Stock Analysis on Net
Stock Analysis on Net

Sherwin-Williams Co. (NYSE:SHW)

Analysis of Solvency Ratios 
Quarterly Data

Microsoft Excel

Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.

Solvency Ratios (Summary)

Sherwin-Williams Co., solvency ratios (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Debt Ratios
Debt to equity 2.44 2.76 3.06 2.65 2.63 2.86 3.50 3.41 4.06 4.77 4.74 3.95 3.34 3.19 2.96 2.30 1.97 2.29 2.97 2.11 2.21 2.52 2.84
Debt to equity (including operating lease liability) 2.91 3.28 3.62 3.18 3.14 3.40 4.11 4.03 4.79 5.62 5.59 4.72 4.02 3.83 3.54 2.80 2.40 2.74 3.50 2.53 2.64 2.98 3.34
Debt to capital 0.71 0.73 0.75 0.73 0.72 0.74 0.78 0.77 0.80 0.83 0.83 0.80 0.77 0.76 0.75 0.70 0.66 0.70 0.75 0.68 0.69 0.72 0.74
Debt to capital (including operating lease liability) 0.74 0.77 0.78 0.76 0.76 0.77 0.80 0.80 0.83 0.85 0.85 0.83 0.80 0.79 0.78 0.74 0.71 0.73 0.78 0.72 0.73 0.75 0.77
Debt to assets 0.42 0.44 0.46 0.43 0.43 0.45 0.48 0.47 0.47 0.48 0.49 0.47 0.43 0.44 0.45 0.41 0.40 0.43 0.47 0.42 0.43 0.45 0.47
Debt to assets (including operating lease liability) 0.50 0.52 0.54 0.51 0.52 0.53 0.56 0.55 0.56 0.57 0.57 0.56 0.52 0.53 0.53 0.50 0.48 0.52 0.56 0.51 0.51 0.53 0.55
Financial leverage 5.77 6.33 6.69 6.18 6.09 6.38 7.30 7.28 8.56 9.91 9.73 8.48 7.71 7.22 6.64 5.65 4.95 5.30 6.25 4.97 5.19 5.65 6.06
Coverage Ratios
Interest coverage 9.04 9.03 8.62 8.45 8.26 7.97 7.62 7.58 7.50 7.07 7.47 7.72 8.35 9.14 8.81 8.40 7.77 7.25 7.02 6.67 — — —

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Sherwin-Williams Co. debt to equity ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Sherwin-Williams Co. debt to equity ratio (including operating lease liability) improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Sherwin-Williams Co. debt to capital ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Sherwin-Williams Co. debt to capital ratio (including operating lease liability) improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Sherwin-Williams Co. debt to assets ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Sherwin-Williams Co. debt to assets ratio (including operating lease liability) improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Sherwin-Williams Co. financial leverage ratio decreased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Sherwin-Williams Co. interest coverage ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Debt to Equity

Sherwin-Williams Co., debt to equity calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings 915,500 1,358,300 1,256,300 374,200 338,600 806,200 1,481,300 978,100 945,200 2,012,000 1,739,700 763,500 709,400 762,100 818,100 100 200 559,500 1,051,500 204,700 435,699 808,800 824,833
Current portion of long-term debt 1,048,900 849,700 1,349,100 1,098,800 1,098,200 499,500 600 600 600 600 260,700 260,600 662,100 687,100 428,500 25,100 24,100 700 429,500 429,800 429,569 1,437,812 303,896
Long-term debt, excluding current portion 8,175,300 8,130,800 8,129,500 8,377,900 8,499,200 9,095,700 9,593,100 9,591,000 9,588,900 8,593,600 8,592,300 8,590,900 7,604,900 7,603,800 7,862,400 8,266,900 8,266,900 8,289,400 8,289,200 8,050,700 8,043,030 7,209,481 8,702,630
Total debt 10,139,700 10,338,800 10,734,900 9,850,900 9,936,000 10,401,400 11,075,000 10,569,700 10,534,700 10,606,200 10,592,700 9,615,000 8,976,400 9,053,000 9,109,000 8,292,100 8,291,200 8,849,600 9,770,200 8,685,200 8,908,298 9,456,093 9,831,359
 
