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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Sherwin-Williams Co. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) 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: 2024-12-31).
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, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibits variability over the observed periods. It increased from 31.64 in 2020 to a peak of 37.32 in 2021, indicating a higher market valuation relative to earnings during that year. Subsequently, the ratio declined sharply to 28.48 in 2022, suggesting a market reassessment or improved earnings performance. The ratio rose again moderately to 33.16 in 2023 before slightly decreasing to 32.81 in 2024. Overall, the P/E ratio demonstrates a cyclical pattern with a peak in 2021 followed by a correction and stabilization in the following years.
- Price to Operating Profit (P/OP) Ratio
- This ratio follows a trend broadly similar to the P/E ratio. It increased from 22.45 in 2020 to 27.19 in 2021, signaling elevated market valuation relative to operating profits. A significant decline followed, bringing the ratio down to 19.16 in 2022, which may reflect improved operating profit margins or market adjustment. The ratio then experienced a gradual increase in 2023 and 2024 to 22.20 and 23.08 respectively, suggesting a modest recovery in valuation pressure relative to operating profits.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio remained relatively stable over the periods with some fluctuations. It started at 3.50 in 2020, maintained a similar level of 3.49 in 2021, then dropped noticeably to 2.60 in 2022. This decrease implies a lower valuation relative to sales, which could result from increased sales or reduced investor enthusiasm. However, the ratio rebounded to 3.44 in 2023 and further increased to 3.81 in 2024, exceeding prior levels and indicating a stronger market valuation relative to sales in the most recent periods.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio shows significant volatility across the timeline. It increased sharply from 17.79 in 2020 to a high of 28.55 in 2021, indicating a substantial increase in market valuation relative to book value. This was followed by a marked decline to 18.55 in 2022, close to the 2020 level, suggesting a market correction or changes in book value assumptions. The ratio then increased again to moderate levels of 21.32 in 2023 and 21.72 in 2024, implying a gradual recovery in market valuation relative to the company's net asset value.
Price to Earnings (P/E)
Sherwin-Williams Co., historical P/E calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 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 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited an overall upward trajectory from 2020 to 2024. Starting at $238.97 in 2020, it increased to $267.22 in 2021 before declining to $222.63 in 2022. Subsequently, the price rebounded sharply to $311.26 in 2023 and continued its ascent to $350.02 in 2024. This pattern suggests a strong recovery and growth phase following the dip observed in 2022.
- Earnings per Share (EPS) Trends
- Earnings per share showed a generally positive trend across the five-year period. EPS started at $7.55 in 2020, slightly decreased to $7.16 in 2021, then increased steadily to $7.82 in 2022. The growth accelerated in 2023 and 2024, with EPS reaching $9.39 and $10.67 respectively. This upward momentum highlights improving profitability over time, particularly in the latter years.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio experienced fluctuations during the period. Beginning at 31.64 in 2020, it rose to a peak of 37.32 in 2021, indicating an increase in the company's valuation relative to earnings. The ratio then declined to 28.48 in 2022, corresponding with the drop in share price and slight EPS growth. In 2023 and 2024, the P/E ratio increased again to 33.16 and 32.81, reflecting market optimism as earnings and share price both rose.
- Overall Insights
- The data reveals that despite a temporary setback in 2022, the company demonstrated robust recovery and growth in subsequent years. Both share price and EPS showed notable increases in 2023 and 2024, suggesting enhanced market confidence and operational performance. The fluctuations in the P/E ratio indicate shifts in investor sentiment and valuation expectations, with the highest ratio observed in 2021 and a moderate stabilization thereafter.
Price to Operating Profit (P/OP)
Sherwin-Williams Co., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 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 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibits an overall upward trajectory over the five-year period, starting at $238.97 in 2020 and rising to $350.02 by the end of 2024. Despite a decline in 2022, falling from $267.22 to $222.63, the price recovered strongly in the subsequent years, reaching its peak in 2024.
- Operating Profit Per Share (OPPS)
- Operating profit per share demonstrated a generally positive growth trend. It started at $10.64 in 2020, decreased slightly in 2021 to $9.83, but then increased consistently in each following year, reaching $15.16 in 2024. This indicates an improving operational efficiency or profitability per share over time.
