Sherwin-Williams (SHW)
Market Price (6/20/2026): $320.88 | Market Cap: $78.8 BilInvestor Relations Sector: Materials | Industry: Specialty Chemicals
Sherwin-Williams (SHW)
Market Price (6/20/2026): $320.88Market Cap: $78.8 BilSector: MaterialsIndustry: Specialty Chemicals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 3.7 Bil, FCF LTM is 2.9 Bil Stock buyback supportStock Buyback 3Y Total is 5.1 Bil Low stock price volatilityVol 12M is 25% Megatrend and thematic driversMegatrends include Advanced Materials, Sustainable & Green Buildings, and Sustainable Consumption. Themes include Specialty Chemicals for Performance, Show more. | Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -38% | Key risksSHW key risks include [1] high sensitivity to housing market downturns, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 3.7 Bil, FCF LTM is 2.9 Bil |
| Stock buyback supportStock Buyback 3Y Total is 5.1 Bil |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Advanced Materials, Sustainable & Green Buildings, and Sustainable Consumption. Themes include Specialty Chemicals for Performance, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -38% |
| Key risksSHW key risks include [1] high sensitivity to housing market downturns, Show more. |
Qualitative Assessment
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Sherwin-Williams (SHW) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Persistent Weakness in Housing Market and Key End Markets.
Sherwin-Williams has faced continued demand softness across most end markets, particularly in new residential construction, which was anticipated to be down by a mid-single-digit percentage for 2026. This macroeconomic headwind, driven by higher interest rates, low housing turnover, and general economic uncertainty, has limited demand for paint and coatings. Management indicated that they expect "little to no recovery" in these markets during 2026 due to geopolitical uncertainties and inflationary pressures.
2. Reaffirmed Full-Year Guidance Despite Q1 2026 Earnings Beat.
While Sherwin-Williams exceeded analyst expectations for its fiscal Q1 2026 (ended March 31, 2026), with consolidated net sales increasing 6.8% to $5.67 billion (against estimates of $5.56 billion) and adjusted diluted EPS reaching $2.35 (compared to estimates of $2.26-$2.28), the company only reaffirmed its previous full-year 2026 guidance. This guidance maintained expectations for consolidated net sales to be up by a low to mid-single-digit percentage and adjusted diluted net income per share in the range of $11.50 to $11.90. The decision not to raise guidance, especially with a shift in volume outlook from growth to a low single-digit decline, suggested underlying cautiousness about future performance despite the strong Q1 results.
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Sherwin-Williams (SHW) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Persistent Weakness in Housing Market and Key End Markets.
Sherwin-Williams has faced continued demand softness across most end markets, particularly in new residential construction, which was anticipated to be down by a mid-single-digit percentage for 2026. This macroeconomic headwind, driven by higher interest rates, low housing turnover, and general economic uncertainty, has limited demand for paint and coatings. Management indicated that they expect "little to no recovery" in these markets during 2026 due to geopolitical uncertainties and inflationary pressures.
2. Reaffirmed Full-Year Guidance Despite Q1 2026 Earnings Beat.
While Sherwin-Williams exceeded analyst expectations for its fiscal Q1 2026 (ended March 31, 2026), with consolidated net sales increasing 6.8% to $5.67 billion (against estimates of $5.56 billion) and adjusted diluted EPS reaching $2.35 (compared to estimates of $2.26-$2.28), the company only reaffirmed its previous full-year 2026 guidance. This guidance maintained expectations for consolidated net sales to be up by a low to mid-single-digit percentage and adjusted diluted net income per share in the range of $11.50 to $11.90. The decision not to raise guidance, especially with a shift in volume outlook from growth to a low single-digit decline, suggested underlying cautiousness about future performance despite the strong Q1 results.
3. Concerns Over Rising Raw Material Costs.
Sherwin-Williams reaffirmed its full-year guidance for 2026 amidst a "sharply deteriorating raw material backdrop tied to the Middle East conflict." While the company's Q1 2026 performance benefited from moderating raw material costs, management highlighted the need for "aggressive cost reduction actions to mitigate raw material volatility and maintain profitability" for the remainder of the year. This indicates an anticipated increase in cost pressures that could impact future margins.
