Sherwin-Williams
SHW NYSE Specialty Chemicals Financials FY2016–FY2025
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%.
About these figures. Share counts and per-share figures for earlier years are restated for a stock split (3-for-1), so every year is on today's share basis.
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.
- Legal name
- THE SHERWIN-WILLIAMS COMPANY
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 19, 2026
- Accession · CIK
- 0000089800-26-000008
0000089800
Revenue and margins
Sherwin-Williams had $23.6B of revenue in fiscal 2025, up 2.1% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 11.0% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.7B in fiscal 2025, 11.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Sherwin-Williams returned $2.4B to shareholders in fiscal 2025, 92% of free cash flow. The diluted share count fell 1.5%.
Value Sherwin-Williams yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$10.9B and divides by 250.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 31.1x · peers 27.2x · sector 20.1x.
Balance sheet
Cash, debt and the ratios that show how comfortably Sherwin-Williams can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $166M | $199M | $277M | $210M | $207M |
| Debt incl. finance leases | $9.6B | $10.6B | $9.9B | $10.1B | $11.1B |
| Net debt / EBITDA | 2.6x | 2.6x | 2.0x | 2.2x | 2.4x |
| Debt / equity | 4.0x | 3.4x | 2.7x | 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 |
| Total assets | $20.7B | $22.6B | $23.0B | $23.6B | $25.9B |
| Total liabilities | $18.2B | $19.5B | $19.2B | $19.6B | $21.3B |
| Shareholders' equity | $2.4B | $3.1B | $3.7B | $4.1B | $4.6B |
| Net debt (− = net cash) | $9.4B | $10.4B | $9.6B | $9.9B | $10.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$9.7M
4 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | Justin T BinnsPresident, Glob. Architectural | Sold | 13,500 | $352.70 | $4.8M | Form 4 |
| Aug 7, 2026 | Karl J JorgenrudPresident, Glob. Industrial | Sold | 7,886 | $368.30 | $2.9M | Form 4 |
| Feb 24, 2026 | Bryan J YoungSVP - Corp Strategy & Devel. | Sold | 2,513 | $364.47 | $0.9M | Form 4 |
| Feb 2, 2026 | Colin M. DaviePres. & GM, Glob. Supply Chain | Sold | 2,976 | $359.50 | $1.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✕ | ✕ |
| F-score | 7 / 9 | 7 / 9 | 6 / 9 |
| Accruals ratio | −5.0% | −2.0% | −3.6% |
| Altman Z'' | 1.85 | 1.93 | 1.11 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Sherwin-Williams SHW | $82.9B | 2.1% | — | 11.3% | 19.9% | 31.1x | 6 | |
| LyondellBasell LYB | — | −9.7% | −1.4% | 1.3% | −1.9% | — | — | Compare → |
| Ecolab ECL | $81.4B | 2.2% | 17.0% | 11.8% | 13.8% | 38.7x | 5 | Compare → |
| PPG Industries PPG | $24.8B | 0.2% | — | 7.3% | 14.4% | 15.8x | 7 | Compare → |
