{"schemaVersion":1,"research":true,"symbol":"shw","name":"Sherwin Williams Co","topic":"moat","path":"/stock/shw/moat","status":"published","version":3,"updatedAt":"2026-10-17T23:31:17.981Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Sherwin-Williams has an evidenced narrow moat centered on recognized brands, supported by its established store distribution network. Realized price increases in 2025 and second-quarter 2026, followed by positive volume growth and stable Paint Stores Group gross margin in the latter period, support current pricing power. The passages do not establish exceptional durability, customer lock-in, or a relative cost advantage sufficient for a wide moat. Demand cyclicality, acquisition effects and limited competitor comparisons constrain the assessment.","advantages":[{"mechanism":"intangible_assets","claim":"Recognized paint and coatings brands, supported by an established company store network, provide a current differentiation advantage. The issuer's brand-recognition assertion is corroborated indirectly by realized Paint Stores Group price increases across 2025 and second-quarter 2026. Second-quarter 2026 volume also increased, strengthening the evidence that pricing reflects more than contraction-driven revenue protection. Store scale supports distribution reach but does not independently establish lower costs or efficient scale.","durability":"The existing brand portfolio, intellectual property and 4,853-store Paint Stores Group footprint provide an established foundation. Fifteen consecutive years of consolidated sales growth offer supporting operating history, although acquisitions and pricing prevent interpreting that record as uninterrupted organic demand growth. Demonstrated durability of the specific competitive advantage remains moderate.","risks":"Numerous competitors compete on quality, innovation, expertise, service and price. Paint Stores Group volume declined in 2025 despite higher prices, and housing-related demand remained weak. Brand or intellectual-property impairment and failure to maintain product differentiation could erode the advantage; those disclosures identify possible risks rather than demonstrated losses. Performance Coatings pricing in second-quarter 2026 was primarily mix-related and should not be treated as equivalent evidence of like-for-like pricing power.","invalidation":"The thesis would be undermined by repeated price reversals or sustained volume and comparable-store declines after price increases, particularly if accompanied by evidence of customer substitution or lost competitive position. Persistent failure to preserve Paint Stores Group gross margin as input costs rise, without an acquisition or mix explanation, would also challenge the claimed pricing advantage.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8","e9","e10"],"counterEvidenceIds":["e4","e11","e12","e13","e14","e15"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business — Trademarks and Trade Names","excerpt":"Trademarks and Trade Names Customer recognition of trademarks and trade names owned or licensed by the Company collectively contribute significantly to our sales."},{"id":"e2","sourceId":"filing-1","location":"Risk factors — Intellectual property portfolio","excerpt":"We have numerous patents, trade secrets, trademarks, trade names copyrights and know-how that are valuable to our business."},{"id":"e3","sourceId":"filing-1","location":"Results of operations — Paint Stores Group year-end 2025 store count","excerpt":"The total number of stores in operation at December 31, 2025 was 4,853 in the United States, Canada and the Caribbean region."},{"id":"e4","sourceId":"filing-1","location":"Results of operations — 2025 Paint Stores Group price and volume","excerpt":"Net sales in the Paint Stores Group increased 3.2% primarily due to selling price increases, which impacted Net sales by a mid-single digit percentage, partially offset by a low-single digit decrease in sales volume."},{"id":"e5","sourceId":"filing-2","location":"Results of operations — Second-quarter 2026 Paint Stores Group price and volume","excerpt":"Net sales in the Paint Stores Group increased by 5.1% in the second quarter of 2026 primarily due to selling price increases, which impacted Net sales by a mid-single digit percentage, as well as low-single digit percentage sales volume growth."},{"id":"e6","sourceId":"filing-2","location":"Results of operations — Second-quarter 2026 comparable-store sales","excerpt":"Net sales from stores open for more than twelve calendar months increased by 4.2% in the second quarter of 2026 compared to last year’s comparable period."