ($4.70) ($5.70) $5.34 ($98.05) ($90.01) ($82.51) ($87.09) ($33.18) ($32.74) ($30.44) ($28.04)
Total Capital		 2,795 2,818 3,831 14,169 13,074 12,809 11,903 12,052 13,672 13,567 13,940
Total Debt		 1,799 1,950 1,953 10,521 9,344 8,685 8,292 9,615 10,570 9,851 9,888
Total Long-Term Debt		 1,116 1,907 1,211 9,886 8,708 8,051 8,267 8,591 9,591 8,378 8,177
Net Debt		 1,758 1,744 1,063 10,316 9,188 8,523 8,066 9,449 10,371 9,574 9,678
Capital Expenditures (CapEx)		 199 223 201 176 213 322 243 357 611 818 1,058
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 527 352 650 851 527 583 -204 193 727 82 93
Debt-free Net Working Capital (DFNWC)		 568 558 1,539 1,055 682 744 22 358 926 359 304
Net Working Capital (NWC)		 -115 515 798 420 47 110 -3.00 -666 -53 -1,114 -1,408
Net Nonoperating Expense (NNE)		 57 66 106 334 576 268 276 257 337 352 280
Net Nonoperating Obligations (NNO)		 1,758 1,744 1,063 10,316 9,188 8,523 8,066 9,449 10,371 9,574 9,678
Total Depreciation and Amortization (D&A)		 202 202 261 614 608 584 673 626 620 688 699
Debt-free, Cash-free Net Working Capital to Revenue		 4.73% 3.11% 5.48% 5.68% 3.00% 3.25% -1.11% 0.97% 3.28% 0.36% 0.40%
Debt-free Net Working Capital to Revenue		 5.10% 4.92% 12.98% 7.04% 3.89% 4.16% 0.12% 1.80% 4.18% 1.56% 1.31%
Net Working Capital to Revenue		 -1.03% 4.54% 6.73% 2.80% 0.27% 0.61% -0.02% -3.34% -0.24% -4.83% -6.10%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.98 $3.79 $4.11 $6.36 $3.97 $5.60 $7.48 $7.10 $7.83 $9.35 $10.68
Adjusted Weighted Average Basic Shares Outstanding		 284.68M 276.81M 279.92M 281.98M 278.15M 276.68M 271.28M 262.50M 258M 255.40M 251M
Adjusted Diluted Earnings per Share		 $2.93 $3.72 $4.00 $6.22 $3.89 $5.50 $7.36 $6.98 $7.72 $9.25 $10.55
Adjusted Weighted Average Diluted Shares Outstanding		 284.68M 276.81M 279.92M 281.98M 278.15M 276.68M 275.83M 267.10M 261.80M 258.30M 254.10M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 284.68M 276.81M 279.92M 281.98M 278.15M 276.68M 268.81M 260.37M 258.44M 254.46M 251.36M
Normalized Net Operating Profit after Tax (NOPAT)		 923 1,120 1,247 1,200 1,685 1,904 2,308 2,122 2,370 2,785 2,961
Normalized NOPAT Margin		 8.30% 9.87% 10.51% 8.01% 9.61% 10.64% 12.57% 10.64% 10.70% 12.08% 12.82%
Pre Tax Income Margin		 11.31% 13.66% 13.46% 9.81% 7.75% 11.07% 13.72% 11.27% 11.62% 13.49% 14.94%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 20.55 26.05 11.32 6.54 4.69 6.60 8.39 7.70 7.56 8.39 9.28
NOPAT to Interest Expense		 14.38 18.12 8.04 7.83 4.60 5.18 6.77 6.34 6.03 6.56 7.12
EBIT Less CapEx to Interest Expense		 17.45 22.44 10.02 5.88 4.11 5.68 7.68 6.64 6.00 6.43 6.73
NOPAT Less CapEx to Interest Expense		 11.28 14.51 6.74 7.16 4.02 4.26 6.06 5.27 4.47 4.60 4.58
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 24.86% 23.69% 27.55% 18.46% 29.12% 27.30% 24.03% 31.49% 30.62% 26.11% 26.98%
Augmented Payout Ratio		 196.78% 121.93% 27.55% 18.46% 84.44% 77.83% 144.52% 179.11% 74.34% 86.06% 91.83%

