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Sherwin-Williams (SHW) stock

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NYSE: SHW NYSE Specialty Chemicals Next results ~January 26, 2027

B+ Fundamentals grade

Sherwin-Williams is a US-listed company in the specialty chemicals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$180

Cash-flow model

Base case. Range ~$130–$260 across our lower- and higher-growth cases (-0.2%–9.8% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 48% below it.

Price used: $352.37, November 2, 2026

Sherwin-Williams valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Sherwin-Williams files

10-Q filed October 27: Sherwin-Williams

Model value +5.2%

Revenue for the twelve months to September 2026 was $24.9bn, up 7.0% on a year earlier, faster than the 5.8% growth a quarter earlier. Free-cash-flow margin rose to 12.4% from 10.4% a year earlier. Our model value rises from $174 to $183 a share, against a share price of $334. The rating stays Sell. At that price, our model says the market is pricing in about 13.4% a year of cash-flow growth for five years, faster than the 4.5% a year revenue growth it has delivered.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 28: Sherwin-Williams

Revenue for the twelve months to June 2026 reached $24.9bn, up 7.0% on a year earlier and ahead of the 5.8% growth recorded a quarter before. Cash generation also improved, with the free-cash-flow margin climbing to 12.4% from 10.4%. On the back of this, the fundamentals grade moves up from C+ to B. Our model value is little changed at $174 a share, well below the $324 market price, so the rating stays Sell. At that price, the market is effectively pricing in about 13.4% a year of cash-flow growth over five years. That is far ahead of the 4.5% a year revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Sherwin-Williams stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $24.4bn, up 5.8% on a year earlier, faster than 3.9% a quarter earlier. Free-cash-flow margin rose to 13.2% from 9.3% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 5 financial-health checks. Our cash-flow model value is $159 a share, against a share price of $336. At that price, our model says the market is pricing in about 15.6% a year of cash-flow growth for five years, faster than the 4.1% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

Sherwin-Williams's trailing-twelve-month revenue grew 7.0% year on year, with a free-cash-flow margin of 12.4%. Where it stands out: net margin of 10.7% ranks 5 of 42 specialty chemicals companies we cover.

Our discounted-cash-flow model values the business at ~$180 per share in the base case (~$130–$260 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 26.8% while net income grew 4.1%: a 23pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.9% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $352.37 is 48% above our value per share of $180.

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$3.63 against an average estimate of $3.69: missed by 1.6%
Revenue
$6.86bn, up 7.9% on a year earlier
Share reaction
-4.3% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
diluted net income per share $10.92 to $11.32 (full year 2026); adjusted diluted net income per share $11.8 to $12.2 (full year 2026)
Next report
January 26, 2027; average EPS estimate $2.35

Sherwin-Williams' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.9%
  • 1 week+5.1%
  • 1 month+10.3%
  • This year+9.5%
  • 1 year+3.1%
  • 5 years+17.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$24.9B
Net margin
10.7%
EPS (TTM, diluted)
$10.86

Growth

Revenue growth
+7.0%
Change in growth rate
+1.3 pts
Share count change
−1.9%

Cash

Free cash flow (TTM)
$3.1B
FCF margin
12.4%
Stock pay % of revenue
0.5%

Earnings

Last results
October 27, 2026
Next results (est.)
January 28, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Results
  3. Our research
  4. Our research
  5. Dividend
  6. Results
  7. Announcement
  8. Agreement
  9. Announcement
  10. Insider trade
  11. Insider trade
  12. Results
  13. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Sherwin-Williams valuation models and calculator

What the price is pricing in

The share price implies about 14.2% a year of cash-flow growth for five years.That is faster than the 4.5% a year revenue growth Sherwin-Williams has delivered.

