Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
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Current Valuation Ratios
Sherwin-Williams Co., current price multiples
| Sherwin-Williams Co. | Linde plc | Chemicals | Materials | ||||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Current share price (P) | |||||||
| No. shares of common stock outstanding | |||||||
| Growth rate (g) | |||||||
| Earnings per share (EPS) | |||||||
| Next year expected EPS | |||||||
| Operating profit per share | |||||||
| Sales per share | |||||||
| Book value per share (BVPS) | |||||||
| Valuation Ratios (Price Multiples) | |||||||
| Price to earnings (P/E) | |||||||
| Price to next year expected earnings | |||||||
| Price-earnings-growth (PEG) | |||||||
| Price to operating profit (P/OP) | |||||||
| Price to sales (P/S) | |||||||
| Price to book value (P/BV) | |||||||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Sherwin-Williams Co., historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
The valuation ratios demonstrate fluctuating investor sentiment over the five-year period. Generally, ratios decreased from 2021 to 2022, then exhibited a recovery and stabilization through 2025, though not consistently across all metrics. These shifts suggest changing perceptions of the company’s future earnings potential and asset value.
- Price to Earnings (P/E)
- The Price to Earnings ratio experienced a substantial decline from 37.32 in 2021 to 28.48 in 2022. It then recovered to 33.16 in 2023 and remained relatively stable at 32.81 and 34.50 in 2024 and 2025, respectively. This pattern indicates initial investor caution followed by a renewed, though moderate, confidence in earnings.
- Price to Operating Profit (P/OP)
- A significant decrease in the Price to Operating Profit ratio is observed from 27.19 in 2021 to 19.16 in 2022. Subsequent years show a gradual increase, reaching 22.20 in 2023, 23.08 in 2024, and 23.24 in 2025. This suggests that the market began to more favorably assess the company’s operational profitability after the initial decline.
- Price to Sales (P/S)
- The Price to Sales ratio followed a similar trajectory, decreasing from 3.49 in 2021 to 2.60 in 2022. It then increased to 3.44 in 2023, peaked at 3.81 in 2024, and slightly decreased to 3.76 in 2025. This indicates a fluctuating relationship between market valuation and revenue generation, with a recent stabilization at a level comparable to 2021.
- Price to Book Value (P/BV)
- The Price to Book Value ratio experienced a marked reduction from 28.55 in 2021 to 18.55 in 2022. It partially recovered to 21.32 in 2023 and 21.72 in 2024, before decreasing to 19.27 in 2025. This suggests a reassessment of the company’s net asset value by investors, followed by a period of relative stability and a slight decline in the most recent year.
Overall, the ratios suggest a period of market correction in 2022 followed by a gradual recovery and stabilization. The consistency in the latter years indicates a more settled investor outlook, though the slight decrease in Price to Book Value in 2025 warrants further investigation.
Price to Earnings (P/E)
Sherwin-Williams Co., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income (in thousands) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Linde plc | ||||||
| P/E Ratio, Sector | ||||||
| Chemicals | ||||||
| P/E Ratio, Industry | ||||||
| Materials | ||||||
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 2025 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited fluctuations over the five-year period. The share price demonstrated an initial decline followed by a recovery, while earnings per share (EPS) consistently increased until the final year. These movements influenced the observed P/E ratio trends.
- Share Price
- The share price began at US$267.22 in 2021, decreased to US$222.63 in 2022, and then increased to US$311.26 by 2023. Further gains were observed in 2024, reaching US$350.02, with a slight increase to US$357.61 in 2025. This indicates a recovery and stabilization after the initial decline.
- Earnings Per Share (EPS)
- Earnings per share showed a consistent upward trend, increasing from US$7.16 in 2021 to US$7.82 in 2022, US$9.39 in 2023, and reaching US$10.67 in 2024. A slight decrease was noted in 2025, with EPS reported at US$10.37. This suggests improving profitability for most of the period.
- Price to Earnings (P/E) Ratio
- The P/E ratio started at 37.32 in 2021, decreased to 28.48 in 2022, and then rose to 33.16 in 2023. It remained relatively stable in 2024 at 32.81, and increased slightly to 34.50 in 2025. The initial decrease in the P/E ratio in 2022 coincided with the share price decline and a modest EPS increase. The subsequent increases in the P/E ratio in 2023 and 2024 were driven by a combination of share price increases and rising EPS. The slight increase in 2025, despite a small EPS decrease, suggests the market continued to value the stock at a similar premium.
Overall, the P/E ratio movements reflect the interplay between investor sentiment, as indicated by the share price, and the company’s underlying profitability, as measured by EPS. The observed trends suggest a period of market correction followed by a recovery and stabilization, with continued profitability growth contributing to the valuation.
Price to Operating Profit (P/OP)
Sherwin-Williams Co., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (in thousands) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Linde plc | ||||||
| P/OP Ratio, Sector | ||||||
| Chemicals | ||||||
| P/OP Ratio, Industry | ||||||
| Materials | ||||||
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 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio for the period examined demonstrates fluctuations alongside changes in share price and operating profit per share. An initial decrease is followed by a period of relative stabilization.
