Sherwin-Williams Past Earnings Performance
Past criteria checks 2/6
Sherwin-Williams has been growing earnings at an average annual rate of 7.3%, while the Chemicals industry saw earnings declining at 3.8% annually. Revenues have been growing at an average rate of 4.1% per year. Sherwin-Williams's return on equity is 58.7%, and it has net margins of 10.9%.
Key information
7.34%
Earnings growth rate
8.90%
EPS growth rate
| Chemicals Industry Growth | 12.93% |
| Revenue growth rate | 4.09% |
| Return on equity | 58.66% |
| Net Margin | 10.86% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • May 09
SHW: Future Execution Risks And Legal Overhang Will Meet Steadier Buybacks And Dividend
The analyst price target for Sherwin-Williams has shifted slightly lower to $312.90 from $316.43, as analysts factor in more cautious assumptions on revenue growth, profit margins and future P/E, while also reflecting a series of recent target cuts and rating changes across the Street. Analyst Commentary Recent Street research on Sherwin-Williams has tilted more cautious, with several bearish analysts trimming price targets and reassessing their expectations for the stock.Seeking Alpha • May 01
Sherwin-Williams: Premium Valuation Meets Softening Demand Reality
Summary The Sherwin-Williams Company is rated Sell due to a premium valuation unsupported by near-term fundamentals and softening end-market demand. Q1 '26 results showed headline growth, but organic constant-currency growth was weak, with volumes declining and acquisitions/FX driving most gains. Management reaffirmed full-year EPS guidance but shifted composition to pricing-led growth as volumes are now expected to decline low single digits. SHW trades at a 59% premium to its five-year average P/E, with limited earnings growth and macro headwinds challenging the premium multiple. Read the full article on Seeking AlphaNarrative Update • Apr 25
SHW: Future Execution Risks And Legal Overhang Counterbalanced By Dividend And Buybacks
Analysts have nudged the Sherwin-Williams fair value estimate slightly lower, trimming it by about $1 to reflect reduced revenue growth assumptions, a modestly higher discount rate, and updated P/E expectations after a series of recent price target cuts and downgrades across the Street. Analyst Commentary Recent Street research on Sherwin-Williams has leaned more cautious, with a cluster of price target cuts and at least one downgrade in a short span.Narrative Update • Apr 08
SHW: Fair Valuation Balances Execution Risks With Dividend And Buyback Support
Analysts have trimmed Sherwin-Williams' fair value estimate by about $3 to $317.76, reflecting recent cuts to Street price targets along with updated assumptions for discount rate, revenue growth, profit margins, and future P/E multiples. Analyst Commentary Recent Street research on Sherwin-Williams shows a shift in tone, with several bearish analysts cutting price targets and questioning how much upside is left at current valuations.Narrative Update • Mar 24
SHW: Premium Multiple Will Face Mixed Macro And Execution Risks In 2026
Analysts have trimmed their aggregate Sherwin-Williams price targets by a few dollars, reflecting updated models that factor in a fair value estimate near $321, a slightly lower discount rate, and modest adjustments to revenue growth, profit margin, and future P/E assumptions following recent earnings and sector wide revisions. Analyst Commentary Recent Street research on Sherwin-Williams has featured a mix of price target increases, trims, and rating changes, with several bearish analysts highlighting valuation and execution questions alongside more constructive voices that still carry Buy or Outperform ratings.