4. Analyst Downgrades and Price Target Adjustments.
During the period, some financial analysts revised their outlooks for Sherwin-Williams. Notably, UBS downgraded the stock to "Neutral" with a price target of $330.00 on June 2, 2026, and Wells Fargo downgraded it to "Equal-Weight" on April 10, 2026. These downward revisions in ratings and price targets by prominent firms likely contributed to negative investor sentiment and selling pressure on the stock.
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Stock Movement Drivers
Fundamental Drivers
The -11.1% change in SHW stock from 2/28/2026 to 6/19/2026 was primarily driven by a -12.4% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 360.85 | 320.79 | -11.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,574 | 23,936 | 1.5% |
| Net Income Margin (%) | 10.9% | 10.9% | -0.3% |
| P/E Multiple | 34.6 | 30.3 | -12.4% |
| Shares Outstanding (Mil) | 246 | 246 | 0.3% |
| Cumulative Contribution | -11.1% |
Market Drivers
2/28/2026 to 6/19/2026| Return | Correlation | |
|---|---|---|
| SHW | -11.1% | |
| Market (SPY) | 9.2% | 55.4% |
| Sector (XLB) | -2.6% | 70.8% |
Fundamental Drivers
The -6.2% change in SHW stock from 11/30/2025 to 6/19/2026 was primarily driven by a -7.4% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 342.04 | 320.79 | -6.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,276 | 23,936 | 2.8% |
| Net Income Margin (%) | 11.0% | 10.9% | -1.7% |
| P/E Multiple | 32.7 | 30.3 | -7.4% |
| Shares Outstanding (Mil) | 246 | 246 | 0.2% |
| Cumulative Contribution | -6.2% |
Market Drivers
11/30/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| SHW | -6.2% | |
| Market (SPY) | 9.9% | 45.1% |
| Sector (XLB) | 17.0% | 68.8% |
Fundamental Drivers
The -9.8% change in SHW stock from 5/31/2025 to 6/19/2026 was primarily driven by a -8.3% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 355.49 | 320.79 | -9.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,037 | 23,936 | 3.9% |
| Net Income Margin (%) | 11.6% | 10.9% | -6.7% |
| P/E Multiple | 33.1 | 30.3 | -8.3% |
| Shares Outstanding (Mil) | 249 | 246 | 1.5% |
| Cumulative Contribution | -9.8% |
Market Drivers
5/31/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| SHW | -9.8% | |
| Market (SPY) | 28.1% | 38.9% |
| Sector (XLB) | 22.4% | 64.1% |
Fundamental Drivers
The 44.6% change in SHW stock from 5/31/2023 to 6/19/2026 was primarily driven by a 15.4% change in the company's Net Income Margin (%).| (LTM values as of) | 5312023 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 221.82 | 320.79 | 44.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 22,593 | 23,936 | 5.9% |
| Net Income Margin (%) | 9.4% | 10.9% | 15.4% |
| P/E Multiple | 26.8 | 30.3 | 13.3% |
| Shares Outstanding (Mil) | 257 | 246 | 4.5% |
| Cumulative Contribution | 44.6% |
Market Drivers
5/31/2023 to 6/19/2026| Return | Correlation | |
|---|---|---|
| SHW | 44.6% | |
| Market (SPY) | 85.7% | 51.4% |
| Sector (XLB) | 46.5% | 67.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SHW Return | 45% | -32% | 33% | 10% | -4% | -3% | 35% |
| Peers Return | 14% | -19% | 13% | 4% | -13% | 16% | 10% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| SHW Win Rate | 67% | 33% | 50% | 58% | 42% | 67% | |
| Peers Win Rate | 52% | 42% | 43% | 53% | 38% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SHW Max Drawdown | -11% | -42% | -16% | -16% | -14% | -21% | |
| Peers Max Drawdown | -21% | -36% | -22% | -20% | -32% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MMM, PPG, DOW, RPM, EMN. See SHW Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | SHW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -10.7% | -18.8% |
| % Gain to Breakeven | 12.0% | 23.1% |
| Time to Breakeven | 22 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.7% | -9.5% |
| % Gain to Breakeven | 17.2% | 10.5% |
| Time to Breakeven | 31 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.1% | -6.7% |
| % Gain to Breakeven | 11.2% | 7.1% |
| Time to Breakeven | 27 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.2% | -24.5% |
| % Gain to Breakeven | 67.4% | 32.4% |
| Time to Breakeven | 497 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.5% | -33.7% |
| % Gain to Breakeven | 48.1% | 50.9% |
| Time to Breakeven | 66 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -17.2% | -19.2% |
| % Gain to Breakeven | 20.8% | 23.8% |
| Time to Breakeven | 65 days | 105 days |
In The Past
Sherwin-Williams's stock fell -10.7% during the 2025 US Tariff Shock. Such a loss loss requires a 12.0% gain to breakeven.
