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SHWSherwin-Williams

Materials · Home Improvement Retail · NYSE
Employees
64,249
Headquarters
Cleveland, OH
CEO
Heidi G. Petz
Next results
around Jan 28, 2027
Compare with peers → Embed
All key numbers (38, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)10.87Sales (ttm)24.9BNet income (ttm)2.7BSales growth+2.1%EPS growth-2.7%Sales Q/Q+7.9%
Free cash flow3.1BGross margin48.6%Oper. margin-Net margin10.7%FCF margin12.4%ROE67.3%
ROA9.9%R&D / sales-Dividend3.16Debt/Eq2.97Curr. ratio0.71Cash264.2M
Op. cash flow (ttm)3.7BNet debt11.5BQuick ratio0.48Payout ratio30.8%Tax rate23.1%Stock pay / sales0.5%
Shares out.241.6MShares Y/Y-1.5%Book / share16.46Cash / share1.09Sales / share103.12Asset turnover0.92
Inventory turns5.20Days sales out.43Sales 3Y CAGR+2.1%Sales 5Y CAGR+5.1%EPS 3Y CAGR+9.9%EPS 5Y CAGR+6.9%
Employees64,249Sales / employee388K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose 27%$2.1B → $2.7B · Cash from operations − capital expenditure · 10-K ↗
What management wrote about it → · Every company →

SHW against Materials peers

Ten years, side by side → · All 24 →
GrowthProfitBalanceCleanInsiders
SHWPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 24 companies, the better end on the right. Hover a dot for the company.

Sales growth
+2.1%16th of 24 · median +4.4%
Net margin
10.7%9th of 24 · median 8.4%
Return on equity
67.3%1st of 24 · median 13.1%
Free cash flow margin
12.4%5th of 24 · median 6.8%
Debt / equity (less is better)
2.9724th of 24 · median 0.76
SHW and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
SHW Sherwin-Williams$24.9B +2.1%48.6%10.7%67.3%12.4%2.97
NEM Newmont$26.6B +21.3%-34.7%25.9%37.9%0.14
FCX Freeport-McMoRan$26.4B +1.8%-13.0%16.4%6.5%0.45
IP International Paper$24.2B +49.3%29.8%-14.3%-26.3%0.3%0.74
AMCR Amcor$23.9B +56.6%19.8%4.5%9.3%3.2%1.27
STLD Steel Dynamics$22.2B +3.6%15.9%8.8%19.9%4.9%0.43

From $19.9B of sales to $1.9B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $8.5BRevenue to Cost of revenue: $11.4BGross profit to Operating profit: $3.1BGross profit to Operating expenses: $5.5BOperating profit to Net profit: $1.9BOperating profit to Tax & other: $1.2B Revenue: $19.9B Revenue$19.9B +9% Y/Y Gross profit: $8.5B · 43% margin Gross profit$8.5B43% margin −2% Y/Y Cost of revenue: $11.4B · 57% of revenue Cost of revenue$11.4B57% of revenue Operating profit: $3.1B · 15% margin Operating profit$3.1B15% margin −9% Y/Y Operating expenses: $5.5B · 27% of revenue Operating expenses$5.5B27% of revenue Net profit: $1.9B · 9% margin Net profit$1.9B9% margin −8% Y/Y Tax & other: $1.2B · 6% of revenue Tax & other$1.2B6% of revenue

Swipe sideways for the whole flow →

From $22.1B of sales to $2.0B of profit

FY2022, from the 10-K income statement and revenue by segment
Paint Stores Group to Revenue: $12.0BPerformance Coatings Group to Revenue: $6.8BConsumer Brands Group to Revenue: $3.4BRevenue to Gross profit: $9.3BRevenue to Cost of revenue: $12.8BGross profit to Operating profit: $3.4BGross profit to Operating expenses: $5.9BOperating profit to Net profit: $2.0BOperating profit to Tax & other: $1.4B Paint Stores Group: $12.0B · 54% Paint Stores Group$12.0B54% Performance Coatings Group: $6.8B · 31% Performance Coatings Gr…$6.8B31% Consumer Brands Group: $3.4B · 15% Consumer Brands Group$3.4B15% Revenue: $22.1B Revenue$22.1B +11% Y/Y Gross profit: $9.3B · 42% margin Gross profit$9.3B42% margin +9% Y/Y Cost of revenue: $12.8B · 58% of revenue Cost of revenue$12.8B58% of revenue Operating profit: $3.4B · 15% margin Operating profit$3.4B15% margin +10% Y/Y Operating expenses: $5.9B · 27% of revenue Operating expenses$5.9B27% of revenue Net profit: $2.0B · 9% margin Net profit$2.0B9% margin +8% Y/Y Tax & other: $1.4B · 6% of revenue Tax & other$1.4B6% of revenue

