Company Reports

Sherwin-Williams is the largest global manufacturer of paints and coatings. The company operates a vertically integrated business model spanning product development, manufacturing, distribution, and retail sales. Sherwin serves customers ranging from professional painters and do-it-yourself consumers to industrial manufacturers. Over 80% of the company’s revenue is generated in North America, with much of its international presence stemming from the 2017 acquisition of Valspar.

Sherwin-Williams delivered strong second-quarter results despite little improvement in underlying paint demand. Net sales increased 7.5% to $6.79 billion, while diluted earnings per share rose 14.3% to $3.43.

Sherwin-Williams is the largest global manufacturer of paints and coatings. The company operates a vertically integrated business model spanning product development, manufacturing, distribution, and retail sales. Sherwin serves customers ranging from professional painters and do-it-yourself consumers to industrial manufacturers. Over 80% of the company’s revenue is generated in North America, with much of its international presence stemming from the 2017 acquisition of Valspar.

We are transferring coverage of Sherwin-Williams, the largest global producer of paints and coatings. The company stands out in the industry for its strong product quality, pricing power, and differentiated go-to-market strategy, which support durable long-term growth.

Sherwin-Williams is the largest global manufacturer of paints and coatings. The company operates a vertically integrated business model spanning product development, manufacturing, distribution, and retail sales. Sherwin serves customers ranging from professional painters and do-it-yourself consumers to industrial manufacturers. Over 80% of the company’s revenue is generated in North America, with much of its international presence stemming from the 2017 acquisition of Valspar.

First-quarter net sales rose 6.8% over 2025, driven in part by an acquisition, foreign exchange, and importantly by pricing increases in its paint stores amid sluggish demand and flat or declining sales volume throughout most of its businesses. Consolidated operating margin stayed above 12%.

2025 net sales for Sherwin-Williams were 2.1% higher than a year ago, driven by pricing power in its paint stores amid sluggish demand and flat or declining sales volume throughout most of its businesses.

Sherwin-Williams is the largest provider of architectural paint in the United States. The company has nearly 5,000 stores and sells premium paint at higher price points than most competitors. It also sells its products in big-box stores and provides coatings for original equipment manufacturers. More than three-fourths of Sherwin's business is in North America, with much of its international exposure acquired during the 2017 purchase of Valspar. That acquisition has bolstered the company's previously modest retail presence, as Valspar’s long-standing relationship with Lowe’s led to an exclusive partnership for Sherwin in 2018. Sherwin also obtained Valspar’s industrial business, expanding its performance coatings segment.

Net sales for Sherwin-Williams rose 3% year over year from the third quarter a year ago, driven by strong gains in the paint stores group that offset a decline in the consumer brands group.

Sherwin-Williams is the largest provider of architectural paint in the United States. The company has over 5,000 stores and sells premium paint at higher price points than most competitors. Sherwin-Williams also sells its products in big-box stores and provides coatings for original equipment manufacturers. More than three fourths of Sherwin's business occurs in North America, with much of its international exposure acquired during the 2016 purchase of Valspar. The acquisition of Valspar has bolstered its previously modest retail presence, as Valspar’s long-standing relationship with Lowe’s led to an exclusive partnership for Sherwin in 2018. Sherwin also obtained Valspar’s industrial business, expanding its performance coatings segment.

Sherwin-Williams is the largest provider of architectural paint in the United States. The firm has over 5,000 stores and sells premium paint at higher price points than most competitors. Sherwin-Williams also sells its products in big-box stores and provides coatings for original equipment manufacturers. More than three fourths of Sherwin's business occurs in North America, with much of its international exposure acquired during the 2016 purchase of Valspar. The acquisition of Valspar has bolstered its previously modest retail presence, as Valspar’s long-standing relationship with Lowe’s led to an exclusive partnership for Sherwin in 2018. Sherwin also obtained Valspar’s industrial business, expanding its performance coatings segment.

Net sales for Sherwin-Williams rose almost 1% year over year from the second quarter a year ago as gains in the paint stores group, driven mainly by higher selling prices, offset declines in the consumer brands and performance coatings groups.