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| Event | SHW | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.2% | -24.5% |
| % Gain to Breakeven | 67.4% | 32.4% |
| Time to Breakeven | 497 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.5% | -33.7% |
| % Gain to Breakeven | 48.1% | 50.9% |
| Time to Breakeven | 66 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.1% | -12.2% |
| % Gain to Breakeven | 30.0% | 13.9% |
| Time to Breakeven | 164 days | 62 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -24.3% | -53.4% |
| % Gain to Breakeven | 32.2% | 114.4% |
| Time to Breakeven | 41 days | 1085 days |
In The Past
Sherwin-Williams's stock fell -10.7% during the 2025 US Tariff Shock. Such a loss loss requires a 12.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Sherwin-Williams (SHW)
Sherwin-Williams (SHW) is a leading global company that develops, manufactures, distributes, and sells a comprehensive range of paints, coatings, and related products. The company serves a highly diverse customer base, including professional contractors, industrial clients, commercial businesses, and individual retail customers, with significant operations spanning North and South America, the Caribbean, Europe, Asia, and Australia.
The company operates through three primary segments, each targeting specific markets. The Americas Group provides architectural paints and coatings, along with protective and marine products, mainly for professional contractors and do-it-yourself homeowners. The Consumer Brands Group supplies a vast portfolio of branded and private-label paints, stains, wood finishes, and painting accessories to various retailers and distributors. Finally, the Performance Coatings Group specializes in advanced industrial coatings for sectors such as wood finishing, automotive refinishing, protective and marine applications, coil, and packaging, serving a broad spectrum of industrial and commercial clients globally.
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Here are 1-3 brief analogies to describe Sherwin-Williams:
- The Home Depot for paints and coatings.
- The Coca-Cola of paint, with its own dedicated stores.
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- Architectural Paints and Coatings: Products for interior and exterior surfaces of residential, commercial, and industrial buildings.
- Industrial Coatings: Specialized finishes for wood, general industrial applications, automotive refinishing, protective, marine, coil, and packaging purposes.
- Stains and Varnishes: Products designed for coloring, protecting, and enhancing wood surfaces.
- Adhesives and Sealants: Includes caulks and various bonding agents for construction and industrial uses.
- Applicators and Related Products: Tools like brushes, rollers, and supplementary items such as corrosion inhibitors for paint and coating application.
- Performance-based Resins and Colorants: Essential chemical components and pigments used in the formulation of paints and coatings.
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- Professional Contractors: This includes architectural and industrial paint contractors who use Sherwin-Williams products for their projects.
- Original Equipment Manufacturers (OEMs) and Industrial Clients: This broad category encompasses companies involved in various industrial applications such as wood finishing, general industrial manufacturing, automotive refinishing, protective and marine coatings, coil coatings, and packaging. These businesses integrate Sherwin-Williams' specialized coatings into their own products or operations.
- Retailers and Distributors: Sherwin-Williams supplies a portfolio of branded and private-label products to other businesses for resale. This includes general retailers, dealers, jobbers, licensees, and other third-party distributors who then sell to end consumers or other businesses.
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- The Chemours Company (CC)
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Heidi G. Petz, Chair, President and Chief Executive Officer
Heidi G. Petz became Chief Executive Officer of Sherwin-Williams on January 1, 2024, and assumed the role of Chair of the Board on January 1, 2025. She joined Sherwin-Williams in June 2017 as part of the Valspar acquisition. Prior to joining Valspar in 2013, she held leadership positions at Target Corporation, Newell Rubbermaid, and PricewaterhouseCoopers. Before her current role, she served as President and Chief Operating Officer, and also held positions as President of The Americas Group and President of the Consumer Brands Group.