  • Priced in14.2%
  • Last 12 months7.0%
  • 3 years a year2.7%
  • 5 years a year4.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($345.95, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$180
Price used
$345.95close November 3, 2026
Implied change
▼ 47%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Sherwin-Williams's free cash flow after stock-based pay with after-tax interest added back ($2.9B, FY2026 Q3 TTM), growing 4.4% and 4.7% in the next two years (forecasts, guidance and its record), then back to 4.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$130–~$260 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Sherwin-Williams's free cash flow after stock-based pay ( $2.9B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Sherwin-Williams as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.85 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$180 ~$130–$260 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$190 ~$160–$230 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$170 ~$140–$200 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$180 ~$170–$190 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Sherwin-Williams with Specialty Chemicals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▲ +19%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $124$186$268$375$516$697
8.5% $84$128$187$264$364$493
10% $59$94$139$198$274$372

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$78.27$82.02$126.40$122.32$183.11$232.65$337.10$229.35$304.41$334.54$321.74$352.37
Market value$22.2bn$23.2bn$36.0bn$34.9bn$51.3bn$64.2bn$90.0bn$60.0bn$78.6bn$85.0bn$80.6bn$86.8bn
+ Net debt (− = net cash)$1.7bn$1.1bn$10.3bn$9.2bn$8.5bn$8.1bn$9.4bn$10.4bn$9.6bn$9.7bn$10.7bn$11.5bn
Enterprise value$23.9bn$24.3bn$46.3bn$44.0bn$59.8bn$72.2bn$99.5bn$70.4bn$88.2bn$94.7bn$91.2bn$98.4bn
Multiples
Price / sales 2.0x2.0x2.4x2.0x2.9x3.5x4.5x2.7x3.4x3.7x3.4x3.5x
Price / earnings 21.1x20.5x20.8x31.4x33.3x31.6x48.3x29.7x32.9x31.7x31.4x32.4x
Price / free cash flow 18.3x21.7x21.7x20.6x25.8x20.7x48.1x47.1x29.9x40.8x30.4x28.2x
EV / EBITDA 11.2x10.4x18.4x15.2x19.5x19.8x29.7x19.2x19.8x———

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

83 /100

Strong moat

How hard Sherwin-Williams's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 18 / 20

    Cash operating profit has been a median 13.7% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 45.8%, moving by 2.4 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 16.7%; its worst year was 14.7%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 10.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 8.5% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 26, 2027, before the open. Analysts expect revenue of $5.9bn and EPS of $2.35 (range $2.20 to $2.46) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $12.07 +6% $25.1bn +7%
Next $13.49 +12% $26.2bn +5%

Next year's EPS estimate has moved 0.0% in 90 days, across 28 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.4% on 90 days ago. In the last 30 days, 0 analysts raised Sherwin-Williams's forecast and 4 cut it.

Consensus EPS forecast Sherwin-Williams, last 90 days
$12.00 $12.50 $13.00 $13.50 $14.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $12.02 Current fiscal year, 60 days ago: $12.09 Current fiscal year, 30 days ago: $12.10 Current fiscal year, 7 days ago: $12.09 Current fiscal year, Now: $12.07 $12.07 Next fiscal year, 90 days ago: $13.49 Next fiscal year, 60 days ago: $13.62 Next fiscal year, 30 days ago: $13.60 Next fiscal year, 7 days ago: $13.52 Next fiscal year, Now: $13.49 $13.49

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $12.02$13.49
60 days ago $12.09$13.62
30 days ago $12.10$13.60
7 days ago $12.09$13.52
Now $12.07$13.49

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.69 $3.63 −1.6%
Jun 2026 $3.52 $3.70 +5.1%
Mar 2026 $2.27 $2.35 +3.6%
Dec 2025 $2.16 $2.23 +3.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 28, 2026
  • Diluted net income per share full year 2026 $10.92 to $11.32 Raised
    “Increasing full year 2026 diluted net income per share guidance in the range of $10.92 to $11.32 per share, including Valspar acquisition-related amortization expense of $0.81 per share and severance and other restructuring expenses of $0.07 per share” source
  • Adjusted diluted net income per share full year 2026 $11.80 to $12.20 Non-GAAP Raised
    “Increasing full year 2026 adjusted diluted net income per share guidance in the range of $11.80 to $12.20 per share” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Sherwin-Williams's revenue by +4.4% next year and +4.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.2%, weight 70%) and the company's own record (+4.8%, weight 30%) . How the weights are set.

Analyst recommendations

29 analysts, Oct 2026
Buy1552%
Hold1448%
Sell00%

Monthly trend

  1. Oct 20263121429
  2. Sep 20263121227
  3. Aug 20263121126
  4. Jul 20263101124

Counts of recommendations published by analysts covering Sherwin-Williams, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.7%
of tradable shares
Days to cover
4
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
85%
of shares
Held by insiders
6.2%
of shares
Employees
64,249
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +3.1%

$341.70 on October 31, 2025 to $352.37

ThenNowEffect
Revenue (last 12 months) $23.1bn $24.4bn +5.8%
Net margin 11.0% 11.0% −0.1%
P/E multiple 33.9x 32.5x −4.1%
Share count 253m 248m +1.8%

Biggest factor: revenue.

