Sherwin-Williams vs Westlake
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The short version
- Sherwin-Williams is the larger business, with $23.6B of revenue in fiscal 2025 against $11.2B for Westlake, about 2.1 times as much.
- Sherwin-Williams grew revenue faster (2.1%, against −8.0%).
- Sherwin-Williams turned more of its sales into free cash flow (11.3% FCF margin, against −4.7%).
- Sherwin-Williams earned a higher return on the capital invested in it (19.9%, against −10.0%).
| Latest fiscal year | SHW · FY25 | WLK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $82.9B | $8.3B |
| Revenue | $23.6B | $11.2B |
| Free cash flow | $2.7B | −$530M |
| Net income | $2.6B | −$1.5B |
| Growth | ||
| Revenue growth | 2.1% | −8.0% |
| 5-year growth | 5.1% | 8.3% |
| Share count change | −1.5% | −0.7% |
| Profitability | ||
| Gross margin | 48.9% | 7.3% |
| Operating margin | — | −14.1% |
| Net margin | 10.9% | −13.5% |
| FCF margin | 11.3% | −4.7% |
| Return on capital | 19.9% | −10.0% |
| Return on equity | 59.4% | −15.6% |
| Balance sheet | ||
| Net debt | $10.9B | $2.9B |
| Net debt / EBITDA | 2.4x | — |
| Dividends and buybacks | $2.4B | $335M |
| Valuation & quality | ||
| P/E | 31.1x | — |
| Piotroski F-score | 6 | 3 |
Revenue
FY16
SHW $11.9B
WLK $5.1B
FY17
SHW $15.0B
WLK $8.0B
FY18
SHW $17.5B
WLK $8.6B
FY19
SHW $17.9B
WLK $8.1B
FY20
SHW $18.4B
WLK $7.5B
FY21
SHW $19.9B
WLK $11.8B
FY22
SHW $22.1B
WLK $15.8B
FY23
SHW $23.1B
WLK $12.5B
FY24
SHW $23.1B
WLK $12.1B
FY25
SHW $23.6B
WLK $11.2B
SHW
WLK
Operating margin
FY16
SHW 18.3%
WLK 11.5%
FY17
SHW 14.9%
WLK 15.2%
FY18
SHW 14.9%
WLK 16.3%
FY19
SHW 15.7%
WLK 8.1%
FY20
SHW 18.4%
WLK 5.7%
FY21
SHW 15.5%
WLK 23.8%
FY22
SHW 15.3%
WLK 19.3%
FY23
SHW 18.1%
WLK 5.8%
FY24
SHW —
WLK 7.2%
FY25
SHW —
WLK −14.1%
SHW
WLK
Free cash flow
FY16
SHW $1.1B
WLK $238M
FY17
SHW $1.7B
WLK $951M
FY18
SHW $1.7B
WLK $707M
FY19
SHW $2.0B
WLK $514M
FY20
SHW $3.1B
WLK $772M
FY21
SHW $1.9B
WLK $1.7B
FY22
SHW $1.3B
WLK $2.3B
FY23
SHW $2.6B
WLK $1.3B
FY24
SHW $2.1B
WLK $306M
FY25
SHW $2.7B
WLK −$530M
SHW
WLK
Return on capital
FY16
SHW 55.3%
WLK 8.4%
FY17
SHW 26.4%
WLK 16.4%
FY18
SHW 15.8%
WLK 13.9%
FY19
SHW 17.0%
WLK 6.2%
FY20
SHW 22.0%
WLK 4.8%
FY21
SHW 21.5%
WLK 21.0%
FY22
SHW 21.0%
WLK 19.1%
FY23
SHW 23.9%
WLK 4.3%
FY24
SHW 22.1%
WLK 4.8%
FY25
SHW 19.9%
WLK −10.0%
SHW
WLK
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.