Benjamin E. Meisenzahl, Senior Vice President – Finance and Chief Financial Officer
Benjamin E. Meisenzahl assumed the role of Chief Financial Officer effective January 1, 2026. He has 22 years of experience with Sherwin-Williams, having previously served as Senior Vice President – Finance for two and a half years. His experience includes various global finance and operational roles within the Company's Paint Stores Group, Performance Coatings Group, and Global Supply Chain, starting his career as an internal auditor.
Justin T. Binns, President, Global Architectural
Justin T. Binns is the President, Global Architectural. He joined Sherwin-Williams in 1997. His previous roles include President of the Paint Stores Group from March 2022 to January 2024, and President of the Performance Coatings Group from November 2020 to March 2022. He has also held leadership positions in the Automotive Finishes Division, the Performance Coatings Group, and The Americas Group.
Karl J. Jorgenrud, President, Global Industrial
Karl J. Jorgenrud serves as the President, Global Industrial. He joined Sherwin-Williams in June 2017 as part of the Valspar acquisition, where he had begun his career in June 1994. He has 27 years of experience in the global industrial paint and coatings industry. Prior to his current role, he served as President & General Manager of the General Industrial Division, Performance Coatings Group since 2020, and President & General Manager of the Protective & Marine Division, Performance Coatings Group from 2017 to 2019. He held several leadership positions at Valspar before its acquisition by Sherwin-Williams.
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The Sherwin-Williams Company (SHW) faces several key risks to its business, primarily stemming from its sensitivity to macroeconomic conditions and the housing market, coupled with ongoing concerns regarding raw material costs and supply chain dynamics, and competitive pricing pressures.
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Sensitivity to the Housing Market and Macroeconomic Conditions: Sherwin-Williams' performance is highly dependent on the health of the housing market, encompassing residential repaint, new residential construction, existing home sales, and renovation activities. A prolonged downturn or sluggish recovery in these areas directly impacts the demand for the company's architectural paints and coatings. Furthermore, broader macroeconomic factors, including consumer confidence and spending on home improvement projects, significantly influence sales volumes across its segments.
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Raw Material Costs and Supply Chain Issues: The company is vulnerable to fluctuations in the cost of raw materials, such as pigments, resins, and packaging, which can lead to increased expenses. While improvements in raw material availability have been noted, potential tariffs and overall higher input costs can pressure profit margins. Additionally, supply chain inefficiencies and disruptions can impact production volumes and the timely delivery of products, further affecting profitability and operational efficiency.
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Competitive and Pricing Pressures: The paint and coatings industry is characterized by intense competition. In periods of softer demand, competitors may resort to aggressive pricing strategies to maintain or gain market share. Although Sherwin-Williams has demonstrated strong pricing power and the ability to implement price increases, sustained competitive pressures could necessitate strategic adjustments that might impact the company's margins or market share.
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Sherwin-Williams (SHW) operates in several addressable markets related to paints, coatings, and related products. The estimated global and regional market sizes for its main product and service categories are as follows:
Architectural Paints and Coatings
- The global architectural coatings market was valued at approximately USD 89.8 billion in 2025 and is projected to reach USD 119.9 billion by 2033, growing at a CAGR of 3.8% from 2026 to 2033. Other estimates place the global market at USD 93.82 billion in 2025, projected to reach USD 146.30 billion by 2034 with a CAGR of 5.06%.
- In North America, the architectural coatings market is expected to grow from USD 24.5 billion in 2025 to USD 29.77 billion by 2031, at a CAGR of 3.30%. The U.S. market alone for architectural coatings was valued at USD 21.88 billion in 2023 and is expected to continue to be a dominant market till 2031.
Protective and Marine Products
- The global protective coatings market was valued at USD 17.19 billion in 2025 and is projected to grow to USD 32.41 billion by 2034, registering a CAGR of 7.30% from 2026 to 2034.
- The global marine coatings market is expected to reach USD 7.75 billion by 2030, at a CAGR of 5% from 2022 to 2030.
- North America is a significant market for protective marine coatings, holding approximately 40% of the global market share. Europe accounts for around 30% of the global share, while Asia-Pacific holds approximately 25% of the global share.
