Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Sherwin-Williams Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits notable fluctuations over the observed periods. From March 2021 to December 2021, the ratio showed an overall upward trend reaching a peak of 42.12 in September 2021 before declining to 37.32 by year-end. In 2022, there was a gradual decrease from 38.67 in the first quarter to 28.48 by December. The year 2023 witnessed moderate volatility with the ratio oscillating between 24.87 and 33.16, reflecting variability in earnings relative to market price. More recently, in 2024 and early 2025, the P/E ratio stabilized within a range of approximately 31 to 35, signaling relatively steady investor valuation of earnings during this timeframe.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio follows a pattern somewhat similar to the P/E ratio but with less pronounced peaks. Starting at 24.24 in March 2021, it rose to a high of 30.17 by September 2021 before descending to 19.16 in December 2021, indicating changes in investor pricing relative to operating profit. Through 2022, the ratio declined further, hitting a low of 17.07 in September before recovering partially to 22.2 at the end of the year. In 2023 and 2024, the ratio largely remained between 20 and 24, suggesting a period of relative normalization in valuation concerning operating profit. The slight downward shift toward the end of 2024 and into 2025 may indicate modest market adjustments or operating profit fluctuations.
- Price to Sales (P/S) Ratio
- The P/S ratio showed moderate variability across periods. It began at 3.79 in early 2021, hitting a peak of 4.21 in September 2021 before dropping to about 2.60 by December of the same year. In 2022, the ratio stayed mostly below 3.10, reflecting subdued valuation relative to sales. However, 2023 saw an uptick again, reaching 3.44 to 3.95 in various quarters, with a peak in the latter half of the year. Early 2024 and 2025 data suggest a steady level around 3.7 to 3.8, indicating a relatively consistent market price per unit of sales in recent periods.
- Price to Book Value (P/BV) Ratio
- This ratio displayed a generally declining trend from 2021 through late 2022. It started with a high value of 30.8 in September 2021, followed by a steady decrease to 15.91 by September 2023, pointing to a significant revaluation of the company’s book value relative to market price. A recovery is noticeable from late 2023 through early 2024, stabilizing between roughly 21 and 23. Toward the end of the period, slight declines are evident with values around 19 to 20, suggesting cautious investor sentiment or changes in equity book value considerations.
- Overall Insights
- The financial ratios collectively indicate that valuation multiples experienced substantial volatility early in the period, particularly in 2021, possibly reflecting market uncertainty or changing performance expectations. After a period of decline across almost all ratios in 2022 and early 2023, signs of stabilization and moderate recovery appear from mid-2023 onwards. The P/E and P/OP ratios suggest a more conservative but stable market view on earnings and operating profits. The P/S and P/BV ratios, meanwhile, show that market pricing relative to sales and book value has adjusted downward over time but has found a relatively steady level recently. This pattern might reflect external market conditions influencing valuation assessments and internal company performance factors gradually stabilizing.
Price to Earnings (P/E)
Sherwin-Williams Co., historical P/E calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 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 | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited notable fluctuations over the observed periods. Starting at approximately 269 US dollars in March 2021, it peaked near 316 US dollars in September 2021 before dipping to around 222 US dollars by December 2022. A subsequent recovery phase followed, with the price rising to approximately 361 US dollars by September 2024. In the most recent quarters, the share price maintained a relatively elevated level, fluctuating between 340 and 354 US dollars through the first three quarters of 2025.
- Earnings Per Share (EPS)
- EPS demonstrated a generally upward trend throughout the timeframe. Beginning at 7.97 US dollars in March 2021, EPS showed some variability but mostly increased, reaching a high of 10.69 US dollars by September 2025. Notably, EPS values were relatively stable around the 7 to 8 US dollar range in 2021 and 2022, then exhibited steady quarterly growth from early 2023 onward, indicating improving profitability at the per-share level.
- Price-to-Earnings Ratio (P/E)
- The P/E ratio fluctuated in alignment with changes in both share price and EPS. Initially, the ratio rose from about 34 to over 42 in late 2021, reflecting a higher share price relative to earnings. The P/E then decreased to a low near 24.87 in September 2023, influenced by a combination of rising EPS and a temporarily lower share price. Subsequently, the ratio trended higher again, stabilizing in the low to mid-30 range through 2024 and into 2025, suggesting market valuation levels normalized after previous volatility.
- Overall Observations
- The data reveal that earnings strength improved consistently over time, evidenced by steadily rising EPS values. Share price movements were more volatile but demonstrated a recovery and upward trend after a trough in late 2022. The P/E ratio's relative stability in recent quarters indicates a balanced relationship between share prices and earnings, implying investor confidence aligned with the company’s earnings growth trajectory.
