Stock Analysis on Net

Sherwin-Williams Co. (NYSE:SHW)

Analysis of Profitability Ratios
Quarterly Data

Microsoft Excel

Profitability Ratios (Summary)

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

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Return on Sales
Gross profit margin 48.47% 48.46% 48.07% 47.30% 46.67% 45.35% 44.06% 42.90% 42.10% 41.38% 41.01% 41.82% 42.83% 44.69% 46.36% 47.19% 47.29%
Operating profit margin 16.50% 16.29% 16.17% 15.58% 15.48% 15.30% 14.89% 13.97% 13.56% 12.82% 11.94% 12.49% 12.83% 13.96% 15.32% 15.63% 15.58%
Net profit margin 11.61% 11.09% 10.92% 10.52% 10.36% 10.50% 10.20% 9.41% 9.12% 8.94% 8.45% 9.00% 9.35% 10.00% 11.05% 11.23% 11.06%
Return on Investment
Return on equity (ROE) 66.19% 61.54% 66.98% 68.97% 64.29% 63.99% 64.51% 67.16% 65.12% 74.59% 78.89% 81.71% 76.50% 73.13% 76.43% 68.81% 56.23%
Return on assets (ROA) 11.35% 10.67% 10.59% 10.31% 10.41% 10.51% 10.11% 9.19% 8.94% 8.71% 7.96% 8.40% 9.02% 9.49% 10.58% 10.37% 9.95%

Based on: 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), 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).

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Sherwin-Williams Co. gross profit margin ratio improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Sherwin-Williams Co. operating profit margin ratio improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Sherwin-Williams Co. net profit margin ratio improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Sherwin-Williams Co. ROE deteriorated from Q2 2024 to Q3 2024 but then improved from Q3 2024 to Q4 2024 not reaching Q2 2024 level.
ROA A profitability ratio calculated as net income divided by total assets. Sherwin-Williams Co. ROA improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Gross Profit Margin

Sherwin-Williams Co., gross profit margin calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Gross profit 2,573,200 3,027,500 3,063,400 2,531,000 2,548,700 2,916,200 2,872,300 2,420,900 2,233,800 2,589,400 2,449,000 2,052,900 1,879,700 2,139,600 2,411,400 2,112,000 2,128,700 2,455,300 2,208,900 1,889,700
Net sales 5,297,200 6,162,500 6,271,500 5,367,300 5,252,200 6,116,700 6,240,600 5,442,400 5,230,500 6,047,400 5,872,300 4,998,700 4,762,100 5,146,700 5,379,800 4,656,000 4,488,800 5,122,200 4,604,000 4,146,700
Profitability Ratio
Gross profit margin1 48.47% 48.46% 48.07% 47.30% 46.67% 45.35% 44.06% 42.90% 42.10% 41.38% 41.01% 41.82% 42.83% 44.69% 46.36% 47.19% 47.29%
Benchmarks
Gross Profit Margin, Competitors2
Linde plc 48.06% 47.75% 47.56% 47.26% 46.76% 46.11% 44.22% 42.77% 41.70% 40.91% 41.68% 42.42% 43.03% 43.89% 44.16% 43.80% 43.53%

Based on: 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), 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).

1 Q4 2024 Calculation
Gross profit margin = 100 × (Gross profitQ4 2024 + Gross profitQ3 2024 + Gross profitQ2 2024 + Gross profitQ1 2024) ÷ (Net salesQ4 2024 + Net salesQ3 2024 + Net salesQ2 2024 + Net salesQ1 2024)
= 100 × (2,573,200 + 3,027,500 + 3,063,400 + 2,531,000) ÷ (5,297,200 + 6,162,500 + 6,271,500 + 5,367,300) = 48.47%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Sherwin-Williams Co. gross profit margin ratio improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Operating Profit Margin

Sherwin-Williams Co., operating profit margin calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Operating income 698,200 1,133,100 1,251,300 729,200 641,700 1,097,800 1,110,800 717,400 597,100 993,900 847,000 564,900 372,900 695,600 901,000 589,400 560,400 959,300 841,300 500,300
Net sales 5,297,200 6,162,500 6,271,500 5,367,300 5,252,200 6,116,700 6,240,600 5,442,400 5,230,500 6,047,400 5,872,300 4,998,700 4,762,100 5,146,700 5,379,800 4,656,000 4,488,800 5,122,200 4,604,000 4,146,700
Profitability Ratio
Operating profit margin1 16.50% 16.29% 16.17% 15.58% 15.48% 15.30% 14.89% 13.97% 13.56% 12.82% 11.94% 12.49% 12.83% 13.96% 15.32% 15.63% 15.58%
Benchmarks
Operating Profit Margin, Competitors2
Linde plc 26.16% 25.41% 25.47% 24.99% 24.42% 23.68% 21.89% 17.46% 16.09% 14.87% 14.40% 16.53% 16.19% 15.71% 15.03% 13.70% 12.19%

Based on: 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), 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).