Industrial Coatings (including OEM Product Finishes, Wood Finishing, General Industrial Applications)
- The global industrial coatings market was valued at approximately USD 96.72 billion in 2025 and is projected to reach USD 132.45 billion by 2033, growing at a CAGR of 4.1% from 2026 to 2033. Other sources estimate the global industrial coatings market size at USD 164.43 billion in 2025, predicted to reach USD 228.68 billion by 2035, expanding at a CAGR of 3.35% from 2026 to 2035.
- Asia Pacific dominated the global industrial coatings market with a 42.0% revenue share in 2025. North America is the second-leading region in the global industrial coatings industry.
- The global OEM coatings market was valued at USD 52.40 billion in 2024 and is estimated to reach USD 97.15 billion by 2033, growing at a CAGR of 7.1% from 2025 to 2033. Asia Pacific is the largest market for OEM coatings.
Automotive Refinish Products
- The global automotive refinish coatings market size was valued at USD 13.8 billion in 2025 and is projected to reach USD 21.1 billion by 2032, growing at a CAGR of 6.2% between 2025 and 2032. Another estimate places the market size at USD 13.25 billion in 2025, expected to reach USD 20.74 billion by 2032, with a CAGR of 6.6%.
- The North American automotive refinish coatings market is predicted to reach USD 5 billion by 2032. The U.S. automotive refinish coatings market is valued at USD 3.3 billion in 2025, and is projected to reach USD 4.6 billion by 2032.
- Asia Pacific was the largest revenue-generating market in 2024 for automotive refinish coatings.
Coil Coatings
- The global coil coatings market size was estimated at USD 3,681.8 million in 2025 and is projected to reach USD 4,959.3 million by 2033, growing at a CAGR of 3.9% from 2026 to 2033. Other reports state the market was valued at USD 5.8 billion in 2025 and is slated to reach USD 9.2 billion by 2035, expanding at a CAGR of 4.7%.
- Asia Pacific dominated the market with the largest revenue share of 70.2% in 2025. The U.S. market for coil coatings was estimated at USD 1.39 billion in 2025, representing approximately 21.5% of global revenues.
Packaging Coatings
- The global packaging coatings market size was valued at USD 5.51 billion in 2025 and is expected to reach around USD 8.66 billion by 2034, expanding at a CAGR of 5.11% from 2025 to 2034. Another source estimates the global market at USD 5.08 billion in 2025, growing to USD 7.44 billion by 2033, at a CAGR of 4.9%.
- North America's packaging coatings market size surpassed USD 2 billion in 2024. Asia-Pacific dominated the packaging coatings market with the largest revenue share of 42.5% in 2024.
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Sherwin-Williams (SHW) is expected to drive future revenue growth over the next two to three years through several key strategies:
- Strategic Pricing Actions: The company has demonstrated a consistent ability to implement strategic price increases, contributing to both sales growth and margin expansion. For instance, a 5% price increase was implemented in 2025 in some segments, followed by a 7% increase earlier in 2026. This approach helps offset cost pressures and directly contributes to revenue.
- Expansion of Retail Footprint: Sherwin-Williams plans to continue expanding its physical presence, with an aim to open 80 to 100 new stores in the United States and Canada in 2025. This strategy reinforces its market penetration and provides direct access to customers, building on the 76 new stores opened in 2023.
- Strategic Acquisitions and International Expansion: Acquisitions are a consistent component of Sherwin-Williams' growth strategy, enabling both organic and inorganic growth. The recent Suvinil acquisition, for example, significantly contributed to revenue growth, especially within the Consumer Brands Group and in the Latin America region, and is expected to lead to continued revenue growth in that area. The company is also accelerating international growth, particularly in Latin America, through strategic acquisitions.
- Volume Growth in Key End Markets and New Account Wins: Despite some overall demand choppiness, certain segments are showing strong performance and are expected to drive volume growth. These include residential repaint, commercial, and protective & marine applications. Additionally, strong new account wins, particularly in the Performance Coatings Group, are anticipated to contribute to sales growth.
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Share Repurchases
- Sherwin-Williams repurchased common stock valued at approximately $2.75 billion in 2021, $883.2 million in 2022, $1.43 billion in 2023, $1.68 billion in 2024, and $1.68 billion in 2025.
