Sherwin-Williams Co., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	2,388,800)	2,020,100)	1,864,400)	2,030,400)	1,541,300)
Net noncash charges	565,900)	612,300)	678,900)	780,800)	926,400)
Change in working capital accounts	567,200)	(712,500)	(298,700)	597,400)	(146,400)
Net operating cash	3,521,900)	1,919,900)	2,244,600)	3,408,600)	2,321,300)
Interest paid, net of tax¹	319,872)	291,314)	280,865)	274,685)	261,486)
Capital expenditures	(888,400)	(644,500)	(372,000)	(303,800)	(328,900)
Free cash flow to the firm (FCFF)	2,953,372)	1,566,714)	2,153,465)	3,379,485)	2,253,886)

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

Download chart

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Sherwin-Williams Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Sherwin-Williams Co. FCFF decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Sherwin-Williams Co., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	23.20%	21.50%	17.10%	19.40%	22.20%
Interest Paid, Net of Tax
Interest paid, before tax	416,500)	371,100)	338,800)	340,800)	336,100)
Less: Interest paid, tax²	96,628)	79,787)	57,935)	66,115)	74,614)
Interest paid, net of tax	319,872)	291,314)	280,865)	274,685)	261,486)

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² 2023 Calculation
Interest paid, tax = Interest paid × EITR
= 416,500 × 23.20% = 96,628

Download chart

Sherwin-Williams Co., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	98,725,131)
Free cash flow to the firm (FCFF)	2,953,372)
Valuation Ratio
EV/FCFF	33.43
Benchmarks
EV/FCFF, Competitors¹
Linde plc	37.83
EV/FCFF, Sector
Chemicals	36.35
EV/FCFF, Industry
Materials	40.35

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Sherwin-Williams Co., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	88,778,727)	67,907,905)	79,026,380)	72,301,976)	61,400,310)
Free cash flow to the firm (FCFF)²	2,953,372)	1,566,714)	2,153,465)	3,379,485)	2,253,886)
Valuation Ratio
EV/FCFF³	30.06	43.34	36.70	21.39	27.24
Benchmarks
EV/FCFF, Competitors⁴
Linde plc	39.46	31.63	23.60	34.03	44.72
EV/FCFF, Sector
Chemicals	36.32	34.12	26.76	28.47	36.71
EV/FCFF, Industry
Materials	40.11	34.36	20.85	30.81	51.04

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 88,778,727 ÷ 2,953,372 = 30.06

⁴ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Sherwin-Williams Co. EV/FCFF ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Sherwin-Williams Co. (NYSE:SHW)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical