Sherwin-Williams Co., FCFE calculation

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income	1,864,400)	2,030,400)	1,541,300)	1,108,746)	1,772,262)
Net noncash charges	678,900)	780,800)	926,400)	705,245)	93,670)
Change in working capital accounts	(298,700)	597,400)	(146,400)	129,709)	18,036)
Net operating cash	2,244,600)	3,408,600)	2,321,300)	1,943,700)	1,883,968)
Capital expenditures	(372,000)	(303,800)	(328,900)	(250,957)	(222,767)
Net increase (decrease) in short-term borrowings	763,900)	(204,600)	(122,800)	(300,942)	356,320)
Proceeds from long-term debt	994,800)	999,000)	1,332,800)	—)	8,275,169)
Payments of long-term debt	(422,900)	(1,204,700)	(1,875,800)	(852,627)	(1,852,812)
Payments for credit facility and debt issuance costs	(11,500)	(10,000)	(13,600)	(5,185)	(49,376)
Free cash flow to equity (FCFE)	3,196,900)	2,684,500)	1,313,000)	533,989)	8,390,502)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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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 increased from 2019 to 2020 and from 2020 to 2021.

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

No. shares of common stock outstanding	259,183,053
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	3,196,900)
FCFE per share	12.33
Current share price (P)	231.97
Valuation Ratio
P/FCFE	18.81
Benchmarks
P/FCFE, Competitors¹
Linde plc	32.58
P/FCFE, Industry
Materials	24.17

Based on: 10-K (reporting date: 2021-12-31).

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, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	260,373,774	268,805,607	276,683,112	278,154,810	281,981,373
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	3,196,900)	2,684,500)	1,313,000)	533,989)	8,390,502)
FCFE per share³	12.28	9.99	4.75	1.92	29.76
Share price^1, 4	267.22	238.97	191.11	146.63	132.73
Valuation Ratio
P/FCFE⁵	21.76	23.93	40.27	76.38	4.46
Benchmarks
P/FCFE, Competitors⁶
Linde plc	24.31	24.61	89.72	—	—
P/FCFE, Industry
Materials	18.53	28.92	—	—	—

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,196,900,000 ÷ 260,373,774 = 12.28

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

⁵ 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 267.22 ÷ 12.28 = 21.76

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 decreased from 2019 to 2020 and from 2020 to 2021.

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