Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Sherwin-Williams Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio displays an overall fluctuating trend from March 2020 through March 2025. Beginning with missing data in early 2020, it appears first in March 2021 at 31.64 and generally increases to reach a peak of 42.12 in December 2021. Following this peak, there is a gradual decline to 24.87 by March 2023. Subsequently, the ratio trends upward again, exhibiting periodic fluctuations around the low-to-mid 30s range, ending at 32.55 in March 2025. This pattern suggests varying investor sentiment and earnings performance over time, with periods of both optimism and valuation reassessment.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio follows a somewhat similar pattern to the P/E ratio, starting at 22.45 in March 2021 and peaking at 30.17 in December 2021. Following this peak, it declines noticeably to 17.07 by March 2023, indicating an improvement or increased operating profits relative to price. Afterwards, the ratio rises once more with fluctuations, stabilizing in the low 20s to mid-20s range by early 2025. This suggests that operating profits have experienced volatility but generally improved valuation over the periods considered.
- Price to Sales (P/S) Ratio
- The P/S ratio shows greater volatility compared to the other ratios. It begins at 3.50 in March 2021, peaks at 4.21 in December 2021, then experiences a marked decline to 2.60 by December 2022. After this trough, the ratio climbs again to around 3.9 by the last periods, ending at 3.79 in March 2025. The fluctuations in the P/S ratio suggest shifts in sales valuation, possibly reflecting changes in revenue growth expectations or sales performance relative to market valuation.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio starts at 14.88 in March 2020, rising sharply to a peak of 30.8 in September 2021. After this peak, it declines consistently to 15.91 by September 2023, indicating a significant contraction in valuation relative to book value during this period. The ratio then trends upward again into early 2025, stabilizing near 21.12 by March 2025. This indicates that after an initial period of strong investor valuation compared to book value, the market valuation normalized somewhat before rising again, reflecting changing perceptions of asset values or profitability.
- General Observations
- Across all ratios, a notable trend is a peak period occurring around late 2021, marked by elevated valuation multiples. This is followed by a downward correction lasting through 2022 and into 2023, reflecting either stronger fundamentals, earnings growth, or market reassessment of risk and value. Post-2023, there is a recovery and stabilization phase across most ratios, suggesting renewed confidence or improved financial performance. Volatility in these key valuation metrics likely reflects external macroeconomic factors, changes in profitability, sales performance, and investor expectations over the observed periods.
Price to Earnings (P/E)
Sherwin-Williams Co., historical P/E calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (in thousands) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net incomeQ1 2025
+ Net incomeQ4 2024
+ Net incomeQ3 2024
+ Net incomeQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated a general upward trajectory from March 2020 to December 2021, increasing from $179.62 to a peak of $316.02 in September 2021 before a noticeable decline toward $267.22 by December 2021. Subsequently, the price fluctuated, dropping during 2022, with a low near $220.20 in September 2022. From early 2023 onward, the share price exhibited renewed strength, recovering and surpassing prior levels, reaching $311.26 by December 2023, and further rising to a high of $361.38 in September 2024. The last two reported quarters showed a slight reduction, with prices closing at $350.02 and $348.13 respectively by March 2025.
- Earnings Per Share (EPS) Analysis
- EPS data begins from March 2021, revealing a steady increase overall with some variability. Initial EPS stood at $7.55, followed by a gradual rise through 2021, reaching $8.25 by September 2021 and slightly declining to $7.50 in December 2021. Throughout 2022, EPS showed a declining trend, bottoming at $6.77 in September, before recovering to $7.48 by December. From 2023 onwards, EPS exhibited consistent growth, climbing from $7.82 in March to $9.45 by December. This upward momentum continued through 2024 and into early 2025, culminating at $10.69 by March 2025. The progression suggests improving profitability and earnings capacity over the period.
- Price-to-Earnings (P/E) Ratio Patterns
- The P/E ratio, available from March 2021, initially trended upward from 31.64 to a peak of 42.12 in December 2021, indicating a rising valuation relative to earnings during this period. Following this peak, the ratio steadily decreased throughout 2022, falling to 29.45 by December. During 2023, the P/E ratio remained relatively stable around 28 to 30, before experiencing an increase in late 2023 and early 2024, reaching 34.58 in September 2024. The ratio tapered slightly toward early 2025, finishing near 32.55 by March 2025. This fluctuation indicates varying market expectations and valuation adjustments in relation to the evolving earnings profile.
- Summary of Observations
- The data reflects an overall positive growth trend in earnings per share, signaling strengthening operational performance. Share prices have mirrored this growth with some volatility, including periods of correction and subsequent recovery, culminating in levels significantly above the early 2020 baseline. The P/E ratio dynamics suggest shifts in investor sentiment and valuation multiple adjustments, peaking during late 2021 and stabilizing thereafter with moderate increases in 2024. Together, these indicators depict a company undergoing periods of robust earnings growth and fluctuating market valuation, facing intermittent pressure but maintaining an upward financial trajectory over the analyzed timeframe.
Price to Operating Profit (P/OP)
Sherwin-Williams Co., historical P/OP calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (in thousands) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024
+ Operating incomeQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited an overall upward movement from March 2020 through March 2025 with notable fluctuations. The price increased steadily from $179.62 in March 2020 to a peak near $316.02 in September 2021. Following this peak, the share price experienced a decline, dropping to around $220 in September 2022. Subsequently, the price rebounded, reaching new highs in the range of $344.50 to $361.38 during 2024 before slightly retreating to $348.13 by March 2025. These fluctuations indicate periods of volatility with a general positive long-term trend.
