The Sherwin-Williams Company SHW
NYSESpecialty chemicalsFinancials to Jun 30, 2026 · Updated Oct 7, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 0.2 | 0.3 |
| Securities | 0.0 | 0.0 |
| Debt | 10.9 | 12.1 |
| Net cash | -10.7 | -11.8 |
| Equity | 4.6 | 3.9 |
- Debt / EBITDA
- 2.56×
- Debt / equity
- 3.13×
- Leases (12/31/25)
- $2.3B
- Diluted shares
- 246M
- Book value / share
- $15.67
- Price / book
- 20.2×
- Net cash / share
- −$47.88
- Market cap
- $78.0B
- Enterprise value
- $89.7B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 7.5% | +6.8 pts | |
| Operating margin | 18.1% | +0.7 pts | |
| FCF margin | 18.3% | +3.5 pts | |
| Capex / revenue | 1.6% | -1.3 pts | |
| Paint Stores same-store sales growth | +4% | +3 pts | |
| Paint Stores | 4,841 | – | |
| Consumer Brands acquisition contribution | 16.0% | – | – |
| Consumer Brands quarterly external sales | $984M | +22% | – |
| Consumer Brands annual external sales · 12/31/25 | $3.2B | +2% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About SHW
Sherwin-Williams makes paint and coatings and sells them through its own stores, retailers and industrial channels. FY2025 external sales were 57.71% Paint Stores, 13.43% Consumer Brands, 28.82% Performance Coatings and 0.03% incidental leasing.
- Distribution Control
A dense, company-operated specialty-store footprint gives Sherwin-Williams direct control of inventory, tinting, service, and shelf space for its controlled brands.
- Brand Trust
Controlled brands reduce product-selection risk for professional contractors and support repeat specification.
- Brand Trust
Recognized Valspar, Dutch Boy, Krylon, Minwax, Cabot, Suvinil and other brands reduce buyer uncertainty, but third-party retailers control shelf access and can favor private labels.
- Switching Costs General
In automotive refinish, installed mixing and color systems, inventory, and technician familiarity can create meaningful switching costs.
- Sep 24, 2026
Sherwin-Williams refinanced a short-term facility with a $750 million term loan due September 23, 2027, extending funding while retaining near-term refinancing exposure.
- Sep 1, 2026
Sherwin-Williams made its announced 8% Paint Stores price increase effective, aiming to recover inflation in materials, energy, freight and packaging.
- Jul 28, 2026
Sherwin-Williams raised 2026 diluted earnings guidance to $10.92-$11.32 a share, but warned that demand would remain soft and costs were rising.
- Jun 3, 2026
Nippon Paint and Sherwin-Williams ended their pursuit of AkzoNobel after rejection, leaving Sherwin-Williams without the proposed acquired businesses.
- Oct 1, 2025
Sherwin-Williams bought Suvinil for approximately $1.15 billion, adding Brazilian decorative brands and making Consumer Brands growth less comparable with prior periods.
