Net Profit Margin
since 2005
Calculation
Sherwin-Williams Co., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income1 | ÷ | Net sales1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 10.90% | = | 100 | × | 2,568,500) | ÷ | 23,574,300) |
| Dec 31, 2024 | 11.61% | = | 100 | × | 2,681,400) | ÷ | 23,098,500) |
| Dec 31, 2023 | 10.36% | = | 100 | × | 2,388,800) | ÷ | 23,051,900) |
| Dec 31, 2022 | 9.12% | = | 100 | × | 2,020,100) | ÷ | 22,148,900) |
| Dec 31, 2021 | 9.35% | = | 100 | × | 1,864,400) | ÷ | 19,944,600) |
| Dec 31, 2020 | 11.06% | = | 100 | × | 2,030,400) | ÷ | 18,361,700) |
| Dec 31, 2019 | 8.61% | = | 100 | × | 1,541,300) | ÷ | 17,900,800) |
| Dec 31, 2018 | 6.32% | = | 100 | × | 1,108,746) | ÷ | 17,534,493) |
| Dec 31, 2017 | 11.83% | = | 100 | × | 1,772,262) | ÷ | 14,983,788) |
| Dec 31, 2016 | 9.55% | = | 100 | × | 1,132,703) | ÷ | 11,855,602) |
| Dec 31, 2015 | 9.29% | = | 100 | × | 1,053,849) | ÷ | 11,339,304) |
| Dec 31, 2014 | 7.78% | = | 100 | × | 865,887) | ÷ | 11,129,533) |
| Dec 31, 2013 | 7.39% | = | 100 | × | 752,561) | ÷ | 10,185,532) |
| Dec 31, 2012 | 6.62% | = | 100 | × | 631,034) | ÷ | 9,534,462) |
| Dec 31, 2011 | 5.04% | = | 100 | × | 441,860) | ÷ | 8,765,699) |
| Dec 31, 2010 | 5.95% | = | 100 | × | 462,485) | ÷ | 7,776,424) |
| Dec 31, 2009 | 6.14% | = | 100 | × | 435,848) | ÷ | 7,094,249) |
| Dec 31, 2008 | 5.98% | = | 100 | × | 476,876) | ÷ | 7,979,727) |
| Dec 31, 2007 | 7.69% | = | 100 | × | 615,578) | ÷ | 8,005,292) |
| Dec 31, 2006 | 7.38% | = | 100 | × | 576,058) | ÷ | 7,809,759) |
| Dec 31, 2005 | 6.44% | = | 100 | × | 463,258) | ÷ | 7,190,661) |
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 net profit margin exhibited considerable fluctuation over the period examined, ranging from a low of 5.04% to a high of 11.83%. An initial upward trend is apparent from 2005 to 2007, increasing from 6.44% to 7.69%. This was followed by a decline in 2008 and 2009, reaching 5.98% and 6.14% respectively, potentially influenced by broader economic conditions. A moderate recovery occurred between 2010 and 2013, with the margin rising to 7.78%. A significant surge in profitability is then observed from 2013 to 2017, peaking at 11.83% in 2017. Subsequently, the margin decreased substantially in 2018 to 6.32%, before recovering to 8.61% in 2019. The years 2020 and 2021 saw further increases, reaching 11.06% and 9.35% respectively. A slight decrease to 9.12% occurred in 2022, followed by increases to 10.36% in 2023 and 11.61% in 2024. The most recent year, 2025, shows a marginal decrease to 10.90%.
- Overall Trend
- The overall trend demonstrates a general increase in net profit margin over the long term, despite significant short-term volatility. The period between 2013 and 2017 represents a period of particularly strong margin expansion. While fluctuations are present, the margin generally remained above 6% throughout the analyzed timeframe.
- Significant Increases
- Notable increases in net profit margin occurred between 2014 and 2015 (from 7.78% to 9.29%), and again between 2016 and 2017 (from 9.55% to 11.83%). These increases likely reflect improvements in operational efficiency, pricing strategies, or favorable market conditions. The increase from 2019 to 2020 (8.61% to 11.06%) also stands out.
- Significant Decreases
- Significant decreases were observed between 2007 and 2008 (7.69% to 5.98%), and more prominently between 2017 and 2018 (11.83% to 6.32%). The latter decrease warrants further investigation to determine the underlying causes, which could include increased costs, competitive pressures, or a shift in sales mix.
- Recent Performance
- The most recent three years (2022-2025) show a relatively stable net profit margin, fluctuating between 10.36% and 11.61%. The slight decrease in 2025, while minimal, could indicate emerging challenges or a normalization of profitability after the strong performance in prior years.