Last 3 years +44.2%

$244.32 on November 3, 2023 to $352.37

ThenNowEffect
Revenue (last 12 months) $23.0bn $24.4bn +6.3%
Net margin 10.2% 11.0% +7.9%
P/E multiple 27.1x 32.5x +19.8%
Share count 260m 248m +4.9%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SHW+45%−32%+33%+10%−4%+10%
Industry peers (median)+17%−25%−9%+6%−15%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SHW67%33%50%58%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SHW−11%−43%−16%−16%−14%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 43% from December 31, 2021 to October 20, 2022. Getting back needed a 74% gain, reached on March 7, 2024, 504 days after the low.

Price behaviour

52-week range
$292.32 – $369.96
From 52-week high
−4.8%
vs 50-day average
+7.0%
vs 200-day average
+6.2%
Volatility (1 year)
28%
Beta vs S&P 500
0.78

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±3.0%
After a week
7 up, 4 down
typical move ±4.7%
After a month
7 up, 4 down
typical move ±5.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −4.3% +0.9% — —
July 28, 2026 +5.1% −1.3% +10.5% +6.8%
April 28, 2026 −5.4% −0.5% −7.0% −9.0%
January 29, 2026 +1.4% −0.5% +3.3% +2.1%
October 28, 2025 +2.9% +0.3% +2.1% +2.4%
July 22, 2025 +0.5% +0.9% −1.3% +7.8%
April 29, 2025 +6.2% +0.7% +6.1% +7.3%
January 30, 2025 −0.6% 0.0% +1.3% −0.8%
October 22, 2024 −5.0% −1.0% −5.3% −2.5%
July 23, 2024 +3.0% −2.4% +9.1% +11.3%
April 23, 2024 −1.8% +1.1% −3.1% −0.4%
January 25, 2024 +0.3% +0.4% +2.7% +7.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Sherwin-Williams’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.13× the last 60 days’ realised volatility , richer than 38% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

SHW Sherwin-Williams Grade B+ $351.16

Own 100 shares, sell the $380 call expiring December 18, 2026 (46 days) for $3.60 a share — $360 per contract.

Previous session · Bid $3.60, ask $4.60, quoted Mon 2 Nov, 17:35 New York time with SHW at $351.16. Option prices move with the shares: check the live chain at your broker before trading.

  • If SHW ends below $380: you keep your shares and the $360 — 1.0% extra on the position, 8.1% a year at that pace.
  • If it ends above $380: your shares are sold at $380, a total return of 9.2% including the premium — at or above our value of ~$180.
$3.2k $0 −$7.0k Break-even $347.55 Price $351.16 ← Our value ~$180
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$360
Annualised
8.1%
Break-even
$347.55
Max gain
$3,244.5
Chance of selling
~24%

Collar

Own the shares, buy the $340 put and sell the $380 call, both expiring December 18, 2026 (46 days).