- Price to Operating Profit Ratio (P/OP)
- The price to operating profit ratio fluctuated across the period analyzed. It peaked in 2021 at 27.19, suggesting comparatively higher market valuation relative to operating profit at that time. The ratio declined sharply to 19.16 in 2022, reflecting either a fall in share price relative to OPPS or an increase in operating profit not matched by share price. Following this, the ratio rose again to 23.08 by 2024 but remained below the early peak, indicating a stabilization of market valuation in relation to operating profits.
- Overall Insights
- The data reflects a recovery and growth pattern after a dip in 2022, with improvements in both share price and operating profit per share indicating enhanced company performance. Market valuation as expressed by the P/OP ratio shows a degree of variability but trends toward stabilization. The growth in operating profits per share outpacing fluctuations in share price suggests strengthening fundamentals underlying the stock's valuation.
Price to Sales (P/S)
Sherwin-Williams Co., historical P/S calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 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 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a fluctuating pattern over the five-year period. It increased from $238.97 in 2020 to $267.22 in 2021, followed by a decline to $222.63 in 2022. Subsequently, it rose significantly to $311.26 in 2023 and further to $350.02 in 2024, indicating a strong recovery and growth in market valuation in the most recent years.
- Sales per Share Trend
- Sales per share showed a consistent upward trajectory throughout the period analyzed. Starting at $68.31 in 2020, it increased each year, reaching $91.89 by 2024. This suggests steady growth in revenue generation on a per-share basis over the five-year span.
- Price-to-Sales (P/S) Ratio Trend
- The P/S ratio remained relatively stable around 3.5 in 2020 and 2021, indicating a consistent valuation relative to sales. However, it dropped notably to 2.6 in 2022, reflecting either a relative decrease in share price compared to sales or an increase in sales relative to share price. Subsequently, the P/S ratio recovered to 3.44 in 2023 and further increased to 3.81 in 2024, surpassing previous levels and suggesting increased investor confidence and valuation premium relative to sales in recent years.
- Overall Insights
- The data reveals a general positive trend in the company's operational performance, evidenced by continuous growth in sales per share. The share price, despite a dip in 2022, overall increased significantly by 2024, indicating improved market perception and investor sentiment. The volatility in the P/S ratio, with a noticeable dip in 2022 followed by recovery, may reflect market dynamics or company-specific developments that impacted valuation multiples temporarily but eventually led to enhanced valuations. The combination of increasing sales per share and a rising P/S ratio in 2023 and 2024 points to both fundamental growth and increasing market confidence.
Price to Book Value (P/BV)
Sherwin-Williams Co., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 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 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a fluctuating trend over the five-year period. It increased from $238.97 at the end of 2020 to $267.22 in 2021, followed by a notable decline to $222.63 in 2022. Subsequently, the price rose significantly to $311.26 in 2023 and continued to rise, reaching $350.02 by the end of 2024. Overall, the share price demonstrated recovery and growth after the dip in 2022.
- Book Value per Share (BVPS)
- The book value per share showed variation with an initial decrease from $13.43 in 2020 to $9.36 in 2021. This was followed by a steady increase over the following years, rising to $12.00 in 2022, then to $14.60 in 2023, and further to $16.12 in 2024. This upward trend from 2021 onwards suggests improvement in the company's net asset value per share.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio reflected changes influenced by both the share price and book value per share movements. After peaking at 28.55 in 2021, the ratio decreased sharply to 18.55 in 2022, indicating the share price declined more relative to book value or a combination thereof. The ratio then increased moderately to 21.32 in 2023 and slightly to 21.72 in 2024. This indicates a compression of the valuation multiple following the sharp peak in 2021, suggesting market valuation became more aligned with the underlying book value in recent years.
- Summary
- The data shows a volatile pattern in the share price with a pronounced dip in 2022 followed by significant recovery. Book value per share declined initially but then increased consistently from 2021 to 2024, supporting a strengthening equity base. The P/BV ratio peaked in 2021 but adjusted downward subsequently, reflecting changing market perceptions or valuation discipline relative to net asset value. Overall, the trends indicate periods of volatility with improving fundamentals over time.