Quarterly Metrics And Ratios for Sherwin-Williams

This table displays calculated financial ratios and metrics derived from Sherwin-Williams' official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 9.84% 8.88% 6.27% 1.15% 0.41% -1.38% 0.50% 0.75% 0.86% -1.15% 0.69%
EBITDA Growth		 30.43% 26.93% 31.24% 13.57% -4.86% 1.80% 12.60% 0.86% 24.35% 3.61% -11.78%
EBIT Growth		 53.53% 31.35% 34.29% 13.32% -6.80% 2.26% 14.93% 1.61% 27.45% 2.25% -14.62%
NOPAT Growth		 81.73% 22.63% 31.68% 6.73% 3.47% 3.33% 8.94% 7.80% 12.92% 1.40% -11.22%
Net Income Growth		 27.07% 28.75% 37.34% 11.15% -7.79% 5.82% 12.12% 5.87% 34.78% -0.26% -15.19%
EPS Growth		 29.31% 30.50% 38.91% 12.60% -7.33% 7.07% 14.01% 7.80% 36.69% 1.52% -14.29%
Operating Cash Flow Growth		 230.58% 235.36% 96.67% 104.74% 43.31% -166.78% -0.29% -17.88% 1.73% -3.74% -7.51%
Free Cash Flow Firm Growth		 -2,521.70% -1,022.84% -137.24% 170.83% 159.38% 154.84% 303.20% -92.21% -84.19% -110.59% -109.56%
Invested Capital Growth		 13.35% 13.40% 10.42% 1.62% -1.36% -0.23% 0.49% 6.40% 3.31% 4.61% 6.67%
Revenue Q/Q Growth		 -13.51% 4.05% 14.67% -1.99% -14.13% 2.19% 16.85% -1.74% -14.04% 0.16% 19.01%
EBITDA Q/Q Growth		 -33.08% 18.38% 44.91% -1.07% -43.94% 26.66% 60.28% -11.39% -30.88% 5.54% 36.48%
EBIT Q/Q Growth		 -38.51% 20.10% 54.95% -0.97% -49.43% 31.78% 74.15% -12.44% -36.57% 5.72% 45.41%
NOPAT Q/Q Growth		 -39.96% 19.52% 56.37% -4.89% -41.80% 19.37% 64.86% -5.88% -39.03% 7.19% 44.34%
Net Income Q/Q Growth		 -43.61% 23.58% 66.25% -4.06% -53.22% 41.83% 76.15% -9.41% -40.45% 4.96% 49.77%
EPS Q/Q Growth		 -42.75% 22.67% 66.85% -3.91% -52.88% 41.73% 77.67% -9.14% -40.25% 5.26% 50.00%
Operating Cash Flow Q/Q Growth		 0.28% -86.24% 1,267.80% 8.48% -29.81% -106.41% 2,142.28% -10.66% -13.05% -106.54% 1,920.95%
Free Cash Flow Firm Q/Q Growth		 -28.44% 1.16% 60.83% 242.44% 7.67% -8.72% 45.14% -94.54% 118.56% -161.12% -31.05%
Invested Capital Q/Q Growth		 3.62% 4.58% -1.90% -4.42% 0.59% 5.78% -1.20% 1.20% -2.34% 7.12% 0.75%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 42.71% 44.48% 46.03% 47.68% 48.53% 47.16% 48.85% 49.13% 48.58% 48.23% 49.38%
EBITDA Margin		 14.44% 16.43% 20.76% 20.96% 13.68% 16.96% 23.26% 20.98% 16.87% 17.78% 20.38%
Operating Margin		 11.42% 13.18% 17.80% 17.95% 12.22% 13.59% 19.95% 18.39% 13.18% 14.26% 17.43%
EBIT Margin		 11.47% 13.24% 17.89% 18.08% 10.65% 13.73% 20.46% 18.23% 13.45% 14.20% 17.35%
Profit (Net Income) Margin		 7.39% 8.77% 12.72% 12.45% 6.78% 9.41% 14.19% 13.08% 9.06% 9.50% 11.95%