Narrative Update • Mar 10
SHW: Mixed Rating Resets And Active Capital Returns Will Shape Future Pricing Power
The updated analyst price target for Sherwin-Williams reflects a modest fair value adjustment of about $1. Analysts are factoring in slightly lower discount rate and revenue growth assumptions, a small trim to expected profit margins, and a marginally higher future P/E multiple following recent earnings and mixed, but active, target revisions across the Street.Narrative Update • Feb 24
SHW: Mixed Rating Resets And Measured Outlook Will Shape Future Pricing Power
Analysts have nudged their Sherwin-Williams price expectations higher, with recent target changes clustered in roughly a $5 to $20 range as they refresh models following earnings, while adjusting for valuation views and mixed sector readthroughs. Analyst Commentary Recent research updates on Sherwin-Williams reflect a mix of optimism and caution, with several firms fine-tuning price targets by increments of roughly $5 to $20 and a few shifting ratings as they reset expectations after earnings.Narrative Update • Feb 09
SHW: Mixed Rating Shifts And Modest Outlook Tweaks Will Test Pricing Power
The Analyst Price Target for Sherwin-Williams has been lifted by about $1 to $387.43, as analysts factor in a slightly lower discount rate and modest tweaks to revenue growth, profit margin, and future P/E assumptions following a mix of recent target raises and trims across the Street. Analyst Commentary Recent Street research on Sherwin-Williams reflects a mix of higher and lower price targets, along with at least one upgrade and one downgrade, creating a balanced but divided view on the shares.Narrative Update • Jan 26
SHW: Mixed Rating Shifts And CFO Transition Will Test Pricing Power
The analyst price target for Sherwin-Williams edges slightly lower by about US$0.33 as analysts weigh recent mixed research, including small downward target revisions and a valuation-driven downgrade, alongside some supportive target hikes and an upgrade to Buy. Analyst Commentary Bullish Takeaways Bullish analysts are lifting price targets to levels such as about US$400 and US$371, signaling confidence that Sherwin-Williams can justify higher valuations if it executes well.Narrative Update • Jan 12
SHW: Pricing Power And Margins Will Be Tested In Mixed Chemicals Backdrop
Narrative Update We are making a small upward adjustment to our Sherwin-Williams price target of about $0.80, reflecting analysts' mixed but generally constructive updates to revenue growth, margins, and long term P/E assumptions following recent Street research. Analyst Commentary Recent Street research on Sherwin-Williams shows a mix of optimism and caution, with price targets clustered in a relatively tight range and ratings spread between Neutral and Buy.Narrative Update • Dec 25
SHW: Premium Multiple Will Face Macro Headwinds Amid Cautious Earnings Outlook
Sherwin-Williams' analyst-derived fair value estimate has been raised by about $39 to approximately $317 per share, as analysts factor in modestly stronger long term revenue growth expectations and a higher forward P/E multiple. This comes even as they acknowledge a tougher macro environment and a slightly lower margin outlook highlighted in recent Street research.Narrative Update • Dec 11
SHW: Pricing Power And Margin Discipline Will Drive Upside Through Macro Volatility
The analyst price target for Sherwin-Williams has been modestly increased to about $386 from roughly $386, as analysts balance cautious views on a challenging macro environment and uneven end markets with support from select target raises and an unchanged long-term earnings multiple outlook. Analyst Commentary Recent research updates on Sherwin-Williams reflect a mixed but generally constructive stance, with modest target changes capturing both improving company specific execution and ongoing macro uncertainty across key end markets.Narrative Update • Nov 27
SHW: Share Gains And Market Recovery Will Fuel Upside In Coming Quarters
Sherwin-Williams' average analyst price target has seen only modest movement recently, as analysts adjust forecasts in response to mixed macroeconomic signals and ongoing uncertainty in industrial demand. Analyst Commentary Recent research updates present a mixed picture of Sherwin-Williams' outlook, with analysts divided on the company’s ability to navigate current economic headwinds and maintain growth momentum.Narrative Update • Nov 12
SHW: Market Rebound Will Drive an Upswing Following Recent Executive Changes
The analyst price target for Sherwin-Williams has increased modestly to approximately $386.52 from $378.43. Analysts cite a mixed outlook with incremental improvements in revenue growth expectations despite ongoing macroeconomic challenges.Narrative Update • Oct 29
Execution Will Drive Recovery Amid Demand Challenges And Macro Uncertainty
The analyst consensus price target for Sherwin-Williams has decreased slightly by $1.10 to $378.43. Analysts cite ongoing macroeconomic uncertainty, weaker margins, and inconsistent demand across key end markets.Analysis Article • Sep 23
The Sherwin-Williams Company's (NYSE:SHW) Price Is Out Of Tune With Earnings
With a price-to-earnings (or "P/E") ratio of 33.8x The Sherwin-Williams Company ( NYSE:SHW ) may be sending very...Analysis Article • Sep 08
Is Now An Opportune Moment To Examine The Sherwin-Williams Company (NYSE:SHW)?
Let's talk about the popular The Sherwin-Williams Company ( NYSE:SHW ). The company's shares saw a decent share price...Narrative Update • Sep 04
Expanding Store Footprint And Global Markets Will Unlock Opportunities
Sherwin-Williams faces persistent volume and demand weakness leading to downward guidance revisions and "messy" recent earnings, but ongoing investment and market share gains position the company for future recovery, with the analyst price target effectively unchanged at $379.52. Analyst Commentary Volume growth remains elusive and housing-related demand is weak, leading to downward guidance revisions.Analysis Article • Jul 25
The Sherwin-Williams Company Just Missed EPS By 19%: Here's What Analysts Think Will Happen Next
Last week saw the newest quarterly earnings release from The Sherwin-Williams Company ( NYSE:SHW ), an important...Analysis Article • Jun 27
A Look At The Intrinsic Value Of The Sherwin-Williams Company (NYSE:SHW)
Key Insights Using the 2 Stage Free Cash Flow to Equity, Sherwin-Williams fair value estimate is US$285...Analysis Article • Jun 15
Here's Why We Think Sherwin-Williams (NYSE:SHW) Might Deserve Your Attention Today
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...Analysis Article • May 22
When Should You Buy The Sherwin-Williams Company (NYSE:SHW)?
