Sherwin-Williams Co., current enterprise value calculation

Current share price (P)	$313.95
No. shares of common stock outstanding	247,774,767
US$ in thousands
Common equity (market value)¹	77,788,888)
Total equity	77,788,888)
Add: Short-term borrowings (per books)	1,200,500)
Add: Current portion of long-term debt (per books)	350,100)
Add: Current portion of finance lease liabilities (per books)	700)
Add: Long-term debt, excluding current portion (per books)	9,320,700)
Add: Long-term finance lease liabilities, excluding current portion (per books)	194,700)
Total equity and debt	88,855,588)
Less: Cash and cash equivalents	207,200)
Enterprise value (EV)	88,648,388)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 313.95 × 247,774,767

Sherwin-Williams Co., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$357.61	$350.02	$311.26	$222.63	$267.22
No. shares of common stock outstanding¹	247,774,767	251,364,135	254,464,522	258,442,281	260,373,774
US$ in thousands
Common equity (market value)³	88,606,734)	87,982,475)	79,204,627)	57,537,005)	69,577,080)
Total equity	88,606,734)	87,982,475)	79,204,627)	57,537,005)	69,577,080)
Add: Short-term borrowings (book value)	1,200,500)	662,400)	374,200)	978,100)	763,500)
Add: Current portion of long-term debt (book value)	350,100)	1,049,200)	1,098,800)	600)	260,600)
Add: Current portion of finance lease liabilities (book value)	700)	3,700)	—)	—)	—)
Add: Long-term debt, excluding current portion (book value)	9,320,700)	8,176,800)	8,377,900)	9,591,000)	8,590,900)
Add: Long-term finance lease liabilities, excluding current portion (book value)	194,700)	185,600)	—)	—)	—)
Total equity and debt	99,673,434)	98,060,175)	89,055,527)	68,106,705)	79,192,080)
Less: Cash and cash equivalents	207,200)	210,400)	276,800)	198,800)	165,700)
Enterprise value (EV)	99,466,234)	97,849,775)	88,778,727)	67,907,905)	79,026,380)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Sherwin-Williams Co. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 357.61 × 247,774,767

The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. A general observation is that these values experienced fluctuations over the period, with a noticeable recovery and continued growth in the later years.

Enterprise Value (EV) Trend: Enterprise value demonstrated a decrease from US$79.03 million in 2021 to US$67.91 million in 2022. However, a significant upward trend commenced in 2023, reaching US$88.78 million, and continued through 2024 (US$97.85 million) and 2025 (US$99.47 million). This suggests a strengthening of the company’s overall value as perceived by the market, potentially driven by improved financial performance or market conditions.
Equity and Debt Relationship: Total equity and debt exhibited a similar pattern to enterprise value, declining from US$79.19 million in 2021 to US$68.11 million in 2022, before increasing to US$89.06 million in 2023, US$98.06 million in 2024, and US$99.67 million in 2025. The close alignment between total equity and debt and enterprise value indicates that changes in debt levels are a significant contributor to the fluctuations in enterprise value.
Common Equity and Total Equity: Common equity (market value) and total equity were identical in value across all reported years. This suggests that all equity is represented by common stock and there are no other equity components reported. The trend mirrors that of enterprise value, with a decline in 2022 followed by consistent growth through 2025.

The period between 2022 and 2025 shows a clear recovery and expansion in all reported metrics. The consistent increase in enterprise value, total equity and debt, and common equity suggests a positive trajectory for the company’s financial health and market valuation during this timeframe.

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Sherwin-Williams Co. (NYSE:SHW)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)