Tax Burden Percent		 78.06% 77.65% 78.42% 75.47% 75.15% 78.94% 75.84% 78.82% 77.99% 77.17% 76.56%
Interest Burden Percent		 82.48% 85.32% 90.64% 91.25% 84.76% 86.85% 91.44% 91.03% 86.38% 86.66% 89.96%
Effective Tax Rate		 21.94% 22.35% 21.58% 24.53% 24.85% 21.06% 24.16% 21.18% 22.01% 22.83% 23.44%
Return on Invested Capital (ROIC)		 15.57% 17.44% 24.33% 23.80% 15.82% 17.51% 25.12% 24.50% 17.58% 17.62% 21.45%
ROIC Less NNEP Spread (ROIC-NNEP)		 14.76% 16.69% 23.58% 23.12% 14.55% 16.85% 24.54% 23.60% 16.91% 16.87% 20.60%
Return on Net Nonoperating Assets (RNNOA)		 52.81% 65.24% 82.49% 71.92% 42.57% 54.26% 67.59% 57.51% 41.91% 46.69% 51.94%
Return on Equity (ROE)		 68.38% 82.68% 106.82% 95.72% 58.39% 71.77% 92.71% 82.01% 59.48% 64.31% 73.39%
Cash Return on Invested Capital (CROIC)		 6.08% 6.01% 10.37% 19.16% 21.85% 19.83% 19.98% 15.08% 18.67% 16.14% 13.50%
Operating Return on Assets (OROA)		 11.75% 13.34% 18.17% 18.40% 10.78% 13.55% 20.08% 17.90% 13.34% 13.61% 16.31%
Return on Assets (ROA)		 7.56% 8.84% 12.92% 12.67% 6.86% 9.29% 13.92% 12.84% 8.99% 9.10% 11.24%
Return on Common Equity (ROCE)		 68.38% 82.68% 106.82% 95.72% 58.39% 71.77% 92.71% 82.01% 59.48% 64.31% 73.39%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 67.16% 64.51% 63.99% 0.00% 68.97% 66.98% 61.54% 0.00% 64.89% 57.83%
Net Operating Profit after Tax (NOPAT)		 466 557 871 829 482 576 949 893 545 584 843
NOPAT Margin		 8.91% 10.24% 13.96% 13.55% 9.18% 10.72% 15.13% 14.49% 10.28% 11.00% 13.34%
Net Nonoperating Expense Percent (NNEP)		 0.81% 0.75% 0.76% 0.68% 1.26% 0.66% 0.58% 0.90% 0.67% 0.76% 0.85%
Return On Investment Capital (ROIC_SIMPLE)		 3.41% - - - 3.55% - - - 3.91% 3.92% 5.58%
Cost of Revenue to Revenue		 57.29% 55.52% 53.97% 52.32% 51.47% 52.84% 51.15% 50.87% 51.42% 51.77% 50.62%
SG&A Expenses to Revenue		 31.33% 31.11% 28.20% 28.72% 35.34% 33.53% 29.43% 30.73% 35.55% 33.81% 31.86%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 31.29% 31.30% 28.23% 29.73% 36.31% 33.57% 28.89% 30.74% 35.40% 33.98% 31.96%
Earnings before Interest and Taxes (EBIT)		 600 721 1,117 1,106 559 737 1,283 1,124 713 754 1,096
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 755 894 1,296 1,282 719 910 1,459 1,293 894 943 1,287
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 19.47 18.09 18.65 17.20 21.31 25.27 20.13 23.17 21.13 21.25 19.55
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 2.73 2.54 2.95 2.82 3.43 3.85 3.28 4.18 3.71 3.81 3.73
Price to Earnings (P/E)		 29.90 26.94 28.91 26.88 33.14 36.63 30.05 37.65 31.93 32.75 33.81
