Sherwin-Williams (SHW) Financials

$331.08 +0.05 (+0.02%)

Closing price 06/18/2025 03:59 PM Eastern

Extended Trading

$332.99 +1.91 (+0.58%)

As of 09:09 AM Eastern

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	1,054	1,133	1,728	1,109	1,541	2,030	1,864	2,020	2,389	2,681
Consolidated Net Income / (Loss)	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	1,054	1,133	1,770	1,109	1,541	2,030	1,864	2,020	2,389	2,681
Total Pre-Tax Income	1,549	1,595	1,469	1,360	1,982	2,519	2,249	2,573	3,110	3,452
Total Operating Income	1,646	1,745	1,712	2,067	2,326	2,861	2,559	3,003	3,568	3,812
Total Gross Profit	5,560	5,921	6,719	7,419	8,036	8,683	8,543	9,325	10,758	11,195
Total Revenue	11,339	11,856	14,984	17,535	17,901	18,362	19,945	22,149	23,052	23,099
Operating Revenue	11,339	11,856	14,984	17,535	17,901	18,362	19,945	22,149	23,052	23,099
Total Cost of Revenue	5,780	5,934	8,265	10,116	9,865	9,679	11,402	12,824	12,294	11,903
Operating Cost of Revenue	5,780	5,934	8,265	10,116	9,865	9,679	11,402	12,824	12,294	11,903
Total Operating Expenses	3,914	4,176	5,006	5,352	5,710	5,821	5,984	6,322	7,190	7,383
Selling, General & Admin Expense	3,886	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	11	2.00	0.00	122	2.30	0.00	16	58	0.00
Total Other Income / (Expense), net	-97	-150	-243	-707	-345	-342	-310	-430	-458	-360
Interest Expense	62	154	264	367	349	340	335	391	418	416
Interest & Investment Income	1.40	4.96	8.60	5.20	26	3.60	4.90	8.00	25	11
Other Income / (Expense), net	-36	-0.55	12	-346	-21	-5.30	20	-47	-66	45
Income Tax Expense	495	463	-300	251	441	489	384	553	721	770
Basic Earnings per Share	$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	92.20M	91.84M	92.90M	92.99M	275.40M	271.30M	262.50M	258M	255.40M	251M
Diluted Earnings per Share	$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	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	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	$2.68	$3.36	$3.40	$3.44	$1.51	$1.79	$2.20	$2.40	$2.42	$2.86

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Net Income / (Loss) Attributable to Common Shareholders	685	386	477	794	762	356	505	890	806	480	504
Consolidated Net Income / (Loss)	685	386	477	794	762	356	505	890	806	480	504
Net Income / (Loss) Continuing Operations	685	386	477	794	762	356	505	890	806	480	504
Total Pre-Tax Income	877	495	615	1,012	1,009	474	640	1,173	1,023	616	653
Total Operating Income	994	597	717	1,111	1,098	642	729	1,251	1,133	698	756
Total Gross Profit	2,589	2,234	2,421	2,872	2,916	2,549	2,531	3,063	3,028	2,573	2,559
Total Revenue	6,047	5,231	5,442	6,241	6,117	5,252	5,367	6,272	6,163	5,297	5,306
Operating Revenue	6,047	5,231	5,442	6,241	6,117	5,252	5,367	6,272	6,163	5,297	5,306
Total Cost of Revenue	3,458	2,997	3,022	3,368	3,201	2,704	2,836	3,208	3,135	2,724	2,747
Operating Cost of Revenue	3,458	2,997	3,022	3,368	3,201	2,704	2,836	3,208	3,135	2,724	2,747
Total Operating Expenses	1,596	1,637	1,704	1,762	1,818	1,907	1,802	1,812	1,894	1,875	1,803
Selling, General & Admin Expense	1,610	1,639	1,693	1,760	1,757	1,856	1,800	1,846	1,894	1,883	1,794
Other Operating Expenses / (Income)	-14	-17	11	-33	62	27	2.00	-34	0.70	-7.90	8.90
Total Other Income / (Expense), net	-117	-102	-103	-99	-89	-168	-89	-78	-110	-83	-103
Interest Expense	101	108	109	112	102	95	103	111	103	99	104
Interest & Investment Income	2.60	3.20	3.50	7.20	5.10	9.40	6.10	0.90	2.60	1.40	3.30
Other Income / (Expense), net	-18	2.90	3.20	5.80	8.00	-83	7.70	32	-9.50	15	-2.90
Income Tax Expense	192	109	137	218	248	118	135	284	217	136	149
Basic Earnings per Share	$2.66	$1.50	$1.86	$3.10	$2.98	$1.41	$2.00	$3.55	$3.22	$1.91	$2.02
Weighted Average Basic Shares Outstanding	257.70M	258M	256.70M	256M	255.10M	255.40M	252.50M	251M	250.60M	251M	249.40M
Diluted Earnings per Share	$2.62	$1.50	$1.84	$3.07	$2.95	$1.39	$1.97	$3.50	$3.18	$1.90	$2.00
Weighted Average Diluted Shares Outstanding	261.10M	261.80M	259.70M	258.90M	258.40M	258.30M	255.80M	254.20M	253.90M	254.10M	252.50M
Weighted Average Basic & Diluted Shares Outstanding	259.14M	258.44M	257.89M	257.15M	255.97M	254.46M	253.55M	252.26M	251.85M	251.36M	250.60M
Cash Dividends to Common per Share	$0.60	$0.60	$0.61	$0.61	$0.61	-	$0.72	$0.72	$0.72	-	$0.79

