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, 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: 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
- Total debt
-
Total debt exhibited a general upward trend with certain fluctuations over the analyzed period. Initially, debt increased steadily from approximately 621 million in 2005 to around 1.04 billion in 2010. Following this, there was a marked surge starting in 2011, peaking dramatically at over 10.5 billion in 2017. After 2017, total debt showed some volatility but remained elevated, fluctuating between approximately 8.3 billion and 10.6 billion, and ending near 9.9 billion in 2024. This significant rise, particularly between 2011 and 2017, suggests aggressive borrowing or increased leverage activity during that period.
- Shareholders’ equity
-
Shareholders’ equity initially increased from about 1.73 billion in 2005 to a peak near 2.0 billion in 2006, then declined steadily to under 1.0 billion by 2014. A substantial recovery occurred thereafter, with equity rising sharply and peaking at approximately 4.1 billion in 2017. The equity value decreased to around 2.4 billion in 2021 but again ascended to over 4.0 billion by 2024. The equity trajectory suggests periods of financial stress or capital restructuring from 2007 through 2014, followed by recovery and growth phases post-2014 with marked volatility in recent years.
- Debt to equity ratio
-
The debt to equity ratio shows significant variation reflective of the interplay between debt and equity levels. From 2005 to 2010, the ratio rose steadily from 0.36 to 0.65, indicating increasing leverage. A notable surge appeared from 2011, reaching a peak ratio of 2.85 in 2017, coinciding with the peak in total debt and substantial equity fluctuations. Post-2017, the ratio remained elevated, exceeding 2.0 consistently, with the highest ratio seen around 3.95 in 2021. The latest data present a slight decline to 2.44 by 2024. This pattern points to the company's increasing reliance on debt relative to equity for financing, particularly during the 2011–2021 period, but with some deleveraging or equity growth more recently.
Comparison to Competitors
Sherwin-Williams Co., debt to equity, long-term trends, comparison to competitors
| Sherwin-Williams Co. | Linde plc | |
|---|---|---|
| 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: 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, 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: 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, 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: 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).