Dividend Yield		 1.03% 1.08% 0.92% 0.96% 0.78% 0.73% 0.89% 0.72% 0.84% 0.84% 0.88%
Earnings Yield		 3.35% 3.71% 3.46% 3.72% 3.02% 2.73% 3.33% 2.66% 3.13% 3.05% 2.96%
Enterprise Value to Invested Capital (EV/IC)		 5.25 4.84 5.64 5.63 6.68 7.05 6.17 7.55 6.94 6.69 6.51
Enterprise Value to Revenue (EV/Rev)		 3.19 3.02 3.39 3.23 3.85 4.31 3.72 4.61 4.13 4.27 4.18
Enterprise Value to EBITDA (EV/EBITDA)		 19.79 18.12 19.13 17.61 21.18 23.56 19.60 24.24 20.92 21.43 21.84
Enterprise Value to EBIT (EV/EBIT)		 23.94 21.81 22.83 21.01 25.34 28.16 23.24 28.67 24.71 25.39 26.17
Enterprise Value to NOPAT (EV/NOPAT)		 30.02 27.72 29.17 27.35 32.38 35.91 30.21 36.60 32.18 33.12 33.68
Enterprise Value to Operating Cash Flow (EV/OCF)		 36.86 34.43 30.26 22.95 25.20 29.36 25.41 33.84 30.22 31.21 31.52
Enterprise Value to Free Cash Flow (EV/FCFF)		 91.78 85.66 57.05 29.64 30.36 35.50 30.94 51.63 37.79 42.36 49.79
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.41 3.50 2.86 2.63 2.65 3.06 2.76 2.44 2.44 2.61 2.43
Long-Term Debt to Equity		 3.09 3.03 2.50 2.25 2.25 2.32 2.17 1.97 2.02 1.90 1.78
Financial Leverage		 3.58 3.91 3.50 3.11 2.93 3.22 2.75 2.44 2.48 2.77 2.52
Leverage Ratio		 7.81 8.31 7.72 7.10 6.68 6.98 6.35 5.92 6.00 6.30 6.02
Compound Leverage Factor		 6.44 7.09 7.00 6.47 5.66 6.06 5.81 5.39 5.18 5.46 5.42
Debt to Total Capital		 77.31% 77.76% 74.12% 72.44% 72.61% 75.39% 73.37% 70.93% 70.94% 72.29% 70.83%
Short-Term Debt to Total Capital		 7.16% 10.41% 9.30% 10.48% 10.86% 18.30% 15.67% 13.74% 12.28% 19.79% 18.94%
Long-Term Debt to Total Capital		 70.15% 67.36% 64.82% 61.97% 61.75% 57.09% 57.70% 57.19% 58.66% 52.51% 51.89%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 22.69% 22.24% 25.88% 27.56% 27.39% 24.61% 26.63% 29.07% 29.06% 27.71% 29.17%
Debt to EBITDA		 2.96 2.94 2.55 2.35 2.35 2.55 2.37 2.31 2.17 2.35 2.42
Net Debt to EBITDA		 2.90 2.90 2.50 2.23 2.28 2.51 2.32 2.26 2.12 2.31 2.36
Long-Term Debt to EBITDA		 2.68 2.55 2.23 2.01 2.00 1.93 1.86 1.87 1.79 1.71 1.77
Debt to NOPAT		 4.48 4.50 3.89 3.65 3.59 3.89 3.65 3.49 3.34 3.63 3.73
Net Debt to NOPAT		 4.40 4.44 3.82 3.47 3.49 3.83 3.58 3.41 3.27 3.56 3.64
Long-Term Debt to NOPAT		 4.07 3.90 3.41 3.12 3.06 2.95 2.87 2.82 2.76 2.64 2.73
Altman Z-Score		 3.14 3.03 3.50 3.48 3.82 4.00 3.72 4.38 4.06 3.94 3.88
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.99 1.00 1.00 0.94 0.83 0.78 0.81 0.83 0.79 0.77 0.78
Quick Ratio		 0.46 0.49 0.52 0.52 0.41 0.40 0.44 0.44 0.38 0.38 0.41
