Common-Size Balance Sheet: Assets
Quarterly Data
Sherwin-Williams Co., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The composition of assets at the company exhibits several notable trends over the observed period from March 2021 to December 2025. Current assets, while consistently representing approximately 25% of total assets for much of the period, demonstrate some fluctuation. Long-term assets consistently comprise the majority of the asset base, generally around 75% of total assets, with a noticeable increase towards the end of the period.
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents to total assets is variable. It decreased from 1.54% in March 2021 to a low of 0.59% in September 2022, before increasing to 2.19% in September 2023. It then decreased again to 0.80% in December 2025, suggesting a dynamic approach to cash management. The fluctuations may be linked to operational needs, investment activities, or financing decisions.
- Accounts Receivable
- Accounts receivable, net, consistently represents a significant portion of current assets, ranging between approximately 10.75% and 13.52% of total assets. A slight downward trend is observed from 2021 to 2023, followed by a recovery towards 12.27% in June 2025 and 10.78% in December 2025. This suggests potential changes in credit policies or collection efficiency.
- Inventories
- The percentage of inventories to total assets generally remains between 8.69% and 11.71% throughout the period. There is a general increase from 2021 to 2022, followed by a slight decrease in 2023 and a stabilization around 9-10% in 2024 and 2025. This indicates relatively stable inventory management practices.
- Property, Plant, and Equipment
- The proportion of property, plant, and equipment, net, to total assets demonstrates a clear upward trend, increasing from 8.71% in March 2021 to 15.97% in December 2025. This suggests significant investment in fixed assets, potentially indicating expansion or modernization efforts.
- Goodwill and Intangible Assets
- Goodwill and intangible assets together constitute a substantial portion of the asset base. Goodwill shows a slight decreasing trend from 34.31% to 29.74% over the period, while intangible assets also decrease from 20.60% to 13.23%. This suggests potential impairment or amortization of these assets, or a shift in the company’s acquisition strategy.
- Operating Lease Right-of-Use Assets
- Operating lease right-of-use assets remain relatively stable, fluctuating between approximately 7.70% and 8.60% of total assets. A slight decrease is observed towards the end of the period, potentially reflecting changes in leasing arrangements.
- Other Assets
- The proportion of other assets to total assets exhibits a notable increase, rising from 2.91% in March 2021 to 11.06% in September 2025, before decreasing to 6.79% in December 2025. This significant fluctuation warrants further investigation to understand the composition of these “other” assets and the reasons for the change.
Overall, the asset composition indicates a shift towards a greater proportion of long-term assets, particularly property, plant, and equipment, alongside a decrease in goodwill and intangible assets. The fluctuations in current asset components suggest active management of working capital. The increase in “other assets” in 2025 requires further scrutiny.
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