Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Cash Flow Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
- Analysis of Revenues
- Analysis of Debt
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Long-term Activity Ratios (Summary)
Sherwin-Williams Co., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net fixed asset turnover
- The net fixed asset turnover ratio showed an increasing trend from March 2020 through September 2020, peaking around late 2020 and early 2021 with values exceeding 10.5. Subsequently, a steady decline is observed from early 2022 onwards, reaching a level slightly above 6 by mid-2025. This pattern suggests an initial improvement in the efficiency of fixed asset utilization, followed by a continuous reduction in asset turnover efficiency over the more recent periods.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- This metric followed a similar pattern to net fixed asset turnover but at approximately half the magnitude. It increased from early 2020 through late 2021, peaking around 5.57 in late 2021. Thereafter, a gradual decline is evident through to mid-2025, ending just below 4. This indicates that when including operating leases and right-of-use assets, the turnover remains lower but trends consistently with the standard net fixed asset turnover ratio.
- Total asset turnover
- Total asset turnover showed a gradual increase from early 2020 through the first quarter of 2023, rising from below 0.9 to a peak of 1.0. This suggests improved efficiency in generating sales from total assets during this period. However, following this peak, the ratio experienced a modest decline and minor fluctuations, ending near 0.91 by mid-2025. This indicates a slight reduction in total asset utilization efficiency in recent quarters compared to the peak periods.
- Equity turnover
- Equity turnover exhibited a notable increase during the early periods, rising significantly from around 5.1 to a high of approximately 9.3 between late 2020 and late 2021. After peaking, the ratio declined substantially through mid-2023, stabilizing around 6 before experiencing a further moderate decrease to slightly above 5 by mid-2025. This trend reflects a contraction in the rate at which the company is generating revenues per unit of equity after a pronounced peak period.
Net Fixed Asset Turnover
Sherwin-Williams Co., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Net fixed asset turnover
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
-
Net sales exhibited a generally increasing trend from the first quarter of 2020 through mid-2023, with fluctuations that reflect seasonal variations and market conditions. Starting at approximately $4.15 billion in March 2020, sales increased steadily, peaking around June and September 2022 and June and September 2023 at over $6.2 billion. However, there is a noticeable decline beginning in the last quarter of 2023 and continuing into 2024 and 2025, where net sales fall to just above $5.3 billion by mid-2025. This pattern suggests some degree of volatility in demand or pricing power during these later periods, possibly influenced by external market factors or internal operational adjustments.
- Property, Plant, and Equipment, Net
-
The net value of property, plant, and equipment shows a consistent upward trajectory throughout the entire period under review. Beginning around $1.83 billion in March 2020, the value experienced steady increases each quarter, reaching approximately $3.81 billion by mid-2025. This growth indicates substantial investment in fixed assets over time, supporting potential capacity expansion or modernization efforts. The sustained increase suggests a strategic focus on capital expenditure to underpin long-term operational capabilities.
- Net Fixed Asset Turnover
-
The net fixed asset turnover ratio reveals a clear declining trend, particularly from the end of 2020 onward. Starting at approximately 10.0 in September 2020, the ratio decreases steadily each quarter, falling below 10.0 by the beginning of 2021 and continuing down to near 6.0 by mid-2025. This declining ratio indicates that the efficiency with which fixed assets generate net sales is diminishing, despite the increase in net sales observed earlier. The reduction in turnover suggests that asset growth outpaces sales growth, potentially reflecting underutilized capacity or shifts in asset productivity.
- Overall Summary
-
The financial data indicates robust capital investment alongside variable sales performance. While net sales generally increased until mid-2023, subsequent decreases alongside continued growth in fixed assets result in a declining net fixed asset turnover ratio. This combination points toward potential challenges in maximizing asset efficiency and may signal a need to re-evaluate asset utilization or sales strategies to enhance operational productivity going forward.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Sherwin-Williams Co., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
- Net Sales
- Net sales exhibited a generally increasing trend from March 31, 2020 through June 30, 2021, rising from approximately 4,146,700 thousand US dollars to 5,379,800 thousand US dollars. This growth phase was followed by fluctuations through 2022 and 2023, with periods of both increase and decline. Notably, there was a peak in June and September 2022, with values exceeding 6,000,000 thousand US dollars, followed by a downturn towards the end of 2023. The first half of 2024 showed a rebound with net sales again approaching over 6,000,000 thousand US dollars, but the late 2024 and mid-2025 periods showed a decrease, with values near 5,300,000 to 5,600,000 thousand US dollars. Overall, net sales demonstrated cyclical behavior with distinct seasonal or market-related variances.
