Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Sherwin-Williams Co. pages available for free this week:
- Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Sherwin-Williams Co., consolidated balance sheet: assets
US$ in thousands
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).
Total assets experienced a consistent upward trend over the five-year period, increasing from US$20,666.7 million in 2021 to US$25,901.7 million in 2025. This growth was primarily driven by increases in long-term assets, with significant contributions from property, plant, and equipment, net, and goodwill.
- Current Assets
- Current assets demonstrated initial growth, rising from US$5,053.7 million in 2021 to a peak of US$5,907.7 million in 2022. However, they plateaued in 2023 and 2024 before increasing again to US$6,007.4 million in 2025. Within current assets, cash and cash equivalents showed volatility, peaking in 2023 at US$276.8 million before declining slightly in subsequent years. Accounts receivable, net, and inventories both increased between 2021 and 2025, though with some fluctuation annually. Other current assets exhibited a more erratic pattern, decreasing initially, then increasing in 2025.
- Property, Plant, and Equipment
- Property, plant, and equipment, net, experienced substantial and consistent growth throughout the period, increasing from US$1,867.3 million in 2021 to US$4,137.4 million in 2025. The inclusion of finance lease right-of-use assets, beginning in 2024, contributed to this increase. This suggests ongoing investment in operational capacity.
- Goodwill and Intangible Assets
- Goodwill remained relatively stable between 2021 and 2023, fluctuating around US$7.5 billion, before increasing to US$8.036.6 million in 2025. Intangible assets experienced a slight decrease between 2021 and 2024, but recovered somewhat in 2025, reaching US$3,966.1 million. These assets collectively represent a significant portion of the company’s total assets.
- Long-Term Assets
- Long-term assets demonstrated the most significant growth, increasing from US$15,613.0 million in 2021 to US$19,894.3 million in 2025. This growth was fueled by increases in property, plant, and equipment, net, goodwill, intangible assets, and other assets. Operating lease right-of-use assets remained relatively consistent throughout the period.
The consistent growth in long-term assets, particularly property, plant, and equipment, suggests a strategic focus on expanding operational capabilities. The increase in goodwill may indicate acquisitions or other factors impacting the value of acquired intangible assets. Overall, the asset base appears to be expanding, contributing to the growth in total assets.