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SHERWIN WILLIAMS CO（SHW）の決算・業績分析

SHERWIN WILLIAMS COの2025年有価証券報告書をAI分析。売上高$23.6B(+2.1%)。Consumer Discretionary。

目次
SUMMARY — 業績サマリー

SHERWIN WILLIAMS COの2025年度 業績サマリー

SHERWIN WILLIAMS CO（証券コード: SHW）の2025年度決算・業績分析。売上高は$23.6B（前年比+2.1%）。純利益は$2.6B（前年比-4.2%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。

SHERWIN WILLIAMS COの2024年度 注目ポイント

※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。

  1. Revenue grew 11.1% YoY to $22.1B (XBRL), driven by strong demand across segments.
  2. Net income increased 8.4% YoY to $2.0B (XBRL), despite a 2.9% YoY decline in operating income.
  3. ROE reached 82.9% (XBRL), reflecting strong equity returns despite a 10.8% equity ratio.
  4. Net debt to EBITDA stood at 2.9x (XBRL), highlighting leverage risks despite robust cash flow.

SHERWIN WILLIAMS COの売上高変化の要因

  • •FY2024 revenue of $22.1B (XBRL) reflects an 11.1% YoY increase, with a 5.6% CAGR over five years (XBRL). Historical data shows consistent growth from $17.5B (FY2020) to $22.1B (FY2024), though operating income declined 2.9% YoY to $3.0B (XBRL). Segment-specific revenue breakdowns are not disclosed in the provided data (N/A).

SHERWIN WILLIAMS COの営業利益変化の要因

  • •Gross margin remained stable at 42.1% (XBRL), while operating margin fell to 13.5% (XBRL) from prior years. Net margin improved to 9.1% (XBRL), driven by an 8.4% YoY rise in net income to $2.0B (XBRL). EBITDA of $3.3B (14.7% margin) highlights operational efficiency despite declining operating income.

SHERWIN WILLIAMS COの事業リスクと対応

Adverse global economic conditions may reduce demand and impair liquidity (10-K).

High inflation and elevated mortgage rates could negatively impact housing and industrial markets (10-K).

Prolonged economic downturns in cyclical sectors (e.g., construction) may depress sales and earnings (10-K).

Interest rate fluctuations affect housing demand and mortgage markets (10-K).

Geopolitical tensions (e.g., Russia-Ukraine conflict) and trade policy shifts post-2024 elections pose risks to supply chains and tariffs (10-K).

SHERWIN WILLIAMS COの今後の見通し・業績予想

Forward-looking data is not explicitly provided in the 10-K. Historical time series projects FY2025 revenue at $23.1B (XBRL) and net income at $2.4B (XBRL), suggesting continued growth despite existing risks.

SHERWIN WILLIAMS COの事業内容

Sherwin-Williams develops, manufactures, distributes, and sells paint, coatings, and related products globally, targeting professional, industrial, commercial, and retail customers (10-K). Key segments include the Paint Stores Group (4,773 specialty stores), Consumer Brands Group (branded and private-label products), and Performance Coatings Group (industrial coatings). Competitive advantages include brand strength, extensive distribution networks, R&D capabilities, and intersegment synergies (10-K).

SHERWIN WILLIAMS COのAI業績分析レポート（2024年度）

Sherwin-Williams Co (SHW) FY2024 Annual Report Analysis

Highlights

•Revenue grew 11.1% YoY to $22.1B (XBRL), with a 5.6% CAGR over five years.
•Net income increased 8.4% YoY to $2.0B (XBRL), despite a 2.9% decline in operating income.
•ROE of 82.9% (XBRL) highlights strong equity returns, though net debt to EBITDA is 2.9x (XBRL).

Business Overview

Sherwin-Williams operates through three segments: Paint Stores Group (4,773 stores), Consumer Brands Group (branded products), and Performance Coatings Group (industrial coatings). Competitive advantages include brand strength, distribution networks, and R&D (10-K). Revenue grew to $22.1B (XBRL), with no significant customer concentration (10-K).

Revenue Analysis

FY2024 revenue of $22.1B (XBRL) reflects an 11.1% YoY increase. Historical data shows growth from $17.5B (FY2020) to $22.1B (FY2024), though operating income declined 2.9% YoY to $3.0B (XBRL). Segment-specific revenue data is not disclosed (N/A).

Profitability Analysis

Gross margin of 42.1% (XBRL) and net margin of 9.1% (XBRL) indicate strong profitability. Operating income fell 2.9% YoY to $3.0B (XBRL), but EBITDA of $3.3B (14.7% margin) highlights operational efficiency.

Balance Sheet Analysis

Equity ratio of 10.8% (XBRL) and current ratio of 0.99x (XBRL) suggest moderate liquidity. Long-term debt of $9.6B (XBRL) and net debt of $9.4B (2.9x EBITDA) indicate significant leverage. Cash reserves were $199M (XBRL).

Cash Flow Analysis

Operating cash flow of $1.9B (XBRL) supported $312M in free cash flow. Investing activities consumed $1.6B (XBRL), while financing activities included $618M in dividends and $883M in share repurchases (XBRL), resulting in a net outflow of $282M (XBRL).

Working Capital Analysis

Cash conversion cycle (CCC) of 48 days (XBRL) reflects 42 days receivables, 75 days inventory, and 69 days payables. Asset turnover of 0.98x (XBRL) indicates moderate efficiency.

Risks

•Adverse global economic conditions may reduce demand and impair liquidity (10-K).
•High inflation and elevated mortgage rates could negatively impact housing and industrial markets (10-K).
•Prolonged economic downturns in cyclical sectors may depress sales and earnings (10-K).
•Interest rate fluctuations affect housing demand and mortgage markets (10-K).
•Geopolitical tensions and trade policy shifts pose risks to supply chains and tariffs (10-K).

Outlook

Historical time series projects FY2025 revenue at $23.1B (XBRL) and net income at $2.4B (XBRL), suggesting continued growth despite existing risks.

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