Shareholders’ equity 4,156,100 3,751,800 3,503,700 3,715,800 3,780,000 3,631,100 3,166,800 3,102,100 2,597,800 2,224,600 2,234,300 2,437,200 2,690,300 2,840,400 3,078,700 3,610,800 4,207,300 3,869,900 3,289,100 4,123,300 4,022,860 3,747,482 3,460,061
Solvency Ratio
Debt to equity1 2.44 2.76 3.06 2.65 2.63 2.86 3.50 3.41 4.06 4.77 4.74 3.95 3.34 3.19 2.96 2.30 1.97 2.29 2.97 2.11 2.21 2.52 2.84
Benchmarks
Debt to Equity, Competitors2
Linde plc 0.57 0.56 0.52 0.49 0.46 0.44 0.47 0.45 0.41 0.40 0.38 0.32 0.38 0.34 0.34 0.34 0.39 0.38 0.38 0.28 0.27 0.28 0.28

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 10,139,700 ÷ 4,156,100 = 2.44

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Sherwin-Williams Co. debt to equity ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Debt to Equity (including Operating Lease Liability)

Sherwin-Williams Co., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings 915,500 1,358,300 1,256,300 374,200 338,600 806,200 1,481,300 978,100 945,200 2,012,000 1,739,700 763,500 709,400 762,100 818,100 100 200 559,500 1,051,500 204,700 435,699 808,800 824,833
Current portion of long-term debt 1,048,900 849,700 1,349,100 1,098,800 1,098,200 499,500 600 600 600 600 260,700 260,600 662,100 687,100 428,500 25,100 24,100 700 429,500 429,800 429,569 1,437,812 303,896
Long-term debt, excluding current portion 8,175,300 8,130,800 8,129,500 8,377,900 8,499,200 9,095,700 9,593,100 9,591,000 9,588,900 8,593,600 8,592,300 8,590,900 7,604,900 7,603,800 7,862,400 8,266,900 8,266,900 8,289,400 8,289,200 8,050,700 8,043,030 7,209,481 8,702,630
Total debt 10,139,700 10,338,800 10,734,900 9,850,900 9,936,000 10,401,400 11,075,000 10,569,700 10,534,700 10,606,200 10,592,700 9,615,000 8,976,400 9,053,000 9,109,000 8,292,100 8,291,200 8,849,600 9,770,200 8,685,200 8,908,298 9,456,093 9,831,359
Current portion of operating lease liabilities 462,800 457,800 454,000 449,300 441,100 436,100 430,200 425,300 418,100 418,100 416,000 409,700 398,800 393,000 385,800 387,300 379,500 369,400 371,100 371,600 364,379 361,676 356,457
Long-term operating lease liabilities, excluding current portion 1,496,500 1,502,900 1,495,100 1,509,500 1,502,900 1,503,200 1,494,900 1,512,900 1,492,400 1,483,100 1,481,200 1,470,700 1,433,900 1,429,500 1,402,900 1,434,100 1,421,300 1,390,700 1,373,700 1,370,700 1,352,246 1,362,218 1,371,437
Total debt (including operating lease liability) 12,099,000 12,299,500 12,684,000 11,809,700 11,880,000 12,340,700 13,000,100 12,507,900 12,445,200 12,507,400 12,489,900 11,495,400 10,809,100 10,875,500 10,897,700 10,113,500 10,092,000 10,609,700 11,515,000 10,427,500 10,624,923 11,179,987 11,559,253
 
Shareholders’ equity 4,156,100 3,751,800 3,503,700 3,715,800 3,780,000 3,631,100 3,166,800 3,102,100 2,597,800 2,224,600 2,234,300 2,437,200 2,690,300 2,840,400 3,078,700 3,610,800 4,207,300 3,869,900 3,289,100 4,123,300 4,022,860 3,747,482 3,460,061
Solvency Ratio
Debt to equity (including operating lease liability)1 2.91 3.28 3.62 3.18 3.14 3.40 4.11 4.03 4.79 5.62 5.59 4.72 4.02 3.83 3.54 2.80 2.40 2.74 3.50 2.53 2.64 2.98 3.34

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 12,099,000 ÷ 4,156,100 = 2.91

Solvency ratio Description The company
Debt to equity (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Sherwin-Williams Co. debt to equity ratio (including operating lease liability) improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Debt to Capital

Sherwin-Williams Co., debt to capital calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings 915,500 1,358,300 1,256,300 374,200 338,600 806,200 1,481,300 978,100 945,200 2,012,000 1,739,700 763,500 709,400 762,100 818,100 100 200 559,500 1,051,500 204,700 435,699 808,800 824,833
Current portion of long-term debt 1,048,900 849,700 1,349,100 1,098,800 1,098,200 499,500 600 600 600 600 260,700 260,600 662,100 687,100 428,500 25,100 24,100 700 429,500 429,800 429,569 1,437,812 303,896
Long-term debt, excluding current portion 8,175,300 8,130,800 8,129,500 8,377,900 8,499,200 9,095,700 9,593,100 9,591,000 9,588,900 8,593,600 8,592,300 8,590,900 7,604,900 7,603,800 7,862,400 8,266,900 8,266,900 8,289,400 8,289,200 8,050,700 8,043,030 7,209,481 8,702,630
Total debt 10,139,700 10,338,800 10,734,900 9,850,900 9,936,000 10,401,400 11,075,000 10,569,700 10,534,700 10,606,200 10,592,700 9,615,000 8,976,400 9,053,000 9,109,000 8,292,100 8,291,200 8,849,600 9,770,200 8,685,200 8,908,298 9,456,093 9,831,359
Shareholders’ equity 4,156,100 3,751,800 3,503,700 3,715,800 3,780,000 3,631,100 3,166,800 3,102,100 2,597,800 2,224,600 2,234,300 2,437,200 2,690,300 2,840,400 3,078,700 3,610,800 4,207,300 3,869,900 3,289,100 4,123,300 4,022,860 3,747,482 3,460,061
Total capital 14,295,800 14,090,600 14,238,600 13,566,700 13,716,000 14,032,500 14,241,800 13,671,800 13,132,500 12,830,800 12,827,000 12,052,200 11,666,700 11,893,400 12,187,700 11,902,900 12,498,500 12,719,500 13,059,300 12,808,500 12,931,158 13,203,575 13,291,420
Solvency Ratio
Debt to capital1 0.71 0.73 0.75 0.73 0.72 0.74 0.78 0.77 0.80 0.83 0.83 0.80 0.77 0.76 0.75 0.70 0.66 0.70 0.75 0.68 0.69 0.72 0.74
Benchmarks
Debt to Capital, Competitors2
Linde plc 0.36 0.36 0.34 0.33 0.32 0.30 0.32 0.31 0.29 0.29 0.28 0.24 0.27 0.25 0.25 0.25 0.28 0.28 0.27 0.22 0.21 0.22 0.22

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 10,139,700 ÷ 14,295,800 = 0.71

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Sherwin-Williams Co. debt to capital ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Debt to Capital (including Operating Lease Liability)

Sherwin-Williams Co., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings 915,500 1,358,300 1,256,300 374,200 338,600 806,200 1,481,300 978,100 945,200 2,012,000 1,739,700 763,500 709,400 762,100 818,100 100 200 559,500 1,051,500 204,700 435,699 808,800 824,833
Current portion of long-term debt 1,048,900 849,700 1,349,100 1,098,800 1,098,200 499,500 600 600 600 600 260,700 260,600 662,100 687,100 428,500 25,100 24,100 700 429,500 429,800 429,569 1,437,812 303,896
Long-term debt, excluding current portion 8,175,300 8,130,800 8,129,500 8,377,900 8,499,200 9,095,700 9,593,100 9,591,000 9,588,900 8,593,600 8,592,300 8,590,900 7,604,900 7,603,800 7,862,400 8,266,900 8,266,900 8,289,400 8,289,200 8,050,700 8,043,030 7,209,481 8,702,630
Total debt 10,139,700 10,338,800 10,734,900 9,850,900 9,936,000 10,401,400 11,075,000 10,569,700 10,534,700 10,606,200 10,592,700 9,615,000 8,976,400 9,053,000 9,109,000 8,292,100 8,291,200 8,849,600 9,770,200 8,685,200 8,908,298 9,456,093 9,831,359
Current portion of operating lease liabilities 462,800 457,800 454,000 449,300 441,100 436,100 430,200 425,300 418,100 418,100 416,000 409,700 398,800 393,000 385,800 387,300 379,500 369,400 371,100 371,600 364,379 361,676 356,457
Long-term operating lease liabilities, excluding current portion 1,496,500 1,502,900 1,495,100 1,509,500 1,502,900 1,503,200 1,494,900 1,512,900 1,492,400 1,483,100 1,481,200 1,470,700 1,433,900 1,429,500 1,402,900 1,434,100 1,421,300 1,390,700 1,373,700 1,370,700 1,352,246 1,362,218 1,371,437
Total debt (including operating lease liability) 12,099,000 12,299,500 12,684,000 11,809,700 11,880,000 12,340,700 13,000,100 12,507,900 12,445,200 12,507,400 12,489,900 11,495,400 10,809,100 10,875,500 10,897,700 10,113,500 10,092,000 10,609,700 11,515,000 10,427,500 10,624,923 11,179,987 11,559,253
Shareholders’ equity 4,156,100 3,751,800 3,503,700 3,715,800 3,780,000 3,631,100 3,166,800 3,102,100 2,597,800 2,224,600 2,234,300 2,437,200 2,690,300 2,840,400 3,078,700 3,610,800 4,207,300 3,869,900 3,289,100 4,123,300 4,022,860 3,747,482 3,460,061
Total capital (including operating lease liability) 16,255,100 16,051,300 16,187,700 15,525,500 15,660,000 15,971,800 16,166,900 15,610,000 15,043,000 14,732,000 14,724,200 13,932,600 13,499,400 13,715,900 13,976,400 13,724,300 14,299,300 14,479,600 14,804,100 14,550,800 14,647,783 14,927,469 15,019,314
Solvency Ratio
Debt to capital (including operating lease liability)1 0.74 0.77 0.78 0.76 0.76 0.77 0.80 0.80 0.83 0.85 0.85 0.83 0.80 0.79 0.78 0.74 0.71 0.73 0.78 0.72 0.73 0.75 0.77

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 12,099,000 ÷ 16,255,100 = 0.74

Solvency ratio Description The company
Debt to capital (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Sherwin-Williams Co. debt to capital ratio (including operating lease liability) improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Debt to Assets

Sherwin-Williams Co., debt to assets calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings 915,500 1,358,300 1,256,300 374,200 338,600 806,200 1,481,300 978,100 945,200 2,012,000 1,739,700 763,500 709,400 762,100 818,100 100 200 559,500 1,051,500 204,700 435,699 808,800 824,833
Current portion of long-term debt 1,048,900 849,700 1,349,100 1,098,800 1,098,200 499,500 600 600 600 600 260,700 260,600 662,100 687,100 428,500 25,100 24,100 700 429,500 429,800 429,569 1,437,812 303,896
Long-term debt, excluding current portion 8,175,300 8,130,800 8,129,500 8,377,900 8,499,200 9,095,700 9,593,100 9,591,000 9,588,900 8,593,600 8,592,300 8,590,900 7,604,900 7,603,800 7,862,400 8,266,900 8,266,900 8,289,400 8,289,200 8,050,700 8,043,030 7,209,481 8,702,630
Total debt 10,139,700 10,338,800 10,734,900 9,850,900 9,936,000 10,401,400 11,075,000 10,569,700 10,534,700 10,606,200 10,592,700 9,615,000 8,976,400 9,053,000 9,109,000 8,292,100 8,291,200 8,849,600 9,770,200 8,685,200 8,908,298 9,456,093 9,831,359
 
