Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Sherwin-Williams Co. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Sherwin-Williams Co., consolidated cash flow statement
US$ in thousands
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The financial data reveals several distinct trends and fluctuations over the five-year period from 2020 to 2024.
- Net Income
- Net income fluctuated moderately, declining from 2,030,400 thousand USD in 2020 to 1,864,400 thousand USD in 2021, before recovering and increasing steadily through 2023 and 2024, reaching 2,681,400 thousand USD. This suggests improved profitability after an initial setback in 2021.
- Depreciation and Amortization
- Depreciation expense remained relatively stable, increasing slightly from 268,000 thousand USD in 2020 to 297,400 thousand USD in 2024. Amortization of intangible assets also showed a mild upward trend, with some variation, ending slightly lower in 2024 (326,600 thousand USD) compared to previous years. These trends indicate steady asset utilization and amortization practices.
- Non-Cash Lease Expense and Operating Lease Liabilities
- The non-cash lease expense increased consistently from 381,300 thousand USD to 460,500 thousand USD over the five years, indicating greater lease-related expenses. Correspondingly, operating lease liabilities decreased annually from -371,400 thousand USD in 2020 to -460,700 thousand USD in 2024, reflecting ongoing lease payments or reductions in lease obligations.
- Impairments, Provisions, and Gains/Losses
- Impairments fluctuated, with notable charges in 2022 (15,500 thousand USD) and a substantial increase in 2023 (57,900 thousand USD). Provisions for environmental-related matters were negative or minimal except for spikes in 2020 (37,100 thousand USD) and 2023 (80,700 thousand USD), indicating periodic environmental cost recognition or recovery. Gains/losses on divestitures and extinguishment of debt were irregular, with a significant gain in 2021 (111,900 thousand USD) and a loss in 2023 (-20,100 thousand USD).
- Working Capital Changes
- Working capital changes exhibited volatility. There was a large positive change in 2020 (597,400 thousand USD), followed by substantial negative adjustments in 2021 (-298,700 thousand USD) and 2022 (-712,500 thousand USD). It turned positive again in 2023 (567,200 thousand USD) but reversed to negative (-63,900 thousand USD) in 2024. Individual working capital components such as accounts receivable and inventories showed large negative changes in 2021 and 2022 but rebounded in 2023.
- Operating Cash Flow
- Net operating cash flow declined from 3,408,600 thousand USD in 2020 to 1,919,900 thousand USD in 2022 but then recovered sharply to 3,521,900 thousand USD in 2023 before decreasing to 3,153,200 thousand USD in 2024. Adjustments to reconcile net income to cash flows varied significantly, turning negative in 2022, suggesting non-cash or exceptional items impacted cash generation that year.
- Investing Activities
- Capital expenditures increased steadily, more than tripling from 303,800 thousand USD in 2020 to 1,070,000 thousand USD in 2024, indicating heightened investment in fixed assets. Acquisitions surged in 2022 (over 1 billion USD) but diminished sharply in subsequent years. Proceeds from divestitures were irregular but present in 2021 and 2023. Net investing cash outflows reached a peak in 2022 (-1,607,600 thousand USD) and remained elevated thereafter, reflecting aggressive investing activity.
- Financing Activities
- Net financing cash flow showed large negative outflows in all years, peaking at -3,020,100 thousand USD in 2020 before lessening but remaining substantial. Payments of long-term debt were consistent, with a peak amount in 2024 (-1,100,000 thousand USD). Dividends increased steadily each year, indicating a commitment to shareholder returns. Treasury stock purchases were significant each year, suggesting active share repurchase programs, though proceeds from treasury stock issued were minimal. Proceeds from real estate financing transactions emerged from 2022 onwards, providing substantial inflows. Short-term borrowings fluctuated with positive inflows in some years and outflows in others, while long-term debt proceeds remained relatively stable but absent in 2023.
- Cash and Cash Equivalents
- Cash and cash equivalents at year-end increased from 226,600 thousand USD in 2020 to 276,800 thousand USD in 2023 before declining to 210,400 thousand USD in 2024. The net increase or decrease in cash was positive in most years except 2021 and 2024, reflecting overall strong but variable liquidity management.