Today we're going to take a look at the well-established The Sherwin-Williams Company ( NYSE:SHW ). The company's stock...Seeking Alpha • Apr 21
Sherwin-Williams: Is This Best-In-Class Company Worth The Premium Right Now?
Summary The Sherwin-Williams Company is a well-managed company with a history of outperforming the S&P 500, boasting strong profitability, sustained gross margins, and consistent dividend increases. Despite its dominance and growth potential, SHW stock is currently overvalued with a P/E above 30, suggesting investors may find better entry points later. The company’s growth is driven by its three segments: paint stores, consumer brands, and performance coatings, with a focus on innovation and sustainability. Given the current valuation and macroeconomic uncertainties, I rate Sherwin-Williams as a "hold" and recommend monitoring for better entry points below $300. Read the full article on Seeking AlphaNew Narrative • Apr 08
Sales And Digital Tools Will Secure Future Success
Strategic investments and targeted price increases are expected to drive revenue growth and expand margins, enhancing market share.Seeking Alpha • Feb 24
Sherwin-Williams: Long-Term Value Creator At Work
Summary Sherwin-Williams trades at a demanding near 30 times earnings, despite modest revenue growth and higher interest rates impacting capital-intensive end markets. The company maintains a sound capital allocation strategy, focusing on dividends, M&A, and share buybacks, with a 45-year streak of dividend increases. Recent acquisition of BASF's Brazilian Architectural Business for $1.15 billion is a modest bolt-on deal, adding 2.3% to pro forma sales, at relatively interesting pricing. Despite solid long-term performance, I remain cautious and patient, waiting for better entry opportunities given the current high valuation. Read the full article on Seeking AlphaSeeking Alpha • Feb 05
The Sherwin-Williams Company: Macro Uncertainty Weigh On Near-Term Outlook
Summary Downgrade Sherwin-Williams to hold due to macro uncertainty in the US housing market impacting near-term volume demand and valuation concerns. PSG remains SHW's key growth driver, showing resilience with price increases and strong brand strength despite a weak macro environment. Management's cost control efforts are commendable, with improved gross margins and conservative SG&A growth guidance for FY25. Valuation concerns arise as SHW's 5% earnings growth outlook may not justify its current high multiple, prompting a more conservative stance. Read the full article on Seeking AlphaSeeking Alpha • Jan 15
Sherwin-Williams: This SWAN Is As Boring As Watching Paint Dry
Summary The Sherwin-Williams Company is a resilient, well-established firm with a strong dividend history, poised to become a Dividend King despite current valuation concerns. Lower interest rates are expected to provide tailwinds, boosting demand and supporting future growth, especially with planned new store openings. Despite recent financial pressures and segment weaknesses, Sherwin-Williams' financials remain solid with strong liquidity and manageable debt levels. Current valuation suggests holding off on buying until a market correction, with a target SHW share price near $300 for better entry. Read the full article on Seeking AlphaSeeking Alpha • Jan 02
Sherwin-Williams: Too Rich For Me At Its Current Price
Summary Sherwin-Williams offers diverse paint products and operates in three segments, boasting a market cap near $90B and a 35-year return of over 20,000%. The stock has offered investors a solid combination of dividend growth and price appreciation. The most recent earnings report was very weak, combine that with the company trading for a significant premium and investors should be cautious of SHW. Read the full article on Seeking AlphaSeeking Alpha • Oct 22
