Sherwin Williams Co. (SHW) intrinsic value & 10-year financials
Sherwin Williams Co. (SHW) has a Graham intrinsic value of $216.87 per share. At $335.20 on Oct 17, 2026, the stock trades 55% above that value. Over the last 10 fiscal years revenue grew 7.9% a year to $23.6B, with an average return on invested capital of 23.2%.
- Graham intrinsic value
- $216.87
- Share price (Oct 17, 2026)
- $335.20
- Price vs Graham value
- 55% above
- Market cap
- $83.9B
- Revenue (FY2025)
- $23.6B
- Revenue growth (10-yr CAGR)
- 7.9%
- ROIC (10-yr avg)
- 23.2%
- Free cash flow (FY2025)
- $2.7B
SHW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $23.6B | $2.6B | $10.26 | $2.7B | — | 16.8% |
| FY2024 | $23.1B | $2.7B | $10.55 | $2.1B | — | 18.3% |
| FY2023 | $23.1B | $2.4B | $9.25 | $2.6B | 18.1% | 22.5% |
| FY2022 | $22.1B | $2.0B | $7.72 | $1.3B | 15.3% | 20.1% |
| FY2021 | $19.9B | $1.9B | $6.98 | $1.9B | 15.5% | 19.9% |
| FY2020 | $18.4B | $2.0B | $7.36 | $3.1B | 18.4% | 20.2% |
| FY2019 | $17.9B | $1.5B | $5.50 | $2.0B | 15.7% | 16.5% |
| FY2018 | $17.5B | $1.1B | $3.89 | $1.7B | 14.9% | 16.4% |
| FY2017 | $15.0B | $1.8B | $6.22 | $1.7B | 15.3% | 28.2% |
| FY2016 | $11.9B | $1.1B | $4.00 | $1.1B | 18.3% | 53.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Sherwin-Williams has demonstrated mature, steady growth, with revenue compounding at 7.9% annually over the past decade.
Sherwin-Williams has earned high returns on invested capital, averaging 23.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Sherwin-Williams shows that management has aggressively returned capital to shareholders by retiring 11.7% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Sherwin-Williams is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $216.87 per share.