  • Net cost of $4.80 a share ($480 per contract of 100 shares).
  • Worst case at expiry: -4.5%, if the shares fall below $340 (-3.2% from today).
  • Best case at expiry: +6.8%, if the shares rise above $380 (+8.2%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $180: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Sherwin-Williams in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Sherwin-Williams
$22.5B $23B $23.5B $24B $24.5B $25B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $23.1B Revenue (TTM), FY24 Q1: $23B Revenue (TTM), FY24 Q2: $23B Revenue (TTM), FY24 Q3: $23.1B Revenue (TTM), FY24 Q4: $23.1B Revenue (TTM), FY25 Q1: $23B Revenue (TTM), FY25 Q2: $23.1B Revenue (TTM), FY25 Q3: $23.3B Revenue (TTM), FY25 Q4: $23.6B Revenue (TTM), FY26 Q1: $23.9B Revenue (TTM), FY26 Q2: $24.4B Revenue (TTM), FY26 Q3: $24.9B $24.9B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $23.1B
FY24 Q1 $23B
FY24 Q2 $23B
FY24 Q3 $23.1B
FY24 Q4 $23.1B
FY25 Q1 $23B
FY25 Q2 $23.1B
FY25 Q3 $23.3B
FY25 Q4 $23.6B
FY26 Q1 $23.9B
FY26 Q2 $24.4B
FY26 Q3 $24.9B
Revenue growth, TTM YoY Sherwin-Williams
0% 2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 4.1% Revenue growth, TTM YoY, FY24 Q1: 1.7% Revenue growth, TTM YoY, FY24 Q2: 0.2% Revenue growth, TTM YoY, FY24 Q3: 0.1% Revenue growth, TTM YoY, FY24 Q4: 0.2% Revenue growth, TTM YoY, FY25 Q1: 0.3% Revenue growth, TTM YoY, FY25 Q2: 0.3% Revenue growth, TTM YoY, FY25 Q3: 1.0% Revenue growth, TTM YoY, FY25 Q4: 2.1% Revenue growth, TTM YoY, FY26 Q1: 3.9% Revenue growth, TTM YoY, FY26 Q2: 5.8% Revenue growth, TTM YoY, FY26 Q3: 7.0% 7.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 4.1%
FY24 Q1 1.7%
FY24 Q2 0.2%
FY24 Q3 0.1%
FY24 Q4 0.2%
FY25 Q1 0.3%
FY25 Q2 0.3%
FY25 Q3 1.0%
FY25 Q4 2.1%
FY26 Q1 3.9%
FY26 Q2 5.8%
FY26 Q3 7.0%
Operating margin (TTM) Sherwin-Williams
14% 16% 18% 20% FY21 Q4 FY22 Q3 FY23 Q2 FY24 Q3 Operating margin (TTM), FY21 Q4: 15.5% Operating margin (TTM), FY22 Q1: 14.6% Operating margin (TTM), FY22 Q2: 14.1% Operating margin (TTM), FY22 Q3: 14.8% Operating margin (TTM), FY22 Q4: 15.3% Operating margin (TTM), FY23 Q1: 15.9% Operating margin (TTM), FY23 Q2: 16.8% Operating margin (TTM), FY23 Q3: 17.6% Operating margin (TTM), FY23 Q4: 18.1% Operating margin (TTM), FY24 Q1: 18.3% Operating margin (TTM), FY24 Q2: 19.1% Operating margin (TTM), FY24 Q3: 19.1% 19.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY21 Q4 15.5%
FY22 Q1 14.6%
FY22 Q2 14.1%
FY22 Q3 14.8%
FY22 Q4 15.3%
FY23 Q1 15.9%
FY23 Q2 16.8%
FY23 Q3 17.6%
FY23 Q4 18.1%
FY24 Q1 18.3%
FY24 Q2 19.1%
FY24 Q3 19.1%
FCF margin (TTM) Sherwin-Williams
