Sherwin-Williams Co., current enterprise value calculation

Current share price (P)	$353.98
No. shares of common stock outstanding	251,853,291
US$ in thousands
Common equity (market value)¹	89,151,028)
Total equity	89,151,028)
Add: Short-term borrowings (per books)	374,200)
Add: Current portion of long-term debt (per books)	1,098,800)
Add: Long-term debt, excluding current portion (per books)	8,377,900)
Total equity and debt	99,001,928)
Less: Cash and cash equivalents	276,800)
Enterprise value (EV)	98,725,128)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 353.98 × 251,853,291

Sherwin-Williams Co., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$311.26	$222.63	$267.22	$238.97	$191.11
No. shares of common stock outstanding¹	254,464,522	258,442,281	260,373,774	268,805,607	276,683,112
US$ in thousands
Common equity (market value)³	79,204,627)	57,537,005)	69,577,080)	64,236,476)	52,876,910)
Total equity	79,204,627)	57,537,005)	69,577,080)	64,236,476)	52,876,910)
Add: Short-term borrowings (book value)	374,200)	978,100)	763,500)	100)	204,700)
Add: Current portion of long-term debt (book value)	1,098,800)	600)	260,600)	25,100)	429,800)
Add: Long-term debt, excluding current portion (book value)	8,377,900)	9,591,000)	8,590,900)	8,266,900)	8,050,700)
Total equity and debt	89,055,527)	68,106,705)	79,192,080)	72,528,576)	61,562,110)
Less: Cash and cash equivalents	276,800)	198,800)	165,700)	226,600)	161,800)
Enterprise value (EV)	88,778,727)	67,907,905)	79,026,380)	72,301,976)	61,400,310)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Sherwin-Williams Co. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 311.26 × 254,464,522

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Sherwin-Williams Co. EV decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Sherwin-Williams Co. (NYSE:SHW)

Enterprise Value (EV)