Swipe sideways for the whole flow →

From $23.1B of sales to $2.4B of profit

FY2023, from the 10-K income statement and revenue by segment
Paint Stores Group to Revenue: $12.8BPerformance Coatings Group to Revenue: $6.8BConsumer Brands Group to Revenue: $3.4BRevenue to Gross profit: $10.8BRevenue to Cost of revenue: $12.3BGross profit to Operating profit: $4.2BGross profit to Operating expenses: $6.6BOperating profit to Net profit: $2.4BOperating profit to Tax & other: $1.8B Paint Stores Group: $12.8B · 56% Paint Stores Group$12.8B56% Performance Coatings Group: $6.8B · 30% Performance Coatings Gr…$6.8B30% Consumer Brands Group: $3.4B · 15% Consumer Brands Group$3.4B15% Revenue: $23.1B Revenue$23.1B +4% Y/Y Gross profit: $10.8B · 47% margin Gross profit$10.8B47% margin +15% Y/Y Cost of revenue: $12.3B · 53% of revenue Cost of revenue$12.3B53% of revenue Operating profit: $4.2B · 18% margin Operating profit$4.2B18% margin +23% Y/Y Operating expenses: $6.6B · 29% of revenue Operating expenses$6.6B29% of revenue Net profit: $2.4B · 10% margin Net profit$2.4B10% margin +18% Y/Y Tax & other: $1.8B · 8% of revenue Tax & other$1.8B8% of revenue

Swipe sideways for the whole flow →

From $23.1B of sales to $2.7B of profit

FY2024, from the 10-K income statement and revenue by segment
Paint Stores Group to Revenue: $13.2BPerformance Coatings Group to Revenue: $6.8BConsumer Brands Group to Revenue: $3.1BRevenue to Gross profit: $11.2BRevenue to Cost of revenue: $11.9BGross profit to Net profit: $2.7BGross profit to Costs, tax, other: $8.5B Paint Stores Group: $13.2B · 57% Paint Stores Group$13.2B57% Performance Coatings Group: $6.8B · 29% Performance Coatings Gr…$6.8B29% Consumer Brands Group: $3.1B · 13% Consumer Brands Group$3.1B13% Revenue: $23.1B Revenue$23.1B +0% Y/Y Gross profit: $11.2B · 48% margin Gross profit$11.2B48% margin +4% Y/Y Cost of revenue: $11.9B · 52% of revenue Cost of revenue$11.9B52% of revenue Net profit: $2.7B · 12% margin Net profit$2.7B12% margin +12% Y/Y Costs, tax, other: $8.5B · 37% of revenue Costs, tax, other$8.5B37% of revenue

Swipe sideways for the whole flow →

From $23.6B of sales to $2.6B of profit

FY2025, from the 10-K income statement and revenue by segment
Paint Stores Group to Revenue: $13.6BPerformance Coatings Group to Revenue: $6.8BConsumer Brands Group to Revenue: $3.2BRevenue to Gross profit: $11.5BRevenue to Cost of revenue: $12.1BGross profit to Net profit: $2.6BGross profit to Costs, tax, other: $8.9B Paint Stores Group: $13.6B · 58% Paint Stores Group$13.6B58% Performance Coatings Group: $6.8B · 29% Performance Coatings Gr…$6.8B29% Consumer Brands Group: $3.2B · 13% Consumer Brands Group$3.2B13% Revenue: $23.6B Revenue$23.6B +2% Y/Y Gross profit: $11.5B · 49% margin Gross profit$11.5B49% margin +3% Y/Y Cost of revenue: $12.1B · 51% of revenue Cost of revenue$12.1B51% of revenue Net profit: $2.6B · 11% margin Net profit$2.6B11% margin −4% Y/Y Costs, tax, other: $8.9B · 38% of revenue Costs, tax, other$8.9B38% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Costs, tax, other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median10.7% vs 8.4%
  • ✓
    Gross margin up over 5 years47.3% → 48.8%
  • ✓
    Return on equity above 15%67.3%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 9.6% → 10.9%