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Net Change in Cash & Equivalents	-182	68	-47	58	294	-227	-97	20	38	-28	-11
Net Cash From Operating Activities	639	641	88	1,206	1,309	919	-59	1,203	1,075	935	-61
Net Cash From Continuing Operating Activities	639	641	88	1,206	1,309	919	-59	1,203	1,075	935	-61
Net Income / (Loss) Continuing Operations	685	386	477	794	762	356	505	890	806	480	504
Consolidated Net Income / (Loss)	685	386	477	794	762	356	505	890	806	480	504
Depreciation Expense	65	69	70	76	72	74	71	72	74	80	80
Amortization Expense	88	86	103	103	104	85	102	104	95	101	110
Non-Cash Adjustments To Reconcile Net Income	139	179	126	143	133	190	127	122	133	132	140
Changes in Operating Assets and Liabilities, net	-338	-80	-689	91	239	214	-864	16	-34	142	-895
Net Cash From Investing Activities	-577	-557	-233	-185	-91	-530	-321	-261	-329	-286	-316
Net Cash From Continuing Investing Activities	-577	-557	-233	-185	-91	-530	-321	-261	-329	-286	-316
Purchase of Property, Plant & Equipment	-175	-234	-210	-206	-153	-320	-284	-251	-235	-300	-189
Acquisitions	-415	-376	-0.30	-23	-	-242	0.00	-	-	-79	-82
Other Investing Activities, net	-5.00	53	-23	-36	-11	9.60	-38	-19	-93	91	-45
Net Cash From Financing Activities	-256	-19	98	-968	-916	-640	290	-917	-719	-671	367
Net Cash From Continuing Financing Activities	-256	-19	98	-968	-916	-640	290	-917	-719	-671	367
Repayment of Debt	-0.50	218	-25	-172	-468	-123	-20	479	-1,089	-260	-283
Repurchase of Common Equity	-48	-132	-302	-234	-410	-486	-546	-434	-449	-310	-352
Payment of Dividends	-156	-156	-157	-156	-156	-155	-183	-179	-183	-180	-200
Issuance of Debt	-64	-185	503	-	-	-	883	-	-	-	1,136
Other Financing Activities, net	13	236	78	98	118	124	155	99	153	80	67
Effect of Exchange Rate Changes	11	3.20	-0.30	3.80	-8.10	25	-6.30	-4.60	11	-6.00	-0.50
Cash Interest Paid	89	104	113	107	104	92	108	106	109	85	120
Cash Income Taxes Paid	253	150	41	265	217	294	70	173	355	182	90

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Total Assets	22,246	22,594	23,130	23,166	23,005	22,954	23,428	23,734	23,968	23,633	24,636
Total Current Assets	6,117	5,908	6,293	6,351	6,199	5,513	5,842	6,051	5,974	5,401	6,040
Cash & Equivalents	131	199	151	209	503	277	180	200	238	210	200
Accounts Receivable	2,898	2,564	2,909	3,118	2,941	2,468	2,809	3,048	2,973	2,389	2,813
Inventories, net	2,548	2,627	2,708	2,439	2,244	2,330	2,378	2,289	2,267	2,288	2,515
Other Current Assets	541	519	524	584	510	438	475	513	495	514	512
Plant, Property, & Equipment, net	2,041	2,207	2,362	2,443	2,581	2,837	3,009	3,137	3,345	3,533	3,663
Total Noncurrent Assets	14,087	14,479	14,475	14,373	14,225	14,605	14,577	14,547	14,649	14,699	14,933
Goodwill	7,318	7,583	7,445	7,447	7,412	7,626	7,621	7,607	7,657	7,580	7,708
Intangible Assets	3,958	4,002	4,104	3,934	3,824	3,881	3,778	3,693	3,657	3,533	3,493
Other Noncurrent Operating Assets	2,811	2,894	2,926	2,992	2,989	3,098	3,178	3,247	3,335	3,585	3,731
Total Liabilities & Shareholders' Equity	22,246	22,594	23,130	23,166	23,005	22,954	23,428	23,734	23,968	23,633	24,636
Total Liabilities	19,648	19,492	19,963	19,535	19,225	19,239	19,924	19,982	19,812	19,581	20,506
Total Current Liabilities	6,096	5,961	6,306	6,339	6,623	6,627	7,484	7,467	7,218	6,809	7,877
Short-Term Debt	946	979	1,482	1,306	1,437	1,473	2,605	2,208	1,964	1,712	2,949
Accounts Payable	2,808	2,437	2,514	2,490	2,425	2,315	2,454	2,494	2,538	2,253	2,513
Current Deferred & Payable Income Tax Liabilities	205	197	315	308	380	197	240	347	215	174	226
Current Employee Benefit Liabilities	651	785	528	701	768	863	560	709	726	843	567
Other Current Liabilities	1,486	1,564	1,467	1,535	1,614	1,779	1,624	1,709	1,776	1,827	1,622
Total Noncurrent Liabilities	13,552	13,531	13,657	13,196	12,601	12,612	12,441	12,516	12,594	12,773	12,629
Long-Term Debt	9,589	9,591	9,593	9,096	8,499	8,378	8,130	8,131	8,175	8,177	7,827
Noncurrent Deferred & Payable Income Tax Liabilities	692	682	740	711	648	683	666	642	632	608	586
Noncurrent Employee Benefit Liabilities	257	139	139	139	139	133	133	133	133	121	121
Other Noncurrent Operating Liabilities	3,015	3,119	3,185	3,250	3,314	3,418	3,512	3,610	3,654	3,868	4,096
Total Equity & Noncontrolling Interests	2,598	3,102	3,167	3,631	3,780	3,716	3,504	3,752	4,156	4,051	4,130
Total Preferred & Common Equity	2,598	3,102	3,167	3,631	3,780	3,716	3,504	3,752	4,156	4,051	4,130
Total Common Equity	2,598	3,102	3,167	3,631	3,780	3,716	3,504	3,752	4,156	4,051	4,130
Common Stock	4,011	4,055	4,089	4,136	4,196	4,285	4,391	4,434	4,564	4,669	4,715
Retained Earnings	3,293	3,523	3,844	4,482	5,087	5,288	5,611	6,322	6,946	7,246	7,550
Treasury Stock	-3,643	-3,776	-4,101	-4,335	-4,747	-5,234	-5,793	-6,228	-6,678	-6,989	-7,362
Accumulated Other Comprehensive Income / (Loss)	-1,063	-701	-666	-651	-756	-624	-705	-777	-676	-875	-773