Ownership
Go deeper on SHW
- Compare stock research toolsFundamentals, valuation and screening platforms for SHW.19 tools
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 41.82 | 52.62 | 61.53 | 63.86 | 66.58 | 74.67 | 84.60 | 89.24 | 90.90 | 94.15 | 99.23 | +9.4%/yr | |
| Cash flow | 4.62 | 6.62 | 6.82 | 8.28 | 12.36 | 8.40 | 7.33 | 13.63 | 12.41 | 13.78 | 15.80 | +12.9%/yr | |
| Earnings | 4.00 | 6.21 | 3.89 | 5.50 | 7.36 | 6.98 | 7.72 | 9.25 | 10.55 | 10.26 | 10.93 | +11.0%/yr | |
| Free cash flow | 3.77 | 5.83 | 5.94 | 7.11 | 11.26 | 7.01 | 4.87 | 10.20 | 8.20 | 10.60 | 13.06 | +12.2%/yr | |
| Capex | 0.84 | 0.78 | 0.88 | 1.17 | 1.10 | 1.39 | 2.46 | 3.44 | 4.21 | 3.19 | 2.74 | +15.9%/yr | |
| Dividends | 1.10 | 1.12 | 1.13 | 1.50 | 1.77 | 2.20 | 2.36 | 2.41 | 2.85 | 3.15 | 3.20 | +12.4%/yr | |
| Book value | 6.63 | 12.81 | 13.09 | 14.71 | 13.09 | 9.12 | 11.85 | 14.39 | 15.94 | 18.36 | 15.67 | +12.0%/yr | |
| Diluted shares (M) | 283 | 285 | 285 | 280 | 276 | 267 | 262 | 258 | 254 | 250 | 246 | -1.4%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 11.9 | 15.0 | 17.5 | 17.9 | 18.4 | 19.9 | 22.1 | 23.1 | 23.1 | 23.6 | 24.4 | +7.9%/yr | |
| Operating income | 1.7 | 1.7 | 1.7 | 2.7 | 3.2 | 2.6 | 3.0 | 3.6 | 3.8 | 3.8 | 4.0 | +9.2%/yr | |
| Net income | 1.1 | 1.8 | 1.1 | 1.5 | 2.0 | 1.9 | 2.0 | 2.4 | 2.7 | 2.6 | 2.7 | +9.5%/yr | |
| Free cash flow | 1.1 | 1.7 | 1.7 | 2.0 | 3.1 | 1.9 | 1.3 | 2.6 | 2.1 | 2.7 | 3.2 | +10.6%/yr | |
| Buybacks | 0.0 | 0.0 | 0.6 | 0.8 | 2.4 | 2.8 | 0.9 | 1.4 | 1.7 | 1.7 | 2.6 | – | |
| Dividends | 0.3 | 0.3 | 0.3 | 0.4 | 0.5 | 0.6 | 0.6 | 0.6 | 0.7 | 0.8 | 0.8 | +10.9%/yr | |
| Net cash | -1.1 | -10.3 | -9.2 | -8.5 | -8.1 | -9.4 | -10.4 | -9.6 | -9.7 | -10.7 | -11.8 | −$9.6B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 49.9 | 44.8 | 42.3 | 44.9 | 47.3 | 42.8 | 42.1 | 46.7 | 48.5 | 48.8 | 49.0 | -1.1 pts | |
| Operating margin | 14.6 | 11.3 | 9.9 | 15.2 | 17.3 | 12.8 | 13.6 | 15.5 | 16.5 | 16.2 | 16.4 | +1.6 pts | |
| Net margin | 9.6 | 11.8 | 6.3 | 8.6 | 11.1 | 9.3 | 9.1 | 10.4 | 11.6 | 10.9 | 11.0 | +1.3 pts | |
| FCF margin | 9.0 | 11.1 | 9.7 | 11.1 | 16.9 | 9.4 | 5.8 | 11.4 | 9.0 | 11.3 | 13.2 | +2.2 pts | |
| ROIC | 45.5 | 9.3 | 10.4 | 16.6 | 21.0 | 16.6 | 17.2 | 20.7 | 21.4 | 19.3 | 19.7 | -26.2 pts | |
| Return on equity | 60.3 | 48.5 | 29.7 | 37.4 | 56.2 | 76.5 | 65.1 | 64.3 | 66.2 | 55.9 | 69.7 | -4.4 pts | |
| R&D % of revenue | 0.5 | 0.4 | 0.3 | 0.6 | 0.5 | 0.6 | 0.5 | 0.9 | 0.9 | 1.0 | – | +0.5 pts | |
| Stock pay % of revenue | 0.6 | 0.6 | 0.5 | 0.6 | 0.5 | 0.5 | 0.5 | 0.5 | 0.6 | 0.5 | 0.5 | -0.1 pts | |
| Capex % of revenue | 2.0 | 1.5 | 1.4 | 1.8 | 1.7 | 1.9 | 2.9 | 3.9 | 4.6 | 3.4 | 2.8 | +1.4 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- stable
- Pricing power
- strong
- Paint Stores Group57.7%2 claims
- Consumer Brands Group13.4%1 claim
- Performance Coatings Group28.8%1 claim
- Administrative external leasing revenue0.0%No moat
Moat claims
- Applies to
- Paint Stores Group
- Confidence
- Durability
- durable
- Trajectory
- stableas of Jun 30, 2026
A dense, company-operated specialty-store footprint gives Sherwin-Williams direct control of inventory, tinting, service, and shelf space for its controlled brands. This is difficult to replicate quickly, but the rating is held below exceptional because the company does not disclose customer retention or a comparable store-density advantage.
