Loading…
The Sherwin-Williams Company engages in the development, manufacture, distribution, and sale of paint, coatings, and related products to professional, industrial, commercial and retail customers. The company operates through three segments: Paint Stores Group, Consumer Brands Group, and Performance Coatings Group. The Paint Stores Group segment offers architectural paint and coatings; protective and marine products; and OEM product finishes and related products for architectural and industrial paint contractors, and do-it-yourself homeowners under the Sherwin-Williams brand. The Consumer Brands Group segment supplies a portfolio of branded and private-label architectural paints, stains, varnishes, industrial products, wood finishes products, wood preservatives, applicators, corrosion inhibitors, aerosols, caulks, and adhesives to retailers, including home centers and hardware stores, and dedicated dealers and distributors. The Performance Coatings Group segment develops and sells industrial coatings for wood finishing and general industrial applications; automotive refinish products; protective and marine coatings; coil coatings; packaging coatings; and performance-based resins and colorants. This segment serves retailers, dealers, jobbers, licensees, and other third-party distributors. The company operates in North America, South America, the Caribbean, Europe, Asia, and Australia. The Sherwin-Williams Company was founded in 1866 and is headquartered in Cleveland, Ohio.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $23.6B | $4.5B | $2.6B | $2.7B | 55.9% | 2.1% | -4.2% |
| 2024 | $23.1B | $4.5B | $2.7B | $2.1B | 66.2% | 0.2% | 12.2% |
| 2023 | $23.1B | $4.1B | $2.4B | $2.6B | 64.3% | 4.1% | 18.3% |
| 2022 | $22.1B | $3.5B | $2.0B | $1.3B | 65.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 22,148.90 | 23,051.90 | 23,098.50 | 23,574.30 |
| Operating Revenue | - | 22,148.90 | 23,051.90 | 23,098.50 | 23,574.30 |
| Cost Of Revenue | - | 12,823.80 | 12,293.80 | 11,903.40 | 12,058.80 |
| Gross Profit | - | 9,325.10 | 10,758.10 | 11,195.10 | 11,515.50 |
| Operating Expense | - | 6,324.50 | 7,151.70 | 7,433.20 | 7,718.80 |
| Selling General And Administration | - | 6,331.60 | 7,071 | 7,434.50 | 7,703.50 |
| Total Expenses | - | 19,148.30 | 19,445.50 | 19,336.60 | 19,777.60 |
| Operating Income | - | 3,000.60 | 3,606.40 | 3,761.90 | 3,796.70 |
| EBITDA | - | 3,545 | 4,149.90 | 4,491.50 | 4,480.10 |
| Normalized EBITDA | - | 3,586 | 4,259 | 4,428.60 | 4,499.40 |
| EBIT | - | 2,963.90 | 3,527.40 | 3,867.50 | 3,803.20 |
| Interest Income | - | 8 | 25.20 | 11 | 11.20 |
| Interest Expense | - | 390.80 | 417.50 | 415.70 | 465 |
| Net Interest Income | - | -395 | -407.30 | -420.40 | -470.20 |
| Other Non Operating Income Expenses | - | 8.50 | 19.90 | 47.40 | 31 |
| Other Income Expense | - | -32.50 | -89.20 | 110.30 | 11.70 |
| Interest Income Non Operating | - | 8 | 25.20 | 11 | 11.20 |
| Interest Expense Non Operating | - | 390.80 | 417.50 | 415.70 | 465 |
| Net Non Operating Interest Income Expense | - | -395 | -407.30 | -420.40 | -470.20 |
