Sherwin-Williams Co., FCFE 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)
Capital expenditures	(888,400)	(644,500)	(372,000)	(303,800)	(328,900)
Net increase (decrease) in short-term borrowings	(603,900)	214,400)	763,900)	(204,600)	(122,800)
Proceeds from long-term debt	—)	999,700)	994,800)	999,000)	1,332,800)
Payments of long-term debt	(136,400)	(260,300)	(422,900)	(1,204,700)	(1,875,800)
Payments for credit facility and debt issuance costs	—)	(7,300)	(11,500)	(10,000)	(13,600)
Free cash flow to equity (FCFE)	1,893,200)	2,221,900)	3,196,900)	2,684,500)	1,313,000)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Sherwin-Williams Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Sherwin-Williams Co. FCFE decreased from 2021 to 2022 and from 2022 to 2023.

Sherwin-Williams Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	251,853,291
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	1,893,200)
FCFE per share	7.52
Current share price (P)	350.02
Valuation Ratio
P/FCFE	46.56
Benchmarks
P/FCFE, Competitors¹
Linde plc	33.44
P/FCFE, Sector
Chemicals	36.37
P/FCFE, Industry
Materials	47.12

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

¹ Click competitor name to see calculations.

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

Sherwin-Williams Co., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	254,464,522	258,442,281	260,373,774	268,805,607	276,683,112
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	1,893,200)	2,221,900)	3,196,900)	2,684,500)	1,313,000)
FCFE per share³	7.44	8.60	12.28	9.99	4.75
Share price^1, 4	311.26	222.63	267.22	238.97	191.11
Valuation Ratio
P/FCFE⁵	41.84	25.90	21.76	23.93	40.27
Benchmarks
P/FCFE, Competitors⁶
Linde plc	33.03	16.87	24.31	24.61	89.72
P/FCFE, Sector
Chemicals	35.00	18.49	23.44	24.38	—
P/FCFE, Industry
Materials	45.58	18.95	19.23	27.42	—

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 Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,893,200,000 ÷ 254,464,522 = 7.44

⁴ Closing price as at the filing date of Sherwin-Williams Co. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 311.26 ÷ 7.44 = 41.84

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Sherwin-Williams Co. P/FCFE ratio increased from 2021 to 2022 and from 2022 to 2023.

Sherwin-Williams Co. (NYSE:SHW)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical