Stock Analysis on Net
Stock Analysis on Net

Sherwin-Williams Co. (NYSE:SHW)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

Sherwin-Williams Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Short-term borrowings 6.73 7.30 2.80 3.82 5.72 5.36 1.63 1.47 3.48 6.40 4.33 4.25 9.12 8.01 3.69 3.42 3.71 4.00 0.00 0.00 2.73 5.11
Accounts payable 10.13 10.20 9.53 10.59 10.51 10.47 10.09 10.54 10.75 10.87 10.78 12.62 13.57 13.16 11.63 12.90 12.20 10.85 10.38 9.88 9.02 9.52
Compensation and taxes withheld 2.72 2.30 3.57 3.03 2.99 2.39 3.76 3.34 3.02 2.28 3.47 2.92 2.66 2.63 3.47 3.34 2.89 2.70 3.69 3.15 2.28 2.13
Accrued taxes 1.01 0.92 0.74 0.89 1.46 1.02 0.86 1.65 1.33 1.36 0.87 0.92 0.84 0.82 0.78 0.87 1.12 1.38 0.90 0.79 1.25 0.52
Current portion of long-term debt 4.54 4.67 4.44 4.38 3.58 5.76 4.79 4.77 2.16 0.00 0.00 0.00 0.00 1.20 1.26 3.19 3.35 2.10 0.12 0.12 0.00 2.09
Current portion of operating lease liabilities 1.90 1.91 1.97 1.93 1.93 1.94 1.96 1.92 1.88 1.86 1.88 1.88 1.90 1.91 1.98 1.92 1.92 1.89 1.90 1.82 1.80 1.80
Other accruals 5.30 4.68 5.76 5.48 5.27 4.99 5.79 5.10 4.74 4.48 5.04 4.80 4.54 4.26 4.87 5.59 4.99 4.74 5.53 5.18 4.68 4.21
Current liabilities 32.32% 31.97% 28.81% 30.12% 31.46% 31.94% 28.87% 28.79% 27.36% 27.26% 26.38% 27.40% 32.64% 32.00% 27.67% 31.24% 30.17% 27.66% 22.52% 20.94% 21.76% 25.38%
Long-term debt, excluding current portion 30.87 31.77 34.60 34.11 34.26 34.70 36.50 36.95 39.26 41.47 42.45 43.10 38.97 39.54 41.57 36.67 37.06 38.48 40.52 39.73 40.45 40.30
Postretirement benefits other than pensions 0.48 0.49 0.51 0.56 0.56 0.57 0.58 0.61 0.60 0.60 0.62 1.15 1.17 1.19 1.26 1.31 1.33 1.34 1.35 1.26 1.28 1.28
Deferred income taxes 2.21 2.38 2.57 2.64 2.70 2.84 2.98 2.82 3.07 3.20 3.02 3.11 3.42 3.50 3.72 3.87 3.92 3.90 4.15 4.60 4.65 4.62
Long-term operating lease liabilities, excluding current portion 6.32 6.39 6.59 6.24 6.33 6.38 6.58 6.53 6.49 6.46 6.70 6.71 6.73 6.82 7.12 6.91 6.97 6.87 7.03 6.83 6.79 6.68
Other long-term liabilities 10.46 10.24 9.77 9.00 8.88 8.61 8.31 7.87 7.54 7.31 7.11 6.84 6.99 6.68 6.87 7.02 6.72 6.69 6.73 6.42 6.19 5.76
Long-term liabilities 50.33% 51.26% 54.05% 52.54% 52.73% 53.10% 54.94% 54.78% 56.96% 59.05% 59.89% 60.92% 57.27% 57.72% 60.53% 55.78% 55.99% 57.28% 59.78% 58.84% 59.36% 58.63%
Total liabilities 82.65% 83.24% 82.86% 82.66% 84.19% 85.04% 83.81% 83.57% 84.33% 86.31% 86.27% 88.32% 89.91% 89.72% 88.21% 87.03% 86.16% 84.93% 82.30% 79.78% 81.12% 84.01%
Common stock, $0.33-1/3 par value 0.37 0.38 0.39 0.39 0.39 0.39 0.40 0.40 0.39 0.39 0.40 0.41 0.41 0.42 0.44 0.44 0.44 0.44 0.44 0.58 0.59 0.58
Other capital 18.45 18.76 19.36 18.66 18.29 18.35 18.27 17.84 17.46 17.28 17.54 17.62 17.60 17.68 18.35 17.79 17.58 17.34 17.11 16.21 16.05 15.63
Retained earnings 31.96 30.65 30.66 28.98 26.64 23.95 23.04 22.11 19.35 16.62 15.59 14.80 12.53 10.78 10.27 9.46 7.82 5.39 4.14 41.42 39.21 36.77
Treasury stock, at cost -31.07 -29.88 -29.57 -27.86 -26.24 -24.73 -22.80 -20.63 -18.71 -17.73 -16.71 -16.38 -16.30 -15.18 -13.89 -10.92 -8.59 -4.37 -0.47 -34.18 -32.73 -32.61
Accumulated other comprehensive loss -2.36 -3.14 -3.70 -2.82 -3.27 -3.01 -2.72 -3.29 -2.81 -2.88 -3.10 -4.78 -4.15 -3.41 -3.38 -3.79 -3.42 -3.74 -3.52 -3.81 -4.23 -4.38
Shareholders’ equity 17.35% 16.76% 17.14% 17.34% 15.81% 14.96% 16.19% 16.43% 15.67% 13.69% 13.73% 11.68% 10.09% 10.28% 11.79% 12.97% 13.84% 15.07% 17.70% 20.22% 18.88% 15.99%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Short-term borrowings
The proportion of short-term borrowings relative to total liabilities and shareholders’ equity shows significant fluctuations over the analyzed periods. It started at 5.11% in March 2020, declined nearly to zero by September and December 2020, then increased irregularly reaching a peak of 9.12% in June 2022 before declining again and rising toward the last periods to around 6.73% by June 2025. This variability indicates intermittent reliance on short-term debt financing.