Total assets 23,968,300 23,734,000 23,428,100 22,954,400 23,004,500 23,166,100 23,129,900 22,594,000 22,245,800 22,052,800 21,730,400 20,666,700 20,736,600 20,519,600 20,435,000 20,401,600 20,809,700 20,494,500 20,570,300 20,496,200 20,864,339 21,186,136 20,961,641
Solvency Ratio
Debt to assets1 0.42 0.44 0.46 0.43 0.43 0.45 0.48 0.47 0.47 0.48 0.49 0.47 0.43 0.44 0.45 0.41 0.40 0.43 0.47 0.42 0.43 0.45 0.47
Benchmarks
Debt to Assets, Competitors2
Linde plc 0.27 0.27 0.25 0.24 0.23 0.22 0.23 0.22 0.21 0.21 0.20 0.17 0.20 0.18 0.19 0.18 0.20 0.20 0.20 0.16 0.16 0.16 0.15

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 10,139,700 ÷ 23,968,300 = 0.42

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Sherwin-Williams Co. debt to assets ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Debt to Assets (including Operating Lease Liability)

Sherwin-Williams Co., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings 915,500 1,358,300 1,256,300 374,200 338,600 806,200 1,481,300 978,100 945,200 2,012,000 1,739,700 763,500 709,400 762,100 818,100 100 200 559,500 1,051,500 204,700 435,699 808,800 824,833
Current portion of long-term debt 1,048,900 849,700 1,349,100 1,098,800 1,098,200 499,500 600 600 600 600 260,700 260,600 662,100 687,100 428,500 25,100 24,100 700 429,500 429,800 429,569 1,437,812 303,896
Long-term debt, excluding current portion 8,175,300 8,130,800 8,129,500 8,377,900 8,499,200 9,095,700 9,593,100 9,591,000 9,588,900 8,593,600 8,592,300 8,590,900 7,604,900 7,603,800 7,862,400 8,266,900 8,266,900 8,289,400 8,289,200 8,050,700 8,043,030 7,209,481 8,702,630
Total debt 10,139,700 10,338,800 10,734,900 9,850,900 9,936,000 10,401,400 11,075,000 10,569,700 10,534,700 10,606,200 10,592,700 9,615,000 8,976,400 9,053,000 9,109,000 8,292,100 8,291,200 8,849,600 9,770,200 8,685,200 8,908,298 9,456,093 9,831,359
Current portion of operating lease liabilities 462,800 457,800 454,000 449,300 441,100 436,100 430,200 425,300 418,100 418,100 416,000 409,700 398,800 393,000 385,800 387,300 379,500 369,400 371,100 371,600 364,379 361,676 356,457
Long-term operating lease liabilities, excluding current portion 1,496,500 1,502,900 1,495,100 1,509,500 1,502,900 1,503,200 1,494,900 1,512,900 1,492,400 1,483,100 1,481,200 1,470,700 1,433,900 1,429,500 1,402,900 1,434,100 1,421,300 1,390,700 1,373,700 1,370,700 1,352,246 1,362,218 1,371,437
Total debt (including operating lease liability) 12,099,000 12,299,500 12,684,000 11,809,700 11,880,000 12,340,700 13,000,100 12,507,900 12,445,200 12,507,400 12,489,900 11,495,400 10,809,100 10,875,500 10,897,700 10,113,500 10,092,000 10,609,700 11,515,000 10,427,500 10,624,923 11,179,987 11,559,253
 