},{"id":"e7","sourceId":"filing-2","location":"Results of operations — Paint Stores Group gross-profit drivers","excerpt":"The Paint Stores Group’s Gross profit in the second quarter of 2026 was higher than the same period last year by $106.8 million due primarily to higher Net sales as a result of selling price increases and sales volume growth, partially offset by a moderate rise in raw material costs."},{"id":"e8","sourceId":"filing-2","location":"Results of operations — Paint Stores Group gross-margin stability","excerpt":"The Paint Stores Group’s Gross profit as a percent of Net sales was flat in the second quarter of 2026 compared to the same period last year for these same reasons."},{"id":"e9","sourceId":"filing-3","location":"Proxy — Financial and Operating Performance, sales history","excerpt":"Compared to the prior year, our consolidated net sales increased to a record $23.57 billion in 2025—marking our fifteenth consecutive year of increased net sales."},{"id":"e10","sourceId":"filing-1","location":"Results of operations — 2025 store openings and closures","excerpt":"During 2025, the Paint Stores Group opened 83 new stores and closed 3 locations for a net increase of 80 stores."},{"id":"e11","sourceId":"filing-1","location":"Business — Competition","excerpt":"Competition We experience competition from many local, regional, national and international competitors of various sizes in the manufacture, distribution and sale of our paint, coatings and related products."},{"id":"e12","sourceId":"filing-1","location":"Business — Paint Stores Group competitive factors","excerpt":"Product quality, product innovation, breadth of product line, technical expertise, service and price determine the competitive advantage for this segment."},{"id":"e13","sourceId":"filing-1","location":"Risk factors — Realized weakness in housing-related demand","excerpt":"Although the 6 Table of Contents Federal Reserve cut interest rates in 2025, mortgage rates have remained high and we have not experienced meaningful positive impacts on demand for our products that serve these segments of the economy to date."},{"id":"e14","sourceId":"filing-1","location":"Risk factors — Potential intellectual-property erosion","excerpt":"Our competitive position and the value of our products and brands could be reduced and our business adversely affected if we are unable to maintain or adequately protect our intellectual property."},{"id":"e15","sourceId":"filing-2","location":"Results of operations — Performance Coatings Group price, mix and volume","excerpt":"Net sales in the Performance Coatings Group increased by 6.3% in the second quarter of 2026 primarily due to selling price increases, mainly attributable to product mix, which impacted Net sales by a low-single digit percentage, low-single digit percentage sales volume growth and a 2.0% impact from favorable foreign currency translation."},{"id":"e16","sourceId":"filing-1","location":"Revenue recognition — Long-term supply agreement pricing terms","excerpt":"The remaining revenue is governed by long-term supply agreements and related purchase orders (contracts) that specify shipping terms and aspects of the transaction price including rebates, discounts and other sales incentives, such as advertising support."},{"id":"e17","sourceId":"filing-1","location":"Revenue recognition — Upfront customer incentives","excerpt":"The Company has made payments or given credits for various incentives at the beginning of a long-term contract where future revenue is expected and before satisfaction of performance obligations."},{"id":"e18","sourceId":"filing-2","location":"Results of operations — Consolidated gross margin and acquisition dilution","excerpt":"Consolidated Gross profit as a percent of consolidated Net sales in the second quarter of 2026 decreased slightly to 49.2% compared to 49.4% during the same period in 2025 primarily due to the dilutive impact of the Suvinil acquisition."},{"id":"e19","sourceId":"filing-2","location":"Cash Flow — First-half 2026 operating cash generation","excerpt":"Cash Flow Net operating cash for the six months ended June 30, 2026 was a source of $1.487 billion compared to a source of $1.052 billion for the same period in 2025."},{"id":"e20","sourceId":"filing-2","location":"Cash Flow — Working-capital and other operating cash drivers","excerpt":"The improvement in Net operating cash was primarily due to lower cash requirements for working capital, higher Net income, an increase in depreciation and a decrease in deferred income taxes."},{"id":"e21","sourceId":"filing-2","location":"Note 10 — Actual share repurchases and accelerated repurchase agreement","excerpt":"The table below summarizes the Company’s share repurchase activity: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Treasury stock purchases (in millions) $ 1,261.4 $ 518.5 $ 1,837.0 $ 870.2 Treasury stock purchases (in shares) 4,000,000 1,450,000 5,600,000 2,450,000 Average price per share $ 315.37 $ 357.57 $ 328.04 $ 355.17 16 In June 2026, the Company entered into an accelerated share repurchase agreement (ASR) with a third-party financial institution to repurchase 2.5 million shares of the Company’s outstanding common stock."