SHERWIN WILLIAMS CO (SHW)

The Sherwin-Williams Company, founded in 1866 and incorporated in Ohio in 1884, develops, manufactures, distributes and sells paint, coatings and related products. It serves professional, industrial, commercial and retail customers, primarily in North and South America, with additional operations in the Caribbean region, Europe, Asia and Australia. The company describes itself as a leading manufacturer and retailer of paint and coatings, and it had 64,249 employees worldwide at December 31, 2025.

The company has three reportable segments. The Paint Stores Group had 4,853 company-operated specialty paint stores in the United States, Canada and the Caribbean region at year-end 2025. They sell Sherwin-Williams and other controlled brand architectural paint and coatings, protective and marine products, OEM product finishes and related products, along with select purchased associated products. The Consumer Brands Group makes and distributes branded and private-label architectural paint, stains, varnishes, wood finishes, wood preservatives, applicators, aerosols, caulks, adhesives and other products. It also operates 307 company-operated stores in Latin America and supports the rest of the company with research and development, manufacturing, distribution and logistics. About 63% of its 2025 sales were intersegment transfers, mainly to the Paint Stores Group. The Performance Coatings Group develops and sells industrial coatings for wood and general industrial uses, automotive refinish, protective and marine coatings, coil and packaging coatings, and performance-based resins and colorants worldwide, and it licenses certain technology and trade names. An Administrative function holds the global headquarters and research center, real estate management and other unallocated items. Major brands include Sherwin-Williams, Dutch Boy, Krylon, Minwax, Purdy, Valspar, Cabot, Ronseal and Suvinil.

Paint Stores Group customers are architectural and industrial paint contractors and do-it-yourself homeowners. Consumer Brands Group customers are retailers such as home centers and hardware stores, dedicated dealers and distributors across North America, Latin America and Europe. Performance Coatings Group products reach retailers, dealers, jobbers, licensees and other distributors through the Paint Stores Group, 317 company-operated branches, a direct sales staff and outside sales representatives. Consumer Brands and Performance Coatings each have certain customers that may be a significant portion of segment sales, though the loss of any single customer would not materially affect the Paint Stores Group or the overall profitability of Performance Coatings. Most segment sales occur in the second and third quarters.

Raw materials and products purchased for resale make up most of cost of goods sold. Raw materials include resins and latex, pigments, additives, solvents and metal or plastic containers, many derived from petrochemical feedstocks such as propylene. They are sourced from multiple suppliers globally, typically in the region of manufacture, and some specialized resins are made in house. The company also buys complementary products such as spray equipment, floorcovering and sundries for resale. Competitors include local, regional, national and international companies, such as other paint stores, mass merchandisers, home centers, hardware stores and chains, and manufacturer-operated outlets. Backlog is not significant, and the company believes it has sufficient productive capacity for 2026. Its principal executive offices are at 1 Sherwin Way, Cleveland, Ohio.