- Operating Profit Per Share (OPPS) Patterns
- Operating profit per share data begins in March 2021 at $10.64 and shows a consistent upward trajectory over the subsequent quarters. This value increases incrementally from $10.64 to $15.32 by March 2025, reflecting steady operational profitability growth. The consistent rise in OPPS suggests improved operational efficiency or higher earnings relative to outstanding shares during this period.
- Price-to-Operating Profit (P/OP) Ratio Insights
- The P/OP ratio started at 22.45 in March 2021 and reached a peak of 30.17 in December 2021, implying a high relative valuation compared to operating profits at that time. After December 2021, the ratio generally trended downward, reaching lows near 17.07 in December 2023, before increasing somewhat again to levels around 23 by March 2025. This pattern signifies varying investor sentiment and valuation multiples, with periods of premium pricing relative to operating earnings transitioning into more moderate valuations before rising again.
- Relationship Between Metrics
- While operating profit per share showed steady growth, the share price and the P/OP ratio exhibited more volatility. The disconnect at times between share price and operating profit expansion is reflected in the fluctuating P/OP ratio. For example, the share price peaked in late 2021 even as the operating profit per share was still increasing, leading to a high P/OP ratio. Conversely, periods of share price decline or slower growth resulted in lower P/OP ratios despite continued profit improvements. This suggests that factors beyond operating profit—such as market conditions or investor expectations—impacted share valuation across the quarters.
- Summary
- The analyzed period reveals a company with improving operational profitability but experiencing cyclical share price volatility and fluctuating valuation multiples. The upward trend in operating profit per share is a positive indicator of core business performance, whereas the varying P/OP ratio highlights changing investor sentiment and market dynamics influencing the share price across different quarters.
Price to Sales (P/S)
Sherwin-Williams Co., historical P/S calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net sales (in thousands) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024
+ Net salesQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a generally upward trend from March 2020 through December 2021, rising from $179.62 to a peak near $316.02 in September 2021 before declining to $267.22 by the end of 2021. In 2022, the share price experienced a decrease, reaching a low near $220.20 in September, followed by moderate recovery towards the end of the year. Starting in 2023, the share price showed renewed strength, with some volatility, culminating in a high of $361.38 by September 2024. It slightly declined afterward, ending at $348.13 in March 2025.
- Sales per Share Patterns
- Sales per share, available from March 2021 onwards, demonstrated consistent growth throughout the period. Starting at $68.31, this metric steadily increased each quarter, reaching $91.93 by March 2025. The gradual upward movement indicates stable revenue growth on a per-share basis over four years.
- Price-to-Sales (P/S) Ratio Behavior
- The P/S ratio initially rose from 3.5 in March 2021 to a peak of 4.21 in December 2021, signaling growing market valuation relative to sales. Following this peak, the ratio declined sharply during 2022, hitting a low near 2.6 by December 2022, reflecting the share price decrease amid increasing sales. Starting in early 2023, the ratio rebounded, fluctuating between approximately 2.6 and 3.44, and ultimately increasing to 3.79 by March 2025. This recovery in the P/S ratio suggests that market valuation strengthened relative to sales growth.
- Summary of Insights
- The data indicates that while sales per share showed steady, uninterrupted growth, the share price and P/S ratio experienced higher volatility. The share price growth from 2020 to late 2021 was notable, followed by a correction and stabilization during 2022, coinciding with a dip in the P/S ratio. The recovery in both share price and P/S ratio from 2023 onward, despite continuous sales growth, may reflect changing market sentiment or valuation multiples. Overall, the company appears to have solid revenue growth underpinning its valuation, while market fluctuations have introduced variable price dynamics.
Price to Book Value (P/BV)
Sherwin-Williams Co., historical P/BV calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Shareholders’ equity (in thousands) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Sherwin-Williams Co. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trend from March 31, 2020, through December 31, 2025, rising from $179.62 to $348.13. Initial increments were steady, peaking at $316.02 by September 30, 2021. A notable dip occurred in late 2021 and early 2022, with values hovering around the low $220s to $230s. The price then demonstrated significant recovery and volatility, reaching a high of $361.38 by September 30, 2024, before slightly retreating to $348.13 at the end of the observed period.
- Book Value Per Share (BVPS) Trend
- The book value per share fluctuated throughout the period, starting at $12.07 in March 2020 and moving through a series of declines and rises. Early in the dataset, BVPS decreased progressively, hitting a low of $8.58 by June 30, 2022. Subsequently, a consistent upward trajectory developed, peaking at $16.5 in September 2024, and ending slightly lower at $16.48 in March 2025. This pattern indicates fluctuations in the company's net asset value per share, with a recovery phase observed in the final years.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio illustrates significant volatility over the reported periods, beginning at 14.88 in early 2020 and peaking at 30.8 by September 2021, indicating that the share price increased at a faster rate than the book value per share at that time. Following this peak, the ratio declined substantially, reaching a low near 15.91 by September 2023. Thereafter, the ratio climbed again, fluctuating around the high twenties and low twenties, closing at 21.12 by the end of March 2025. This suggests intermittent market revaluations and varying investor sentiment toward the company's equity relative to its book value.
- Integrated Observations
- The data reveals periods of strong market optimism reflected in rising share prices outpacing book value growth, contributing to elevated P/BV ratios, particularly in 2021. Corrections or slower growth in share price relative to book value appeared from late 2021 through 2022, coinciding with a declining P/BV ratio. The resurgence of both share price and BVPS from mid-2022 onwards points to renewed investor confidence and improving underlying net assets. However, the persistent fluctuations in the P/BV ratio imply changing perceptions of valuation, possibly influenced by external factors or company performance variances. Overall, the company experienced growth in market valuation combined with improvement in book value per share, notwithstanding periods of volatility and revaluation.