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The Sherwin-Williams Company

SHW Basic Materials Specialty Chemicals

The Sherwin-Williams Company’s revenue for fiscal 2025 (year ended December 2025) was $23.6 billion, up 2.06% from fiscal 2024.

Revenue
+7.89%
EPS
+0.89%
Free cash flow
−12.2%
Total debt
+2.43%

Quarter to September 2026, against a year earlier

349.94 13.56 −3.73%
Market cap
$84.3B
P/E
31.8×
Fwd P/E
29.9×
Dividend yield
0.91%
F-score
6/9
Altman Z
3.67
Beneish M
−2.50
Dividend safety
89/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Paint Stores Group
  • Performance Coatings Group
  • Consumer Brands Group

Every year since 2011 →

Insider Decisions last twelve months

Sold, $m 12.26
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 — — — — — 2 — — 3
Insider Ownership 6.11%

Capital & Financial Ratios $m

Size
Market Cap 84,320.00
Revenue ttm 24,912.10
Net income ttm 2,676.10
Free cash flow ttm 3,094.10
Net debt Q 11,530.90
Valuation
P/E 31.84
Forward P/E 29.90
Price / sales 3.38
Forward P/S Powerpack
Price / FCF 27.22
Price / book 21.18 (above 6: high)
Financial health
Current ratio Q 0.71 (below 1: weak)
Debt / equity Q 2.97 (above 2: weak)
Interest coverage Q 8.64
Growth
Revenue growth Q +7.89% (above 0%: growing)
Operating income growth Q +2.17% (above 0%: growing)
EPS, this year +5.31%
EPS, next year A +9.63%
Revenue, next year A +6.89%
EPS, past 5 yrs +6.87%
EPS, next 5 yrs A +8.70%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.8×, against a ten-year median of 3.5×; over the ten years it ranged from 2.0× in 2016 to 5.1× in 2021.
P/E against its own 10 years 47.56%
10-year low 10-year high
P/S against its own 10 years 64.65%
10-year low 10-year high
P/B against its own 10 years 66.67%
10-year low 10-year high
EV/Sales against its own 10 years 65.27%
10-year low 10-year high
EV/FCF against its own 10 years 45.58%
10-year low 10-year high

Dividends raised every year since 2018

Yield
0.91%
Annual rate
3.19
Payout ratio
29.3%
Growth, 2018–26
+13.7%/yr
  1. 1.15 ’18
  2. 1.51 ’19 +31
  3. 1.79 ’20 +19
  4. 2.20 ’21 +23
  5. 2.40 ’22 +9
  6. 2.42 ’23 +1
  7. 2.86 ’24 +18
  8. 3.16 ’25 +10
  9. 3.20 ’26 +1
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 277 210 207 264
Receivables 2,468 2,389 2,791 3,598
Inventory 2,330 2,288 2,318 2,547
Other 438 514 691 618
5,513 5,401 6,007 7,027
2023 2024 2025 Q'26
Payables 2,315 2,253 2,354 2,895
ST’ Debt 1,473 1,712 1,551 3,852
Other 863 843 839 817
6,627 6,809 6,920 9,849

Compound Annual Growth %

10y 5y 3y
Sales 7.59% 5.12% 2.10%
Cash Flow 9.08% 0.25% 21.59%
Earnings 9.32% 4.81% 8.34%
Book Value 18.14% 4.95% 14.02%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.65 Actual 3.63

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.12 2.23 Beat by 0.11
Q1 FY26 2.24 2.35 Beat by 0.11
Q2 FY26 3.56 3.70 Beat by 0.14
Q3 FY26 3.65 3.63 Miss by 0.02
Q4 FY26 2.34 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.15 3.43 3.38 — —
’25 2.00 3.00 3.35 1.92 10.26
’24 1.97 3.50 3.18 1.90 10.55
’23 1.84 3.07 2.95 1.39 9.25
’22 1.41 2.21 2.62 1.48 7.72
’21 1.51 2.42 1.88 1.15 6.98
’20 1.15 2.16 2.55 1.49 7.36
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,667 6,789 6,860 — —
’25 5,306 6,315 6,358 5,596 23,574
’24 5,367 6,272 6,163 5,297 23,099
’23 5,442 6,241 6,117 5,252 23,052
’22 4,999 5,872 6,047 5,231 22,149
’21 4,656 5,380 5,147 4,762 19,945
’20 4,147 4,604 5,122 4,489 18,362
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 139 1,348 1,105 — —
’25 (61) 1,113 1,308 1,093 3,452
’24 (59) 1,203 1,075 935 3,153
’23 88 1,206 1,309 919 3,522
’22 26 613 639 641 1,920
’21 196 1,006 849 194 2,245
’20 55 1,020 1,489 845 3,409
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1 1,245 976 — —
’25 (250) 931 1,111 873 2,665
’24 (343) 961 839 637 2,095
’23 (122) 1,048 1,158 620 2,704
’22 (69) 488 483 407 1,309
’21 132 931 754 70 1,887
’20 (49) 1,007 1,452 757 3,166
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 12.2% a year for ten years. It grew 8.3% a year over the last ten.