| Pretax Income | - | 2,573.10 | 3,109.90 | 3,451.80 | 3,338.20 |
| Tax Provision | - | 553 | 721.10 | 770.40 | 769.70 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -8.81 | -25.31 | 14.03 | -4.46 |
| Net Income Continuous Operations | - | 2,020.10 | 2,388.80 | 2,681.40 | 2,568.50 |
| Net Income From Continuing And Discontinued Operation | - | 2,020.10 | 2,388.80 | 2,681.40 | 2,568.50 |
| Net Income From Continuing Operation Net Minority Interest | - | 2,020.10 | 2,388.80 | 2,681.40 | 2,568.50 |
| Net Income | - | 2,020.10 | 2,388.80 | 2,681.40 | 2,568.50 |
| Net Income Common Stockholders | - | 2,020.10 | 2,388.80 | 2,681.40 | 2,568.50 |
| Net Income Including Noncontrolling Interests | - | 2,020.10 | 2,388.80 | 2,681.40 | 2,568.50 |
| Normalized Income | - | 2,052.29 | 2,472.59 | 2,632.53 | 2,583.34 |
| Diluted NI Availto Com Stockholders | - | 2,020.10 | 2,388.80 | 2,681.40 | 2,568.50 |
| Basic Average Shares | - | 258 | 255.40 | 251 | 247.60 |
| Diluted Average Shares | - | 261.80 | 258.30 | 254.10 | 250.40 |
| Reconciled Depreciation | - | 581.10 | 622.50 | 624 | 676.90 |
| Reconciled Cost Of Revenue | - | 12,823.80 | 12,293.80 | 11,903.40 | 12,058.80 |
| Total Unusual Items | - | -41 | -109.10 | 62.90 | -19.30 |
| Total Unusual Items Excluding Goodwill | - | -41 | -109.10 | 62.90 | -19.30 |
| Special Income Charges | - | 2.30 | -51.50 | 49.90 | 16.20 |
| Gain On Sale Of Business | - | 0 | 20.10 | 0 | 0 |
| Other Special Charges | -1.40 | - | 12.80 | - | - |
| Write Off | - | 15.50 | 57.90 | 0 | - |
| Impairment Of Capital Assets | - | 15.50 | 57.90 | 0 | 17.80 |
| Gain On Sale Of Security | - | -43.30 | -57.60 | 13 | -35.50 |
| Depreciation Amortization Depletion Income Statement | 309.50 | 317.10 | - | - | - |
| Depreciation And Amortization In Income Statement | 309.50 | 317.10 | - | - | - |
| General And Administrative Expense | - | 6,331.60 | 7,071 | 7,434.50 | 7,703.50 |
| Other Gand A | - | 6,331.60 | 7,071 | 7,434.50 | 7,703.50 |
| Salaries And Wages | 4.40 | 4 | -21.10 | - | - |
| Gain On Sale Of Ppe | - | 17.80 | -0.90 | 49.90 | 34 |
| Total Other Finance Cost | - | 12.20 | 15 | 15.70 | 16.40 |
| Other Operating Expenses | - | -7.10 | 80.70 | -1.30 | 15.30 |
| Amortization | 309.50 | 317.10 | - | - | - |
| Amortization Of Intangibles Income Statement | 309.50 | 317.10 | - | - | - |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The Sherwin-Williams Companythis co. | SHW | $74.0B | 28.82↓ discount | 16.10 | 55.9% | 19.36 |
| Freeport-McMoRan Inc. | FCX | $100.2B | 45.46 | 5.30 | 11.7% | 11.89 |
| Ecolab Inc. | ECL | $71.6B | 34.49 | 7.33 | 21.2% | 20.87 |
| CRH plc | CRH | $71.2B | 19.09 | 2.97 | 15.5% | 11.17 |
| Air Products and Chemicals, Inc. | APD | $63.0B |
| - |
| - |
| - |
| - |
| - |
| - |
| -159.66 |
| 4.19 |
| -2.6% |
| 59.47 |
| Nucor Corporation | NUE | $59.7B | 34.25 | 2.85 | 8.3% | 15.31 |
| Corteva, Inc. | CTVA | $51.8B | 47.36 | 2.15 | 4.5% | 16.23 |
| Steel Dynamics, Inc. | STLD | $39.9B | 33.68 | 4.46 | 13.2% | 20.51 |
| Vulcan Materials Company | VMC | $36.7B | 34.11 | 4.31 | 12.6% | 17.57 |
| Peer Median | - | 34.18 | 4.25 | 12.1% | 16.90 | |