},{"id":"e22","sourceId":"filing-2","location":"Note 10 — Actual first-half dividends","excerpt":"NOTE 10 - SHAREHOLDERS’ EQUITY Dividends The following table summarizes the dividends declared and paid on common stock: 2026 2025 Cash Dividend Per Share Total Dividends (in millions) Cash Dividend Per Share Total Dividends (in millions) First Quarter $ 0.80 $ 197.1 $ 0.79 $ 200.4 Second Quarter 0.80 197.5 0.79 197.9 Total $ 1.60 $ 394.6 $ 1.58 $ 398.3 Treasury Stock The Company acquires its common stock for general corporate purposes through its publicly announced share repurchase program."},{"id":"e23","sourceId":"filing-2","location":"Cash Flow — Financing uses and debt proceeds","excerpt":"Net financing cash usage increased $573.6 million in the first six months of 2026 compared to the same period in 2025 primarily due to an increase in treasury stock purchases, an increase in payments of long-term debt and a decrease in proceeds from real estate financing transactions, partially offset by an increase in proceeds from long-term debt."},{"id":"e24","sourceId":"filing-2","location":"Cash Flow — Trailing twelve-month operating, investing and financing cash flows","excerpt":"In the twelve month period from July 1, 2025 through June 30, 2026, the Company generated Net operating cash of $3.887 billion, used $1.887 billion in investing activities and used $1.952 billion in financing activities."},{"id":"e25","sourceId":"filing-1","location":"Note 12 — Share issuance, repurchases and outstanding share count","excerpt":"79 Table of Contents Shares in Treasury Shares Outstanding Balance at January 1, 2023 14,717,347 258,875,999 Shares issued for exercise of option rights — 1,081,815 Shares tendered as payment for option rights exercised 10,467 (10,467) Shares issued for vesting of restricted stock units — 302,713 Shares tendered in connection with vesting of restricted stock units 106,770 (106,770) Treasury stock purchased 5,600,000 (5,600,000) Balance at December 31, 2023 20,434,584 254,543,290 Shares issued for exercise of option rights — 1,879,285 Shares tendered as payment for option rights exercised 11,884 (11,884) Shares issued for vesting of restricted stock units — 122,276 Shares tendered in connection with vesting of restricted stock units 41,867 (41,867) Treasury stock purchased 5,200,000 (5,200,000) Balance at December 31, 2024 25,688,335 251,291,100 Shares issued for exercise of option rights — 1,103,257 Shares tendered as payment for option rights exercised 7,885 (7,885) Shares issued for vesting of restricted stock units — 176,018 Shares tendered in connection with vesting of restricted stock units 61,027 (61,027) Treasury stock purchased 4,800,000 (4,800,000) Treasury stock retired (29,491,963) — Balance at December 31, 2025 1,065,284 247,701,463 Treasury Stock The Company acquires its common stock for general corporate purposes through its publicly announced share repurchase program."},{"id":"e26","sourceId":"filing-3","location":"Executive Compensation — 2025 long-term incentive allocation","excerpt":"Type of Equity Award % Allocation PRSUs Adjusted EPS Goal 40% Adjusted RONAE Goal 20% Stock Options 40% We believe this mix of equity awards provides an appropriate balance aligning executive interests with those of our shareholders, encouraging executive retention, and rewarding executives for sustained performance results."},{"id":"e27","sourceId":"filing-3","location":"Outstanding Equity Awards — Actual February 2026 performance-award vesting","excerpt":"} 55 Sherwin-Williams 2026 Proxy Statement 3.Amounts reflect 200% of the target number of PRSUs granted February 14, 2023 that vested in February 2026, based upon achievement of the Adjusted EPS and Adjusted RONAE performance goals for the three-year performance period that ended December 31, 2025."},{"id":"e28","sourceId":"filing-3","location":"Executive Compensation — Performance-conditioned dividend equivalents","excerpt":"The payment of dividend equivalents on unvested PRSUs is deferred, and dividend equivalents are paid only if and to the extent the PRSUs vest based on the achievement of the performance goals."