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
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Sherwin-Williams Co., historical price multiples (quarterly data)
Based on: 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).
The valuation ratios exhibit a cyclical pattern characterized by a contraction period through late 2023, followed by a recovery and expansion phase throughout 2024 and 2025, ending with a slight moderation in early 2026.
- Price to Earnings (P/E) Ratio
- The P/E ratio experienced a notable decline from a peak of 38.67 in March 2022 to a low of 24.87 in September 2023. A subsequent recovery trend emerged, with the ratio climbing to 34.50 by December 2025. This upward movement suggests an increase in investor confidence or growth expectations during that period, before the ratio settled at 30.77 in March 2026.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio closely mirrored the P/E trend, starting at 27.85 and descending to a minimum of 17.07 in September 2023. Following this trough, the ratio stabilized within a range of 21.22 to 24.24 throughout most of 2024 and 2025. The final reading of 20.71 in March 2026 indicates a return toward the historical lows seen during the 2023 contraction.
- Price to Sales (P/S) Ratio
- A shift in revenue valuation is observable, as the P/S ratio remained relatively compressed between 2.60 and 3.09 from December 2022 through September 2023. A significant expansion occurred in 2024, where the ratio peaked at 3.95 in September 2024. The ratio remained elevated above 3.60 through 2025 before declining to 3.34 in the first quarter of 2026.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrated the most significant volatility in the early stages, falling sharply from 31.59 in March 2022 to 15.91 in September 2023. While it rebounded to 23.16 by June 2024, it maintained a generally lower plateau than the 2022 levels, ultimately drifting down to 18.05 by March 2026. This suggests a long-term correction in the premium paid over the company's book value.
Overall, the synchronized dip across all four valuation metrics in September 2023 indicates a period of systemic valuation compression. The subsequent rise in P/E, P/OP, and P/S through 2024 and 2025 reflects a period of valuation expansion, although the P/BV ratio did not fully recover to its early 2022 levels, suggesting a fundamental shift in how the company's assets are priced relative to its market value.
Price to Earnings (P/E)
Sherwin-Williams Co., historical P/E calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
EPS
= (Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation metrics from March 2022 through March 2026 reveals a period of consistent fundamental growth contrasted with fluctuating market sentiment.
- Earnings Per Share (EPS) Trends
- A sustained upward trajectory in earnings is observed, with EPS rising from 7.02 USD in March 2022 to a peak of 10.69 USD in March 2025. This steady progression indicates a consistent improvement in bottom-line profitability, with values stabilizing above the 10.00 USD threshold from June 2024 through the end of the analyzed period.
- Share Price Movement
- The share price exhibited significant volatility, characterized by an initial decline from 271.37 USD in March 2022 to a low of 220.20 USD in September 2022. A robust recovery followed, leading to a peak of 361.38 USD in September 2024. A moderate correction is noted in the final quarter, with the price settling at 324.27 USD by March 2026.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio underwent a period of contraction and subsequent expansion. A downward trend is observed from March 2022, where the ratio stood at 38.67, reaching a trough of 24.87 in September 2023. This was followed by a valuation expansion that peaked at 35.59 in September 2024, before normalizing to 30.77 by March 2026.
- Correlation Between Earnings and Valuation
- A divergence is evident between the steady growth of EPS and the volatility of the P/E ratio. The contraction of the P/E ratio between 2022 and 2023 occurred despite rising earnings, suggesting that market valuation decoupled from fundamental performance during that interval. The subsequent rise in the P/E ratio in 2024 indicates a period of increased investor optimism or a shift in market multiples that exceeded the rate of earnings growth.
Price to Operating Profit (P/OP)
Sherwin-Williams Co., historical P/OP calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Operating profit per share
= (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
Analysis of the valuation metrics reveals a divergence between steady operational growth and fluctuating market pricing over the observed period. While operational efficiency improved consistently, the market valuation fluctuated, leading to varying multiples of operating profit.
- Operating Profit per Share Trends
- A consistent and linear upward trajectory is observed in the operating profit per share, which rose from 9.74 US$ in March 2022 to 15.66 US$ by March 2026. This growth was nearly uninterrupted, reflecting a sustained increase in the company's ability to generate profit from its core operations regardless of broader market volatility.