- As of December 31, 2025, the company had authorization remaining to purchase 29.6 million shares of its common stock.
- In February 2021, the Board of Directors authorized the purchase of an additional 15 million shares, adjusted for a 3-for-1 stock split, which brought the total authorized shares for repurchase to three times the original amount.
Share Issuance
- Sherwin-Williams has actively reduced its outstanding shares through repurchases over the past few years.
- Shares outstanding declined by 1.34% in 2023 to 0.258 billion, by 1.63% in 2024 to 0.254 billion, and by 1.46% in 2025 to 0.25 billion.
Outbound Investments
- In October 2025, Sherwin-Williams completed the acquisition of BASF's Brazilian architectural paints business, "Suvinil," for $1.15 billion in an all-cash transaction. This acquisition strategically expands the company's presence in the Latin American market.
- The company has completed a total of 18 acquisitions, with a notable peak of 8 acquisitions in 2022 and 2 in 2025, including Shingels in March 2025.
- Acquisitions in 2021 included Tennant Coatings.
Capital Expenditures
- Capital expenditures were $372 million in 2021, $644.5 million in 2022, $888.4 million in 2023, and peaked in 2024 at $1.07 billion.
- For 2025, capital expenditures are expected to be approximately $730 million, with a focus on building projects, including a new global headquarters and R&D center.
- The primary focus of capital expenditures includes expanding manufacturing capabilities with at least $300 million invested in North Carolina, consolidating operations with a new global headquarters and R&D center (an investment of at least $600 million), and opening 80 to 100 new stores in the U.S. and Canada in 2025 and 2026.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 113.12 |
| Mkt Cap | 24.7 |
| Rev LTM | 20,028 |
| Op Inc LTM | 1,577 |
| FCF LTM | 901 |
| FCF 3Y Avg | 969 |
| CFO LTM | 2,028 |
| CFO 3Y Avg | 2,575 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.4% |
| Rev Chg 3Y Avg | 0.3% |
| Rev Chg Q | 4.0% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | 0.4% |
| Op Inc Chg 3Y Avg | -1.0% |
| Op Mgn LTM | 13.0% |
| Op Mgn 3Y Avg | 12.1% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 11.7% |
| CFO/Rev 3Y Avg | 12.9% |
| FCF/Rev LTM | 7.5% |
| FCF/Rev 3Y Avg | 8.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 24.7 |
| P/S | 1.7 |
| P/Op Inc | 15.9 |
| P/EBIT | 13.5 |
| P/E | 20.7 |
| P/CFO | 15.2 |
| Total Yield | 5.0% |
| Dividend Yield | 2.1% |
| FCF Yield 3Y Avg | 4.2% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 6.2% |
| 3M Rtn | 13.3% |
| 6M Rtn | 10.2% |
| 12M Rtn | 7.5% |
| 3Y Rtn | 17.3% |
| 1M Excs Rtn | 5.8% |
| 3M Excs Rtn | -4.0% |
| 6M Excs Rtn | -1.6% |
| 12M Excs Rtn | -17.6% |
| 3Y Excs Rtn | -54.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Paint Stores Group | 13,606 | 13,188 | 12,840 | 11,963 | 11,217 |
| Consumer Brands Group | 8,555 | 8,412 | 8,600 | 8,603 | 7,133 |
| Performance Coatings Group | 6,822 | 6,854 | 7,041 | 6,997 | 6,154 |
| Administrative | -5,408 | -5,356 | -5,428 | -5,415 | -4,559 |
| Total | 23,574 | 23,098 | 23,052 | 22,149 | 19,945 |
| $ Mil | 2005 | 2004 | 2003 | 2002 | 2001 |
|---|---|---|---|---|---|
| Paint Stores | 593 | 480 | 403 | 399 | 390 |
| Consumer | 169 | 188 | 199 | 193 | 108 |
| Automotive Finishes | 57 | 58 | 52 | 54 | 51 |
| International Coatings | 24 | 18 | 8 | -6 | 261 |
| Administrative | -187 | -139 | -139 | -143 | -130 |
