企業概要
The Sherwin-Williams Company is engaged in the development, manufacture, distribution, and sale of paint, coatings, and related products serving professional, industrial, commercial, and retail customers. This enterprise operates within the Basic Materials sector, specifically the Specialty Chemicals industry, positioning it as a key player in material consumption rather than consumer discretionary spending. The company demonstrates significant scale with a market capitalization of $83.17B and annual revenue of $23.57B, employing a workforce of 64,249 individuals. These valuation and revenue figures indicate that the firm holds a substantial position within its industry, reflecting a large asset base and widespread market penetration that supports its operations across three distinct business segments: Paint Stores Group, Consumer Brands Group, and Performance. The substantial employee count further underscores the operational complexity and geographic reach required to maintain such a high market valuation in the specialty chemicals space.
財務健全性
The company reported total revenue of $23.57B for the trailing twelve months, generating net income of $2.57B and EBITDA of $4.49B. The substantial gap between the $23.57B revenue and the $2.57B net income reveals a cost structure where operating expenses, including cost of goods sold, general administration, and other overheads, consume approximately 89.1% of top-line revenue before arriving at the bottom line. Free cash flow stands at $1.93B, which indicates the company generates sufficient cash from operations after capital expenditures to maintain financial flexibility for debt servicing or strategic investments without relying solely on external financing. Analyzing the profit margins shows a gross margin of 48.8%, an operating margin of 14.2%, and a profit margin of 10.9%, where the high gross margin suggests strong pricing power or efficient production, while the lower operating and profit margins reflect the significant scale of operational costs inherent in a manufacturing and distribution business. Regarding liquidity and leverage, the company holds cash of $207.20M against total debt of $14.07B, resulting in a debt-to-equity ratio of 306.06, which characterizes a highly leveraged balance sheet typical for capital-intensive industries. The current ratio is recorded at 0.87, indicating that current assets are insufficient to cover current liabilities on a standalone basis, suggesting a reliance on long-term financing or cash flow generation to meet short-term obligations. Return on Equity is calculated at 59.4% and Return on Assets at 9.6%, metrics that reveal highly effective management in generating profits relative to shareholder equity, despite the asset-heavy nature of the business that dilutes the return on total assets.
バリュエーション評価
The trailing twelve-month P/E ratio is 32.68, while the forward P/E is 25.02, implying that the market expects earnings growth that will narrow the valuation multiple over the coming year. The price-to-book ratio stands at 17.98, indicating a significant market premium over the company's book value, which often reflects intangible assets like brand equity and distribution networks not fully captured on the balance sheet. Alternative valuation metrics such as the price-to-sales ratio of 3.53 and an EV/EBITDA of 21.52 suggest that the stock is priced on high revenue multiples and earnings before interest, taxes, depreciation, and amortization, consistent with a mature specialty chemical firm. The 52-week trading range spans from a low of $301.58 to a high of $379.65, providing a historical volatility context for current pricing. The beta value of 1.27 indicates that the stock's price volatility is 27% higher than the broader market, suggesting it reacts more sharply to market movements than a typical benchmark index. These valuation metrics collectively present a picture of a company with high growth expectations priced into its current multiple, yet supported by robust cash flow generation.
Growth & Income
Revenue growth year-over-year is 5.6%, while earnings growth year-over-year is 1.4%, indicating that earnings are expanding at a slower pace than revenue, which may imply margin compression or one-time costs impacting the bottom line. As a dividend payer, the company offers a dividend yield of 0.9% with a payout ratio of 30.8%, suggesting that the current dividend distribution is conservative and sustainable given the earnings base. The relatively low payout ratio allows the company to retain a majority of its earnings for reinvestment in growth initiatives rather than distributing them entirely to shareholders. Overall, the growth and income profile reflects a mature business with steady revenue expansion and a disciplined approach to capital allocation that balances modest shareholder returns with internal funding needs.