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,120 -1,107 -434 618 665 607 881 48 105 -64 -84
Operating Cash Flow to CapEx		 274.17% 42.02% 585.35% 866.12% 307.84% -20.75% 479.43% 456.74% 313.91% -32.28% 613.00%
Free Cash Flow to Firm to Interest Expense		 -10.35 -10.13 -3.88 6.06 7.03 5.90 7.96 0.47 1.07 -0.62 -0.75
Operating Cash Flow to Interest Expense		 5.92 0.81 10.80 12.84 9.71 -0.57 10.86 10.39 9.49 -0.59 9.90
Operating Cash Flow Less CapEx to Interest Expense		 3.76 -1.11 8.96 11.36 6.56 -3.33 8.59 8.12 6.47 -2.41 8.28
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.02 1.01 1.02 1.02 1.01 0.99 0.98 0.98 0.99 0.96 0.94
Accounts Receivable Turnover		 9.01 7.94 7.53 7.89 9.16 8.04 7.46 7.80 9.51 8.20 7.49
Inventory Turnover		 5.63 5.12 5.30 5.25 4.96 4.76 5.05 5.27 5.16 4.83 4.94
Fixed Asset Turnover		 10.87 10.58 10.43 9.97 9.14 8.56 8.25 7.78 7.25 6.91 6.65
Accounts Payable Turnover		 5.30 4.80 4.69 4.81 5.17 4.88 4.80 4.79 5.21 4.76 4.66
Days Sales Outstanding (DSO)		 40.51 45.99 48.49 46.27 39.83 45.42 48.91 46.82 38.37 44.54 48.71
Days Inventory Outstanding (DIO)		 64.81 71.25 68.92 69.48 73.58 76.65 72.22 69.29 70.80 75.59 73.82
Days Payable Outstanding (DPO)		 68.87 76.04 77.90 75.88 70.54 74.87 76.12 76.22 70.04 76.73 78.31
Cash Conversion Cycle (CCC)		 36.44 41.20 39.51 39.87 42.87 47.20 45.01 39.90 39.13 43.40 44.22
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 13,473 14,090 13,823 13,213 13,290 14,059 13,891 14,058 13,729 14,707 14,817
Invested Capital Turnover		 1.75 1.70 1.74 1.76 1.72 1.63 1.66 1.69 1.71 1.60 1.61
Increase / (Decrease) in Invested Capital		 1,587 1,665 1,305 211 -183 -32 68 845 439 648 927
Enterprise Value (EV)		 70,762 68,225 77,917 74,444 88,746 99,081 85,654 106,181 95,290 98,350 96,463
Market Capitalization		 60,392 57,301 67,725 65,012 79,172 88,526 75,515 96,279 85,612 87,774 86,046
Book Value per Share		 $11.97 $12.25 $14.08 $14.70 $14.52 $13.88 $14.80 $16.48 $16.09 $16.43 $17.56
Tangible Book Value per Share		 ($32.74) ($32.43) ($30.05) ($29.00) ($30.44) ($31.27) ($29.77) ($28.38) ($28.04) ($28.13) ($27.73)
Total Capital		 13,672 14,242 14,033 13,716 13,567 14,239 14,091 14,296 13,940 14,907 15,087
Total Debt		 10,570 11,075 10,401 9,936 9,851 10,735 10,339 10,140 9,888 10,776 10,686
Total Long-Term Debt		 9,591 9,593 9,096 8,499 8,378 8,130 8,131 8,175 8,177 7,827 7,829
Net Debt		 10,371 10,924 10,192 9,433 9,574 10,555 10,139 9,902 9,678 10,577 10,417
Capital Expenditures (CapEx)		 234 210 206 151 298 284 251 235 298 189 182