8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 11.4% FCF margin (TTM), FY24 Q1: 10.5% FCF margin (TTM), FY24 Q2: 10.3% FCF margin (TTM), FY24 Q3: 8.9% FCF margin (TTM), FY24 Q4: 9.0% FCF margin (TTM), FY25 Q1: 9.4% FCF margin (TTM), FY25 Q2: 9.3% FCF margin (TTM), FY25 Q3: 10.4% FCF margin (TTM), FY25 Q4: 11.3% FCF margin (TTM), FY26 Q1: 12.1% FCF margin (TTM), FY26 Q2: 13.2% FCF margin (TTM), FY26 Q3: 12.4% 12.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 11.4%
FY24 Q1 10.5%
FY24 Q2 10.3%
FY24 Q3 8.9%
FY24 Q4 9.0%
FY25 Q1 9.4%
FY25 Q2 9.3%
FY25 Q3 10.4%
FY25 Q4 11.3%
FY26 Q1 12.1%
FY26 Q2 13.2%
FY26 Q3 12.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 7.1 7.8 8.8 9.5 10.2 11.1 11.3 11.9 15.0 17.5 17.9 18.4 19.9 22.1 23.1 23.1 23.6 24.9
Gross profit 3.3 3.5 3.7 4.2 4.6 5.2 5.6 5.9 6.7 7.4 8.0 8.7 8.5 9.3 10.8 11.2 11.5 12.1
EBITDA — 1.1 1.1 1.5 1.6 1.9 2.1 2.3 2.5 2.9 3.1 3.6 3.3 3.7 4.5 — — —
Operating income — 0.9 1.0 1.3 1.4 1.7 2.0 2.2 2.2 2.6 2.8 3.4 3.1 3.4 4.2 — — —
Net income 0.4 0.5 0.4 0.6 0.8 0.9 1.1 1.1 1.7 1.1 1.5 2.0 1.9 2.0 2.4 2.7 2.6 2.7
Diluted EPS $1.26 $1.40 $1.38 $2.01 $2.42 $2.92 $3.72 $4.00 $6.07 $3.89 $5.50 $7.36 $6.98 $7.72 $9.25 $10.55 $10.26 $10.86
Growth (year on year)
Revenue −11.1% +9.6% +12.7% +8.8% +6.8% +9.3% +1.9% +4.6% +26.4% +17.0% +2.1% +2.6% +8.6% +11.1% +4.1% +0.2% +2.1% +7.0%
EBITDA — — +4.4% +28.4% +9.7% +16.4% +14.4% +9.5% +7.9% +14.7% +6.3% +18.6% −8.1% +9.4% +21.7% — — —
Operating income — — +3.9% +32.7% +10.3% +17.5% +15.8% +10.2% +3.3% +16.8% +7.6% +20.1% −8.6% +10.2% +22.5% — — —
Net income −8.6% +6.1% −4.5% +42.8% +19.3% +15.1% +21.7% +7.5% +52.5% −35.8% +39.0% +31.7% −8.2% +8.4% +18.3% +12.2% −4.2% +4.1%
Diluted EPS −5.5% +11.4% −1.7% +45.4% +20.6% +20.8% +27.1% +7.5% +51.8% −35.9% +41.4% +33.8% −5.2% +10.6% +19.8% +14.1% −2.7% +6.1%
Margins
Gross margin 46.0% 44.8% 42.7% 44.1% 45.3% 46.4% 49.0% 49.9% 44.8% 42.3% 44.9% 47.3% 42.8% 42.1% 46.7% 48.5% 48.8% 48.6%
EBITDA margin — 14.0% 13.0% 15.3% 15.7% 16.7% 18.8% 19.7% 16.8% 16.5% 17.2% 19.8% 16.8% 16.5% 19.3% — — —
Operating margin — 12.2% 11.2% 13.7% 14.2% 15.2% 17.3% 18.3% 14.9% 14.9% 15.7% 18.4% 15.5% 15.3% 18.1% — — —
Net margin 6.1% 5.9% 5.0% 6.6% 7.4% 7.8% 9.3% 9.6% 11.5% 6.3% 8.6% 11.1% 9.3% 9.1% 10.4% 11.6% 10.9% 10.7%
Free-cash-flow margin 10.8% 7.5% 6.6% 7.7% 9.0% 7.9% 10.7% 9.0% 11.1% 9.7% 11.1% 16.9% 9.4% 5.8% 11.4% 9.0% 11.3% 12.4%
Cash flow
Cash from operations 0.9 0.7 0.7 0.9 1.1 1.1 1.4 1.3 1.9 1.9 2.3 3.4 2.2 1.9 3.5 3.2 3.5 3.7
Capital spending 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.6 0.9 1.1 0.8 0.6
Free cash flow 0.8 0.6 0.6 0.7 0.9 0.9 1.2 1.1 1.7 1.7 2.0 3.1 1.9 1.3 2.6 2.1 2.7 3.1
Stock-based pay 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.7 0.5 0.5 0.7 0.9 0.8 1.1 1.0 1.6 1.6 1.9 3.0 1.8 1.2 2.5 1.9 2.5 3.0
Balance sheet