Implied
12.2%
10 years, reported
8.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 11,856 14,984 17,535 17,901 18,362 19,945 22,149 23,052 23,099 23,574 24,912 +7.9% 25,199 26,248 27,449 +5.2%
Gross margin, % 49.94 44.84 42.31 44.89 47.29 42.83 42.10 46.67 48.47 48.85 48.60 (1.1) pt
EBT 1,595 1,469 1,360 1,982 2,519 2,249 2,573 3,110 3,452 3,338 3,495 +8.6%
EBT margin, % 13.46 9.81 7.75 11.07 13.72 11.27 11.62 13.49 14.94 14.16 14.03 +0.7 pt
Net income 1,133 1,728 1,109 1,541 2,030 1,864 2,020 2,389 2,681 2,569 2,676 +9.5%
Per share, $
Per share, $ Revenue 43.03 53.76 62.85 65.00 67.68 75.98 85.85 90.26 92.03 95.21 103.50 +9.2%
Earnings 4.11 6.36 3.97 5.60 7.48 7.10 7.83 9.35 10.68 10.37 10.99 +10.8%
Cash flow 4.75 6.76 6.97 8.43 12.56 8.55 7.44 13.79 12.56 13.94 15.30 +12.7%
Capex (0.73) (0.63) (0.76) (1.17) (0.90) (1.36) (2.37) (3.20) (4.22) (3.18) (2.45) +17.8%
Free cash flow 4.02 6.13 6.21 7.26 11.67 7.19 5.07 10.59 8.35 10.76 12.85 +11.6%
Book value 6.82 13.09 13.37 14.97 13.31 9.28 12.02 14.55 16.14 18.57 16.52 +11.8%
Shares, m 276 279 279 275 271 263 258 255 251 248 244 (1.2%)
Valuation, ×
Valuation, × P/E 22.63 21.73 33.04 34.76 32.72 49.60 30.57 32.61 31.80 31.22 31.84 32.1
P/S 2.13 2.57 2.09 2.99 3.62 4.63 2.79 3.38 3.69 3.40 3.38 3.1
P/B 13.42 10.54 9.81 12.99 18.41 37.93 19.91 20.96 21.06 17.45 21.18 18.2
EV/Sales 2.22 3.25 2.61 3.47 4.06 5.11 3.26 3.79 4.11 3.86 3.84 3.6
EV/FCF 23.71 28.54 26.44 31.06 23.54 53.99 55.12 32.35 45.35 34.11 30.95 35.4
Cash, $m
Cash, $m Operating cash flow 1,309 1,884 1,944 2,321 3,409 2,245 1,920 3,522 3,153 3,452 3,684 +11.4%
Capex (201) (176) (213) (322) (243) (357) (611) (818) (1,058) (787) (589) +16.4%
Free cash flow 1,108 1,708 1,731 1,999 3,166 1,887 1,309 2,704 2,095 2,665 3,094 +10.2%
Balance, $m
Balance, $m Working capital 798 420 47 110 (3) (666) (53) (1,114) (1,408) (913) (2,821) n/m
Net debt 1,063 10,316 9,188 8,523 8,066 9,449 10,371 9,574 9,678 10,664 11,531 +29.2%
Shareholders’ equity 1,878 3,648 3,731 4,123 3,611 2,437 3,102 3,716 4,051 4,598 3,977 +10.5%
Returns, %
Returns, % ROA 18.08 12.97 5.68 7.78 9.93 9.08 9.34 10.49 11.51 10.37 10.07 (7.7) pt
ROIC 37.04 7.58 9.08 11.91 15.33 13.45 14.00 17.05 17.35 15.69 16.26 (21.3) pt
ROE 82.49 62.53 30.05 39.25 52.51 61.65 72.94 70.07 69.05 59.39 63.70 (23.1) pt
People
People Employees 42,550 52,695 53,368 61,111 61,031 61,626 64,366 64,088 63,890 64,249 — +4.7%
Revenue/emp, $m 0.28 0.28 0.33 0.29 0.30 0.32 0.34 0.36 0.36 0.37 — +3.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Sherwin-Williams develops, makes, distributes and sells paint, coatings and related products for professional painters, industrial users, commercial customers and retail consumers. Founded in 1866, it is headquartered in Cleveland, and Heidi G. Petz is Chair, President and Chief Executive Officer.

