Sherwin-Williams
Sherwin-Williams' revenue rose 2.1% to $23.6 billion in fiscal 2025. Its net margin was 10.9%, down from 11.6% a year earlier. Free cash flow was $2.7 billion, up 27.4%. It paid out $2.4 billion in dividends and buybacks, 92% of free cash flow. The diluted share count fell 1.5%.
Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What Sherwin-Williams does
Sherwin-Williams makes and sells paint, coatings and related products to professional painters, industrial and commercial customers, and homeowners. Most of its business is in North and South America, with operations also in the Caribbean, Europe, Asia and Australia. Its brands include Sherwin-Williams, Valspar, Dutch Boy, Krylon and Minwax.
It has three segments. Paint Stores Group runs 4,853 company-owned paint stores in the United States, Canada and the Caribbean, serving contractors and do-it-yourself homeowners. Consumer Brands Group makes paints, stains and other products for home centers, hardware stores and dealers, and makes most of what the stores sell. About 63% of its sales are transfers to other Sherwin-Williams segments, mainly the stores. Performance Coatings Group sells industrial coatings for wood, metal and plastic, car repair paint, protective and marine coatings, and resins.
Its main raw materials are resins, pigments, additives, solvents and containers, many derived from petrochemicals. Sales are usually highest in the second and third quarters. It competes with local, regional and international paint makers, paint stores, home centers and hardware chains. It employed 64,249 people at the end of 2025, about 73% of them in the United States.
Its biggest risks, as it describes them
- Economic downturns, especially in cyclical parts of the economy, that reduce demand for its products.
- Shortages and higher prices for raw materials and energy.
- Losing one of its largest customers.
- Trouble integrating acquisitions or expanding into South America, Asia and Europe.
- Environmental clean-up costs and lawsuits, including lead paint claims.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2016 to 2025, earnings per share grew 11.0% a year and net income 9.5% a year, as buybacks cut the share count by 12%.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value Sherwin-Williams yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Sherwin-Williams' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
Value per share on three example scenarios, from Sherwin-Williams' fiscal 2025 free cash flow of $2.7B, net cash of −$10.9B at December 31, 2025 and 250 million diluted shares, from its filings. The scenarios are fitted to Sherwin-Williams: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 2.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11% for a cyclical or higher-risk business (Specialty Chemicals); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $335.16
- Value on these assumptions, against the last close
- —
- Cash flows in years 1 to 10, valued today
- —
- Everything after year 10, valued today
- —
- Plus net cash
- —
- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
Value per share on three example scenarios, from Sherwin-Williams' earnings per share of $10.85 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 27.2×, the middle of Sherwin-Williams' own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $335.16
- Value at this multiple, against the last close
- —
- Sherwin-Williams' P/E at the last close
- 30.9×
| Company | Last close | Earnings per share | P/E today |
|---|---|---|---|
| EcolabECL | $288.89 | $7.45 | 38.8× |
| Sherwin-WilliamsSHW | $335.16 | $10.85 | 30.9× |
| PPG IndustriesPPG | $109.90 | $7.02 | 15.7× |
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 |
| Debt incl. finance leases | 9.6 | 10.6 | 9.9 | 10.1 | 11.1 |
| Net debt (negative means net cash) | 9.4 | 10.4 | 9.6 | 9.9 | 10.9 |
| Net debt to EBITDA | 2.6x | 2.6x | 2.0x | 2.2x | 2.4x |
| Debt to equity | 4.0x | 3.4x | 2.6x | 2.5x | 2.4x |
| Interest coverage | 9.2x | 8.7x | 10.0x | 9.3x | 8.2x |