},{"id":"e29","sourceId":"filing-3","location":"Proxy — Governance practices and ownership guidelines","excerpt":"{ Annual election of all directors { Robust independent lead director role and governance responsibilities { Orientation program for new directors { Majority voting standard and resignation policy for directors in uncontested elections { Board committees entirely composed of independent directors { Annual board and committee self- assessments { Director overboarding policy { Executive sessions of non-management directors are held in connection with each regularly scheduled Board meeting { Directors have complete access to management { Proxy access rights available to 3-year ownership, 3% shareholders, for up to 20% of the Board { Board and committee oversight of risk exposures { Prohibition on hedging and pledging of our securities { 8 out of 9 director nominees are independent { Mandatory retirement age of 72 for directors { Significant director and executive stock ownership guidelines { No supermajority voting requirements in our governance documents } 8 Sherwin-Williams 2026 Proxy Statement Executive Compensation Our Compensation Objectives We design and manage our Company-wide compensation programs to align with our overall business strategy and to focus our employees on delivering sustained financial and operating results, and creating value for our shareholders on a consistent, long-term basis."},{"id":"e30","sourceId":"filing-3","location":"Corporate Governance — Director resignation requirement","excerpt":"Any incumbent nominee for director in an uncontested election who receives a greater number of “against” votes than “for” votes shall continue to serve on the Board pursuant to Ohio law, but is required to promptly tender his or her resignation to the Board under our Corporate Governance Guidelines."},{"id":"e31","sourceId":"filing-3","location":"Corporate Governance — Board discretion over tendered resignations","excerpt":"The Nominating Committee will promptly consider the tendered resignation and will recommend to the Board whether to accept the tendered resignation or to take some other action, such as rejecting the tendered resignation and addressing the apparent underlying causes of the vote result."},{"id":"e32","sourceId":"filing-3","location":"Corporate Governance — Equal voting rights","excerpt":"•One Share, One Vote. We have equal voting rights for all of our shareholders."},{"id":"e33","sourceId":"filing-1","location":"Financial reporting oversight — Independent Audit Committee","excerpt":"The Board of Directors fulfills its responsibility for the oversight of the Company’s accounting policies and procedures, financial statement preparation and internal control over financial reporting through the Audit Committee, comprised exclusively of independent directors."},{"id":"e34","sourceId":"filing-3","location":"Annual meeting agenda — Proposed special-meeting threshold amendment","excerpt":"EDT Virtual Meeting Website: www.virtualshareholdermeeting.com/SHW2026 Record Date: Close of business on February 25, 2026 Agenda 1.Election of 9 directors 2.Advisory approval of the compensation of the named executive officers 3.Ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm 4.Advisory approval of management proposal to amend shareholders’ ability to call a special meeting to a 25% ownership threshold 5.Shareholder proposal regarding shareholder ability to call a special meeting 6.Transaction of such other business as may properly come before the Annual Meeting FIND MORE DETAILS ON HOW TO VOTE ON PAGE 78 Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to Be Held on April 22, 2026."},{"id":"e35","sourceId":"filing-2","location":"Summary — First-half 2026 sales, earnings and operating cash results","excerpt":"SUMMARY •Consolidated Net sales increased 7.5% to $6.789 billion in the quarter and increased 7.2% to $12.456 billion in the year to date period ◦Net sales from stores in the Paint Stores Group open more than twelve calendar months increased 4.2% and 3.4% in the quarter and year to date period, respectively •Diluted net income per share increased 14.3% to $3.43 per share in the quarter compared to $3.00 per share in the second quarter of 2025 and increased 11.6% to $5.58 per share in the year to date period compared to $5.00 per share in the year to date period of 2025 ◦Adjusted diluted net income per share increased 9.5% to $3.70 per share in the quarter compared to $3.38 per share in the second quarter of 2025 and increased 7.7% to $6.05 per share in the year to date period compared to $5.62 per share in the year to date period of 2025 •Generated Net operating cash of $1.487 billion in the year to date period compared to $1.052 billion in the year to date period of 2025 OUTLOOK In an uncertain demand environment given current customer sentiment, our growth investments and execution on our differentiated strategy, Success by Design, continued to yield positive results."},{"id":"e36","sourceId":"filing-2","location":"Results of operations — Consumer Brands acquisition-led sales growth","excerpt":"Net sales in the Consumer Brands Group increased by 21.5% in the second quarter of 2026 primarily as a result of the acquisition of Suvinil, increased Net sales in North America and a 1.6% impact from favorable foreign currency translation."