At a glance
Sherwin-Williams Co is worth $85.13B, about 34 times its fiscal 2025 earnings. Revenue grew 2.1% to $23.57B in fiscal 2025, with 10.9% kept as profit; over 5 years it has grown 5.1% a year. It pays a 0.91% dividend yield, raised every year for at least 9 years, and returned $11.81B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +3.1% over the past year with dividends reinvested and +3.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.5% in the 2020 crash (S&P 500: 33.7%) and 40.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 17 months after the lows.
The business in plain English
Sherwin-Williams, founded in 1866 and based in Cleveland, Ohio, makes and sells paint, coatings and related products. Its customers include professional painters, manufacturers, businesses and do-it-yourself homeowners, mostly in North and South America, plus the Caribbean, Europe, Asia and Australia. It makes much of what it sells in its own plants. It then sells through its own stores, through retailers and directly to industrial buyers. Fiscal 2025 revenue was about $23.6 billion.
The Paint Stores Group is the largest piece, at 57.7% of revenue, or about $13.6 billion. At December 31, 2025, it ran 4,853 company-operated stores in the US, Canada and the Caribbean. They sell Sherwin-Williams paints such as Duration, Emerald and SuperPaint to paint contractors and do-it-yourself homeowners. The Performance Coatings Group, 28.8% of revenue, sells industrial coatings worldwide for wood finishing, metal and plastic parts, car body repair, protective and marine uses, metal coil and packaging.
The Consumer Brands Group, 13.4% of revenue, sells brands such as Valspar, Minwax, Krylon and Purdy through home centers, hardware stores, dealers and distributors in North America, Latin America and Europe. It also runs 307 stores in Latin America. In addition, it makes most of the products sold in the company's own stores. About 63% of its 2025 sales were these internal transfers, which are not counted in its revenue share.
Price history
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SHW +3.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Paint Stores Group | $13.61B | 57.7% |
| Performance Coatings Group | $6.80B | 28.8% |
| Consumer Brands Group | $3.17B | 13.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $6.86B, up 7.9% from a year earlier, and net income was $821.0M (-1.5%).
- For fiscal 2025, revenue was $23.57B (+2.1% year over year; +5.1% a year from FY2020 to FY2025) with a 10.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.1% good |
|---|---|
| Free cash flow margin | 11.3% good |
| Return on equity (FY2025) | 55.9% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 9.9% good |
| Net cash (cash minus debt) | $-11.53B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $18.36B | $2.03B | $3.10B |
| FY2021 | $19.94B | $1.86B | $1.87B |
| FY2022 | $22.15B | $2.02B | $1.28B |
| FY2023 | $23.05B | $2.39B | $2.63B |
| FY2024 | $23.10B | $2.68B | $2.08B |
| FY2025 | $23.57B | $2.57B | $2.65B |
Valuation snapshot
| Market value | $85.13B |
|---|---|
| P/E ratio | 34.3 |
| Dividend yield | 0.91% |
Rank among 1514 US companies
Market value at each year end
Sherwin-Williams’s market value went from $24.97B at the end of 2016 to $85.13B on Nov 2, 2026, about 3.4 times as much; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $85.13B | +6.0% |
| 2025 | $80.32B | -6.2% |
| 2024 | $85.61B | +7.2% |
| 2023 | $79.84B | +29.8% |
| 2022 | $61.50B | -33.4% |
| 2021 | $92.34B | +38.3% |
| 2020 | $66.75B | +23.9% |
| 2019 | $53.87B | +46.2% |
| 2018 | $36.84B | -3.9% |
| 2017 | $38.34B | +53.6% |
| 2016 | $24.97B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SHW price data to Nov 2, 2026 | +9.5% | +3.1% | +13.8% | +3.3% | +16.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.5% |
| 2025 | -3.8% |
| 2024 | +9.9% |
| 2023 | +32.7% |
| 2022 | -32.0% |
| 2021 | +44.9% |
| 2020 | +27.1% |
| 2019 | +49.7% |
| 2018 | -3.2% |
| 2017 | +54.1% |
| 2016 | +4.8% |
| 2015 | -0.3% |
| 2014 | +44.9% |
| 2013 | +20.7% |
| 2012 | +74.5% |
| 2011 | +8.5% |
| 2010 | +38.1% |
| 2009 | +4.1% |
| 2008 | +3.8% |
| 2007 | -8.1% |
| 2006 | +40.9% |
| 2005 | +2.4% |
| 2004 | +29.2% |
| 2003 | +23.9% |
| 2002 | +3.5% |
| 2001 | +5.4% |
| 2000 | +26.3% |
| 1999 | -28.1% |
| 1998 | +6.4% |
| 1997 | -0.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 33% over that stretch · deepest drop along the way 34.9%, back to its old high 12.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.5% over that stretch · deepest drop along the way 32.5%, back to its old high 2.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 40.2% over that stretch · deepest drop along the way 40.2%, back to its old high 16.6 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 2 sales ($7.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 17, 2026 | Justin T Binns President, Glob. Architectural | sell | $4.8M |
| Aug 7, 2026 | Karl J Jorgenrud President, Glob. Industrial | sell | $2.9M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.03% | Mar 31, 2026 |
| STATE STREET CORPORATION | 6.3% | Dec 31, 2024 |
ETFs with the most weight in SHW
| XLB Materials Select Sector SPDR Fund | 6.94% |
| FMAT Fidelity MSCI Materials Index ETF | 6.65% |
| VAW Vanguard Materials ETF | 6.39% |
| DIA SPDR Dow Jones Industrial Average ETF Trust | 5.08% |
| ITB iShares U.S. Home Construction ETF | 4.53% |
| BEEZ Honeytree U.S. Equity ETF | 4.13% |
| RSPM Invesco S&P 500 Equal Weight Materials ETF | 4.01% |
| TOLL Tema Monopolies and Oligopolies ETF | 3.94% |
What could go wrong
- Housing slump tied to high mortgage rates. Much of its paint demand tracks home building, home sales and commercial construction. Its fiscal 2025 annual report said mortgage rates stayed high despite Federal Reserve rate cuts, with no meaningful demand boost.
