Debt to Equity
since 2005
Calculation
Sherwin-Williams Co., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 2.36 | = | 10,871,300) | ÷ | 4,598,300) |
| Dec 31, 2024 | 2.44 | = | 9,888,400) | ÷ | 4,051,200) |
| Dec 31, 2023 | 2.65 | = | 9,850,900) | ÷ | 3,715,800) |
| Dec 31, 2022 | 3.41 | = | 10,569,700) | ÷ | 3,102,100) |
| Dec 31, 2021 | 3.95 | = | 9,615,000) | ÷ | 2,437,200) |
| Dec 31, 2020 | 2.30 | = | 8,292,100) | ÷ | 3,610,800) |
| Dec 31, 2019 | 2.11 | = | 8,685,200) | ÷ | 4,123,300) |
| Dec 31, 2018 | 2.50 | = | 9,343,651) | ÷ | 3,730,745) |
| Dec 31, 2017 | 2.85 | = | 10,520,655) | ÷ | 3,692,188) |
| Dec 31, 2016 | 1.04 | = | 1,952,540) | ÷ | 1,878,441) |
| Dec 31, 2015 | 2.26 | = | 1,962,812) | ÷ | 867,910) |
| Dec 31, 2014 | 1.81 | = | 1,805,416) | ÷ | 996,470) |
| Dec 31, 2013 | 0.97 | = | 1,721,872) | ÷ | 1,774,535) |
| Dec 31, 2012 | 0.95 | = | 1,704,889) | ÷ | 1,791,804) |
| Dec 31, 2011 | 0.65 | = | 993,367) | ÷ | 1,516,919) |
| Dec 31, 2010 | 0.65 | = | 1,044,793) | ÷ | 1,609,440) |
| Dec 31, 2009 | 0.55 | = | 817,611) | ÷ | 1,490,950) |
| Dec 31, 2008 | 0.52 | = | 833,735) | ÷ | 1,605,648) |
| Dec 31, 2007 | 0.54 | = | 965,448) | ÷ | 1,785,727) |
| Dec 31, 2006 | 0.44 | = | 874,507) | ÷ | 1,992,360) |
| Dec 31, 2005 | 0.36 | = | 621,170) | ÷ | 1,730,612) |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
The debt-to-equity ratio exhibited a generally increasing trend over the analyzed period, though with significant fluctuations. Initially, the ratio demonstrated moderate levels, followed by a period of substantial increase, and then some stabilization before rising again in later years.
- Initial Period (2005-2009)
- From 2005 to 2009, the debt-to-equity ratio increased from 0.36 to 0.55. This indicates a growing reliance on debt financing relative to equity. While the increase was not dramatic year-over-year, it suggests a consistent shift in the company’s capital structure towards greater leverage. The ratio remained relatively stable between 2008 and 2009.
- Moderate Increase (2010-2014)
- Between 2010 and 2014, the ratio experienced a more pronounced increase, peaking at 2.26 in 2015. This surge suggests a significant increase in debt levels, potentially driven by acquisitions, expansion initiatives, or other capital investments. Notably, shareholders’ equity decreased substantially during 2014, contributing to the sharp rise in the ratio. The ratio reached 0.65 in 2010, then increased to 1.81 by 2014.
- Volatility and High Leverage (2015-2017)
- The ratio remained elevated in 2015 at 2.26, before decreasing to 1.04 in 2016. However, it then experienced a substantial jump to 2.85 in 2017. This period demonstrates considerable volatility and a high degree of financial leverage. The large increase in 2017 coincided with a significant increase in total debt, while equity also increased, but not at the same rate.
- Recent Trends (2018-2025)
- From 2018 through 2025, the debt-to-equity ratio fluctuated, generally remaining above 2.0. It decreased to 2.50 in 2018 and 2.11 in 2019, before increasing to 3.95 in 2021. The ratio then decreased to 2.36 in 2025. This suggests a period of ongoing, but less dramatic, changes in the capital structure. The most recent values indicate a continued reliance on debt financing, though with some moderation in the latest reported year.
Overall, the trend indicates a shift towards increased financial leverage over the period, with notable spikes in debt levels at certain points. The fluctuations suggest active management of the capital structure, potentially in response to investment opportunities or changing market conditions. The recent stabilization, while still at a relatively high level, may indicate a more cautious approach to debt financing.