Cash 0.1 0.1 0.0 0.9 0.7 0.0 0.2 0.9 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.2 0.2 0.3
Total debt 0.8 1.0 1.0 1.7 1.7 1.8 1.9 2.0 10.5 9.3 8.7 8.3 9.6 10.6 9.9 9.9 10.9 11.8
Net debt (negative = net cash) 0.7 1.0 1.0 0.8 1.0 1.8 1.7 1.1 10.3 9.2 8.5 8.1 9.4 10.4 9.6 9.7 10.7 11.5
Diluted shares 343m 326m 317m 312m 309m 296m 284m 283m 285m 285m 280m 276m 267m 262m 258m 254m 250m 246m
Returned to shareholders
Dividends 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.5 0.6 0.6 0.6 0.7 0.8 0.8
Buybacks 0.5 0.4 0.4 0.6 0.8 1.5 1.0 0.0 — 0.6 0.8 2.4 2.8 0.9 1.4 1.7 1.7 2.5
Total returned 0.7 0.5 0.5 0.7 1.0 1.7 1.3 0.3 0.3 0.9 1.2 2.9 3.3 1.5 2.1 2.5 2.4 3.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · September 30, 2026
What it owns · $27.0bn
Short-term assets $7.0bnLonger-term assets $19.9bn
What it owes, and who funded it · $13.8bn
Short-term liabilities $9.8bnShareholders' equity $4.0bn
  • Short-term assets cover short-term liabilities $7.0bn of assets due within a year against $9.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $264m of cash against $9.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 237% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 385% to 237% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.7bn of operating cash flow against $9.4bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Sherwin-Williams's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$2.5B
Dividends (TTM)
$785M
Returned to shareholders
106%
of free cash flow
Buybacks, last 3 fiscal years
$4.8B
Diluted share count
−1.9%
year over year
Total shareholder yield
3.8%
dividends 0.9% + buybacks 2.9% of market value
Dividend payout ratio
29%
of net income paid out
Sales & admin spending
32.4%
of revenue
Days sales outstanding
53 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in specialty chemicals
Last 12 months unless stated SHW LYB ECL PPG RPM ALB Median
Revenue, last 12 months $24.9bn $32.0bn $17.4bn $16.7bn $8.0bn $5.9bn $906m
Revenue growth, last 12 months 7.0% 3.5% 9.3% 6.4% 6.0% 18.3% 5.4%
Revenue growth, 3-year average 2.7% −8.2% 4.9% 1.3% 2.8% −15.1% 0.9%
Revenue growth, latest quarter 7.9% 10.0% 12.7% 6.6% 4.8% 31.1% 8.3%
Gross margin 48.6% 14.3% 43.9% 40.9% 41.2% 23.8% 28.8%
Operating margin 19.1% 8.6% 16.7% 18.7% — 4.3% 4.3%
Operating margin, 3-year average 17.2% 4.9% 17.0% 15.2% — −12.9% 5.5%
Net margin 10.7% 4.1% 12.0% 9.4% 8.7% 3.8% 0.8%
Cash from operations / revenue 14.8% 11.6% 17.4% 12.3% 11.6% 30.5% 6.9%
Free-cash-flow margin 12.4% 7.6% 10.3% 7.7% 8.9% 22.7% 4.3%
Free-cash-flow margin, 3-year average 10.6% 5.2% 11.0% 7.1% 8.9% 0.6% 5.1%
Stock pay / revenue 0.5% 0.3% 0.8% 0.3% 0.5% 0.6% 1.0%
Change in share count −1.9% — −0.8% −2.1% −0.6% 4.2% 0.1%