| Westlake WLK | $8.3B | −8.0% | −14.1% | −4.7% | −10.0% | — | 3 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $11.9B | $15.0B | $17.5B | $17.9B | $18.4B | $19.9B | $22.1B | $23.1B | $23.1B | $23.6B |
| Gross profit | $5.9B | $6.7B | $7.4B | $8.0B | $8.7B | $8.5B | $9.3B | $10.8B | $11.2B | $11.5B |
| Research and development | $58.0M | $58.5M | $51.9M | — | — | — | — | — | — | — |
| Operating income | $2.2B | $2.2B | $2.6B | $2.8B | $3.4B | $3.1B | $3.4B | $4.2B | — | — |
| Interest expense | $154M | $264M | $367M | $349M | $340M | $335M | $391M | $418M | $416M | $465M |
| Pretax income | $1.6B | $1.5B | $1.4B | $2.0B | $2.5B | $2.2B | $2.6B | $3.1B | $3.5B | $3.3B |
| Income tax | $463M | −$300M | $251M | $441M | $489M | $384M | $553M | $721M | $770M | $770M |
| Net income | $1.1B | $1.7B | $1.1B | $1.5B | $2.0B | $1.9B | $2.0B | $2.4B | $2.7B | $2.6B |
| Diluted EPS | $4.00 | $6.07 | $3.89 | $5.50 | $7.36 | $6.98 | $7.72 | $9.25 | $10.55 | $10.26 |
| Diluted shares | 0.28B | 0.28B | 0.29B | 0.28B | 0.28B | 0.27B | 0.26B | 0.26B | 0.25B | 0.25B |
| Cash flow | ||||||||||
| Cash from operations | $1.3B | $1.9B | $1.9B | $2.3B | $3.4B | $2.2B | $1.9B | $3.5B | $3.2B | $3.5B |
| Capital expenditure | $239M | $223M | $251M | $329M | $304M | $372M | $645M | $888M | $1.1B | $798M |
| Free cash flow | $1.1B | $1.7B | $1.7B | $2.0B | $3.1B | $1.9B | $1.3B | $2.6B | $2.1B | $2.7B |
| Depreciation and amortization | $198M | $492M | $596M | $575M | $581M | $573M | $581M | $623M | $624M | $677M |
| Stock-based compensation | $72.1M | $90.3M | $82.6M | $102M | $95.9M | $97.7M | $99.7M | $116M | $138M | $124M |
| Acquisitions | $0.0M | $8.8B | $0.0M | $77.3M | $0.0M | $211M | $1.0B | $265M | $78.9M | $1.2B |
| Share buybacks | $0.0M | $0.0M | $613M | $779M | $2.4B | $2.8B | $883M | $1.4B | $1.7B | $1.7B |
| Dividends paid | $312M | $319M | $323M | $421M | $488M | $587M | $619M | $624M | $723M | $790M |
| Dividends and buybacks | $312M | $319M | $936M | $1.2B | $2.9B | $3.3B | $1.5B | $2.1B | $2.5B | $2.4B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $890M | $204M | $156M | $162M | $227M | $166M | $199M | $277M | $210M | $207M |
| Total debt | $2.0B | $10.5B | $9.3B | $8.7B | $8.3B | $9.6B | $10.6B | $9.9B | $9.9B | $10.9B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $212M | $199M | $0.0M | $0.0M | $0.0M | $189M | $195M |
| Current assets | $3.6B | $4.4B | $4.3B | $4.6B | $4.6B | $5.1B | $5.9B | $5.5B | $5.4B | $6.0B |
| Current liabilities | $2.8B | $4.0B | $4.3B | $4.5B | $4.6B | $5.7B | $6.0B | $6.6B | $6.8B | $6.9B |
| Inventory | $1.1B | $1.7B | $1.8B | $1.9B | $1.8B | $1.9B | $2.6B | $2.3B | $2.3B | $2.3B |
| Property and equipment, net | $1.1B | $1.9B | $1.8B | $1.8B | $1.8B | $1.9B | $2.2B | $2.8B | $3.5B | $4.1B |
| Total assets | $6.8B | $19.9B | $19.1B | $20.5B | $20.4B | $20.7B | $22.6B | $23.0B | $23.6B | $25.9B |