| Current ratio | 0.9x | 1.0x | 0.8x | 0.8x | 0.9x |
| Quick ratio | 0.6x | 0.6x | 0.5x | 0.5x | 0.5x |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Sherwin-Williams shares on the open market, and 4 insiders sold $9.7 million.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | Justin T BinnsPresident, Glob. Architectural | Sold | 13,500 | $352.70 | $4.8 million | Form 4 |
| Aug 7, 2026 | Karl J JorgenrudPresident, Glob. Industrial | Sold | 7,886 | $368.30 | $2.9 million | Form 4 |
| Feb 24, 2026 | Bryan J YoungSVP - Corp Strategy & Devel. | Sold | 2,513 | $364.47 | $915,913 | Form 4 |
| Feb 2, 2026 | Colin M. DaviePres. & GM, Glob. Supply Chain | Sold | 2,976 | $359.50 | $1.1 million | Form 4 |
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Pass | Pass | Fail |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Pass | Pass | Fail |
| Current ratio rose | Fail | Fail | Pass |
| Share count didn't rise | Pass | Pass | Pass |
| Gross margin rose | Pass | Pass | Pass |
| Revenue rose relative to assets | Fail | Fail | Fail |
| F-score | 7 of 9 | 7 of 9 | 6 of 9 |
| Accruals ratio | −5.0% | −2.0% | −3.6% |
Compare
Put Sherwin-Williams side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Sherwin-Williams | FY25 | 2.1% | — | 11.3% | 19.9% | 2.4x | 6 | |
| LyondellBasell | FY25 | −9.7% | −1.4% | 1.3% | −1.9% | 7.7x | — | Compare |
| Ecolab | FY25 | 2.2% | 17.0% | 11.8% | 13.8% | 2.0x | 5 | Compare |
| PPG Industries | FY25 | 0.2% | — | 7.3% | 14.4% | 1.8x | 7 | Compare |
| Westlake | FY25 | −8.0% | −14.1% | −4.7% | −10.0% | — | 3 | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 11.9 | 15.0 | 17.5 | 17.9 | 18.4 | 19.9 | 22.1 | 23.1 | 23.1 | 23.6 |
| Revenue growth | 4.6% | 26.4% | 17.0% | 2.1% | 2.6% | 8.6% | 11.1% | 4.1% | 0.2% | 2.1% |
| Gross profit | 5.9 | 6.7 | 7.4 | 8.0 | 8.7 | 8.5 | 9.3 | 10.8 | 11.2 | 11.5 |
| Research and development | 0.1 | 0.1 | 0.1 | — | — | — | — | — | — | — |
| Operating income | 2.2 | 2.2 | 2.6 | 2.8 | 3.4 | 3.1 | 3.4 | 4.2 | — | — |
| Net income | 1.1 | 1.7 | 1.1 | 1.5 | 2.0 | 1.9 | 2.0 | 2.4 | 2.7 | 2.6 |
| Diluted EPS (US$) | 4.00 | 6.07 | 3.89 | 5.50 | 7.36 | 6.98 | 7.72 | 9.25 | 10.55 | 10.26 |
| Diluted shares (millions) | 284 | 285 | 285 | 280 | 276 | 267 | 262 | 258 | 254 | 250 |
| Cash flow | ||||||||||
| Cash from operations | 1.3 | 1.9 | 1.9 | 2.3 | 3.4 | 2.2 | 1.9 | 3.5 | 3.2 | 3.5 |
| Capital expenditure | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.4 | 0.6 | 0.9 | 1.1 | 0.8 |
| Free cash flow | 1.1 | 1.7 | 1.7 | 2.0 | 3.1 | 1.9 | 1.3 | 2.6 | 2.1 | 2.7 |
| Dividends paid | 0.3 | 0.3 | 0.3 | 0.4 | 0.5 | 0.6 | 0.6 | 0.6 | 0.7 | 0.8 |
| Share buybacks | 0.0 | 0.0 | 0.6 | 0.8 | 2.4 | 2.8 | 0.9 | 1.4 | 1.7 | 1.7 |
| Acquisitions | 0.0 | 8.8 | 0.0 | 0.1 | 0.0 | 0.2 | 1.0 | 0.3 | 0.1 | 1.2 |
| Stock-based compensation | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 0.9 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 |
| Debt incl. finance leases | 2.0 | 10.5 | 9.3 | 8.9 | 8.5 | 9.6 | 10.6 | 9.9 | 10.1 | 11.1 |
| Total assets | 6.8 | 19.9 | 19.1 | 20.5 | 20.4 | 20.7 | 22.6 | 23.0 | 23.6 | 25.9 |
| Total liabilities | 4.9 | 16.3 | 15.4 | 16.4 | 16.8 | 18.2 | 19.5 | 19.2 | 19.6 | 21.3 |
| Shareholders' equity | 1.9 | 3.6 | 3.7 | 4.1 | 3.6 | 2.4 | 3.1 | 3.7 | 4.1 | 4.6 |
| Margins and ratios | ||||||||||
| Gross margin | 49.9% | 44.8% | 42.3% | 44.9% | 47.3% | 42.8% | 42.1% | 46.7% | 48.5% | 48.9% |
| Operating margin | 18.2% | 14.9% | 14.9% | 15.7% | 18.4% | 15.5% | 15.3% | 18.1% | — | — |
| Net margin | 9.6% | 11.5% | 6.3% | 8.6% | 11.1% | 9.3% | 9.1% | 10.4% | 11.6% | 10.9% |
| Free cash flow margin | 9.0% | 11.1% | 9.7% | 11.1% | 16.9% | 9.4% | 5.8% | 11.4% | 9.0% | 11.3% |
| Return on capital | 55.3% | 26.4% | 15.8% | 16.9% | 22.0% | 21.5% | 21.0% | 23.9% | 22.1% | 19.9% |
| Return on equity | 82.5% | 62.5% | 30.1% | 39.2% | 52.5% | 61.6% | 72.9% | 70.1% | 69.0% | 59.4% |
| Return on assets | 18.1% | 13.0% | 5.7% | 7.8% | 9.9% | 9.1% | 9.3% | 10.5% | 11.5% | 10.4% |
| Net debt to EBITDA | 0.5x | 3.8x | 2.9x | 2.6x | 2.1x | 2.6x | 2.6x | 2.0x | 2.2x | 2.4x |