Stock Analysis on Net

Sherwin-Williams Co. (NYSE:SHW)

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Enterprise Value (EV)

Microsoft Excel

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Current Enterprise Value (EV)

Sherwin-Williams Co., current enterprise value calculation

Microsoft Excel
Current share price (P)
No. shares of common stock outstanding
US$ in thousands
Common equity (market value)1
Total equity
Add: Short-term borrowings (per books)
Add: Current portion of long-term debt (per books)
Add: Current portion of finance lease liabilities (per books)
Add: Long-term debt, excluding current portion (per books)
Add: Long-term finance lease liabilities, excluding current portion (per books)
Total equity and debt
Less: Cash and cash equivalents
Enterprise value (EV)

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

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×


Historical Enterprise Value (EV)

Sherwin-Williams Co., EV calculation

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Share price1, 2
No. shares of common stock outstanding1
US$ in thousands
Common equity (market value)3
Total equity
Add: Short-term borrowings (book value)
Add: Current portion of long-term debt (book value)
Add: Current portion of finance lease liabilities (book value)
Add: Long-term debt, excluding current portion (book value)
Add: Long-term finance lease liabilities, excluding current portion (book value)
Total equity and debt
Less: Cash and cash equivalents
Enterprise value (EV)

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
= ×


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.