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	1.88%	4.55%	26.39%	17.02%	2.09%	2.57%	8.62%	11.05%	4.08%	0.20%
EBITDA Growth	19.02%	10.74%	16.58%	-0.36%	24.03%	22.15%	-9.20%	11.57%	17.19%	8.72%
EBIT Growth	21.97%	8.39%	-1.16%	-0.17%	33.93%	23.89%	-9.72%	14.64%	18.48%	10.12%
NOPAT Growth	21.28%	10.66%	66.45%	-18.28%	7.36%	27.46%	-8.00%	11.12%	16.24%	8.05%
Net Income Growth	21.71%	7.48%	52.55%	-35.84%	39.02%	31.73%	-8.18%	8.35%	18.25%	12.25%
EPS Growth	27.14%	7.53%	51.79%	-35.88%	39.02%	31.73%	-5.16%	10.60%	19.82%	14.05%
Operating Cash Flow Growth	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	37.14%	-27.91%	-1,084.87%	130.47%	-23.77%	57.42%	-41.66%	-59.66%	279.17%	-13.74%
Invested Capital Growth	-5.17%	12.60%	374.78%	-7.49%	-2.11%	-7.67%	1.80%	13.35%	-1.36%	3.31%
Revenue Q/Q Growth	0.31%	1.52%	8.68%	0.49%	0.28%	2.08%	1.39%	2.16%	0.09%	0.20%
EBITDA Q/Q Growth	6.54%	2.33%	5.05%	-7.51%	6.13%	9.80%	-6.98%	5.18%	-0.87%	4.00%
EBIT Q/Q Growth	7.55%	1.70%	-1.81%	-6.76%	7.86%	8.71%	-7.03%	7.62%	-1.15%	4.15%
NOPAT Q/Q Growth	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	6.60%	0.44%	60.30%	-40.42%	10.60%	8.46%	-5.24%	4.25%	-1.24%	4.84%
EPS Q/Q Growth	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	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	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	-7.77%	2.95%	3.57%	-3.74%	-0.74%	-1.70%	4.70%	3.62%	0.59%	-2.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.03%	49.94%	44.84%	42.31%	44.89%	47.29%	42.83%	42.10%	46.67%	48.47%
EBITDA Margin	15.97%	16.92%	15.60%	13.29%	16.14%	19.22%	16.07%	16.14%	18.18%	19.72%
Operating Margin	14.51%	14.72%	11.43%	11.79%	13.00%	15.58%	12.83%	13.56%	15.48%	16.50%
EBIT Margin	14.19%	14.71%	11.51%	9.82%	12.88%	15.55%	12.93%	13.35%	15.19%	16.70%
Profit (Net Income) Margin	9.29%	9.55%	11.53%	6.32%	8.61%	11.06%	9.35%	9.12%	10.36%	11.61%
Tax Burden Percent	68.04%	71.01%	117.60%	81.54%	77.77%	80.60%	82.91%	78.51%	76.81%	77.68%
Interest Burden Percent	96.25%	91.45%	85.22%	79.00%	85.97%	88.21%	87.21%	87.05%	88.80%	89.51%
Effective Tax Rate	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)	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)	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)	71.32%	37.87%	38.14%	17.51%	25.10%	33.54%	43.64%	54.34%	49.59%	47.13%
Return on Equity (ROE)	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)	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)	28.04%	27.84%	12.94%	8.82%	11.63%	13.97%	12.56%	13.67%	15.38%	16.56%
Return on Assets (ROA)	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)	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)	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)	1,120	1,239	2,062	1,685	1,809	2,306	2,122	2,358	2,740	2,961
NOPAT Margin	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)	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	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	34.27%	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%
Operating Expenses to Revenue	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)	1,609	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)	1,811	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)	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	46.87	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	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)	21.12	20.55	20.89	31.55	33.49	31.78	48.26	29.90	33.14	31.93
Dividend Yield	1.12%	1.34%	0.88%	0.92%	0.81%	0.75%	0.64%	1.03%	0.78%	0.84%
Earnings Yield	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)	9.19	8.27	3.32	3.42	4.76	6.22	8.36	5.25	6.68	6.94
Enterprise Value to Revenue (EV/Rev)	2.12	2.05	3.10	2.52	3.36	3.95	4.99	3.19	3.85	4.13
Enterprise Value to EBITDA (EV/EBITDA)	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)	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)	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)	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)	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	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	2.20	0.64	2.71	2.33	1.95	2.29	3.52	3.09	2.25	2.02
Financial Leverage	1.88	1.02	2.06	2.64	2.26	2.14	2.90	3.58	2.93	2.48
Leverage Ratio	6.16	4.56	4.82	5.29	5.05	5.29	6.79	7.81	6.68	6.00
Compound Leverage Factor	5.93	4.17	4.11	4.18	4.34	4.66	5.92	6.80	5.93	5.37
Debt to Total Capital	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	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	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%