Balance sheet

0 of 3
  • !
    Debt larger than equityDebt / equity 2.97 on the latest balance sheet (peer median 0.76)
  • !
    Current ratio below 1Current ratio 0.71
  • !
    Net debt over 3 years of free cash flow$11.5B net debt, 3.7 years
Debt / equity at each year end, FY2016 to FY2025: 1.04 → 2.36
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$2.7B last year
  • ✓
    Share count down over 5 years−9.2%
  • ✓
    Dividend per share up over 5 years$1.79 → $3.16
  • ✓
    Cash from operations above net income$3.5B vs $2.6B
Free cash flow, FY2016 to FY2025: 1.1B → 2.7B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $11.8B Debt$11.8B Long-term debt: $7.9B · 67% Long-term debt$7.9B · 67% Due within a year: $1.5B · 13% Due within a year$1.5B · 13% Short-term borrowings: $2.4B · 20% Short-term borrowings$2.4B · 20% Next 12 months: $350.1M · 3% Next 12 months$350.1M · 3% Year 2: $1.5B · 13% Year 2$1.5B · 13% Year 3: $900.0M · 8% Year 3$900.0M · 8% Year 4: $800.0M · 7% Year 4$800.0M · 7% Year 5: $1.0B · 8% Year 5$1.0B · 8%

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $918.6M Not stated $9.7B

Line, as the company names itKindRateFixed or floatingAmount
3.45% Senior Notes (Senior Notes)Notes and bonds3.45%not stated$1.5B
4.50% Senior Notes (Senior Notes)Notes and bonds4.50%not stated$1.2B
2.95% Senior Notes (Senior Notes)Notes and bonds2.95%not stated$796.5M
USD DTTL Credit AgreementBank loans–floating$625.0M
3.80% Senior Notes (Senior Notes)Notes and bonds3.80%not stated$544.0M
2.30% Senior Notes (Senior Notes)Notes and bonds2.30%not stated$498.0M
4.30% Senior Notes (Senior Notes)Notes and bonds4.30%not stated$497.1M
2.20% Senior Notes (Senior Notes)Notes and bonds2.20%not stated$496.1M
4.50% Senior Notes (Senior Notes)Notes and bonds4.50%not stated$495.5M
5.15% Senior Notes (Senior Notes)Notes and bonds5.15%not stated$495.4M
3.30% Senior Notes (Senior Notes)Notes and bonds3.30%not stated$494.8M
2.90% Senior Notes (Senior Notes)Notes and bonds2.90%not stated$492.4M
4.80% Senior Notes (Senior Notes)Notes and bonds4.80%not stated$445.7M
4.55% Senior Notes (Senior Notes)Notes and bonds4.55%not stated$398.4M
4.55% Senior Notes (Senior Notes)Notes and bonds4.55%not stated$395.6M
3.95% Senior Notes (Senior Notes)Notes and bonds3.95%not stated$350.1M
4.00% Senior Notes (Senior Notes)Notes and bonds4.00%not stated$297.3M
EUR DTTL Credit AgreementBank loans–floating$293.6M
4.40% Senior Notes (Senior Notes)Notes and bonds4.40%not stated$241.8M
Foreign facilities––not stated$500K
0.53% to 8.00% Promissory Notes (Unsecured Debt)Secured0.53–8.00%not stated$100K
All 21 lines

From the debt note in the 10-K's XBRL (0000089800-26-000008), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 23.6B Net income 2.6B
FY2016 revenue 11.9B · Revenues, 0000089800-19-000004 FY2016 net income 1.1B · NetIncomeLoss, 0000089800-19-000004 11.9B FY2016 FY2017 revenue 15.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000089800-20-000005 FY2017 net income 1.7B · NetIncomeLoss, 0000089800-20-000005 15.0B FY2017 FY2018 revenue 17.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000089800-21-000010 FY2018 net income 1.1B · NetIncomeLoss, 0000089800-21-000010 17.5B FY2018 FY2019 revenue 17.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000089800-22-000007 FY2019 net income 1.5B · NetIncomeLoss, 0000089800-22-000007 17.9B FY2019 FY2020 revenue 18.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000089800-23-000007 FY2020 net income 2.0B · NetIncomeLoss, 0000089800-23-000007 18.4B FY2020 FY2021 revenue 19.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000089800-24-000033 FY2021 net income 1.9B · NetIncomeLoss, 0000089800-24-000033 19.9B FY2021 FY2022 revenue 22.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000089800-25-000030 FY2022 net income 2.0B · NetIncomeLoss, 0000089800-25-000030 22.1B FY2022 FY2023 revenue 23.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000089800-26-000008 FY2023 net income 2.4B · NetIncomeLoss, 0000089800-26-000008 23.1B FY2023 FY2024 revenue 23.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000089800-26-000008 FY2024 net income 2.7B · NetIncomeLoss, 0000089800-26-000008 23.1B FY2024 FY2025 revenue 23.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000089800-26-000008 FY2025 net income 2.6B · NetIncomeLoss, 0000089800-26-000008 23.6B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

