Price to Book Value (P/BV)
since 2005
Calculation
Sherwin-Williams Co., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 20, 2025 | 21.72 | = | 350.02 | ÷ | 16.12 | 16.12 | = | 4,051,200 | ÷ | 251,364,135 | |
| Feb 20, 2024 | 21.32 | = | 311.26 | ÷ | 14.60 | 14.60 | = | 3,715,800 | ÷ | 254,464,522 | |
| Feb 22, 2023 | 18.55 | = | 222.63 | ÷ | 12.00 | 12.00 | = | 3,102,100 | ÷ | 258,442,281 | |
| Feb 17, 2022 | 28.55 | = | 267.22 | ÷ | 9.36 | 9.36 | = | 2,437,200 | ÷ | 260,373,774 | |
| Feb 19, 2021 | 17.79 | = | 238.97 | ÷ | 13.43 | 13.43 | = | 3,610,800 | ÷ | 268,805,607 | |
| Feb 21, 2020 | 12.82 | = | 191.11 | ÷ | 14.90 | 14.90 | = | 4,123,300 | ÷ | 276,683,112 | |
| Feb 22, 2019 | 10.93 | = | 146.63 | ÷ | 13.41 | 13.41 | = | 3,730,745 | ÷ | 278,154,810 | |
| Feb 23, 2018 | 10.14 | = | 132.73 | ÷ | 13.09 | 13.09 | = | 3,692,188 | ÷ | 281,981,373 | |
| Feb 22, 2017 | 15.52 | = | 104.15 | ÷ | 6.71 | 6.71 | = | 1,878,441 | ÷ | 279,921,690 | |
| Feb 24, 2016 | 27.61 | = | 86.57 | ÷ | 3.14 | 3.14 | = | 867,910 | ÷ | 276,811,266 | |
| Feb 25, 2015 | 27.40 | = | 95.92 | ÷ | 3.50 | 3.50 | = | 996,470 | ÷ | 284,684,067 | |
| Feb 27, 2014 | 11.24 | = | 66.27 | ÷ | 5.90 | 5.90 | = | 1,774,535 | ÷ | 300,890,211 | |
| Feb 28, 2013 | 9.32 | = | 53.86 | ÷ | 5.78 | 5.78 | = | 1,791,804 | ÷ | 310,206,279 | |
| Feb 23, 2012 | 6.93 | = | 33.65 | ÷ | 4.85 | 4.85 | = | 1,516,919 | ÷ | 312,506,331 | |
| Feb 23, 2011 | 5.51 | = | 27.55 | ÷ | 5.00 | 5.00 | = | 1,609,440 | ÷ | 321,727,317 | |
| Feb 24, 2010 | 4.73 | = | 21.46 | ÷ | 4.54 | 4.54 | = | 1,490,950 | ÷ | 328,697,184 | |
| Feb 24, 2009 | 3.37 | = | 15.40 | ÷ | 4.57 | 4.57 | = | 1,605,648 | ÷ | 351,635,136 | |
| Feb 28, 2008 | 3.66 | = | 17.74 | ÷ | 4.85 | 4.85 | = | 1,785,727 | ÷ | 368,412,210 | |
| Feb 28, 2007 | 4.49 | = | 22.18 | ÷ | 4.94 | 4.94 | = | 1,992,360 | ÷ | 403,358,859 | |
| Mar 7, 2006 | 3.40 | = | 14.52 | ÷ | 4.27 | 4.27 | = | 1,730,612 | ÷ | 405,748,179 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Sherwin-Williams Co. Annual Report.
The data reveals significant movements in the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the analyzed periods.
- Share Price Trends
- The share price exhibits a general upward trajectory from 2006 through 2025, rising from $14.52 to a peak of $350.02. Early fluctuations are noticeable, with a decline observed in 2008 and 2009, coinciding with broader economic challenges during that period. However, from 2010 onward, the share price mostly increases, with a notable acceleration particularly after 2012, reaching its highest levels between 2023 and 2025. Temporary declines are seen in 2016 and again in 2023, but the overall trend is strongly positive.
- Book Value per Share (BVPS) Trends
- BVPS remains relatively stable in the initial period, fluctuating modestly between approximately $4.27 and $5.78 up to 2013, with a significant dip noted in 2015 and 2016 reaching lows around $3.14 to $3.5. Afterward, BVPS shows a marked increase from 2017, more than doubling by 2018 to $13.09, and continues to rise gradually through 2025, reaching $16.12. However, some volatility is evident, such as a decline in 2021 and 2022. Overall, there is a positive trend indicating strengthening equity per share in recent years.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio generally exhibits high volatility throughout the years. Initial ratios range between 3.4 and 6.93 from 2006 to 2012, indicating moderate investor valuation relative to book value. From 2013 onward, there is a pronounced increase, with values surging to a peak above 27 in 2015 and 2016, suggesting elevated market price levels compared to book value during that time. Subsequently, the ratio declines toward 2018 but remains high, fluctuating between 10 and nearly 29 by 2025. This sustained high P/BV ratio suggests investor expectations or confidence in future growth persistently exceed the book value metrics.
