Sherwin-Williams Company
SHWFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$5.7B
Q1 2026 · +6.8% YoY
TTM ROIC
22.5%
FY2025 · Consolidated ROIC vs. WACC; also FCF ROIC = FCF / Net Invested Capital · WACC ~8.25% · Moat spread +14pp
Financial Snapshot
ticker: SHW step: 04 generated: 2026-05-12 source: quick-research
Sherwin-Williams (SHW) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|---|---|---|---|---|---|
| Revenue | $22.15B | $23.05B | $23.10B | $23.57B | +2.0% |
| Paint Stores Group SSS | +9.4% | +3.7% | +1.7% | +1.7% | |
| Gross Margin | 41.6% | 46.7% | 48.5% | 49.5% | |
| Operating Margin | 14.2% | 16.4% | 17.0% | 16.8% | |
| Adj EBITDA | $4.20B | $4.24B | $4.49B | $4.65B | +3.6% |
| Adj EBITDA Margin | 19.0% | 18.4% | 19.4% | 19.7% | |
| Adjusted Diluted EPS | $8.73 | $10.35 | $11.33 | $11.43 | +0.9% |
Modest top-line growth +2% reflects soft DIY + housing turnover headwinds. Margins expanded via pricing + cost management + mix shift. Strong gross margin trajectory.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$3.4B |
| Free Cash Flow | ~$2.7B |
| Capex | ~$700M |
| Cash & Equivalents | ~$0.2B |
| Total Debt | ~$11B |
| Net Debt/EBITDA | ~2.4x |
Key Ratios (approximate)
- P/E: ~30x | EV/EBITDA: ~21x | FCF Yield: ~3.4%
- Revenue Growth (TTM): ~2% | Op Margin: ~17%
- Dividend Yield: ~0.9% | Forward P/E: ~26x
- 46+ years consecutive dividend increases (Dividend Aristocrat)
Growth Profile
SHW model: low-to-mid-single-digit organic growth in softer housing cycle; high-single to low-double-digit growth when housing recovers. Multi-year tailwinds from delayed home painting + commercial repaint + 2026-27 Federal rate cuts expected. Suvinil acquisition adds $525M Brazilian decorative paint exposure. EPS compounding through pricing + mix + buybacks.
Forward Estimates
- FY 2026: Consensus revenue $24.5-25.0B; adj EPS $12.00-12.50; PSG SSS +2-3%
- FY 2027: Housing recovery upside; consensus adj EPS $13.50-14.00
- Recent Q1 2026 beat + Emerald Symmetry launch (premium pro paint) accelerating
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $SHW.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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