Sherwin-Williams is the largest provider of architectural paint in the United States. The company has over 5,000 stores and sells premium paint at higher price points than most competitors. Sherwin-Williams also sells its products in big-box stores and provides coatings for original equipment manufacturers. More than three fourths of Sherwin's business occurs in North America, with much of its international exposure acquired during the 2016 purchase of Valspar. The acquisition of Valspar has bolstered its previously modest retail presence, as Valspar’s long-standing relationship with Lowe’s led to an exclusive partnership for Sherwin in 2018. Sherwin also obtained Valspar’s industrial business, expanding its performance coatings segment.

Wide-moat Sherwin-Williams reported first-quarter results that were largely in line with our expectations. Net sales declined 1% year over year, as growth in the paint stores group was offset by weakness in the consumer brands and performance coatings groups. The paint stores group continues to impress as demand for Sherwin's paint products in residential and commercial end markets drives growth. While the threat of tariffs and a slowdown in GDP growth remain a concern for Sherwin, the company's direct exposure to tariffs is limited as it produces most paints and coatings in the regions where they are sold. As such, we've increased our fair value estimate to $258 from $247 per share.

Sherwin-Williams is the largest provider of architectural paint in the United States. The firm has over 5,000 stores and sells premium paint at higher price points than most competitors. Sherwin-Williams also sells its products in big-box stores and provides coatings for original equipment manufacturers. More than three fourths of Sherwin's business occurs in North America, with much of its international exposure acquired during the 2016 purchase of Valspar. The acquisition of Valspar has bolstered its previously modest retail presence, as Valspar’s long-standing relationship with Lowe’s led to an exclusive partnership for Sherwin in 2018. Sherwin also obtained Valspar’s industrial business, expanding its performance coatings segment.

Wide-moat Sherwin-Williams reported solid fourth-quarter results as residential repaint markets remained resilient. Net sales rose 1% year over year as gains in the company's paint stores group were somewhat offset by declines in the consumer brands and performance coatings segments. Consolidated operating margins expanded 100 basis points from a year ago as all three segments experienced margin expansion. We continue to be impressed by the strength of Sherwin's paint stores segment and the company's ability to drive price increases for architectural paint. While some headwinds in general industrial and automotive remain, we think Sherwin is set up well to capitalize on architectural coating demand this year. As such, we expect to raise our $242 fair value estimate a mid-single-digit percentage.

Wide-moat Sherwin-Williams reported third-quarter results that were largely in line with our expectations. Net sales rose 0.7% year over year as growth in the paint stores group was offset by lower sales in the consumer brands and performance coatings segments. Sherwin experienced strong demand in some end markets, such as packaging and residential repaint, but headwinds remain in DIY and general industrial end markets. That said, we expect resilient residential repaint markets will continue to buoy Sherwin’s results for the remainder of the year. As such, we've increased our fair value estimate to $242 from $233 per share.

Sherwin-Williams is the largest provider of architectural paint in the United States. The company has over 5,000 stores and sells premium paint at higher price points than most competitors. Sherwin-Williams also sells its products in big-box stores and provides coatings for original equipment manufacturers. More than three fourths of Sherwin's business occurs in North America, with much of its international exposure acquired during the 2016 purchase of Valspar. The acquisition of Valspar has bolstered its previously modest retail presence, as Valspar’s long-standing relationship with Lowe’s led to an exclusive partnership for Sherwin in 2018. Sherwin also obtained Valspar’s industrial business, expanding its performance coatings segment.

Wide-moat Sherwin-Williams reported solid second-quarter results that were ahead of our expectations. While net sales grew only 0.5%, the company reported a 20% operating margin, up 220 basis points from a year ago. All three segments reported operating margin expansion year over year and sequentially, largely due to higher selling prices and moderating raw material costs. Do-it-yourself and general industrial end markets remained constrained, but Sherwin experienced solid growth across much of its portfolio in the quarter, led by residential repaint and new residential construction. As such, we've increased our fair value estimate to $233 from $219 per share.

Sherwin-Williams is the largest provider of architectural paint in the United States. The firm has over 5,000 stores and sells premium paint at higher price points than most competitors. Sherwin-Williams also sells its products in big-box stores and provides coatings for original equipment manufacturers. More than three fourths of Sherwin's business occurs in North America, with much of its international exposure acquired during the 2016 purchase of Valspar. The acquisition of Valspar has bolstered its previously modest retail presence, as Valspar’s long-standing relationship with Lowe’s led to an exclusive partnership for Sherwin in 2018. Sherwin also obtained Valspar’s industrial business, expanding its performance coatings segment.