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%
Common Equity to Total Capital	30.80%	49.03%	25.75%	28.53%	32.19%	30.34%	20.22%	22.69%	27.39%	29.06%
Debt to EBITDA	1.08	0.97	4.50	4.01	3.01	2.35	3.00	2.96	2.35	2.17
Net Debt to EBITDA	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	1.05	0.60	4.23	3.74	2.79	2.34	2.68	2.68	2.00	1.79
Debt to NOPAT	1.74	1.58	5.10	5.54	4.80	3.60	4.53	4.48	3.59	3.34
Net Debt to NOPAT	1.56	0.86	5.00	5.45	4.71	3.50	4.45	4.40	3.49	3.27
Long-Term Debt to NOPAT	1.70	0.98	4.79	5.17	4.45	3.58	4.05	4.07	3.06	2.76
Altman Z-Score	6.49	6.45	2.78	3.04	3.65	3.73	4.44	3.49	4.24	4.50
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.24	1.28	1.11	1.01	1.02	1.00	0.88	0.99	0.83	0.79
Quick Ratio	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)	1,262	910	-8,961	2,731	2,081	3,277	1,911	771	2,924	2,522
Operating Cash Flow to CapEx	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	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	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	19.82	7.19	6.48	4.72	5.72	9.30	5.64	3.35	6.48	5.04
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.98	1.89	1.12	0.90	0.90	0.90	0.97	1.02	1.01	0.99
Accounts Receivable Turnover	10.10	10.11	8.98	8.50	8.72	8.81	9.00	9.01	9.16	9.51
Inventory Turnover	5.63	5.69	5.88	5.69	5.33	5.24	6.11	5.63	4.96	5.16
Fixed Asset Turnover	10.99	11.09	10.08	9.60	9.91	10.01	10.78	10.87	9.14	7.25
Accounts Payable Turnover	5.25	5.41	5.85	5.63	5.37	4.85	5.04	5.30	5.17	5.21
Days Sales Outstanding (DSO)	36.13	36.10	40.63	42.92	41.88	41.42	40.54	40.51	39.83	38.37
Days Inventory Outstanding (DIO)	64.80	64.18	62.07	64.19	68.54	69.64	59.72	64.81	73.58	70.80
Days Payable Outstanding (DPO)	69.46	67.42	62.40	64.78	68.00	75.31	72.36	68.87	70.54	70.04
Cash Conversion Cycle (CCC)	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	2,612	2,941	13,964	12,919	12,647	11,676	11,887	13,473	13,290	13,729
Invested Capital Turnover	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	-142	329	11,023	-1,045	-272	-970	210	1,587	-183	439
Enterprise Value (EV)	23,998	24,334	46,415	44,163	60,144	72,595	99,423	70,762	88,746	95,290
Market Capitalization	22,254	23,272	36,099	34,975	51,620	64,530	89,974	60,392	79,172	85,612
Book Value per Share	$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	($5.70)	$5.34	($98.05)	($90.01)	($82.51)	($87.09)	($33.18)	($32.74)	($30.44)	($28.04)
Total Capital	2,818	3,831	14,169	13,074	12,809	11,903	12,052	13,672	13,567	13,940
Total Debt	1,950	1,953	10,521	9,344	8,685	8,292	9,615	10,570	9,851	9,888
Total Long-Term Debt	1,907	1,211	9,886	8,708	8,051	8,267	8,591	9,591	8,378	8,177
Net Debt	1,744	1,063	10,316	9,188	8,523	8,066	9,449	10,371	9,574	9,678
Capital Expenditures (CapEx)	223	201	176	213	322	243	357	611	818	1,058
Debt-free, Cash-free Net Working Capital (DFCFNWC)	352	650	851	527	583	-204	193	727	82	93
Debt-free Net Working Capital (DFNWC)	558	1,539	1,055	682	744	22	358	926	359	304
Net Working Capital (NWC)	515	798	420	47	110	-3.00	-666	-53	-1,114	-1,408
Net Nonoperating Expense (NNE)	66	106	334	576	268	276	257	337	352	280
Net Nonoperating Obligations (NNO)	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	261	614	608	584	673	626	620	688	699
Debt-free, Cash-free Net Working Capital to Revenue	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	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	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	$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	276.81M	279.92M	281.98M	278.15M	276.68M	271.28M	262.50M	258M	255.40M	251M
Adjusted Diluted Earnings per Share	$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	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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	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)	1,120	1,247	1,200	1,685	1,904	2,308	2,122	2,370	2,785	2,961
Normalized NOPAT Margin	9.87%	10.51%	8.01%	9.61%	10.64%	12.57%	10.64%	10.70%	12.08%	12.82%
Pre Tax Income Margin	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	26.05	11.32	6.54	4.69	6.60	8.39	7.70	7.56	8.39	9.28
NOPAT to Interest Expense	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	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	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	23.69%	27.55%	18.46%	29.12%	27.30%	24.03%	31.49%	30.62%	26.11%	26.98%
Augmented Payout Ratio	121.93%	27.55%	18.46%	84.44%	77.83%	144.52%	179.11%	74.34%	86.06%	91.83%

