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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Based on: 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), 10-K (reporting date: 2020-12-31).
The financial data exhibits a general upward trend across all key profitability metrics over the five-year period, indicating overall growth and improved operational performance.
- Net Income
- Net income experienced a slight decline from 2,030,400 thousand USD in 2020 to 1,864,400 thousand USD in 2021, suggesting potential challenges during that year. Thereafter, it showed recovery and consistent growth, reaching 2,681,400 thousand USD by 2024. This upward trajectory post-2021 indicates strengthening profitability and effective cost management.
- Earnings Before Tax (EBT)
- EBT declined from 2,519,200 thousand USD in 2020 to 2,248,600 thousand USD in 2021, mirroring the net income trend. Subsequently, it increased steadily each year, peaking at 3,451,800 thousand USD in 2024. The growth beyond 2021 demonstrates enhanced earnings capacity prior to tax considerations, reflecting improved operational outcomes and possibly more favorable tax environments or structures.
- Earnings Before Interest and Tax (EBIT)
- EBIT followed a pattern similar to EBT, falling from 2,859,600 thousand USD in 2020 to 2,583,300 thousand USD in 2021, then steadily rising each year to 3,867,500 thousand USD in 2024. The progressive increases indicate enhanced core operational profitability before financing costs, reinforcing the view of strengthened operational efficiency over time.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA showed a consistent upward trajectory, declining slightly from 3,441,000 thousand USD in 2020 to 3,155,900 thousand USD in 2021, then significantly growing to 4,491,500 thousand USD in 2024. The growth in EBITDA highlights improved cash-generating ability and suggests notable improvements in operational performance and cost control excluding non-cash expenses.
Overall, the data reflect a temporary dip in 2021 across all profit metrics, possibly due to external challenges or economic conditions during that period. Post-2021, a sustained recovery and strong growth pattern is observable, evidencing improved operational efficiency, profitability, and earnings quality. The consistent increases in EBITDA relative to EBIT and net income point to effective management of non-cash expenses and potential scaling benefits. This trend portrays a robust financial trajectory moving forward into 2024.
Enterprise Value to EBITDA Ratio, Current
Selected Financial Data (US$ in thousands) | |
Enterprise value (EV) | |
Earnings before interest, tax, depreciation and amortization (EBITDA) | |
Valuation Ratio | |
EV/EBITDA | |
Benchmarks | |
EV/EBITDA, Competitors1 | |
Linde plc | |
EV/EBITDA, Sector | |
Chemicals | |
EV/EBITDA, Industry | |
Materials |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||
Enterprise value (EV)1 | ||||||
Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
Valuation Ratio | ||||||
EV/EBITDA3 | ||||||
Benchmarks | ||||||
EV/EBITDA, Competitors4 | ||||||
Linde plc | ||||||
EV/EBITDA, Sector | ||||||
Chemicals | ||||||
EV/EBITDA, Industry | ||||||
Materials |
Based on: 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), 10-K (reporting date: 2020-12-31).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibited fluctuations over the observed periods. Initially, there was a growth from 72.3 billion US dollars at the end of 2020 to 79.0 billion US dollars by the end of 2021. This was followed by a decline to approximately 67.9 billion US dollars at the end of 2022. Subsequently, the value increased significantly, reaching 88.8 billion US dollars by the end of 2023 and further rising to 97.8 billion US dollars at the close of 2024. Overall, the trend reflects volatility with a notable rebound and upward trajectory in the later years.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA values showed variability across the periods. Starting at 3.44 billion US dollars in 2020, there was a decrease to 3.16 billion in 2021. This was followed by a recovery and growth in subsequent years, reaching 3.55 billion in 2022, then increasing more substantially to 4.15 billion in 2023, and climbing further to approximately 4.49 billion US dollars in 2024. This progression indicates enhanced operational profitability after an initial setback.
- EV/EBITDA Ratio
- The EV/EBITDA ratio experienced fluctuations consistent with the changes in enterprise value and EBITDA. It started at 21.01 in 2020, rose to 25.04 in 2021, indicating a higher valuation relative to earnings. The ratio then decreased to 19.16 in 2022, reflecting the lower enterprise value and increased EBITDA. It increased again in 2023 to 21.39 and saw a slight rise in 2024 to 21.79. The trend suggests periods of varying market valuation multiples, with the ratio generally stabilizing in the low twenties in the latter years.