Same-store sales rose 4.2% in Q2 2026, but 4,841 stores were fewer than the 4,853 at year-end; direct distribution remains strong without clear evidence that its reach is widening.
- Paint Stores same-store sales growth+4%
- Paint Stores4,841
- Big-box and online channel encroachment
- Pro contractor consolidation increasing bargaining power
- Demand cyclicality tied to housing and remodel activity
- FilingSherwin-Williams 2025 Form 10-K - Paint Stores distributionFeb 19, 2026
- FilingSherwin-Williams Q2 2026 Results - Store countJul 28, 2026
- Applies to
- Paint Stores Group
- Confidence
- Durability
- durable
- Trajectory
- stableas of Jun 30, 2026
Controlled brands reduce product-selection risk for professional contractors and support repeat specification. Q2 2026 price and volume both grew, but Paint Stores segment margin fell 20 basis points as raw-material costs rose, so current evidence does not establish unconstrained pricing.
Q2 2026 Paint Stores sales rose 5.1% with positive price and volume, but the reported segment margin fell to 24.6% from 24.8%; brands supported demand without fully offsetting inflation.
- Paint Stores same-store sales growth+4%
- Trade-down in weak macro environments
- Brand dilution from aggressive discounting
- Negative product quality events
- FilingThe Sherwin-Williams Company Form 10-K (FY ended 2025-12-31)Feb 19, 2026
- Applies to
- Consumer Brands Group
- Confidence
- Durability
- medium
- Trajectory
- stableas of Jun 30, 2026
Recognized Valspar, Dutch Boy, Krylon, Minwax, Cabot, Suvinil and other brands reduce buyer uncertainty, but third-party retailers control shelf access and can favor private labels. The rating therefore reflects a real but retailer-constrained brand advantage.
Q2 2026 Consumer Brands sales rose 21.5%, including a 16.0 percentage-point acquisition contribution; the 21.6% segment margin supports profitability but does not prove stronger organic loyalty.
- Consumer Brands annual external sales$3.2B+2%
- Consumer Brands acquisition contribution16.0%
- Consumer Brands quarterly external sales$984M+22%
- Retailer private-label expansion
- Shelf-space/planogram loss at key retailers
- Promotion intensity commoditizing the category
- FilingThe Sherwin-Williams Company Form 10-K (FY ended 2025-12-31)Feb 19, 2026
- FilingSherwin-Williams Q2 2026 Results - Consumer BrandsJul 28, 2026
- Applies to
- Performance Coatings Group
- Confidence
- Durability
- medium
- Trajectory
- stableas of Jun 30, 2026
In automotive refinish, installed mixing and color systems, inventory, and technician familiarity can create meaningful switching costs. The claim applies only to an undisclosed portion of Performance Coatings and is not extended to its other industrial businesses.
Automotive refinish grew at a high-single-digit rate in Q2 2026, but customer retention and the installed color-system base are not reported; switching costs remain plausible without evidence of stronger lock-in.
No reported indicator tests this claim yet.