Median of all 42 companies we cover in specialty chemicals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

42 specialty chemicals companies
Measure Company Peer median Rank
Revenue growth Growth 7.0% 6.0% 17 of 42
Change in growth rate Growth +1.3pp +1.3pp 21 of 42
Gross margin Profitability 48.6% 31.5% 5 of 40
Net margin Profitability 10.7% 1.7% 5 of 42
Free-cash-flow margin Cash generation 12.4% 4.8% 6 of 42
Stock pay as % of revenue Cash generation 0.5% 1.0% 8 of 36
Long-term debt as % of assets Balance sheet 29.5% 26.8% 21 of 36
Change in share count Balance sheet -1.9% 0.0% 7 of 37
Days sales outstanding Balance sheet 53 days 59 days 14 of 30

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Paint Stores Group $13.6B 57.7% ▲ 3.2%
Performance Coatings Group $6.8B 28.8% 0.0%
Consumer Brands Group $3.2B 13.4% ▲ 1.9%

From Sherwin-Williams's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$69.4B
Institutions reporting
1,735
Shares held vs prior quarter
▲ 3.1%
Positions opened / closed
152 / 113

Top buyers and sellers, Q2 2026: 717 institutions bought and 838 sold ; the biggest buyer was Wellington Management Group LLP (+1.6M shares) and the biggest seller Price T Rowe Associates Inc (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $6.1B 17.7M 8.8% ▲ 1.4%
State Street Corp $5.4B 15.6M 7.7% ▼ 0.2%
Vanguard Capital Management LLC $5.2B 15.1M 7.5% 0.0%
FMR LLC $2.6B 7.4M 3.7% ▲ 6.2%
Morgan Stanley $2.3B 6.6M 3.3% ▲ 7.3%
Vanguard Portfolio Management LLC $1.9B 5.4M 2.7% ▼ 7.9%
Geode Capital Management, LLC $1.8B 5.2M 2.6% ▼ 1.6%
Norges Bank $1.4B 4.0M 2.0% —
Viking Global Investors LP $1.3B 3.9M 1.9% ▲ 24.5%
Alliancebernstein L.P. $1.1B 3.5M 1.6% ▼ 1.5%
Jpmorgan Chase & Co $1.1B 3.3M 1.6% ▲ 41.3%
Capital Research Global Investors $996M 2.9M 1.4% ▼ 19.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Sherwin-Williams's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $9.7M 4 trades by 4 insiders · 0% under pre-set plans
Net ▼ $9.7M net selling
Insider Date Trade Shares Price Value
Binns Justin T President, Glob. Architectural August 17, 2026 Sell 13,500 $352.70 $4.8M
Jorgenrud Karl J President, Glob. Industrial August 7, 2026 Sell 7,886 $368.30 $2.9M
Young Bryan J SVP - Corp Strategy & Devel. February 24, 2026 Sell 2,513 $364.47 $915,913
Davie Colin M. Pres. & GM, Glob. Supply Chain February 2, 2026 Sell 2,976 $359.50 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 74 trades and filings

In the last 12 months, 1 member of Congress disclosed 2 purchases and 2 sales of Sherwin-Williams shares.

  • Maria Elvira Salazar(R-FL 27):Sale (full), $1,001 - $15,000, traded May 12, 2026, filed June 8, 2026
  • Maria Elvira Salazar(R-FL 27):Sale (full), $1,001 - $15,000, traded May 12, 2026, filed June 8, 2026
  • Maria Elvira Salazar(R-FL 27):Purchase, $15,001 - $50,000, traded April 20, 2026, filed May 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • January 29, 2026
  • October 28, 2025
  • July 22, 2025

Recent SEC filings

Data status

When each part of this page on Sherwin-Williams was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Sherwin-Williams in brief

What does Sherwin-Williams do?
Sherwin-Williams is a US-listed company in the specialty chemicals industry. Its financial year ends in December.
What is Sherwin-Williams's stock ticker?
Sherwin-Williams trades under the ticker SHW on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Sherwin-Williams's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Sherwin-Williams reported revenue of $24.9B, 7.0% higher than a year earlier, according to its SEC filings.
What is Sherwin-Williams's free cash flow?
Sherwin-Williams's free-cash-flow margin is 12.4% of revenue over the trailing twelve months, ranking 6 of the 42 specialty chemicals companies we cover.
What is Sherwin-Williams's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Sherwin-Williams's free cash flow after stock-based pay gives ~$180 per share in the base case, and ~$130–$260 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Sherwin-Williams's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Sherwin-Williams buying back stock, and does it pay a dividend?
Sherwin-Williams spent $2.5B on share repurchases over the trailing twelve months, and its diluted share count fell 1.9% over the year.
What is Sherwin-Williams's market cap?
On November 2, 2026, Sherwin-Williams's market capitalisation was about $86.8B, with a price-to-earnings ratio of 32.4 and net debt of $11.5B. Market figures come from third-party market data and may be delayed.
Does Sherwin-Williams pay a dividend?
Yes: Sherwin-Williams paid $785M in dividends over the trailing twelve months, a dividend yield of 0.92% and a payout ratio of 29.3%.
How much debt does Sherwin-Williams have?
Sherwin-Williams's debt-to-equity ratio is 237.4%, from its latest balance sheet (384.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Sherwin-Williams's competitors?
In our Specialty Chemicals peer group, the companies closest to Sherwin-Williams are LyondellBasell, Ecolab, PPG Industries, RPM International Inc and Albemarle Corporation. The side-by-side comparison below sets their revenue, margins and growth against Sherwin-Williams's.
Are insiders buying or selling Sherwin-Williams stock?
Over the last 12 months, Sherwin-Williams's directors and officers reported 0 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Sherwin-Williams's next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Sherwin-Williams announces its own schedule.