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.50%	9.84%	8.88%	6.27%	1.15%	0.41%	-1.38%	0.50%	0.75%	0.86%	-1.15%
EBITDA Growth	35.13%	30.43%	26.93%	31.24%	13.57%	-4.86%	1.80%	12.60%	0.86%	24.35%	3.61%
EBIT Growth	40.63%	53.53%	31.35%	34.29%	13.32%	-6.80%	2.26%	14.93%	1.61%	27.45%	2.25%
NOPAT Growth	35.88%	81.73%	22.63%	31.68%	6.73%	3.47%	3.33%	8.94%	7.80%	12.92%	1.40%
Net Income Growth	36.42%	27.07%	28.75%	37.34%	11.15%	-7.79%	5.82%	12.12%	5.87%	34.78%	-0.26%
EPS Growth	39.36%	29.31%	30.50%	38.91%	12.60%	-7.33%	7.07%	14.01%	7.80%	36.69%	1.52%
Operating Cash Flow Growth	-24.75%	230.58%	235.36%	96.67%	104.74%	43.31%	-166.78%	-0.29%	-17.88%	1.73%	-3.74%
Free Cash Flow Firm Growth	-179.56%	-2,521.70%	-1,022.84%	-137.24%	170.83%	159.38%	154.84%	303.20%	-92.21%	-84.19%	-110.59%
Invested Capital Growth	14.52%	13.35%	13.40%	10.42%	1.62%	-1.36%	-0.23%	0.49%	6.40%	3.31%	4.61%
Revenue Q/Q Growth	2.98%	-13.51%	4.05%	14.67%	-1.99%	-14.13%	2.19%	16.85%	-1.74%	-14.04%	0.16%
EBITDA Q/Q Growth	14.32%	-33.08%	18.38%	44.91%	-1.07%	-43.94%	26.66%	60.28%	-11.39%	-30.88%	5.54%
EBIT Q/Q Growth	17.35%	-38.51%	20.10%	54.95%	-0.97%	-49.43%	31.78%	74.15%	-12.44%	-36.57%	5.72%
NOPAT Q/Q Growth	17.34%	-39.96%	19.52%	56.37%	-4.89%	-41.80%	19.37%	64.86%	-5.88%	-39.03%	7.19%
Net Income Q/Q Growth	18.55%	-43.61%	23.58%	66.25%	-4.06%	-53.22%	41.83%	76.15%	-9.41%	-40.45%	4.96%
EPS Q/Q Growth	18.55%	-42.75%	22.67%	66.85%	-3.91%	-52.88%	41.73%	77.67%	-9.14%	-40.25%	5.26%
Operating Cash Flow Q/Q Growth	4.21%	0.28%	-86.24%	1,267.80%	8.48%	-29.81%	-106.41%	2,142.28%	-10.66%	-13.05%	-106.54%
Free Cash Flow Firm Q/Q Growth	-377.09%	-28.44%	1.16%	60.83%	242.44%	7.67%	-8.72%	45.14%	-94.54%	118.56%	-161.12%
Invested Capital Q/Q Growth	3.86%	3.62%	4.58%	-1.90%	-4.42%	0.59%	5.78%	-1.20%	1.20%	-2.34%	7.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.82%	42.71%	44.48%	46.03%	47.68%	48.53%	47.16%	48.85%	49.13%	48.58%	48.23%
EBITDA Margin	18.66%	14.44%	16.43%	20.76%	20.96%	13.68%	16.96%	23.26%	20.98%	16.87%	17.78%
Operating Margin	16.44%	11.42%	13.18%	17.80%	17.95%	12.22%	13.59%	19.95%	18.39%	13.18%	14.26%
EBIT Margin	16.14%	11.47%	13.24%	17.89%	18.08%	10.65%	13.73%	20.46%	18.23%	13.45%	14.20%
Profit (Net Income) Margin	11.33%	7.39%	8.77%	12.72%	12.45%	6.78%	9.41%	14.19%	13.08%	9.06%	9.50%
Tax Burden Percent	78.10%	78.06%	77.65%	78.42%	75.47%	75.15%	78.94%	75.84%	78.82%	77.99%	77.17%
Interest Burden Percent	89.90%	82.48%	85.32%	90.64%	91.25%	84.76%	86.85%	91.44%	91.03%	86.38%	86.66%
Effective Tax Rate	21.90%	21.94%	22.35%	21.58%	24.53%	24.85%	21.06%	24.16%	21.18%	22.01%	22.83%
Return on Invested Capital (ROIC)	22.85%	15.57%	17.44%	24.33%	23.80%	15.82%	17.51%	25.12%	24.50%	17.58%	17.62%
ROIC Less NNEP Spread (ROIC-NNEP)	21.90%	14.76%	16.69%	23.58%	23.12%	14.55%	16.85%	24.54%	23.60%	16.91%	16.87%
Return on Net Nonoperating Assets (RNNOA)	78.95%	52.81%	65.24%	82.49%	71.92%	42.57%	54.26%	67.59%	57.51%	41.91%	46.69%
Return on Equity (ROE)	101.80%	68.38%	82.68%	106.82%	95.72%	58.39%	71.77%	92.71%	82.01%	59.48%	64.31%
Cash Return on Invested Capital (CROIC)	4.24%	6.08%	6.01%	10.37%	19.16%	21.85%	19.83%	19.98%	15.08%	18.67%	16.14%
Operating Return on Assets (OROA)	16.28%	11.75%	13.34%	18.17%	18.40%	10.78%	13.55%	20.08%	17.90%	13.34%	13.61%
Return on Assets (ROA)	11.43%	7.56%	8.84%	12.92%	12.67%	6.86%	9.29%	13.92%	12.84%	8.99%	9.10%
Return on Common Equity (ROCE)	101.80%	68.38%	82.68%	106.82%	95.72%	58.39%	71.77%	92.71%	82.01%	59.48%	64.31%
Return on Equity Simple (ROE_SIMPLE)	74.59%	0.00%	67.16%	64.51%	63.99%	0.00%	68.97%	66.98%	61.54%	0.00%	64.89%
Net Operating Profit after Tax (NOPAT)	776	466	557	871	829	482	576	949	893	545	584
NOPAT Margin	12.84%	8.91%	10.24%	13.96%	13.55%	9.18%	10.72%	15.13%	14.49%	10.28%	11.00%
Net Nonoperating Expense Percent (NNEP)	0.96%	0.81%	0.75%	0.76%	0.68%	1.26%	0.66%	0.58%	0.90%	0.67%	0.76%
Return On Investment Capital (ROIC_SIMPLE)	-	3.41%	-	-	-	3.55%	-	-	-	3.91%	3.92%
Cost of Revenue to Revenue	57.18%	57.29%	55.52%	53.97%	52.32%	51.47%	52.84%	51.15%	50.87%	51.42%	51.77%
