FirmAtlas
Company handbook · SHW · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
SHW · CIK 89800 · LATEST FILING: 10-Q JUN '26 · FILED JUL 28, 2026
THE SHERWIN-WILLIAMS COMPANY
$335.20
−1.72 (−0.51%)
Close, Oct 16, 2026 · 52-week $290–378
Sherwin-Williams makes paint and coatings. It sells them in its own paint stores, sells brands such as Valspar, Krylon and Minwax through other retailers, and makes coatings for factories, cars, packaging and equipment.
Business
- CustomersPainting contractors, builders and property managers (its stores), home owners (stores and retailers), and manufacturers (industrial coatings), mostly in the Americas
- Cash useFY24–FY25: buybacks $3.4B · capex $1.9B · dividends $1.5B · acquisitions $1.3B
Reinvested 48% of operating cash flow · returned 104% of free cash flow
Last fiscal year
THE SHERWIN-WILLIAMS COMPANY reported revenue of $23.6B for the year ended Dec 31, 2025 (FY25), up 2.1% from FY24. Net income was $2.6B, operating cash flow $3.5B and free cash flow $2.7B. Source: 10-K filed Feb 19, 2026.
Market cap
$83.0B
P/E
30.9
EV/EBITDA
19.3x
P/B
21.5
Div yield
0.95%
ROIC
24.0%
Revenue 1Y
2.1%/yr
EPS 1Y
−2.7%/yr
Shares 1Y
−1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOHeidi G. Petz
HQCleveland, OH
AuditorErnst & Young LLP
Employees64,249
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
14.1%
2.5%
9.9%
1.1%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$8.1B deployed
Capex
$1.9B
23.2%
Acquisitions
$1.3B
16.0%
Dividends
$1.5B
18.8%
Buybacks
$3.4B
42.1%
Operating cash flow over the period: $6.6B. Total debt changed by +$983M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (3-for-1 split after FY18).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
23,098
23,574+2.1%
24,410
YoY
+2.1%
Gross profit
11,195
11,516+2.9%
11,957
Gross margin
48.5%
48.8%+0.4 pp
—
Operating income
4,520
4,514−0.1%
—
Operating margin
19.6%
19.1%−0.4 pp
—
EBITDA
4,818
4,854+0.8%
—
EBITDA margin
20.9%
20.6%−0.3 pp
—
Interest expense
355
396+11.7%
—
Interest coverage
13.58x
12.25x−1.33x
—
Net income
2,681
2,568−4.2%
2,688
YoY
−4.2%
Net margin
11.6%
10.9%−0.7 pp
—
EPS (diluted, $)
10.55
10.26−2.7%
10.85
YoY
−2.7%
Balance sheet
Total assets
23,633
25,902+9.6%
26,951
Cash & short-term investments
210
207−1.5%
—
Accounts receivable
2,389
2,791+16.8%
—
Inventory
2,288
2,318+1.3%
—
Net PP&E
3,533
4,137+17.1%
—
Other assets
15,212
16,448+8.1%
—
Total liabilities
19,581
21,303+8.8%
23,097
Accounts payable
2,253
2,354+4.5%
—
Total debt
9,888
10,871+9.9%
12,072
Other liabilities
7,440
8,078+8.6%
—
Shareholders’ equity
4,051
4,598+13.5%
3,855
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
3,153
3,452+9.5%
3,887
Net income
2,681
2,568−4.2%
—
Depreciation & amortization
297
340+14.4%
—
Stock-based compensation
138
124−10.6%
—
Working capital & other
36
419+1055.1%
—
Cash from investing
(1,196)
(2,066)n/m
—
Capex
(1,070)
(798)n/m
—
PP&E sold
12
11−7.8%
—
Acquisitions
(79)
(1,211)n/m
—
Other investing
(59)
(68)n/m
—
Cash from financing
(2,017)
(1,379)n/m
—
Debt raised
849
1,499+76.6%
—
Debt repaid
(1,100)
(1,050)n/m
—
Dividends
(723)
(790)n/m
—
Buybacks
(1,739)
(1,656)n/m
—
Shares issued
242
141−41.9%
—
Other financing
454
478+5.1%
—
Net change in cash
(66)
(3)n/m
—
Free cash flow (OCF − capex)
2,083
2,654+27.4%
3,213
Where the cash went
Operating cash flow
3,153
3,452+9.5%
3,887
Reinvested in the business
1,149
2,009+74.9%
—
% of operating cash flow
36.4%
58.2%
Capex
1,070
798−25.5%
674
Acquisitions
79
1,211+1435.2%
—
Free cash flow
2,083
2,654+27.4%
3,213
YoY
+27.4%
Returned to shareholders
2,462
2,446−0.6%
—
% of free cash flow
118.2%
92.2%
Dividends
723
790+9.2%
—
Buybacks
1,739
1,656−4.7%
—
Change in total debt
—
983
—
Cash left over
—
(21)
—
FCF conversion (FCF ÷ net income)
77.7%
103.3%+25.6 pp
—
Owner earnings
—
1,780
—
Owner earnings margin
—
7.5%
—
Buyback yield
2.0%
2.1%+0.0 pp
—
Returns & ratios
ROIC (all capital)
25.6%
24.0%−1.6 pp
—
ROIC (operating)
58.9%
54.1%−4.9 pp
—
Net debt / EBITDA
2.01x
2.20x+0.19x
—
Debt / equity
2.44x
2.36x−0.08x
—
Cash conversion cycle (days)
39
42+3 d
—
ROE
66.2%
55.9%−10.3 pp
—
ROA
11.3%
9.9%−1.4 pp
—
ROCE
26.9%
23.8%−3.1 pp
—
NOPAT
3,512
3,473−1.1%
—
Invested capital (operating)
5,957
6,893+15.7%
—
Invested capital (all)
13,729
15,262+11.2%
—
Reinvestment rate
—
26.9%
—
Debtor days
38
43+5 d
—
Inventory days
70
70+0 d
—
Days payable
69
71+2 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
6,358
5,596
5,667
6,789
vs year-ago quarter
Gross profit
3,126
2,713
2,780
3,338
Gross margin
49.2%
48.5%
49.1%
49.2%
Net income
833
477
535
844
vs year-ago quarter
Net margin
13.1%
8.5%
9.4%
12.4%
EPS (diluted, $)
3.35
1.92
2.15
3.43
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
26,206
25,902
26,379
26,951
Cash & equivalents
242
207
217
294
Total debt
11,516
10,871
11,700
12,072
Shareholders’ equity
4,425
4,598
4,431
3,855
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,308
1,092
139
1,348
Capex
196
230
138
108
Free cash flow
1,111
862
0.8
1,239
vs year-ago quarter