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Largest US paint and coatings company, selling paint through company-owned stores and to industrial/OEM customers.
Largest US paint and coatings company, selling paint through company-owned stores and to industrial/OEM customers.
Sells paint mainly through its own stores, where professional painters buy on account, plus its brands in home-improvement chains and coatings sold to manufacturers. Because it owns the stores it earns the retail margin as well as the manufacturing one. The 2017 Valspar purchase widened its industrial coatings and retail reach.
Moat: wide (distribution, brand, scale). Unmatched company-owned store network gives contractors direct access and loyalty versus big-box/retail-only rivals.
Headquarters: Cleveland, Ohio, US · Founded: 1866 · Employees: 64,249
Size Sherwin-Williams (SHW) is a United States Materials company (Industrial Specialties) with a market value of $83.1B, the 164th largest of 3,117 United States companies the cockpit tracks. Shares closed at $344.10 on 6 Nov 2026.
Performance Over six months the shares gained 8.9%, against +1.6% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +12.2%); the operating margin is 16.4% (peer median 13.4%).
Valuation It trades at 26.8× forward earnings against a peer median of 16.8× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.0 points above its cost of capital (9.4% WACC).
Credit Sherwin-Williams has 16 bonds outstanding ($9.40B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 82 bp.
Short interest Short interest is 2.7% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $24.9B | $23.6B | $23.1B | $23.1B | $22.1B |
| Revenue growth | — | +2% | 0% | +4% | — |
| Gross profit | $11.8B | $11.5B | $11.2B | $10.7B | $9.31B |
| EBITDA | $4.83B | $4.59B | $4.40B | $4.24B | $4.05B |
| Net income | $2.68B | $2.57B | $2.68B | $2.39B | $2.02B |
| Free cash flow | $3.08B | $2.65B | $2.08B | $2.63B | $1.28B |
| Capital expenditure | $606M | $798M | $1.07B | $888M | $644M |
| Total debt | $14.8B | $14.0B | $12.9B | $11.8B | $12.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sherwin-Williams SHW | $83.1B | +9% | +7% | 16% | 26.8× | 14.9% |
| PPG Industries PPG | $27.0B | +12% | +6% | 13% | 14.6× | 7.1% |
| RPM International RPM | $13.2B | +2% | +6% | 13% | 16.9× | 7.5% |
| Axalta Coating Systems AXTA | $7.80B | +25% | 0% | 14% | 14.0× | 8.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SHW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.2% | +2.6% | 7th highest of 21 |
| 6-month return | +8.9% | +1.6% | 9th highest of 21 |
| Distance from 52-week high | -8.5% | -15.5% | 8th highest of 21 |
| Revenue growth (TTM) | +7.0% | +12.2% | 9th lowest of 21 |
| Operating margin | 16.4% | 13.4% | 6th highest of 21 |
| Forward P/E | 26.8× | 16.8× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 14.9% | 9.5% | 7th most demanding of 17 |
| Growth delivered (Del g) | +5.1% | +10.3% | 4th lowest of 17 |
| Hurdle (Req g minus delivered) | +9.8 pp | +3.3 pp | 6th most demanding of 17 |
| ROIC minus cost of capital | +8.0 pp | +2.9 pp | 5th highest of 21 |
| EV / EBITDA | 20.2× | 12.2× | 5th most expensive of 15 |
| Net debt / EBITDA | 3.0× | 0.8× | 2nd most indebted of 15 |
| Bond spread | 82 bp | 80 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sherwin-Williams SHW | United States | $83.1B | +9% | +7% | 16% | 26.8× | 14.9% | +5.1% |
| Henkel AG & Co. KGaA HEN.DE | Germany | $35.4B | +25% | -3% | 15% | 13.6× | -1.9% | +1.3% |
| Wanhua Chemical 600309.SS | China | $34.1B | -19% | +37% | 11% | 11.3× | -2.6% | +22.7% |
| PPG Industries PPG | United States | $27.0B | +12% | +6% | 13% | 14.6× | 7.1% | +2.8% |
| Asian Paints ASIANPAINT.NS | India | $25.9B | +1% | +12% | 16% | 47.5× | 37.3% | +10.6% |
| Nippon Paint 4612.T | Japan | $20.4B | +40% | +16% | 15% | 16.6× | 1.9% | +18.1% |
| Solar Industries India SOLARINDS.NS | India | $17.8B | +17% | +53% | 25% | 64.6× | n/a | n/a |
| Pidilite Industries PIDILITIND.NS | India | $17.0B | +9% | +17% | 21% | 56.8× | 40.3% | +14.9% |
| China Jushi 600176.SS | China | $16.6B | -20% | +27% | 34% | 13.5× | 14.6% | +10.1% |
| RPM International RPM | United States | $13.2B | +2% | +6% | 13% | 16.9× | 7.5% | +5.2% |
| Akzo Nobel AKZA.AS | Netherlands | $12.1B | +26% | -5% | 6% | 16.1× | 10.7% | +3.6% |
| Axalta Coating Systems AXTA | United States | $7.80B | +25% | 0% | 14% | 14.0× | 8.3% | +6.5% |
| Srf SRF.NS | India | $7.67B | -11% | +20% | 19% | 30.3× | 25.2% | +13.5% |
| Orica ORI.AX | Australia | $7.23B | +1% | +2% | 11% | 18.2× | 6.9% | +9.6% |
| Sekisui Chemical 4204.T | Japan | $6.61B | +9% | +6% | 9% | 13.4× | n/a | n/a |
| Berger Paints India BERGEPAINT.NS | India | $5.90B | -2% | +5% | 12% | 41.5× | 38.5% | +11.8% |
| Fuchs FPE.DE | Germany | $5.87B | +21% | +12% | 13% | 13.8× | -4.4% | +8.4% |
| Taiwan Glass Industry 1802.TW | Taiwan | $5.08B | -21% | +12% | 12% | 16.7× | n/a | n/a |
| SICC 688234.SS | China | $4.98B | -24% | +20% | -5% | 202.4× | n/a | n/a |
| Sichuan EM Technology 601208.SS | China | $4.88B | -15% | +23% | 7% | 51.1× | 44.5% | +22.5% |
| Sunresin New Materials 300487.SZ | China | $4.77B | -2% | +17% | 36% | 31.2× | 19.0% | +24.7% |
Sherwin-Williams has 16 bonds outstanding with $9.40B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.72%, a spread of 82 bp over government bonds.