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: Assets
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Historical Valuation Ratios (Summary)
Sherwin-Williams Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
An analysis of valuation multiples from March 2022 through June 2026 reveals a distinct cycle of initial contraction followed by a steady recovery and subsequent stabilization. A consistent downward trend across all primary metrics is observed from early 2022 through the third quarter of 2023, after which valuation ratios entered a phase of moderate expansion and equilibrium.
- Price to Earnings (P/E) Ratio
- The P/E ratio experienced a significant reduction from a peak of 38.67 in March 2022 to a trough of 24.87 by September 2023. Following this low point, the ratio recovered and maintained a relatively stable range between 30.77 and 35.59 throughout 2024 and 2025, eventually settling at 31.99 by June 2026.
- Price to Operating Profit (P/OP) Ratio
- A trajectory mirroring the P/E ratio is evident in the P/OP ratio, which decreased from 27.85 in March 2022 to a minimum of 17.07 in September 2023. A rebound occurred through 2024, with the ratio subsequently fluctuating within a narrow band between 20.71 and 24.24 through the end of the observed period.
- Price to Sales (P/S) Ratio
- The P/S ratio declined from 3.48 in March 2022 to a low of 2.60 in December 2022. A gradual upward trend followed, reaching a peak of 3.95 in September 2024. In the final two years of the analysis, the ratio stabilized, fluctuating between 3.34 and 3.79.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibited the most substantial volatility, falling from 31.59 in March 2022 to 15.91 in September 2023. A subsequent recovery phase saw the ratio return to the 21.00 to 23.00 range during 2024, before stabilizing between 18.05 and 22.31 through June 2026.
Price to Earnings (P/E)
Sherwin-Williams Co., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation profile exhibits a period of significant volatility followed by a phase of stabilization. Between March 2022 and June 2026, the relationship between market price and fundamental earnings shifted, reflecting changing investor sentiment and consistent operational growth.
- Share Price Dynamics
- An initial decline is observed from March 2022, where the price dropped from 271.37 to a low of 220.20 by September 2022. This was followed by a strong recovery trend starting in early 2023, peaking at 361.38 in September 2024. The latter part of the period shows a consolidation phase, with prices fluctuating between 324.27 and 354.27 through June 2026.
- Earnings Per Share (EPS) Performance
- EPS demonstrates a consistent and steady upward trajectory. Starting at 7.02 in March 2022, earnings grew incrementally to reach 11.07 by June 2026. This steady growth indicates a strong fundamental performance that persisted regardless of the volatility seen in the equity price.
- Price-to-Earnings (P/E) Ratio Trends
- The P/E ratio underwent a notable compression phase during the first two years, falling from a high of 38.67 in March 2022 to a minimum of 24.87 in September 2023. This compression occurred as earnings growth outpaced the share price recovery. Subsequently, the ratio expanded again, stabilizing within a range of 30.77 to 35.59 from December 2023 through June 2026, suggesting a normalization of the valuation multiple relative to the growth in earnings.
The overall trend indicates that while the market valuation experienced a period of correction and subsequent expansion, the underlying earnings growth remained stable. The convergence of the P/E ratio toward the low 30s in the final periods suggests a reached equilibrium between the company's earnings power and its market valuation.
Price to Operating Profit (P/OP)
Sherwin-Williams Co., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of common stock valuation ratios reveals a period of consistent operational growth contrasted with cyclical movements in market pricing. While operating profit per share maintained a steady upward trajectory throughout the observed period, the share price experienced a significant contraction and subsequent recovery, leading to a stabilization of the valuation multiple.
- Operating Profitability Trends
- Operating profit per share demonstrates a consistent and linear growth pattern, increasing from 9.74 USD in March 2022 to 16.44 USD by June 2026. This sustained increase indicates a robust improvement in operational efficiency and earnings power per share over the entire duration of the analysis.
- Equity Valuation Dynamics
- The share price exhibited notable volatility, characterized by a decline from 271.37 USD in March 2022 to a low of 220.20 USD in September 2022. A subsequent recovery phase took place through 2023 and 2024, with the price peaking at 361.38 USD in September 2024. From late 2024 through June 2026, the price entered a consolidation phase, fluctuating between 324.27 USD and 357.61 USD.