- Petrochemical raw material costs and tariffs. Paint ingredients like resins and solvents are often made from petrochemicals, notably propylene. Shortages, price spikes or tariffs on imported materials have hurt results before and could again.
- Heavy debt and a thin cash cushion. Total debt was about $11.8 billion against $264 million of cash and investments as of September 30, 2026. A credit-rating cut or tighter lending markets could raise borrowing costs.
- Dependence on large retail customers. The Consumer Brands Group sells brands such as Valspar and Minwax through home centers and hardware stores. Some customers individually make up a significant share of its sales. Losing one could hurt results.
- Cyclical industrial and energy customers. It also sells to manufacturers and to oil production, refining, storage and transportation. Spending in these areas rises and falls with the economy, and the annual report flagged softer global industrial demand.
- Environmental cleanup and lawsuits. The company is investigating and cleaning up pollution at current, former and third-party sites. It says its final bill may exceed the amount set aside. Pending and future lawsuits could also prove costly.
Recent events
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation; Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Sherwin-Williams pays a small but fast-growing dividend. SEC filings show at least nine straight annual increases through fiscal 2025, and the true streak may be longer. Dividends per share rose from about $1.79 in fiscal 2020 (adjusted for a 2021 stock split) to $3.16 in fiscal 2025, roughly 12% a year. That payout used about 31% of earnings and 30% of free cash flow (cash left after running and investing in the business). The yield, though, was only 0.99% as of October 28, 2026, so the shares produce little current income. The company has spent more on buybacks (purchases of its own shares): $8.5 billion over fiscal 2021–2025, against $3.3 billion in dividends.
In past slumps, the shares fell about 35% (2008 financial crisis), 33% (2020 COVID crash) and 40% (2022 bear market). After hitting bottom, they took roughly 12, 2 and 17 months to regain their prior peak. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Sherwin-Williams make money?
Sherwin-Williams makes money by manufacturing and selling paint, coatings and related products to contractors, manufacturers, retailers and homeowners. Its Paint Stores Group had 4,853 company-operated stores in the US, Canada and the Caribbean at December 31, 2025, and brought in 57.7% of fiscal 2025 revenue of about $23.6 billion. The Performance Coatings Group, which sells industrial coatings worldwide, added 28.8%. The Consumer Brands Group, which sells brands such as Valspar and Minwax through retailers, added 13.4%. Net income was about $2.57 billion that year.
Does Sherwin-Williams raise its dividend every year?
Yes, so far. SEC filings show at least nine straight annual dividend increases through fiscal 2025, and the true streak may be longer. Dividends per share rose from about $1.79 in fiscal 2020 (adjusted for a 2021 stock split) to $3.16 in fiscal 2025, roughly 12% a year. The fiscal 2025 payout used about 31% of earnings. The yield was 0.99% as of October 28, 2026. Past increases do not guarantee future ones.
What brands does Sherwin-Williams own?
Sherwin-Williams owns dozens of paint and coatings brands beyond its own name. Its stores sell lines such as Duration, Emerald, SuperPaint, Loxon and ProMar. The Consumer Brands Group sells Valspar, Minwax, Krylon, Purdy, Dutch Boy, Thompson's WaterSeal, Cabot, Ronseal, Suvinil and HGTV HOME by Sherwin-Williams through home centers, hardware stores and distributors. Industrial brands in the Performance Coatings Group include Valspar, Huarun, Inver, Sayerlack and M.L. Campbell.
How much debt does Sherwin-Williams have?
Sherwin-Williams had about $11.8 billion of total debt as of September 30, 2026, against $264 million of cash and investments. That left net debt of roughly $11.5 billion. Between November 2025 and September 2026 it filed several notices of new debt or financial obligations. Its annual report calls the debt substantial. It also warns that weaker credit markets or a credit-rating change could hurt results. For scale, free cash flow (cash left after running and investing in the business) was about $2.65 billion in fiscal 2025.
How has Sherwin-Williams stock performed over the long term?
It has done well over 10 years but poorly over five. Price-based returns as of October 28, 2026 were about 15.7% a year over 10 years (331% in total). They were 0.9% a year over five years, 11.8% a year over three years and minus 8.6% over one year. The deepest fall in 30 years of price history was 53%. On that date, the price-to-earnings ratio was 31.3 based on fiscal 2025 earnings. That means investors paid about $31 for each $1 of yearly profit.