Total assets 23,968,300 23,734,000 23,428,100 22,954,400 23,004,500 23,166,100 23,129,900 22,594,000 22,245,800 22,052,800 21,730,400 20,666,700 20,736,600 20,519,600 20,435,000 20,401,600 20,809,700 20,494,500 20,570,300 20,496,200 20,864,339 21,186,136 20,961,641
Solvency Ratio
Debt to assets (including operating lease liability)1 0.50 0.52 0.54 0.51 0.52 0.53 0.56 0.55 0.56 0.57 0.57 0.56 0.52 0.53 0.53 0.50 0.48 0.52 0.56 0.51 0.51 0.53 0.55

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 12,099,000 ÷ 23,968,300 = 0.50

Solvency ratio Description The company
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Sherwin-Williams Co. debt to assets ratio (including operating lease liability) improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Financial Leverage

Sherwin-Williams Co., financial leverage calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Total assets 23,968,300 23,734,000 23,428,100 22,954,400 23,004,500 23,166,100 23,129,900 22,594,000 22,245,800 22,052,800 21,730,400 20,666,700 20,736,600 20,519,600 20,435,000 20,401,600 20,809,700 20,494,500 20,570,300 20,496,200 20,864,339 21,186,136 20,961,641
Shareholders’ equity 4,156,100 3,751,800 3,503,700 3,715,800 3,780,000 3,631,100 3,166,800 3,102,100 2,597,800 2,224,600 2,234,300 2,437,200 2,690,300 2,840,400 3,078,700 3,610,800 4,207,300 3,869,900 3,289,100 4,123,300 4,022,860 3,747,482 3,460,061
Solvency Ratio
Financial leverage1 5.77 6.33 6.69 6.18 6.09 6.38 7.30 7.28 8.56 9.91 9.73 8.48 7.71 7.22 6.64 5.65 4.95 5.30 6.25 4.97 5.19 5.65 6.06
Benchmarks
Financial Leverage, Competitors2
Linde plc 2.11 2.10 2.07 2.03 2.00 1.97 2.01 1.99 1.98 1.96 1.93 1.85 1.90 1.84 1.84 1.86 1.89 1.89 1.88 1.76 1.72 1.72 1.79

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 23,968,300 ÷ 4,156,100 = 5.77

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Sherwin-Williams Co. financial leverage ratio decreased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Interest Coverage

Sherwin-Williams Co., interest coverage calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Net income 806,200 889,900 505,200 356,200 761,500 793,700 477,400 386,300 685,100 577,900 370,800 304,000 502,200 648,600 409,600 407,000 705,800 595,900 321,700 248,622 576,438 471,003 245,237
Add: Income tax expense 216,600 283,500 134,800 117,800 247,500 218,400 137,400 108,600 192,100 162,000 90,300 4,900 109,300 170,600 99,400 96,900 169,800 151,500 70,600 48,790 133,395 204,698 53,617
Add: Interest expense 103,400 110,800 103,000 94,600 101,900 111,700 109,300 108,300 101,200 92,900 88,400 84,900 83,100 83,500 83,200 82,800 83,300 88,100 86,200 83,826 85,282 89,198 90,994
Earnings before interest and tax (EBIT) 1,126,200 1,284,200 743,000 568,600 1,110,900 1,123,800 724,100 603,200 978,400 832,800 549,500 393,800 694,600 902,700 592,200 586,700 958,900 835,500 478,500 381,238 795,115 764,899 389,848
Solvency Ratio
Interest coverage1 9.04 9.03 8.62 8.45 8.26 7.97 7.62 7.58 7.50 7.07 7.47 7.72 8.35 9.14 8.81 8.40 7.77 7.25 7.02 6.67 — — —

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q3 2024 Calculation
Interest coverage = (EBITQ3 2024 + EBITQ2 2024 + EBITQ1 2024 + EBITQ4 2023) ÷ (Interest expenseQ3 2024 + Interest expenseQ2 2024 + Interest expenseQ1 2024 + Interest expenseQ4 2023)
= (1,126,200 + 1,284,200 + 743,000 + 568,600) ÷ (103,400 + 110,800 + 103,000 + 94,600) = 9.04

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Sherwin-Williams Co. interest coverage ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.