# Sherwin-Williams (SHW) Forecast Calculator

Interactive five-year financial forecast and DCF for Sherwin-Williams. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/sherwin-williams/forecast
- Industry: Materials
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 17900800000 | 1992400000 | 3070900000 | 1541300000 |
| 2022 | 18361700000 | 3104800000 | 3641800000 | 2030400000 |
| 2023 | 19944600000 | 1872600000 | 3346800000 | 1864400000 |
| 2024 | 22148900000 | 1275400000 | 2837100000 | 2020100000 |
| 2025 | 23051900000 | 2633500000 | 3402200000 | 2388800000 |

## Frequently asked questions

### What is Sherwin-Williams' primary business model and what products does it offer?

The Sherwin-Williams Company is a global leader in the development, manufacture, distribution, and sale of paint, coatings, and related products. It operates a vertically integrated business model, serving a wide range of professional, industrial, commercial, and retail customers.

### How does Sherwin-Williams generate its revenue across its different segments?

Sherwin-Williams generates a majority of its revenue through its Paint Stores Group, which operates over 4,900 company-owned stores primarily in North America. Additional revenue comes from its Performance Coatings Group, supplying highly engineered solutions globally, and its Consumer Brands Group, which sells branded products through mass merchandisers and home centers.

### What is a key assumption for capital expenditures in the Sherwin-Williams financial model?

A key assumption in the financial model for Sherwin-Williams is that capital expenditures represent approximately 2.4% of revenue. This allocation supports both maintenance activities, such as plant upkeep and IT, and growth initiatives like new store openings and plant expansions.

### What factors are considered when evaluating the equity valuation of Sherwin-Williams?

The financial model evaluates Sherwin-Williams' equity valuation and cash flow generation by forecasting the impact of several key factors. These include raw material cost cycles, dynamics within the housing market, and the effects of strategic acquisitions on the company's operating segments.

### Can I download an Excel financial model for Sherwin-Williams?

Yes, an Excel financial model for The Sherwin-Williams Company (SHW) is available for download. This model provides a detailed forecast horizon spanning from fiscal year 2026 through fiscal year 2030.

### What is the significance of goodwill and intangible assets on Sherwin-Williams' balance sheet?

Goodwill and intangible assets are highly material for Sherwin-Williams, typically accounting for 40-50% of its total assets. This significant proportion is primarily a result of major acquisitions, such as the transformational Valspar acquisition in 2017 and subsequent strategic bolt-on deals.