Stock Analysis on Net

Sherwin-Williams Co. (NYSE:SHW)

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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)

Microsoft Excel
Sep 30, 2025 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
Accounts payable
Compensation and taxes withheld
Accrued taxes
Current portion of long-term debt
Current portion of operating lease liabilities
Other accruals
Current liabilities
Long-term debt, excluding current portion
Postretirement benefits other than pensions
Deferred income taxes
Long-term operating lease liabilities, excluding current portion
Other long-term liabilities
Long-term liabilities
Total liabilities
Common stock, $0.33-1/3 par value
Other capital
Retained earnings
Treasury stock, at cost
Accumulated other comprehensive loss
Shareholders’ equity
Total liabilities and shareholders’ equity

Based on: 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), 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 percentage of short-term borrowings fluctuates notably across the periods, initially declining sharply to zero and then rising again. Peaks are observed around early 2022 and mid-2025, with values reaching above 7%, indicating periods of increased reliance on short-term financing.
Accounts payable
Accounts payable as a share of total liabilities and equity shows a gradual upward trend from 2020 to early 2022, peaking around 13.57%. Afterwards, it stabilizes in the vicinity of 9-11%, suggesting a relatively consistent level of obligations to suppliers over time.
Compensation and taxes withheld
This component exhibits moderate volatility, generally ranging between 2% to 3.7%. No clear directional trend is evident, but occasional spikes suggest temporary increases in payroll-related liabilities during certain quarters.
Accrued taxes
Accrued taxes remain relatively low and stable, typically under 1.5%, with minor fluctuations. Occasional small peaks and troughs reflect minor timing differences in tax liabilities.
Current portion of long-term debt
This item shows considerable variability, with some quarters showing no balance, while others rise sharply above 4%. The pattern indicates periodic repayments or reclassifications of long-term debt into current liabilities.
Current portion of operating lease liabilities
Operating lease liabilities as a current portion maintain consistent percentages around 1.8-2%, indicating stable lease-related obligations with minimal variation.
Other accruals
Other accruals remain fairly steady, mostly fluctuating in the 4-6% range. A gradual upward trend is apparent towards the later periods, possibly reflecting increased accrued expenses or liabilities not otherwise categorized.
Current liabilities
Current liabilities demonstrate an upward trend from early 2020 through 2022, peaking near 32.6%, followed by more moderate fluctuations around 28-32%. This trend suggests growing short-term obligations in the earlier periods and stabilization thereafter.
Long-term debt, excluding current portion
Long-term debt levels exhibit a declining trend overall, starting near 40% and decreasing to approximately 31-35% by mid-2025, interrupted by temporary rises. This indicates gradual debt reduction or shifts in capital structure strategy.
Postretirement benefits other than pensions
This liability shows a slow but steady decline from around 1.3% to below 0.5%, indicating a reduction in such benefits obligations over time.
Deferred income taxes
Deferred income tax liabilities gradually decrease from approximately 4.6% toward under 2.5%, suggesting changes in timing differences for tax obligations or tax planning outcomes.
Long-term operating lease liabilities, excluding current portion
These liabilities remain relatively stable around 6.0-7.1%, indicating consistent long-term lease commitments without significant variations.
Other long-term liabilities
Other long-term liabilities show a steady increase, growing from around 5.8% to over 10%, implying rising miscellaneous long-term obligations.
Long-term liabilities (total)
Aggregate long-term liabilities exhibit a downward trend from nearly 60% to approximately 50%. This suggests an overall reduction in long-term borrowing and obligations in relation to total liabilities and equity.
Total liabilities
Total liabilities as a proportion of the capital structure fluctuate between roughly 80% and 90%, with a minor declining tendency toward later periods. The company maintains a high leverage level, with liabilities constituting the large majority of financing.
Common stock
The proportion of common stock remains minimal and slightly decreases over time, moving from about 0.6% to below 0.4%, indicating only marginal changes in capital stock relative to total financing.
Other capital
Other capital shows a gradual upward trend from about 15.6% to near 19%, reflecting increasing additional paid-in capital or other equity components.
Retained earnings
Retained earnings grow substantially over the periods, rising from under 5% in early 2020 to over 33% by late 2025. This marks significant accumulation of earnings reinvested in the business, strengthening the equity base.
Treasury stock, at cost
Treasury stock steadily increases in absolute value (negative as a percentage), moving from approximately -0.5% to nearly -33%. This indicates consistent repurchasing of shares over time, reducing outstanding equity.
Accumulated other comprehensive loss
This line item fluctuates moderately around -2% to -4%, showing some variation in comprehensive income components outside of net earnings, without a clear long-term trend.
Shareholders’ equity
Shareholders’ equity demonstrates an increasing trend after a drop in early 2020, moving from below 12% to approximately 17% toward the end of the period. This reflects overall strengthening equity financed by retained earnings gains despite share repurchases.
Total liabilities and shareholders’ equity
By definition, this remains constant at 100% throughout the analyzed periods, serving as the base for the proportional analysis of the components.