},{"id":"e37","sourceId":"filing-1","location":"Risk factors — Historical raw-material and energy cost movements","excerpt":"Following two years of historic inflation, certain raw material and energy prices decreased in 2023 and 2024, and remained flat in 2025, particularly resins and solvents derived from petrochemical feedstock sources such as propylene and ethylene."},{"id":"e38","sourceId":"filing-1","location":"Financial reporting responsibility — Combined chair and chief executive roles","excerpt":"Heidi G. Petz Chair, President and Chief Executive Officer Benjamin E."}],"changes":["No comparable previous version; previous accepted analysis is null."],"limitations":["The assessment uses only supplied passages from filings dated February 19, March 11 and July 28, 2026; each source date has dateKind filed. Latest operating evidence covers June 30, 2026.","Competitive disclosures identify generic categories rather than named product-market rivals. Entities named in litigation or compensation-adviser passages are not established as current product competitors, so competitor arrays remain empty.","Brand importance and differentiation are issuer assertions. Reported pricing, volume, store and cash-flow outcomes provide corroboration, but do not isolate the causal contribution of brand strength or demonstrate relative market-share gains.","The passages do not establish relative unit costs, network effects, market exclusivity, customer qualification barriers or material switching costs. Store count alone proves none of these mechanisms.","Customer retention is assessed indirectly from aggregate volume and comparable-store sales. Customer-level retention, repeat-purchase rates and switching behavior are not supplied.","Long-term supply agreement terms are disclosed, but their revenue coverage, repricing rights, duration and termination protections are not established by these passages.","Actual compensation grants, vesting and governance policies are supplied, but individual executive ownership and compliance with ownership guidelines are not. The proposed special-meeting amendment is not treated as adopted.","Acquisition returns, complete capital-expenditure detail and repurchase valuation evidence are insufficient to establish exceptional capital allocation. Interim operating results are unaudited."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Recognized brands and an established store footprint are supported by realized price increases and subsequent positive volume growth. This supports a current differentiation advantage, without proving relative cost leadership or customer lock-in.","evidenceIds":["e1","e2","e3","e4","e5"]},{"criterion":"durability","grade":2,"rationale":"Existing intellectual property, store expansion and a long sales-growth record support persistence. The record does not separate acquisition, price and organic volume contributions over time, while numerous competing offerings constrain confidence in long-run protection.","evidenceIds":["e2","e3","e9","e10","e11"]},{"criterion":"customer_dependency","grade":2,"rationale":"Positive second-quarter 2026 volume and comparable-store growth after price increases provide indirect evidence of continuing customer demand. Prior-year volume contraction and customer incentives temper that inference; material switching costs and customer-level dependency are unproven.","evidenceIds":["e4","e5","e6","e16","e17"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Recent price and volume gains with stable Paint Stores Group gross margin show resistance to moderate input inflation. Earlier volume declines, weak housing demand and broad competition leave resilience through a prolonged adverse cycle only partly demonstrated.","evidenceIds":["e4","e5","e7","e8","e11","e13"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Paint Stores Group realized mid-single-digit pricing contributions in 2025 and second-quarter 2026. The latter also delivered volume growth. Performance Coatings pricing was primarily mix-related, limiting extrapolation across the company.","evidenceIds":["e4","e5","e15"]},{"criterion":"retention","grade":2,"rationale":"Retention is assessed indirectly: second-quarter 2026 price increases coincided with positive volume and comparable-store growth, supporting continued demand. The 2025 volume decline and absence of customer-level data prevent a strong conclusion about repeat buying or price elasticity.","evidenceIds":["e4","e5","e6"]},{"criterion":"margin_resilience","grade":3,"rationale":"Paint Stores Group maintained its second-quarter gross-margin percentage while raw-material costs rose moderately, supported by price and volume gains. Consolidated margin slipped slightly because of acquisition dilution. Earlier flat or declining input costs limit evidence of resilience against severe inflation.","evidenceIds":["e7","e8","e18","e37"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Implemented