Sherwin-Williams (SHW)
Materials · $79.0B market cap · SEC CIK 0000089800
fundamentals score out of 100
Next reports on Oct 26, 2026, before the open, with analysts expecting $3.72 in earnings per share.
The case for SHW
- Earns 62% on shareholder equity, a figure flattered by a small equity base.
The case against
- Priced at 22× book value. Very little hard asset backing here.
- A PEG of 3.8: a P/E of 29.4× is a lot to pay for EPS growing 8%.
- Current liabilities exceed current assets (ratio 0.73).
- Long-term debt of $9.3B against $207M of cash.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Materials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 39 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 45 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 77 |
| Momentumhow the price has behaved lately | 43 |
| Stabilityhow violently it moves, what it owes and what it pays you | 56 |
- Each factor except momentum is half fixed thresholds, half rank among the 26 Materials companies.
Key numbers
| Price / earnings | 29.4× |
|---|---|
| Price / book | 22.03× |
| Price / sales | 3.2× |
| Revenue growth (YoY) | +5.8% |
| EPS growth (YoY) | +7.7% |
| Gross margin | 49% |
| Operating margin | 14% |
| Net margin | 11% |
| Return on equity | 62% |
| Debt / equity | 3.13× |
| Current ratio | 0.73 |
| Dividend yield | 0.88% |
| Beta | 1.06 |
| 52-week range | $289.86 – $377.77 |
| Position in that range | 44% of the way up |
| 3-month return | +0.2% |
| 1-year return | -7.4% |
Five years of financials, as filed
Pulled from Sherwin-Williams's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $23.6B | $23.1B | $23.1B | $22.1B | $19.9B |
| Gross profit | $11.5B | $11.2B | $10.8B | $9.3B | $8.5B |
| Operating income | — | — | $4.2B | $3.4B | $3.1B |
| Net income | $2.6B | $2.7B | $2.4B | $2.0B | $1.9B |
| Operating cash flow | $3.5B | $3.2B | $3.5B | $1.9B | $2.2B |
| Capital expenditure | $798M | $1.1B | $888M | $645M | $372M |
| Total assets | $25.9B | $23.6B | $23.0B | $22.6B | $20.7B |
| Shareholder equity | $4.6B | $4.1B | $3.7B | $3.1B | $2.4B |
| Cash | $207M | $210M | $277M | $199M | $166M |
| Long-term debt | $9.3B | $8.2B | $8.4B | $9.6B | $8.6B |
| Free cash flow | $2.7B | $2.1B | $2.6B | $1.3B | $1.9B |
| Gross margin | 48.8% | 48.5% | 46.7% | 42.1% | 42.8% |
| Operating margin | — | — | 18.1% | 15.3% | 15.5% |
| Net margin | 10.9% | 11.6% | 10.4% | 9.1% | 9.3% |
| Diluted shares | 250M | 254M | 258M | 262M | 267M |
Share count is down 6.3% over 4 years. Buybacks have been shrinking the pie.
What Sherwin-Williams says it does
Introduction The Sherwin-Williams Company, founded in 1866 and incorporated in Ohio in 1884, is engaged in the development, manufacture, distribution and sale of paint, coatings and related products to professional, industrial, commercial and retail customers primarily in North and South America with additional operations in the Caribbean region, Europe, Asia and Australia. Our principal executive offices are located at 1 Sherwin Way, Cleveland, Ohio 44113-2206, telephone (216) 566-2000. As used in this report, the terms "Sherwin-Williams," "Company," "we", "us" and "our" mean The Sherwin-Williams Company and its consolidated subsidiaries. Available Information We make available free of charge on or through our website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to these reports, as soon as reasonably practicable after we electronically file such material with, or furnish…
Risk factors SHW lists in its 10-K
- Income Before Income Taxes as a percent of Net sales
- On Internal Control Over Financial Reporting
- Report of Independent Registered Public Accounting Firm
- Opinion on Internal Control Over Financial Reporting
- Definition and Limitations of Internal Control Over Financial Reporting
- On the Consolidated Financial Statements
- Opinion on the Financial Statements
- Gibbsboro environmental-related accrual
- How We Addressed the Matter in Our Audit
- (in millions, except per share data)
- See notes to consolidated financial statements
- Liabilities and Shareholders’ Equity
- (millions of dollars, unless otherwise noted)
- Quoted Prices in Active Markets for Identical Assets (Level 1)