SG&A Expenses to Revenue	26.62%	31.33%	31.11%	28.20%	28.72%	35.34%	33.53%	29.43%	30.73%	35.55%	33.81%
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	26.38%	31.29%	31.30%	28.23%	29.73%	36.31%	33.57%	28.89%	30.74%	35.40%	33.98%
Earnings before Interest and Taxes (EBIT)	976	600	721	1,117	1,106	559	737	1,283	1,124	713	754
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,129	755	894	1,296	1,282	719	910	1,459	1,293	894	943
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	20.05	19.47	18.09	18.65	17.20	21.31	25.27	20.13	23.17	21.13	21.25
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)	2.40	2.73	2.54	2.95	2.82	3.43	3.85	3.28	4.18	3.71	3.81
Price to Earnings (P/E)	26.87	29.90	26.94	28.91	26.88	33.14	36.63	30.05	37.65	31.93	32.75
Dividend Yield	1.17%	1.03%	1.08%	0.92%	0.96%	0.78%	0.73%	0.89%	0.72%	0.84%	0.84%
Earnings Yield	3.72%	3.35%	3.71%	3.46%	3.72%	3.02%	2.73%	3.33%	2.66%	3.13%	3.05%
Enterprise Value to Invested Capital (EV/IC)	4.81	5.25	4.84	5.64	5.63	6.68	7.05	6.17	7.55	6.94	6.69
Enterprise Value to Revenue (EV/Rev)	2.88	3.19	3.02	3.39	3.23	3.85	4.31	3.72	4.61	4.13	4.27
Enterprise Value to EBITDA (EV/EBITDA)	18.38	19.79	18.12	19.13	17.61	21.18	23.56	19.60	24.24	20.92	21.43
Enterprise Value to EBIT (EV/EBIT)	22.75	23.94	21.81	22.83	21.01	25.34	28.16	23.24	28.67	24.71	25.39
Enterprise Value to NOPAT (EV/NOPAT)	28.87	30.02	27.72	29.17	27.35	32.38	35.91	30.21	36.60	32.18	33.12
Enterprise Value to Operating Cash Flow (EV/OCF)	42.42	36.86	34.43	30.26	22.95	25.20	29.36	25.41	33.84	30.22	31.21
Enterprise Value to Free Cash Flow (EV/FCFF)	121.10	91.78	85.66	57.05	29.64	30.36	35.50	30.94	51.63	37.79	42.36
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.06	3.41	3.50	2.86	2.63	2.65	3.06	2.76	2.44	2.44	2.61
Long-Term Debt to Equity	3.69	3.09	3.03	2.50	2.25	2.25	2.32	2.17	1.97	2.02	1.90
Financial Leverage	3.61	3.58	3.91	3.50	3.11	2.93	3.22	2.75	2.44	2.48	2.77
Leverage Ratio	8.13	7.81	8.31	7.72	7.10	6.68	6.98	6.35	5.92	6.00	6.30
Compound Leverage Factor	7.31	6.44	7.09	7.00	6.47	5.66	6.06	5.81	5.39	5.18	5.46
Debt to Total Capital	80.22%	77.31%	77.76%	74.12%	72.44%	72.61%	75.39%	73.37%	70.93%	70.94%	72.29%
Short-Term Debt to Total Capital	7.20%	7.16%	10.41%	9.30%	10.48%	10.86%	18.30%	15.67%	13.74%	12.28%	19.79%
Long-Term Debt to Total Capital	73.02%	70.15%	67.36%	64.82%	61.97%	61.75%	57.09%	57.70%	57.19%	58.66%	52.51%
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	19.78%	22.69%	22.24%	25.88%	27.56%	27.39%	24.61%	26.63%	29.07%	29.06%	27.71%
Debt to EBITDA	3.10	2.96	2.94	2.55	2.35	2.35	2.55	2.37	2.31	2.17	2.35
Net Debt to EBITDA	3.06	2.90	2.90	2.50	2.23	2.28	2.51	2.32	2.26	2.12	2.31
Long-Term Debt to EBITDA	2.82	2.68	2.55	2.23	2.01	2.00	1.93	1.86	1.87	1.79	1.71
Debt to NOPAT	4.87	4.48	4.50	3.89	3.65	3.59	3.89	3.65	3.49	3.34	3.63
Net Debt to NOPAT	4.81	4.40	4.44	3.82	3.47	3.49	3.83	3.58	3.41	3.27	3.56
Long-Term Debt to NOPAT	4.43	4.07	3.90	3.41	3.12	3.06	2.95	2.87	2.82	2.76	2.64
Altman Z-Score	2.92	3.14	3.03	3.50	3.48	3.82	4.00	3.72	4.38	4.06	3.94
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	1.00	0.99	1.00	1.00	0.94	0.83	0.78	0.81	0.83	0.79	0.77
Quick Ratio	0.50	0.46	0.49	0.52	0.52	0.41	0.40	0.44	0.44	0.38	0.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-872	-1,120	-1,107	-434	618	665	607	881	48	105	-64
Operating Cash Flow to CapEx	408.17%	274.17%	42.02%	585.35%	866.12%	307.84%	-20.75%	479.43%	456.74%	313.91%	-32.28%
Free Cash Flow to Firm to Interest Expense	-8.62	-10.35	-10.13	-3.88	6.06	7.03	5.90	7.96	0.47	1.07	-0.62
Operating Cash Flow to Interest Expense	6.32	5.92	0.81	10.80	12.84	9.71	-0.57	10.86	10.39	9.49	-0.59
Operating Cash Flow Less CapEx to Interest Expense	4.77	3.76	-1.11	8.96	11.36	6.56	-3.33	8.59	8.12	6.47	-2.41
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.01	1.02	1.01	1.02	1.02	1.01	0.99	0.98	0.98	0.99	0.96
Accounts Receivable Turnover	7.89	9.01	7.94	7.53	7.89	9.16	8.04	7.46	7.80	9.51	8.20
Inventory Turnover	5.83	5.63	5.12	5.30	5.25	4.96	4.76	5.05	5.27	5.16	4.83
Fixed Asset Turnover	11.21	10.87	10.58	10.43	9.97	9.14	8.56	8.25	7.78	7.25	6.91
