Sherwin-Williams Co., FCFE calculation

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	2,681,400)	2,388,800)	2,020,100)	1,864,400)	2,030,400)
Net noncash charges	535,700)	565,900)	612,300)	678,900)	780,800)
Change in working capital accounts	(63,900)	567,200)	(712,500)	(298,700)	597,400)
Net operating cash	3,153,200)	3,521,900)	1,919,900)	2,244,600)	3,408,600)
Capital expenditures	(1,070,000)	(888,400)	(644,500)	(372,000)	(303,800)
Net increase (decrease) in short-term borrowings	288,600)	(603,900)	214,400)	763,900)	(204,600)
Proceeds from long-term debt	848,700)	—)	999,700)	994,800)	999,000)
Payments of long-term debt	(1,100,000)	(136,400)	(260,300)	(422,900)	(1,204,700)
Payments for credit facility and debt issuance costs	(8,600)	—)	(7,300)	(11,500)	(10,000)
Free cash flow to equity (FCFE)	2,111,900)	1,893,200)	2,221,900)	3,196,900)	2,684,500)

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).

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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 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

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

No. shares of common stock outstanding	251,364,135
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	2,111,900)
FCFE per share	8.40
Current share price (P)	362.32
Valuation Ratio
P/FCFE	43.12
Benchmarks
P/FCFE, Competitors¹
Linde plc	27.36
P/FCFE, Sector
Chemicals	30.62
P/FCFE, Industry
Materials	30.42

Based on: 10-K (reporting date: 2024-12-31).

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, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
No. shares of common stock outstanding¹	251,364,135	254,464,522	258,442,281	260,373,774	268,805,607
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	2,111,900)	1,893,200)	2,221,900)	3,196,900)	2,684,500)
FCFE per share³	8.40	7.44	8.60	12.28	9.99
Share price^1, 4	350.02	311.26	222.63	267.22	238.97
Valuation Ratio
P/FCFE⁵	41.66	41.84	25.90	21.76	23.93
Benchmarks
P/FCFE, Competitors⁶
Linde plc	26.97	33.03	16.87	24.31	24.61
P/FCFE, Sector
Chemicals	30.01	35.00	18.49	23.44	24.38
P/FCFE, Industry
Materials	30.06	45.58	18.95	19.23	27.42

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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 2,111,900,000 ÷ 251,364,135 = 8.40

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

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 350.02 ÷ 8.40 = 41.66

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 2022 to 2023 but then slightly decreased from 2023 to 2024.

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