Sherwin-Williams Co., current enterprise value calculation

Current share price (P)	$357.15
No. shares of common stock outstanding	250,600,582
US$ in thousands
Common equity (market value)¹	89,501,998)
Total equity	89,501,998)
Add: Short-term borrowings (per books)	662,400)
Add: Current portion of long-term debt (per books)	1,049,200)
Add: Current portion of finance lease liabilities (per books)	3,700)
Add: Long-term debt, excluding current portion (per books)	8,176,800)
Add: Long-term finance lease liabilities, excluding current portion (per books)	185,600)
Total equity and debt	99,579,698)
Less: Cash and cash equivalents	210,400)
Enterprise value (EV)	99,369,298)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 357.15 × 250,600,582

Sherwin-Williams Co., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$350.02	$311.26	$222.63	$267.22	$238.97
No. shares of common stock outstanding¹	251,364,135	254,464,522	258,442,281	260,373,774	268,805,607
US$ in thousands
Common equity (market value)³	87,982,475)	79,204,627)	57,537,005)	69,577,080)	64,236,476)
Total equity	87,982,475)	79,204,627)	57,537,005)	69,577,080)	64,236,476)
Add: Short-term borrowings (book value)	662,400)	374,200)	978,100)	763,500)	100)
Add: Current portion of long-term debt (book value)	1,049,200)	1,098,800)	600)	260,600)	25,100)
Add: Current portion of finance lease liabilities (book value)	3,700)	—)	—)	—)	—)
Add: Long-term debt, excluding current portion (book value)	8,176,800)	8,377,900)	9,591,000)	8,590,900)	8,266,900)
Add: Long-term finance lease liabilities, excluding current portion (book value)	185,600)	—)	—)	—)	—)
Total equity and debt	98,060,175)	89,055,527)	68,106,705)	79,192,080)	72,528,576)
Less: Cash and cash equivalents	210,400)	276,800)	198,800)	165,700)	226,600)
Enterprise value (EV)	97,849,775)	88,778,727)	67,907,905)	79,026,380)	72,301,976)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 350.02 × 251,364,135

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Sherwin-Williams Co. EV increased from 2022 to 2023 and from 2023 to 2024.

Sherwin-Williams Co. (NYSE:SHW)

Enterprise Value (EV)