- Summary of Key Insights
- Over the long term, the share price growth far outpaces the increase in book value per share, resulting in elevated P/BV ratios, especially in the latter half of the analyzed period. The spikes in the P/BV ratio during 2015-2016 and 2021-2022 imply periods of heightened market optimism or potential overvaluation relative to accounting book value. The recovery and growth in BVPS after mid-2010s support a fundamental strengthening of equity, albeit inconsistently. The share price demonstrates resilience with an overall upward trend despite periodic dips, indicating sustained investor interest and confidence.
Comparison to Competitors
Sherwin-Williams Co., P/BV, long-term trends, comparison to competitors
| Sherwin-Williams Co. | Linde plc | |
|---|---|---|
| Feb 20, 2025 | 21.72 | 5.73 |
| Feb 20, 2024 | 21.32 | 5.47 |
| Feb 22, 2023 | 18.55 | 4.28 |
| Feb 17, 2022 | 28.55 | 3.38 |
| Feb 19, 2021 | 17.79 | 2.78 |
| Feb 21, 2020 | 12.82 | 2.15 |
| Feb 22, 2019 | 10.93 | 1.65 |
| Feb 23, 2018 | 10.14 | 7.15 |
| Feb 22, 2017 | 15.52 | 6.83 |
| Feb 24, 2016 | 27.61 | 6.61 |
| Feb 25, 2015 | 27.40 | 6.60 |
| Feb 27, 2014 | 11.24 | 5.66 |
| Feb 28, 2013 | 9.32 | 5.48 |
| Feb 23, 2012 | 6.93 | 5.93 |
| Feb 23, 2011 | 5.51 | 5.08 |
| Feb 24, 2010 | 4.73 | 4.38 |
| Feb 24, 2009 | 3.37 | 4.54 |
| Feb 28, 2008 | 3.66 | 5.13 |
| Feb 28, 2007 | 4.49 | 4.34 |
| Mar 7, 2006 | 3.40 | 4.54 |
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., P/BV, long-term trends, comparison to sector (chemicals)
| Sherwin-Williams Co. | Chemicals | |
|---|---|---|
| Feb 20, 2025 | 21.72 | 7.27 |
| Feb 20, 2024 | 21.32 | 6.83 |
| Feb 22, 2023 | 18.55 | 5.31 |
| Feb 17, 2022 | 28.55 | 4.70 |
| Feb 19, 2021 | 17.79 | 3.84 |
| Feb 21, 2020 | 12.82 | 2.98 |
| Feb 22, 2019 | 10.93 | 2.27 |
| Feb 23, 2018 | 10.14 | 8.28 |
| Feb 22, 2017 | 15.52 | 9.20 |
| Feb 24, 2016 | 27.61 | 10.08 |
| Feb 25, 2015 | 27.40 | 9.74 |
| Feb 27, 2014 | 11.24 | 6.84 |
| Feb 28, 2013 | 9.32 | 6.36 |
| Feb 23, 2012 | 6.93 | 6.14 |
| Feb 23, 2011 | 5.51 | 5.17 |
| Feb 24, 2010 | 4.73 | 4.46 |
| Feb 24, 2009 | 3.37 | 4.21 |
| Feb 28, 2008 | 3.66 | 4.75 |
| Feb 28, 2007 | 4.49 | 4.39 |
| Mar 7, 2006 | 3.40 | 4.19 |
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., P/BV, long-term trends, comparison to industry (materials)
| Sherwin-Williams Co. | Materials | |
|---|---|---|
| Feb 20, 2025 | 21.72 | 6.08 |
| Feb 20, 2024 | 21.32 | 5.86 |
| Feb 22, 2023 | 18.55 | 4.93 |
| Feb 17, 2022 | 28.55 | 4.66 |
| Feb 19, 2021 | 17.79 | 3.99 |
| Feb 21, 2020 | 12.82 | 2.82 |
| Feb 22, 2019 | 10.93 | 2.21 |
| Feb 23, 2018 | 10.14 | 6.06 |
| Feb 22, 2017 | 15.52 | 6.38 |
| Feb 24, 2016 | 27.61 | 4.76 |
| Feb 25, 2015 | 27.40 | 3.49 |
| Feb 27, 2014 | 11.24 | 3.14 |
| Feb 28, 2013 | 9.32 | 3.18 |
| Feb 23, 2012 | 6.93 | 3.71 |
| Feb 23, 2011 | 5.51 | 4.42 |
| Feb 24, 2010 | 4.73 | 3.94 |
| Feb 24, 2009 | 3.37 | 3.16 |
| Feb 28, 2008 | 3.66 | 2.84 |
| Feb 28, 2007 | 4.49 | 4.45 |
| Mar 7, 2006 | 3.40 | 4.50 |
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).