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Comparison to Competitors
Sherwin-Williams Co., debt to equity, long-term trends, comparison to competitors
| Sherwin-Williams Co. | Linde plc | |
|---|---|---|
| Dec 31, 2025 | 2.36 | 0.71 |
| Dec 31, 2024 | 2.44 | 0.57 |
| Dec 31, 2023 | 2.65 | 0.49 |
| Dec 31, 2022 | 3.41 | 0.45 |
| Dec 31, 2021 | 3.95 | 0.32 |
| Dec 31, 2020 | 2.30 | 0.34 |
| Dec 31, 2019 | 2.11 | 0.28 |
| Dec 31, 2018 | 2.50 | 0.30 |
| Dec 31, 2017 | 2.85 | 1.50 |
| Dec 31, 2016 | 1.04 | 1.90 |
| Dec 31, 2015 | 2.26 | 2.10 |
| Dec 31, 2014 | 1.81 | 1.65 |
| Dec 31, 2013 | 0.97 | 1.33 |
| Dec 31, 2012 | 0.95 | 1.21 |
| Dec 31, 2011 | 0.65 | 1.20 |
| Dec 31, 2010 | 0.65 | 0.96 |
| Dec 31, 2009 | 0.55 | 0.95 |
| Dec 31, 2008 | 0.52 | 1.25 |
| Dec 31, 2007 | 0.54 | 0.82 |
| Dec 31, 2006 | 0.44 | 0.70 |
| Dec 31, 2005 | 0.36 | 0.88 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Chemicals)
Sherwin-Williams Co., debt to equity, long-term trends, comparison to sector (chemicals)
| Sherwin-Williams Co. | Chemicals | |
|---|---|---|
| Dec 31, 2025 | 2.36 | 0.88 |
| Dec 31, 2024 | 2.44 | 0.75 |
| Dec 31, 2023 | 2.65 | 0.67 |
| Dec 31, 2022 | 3.41 | 0.66 |
| Dec 31, 2021 | 3.95 | 0.51 |
| Dec 31, 2020 | 2.30 | 0.48 |
| Dec 31, 2019 | 2.11 | 0.43 |
| Dec 31, 2018 | 2.50 | 0.45 |
| Dec 31, 2017 | 2.85 | 2.01 |
| Dec 31, 2016 | 1.04 | 1.66 |
| Dec 31, 2015 | 2.26 | 2.13 |
| Dec 31, 2014 | 1.81 | 1.67 |
| Dec 31, 2013 | 0.97 | 1.26 |
| Dec 31, 2012 | 0.95 | 1.15 |
| Dec 31, 2011 | 0.65 | 1.08 |
| Dec 31, 2010 | 0.65 | 0.89 |
| Dec 31, 2009 | 0.55 | 0.86 |
| Dec 31, 2008 | 0.52 | 1.04 |
| Dec 31, 2007 | 0.54 | 0.74 |
| Dec 31, 2006 | 0.44 | 0.62 |
| Dec 31, 2005 | 0.36 | 0.72 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Materials)
Sherwin-Williams Co., debt to equity, long-term trends, comparison to industry (materials)
| Sherwin-Williams Co. | Materials | |
|---|---|---|
| Dec 31, 2025 | 2.36 | 0.77 |
| Dec 31, 2024 | 2.44 | 0.68 |
| Dec 31, 2023 | 2.65 | 0.64 |
| Dec 31, 2022 | 3.41 | 0.67 |
| Dec 31, 2021 | 3.95 | 0.55 |
| Dec 31, 2020 | 2.30 | 0.56 |
| Dec 31, 2019 | 2.11 | 0.52 |
| Dec 31, 2018 | 2.50 | 0.55 |
| Dec 31, 2017 | 2.85 | 1.85 |
| Dec 31, 2016 | 1.04 | 2.12 |
| Dec 31, 2015 | 2.26 | 2.42 |
| Dec 31, 2014 | 1.81 | 1.21 |
| Dec 31, 2013 | 0.97 | 1.07 |
| Dec 31, 2012 | 0.95 | 0.50 |
| Dec 31, 2011 | 0.65 | 0.49 |
| Dec 31, 2010 | 0.65 | 0.57 |
| Dec 31, 2009 | 0.55 | 0.77 |
| Dec 31, 2008 | 0.52 | 1.16 |
| Dec 31, 2007 | 0.54 | 0.49 |
| Dec 31, 2006 | 0.44 | 0.53 |
| Dec 31, 2005 | 0.36 | 0.71 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).