Accounts Payable Turnover	4.64	5.30	4.80	4.69	4.81	5.17	4.88	4.80	4.79	5.21	4.76
Days Sales Outstanding (DSO)	46.26	40.51	45.99	48.49	46.27	39.83	45.42	48.91	46.82	38.37	44.54
Days Inventory Outstanding (DIO)	62.66	64.81	71.25	68.92	69.48	73.58	76.65	72.22	69.29	70.80	75.59
Days Payable Outstanding (DPO)	78.74	68.87	76.04	77.90	75.88	70.54	74.87	76.12	76.22	70.04	76.73
Cash Conversion Cycle (CCC)	30.18	36.44	41.20	39.51	39.87	42.87	47.20	45.01	39.90	39.13	43.40
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	13,002	13,473	14,090	13,823	13,213	13,290	14,059	13,891	14,058	13,729	14,707
Invested Capital Turnover	1.78	1.75	1.70	1.74	1.76	1.72	1.63	1.66	1.69	1.71	1.60
Increase / (Decrease) in Invested Capital	1,649	1,587	1,665	1,305	211	-183	-32	68	845	439	648
Enterprise Value (EV)	62,479	70,762	68,225	77,917	74,444	88,746	99,081	85,654	106,181	95,290	98,350
Market Capitalization	52,075	60,392	57,301	67,725	65,012	79,172	88,526	75,515	96,279	85,612	87,774
Book Value per Share	$10.02	$11.97	$12.25	$14.08	$14.70	$14.52	$13.88	$14.80	$16.48	$16.09	$16.43
Tangible Book Value per Share	($33.48)	($32.74)	($32.43)	($30.05)	($29.00)	($30.44)	($31.27)	($29.77)	($28.38)	($28.04)	($28.13)
Total Capital	13,133	13,672	14,242	14,033	13,716	13,567	14,239	14,091	14,296	13,940	14,907
Total Debt	10,535	10,570	11,075	10,401	9,936	9,851	10,735	10,339	10,140	9,888	10,776
Total Long-Term Debt	9,589	9,591	9,593	9,096	8,499	8,378	8,130	8,131	8,175	8,177	7,827
Net Debt	10,404	10,371	10,924	10,192	9,433	9,574	10,555	10,139	9,902	9,678	10,577
Capital Expenditures (CapEx)	157	234	210	206	151	298	284	251	235	298	189
Debt-free, Cash-free Net Working Capital (DFCFNWC)	837	727	1,317	1,108	509	82	784	592	482	93	913
Debt-free Net Working Capital (DFNWC)	967	926	1,469	1,317	1,012	359	964	792	721	304	1,112
Net Working Capital (NWC)	21	-53	-13	12	-424	-1,114	-1,641	-1,416	-1,244	-1,408	-1,837
Net Nonoperating Expense (NNE)	91	80	80	77	67	126	70	59	87	64	80
Net Nonoperating Obligations (NNO)	10,404	10,371	10,924	10,192	9,433	9,574	10,555	10,139	9,902	9,678	10,577
Total Depreciation and Amortization (D&A)	153	155	174	179	176	159	173	176	169	181	190
Debt-free, Cash-free Net Working Capital to Revenue	3.86%	3.28%	5.83%	4.82%	2.21%	0.36%	3.41%	2.57%	2.09%	0.40%	3.96%
Debt-free Net Working Capital to Revenue	4.46%	4.18%	6.50%	5.74%	4.40%	1.56%	4.20%	3.44%	3.13%	1.31%	4.83%
Net Working Capital to Revenue	0.10%	-0.24%	-0.06%	0.05%	-1.84%	-4.83%	-7.14%	-6.15%	-5.40%	-6.10%	-7.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.66	$1.50	$1.86	$3.10	$2.98	$1.41	$2.00	$3.55	$3.22	$1.91	$2.02
Adjusted Weighted Average Basic Shares Outstanding	257.70M	258M	256.70M	256M	255.10M	255.40M	252.50M	251M	250.60M	251M	249.40M
Adjusted Diluted Earnings per Share	$2.62	$1.50	$1.84	$3.07	$2.95	$1.39	$1.97	$3.50	$3.18	$1.90	$2.00
Adjusted Weighted Average Diluted Shares Outstanding	261.10M	261.80M	259.70M	258.90M	258.40M	258.30M	255.80M	254.20M	253.90M	254.10M	252.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$1.50	$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	259.14M	258.44M	257.89M	257.15M	255.97M	254.46M	253.55M	252.26M	251.85M	251.36M	250.60M
Normalized Net Operating Profit after Tax (NOPAT)	776	466	557	898	829	482	576	949	893	545	584
Normalized NOPAT Margin	12.84%	8.91%	10.24%	14.39%	13.55%	9.18%	10.72%	15.13%	14.49%	10.28%	11.00%
Pre Tax Income Margin	14.51%	9.46%	11.30%	16.22%	16.50%	9.02%	11.92%	18.71%	16.60%	11.62%	12.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.64	5.54	6.59	10.00	10.85	5.91	7.15	11.58	10.87	7.24	7.26
NOPAT to Interest Expense	7.67	4.30	5.10	7.80	8.13	5.10	5.59	8.56	8.64	5.53	5.62
EBIT Less CapEx to Interest Expense	8.09	3.38	4.67	8.15	9.37	2.76	4.40	9.32	8.59	4.21	5.44
NOPAT Less CapEx to Interest Expense	6.12	2.14	3.18	5.95	6.65	1.94	2.83	6.30	6.36	2.51	3.80
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.33%	30.62%	29.35%	26.65%	25.80%	26.11%	26.88%	26.74%	27.33%	26.98%	27.66%
Augmented Payout Ratio	104.96%	74.34%	65.92%	57.20%	70.37%	86.06%	96.23%	101.40%	102.19%	91.83%	85.31%

