Sherwin Williams (SHW) FY2021 results: revenue $19.9 billion, up 8.6% on the year
Sherwin Williams Co. (SHW) reported revenue of $19.9 billion for fiscal 2021, the year ended 31 December 2021, up 8.6% on the year before. Net income was $1.9 billion, down 8.2%, and diluted earnings per share $6.98. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2022.
Revenue
$19.9 billion
+8.6% on the year
FY2014FY2021
Operating margin
15.5%
18.4% a year earlier
FY2014FY2021
Net income
$1.9 billion
-8.2% on the year
FY2014FY2021
Diluted EPS
$6.98
-5.2% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
2,245
3,409
2,321
-34.1%
Capital expenditure
372
304
329
+22.4%
Free cash flow
1,873
3,105
1,992
-39.7%
Free cash flow margin
9.4%
16.9%
11.1%
Cash from investing
-476
-322
-463
Cash from financing
-1,834
-3,020
-1,846
Depreciation and amortisation
573
581
575
-1.5%
Share-based compensation
97.7
95.9
102
+1.9%
Dividends paid
587
488
421
+20.3%
Dividend per share
$2.20
$1.79
$1.51
+23.1%
Diluted shares, weighted
267m
276m
280m
-3.2%
Shares outstanding at period end
261m
269m
276m
-2.9%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
2,437
3,611
4,123
-32.5%
Short-term borrowings
n/a
0.1
n/a
Debt
9,615
8,292
8,685
+16.0%
Operating lease liabilities
1,471
1,434
1,371
+2.6%
Other liabilities
7,144
7,065
6,317
+1.1%
Total liabilities and equity
20,667
20,402
20,496
+1.3%
Fixed assets
1,867
1,834
1,835
+1.8%
Goodwill
7,135
7,049
7,005
+1.2%
Intangible assets
4,002
4,471
4,734
-10.5%
Cash and equivalents
166
227
162
-26.9%
Receivables
2,352
2,078
2,089
+13.2%
Inventory
1,927
1,804
1,890
+6.8%
Other assets
3,218
2,938
2,781
+9.5%
Total assets
20,667
20,402
20,496
+1.3%
10-K for the year ended 31 December 2021, filed 17 February 2022: the filing.