| Total liabilities | $4.9B | $16.3B | $15.4B | $16.4B | $16.8B | $18.2B | $19.5B | $19.2B | $19.6B | $21.3B |
| Shareholders' equity | $1.9B | $3.6B | $3.7B | $4.1B | $3.6B | $2.4B | $3.1B | $3.7B | $4.1B | $4.6B |
| Margins | ||||||||||
| Gross margin | 49.9% | 44.8% | 42.3% | 44.9% | 47.3% | 42.8% | 42.1% | 46.7% | 48.5% | 48.9% |
| Operating margin | 18.3% | 14.9% | 14.9% | 15.7% | 18.4% | 15.5% | 15.3% | 18.1% | — | — |
| EBITDA margin | 19.9% | 18.2% | 18.3% | 18.9% | 21.5% | 18.3% | 18.0% | 20.8% | 19.4% | 19.0% |
| Net margin | 9.6% | 11.5% | 6.3% | 8.6% | 11.1% | 9.4% | 9.1% | 10.4% | 11.6% | 10.9% |
| FCF margin | 9.0% | 11.1% | 9.7% | 11.1% | 16.9% | 9.4% | 5.8% | 11.4% | 9.0% | 11.3% |
| Returns | ||||||||||
| Return on capital | 55.3% | 26.4% | 15.8% | 17.0% | 22.0% | 21.5% | 21.0% | 23.9% | 22.1% | 19.9% |
| Return on capital employed | 57.3% | 22.5% | 17.0% | 18.2% | 21.2% | 20.1% | 21.5% | 25.3% | 23.3% | 21.2% |
| Return on equity | 82.5% | 62.5% | 30.1% | 39.3% | 52.5% | 61.7% | 72.9% | 70.1% | 69.1% | 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% |
| Growth | ||||||||||
| Revenue growth | 4.6% | 26.4% | 17.0% | 2.1% | 2.6% | 8.6% | 11.1% | 4.1% | 0.2% | 2.1% |
| Net income growth | 7.5% | 52.6% | −35.8% | 39.0% | 31.7% | −8.2% | 8.4% | 18.3% | 12.3% | −4.2% |
| EPS growth | 7.5% | 51.8% | −35.9% | 41.4% | 33.8% | −5.2% | 10.6% | 19.8% | 14.1% | −2.8% |
| FCF growth | −11.8% | 55.3% | 1.9% | 17.7% | 55.8% | −39.7% | −31.9% | 106.5% | −20.9% | 27.4% |
| Share count change | −0.1% | 0.5% | 0.1% | −1.6% | −1.6% | −3.2% | −2.0% | −1.3% | −1.6% | −1.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.5x | 3.8x | 2.9x | 2.6x | 2.1x | 2.6x | 2.6x | 2.0x | 2.2x | 2.4x |
| Debt / equity | 1.0x | 2.9x | 2.5x | 2.2x | 2.4x | 4.0x | 3.4x | 2.7x | 2.5x | 2.4x |
| Interest coverage | 14.0x | 8.5x | 7.1x | 8.0x | 9.9x | 9.2x | 8.7x | 10.0x | 9.3x | 8.2x |
| Current ratio | 1.3x | 1.1x | 1.0x | 1.0x | 1.0x | 0.9x | 1.0x | 0.8x | 0.8x | 0.9x |
| Quick ratio | 0.9x | 0.7x | 0.6x | 0.6x | 0.6x | 0.6x | 0.6x | 0.5x | 0.5x | 0.5x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.0% | 1.5% | 1.4% | 1.8% | 1.7% | 1.9% | 2.9% | 3.9% | 4.6% | 3.4% |
| Stock comp / revenue | 0.6% | 0.6% | 0.5% | 0.6% | 0.5% | 0.5% | 0.5% | 0.5% | 0.6% | 0.5% |
| Payouts / FCF | 29.2% | 19.2% | 55.3% | 60.2% | 94.5% | 178.3% | 117.7% | 78.1% | 118.2% | 92.2% |
| Quality scores | ||||||||||
| Piotroski F-score | 9.0 | 5.0 | 4.0 | 9.0 | 7.0 | 5.0 | 6.0 | 7.0 | 7.0 | 6.0 |
| Altman Z'' | 5.3 | 2.0 | 2.3 | 2.4 | 1.5 | 1.3 | 1.7 | 1.9 | 1.9 | 1.1 |
| Accruals ratio | −2.8% | −1.2% | −4.3% | −3.9% | −6.7% | −1.9% | 0.5% | −5.0% | −2.0% | −3.6% |
Source: SEC EDGAR XBRL filings (CIK 0000089800). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.