Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
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Sherwin-Williams Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (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 liabilities and shareholders’ equity exhibited several notable trends over the observed period from March 2021 to December 2025. Current liabilities generally represented a significant portion of the total, fluctuating between approximately 26% and 32%. Long-term liabilities consistently accounted for a substantial share, typically ranging from 53% to 61%. Shareholders’ equity demonstrated a decreasing trend as a percentage of the total, while total liabilities increased over much of the period before stabilizing.
- Short-Term Borrowings
- Short-term borrowings initially decreased from 4.00% in March 2021 to 3.42% in September 2021, then increased significantly to 8.01% in March 2022. Following this peak, they generally declined to 2.80% by December 2022, before increasing again to 7.30% in March 2025. This suggests a fluctuating reliance on short-term financing, potentially linked to operational needs or strategic initiatives. The most recent values indicate a renewed increase in short-term borrowing.
- Accounts Payable
- Accounts payable remained relatively stable, generally fluctuating between 10.5% and 13.6% of the total. A slight downward trend was observed from 2023, decreasing from 10.87% to 9.09% by December 2025. This could indicate improved payment terms with suppliers or more efficient inventory management.
- Current Liabilities
- Current liabilities increased from 27.66% in March 2021 to a peak of 32.64% in June 2022, before decreasing to 26.38% by December 2022. They then increased again, reaching 32.32% in June 2025, and decreased to 26.72% by December 2025. This pattern suggests seasonal or cyclical influences on short-term obligations.
- Long-Term Debt
- Long-term debt, excluding the current portion, showed a general decreasing trend from 38.48% in March 2021 to 34.60% in December 2022. It then stabilized around 31-36% through 2024 and 2025. The overall trend suggests a reduction in reliance on long-term debt financing. Total long-term liabilities followed a similar pattern, fluctuating between approximately 56% and 61% before stabilizing.
- Shareholders’ Equity
- Shareholders’ equity exhibited a consistent downward trend as a percentage of the total, decreasing from 15.07% in March 2021 to 17.75% in December 2025. This decline was driven by a combination of factors, including increases in treasury stock and accumulated other comprehensive loss, partially offset by increases in retained earnings. The significant increase in retained earnings in the later periods was not enough to offset the other factors.
- Treasury Stock
- Treasury stock as a percentage of the total increased substantially from -4.37% in March 2021 to -32.62% in December 2025. This indicates a significant repurchase of company stock, reducing the equity base. The negative sign reflects a reduction in shareholders’ equity.
- Retained Earnings
- Retained earnings increased from 5.39% in March 2021 to 33.37% in December 2025, demonstrating substantial profit accumulation over the period. However, this increase was not sufficient to offset the impact of treasury stock repurchases and accumulated other comprehensive loss on overall shareholders’ equity.
In summary, the company demonstrated a shifting capital structure, with a decreasing proportion of shareholders’ equity and a fluctuating, but generally stable, level of liabilities. The increase in treasury stock and the pattern of short-term borrowing warrant further investigation to understand the underlying strategic decisions and their potential impact on financial flexibility.