Common-Size Balance Sheet: Assets
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Sherwin-Williams Co. pages available for free this week:
- Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Sherwin-Williams Co., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The asset composition of the entity demonstrates notable shifts over the five-year period. Current assets, as a percentage of total assets, initially increased from 24.45% to 26.15% between 2021 and 2022, then experienced a gradual decline to 23.19% by 2025. Long-term assets consistently represent the majority of the asset base, fluctuating between 73.85% and 77.15% throughout the period.
- Liquidity and Current Assets
- Cash and cash equivalents exhibited volatility, rising from 0.80% in 2021 to 1.21% in 2023 before decreasing to 0.80% in 2025. Accounts receivable, net, remained relatively stable, ranging between 10.11% and 11.38%. Inventories increased significantly from 9.33% to 11.62% in 2022, followed by a decrease to 8.95% in 2025. Other current assets showed a slight upward trend overall, increasing from 2.94% to 2.67%.
- Fixed Assets
- Property, plant, and equipment, net, increased substantially from 9.04% in 2021 to 15.97% in 2025, indicating significant investment in fixed assets. The inclusion of finance lease right-of-use assets, first appearing in 2024, contributed to this increase, growing from 0.79% to 0.71% by 2025. The combined value of property, plant, and equipment, including these lease assets, reflects a similar upward trajectory.
- Intangible Assets and Goodwill
- Goodwill consistently represents a substantial portion of total assets, although it experienced a gradual decline from 34.52% in 2021 to 31.03% in 2025. Intangible assets also decreased over the period, moving from 19.36% to 15.31%. These decreases suggest potential amortization or impairment of these assets.
- Other Long-Term Assets
- Operating lease right-of-use assets remained relatively stable, fluctuating between 7.70% and 8.81%. Other assets demonstrated a consistent increase from 3.82% in 2021 to 6.08% in 2025, potentially reflecting accumulated deferred tax assets or other long-term investments.
Overall, the entity’s asset allocation shifted towards property, plant, and equipment, while intangible assets and goodwill experienced a gradual reduction. The changes in current asset components suggest fluctuations in working capital management. The consistent dominance of long-term assets indicates a long-term investment strategy.