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 727 1,317 1,108 509 82 784 592 482 93 913 817
Debt-free Net Working Capital (DFNWC)		 926 1,469 1,317 1,012 359 964 792 721 304 1,112 1,086
Net Working Capital (NWC)		 -53 -13 12 -424 -1,114 -1,641 -1,416 -1,244 -1,408 -1,837 -1,771
Net Nonoperating Expense (NNE)		 80 80 77 67 126 70 59 87 64 80 88
Net Nonoperating Obligations (NNO)		 10,371 10,924 10,192 9,433 9,574 10,555 10,139 9,902 9,678 10,577 10,417
Total Depreciation and Amortization (D&A)		 155 174 179 176 159 173 176 169 181 190 191
Debt-free, Cash-free Net Working Capital to Revenue		 3.28% 5.83% 4.82% 2.21% 0.36% 3.41% 2.57% 2.09% 0.40% 3.96% 3.54%
Debt-free Net Working Capital to Revenue		 4.18% 6.50% 5.74% 4.40% 1.56% 4.20% 3.44% 3.13% 1.31% 4.83% 4.71%
Net Working Capital to Revenue		 -0.24% -0.06% 0.05% -1.84% -4.83% -7.14% -6.15% -5.40% -6.10% -7.97% -7.67%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.50 $1.86 $3.10 $2.98 $1.41 $2.00 $3.55 $3.22 $1.91 $2.02 $3.04
Adjusted Weighted Average Basic Shares Outstanding		 258M 256.70M 256M 255.10M 255.40M 252.50M 251M 250.60M 251M 249.40M 248.40M
Adjusted Diluted Earnings per Share		 $1.50 $1.84 $3.07 $2.95 $1.39 $1.97 $3.50 $3.18 $1.90 $2.00 $3.00
Adjusted Weighted Average Diluted Shares Outstanding		 261.80M 259.70M 258.90M 258.40M 258.30M 255.80M 254.20M 253.90M 254.10M 252.50M 251.30M
Adjusted Basic & Diluted Earnings per Share		 $1.50 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 258.44M 257.89M 257.15M 255.97M 254.46M 253.55M 252.26M 251.85M 251.36M 250.60M 249.33M
Normalized Net Operating Profit after Tax (NOPAT)		 466 557 898 829 482 576 949 893 545 584 843
Normalized NOPAT Margin		 8.91% 10.24% 14.39% 13.55% 9.18% 10.72% 15.13% 14.49% 10.28% 11.00% 13.34%
Pre Tax Income Margin		 9.46% 11.30% 16.22% 16.50% 9.02% 11.92% 18.71% 16.60% 11.62% 12.31% 15.61%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.54 6.59 10.00 10.85 5.91 7.15 11.58 10.87 7.24 7.26 9.75
NOPAT to Interest Expense		 4.30 5.10 7.80 8.13 5.10 5.59 8.56 8.64 5.53 5.62 7.50
EBIT Less CapEx to Interest Expense		 3.38 4.67 8.15 9.37 2.76 4.40 9.32 8.59 4.21 5.44 8.13
NOPAT Less CapEx to Interest Expense		 2.14 3.18 5.95 6.65 1.94 2.83 6.30 6.36 2.51 3.80 5.88
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 30.62% 29.35% 26.65% 25.80% 26.11% 26.88% 26.74% 27.33% 26.98% 27.66% 29.89%
Augmented Payout Ratio		 74.34% 65.92% 57.20% 70.37% 86.06% 96.23% 101.40% 102.19% 91.83% 85.31% 93.90%