1 Q4 2024 Calculation
Operating profit margin = 100 × (Operating incomeQ4 2024 + Operating incomeQ3 2024 + Operating incomeQ2 2024 + Operating incomeQ1 2024) ÷ (Net salesQ4 2024 + Net salesQ3 2024 + Net salesQ2 2024 + Net salesQ1 2024)
= 100 × (698,200 + 1,133,100 + 1,251,300 + 729,200) ÷ (5,297,200 + 6,162,500 + 6,271,500 + 5,367,300) = 16.50%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Sherwin-Williams Co. operating profit margin ratio improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Net Profit Margin

Sherwin-Williams Co., net profit margin calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Net income 480,100 806,200 889,900 505,200 356,200 761,500 793,700 477,400 386,300 685,100 577,900 370,800 304,000 502,200 648,600 409,600 407,000 705,800 595,900 321,700
Net sales 5,297,200 6,162,500 6,271,500 5,367,300 5,252,200 6,116,700 6,240,600 5,442,400 5,230,500 6,047,400 5,872,300 4,998,700 4,762,100 5,146,700 5,379,800 4,656,000 4,488,800 5,122,200 4,604,000 4,146,700
Profitability Ratio
Net profit margin1 11.61% 11.09% 10.92% 10.52% 10.36% 10.50% 10.20% 9.41% 9.12% 8.94% 8.45% 9.00% 9.35% 10.00% 11.05% 11.23% 11.06%
Benchmarks
Net Profit Margin, Competitors2
Linde plc 19.89% 19.33% 19.49% 19.26% 18.87% 18.44% 17.20% 13.46% 12.43% 11.39% 10.88% 12.66% 12.42% 11.99% 11.37% 10.48% 9.18%

Based on: 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), 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).

1 Q4 2024 Calculation
Net profit margin = 100 × (Net incomeQ4 2024 + Net incomeQ3 2024 + Net incomeQ2 2024 + Net incomeQ1 2024) ÷ (Net salesQ4 2024 + Net salesQ3 2024 + Net salesQ2 2024 + Net salesQ1 2024)
= 100 × (480,100 + 806,200 + 889,900 + 505,200) ÷ (5,297,200 + 6,162,500 + 6,271,500 + 5,367,300) = 11.61%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Sherwin-Williams Co. net profit margin ratio improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Return on Equity (ROE)

Sherwin-Williams Co., ROE calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Net income 480,100 806,200 889,900 505,200 356,200 761,500 793,700 477,400 386,300 685,100 577,900 370,800 304,000 502,200 648,600 409,600 407,000 705,800 595,900 321,700
Shareholders’ equity 4,051,200 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
Profitability Ratio
ROE1 66.19% 61.54% 66.98% 68.97% 64.29% 63.99% 64.51% 67.16% 65.12% 74.59% 78.89% 81.71% 76.50% 73.13% 76.43% 68.81% 56.23%
Benchmarks
ROE, Competitors2
Linde plc 17.23% 16.29% 16.76% 16.25% 15.61% 15.38% 14.26% 11.23% 10.36% 10.22% 8.95% 9.36% 8.69% 8.05% 7.19% 6.29% 5.29%

Based on: 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), 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).

1 Q4 2024 Calculation
ROE = 100 × (Net incomeQ4 2024 + Net incomeQ3 2024 + Net incomeQ2 2024 + Net incomeQ1 2024) ÷ Shareholders’ equity
= 100 × (480,100 + 806,200 + 889,900 + 505,200) ÷ 4,051,200 = 66.19%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Sherwin-Williams Co. ROE deteriorated from Q2 2024 to Q3 2024 but then improved from Q3 2024 to Q4 2024 not reaching Q2 2024 level.

Return on Assets (ROA)

Sherwin-Williams Co., ROA calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in thousands)
Net income 480,100 806,200 889,900 505,200 356,200 761,500 793,700 477,400 386,300 685,100 577,900 370,800 304,000 502,200 648,600 409,600 407,000 705,800 595,900 321,700
Total assets 23,632,600 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
Profitability Ratio
ROA1 11.35% 10.67% 10.59% 10.31% 10.41% 10.51% 10.11% 9.19% 8.94% 8.71% 7.96% 8.40% 9.02% 9.49% 10.58% 10.37% 9.95%
Benchmarks
ROA, Competitors2
Linde plc 8.19% 7.73% 7.98% 7.85% 7.67% 7.69% 7.23% 5.59% 5.21% 5.17% 4.56% 4.86% 4.69% 4.24% 3.90% 3.42% 2.83%

Based on: 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), 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).

1 Q4 2024 Calculation
ROA = 100 × (Net incomeQ4 2024 + Net incomeQ3 2024 + Net incomeQ2 2024 + Net incomeQ1 2024) ÷ Total assets
= 100 × (480,100 + 806,200 + 889,900 + 505,200) ÷ 23,632,600 = 11.35%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROA A profitability ratio calculated as net income divided by total assets. Sherwin-Williams Co. ROA improved from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.