Price to Operating Profit (P/OP)
Sherwin-Williams Co., historical P/OP calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 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 | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited notable fluctuations with an overall upward trend over the reported periods. Initially, the price increased from approximately $269 in the first quarter of 2021 to over $316 in the third quarter of the same year. Following this peak, there was a decline, reaching a low near $220 by the third quarter of 2022. Subsequently, the share price recovered strongly, climbing to above $350 by the third quarter of 2024. Minor fluctuations persisted, but the price remained relatively high, exceeding $340 through mid-2025.
- Operating Profit Per Share (OPPS)
- Operating profit per share demonstrated a steady and consistent growth throughout the period under review. Starting at $11.09 in the first quarter of 2021, OPPS experienced minor decreases in early 2022 but resumed an upward trajectory from the fourth quarter of 2021 onward. By the latest quarters, it reached levels above $15, reflecting an increase in operational profitability on a per-share basis.
- Price to Operating Profit Ratio (P/OP)
- The Price to Operating Profit ratio showed variability with a tendency to stabilize in a lower range after initial higher levels. Early 2021 exhibited relatively high ratios, peaking above 30 in the third quarter of 2021. This was followed by a decline to the low twenties and high teens through late 2022 and early 2023. Despite some fluctuations, the ratio hovered mostly between 20 and 24 in the last observed quarters, indicating a moderation in market valuation multiples relative to operating profit.
- Overall Insights
- The data indicates that operational profitability per share has grown steadily, supporting the company’s strengthening financial performance. The share price reflects this improvement but with more pronounced volatility, suggesting sensitivity to market conditions or investor sentiment. The declining and stabilizing P/OP ratio suggests that the market price increases were mostly justified by improved earnings, resulting in a more moderate valuation relative to operating profit over time. This pattern implies enhanced confidence in earnings quality and sustainability.
Price to Sales (P/S)
Sherwin-Williams Co., historical P/S calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net sales (in thousands) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and changes over the observed periods.
- Share Price
- The share price experienced significant fluctuations throughout the observed quarters. Initially, there was an upward trend from approximately 269 US$ to over 316 US$ within the first three quarters. This growth was short-lived as the price declined to around 222 US$ by the end of 2022. Starting in early 2023, the share price showed recovery and further strong growth, reaching a peak of approximately 361 US$ in the third quarter of 2024. Subsequent quarters showed a slight decline but maintained relatively high levels compared to earlier periods.
- Sales Per Share
- Sales per share demonstrated a consistent and gradual upward trend over the entire period. Beginning at roughly 71 US$, sales per share increased steadily to nearly 94 US$ by the latest quarter. This steady growth suggests ongoing improvements in revenue generation on a per-share basis, albeit at a moderate rate without major volatility.
- Price-to-Sales Ratio (P/S)
- The P/S ratio exhibited more volatility relative to sales per share. Starting close to 3.8, it initially rose to above 4.2 but then declined steadily to a low near 2.6 by the end of 2022. This decline corresponds with the drop in share price despite rising sales, indicating a decrease in market valuation relative to sales. From 2023 onward, the P/S ratio rebounded, moving back above 3.9 and stabilizing around the mid-3 range in the most recent quarters. This suggests a restored market confidence and stronger valuation multiples in line with improved share prices.
Overall, the data points to a company experiencing growth in sales per share, with notable volatility in market valuation as expressed through share price fluctuations and P/S ratio movements. The rebound in both share price and P/S ratio in the latest periods indicates positive market sentiment following earlier declines, while the steady increase in sales per share suggests ongoing operational improvement.
Price to Book Value (P/BV)
Sherwin-Williams Co., historical P/BV calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 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 | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced notable fluctuations over the analyzed periods. Initially, there was an upward movement from around $269 at the end of March 2021 to above $316 by September 2021, followed by a decline to approximately $222 by December 2022. Subsequently, the price recovered strongly, reaching peaks near $361 by September 2024 before stabilizing between $340 and $354 in the first three quarters of 2025.
- Book Value Per Share (BVPS) Trend
- BVPS showed a declining trend from $11.58 in March 2021 down to a low point near $8.58 in mid-2022. Afterward, it demonstrated consistent growth, rising steadily from $10.02 in September 2022 to about $17.85 by September 2025. This suggests an improvement in the company's underlying net asset value per share over the later periods.
- Price-to-Book Value Ratio (P/BV) Trend
- The P/BV ratio started at high levels above 23 times in early 2021, peaked near 31.59 in March 2022, then declined substantially to around 15.91 by September 2023, indicating the market price relative to book value reached a more moderate level. Following this, the ratio moderately increased and fluctuated between approximately 19 and 23 times through the later periods, suggesting variances in market valuation compared to the company's book value.
- Overall Insights
- While the share price exhibited volatility, the book value per share showed a strong recovery trajectory after mid-2022, reflecting improving balance sheet strength. The initially high P/BV ratio indicated a premium valuation which corrected downward before stabilizing. The combination of rising book value and relatively stable valuation multiples towards the end of the timeline may point to a balance between market price adjustments and fundamental value growth.