- Property, Plant and Equipment, Net (Including Operating Lease, Right-of-Use Asset)
- This asset category showed a consistent upward trajectory throughout the entire period covered. Starting at 3,512,900 thousand US dollars at the beginning of 2020, the net property, plant, and equipment value increased steadily each quarter. By mid-2025, this value approximated 5,817,200 thousand US dollars. The trend suggests continued investment or capitalization in fixed assets, reflecting potential expansion, upgrades, or inflation effects over time.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio showed a declining trend over the periods recorded. Initial values around 5.11 (starting from September 30, 2020) peaked near 5.57 by December 31, 2021, indicating strong asset utilization during that timeframe. However, from 2022 onward, this ratio steadily decreased to approximately 3.97 by June 30, 2025. This decline signals reduced efficiency in generating sales revenue from fixed assets, which may be attributable to increased asset base outpacing sales growth or other operational factors reducing asset turnover effectiveness.
Total Asset Turnover
Sherwin-Williams Co., total asset turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Total asset turnover
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibited an overall increasing trend from March 31, 2020, through June 30, 2023, rising from approximately 4.15 billion USD to around 6.24 billion USD. Notably, the second quarter of 2022 and 2023 showed peak sales within their respective years. After reaching a high point toward mid-2023, net sales experienced some fluctuations, with a decline observed during the fourth quarter of 2023 and the first half of 2024, before appearing to recover slightly by the third and fourth quarters of 2024 and into 2025. Despite these short-term variances, the general trajectory across the five-year span indicates growth in net sales.
- Total Assets
- Total assets remained relatively stable from March 31, 2020, through December 31, 2020, hovering around 20.4 billion USD. Beginning in 2021, total assets showed a gradual upward movement that accelerated in 2022 and continued through 2025, reaching approximately 25.36 billion USD by June 30, 2025. This represents a significant increase in asset base over the period, suggesting ongoing investment in or acquisition of assets that supported company expansion or operational scaling.
- Total Asset Turnover Ratio
- The total asset turnover ratio, available from September 30, 2020, onward, showed a positive trend initially, increasing from 0.90 to a peak of 1.00 around December 31, 2022. This increase reflects enhanced efficiency in utilizing assets to generate sales up to that point. Following the peak, the ratio gradually declined to 0.91 by June 30, 2025. The reduction in this ratio after the peak indicates a slight decrease in asset utilization efficiency, possibly due to faster asset growth relative to sales growth during the later periods.
Equity Turnover
Sherwin-Williams Co., equity turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||
| Shareholders’ equity | |||||||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Equity turnover
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ Shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends across net sales, shareholders’ equity, and equity turnover ratios over the observed periods.
- Net Sales
- Net sales exhibit a general upward trajectory from March 2020 through mid-2023, moving from approximately $4.15 billion to over $6.24 billion by June 2023. This growth is marked by seasonal fluctuations with some quarters, notably the third quarters, experiencing peaks followed by declines in the fourth quarters. From late 2023 through mid-2025, net sales show a pattern of volatility with declines and recoveries, remaining broadly within a range of about $5.3 billion to $6.3 billion, suggesting some challenges to maintaining earlier growth momentum.
- Shareholders’ Equity
- Shareholders’ equity demonstrates a declining trend from early 2020 to around the end of 2021, decreasing from roughly $3.29 billion to about $2.43 billion. Following this period, equity values begin to recover and increase, reaching a peak near $4.4 billion by mid-2025. This pattern indicates initial financial contraction followed by a phase of restoration and strengthening of the equity base over the longer term.
- Equity Turnover Ratio
- The equity turnover ratio starts being reported from the third quarter of 2020 onward, with values moving upward from 5.09 to a peak of approximately 9.34 by mid-2022, indicating improving efficiency in generating sales from shareholders’ equity during this timeframe. Post this peak, the ratio experiences a gradual decline with some fluctuations, settling around the mid-5 range by mid-2025. This suggests that while the company initially improved its asset utilization, effectiveness has moderated in recent periods.
In summary, the data reveals that although net sales have generally grown with periodic volatility, shareholders’ equity initially contracted but later recovered substantially. The equity turnover ratio's pattern indicates an initial boost in asset efficiency, followed by a moderation. These trends collectively imply a period of financial adjustment with improved operational performance and a more stabilized equity position over the long term.