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Sherwin-Williams Co SHW

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Sherwin-Williams Reports Flat Revenue Growth in Q3; Supply Chain and Inflation Headwinds Persist

Analyst Note

| Brian Bernard, CFA, CPA |

Narrow-moat Sherwin-Williams reported third-quarter results that were mostly in line with our expectations. Revenue increased 0.5% on a year-over-year basis to approximately $5.2 billion (down roughly 4% sequentially), led by volume growth in the performance coatings group. Sherwin, like most of its competitors, is facing increased inflationary and supply chain challenges that have constrained sales and weighed on margins. On the supply chain front,  some of Sherwin’s customers are facing component shortages that have reduced their output. Sherwin is experiencing similar issues as it’s unable to secure enough raw materials to meet demand. Raw material availability continues to contribute to a growing backlog that most likely will not be fulfilled until 2022.

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Company Profile

Business Description

Sherwin-Williams is the largest provider of architectural paint in the United States. The company has approximately 4,800 stores and sells premium paint at higher price points than most competitors. Sherwin-Williams also sells paint-related products in big-box stores and provides coatings for original equipment manufacturers.

101 West Prospect Avenue
Cleveland, OH, 44115-1075
T +1 216 566-2000
Sector Basic Materials
Industry Specialty Chemicals
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 61,031