- Share Price
- The share price experienced a decline from $267.22 in 2021 to $222.63 in 2022. Subsequent years show recovery, increasing to $311.26 in 2023, and continuing to $350.02 in 2024, before a modest increase to $357.61 in 2025.
- Operating Profit Per Share
- Operating profit per share exhibited a consistent upward trend throughout the observed period. It rose from $9.83 in 2021 to $11.62 in 2022, then to $14.02 in 2023. This growth continued, reaching $15.16 in 2024 and $15.39 in 2025, although the rate of increase slowed in the final two years.
- P/OP Ratio
- The P/OP ratio began at 27.19 in 2021, then decreased significantly to 19.16 in 2022. A subsequent increase was observed, with the ratio reaching 22.20 in 2023 and 23.08 in 2024. The ratio remained relatively stable in 2025, at 23.24. The initial decline in the P/OP ratio in 2022 coincided with a decrease in share price and an increase in operating profit per share, suggesting that the price decline outweighed the profit increase. The subsequent increases in the ratio align with the share price recovery and continued growth in operating profit per share. The stabilization in 2025 indicates a balance between share price and operating profit growth.
Overall, the P/OP ratio’s movement reflects the interplay between market valuation, as indicated by the share price, and the company’s underlying operational performance. The ratio suggests a period of reduced investor confidence in 2022, followed by a restoration of confidence and a more stable valuation in subsequent years.
Price to Sales (P/S)
Sherwin-Williams Co., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net sales (in thousands) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Linde plc | ||||||
| P/S Ratio, Sector | ||||||
| Chemicals | ||||||
| P/S Ratio, Industry | ||||||
| Materials | ||||||
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 2025 Calculation
Sales per share = Net sales ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price to sales ratio exhibited fluctuations over the five-year period. Initial observations indicate a decrease followed by an increase and subsequent stabilization.
- Share Price
- The share price decreased from $267.22 in 2021 to $222.63 in 2022, representing a decline. A subsequent recovery was observed, with the price increasing to $311.26 in 2023 and further to $350.02 in 2024. The rate of increase slowed in 2025, with the share price reaching $357.61.
- Sales per Share
- Sales per share demonstrated a consistent upward trend throughout the period. It increased from $76.60 in 2021 to $85.70 in 2022, then to $90.59 in 2023. This growth continued, reaching $91.89 in 2024 and $95.14 in 2025, although the incremental increase between 2024 and 2025 was smaller than in previous years.
- Price to Sales Ratio
- The price to sales ratio began at 3.49 in 2021. A notable decrease occurred in 2022, with the ratio falling to 2.60. The ratio then increased to 3.44 in 2023, and continued to rise to 3.81 in 2024. In 2025, the ratio experienced a slight decrease to 3.76, indicating a potential stabilization after the prior year’s increase. The fluctuations in the P/S ratio suggest a dynamic relationship between market valuation and revenue generation.
The observed trends suggest that while sales per share consistently increased, the market’s valuation, as reflected in the price to sales ratio, did not move in perfect correlation. The decrease in the P/S ratio in 2022, despite increasing sales per share, could indicate a shift in investor sentiment or broader market conditions. The subsequent increases in both share price and P/S ratio in 2023 and 2024 suggest a renewed positive outlook, followed by a leveling off in 2025.
Price to Book Value (P/BV)
Sherwin-Williams Co., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Shareholders’ equity (in thousands) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Linde plc | ||||||
| P/BV Ratio, Sector | ||||||
| Chemicals | ||||||
| P/BV Ratio, Industry | ||||||
| Materials | ||||||
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 2025 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value ratio exhibited fluctuations over the five-year period. Initially, the ratio decreased significantly before stabilizing and showing a slight decline in the most recent year presented.
- Price to Book Value (P/BV) Trend
- The P/BV ratio began at 28.55 in 2021. A substantial decrease was observed in 2022, falling to 18.55. The ratio then increased in 2023 to 21.32 and continued to rise modestly to 21.72 in 2024. Finally, the ratio decreased to 19.27 in 2025.
The share price demonstrated volatility, declining in 2022 before recovering and experiencing moderate growth in subsequent years. Concurrently, the book value per share consistently increased throughout the period.
- Share Price and Book Value Per Share
- The share price decreased from US$267.22 in 2021 to US$222.63 in 2022. It then increased to US$311.26 in 2023, US$350.02 in 2024, and US$357.61 in 2025. Book value per share increased steadily from US$9.36 in 2021 to US$18.56 in 2025.
The initial decrease in the P/BV ratio in 2022 coincided with a decline in share price and an increase in book value per share. The subsequent stabilization and slight decline in the P/BV ratio in later years suggest a potential moderation in investor expectations relative to the company’s net asset value, despite continued growth in book value and share price.
- Relationship between Share Price, Book Value, and P/BV
- The interplay between the increasing book value per share and the fluctuating share price significantly influenced the P/BV ratio. The initial drop in the ratio was likely driven by a larger percentage decrease in share price than the increase in book value. The later stabilization and slight decline in the P/BV ratio suggest that share price growth began to moderate relative to the continued growth in book value.