Key Financial Trends

Sherwin-Williams (NYSE: SHW) has demonstrated solid financial performance over the last four years, highlighted by consistent revenue growth, stable profitability, and strategic capital management. Here is a summary of the key trends and financial highlights derived from the quarterly income statements, cash flow statements, and balance sheets spanning 2022 through Q2 2025:

  • Revenue Growth: Operating revenue grew steadily from about $5.23 billion in Q4 2022 to $6.31 billion in Q2 2025, showing healthy demand and expansion.
  • Net Income Increase: Net income improved from $386 million in Q4 2022 to $755 million in Q2 2025, indicating enhanced profitability.
  • Strong Operating Cash Flow: Net cash from continuing operating activities rose significantly, reaching approximately $1.11 billion in Q2 2025 from $641 million in Q4 2022, reflecting solid cash generation.
  • Efficient Capital Expenditures: Capital spending remained moderate relative to cash flows, with Q2 2025 capex at $181.5 million, supporting asset growth while conserving cash.
  • Consistent Dividend Payouts: The company maintained steady quarterly dividends per share, increasing from $0.60 in early 2023 to $0.79 in Q2 2025, highlighting shareholder returns commitment.
  • Shares Outstanding Declining: Weighted average diluted shares outstanding decreased slightly from around 261 million in 2022 to about 251 million in mid-2025, helping boost earnings per share.
  • Rising Debt Levels: Long-term debt increased from roughly $9.6 billion in early 2023 to about $7.8 billion in Q2 2025, showing active debt management but the absolute level remains high.
  • Stable Inventories and Receivables: Inventories and accounts receivable showed moderate increases, consistent with business growth but requiring monitoring for working capital efficiency.
  • Large Share Repurchases: Significant common stock repurchases totaling hundreds of millions of dollars each quarter have reduced cash reserves and shareholder equity, potentially constraining liquidity.
  • Interest Expense Pressure: Interest expense has remained elevated near $110 million per quarter, somewhat offsetting income growth but manageable given operating profit levels.

Summary: Sherwin-Williams is in a strong operational position with rising revenues and profits, healthy cash flow, and disciplined capital allocation including dividends and share buybacks. The company’s balance sheet shows a relatively high but controlled debt level and growing equity base. Investors should watch working capital trends and share repurchase impacts on liquidity. Overall, the financials portray a well-managed company with consistent growth and shareholder return strategies over recent years.

08/28/25 03:06 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Sherwin-Williams' Financials

When does Sherwin-Williams' fiscal year end?

According to the most recent income statement we have on file, Sherwin-Williams' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Sherwin-Williams' net income changed over the last 10 years?

Sherwin-Williams' net income appears to be on an upward trend, with a most recent value of $2.68 billion in 2024, rising from $865.89 million in 2014. The previous period was $2.39 billion in 2023. View Sherwin-Williams' forecast to see where analysts expect Sherwin-Williams to go next.

What is Sherwin-Williams' operating income?
Sherwin-Williams' total operating income in 2024 was $3.81 billion, based on the following breakdown:
  • Total Gross Profit: $11.20 billion
  • Total Operating Expenses: $7.38 billion
How has Sherwin-Williams' revenue changed over the last 10 years?

Over the last 10 years, Sherwin-Williams' total revenue changed from $11.13 billion in 2014 to $23.10 billion in 2024, a change of 107.5%.

How much debt does Sherwin-Williams have?

Sherwin-Williams' total liabilities were at $19.58 billion at the end of 2024, a 1.8% increase from 2023, and a 316.4% increase since 2014.

How much cash does Sherwin-Williams have?

In the past 10 years, Sherwin-Williams' cash and equivalents has ranged from $40.73 million in 2014 to $889.79 million in 2016, and is currently $210.40 million as of their latest financial filing in 2024.

How has Sherwin-Williams' book value per share changed over the last 10 years?

Over the last 10 years, Sherwin-Williams' book value per share changed from 10.38 in 2014 to 16.09 in 2024, a change of 55.0%.


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This page (NYSE:SHW) was last updated on 8/28/2025 by MarketBeat.com Staff
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