Its Paint Stores Group serves architectural and industrial paint contractors and do-it-yourself homeowners through company-operated specialty paint stores. These stores sell architectural paints and coatings, protective and marine products, original-equipment-manufacturer finishes, and related products, including selected purchased items.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Paint Stores Group 13,606 57.71%
Performance Coatings Group 6,795 28.82%
Consumer Brands Group 3,166 13.43%
Gross margin 48.85%
Operating margin 16.25%
Pre-tax margin 14.16%

Revenue by segment since 2011

The Sherwin-Williams Company vs peers in Specialty Chemicals (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LIN Linde PLC $239.3B 34.2× 31.6× +9.16% (above 0%: growing) −8.09% (below 0%: shrinking) +6.28% (above 0%: growing) 47.24% 22.86% Compare
ECL Ecolab Inc. $85.8B 41.3× 40.1× +12.72% (above 0%: growing) −4.37% (below 0%: shrinking) −15.57% (below 0%: shrinking) 44.08% 17.26% Compare
SHW The Sherwin-Williams Company $84.3B 31.8× 29.9× +7.89% (above 0%: growing) +0.89% (above 0%: growing) −12.19% (below 0%: shrinking) 47.77% 17.53%
APD Air Products and Chemicals, Inc. $68.9B — (loss-making) 93.9× +4.58% (above 0%: growing) n/m +180.09% (above 0%: growing) 32.77% (66.34%) Compare
PPG PPG Industries, Inc. $27.2B 17.6× 16.2× +6.64% (above 0%: growing) +1.00% (above 0%: growing) −23.61% (below 0%: shrinking) 40.52% 14.89% Compare
IFF International Flavors & Fragrances Inc. $21.6B 121× 60.3× +3.91% (above 0%: growing) n/m −123.33% (below 0%: shrinking) 42.48% 8.24% Compare
LYB LyondellBasell Industries N.V. $19.9B 15.6× 9.2× +9.99% (above 0%: growing) n/m +144.89% (above 0%: growing) 17.60% 12.55% Compare
DD DuPont de Nemours, Inc. $19.2B 64.2× 26.3× +4.07% (above 0%: growing) n/m +36.69% (above 0%: growing) 35.71% 16.81% Compare
RPM RPM International Inc. $13.5B 19.5× 17.3× +4.82% (above 0%: growing) +13.48% (above 0%: growing) +33.14% (above 0%: growing) 41.25% 15.99% Compare
Median of peers $24.4B 34.2× 29.0× +5.73% −1.68% +19.71% 40.89% 15.44%

All 61 Specialty Chemicals stocks →

From the latest earnings call

Updated

  • Heidi Petz said Sherwin-Williams’ updated outlook assumes no broad-based demand recovery, while the company pursues volume, pricing and productivity actions.
  • Petz said Sherwin-Williams expects high-single-digit raw-material inflation in the second half and introduced an 8% Paint Stores Group price increase.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Evercore ISI Oct 28, 2026 Reiterated — —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 82.83%
Held by the ten largest 38.14%
Holder Shares Stake Change
Vanguard 22.94m 9.45% −444.84k
BlackRock 17.72m 7.30% +240.89k
State Street 15.56m 6.41% −32.75k
Fidelity (FMR) 7.42m 3.06% +434.42k
Morgan Stanley 6.64m 2.74% +450.50k
Capital Group 5.35m 2.20% −806.11k
Geode Capital Management 5.25m 2.16% −85.60k
Norges Bank 4.02m 1.66% +4.02m
VIKING GLOBAL INVESTORS LP 3.88m 1.60% +763.11k
UBS 3.84m 1.58% +434.50k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 11 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 14.91m 9.31m 138.29
2024 12.99m 18.05m 143.80
2023 19.28m 38.38m 130.84
2022 12.75m (19.71m) 98.58
2021 15.84m 48.09m 144.90

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 9.40%
BlackRock, Inc. 6.50%
State Street CorporationOne Congress StreetBoston, Massachusetts 6.40%
The Sherwin-Williams Company 6.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

The Sherwin-Williams Company (SHW) Latest News

30 Oct

Impact 3 · · StockStory
Impact 3 · · StockStory

29 Oct

Impact 3 · · Trefis

28 Oct

Impact 4 · · The Motley Fool
Impact 3 · · Trefis
Impact 3 · · Simply Wall St.
Impact 3 · · Investing.com

27 Oct

Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript
Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press

26 Oct

Impact 3 · · Trefis
Impact 3 · · StockStory

23 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

22 Oct

Impact 3 · · Trefis
Impact 3 · · Zacks
Impact 3 · · Zacks

20 Oct

Impact 3 · · Zacks

9 Oct

Impact 3 · · Trefis

8 Oct

Impact 4 · · Business Wire

7 Oct

Impact 3 · · Trefis

6 Oct

Impact 3 · · Barchart

5 Oct

Impact 3 · · Insider Monkey

1 Oct

Impact 4 ·

SHW metrics, ten years each

stockrow.com/SHW · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com