Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Sherwin-Williams Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 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 capital structure is characterized by a high reliance on liabilities, which consistently represent between 82% and 90% of total liabilities and shareholders' equity. While there was a peak in total leverage during mid-2022, reaching approximately 89.91%, a gradual downward trend is observed through March 2026, where liabilities settled at 83.20%.
- Debt and Liability Composition
- Long-term debt, excluding the current portion, remains the most significant component of the balance sheet. This figure peaked at 43.10% in September 2022 before trending downward to 35.34% by March 2026. Current liabilities have remained relatively stable, fluctuating between 26% and 32%, with short-term borrowings showing significant volatility, ranging from a low of 1.47% in September 2023 to a high of 9.01% in March 2026.
- Operational Obligations
- Accounts payable maintained a steady presence, generally fluctuating between 9% and 13%, indicating consistent management of trade credit. Operating lease liabilities, both current and long-term, have remained remarkably stable throughout the period, with long-term leases holding near 6% and current portions around 1.9%.
- Shareholders' Equity Dynamics
- Total shareholders' equity has exhibited a volatile but generally improving trend, rising from a low of 10.09% in June 2022 to 16.80% by March 2026. A notable pattern emerged between 2021 and September 2025, where a substantial increase in retained earnings—growing from 5.39% to 33.37%—was almost entirely offset by an aggressive expansion of treasury stock, which moved from -4.37% to -32.62%.
- Equity Reclassification Event
- A significant structural shift is observed between September 2025 and December 2025. Retained earnings dropped precipitously from 33.37% to 3.97%, while treasury stock concurrently shifted from -32.62% to -0.33%. This suggests a major accounting adjustment or a corporate action that effectively neutralized the accumulated treasury stock against retained earnings, resulting in a restructured equity base by the first quarter of 2026.
Overall, the organization maintains a highly leveraged position, though the gradual reduction in long-term debt as a percentage of the total balance sheet suggests a modest shift toward a more conservative financing mix over the analyzed period.