| Total | 656 | 605 | 523 | 497 | 680 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consumer Brands Group | 8,026 | 6,855 | 6,632 | 6,750 | 5,161 |
| Performance Coatings Group | 7,860 | 7,847 | 8,267 | 8,297 | 8,389 |
| Paint Stores Group | 6,379 | 5,878 | 5,745 | 5,874 | 5,628 |
| Administrative | 3,638 | 3,052 | 2,311 | 1,674 | 1,489 |
| Total | 25,902 | 23,633 | 22,954 | 22,594 | 20,667 |
Price Behavior
| Market Price | $320.79 | |
| Market Cap ($ Bil) | 78.8 | |
| First Trading Date | 07/01/1985 | |
| Distance from 52W High | -13.9% | |
| 50 Days | 200 Days | |
| DMA Price | $316.51 | $333.31 |
| DMA Trend | down | down |
| Distance from DMA | 1.4% | -3.8% |
| 3M | 1YR | |
| Volatility | 31.6% | 25.1% |
| Downside Capture | 95.58 | 74.06 |
| Upside Capture | 69.84 | 51.05 |
| Correlation (SPY) | 51.4% | 37.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.85 | 2.12 | 1.38 | 1.02 | 0.84 | 0.80 |
| Up Beta | 3.33 | 2.95 | 2.03 | 1.66 | 1.42 | 0.82 |
| Down Beta | 2.47 | 2.49 | 0.78 | 0.87 | 0.59 | 0.62 |
| Up Capture | 26% | 50% | 61% | 50% | 38% | 61% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 8 | 18 | 25 | 58 | 116 | 373 |
| Down Capture | 264% | 319% | 186% | 109% | 98% | 98% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 12 | 23 | 38 | 66 | 134 | 376 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SHW | |
|---|---|---|---|---|
| SHW | -2.2% | 25.0% | -0.13 | - |
| Sector ETF (XLB) | 21.2% | 17.5% | 0.94 | 64.1% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 37.6% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 19.2% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -41.9% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 52.7% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 8.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SHW | |
|---|---|---|---|---|
| SHW | 3.9% | 26.3% | 0.14 | - |
| Sector ETF (XLB) | 5.9% | 19.0% | 0.20 | 63.1% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 54.0% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 10.6% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | -9.2% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 58.5% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 15.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SHW | |
|---|---|---|---|---|
| SHW | 13.7% | 26.6% | 0.51 | - |
| Sector ETF (XLB) | 10.2% | 20.7% | 0.44 | 66.1% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 60.5% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 8.1% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 5.2% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 56.7% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 10.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | -3.5% | -7.6% | -7.5% |
| 1/29/2026 | 1.4% | 5.5% | 3.7% |
| 10/28/2025 | 5.5% | 2.8% | 2.2% |
| 7/22/2025 | -0.4% | -1.5% | 8.0% |
| 4/29/2025 | 4.8% | 8.3% | 7.0% |
| 1/30/2025 | 1.4% | 1.1% | 0.5% |
| 10/22/2024 | -5.3% | -4.8% | -2.0% |
| 7/23/2024 | 6.9% | 9.4% | 10.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 15 | 17 |
| # Negative | 11 | 9 | 7 |
| Median Positive | 2.0% | 3.1% | 6.4% |
| Median Negative | -2.2% | -2.0% | -5.6% |
| Max Positive | 9.4% | 9.4% | 14.9% |
| Max Negative | -8.9% | -7.6% | -10.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | -3.5% | -7.6% | -7.5% |
| 1/29/2026 | 1.4% | 5.5% | 3.7% |
| 10/28/2025 | 5.5% | 2.8% | 2.2% |
| 7/22/2025 | -0.4% | -1.5% | 8.0% |
| 4/29/2025 | 4.8% | 8.3% | 7.0% |
| 1/30/2025 | 1.4% | 1.1% | 0.5% |
| 10/22/2024 | -5.3% | -4.8% | -2.0% |
| 7/23/2024 | 6.9% | 9.4% | 10.5% |
