Has Warren Buffett, the 'Oracle of Omaha,' taken an interest in Sherwin-Williams?

Data shows that U.S.-based Sherwin-Williams achieved full-year 2018 sales of $17.53 billion, up 17% year-on-year; EBITDA (earnings before interest, taxes, depreciation, and amortization) totaled $2.32 billion, up 4.4%; and net operating cash flow reached $1.94 billion. The company operates three major business segments: the Americas Group (accounting for 55% of sales), the Consumer Brands Group (16%), and the Performance Coatings Group (29%). Specifically, the Americas Group generated $9.63 billion in sales, up 5.6%; the Consumer Brands Group posted $2.74 billion, up 27.1%; and the Performance Coatings Group recorded $5.17 billion, up 39.4%. Benefiting from robust economic growth and a booming real estate market, Sherwin-Williams has delivered outstanding performance over the past decade: revenue grew at a compound annual growth rate (CAGR) of 6.47%, while earnings per share (EPS) surged at a CAGR of 14.79%. Following its acquisition of Valspar in late 2017, Sherwin-Williams saw substantial increases in both revenue and EPS. Moreover, examining profitability and free cash flow reveals that Sherwin-Williams’ operating margin had been steadily rising prior to the Valspar acquisition. Although it has declined somewhat in recent years, given management’s long-standing track record of consistently expanding margins, Coating Economics believes the operating margin will rebound in the coming years as synergies from the Valspar integration are fully realized. Meanwhile, Sherwin-Williams’ initiatives to improve cash conversion have yielded results: its cash conversion rate currently stands at 11%. Backed by strong revenue growth, its free cash flow has risen from $759 million a decade ago to $1.6 billion today. In terms of cash return on invested capital (CROCI), Sherwin-Williams has also performed exceptionally well—averaging 45% over the past ten years. This figure dropped sharply in 2017 due to the Valspar transaction; however, it is expected to rebound in the coming years. Historically, Sherwin-Williams carried virtually no debt—but the Valspar acquisition pushed its long-term debt above $11.7 billion. While its leverage ratio—exceeding four times EBITDA—represents a concerning financial position, Sherwin-Williams has already begun deleveraging, and the ratio is now trending downward. Its long-term target leverage ratio is 2.0–2.5x EBITDA. Despite its current heavy debt burden, Sherwin-Williams’ robust cash flow positions it well to rapidly strengthen its balance sheet. 'Over the past decade, Sherwin-Williams delivered total returns exceeding 560%, far outpacing the S&P 500’s 190% gain over the same period. If any stock can replicate this performance over the next ten years, Sherwin-Williams must be at the top of the list,' noted a U.S. equity analyst. Sherwin-Williams is undoubtedly a long-term dividend champion—having raised its dividend for 40 consecutive years. Over the past decade, its dividend grew at a strong CAGR of 10.4%. With additional profits contributed by Valspar, dividend growth is expected to accelerate further in the coming years. Investors anticipate the dividend per share will reach approximately $6.15 by 2020.

Ranking | Top Ten Global Paint Manufacturers: No Chinese Companies Make the List; the Top-Ranked Firm’s Revenue Exceeds RMB 140 Billion

Nippon Paint remains ranked fourth globally and first in Asia, with last year’s sales reaching $9.769 billion, up 1.59% year-on-year. This growth was primarily driven by its acquisition of AOC in March last year for $2.194 billion. Founded in August 2021 and headquartered in Tennessee, USA, AOC is a global leader in CASE (Coatings, Adhesives, Sealants, and Elastomers) and colorant solutions, operating 14 production facilities. In just 10 months of consolidated reporting, AOC contributed 8.9% of Nippon Paint’s group revenue, with an impressive operating margin of 34.1%, becoming a key driver behind the group’s overall margin improvement. Despite experiencing negative growth, China remains Nippon Paint’s largest single market, accounting for 26.5% of group revenue—and remains a vital source of profit. Revenue contributions from other regions—Nipsei Group (excluding China), Dulux Group, Japan, and the Americas—stood at 23.5%, 22.8%, 11.6%, and 6.7%, respectively. AkzoNobel ranks third, with sales rising 2.49% year-on-year to $11.514 billion. On November 18, 2025, this Dutch company announced a merger agreement with Axalta. If successfully completed by late 2026 or early 2027, the combined entity would surpass PPG to become the world’s second-largest paint manufacturer, achieving leadership across multiple segments—including automotive coatings, architectural coatings, industrial coatings, and marine coatings. PPG ranks second, with sales of $14.605 billion. Established in 1883 and headquartered in Pittsburgh, Pennsylvania, USA, PPG operates and conducts R&D in over 50 countries worldwide, maintaining dominance in the industrial coatings sector. Since establishing its first factory in Tianjin in 1994, PPG has cultivated a deep presence in China for over three decades, now operating 20 manufacturing bases and eight R&D and technical support centers—building a complete industry chain covering R&D, manufacturing, and technical services. Sherwin-Williams retains the global No. 1 position for the seventh consecutive year, with sales of $21.217 billion (approximately RMB 144.5 billion), down 8.15% year-on-year. This decline stems mainly from the exclusion of revenues from painting tools and other non-paint businesses. As a result, its market share fell from 11.41% to 10.54%—yet its lead remains unassailable.

Sherwin-Williams Company Price to Book Forward Data

Jun 26, 2026

Sherwin-Williams Co (NYSE:SHW) financial data reports the Price to Book Forward metric, supplied by ICE Data Services and FactSet Research Systems Inc.

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2026-06-25

Enterprise Value to EBIT Forward of Sherwin-Williams Company – MUN:SJ3

2026-06-26

Enterprise Value to Revenue Forward of The Sherwin-Williams Company (NYSE: SHW)

2026-06-26

Sherwin-Williams Company Price to Book Forward Data

2026-10-23

Sherwin-Williams Company Estimates – HAM:SJ3

Sherwin-Williams Company Price to Book Forward Data

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