- Share Price Dynamics
- The share price exhibited significant fluctuations, initially declining from 271.37 US$ in March 2022 to a low of 220.20 US$ in September 2022. A subsequent recovery phase saw the price reach a peak of 361.38 US$ in September 2024, before concluding the period at 324.27 US$ in March 2026.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio experienced a period of contraction, stabilization, and a final moderate decline. An initial high of 27.85 in March 2022 decreased to a trough of 17.07 in September 2023. Following this low, the ratio entered a period of relative stability between December 2023 and December 2025, maintaining a range between 22.20 and 24.24. This suggests a phase where the market valuation aligned more closely with the growth in operating profits. The period ended with a contraction to 20.71 in March 2026, driven by a decrease in share price despite the continued rise in operating profit per share.
Price to Sales (P/S)
Sherwin-Williams Co., historical P/S calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Sales per share
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation of the common stock exhibits a cyclical pattern characterized by an initial contraction, a period of significant expansion, and a subsequent stabilization phase. While sales per share maintained a consistent upward trajectory throughout the entire period, the price-to-sales (P/S) ratio fluctuated in response to more volatile share price movements.
- Price-to-Sales (P/S) Ratio Trends
- A notable decline in the P/S ratio occurred during 2022, falling from a high of 3.48 in March to a low of 2.60 by December. This trend reversed in 2023 and 2024, with the ratio reaching a peak of 3.95 in September 2024. Following this peak, the ratio entered a period of relative stability, fluctuating between 3.68 and 3.81 through December 2025, before contracting to 3.34 in March 2026.
- Sales per Share Growth
- Revenue efficiency per share demonstrated steady, uninterrupted growth. Starting at 77.99 US$ in March 2022, sales per share increased incrementally each quarter, reaching 97.05 US$ by March 2026. This represents a consistent improvement in the underlying fundamental performance regardless of market valuation swings.
- Valuation Driver Analysis
- The fluctuations in the P/S ratio were driven primarily by share price volatility rather than revenue volatility. The expansion of the ratio between early 2023 and late 2024 was the result of share prices increasing at a rate that significantly outpaced the growth in sales per share. Conversely, the decrease observed in March 2026 is attributed to a decline in the share price to 324.27 US$, which occurred despite the continued rise in sales per share.
Price to Book Value (P/BV)
Sherwin-Williams Co., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| 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: 2026-03-31), 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 Q1 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 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of valuation metrics from March 2022 through March 2026 reveals a significant compression in the Price-to-Book Value (P/BV) ratio, occurring alongside a substantial and steady increase in the Book Value per Share (BVPS).
- Book Value per Share (BVPS) Growth
- A consistent upward trajectory in the BVPS is observed, rising from 8.59 USD in March 2022 to a peak of 18.56 USD in December 2025, before ending at 17.97 USD in March 2026. This represents more than a 100% increase in the net asset value per share over the analyzed period, indicating strong growth in the company's equity base.
- Share Price Performance
- The share price exhibited notable volatility, initiating at 271.37 USD and declining to a period low of 220.20 USD in September 2022. A subsequent recovery phase saw the price reach a peak of 361.38 USD in September 2024, eventually moderating to 324.27 USD by March 2026. The growth in share price was less linear and more volatile than the growth in book value.
- Price-to-Book Value (P/BV) Ratio Dynamics
- The P/BV ratio experienced a sharp contraction from its initial high of 31.59 in March 2022 to 18.55 by December 2022. Following this decline, the ratio entered a period of fluctuation, reaching a low of 15.91 in September 2023 and a subsequent high of 23.16 in June 2024. The period concluded with a ratio of 18.05 in March 2026, reflecting a significant reduction in the premium the market assigns to the company's book value compared to the start of the period.
The overall trend indicates a valuation normalization. The reduction in the P/BV ratio is primarily driven by the rapid expansion of the BVPS, which outpaced the growth of the share price over the long term. This suggests that the company's market valuation has become more closely aligned with its accounting value over the specified timeframe.