Key Financial Trends

In Q1 2025, Sherwin-Williams reported operating revenue of $5.305 billion, down 1.15% year-over-year, with gross profit of $2.559 billion and a gross margin of 48.23%. Operating income was $756 million and net income was $503.9 million, translating into basic EPS of $2.02. The company generated negative operating cash flow of $61 million and free cash flow to firm of –$64 million, largely due to a working capital build. Sherwin-Williams maintained a strong balance sheet with total debt of $10.776 billion, net debt to EBITDA of 2.31×, and ROIC of 17.62%. The quarterly dividend was raised to $0.79 per share.

Gross margin expanded to 48.23% from 47.16% in Q1 2024, reflecting improved pricing and cost control.
Basic EPS increased to $2.02 from $2.00 a year earlier, driven by stable net income and share buybacks.
Quarterly cash dividend per share rose 10.5% to $0.79, demonstrating confidence in cash flow and commitment to shareholders.
Return on invested capital (ROIC) improved to 17.62% versus 17.50% in Q1 2024, indicating efficient use of capital.
Net debt to EBITDA declined to 2.31× from 2.51×, showing reduced leverage and stronger coverage ratios.
Revenue was slightly down 1.15% year-over-year to $5.31 billion, reflecting moderate volume and mix changes.
Net income remained essentially flat at $503.9 million versus $505.2 million in Q1 2024.
Capital expenditures of $189 million were in line with historical quarterly levels.
Operating cash flow swung to –$61 million from +$88 million last year, driven by a $895 million increase in working capital.
Free cash flow to firm was negative (–$64 million) compared to +$607 million in Q1 2024, reflecting timing of receivables and inventories.

06/20/25 08:14 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Sherwin-Williams' Financials

When does Sherwin-Williams' financial year end?

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

How has Sherwin-Williams' net income changed over the last 9 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 $1.05 billion in 2015. The previous period was $2.39 billion in 2023. See where experts think Sherwin-Williams is headed by visiting Sherwin-Williams' forecast page.

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 9 years?

Over the last 9 years, Sherwin-Williams' total revenue changed from $11.34 billion in 2015 to $23.10 billion in 2024, a change of 103.7%.

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 298.7% increase since 2015.

How much cash does Sherwin-Williams have?

In the past 9 years, Sherwin-Williams' cash and equivalents has ranged from $155.50 million in 2018 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 9 years?

Over the last 9 years, Sherwin-Williams' book value per share changed from 9.32 in 2015 to 16.09 in 2024, a change of 72.5%.

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This page (NYSE:SHW) was last updated on 6/20/2025 by MarketBeat.com Staff

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