SHW's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue23.6B
FY2016: 11.9BFY2017: 15.0BFY2018: 17.5BFY2019: 17.9BFY2020: 18.4BFY2021: 19.9BFY2022: 22.1BFY2023: 23.1BFY2024: 23.1BFY2025: 23.6B FY2017FY2019FY2021FY2023FY2025
Net income2.6B
FY2016: 1.1BFY2017: 1.7BFY2018: 1.1BFY2019: 1.5BFY2020: 2.0BFY2021: 1.9BFY2022: 2.0BFY2023: 2.4BFY2024: 2.7BFY2025: 2.6B FY2017FY2019FY2021FY2023FY2025
Free cash flow2.7B
FY2016: 1.1BFY2017: 1.7BFY2018: 1.7BFY2019: 2.0BFY2020: 3.1BFY2021: 1.9BFY2022: 1.3BFY2023: 2.6BFY2024: 2.1BFY2025: 2.7B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)10.26
FY2016: 4.00FY2017: 6.07FY2018: 3.89FY2019: 5.50FY2020: 7.36FY2021: 6.98FY2022: 7.72FY2023: 9.25FY2024: 10.55FY2025: 10.26 FY2017FY2019FY2021FY2023FY2025
Dividend per share3.16
FY2016: 1.12FY2017: 1.13FY2018: 1.15FY2019: 1.51FY2020: 1.79FY2021: 2.20FY2022: 2.40FY2023: 2.42FY2024: 2.86FY2025: 3.16 FY2017FY2019FY2021FY2023FY2025
Diluted shares250.4M
FY2016: 283.5MFY2017: 284.8MFY2018: 285.0MFY2019: 280.3MFY2020: 275.8MFY2021: 267.1MFY2022: 261.8MFY2023: 258.3MFY2024: 254.1MFY2025: 250.4M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Paint Stores Group 13.6B57.7% +3.2%
Performance Coatings Group 6.8B28.8% 0.0%
Consumer Brands Group 3.2B13.4% +1.9%

10-K 0000089800-26-000008, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue11.9B15.0B17.5B17.9B18.4B19.9B22.1B23.1B23.1B23.6B
Cost of revenue5.9B8.3B10.1B9.9B9.7B11.4B12.8B12.3B11.9B12.1B
Gross profit5.9B6.7B7.4B8.0B8.7B8.5B9.3B10.8B11.2B11.5B
R&D58.0M58.5M51.9M-------
SG&A4.1B4.8B5.0B5.3B5.5B5.9B6.3B7.1B7.4B7.7B
Operating income2.2B2.2B2.6B2.8B3.4B3.1B3.4B4.2B--
Interest expense154.1M263.5M366.7M349.3M340.4M334.7M390.8M417.5M415.7M465.0M
Pretax income1.6B1.5B1.4B2.0B2.5B2.2B2.6B3.1B3.5B3.3B
Income tax462.5M-300.2M251.0M440.5M488.8M384.2M553.0M721.1M770.4M769.7M
Net income1.1B1.7B1.1B1.5B2.0B1.9B2.0B2.4B2.7B2.6B
EPS (diluted)4.006.073.895.507.366.987.729.2510.5510.26
Diluted shares283.5M284.8M285.0M280.3M275.8M267.1M261.8M258.3M254.1M250.4M
Depreciation & amortization172.1M285.0M278.2M262.1M268.0M263.1M264.0M292.3M297.4M340.3M
EBITDA2.3B2.5B2.9B3.1B3.6B3.3B3.7B4.5B--
Gross margin49.9%44.8%42.3%44.9%47.3%42.8%42.1%46.7%48.5%48.8%
Operating margin18.3%14.9%14.9%15.7%18.4%15.5%15.3%18.1%--
Net margin9.6%11.5%6.3%8.6%11.1%9.3%9.1%10.4%11.6%10.9%
Revenue growth-+26.4%+17.0%+2.1%+2.6%+8.6%+11.1%+4.1%+0.2%+2.1%
EPS growth-+51.8%-35.9%+41.4%+33.8%-5.2%+10.6%+19.8%+14.1%-2.7%

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)72.1M90.3M82.6M101.7M95.9M97.7M99.7M115.9M138.1M123.5M
Stock-based pay / revenue0.6%0.6%0.5%0.6%0.5%0.5%0.5%0.5%0.6%0.5%
Operating lease cost-464.6M552.7M452.9M464.5M478.0M498.0M528.5M562.4M591.7M
Operating lease cash paid---430.9M446.1M461.4M480.1M513.8M545.5M576.9M
Finance lease principal paid-------0200K600K
Right-of-use assets---1.7B1.8B1.8B1.9B1.9B2.0B2.0B
Operating lease liabilities---1.7B1.8B1.9B1.9B2.0B2.0B2.1B
Finance lease liabilities---212.4M198.9M---189.3M195.4M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on SHW in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/SHW/export.csv") into a cell.