price increases demonstrate practical pricing discretion in Paint Stores Group. Other revenue is subject to supply agreements specifying transaction-price components, rebates and discounts, with upfront incentives also disclosed. Contract coverage and unilateral repricing rights remain unclear.","evidenceIds":["e4","e5","e16","e17"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash generation improved and the outstanding share count declined after issuance and repurchases. However, first-half 2026 repurchases of $1.837 billion plus $394.6 million of dividends exceeded $1.487 billion of operating cash before investing needs, alongside increased debt proceeds. The cash record supports a mixed assessment; acquisition returns and repurchase value creation are unproven.","evidenceIds":["e19","e20","e21","e22","e23","e24","e25"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual long-term awards combine adjusted EPS, adjusted return on net assets employed and stock options. The 2023–2025 performance awards actually vested in February 2026 based on three-year outcomes, and dividend equivalents depend on vesting. These are implemented arrangements, although adjusted metrics, option incentives and unverified individual ownership limit conclusions about exceptional alignment.","evidenceIds":["e26","e27","e28","e29"]},{"criterion":"execution","grade":3,"rationale":"Store expansion, realized pricing, recent positive volume, comparable-store growth and higher first-half earnings and operating cash provide strong operating evidence. Execution is assessed indirectly from results; working-capital effects and acquisition-led Consumer Brands growth limit attribution to management skill.","evidenceIds":["e5","e6","e10","e19","e20","e35","e36"]},{"criterion":"governance","grade":3,"rationale":"Disclosed annual elections, independent committees, equal voting rights, proxy access and an independent Audit Committee provide substantial governance safeguards. Combined chair and CEO roles and discretion to reject a tendered director resignation are counterweights. The proposed special-meeting threshold amendment is not counted as enacted.","evidenceIds":["e29","e30","e31","e32","e33","e34","e38"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"7e37df0a2f569694de6c27ee0515b99f25349f94bc6cb62c1a2bb12b364c2c9b","updatedAt":"2026-10-17T23:31:17.981Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/89800/000008980026000008/shw-20251231.htm","publishedAt":"2026-02-19","sha256":"4fb7622a8aef4e9e50e13866ec17d7213bdeeeef3e27bff756025dd252d17286","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/89800/000008980026000049/shw-20260630.htm","publishedAt":"2026-07-28","sha256":"a049c7bbf78656028167242ef4dc6dc1cb80a9086299ad3fcb5d193a1677c579","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/89800/000008980026000025/shw-20260310.htm","publishedAt":"2026-03-11","sha256":"ef0b910aaf63b9af83dbeaa279cac1c8b5d3b65e144b1df56a79cd64b23eb46f","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:f15f316db49c5260049d54724ce7d6d0d11a8c2fa6963246ca813057162c60fc","usage":{"input_tokens":54142,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":4261,"reasoning_output_tokens":157}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":42.8321450417657,"operating_margin":15.461327878222678,"roic":21.702117343359554,"fcf_margin":9.389007550916038,"sbc_revenue":0.48985690362303586},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":42.10186510391035,"operating_margin":15.338007756592875,"roic":21.034230482233056,"fcf_margin":5.7582995092307065,"sbc_revenue":0.45013522116222476},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":46.66903812700905,"operating_margin":18.05360946386198,"roic":23.889164491292007,"fcf_margin":11.424220996967712,"sbc_revenue":0.5027785128340831},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":48.46678355737385,"operating_margin":null,"roic":null,"fcf_margin":9.018767452431975,"sbc_revenue":0.5978743208433448},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":48.84768582736285,"operating_margin":null,"roic":null,"fcf_margin":11.2580225075612,"sbc_revenue":0.5238755763691817},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/89800/000008980026000008/shw-20251231.htm","publishedAt":"2026-02-19","sha256":"4fb7622a8aef4e9e50e13866ec17d7213bdeeeef3e27bff756025dd252d17286","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/89800/000008980026000049/shw-20260630.htm","publishedAt":"2026-07-28","sha256":"a049c7bbf78656028167242ef4dc6dc1cb80a9086299ad3fcb5d193a1677c579","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/89800/000008980026000025/shw-20260310.htm","publishedAt":"2026-03-11","sha256":"ef0b910aaf63b9af83dbeaa279cac1c8b5d3b65e144b1df56a79cd64b23eb46f","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}