| 4/23/2024 | -2.2% | -1.0% | 0.5% |
| 1/25/2024 | 0.9% | 1.1% | 7.2% |
| 10/24/2023 | -1.5% | -1.3% | 14.9% |
| 7/25/2023 | 3.0% | 3.2% | 1.1% |
| 4/25/2023 | -0.7% | -2.0% | -3.8% |
| 1/26/2023 | -8.9% | -1.6% | -10.3% |
| 10/25/2022 | 3.6% | 5.9% | 14.8% |
| 7/27/2022 | -8.8% | -4.2% | -5.6% |
| 4/26/2022 | 9.4% | 8.4% | 4.1% |
| 1/27/2022 | -3.3% | 0.5% | -8.5% |
| 10/26/2021 | 2.0% | 0.1% | 5.9% |
| 7/27/2021 | 0.8% | 2.1% | 6.4% |
| 4/27/2021 | -0.0% | 3.1% | 6.2% |
| 1/28/2021 | -0.8% | -2.3% | -5.0% |
| 10/27/2020 | 0.5% | 5.8% | 9.9% |
| 7/28/2020 | 1.3% | 2.5% | 7.4% |
| SUMMARY STATS | |||
| # Positive | 13 | 15 | 17 |
| # Negative | 11 | 9 | 7 |
| Median Positive | 2.0% | 3.1% | 6.4% |
| Median Negative | -2.2% | -2.0% | -5.6% |
| Max Positive | 9.4% | 9.4% | 14.9% |
| Max Negative | -8.9% | -7.6% | -10.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/22/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/22/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/26/2022 | 10-Q |
| 12/31/2021 | 02/17/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/27/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 10/27/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 04/29/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 10/22/2019 | 10-Q |
| 06/30/2019 | 07/24/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue Growth | 5.0% | Higher New | |||||
| 2026 Revenue Growth | 3.5% | 0 | Affirmed | Guidance: 3.5% for 2026 | |||
| 2026 EPS | 10.7 | 10.9 | 11.1 | 0 | Affirmed | Guidance: 10.9 for 2026 | |
| 2026 Adjusted EPS | 11.5 | 11.7 | 11.9 | 0 | Affirmed | Guidance: 11.7 for 2026 | |
Prior: Q4 2025 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue Growth | 5.0% | ||||||
| 2026 Revenue Growth | 2.0% | 3.5% | 40.0% | 1.0% | Higher New | Actual: 2.5% for 2025 | |
| 2026 EPS | 10.7 | 10.9 | 11.1 | 6.2% | Higher New | Actual: 10.3 for 2025 | |
| 2026 Adjusted EPS | 11.5 | 11.7 | 11.9 | 3.1% | Higher New | Actual: 11.3 for 2025 | |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Young, Bryan J | SVP - Corp Strategy & Devel. | Direct | Sell | 2252026 | 364.47 | 2,513 | 915,913 | 3,661,101 | Form |
| 2 | Davie, Colin M | Pres. & GM, Glob. Supply Chain | Direct | Sell | 2042026 | 359.50 | 2,976 | 1,069,872 | 1,928,718 | Form |
| 3 | Binns, Justin T | President, Glob. Architectural | Direct | Sell | 8272025 | 368.82 | 609 | 224,611 | 6,609,992 | Form |
| 4 | Lang, James P | SVP - Enterprise Finance & CAO | Direct | Sell | 8082025 | 350.35 | 860 | 301,301 | 132,082 | Form |
| 5 | Rea, Todd D | President, Consumer Brands Grp | Direct | Sell | 6102025 | 359.16 | 4,223 | 1,516,733 | 3,350,604 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Young, Bryan J | SVP - Corp Strategy & Devel. | Direct | Sell | 2252026 | 364.47 | 2,513 | 915,913 | 3,661,101 | Form |
| 2 | Davie, Colin M | Pres. & GM, Glob. Supply Chain | Direct | Sell | 2042026 | 359.50 | 2,976 | 1,069,872 | 1,928,718 | Form |
| 3 | Binns, Justin T | President, Glob. Architectural | Direct | Sell | 8272025 | 368.82 | 609 | 224,611 | 6,609,992 | Form |
| 4 | Lang, James P | SVP - Enterprise Finance & CAO | Direct | Sell | 8082025 | 350.35 | 860 | 301,301 | 132,082 | Form |
| 5 | Rea, Todd D | President, Consumer Brands Grp | Direct | Sell | 6102025 | 359.16 | 4,223 | 1,516,733 | 3,350,604 | Form |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Specialty Chemicals Resources |
| SpecialChem |
| Chemical Week |
| ICIS |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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