Sherwin-Williams' Q3 Earnings Simply Not Good Enough
Summary Sherwin Williams missed earnings estimates, showing signs of an exhausted uptrend and potential for a significant selloff if key support levels are broken. Despite reaffirming guidance, the stock's valuation remains high, and margins are pressured by rising SG&A expenses, indicating undisciplined cost management. Seasonality is bullish for November, but current technical indicators suggest the stock needs a breather, with critical support at $346. Hold rating; if $346 fails, expect a larger selloff. Reevaluate after the dust settles and price finds equilibrium. Read the full article on Seeking AlphaRevenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Sherwin-Williams makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 23,936 | 2,599 | 7,861 | 0 |
| 31 Dec 25 | 23,574 | 2,569 | 7,682 | 0 |
| 30 Sep 25 | 23,276 | 2,572 | 7,633 | 0 |
| 30 Jun 25 | 23,080 | 2,545 | 7,572 | 0 |
| 31 Mar 25 | 23,037 | 2,680 | 7,405 | 0 |
| 31 Dec 24 | 23,099 | 2,681 | 7,409 | 0 |
| 30 Sep 24 | 23,054 | 2,558 | 7,375 | 0 |
| 30 Jun 24 | 23,008 | 2,513 | 7,237 | 0 |
| 31 Mar 24 | 22,977 | 2,417 | 7,151 | 0 |
| 31 Dec 23 | 23,052 | 2,389 | 7,044 | 0 |
| 30 Sep 23 | 23,030 | 2,419 | 6,834 | 0 |
| 30 Jun 23 | 22,961 | 2,343 | 6,693 | 0 |
| 31 Mar 23 | 22,593 | 2,127 | 6,537 | 0 |
| 31 Dec 22 | 22,149 | 2,020 | 6,336 | 0 |
| 30 Sep 22 | 21,681 | 1,938 | 6,137 | 0 |
| 30 Jun 22 | 20,780 | 1,755 | 5,896 | 0 |
| 31 Mar 22 | 20,287 | 1,826 | 5,737 | 0 |
| 31 Dec 21 | 19,945 | 1,864 | 5,886 | 0 |
| 30 Sep 21 | 19,671 | 1,967 | 5,609 | 0 |
| 30 Jun 21 | 19,647 | 2,171 | 5,647 | 0 |
| 31 Mar 21 | 18,871 | 2,118 | 5,501 | 0 |
| 31 Dec 20 | 18,362 | 2,030 | 5,483 | 0 |
| 30 Sep 20 | 17,987 | 1,872 | 5,359 | 0 |
| 30 Jun 20 | 17,733 | 1,743 | 5,298 | 0 |
| 31 Mar 20 | 18,007 | 1,618 | 5,339 | 0 |
| 31 Dec 19 | 17,901 | 1,541 | 5,315 | 0 |
| 30 Sep 19 | 17,851 | 1,394 | 5,235 | 0 |
| 30 Jun 19 | 17,714 | 1,171 | 5,157 | 0 |
| 31 Mar 19 | 17,610 | 1,104 | 5,128 | 0 |
| 31 Dec 18 | 17,535 | 1,109 | 5,055 | 0 |
| 30 Sep 18 | 17,450 | 1,861 | 4,976 | 0 |
| 30 Jun 18 | 17,225 | 1,823 | 5,032 | 0 |
| 31 Mar 18 | 16,187 | 1,780 | 4,857 | 0 |
| 31 Dec 17 | 14,984 | 1,770 | 4,782 | 0 |
| 30 Sep 17 | 13,787 | 1,119 | 4,489 | 0 |
| 30 Jun 17 | 12,559 | 1,190 | 4,200 | 0 |
| 31 Mar 17 | 12,043 | 1,207 | 4,110 | 0 |
| 31 Dec 16 | 11,856 | 1,133 | 4,075 | 0 |
| 30 Sep 16 | 11,678 | 1,128 | 4,038 | 0 |
| 30 Jun 16 | 11,550 | 1,115 | 3,995 | 0 |
| 31 Mar 16 | 11,463 | 1,087 | 3,956 | 0 |
| 31 Dec 15 | 11,339 | 1,054 | 3,886 | 0 |
| 30 Sep 15 | 11,304 | 988 | 3,767 | 0 |
| 30 Jun 15 | 11,302 | 938 | 3,762 | 0 |
Quality Earnings: SHW has high quality earnings.
Growing Profit Margin: SHW's current net profit margins (10.9%) are lower than last year (11.6%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: SHW's earnings have grown by 7.3% per year over the past 5 years.
Accelerating Growth: SHW's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: SHW had negative earnings growth (-3%) over the past year, making it difficult to compare to the Chemicals industry average (0.1%).
Return on Equity
High ROE: Whilst SHW's Return on Equity (58.66%) is outstanding, this metric is skewed due to their high level of debt.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/13 06:30 |
| End of Day Share Price | 2026/05/13 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
|
| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
|
* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
The Sherwin-Williams Company is covered by 48 analysts. 22 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| William Selesky | Argus Research Company |
| Ghansham Panjabi | Baird |
| Michael Leithead | Barclays |