# Sherwin-Williams Company (SHW) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/SHW/thesis · /stocks/SHW/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/SHW/fundamental

## Navigation

- Overview: /stocks/SHW
- Financials (this page): /stocks/SHW/financials
- Thesis: /stocks/SHW/thesis
- Investment Memo: /stocks/SHW/memo
- Coverage universe: /stocks