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Comparison to Competitors
Sherwin-Williams Co., net profit margin, long-term trends, comparison to competitors
| Sherwin-Williams Co. | Linde plc | |
|---|---|---|
| Dec 31, 2025 | 10.90% | 20.30% |
| Dec 31, 2024 | 11.61% | 19.89% |
| Dec 31, 2023 | 10.36% | 18.87% |
| Dec 31, 2022 | 9.12% | 12.43% |
| Dec 31, 2021 | 9.35% | 12.42% |
| Dec 31, 2020 | 11.06% | 9.18% |
| Dec 31, 2019 | 8.61% | 8.09% |
| Dec 31, 2018 | 6.32% | 29.40% |
| Dec 31, 2017 | 11.83% | 10.90% |
| Dec 31, 2016 | 9.55% | 14.24% |
| Dec 31, 2015 | 9.29% | 14.36% |
| Dec 31, 2014 | 7.78% | 13.80% |
| Dec 31, 2013 | 7.39% | 14.72% |
| Dec 31, 2012 | 6.62% | 15.07% |
| Dec 31, 2011 | 5.04% | 14.86% |
| Dec 31, 2010 | 5.95% | 11.81% |
| Dec 31, 2009 | 6.14% | 14.00% |
| Dec 31, 2008 | 5.98% | 11.22% |
| Dec 31, 2007 | 7.69% | 12.52% |
| Dec 31, 2006 | 7.38% | 11.87% |
| Dec 31, 2005 | 6.44% | 9.48% |
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., net profit margin, long-term trends, comparison to sector (chemicals)
| Sherwin-Williams Co. | Chemicals | |
|---|---|---|
| Dec 31, 2025 | 10.90% | 16.45% |
| Dec 31, 2024 | 11.61% | 16.48% |
| Dec 31, 2023 | 10.36% | 15.36% |
| Dec 31, 2022 | 9.12% | 11.11% |
| Dec 31, 2021 | 9.35% | 11.22% |
| Dec 31, 2020 | 11.06% | 9.94% |
| Dec 31, 2019 | 8.61% | 8.29% |
| Dec 31, 2018 | 6.32% | 16.93% |
| Dec 31, 2017 | 11.83% | 11.43% |
| Dec 31, 2016 | 9.55% | 11.76% |
| Dec 31, 2015 | 9.29% | 11.76% |
| Dec 31, 2014 | 7.78% | 10.94% |
| Dec 31, 2013 | 7.39% | 11.34% |
| Dec 31, 2012 | 6.62% | 11.19% |
| Dec 31, 2011 | 5.04% | 10.56% |
| Dec 31, 2010 | 5.95% | 9.26% |
| Dec 31, 2009 | 6.14% | 10.53% |
| Dec 31, 2008 | 5.98% | 8.99% |
| Dec 31, 2007 | 7.69% | 10.30% |
| Dec 31, 2006 | 7.38% | 9.69% |
| Dec 31, 2005 | 6.44% | 8.01% |
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., net profit margin, long-term trends, comparison to industry (materials)
| Sherwin-Williams Co. | Materials | |
|---|---|---|
| Dec 31, 2025 | 10.90% | 13.98% |
| Dec 31, 2024 | 11.61% | 13.65% |
| Dec 31, 2023 | 10.36% | 13.25% |
| Dec 31, 2022 | 9.12% | 12.31% |
| Dec 31, 2021 | 9.35% | 13.59% |
| Dec 31, 2020 | 11.06% | 8.58% |
| Dec 31, 2019 | 8.61% | 5.93% |
| Dec 31, 2018 | 6.32% | 15.85% |
| Dec 31, 2017 | 11.83% | 11.29% |
| Dec 31, 2016 | 9.55% | -4.09% |
| Dec 31, 2015 | 9.29% | -25.36% |
| Dec 31, 2014 | 7.78% | 2.79% |
| Dec 31, 2013 | 7.39% | 12.00% |
| Dec 31, 2012 | 6.62% | 13.84% |
| Dec 31, 2011 | 5.04% | 16.32% |
| Dec 31, 2010 | 5.95% | 16.25% |
| Dec 31, 2009 | 6.14% | 14.28% |
| Dec 31, 2008 | 5.98% | -25.65% |
| Dec 31, 2007 | 7.69% | 13.89% |
| Dec 31, 2006 | 7.38% | 13.78% |
| Dec 31, 2005 | 6.44% | 11.48% |
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).