- Price to Operating Profit (P/OP) Analysis
- The P/OP ratio underwent significant compression during 2022, falling from 27.85 to 19.16 by December 31, 2022. Following this correction, the ratio remained relatively stable, generally oscillating between a low of 17.07 in September 2023 and a high of 24.24 in June 2022 and September 2024. The eventual stabilization of the P/OP ratio between 20.71 and 23.54 in the final periods suggests that the market valuation has aligned with the steady growth in underlying operating profits.
Price to Sales (P/S)
Sherwin-Williams Co., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net sales (in thousands) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation trajectory of the common stock exhibits three distinct phases characterized by initial contraction, a period of volatility and expansion, and a subsequent phase of stabilization. While revenue per share maintained a consistent upward trajectory throughout the period, the price-to-sales (P/S) ratio was primarily driven by fluctuations in the share price.
- Sales per Share Growth
- A consistent and linear increase in sales per share is observed, rising from 77.99 US$ in March 2022 to 100.55 US$ by June 2026. This steady growth indicates a sustained improvement in the revenue generated per single share of common stock over the analyzed timeframe.
- Share Price Volatility
- The share price experienced a significant decline in 2022, falling from 271.37 US$ in March to a low of 220.20 US$ in September. A recovery phase followed, with the price climbing to a peak of 361.38 US$ in September 2024. Following this peak, the price stabilized, fluctuating between 324.27 US$ and 354.27 US$ through mid-2026.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio underwent a notable contraction during 2022, dropping from 3.48 to a low of 2.60 by December. Throughout 2023, the ratio remained volatile, oscillating between 2.61 and 3.44. A period of valuation expansion occurred between March 2024 and September 2024, where the ratio reached its maximum value of 3.95. From December 2024 through June 2026, the ratio entered a plateau phase, generally maintaining a range between 3.34 and 3.81.
- Valuation Analysis
- The divergence between the steady growth of sales per share and the fluctuating P/S ratio suggests that changes in market valuation were driven more by investor sentiment and share price volatility than by underlying revenue performance. The shift from a P/S floor of approximately 2.60 in 2022 to a higher floor of approximately 3.34 in 2025-2026 indicates an overall increase in the market premium attributed to each dollar of sales.
Price to Book Value (P/BV)
Sherwin-Williams Co., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 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 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation of the common stock exhibits a notable transition from a high-premium valuation in early 2022 to a more stabilized range over the subsequent four years. The Price to Book Value (P/BV) ratio experienced a significant contraction during the first three quarters of 2022, decreasing from 31.59 to 21.97, before reaching a period low of 15.91 in September 2023.
- Price to Book Value (P/BV) Dynamics
- Following the sharp decline in 2022, the P/BV ratio entered a phase of relative stability. Between March 2023 and June 2026, the ratio generally fluctuated between 18.05 and 23.16. This suggests a market correction in the valuation multiple, moving away from the extreme premiums seen in early 2022 toward a more consistent valuation baseline.
- Book Value Per Share (BVPS) Progression
- A consistent upward trajectory in the book value per share is observed for the majority of the analyzed period. BVPS grew from 8.59 in March 2022 to a peak of 18.56 by December 2025. This steady increase indicates an accumulation of equity and a strengthening of the company's underlying net asset value over time, although a reduction to 15.88 occurred in the final quarter of the series.
- Share Price Correlation
- The share price demonstrated higher volatility compared to the underlying book value. After a dip to 220.20 in September 2022, the price trended upward, peaking at 361.38 in September 2024. The expansion of the share price during 2024, coupled with the steady rise in BVPS, resulted in the P/BV ratio remaining elevated in the low 20s during that period.
Overall, the data indicates that while the market's valuation multiple (P/BV) compressed and then stabilized, the intrinsic value per share grew significantly. The most recent data point in June 2026 shows a P/BV increase to 22.31, driven primarily by a recovery in the share price to 354.27 despite a decrease in the book value per share.