- Standardization of color systems reducing lock-in
- Distributors pushing price-based switching
- Poor color matching or unreliable finishes can weaken body shop trust
- FilingThe Sherwin-Williams Company Form 10-K (FY ended 2025-12-31)Feb 19, 2026
- FilingAxalta 2025 Form 10-K - Refinish switching mechanismFeb 13, 2026
- FilingSherwin-Williams Q2 2026 Form 10-Q - Refinish growthJul 28, 2026
- SourceSherwin-Williams automotive color retrieval systems, accessed October 7, 2026Oct 7, 2026
Profile change log
- Oct 7, 2026 · business change
Sherwin-Williams refinanced a short-term facility with a $750 million term loan due September 23, 2027, extending funding while retaining near-term refinancing exposure.
- Oct 7, 2026 · business change
Sherwin-Williams made its announced 8% Paint Stores price increase effective, aiming to recover inflation in materials, energy, freight and packaging.
- Oct 7, 2026 · business change
Sherwin-Williams raised 2026 diluted earnings guidance to $10.92-$11.32 a share, but warned that demand would remain soft and costs were rising.
- Oct 7, 2026 · business change
Nippon Paint and Sherwin-Williams ended their pursuit of AkzoNobel after rejection, leaving Sherwin-Williams without the proposed acquired businesses.
- Oct 7, 2026 · business change
Sherwin-Williams bought Suvinil for approximately $1.15 billion, adding Brazilian decorative brands and making Consumer Brands growth less comparable with prior periods.
- Oct 7, 2026 · business change
Carboline sued Sherwin-Williams over Firetex advertising, creating a product-trust and legal risk with no reliable disclosed loss estimate.
- Oct 7, 2026 · business change
Sherwin-Williams bought Valspar and divested its North American industrial wood coatings business, expanding global coatings while removing the divested business from continuing earnings.
- Oct 7, 2026 · analyst revision
Segment revenue shares now use FY2025 external sales. Profit shares that excluded Administrative losses were removed. Stable moat trajectories, a debate, management and linked markets were added. North American Paint Stores peers now exclude PPG and Axalta; PPG remains a Consumer Brands and industrial peer. Firetex risk belongs to the wider debate rather than the refinish claim. Ratings and evidence status were retained.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global architectural coatings
Paint and coatings for residential and nonresidential buildings, including new construction, maintenance and repainting, sold through contractor stores, dealers and retailers. Excludes automotive refinish, industrial product coatings and the separate tools and sundries sold by distributors.
- Sherwin-Williams
- AkzoNobel
- Nippon Paint
- Asian Paints
- Pittsburgh Paints
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| SHW | 75 | 49.0% | 16.4% | |
| Industry median | 11 | 75 | 43.7% | 14.9% |
| Sector median | 14 | 76 | 41.3% | 16.6% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Repainting of existing buildings gives recurring demand, while new housing and commercial construction add cyclical volume.
- Mortgage rates and credit costs strongly affect home turnover, remodeling and new projects; the effect on repainting is smaller than on new construction.
- Contractor labor productivity and rapid local product availability help company-owned stores compete for repeat business.
- Lower-emission paint rules support waterborne products and require spending on formulation and production.
- Weak housing and renovation demand can lower gallons sold even when higher prices lift reported revenue.
- Resins, titanium dioxide, oil-linked feedstocks, energy and freight costs can rise faster than selling prices.
- Home-center concentration, private labels and competitor discounts can shift bargaining power toward distributors.
- Currency changes affect overseas sales and margins; tariffs and local environmental rules add cost and supply uncertainty.
Bulls & bears
Can Sherwin-Williams gain repeat contractor business and recover input-cost inflation without losing volume or relying on acquisitions?
Arguments
What to watch
- 1Paint Stores same-store sales, price and volume
- 2Paint Stores segment margin relative to raw-material costs
- 3Consumer Brands acquisition contribution and Performance Coatings refinish sales
- 4Operating cash, shareholder distributions and total borrowing
Next check: Q3 2026 results on October 27, 2026; test the September 1 Paint Stores price increase against volume and margin.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 6, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 75/100 by <a href="https://www.findmymoat.com/stocks/XNYS:SHW">Find My Moat</a> (as of September 2026)Request update
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