Accounts payable
Accounts payable generally exhibits a stable to slight upward trend over time, starting near 9.52% in early 2020 and gradually rising to a range around 10%-13% during subsequent quarters. Though some quarterly fluctuations occur, the measure remains a consistent component of current liabilities.
Compensation and taxes withheld
This liability fluctuates moderately within the range from 2.13% to about 3.76% of total liabilities and equity. Notably, peaks appear intermittently with no sustained long-term trend, suggesting periodic changes in payroll and tax-related obligations.
Accrued taxes
Accrued taxes values show modest variation around approximately 0.5% to 1.65%, with no clear upward or downward trajectory. Peaks and troughs occur sporadically, indicating relative stability in this category as a small proportion of overall liabilities and equity.
Current portion of long-term debt
This item displays intermittent presence early on, with both zero and positive values, but shows a marked increase from 2023 onwards, rising from zero to nearly 5% in some quarters. This suggests a growing portion of long-term debt maturing within a year in recent periods.
Current portion of operating lease liabilities
This component remains notably stable across all periods, consistently about 1.8% to 2.0% of total liabilities and equity, reflecting a steady lease obligation within short-term liabilities.
Other accruals
Other accruals demonstrate modest fluctuations, generally ranging between about 4.2% and 5.8%. There is no strong directional trend, with values oscillating moderately without significant long-term increase or decrease.
Current liabilities (aggregate)
Current liabilities as a whole show an increasing trend from around 21.76% in mid-2020 to a peak over 31% in multiple quarters from 2024 onwards. This reflects a relative growth in liabilities due within one year compared to total financing sources.
Long-term debt, excluding current portion
This prominent liability decreases steadily over the periods, starting near 40.3% in early 2020 and declining to about 30.87% by June 2025. The declining long-term debt portion suggests decreasing dependence on longer-term borrowing or possibly repayment exceeding new debt issuance.
Postretirement benefits other than pensions
The portion of postretirement benefits steadily decreases over time from 1.28% to below 0.5%, indicating a diminishing obligation or reclassification affecting this component of liabilities.
Deferred income taxes
Deferred income taxes show a gradual decline from about 4.62% to just above 2.2%, signifying a reduction in deferred tax liabilities relative to total financing sources.
Long-term operating lease liabilities, excluding current portion
This category remains relatively stable around 6.3% to 7.1%, indicating consistent long-term lease obligations over the analyzed periods.
Other long-term liabilities
Other long-term liabilities increase over time, rising from about 5.76% to exceeding 10%, reflecting growing obligations in this category, which may warrant attention as a rising component of long-term liabilities.
Long-term liabilities (aggregate)
The aggregate long-term liabilities show a decreasing trend overall, moving from approximately 59.36% in mid-2020 down to just above 50% by mid-2025. This is mainly driven by reductions in long-term debt and deferred taxes, partly offset by increases in other long-term liabilities.
Total liabilities
Total liabilities as a percentage of total liabilities and equity fluctuate between roughly 79.78% and 89.91%, generally staying above 80%. There is a moderate tendency to peak around late 2021 and mid-2022 with slightly lower values in early and late periods, indicating some overall variation but maintaining a dominant share over equity.
Common stock
Common stock remains fairly stable at a low proportion, fluctuating slightly around 0.37% to 0.59%, indicative of minimal changes in par value or issued common stock relative to total financing.
Other capital
Other capital shows a gentle increase over time, ascending from approximately 15.63% to peaks around 19.36%, reflecting gradual growth in capital surplus or related equity accounts.
Retained earnings
Retained earnings demonstrate a consistent upward trajectory, rising substantially from about 36.77% in early 2020 to around 31.96% by March 2025. This growth suggests effective earnings retention and profitability contributing to equity expansion over the periods.
Treasury stock, at cost
Treasury stock steadily increases in absolute value, deepening from about -32.61% to nearly -31.07%, indicating ongoing share repurchase programs or reductions in outstanding equity shares, thereby reducing shareholders' equity proportion.
Accumulated other comprehensive loss
This component varies within a narrow negative range roughly between -2.36% and -4.78%, without a clear trend, suggesting stable but persistent accumulated losses in other comprehensive income.
Shareholders’ equity (aggregate)
The shareholders’ equity portion fluctuates moderately, initially increasing from about 15.99% to peaks over 20%, but then subsiding to a range between 10% and 17% in recent years. This oscillation reflects the interplay of retained earnings growth, treasury stock increases, and other equity components.
Overall Observations
The data reveals a general decrease in long-term debt balanced against a moderate rise in current liabilities, indicating a shift toward more near-term obligations. Equity components show mixed trends with retained earnings increasing but offset by growing treasury stock and stable accumulated losses. The company maintains a significant but slightly declining reliance on debt financing, as evidenced by the total liabilities share, with long-term liabilities decreasing and current liabilities increasing. Lease obligations remain stable, and other long-term liabilities notably rise over time, which warrants monitoring.